bluuebunny/crossref_metadata_2025_split huggingface dataset:
SOME EVIDENCE THAT BANKS USE INTERNAL CAPITAL MARKETS TO LOWER CAPITAL COSTS
Authors: Houston Joel , James Christopher 
Published: April 2005

To the extent raising external capital is especially costly for banks (as the preceding article suggests), bank managers have incentives to manage their internal cash flow in ways that minimize their need to raise external equity. One way to accomplish this is to establish bank holding companies that set up internal capital markets for the purpose of allocating scarce capital across their various subsidiaries. By “internal capital market” the authors mean a capital budgeting process in which all the lending and investment opportunities of the different subsidiaries are ranked according to their risk‐adjusted returns; and all internal capital available for investment is then allocated to the highestranked opportunities until either the capital is exhausted or returns fall below the cost of capital, whichever comes first.As evidence of the operation of internal capital markets in bank holding companies, the authors report the following set of findings from their own recent studies:

For large publicly traded bank holding companies, growth rates in lending are closely tied to the banks' internal cash flow and regulatory capital position.
For the subsidiaries of bank holding companies, what matters most is the capital position and earnings of the holding companies and not of the subsidiaries themselves.
The lending activity of banks affiliated with multiple bank holding companies appears to be less dependent on their own earnings and capital than the lending of unaffiliated banks.

The authors also report that, after being acquired, previously unaffiliated banks increase their lending in local markets. This finding suggests that, contrary to the concerns of critics of bank consolidation, geographic consolidation may make banks more responsive to local lending opportunities.
FINANCIAL INNOVATIONS IN LEVERAGED COMMERCIAL LOAN MARKETS
Authors: Culp Christopher L. , Neves Andrea M. P. 
Published: April 2005

In the last decade, three innovations in commercial loan‐based securities and derivative have enabled institutional investors to access commercial loan markets on leveraged terms: collateralized loan obligations (CLOs); loan‐based total return swaps; and leveraged loan‐based structured notes (LLSNs). These innovations have been driven by a combination of structural changes in the banking industry, enhanced technology for securitizations, reformed banking regulations, and the advent of credit derivatives.Besides providing new investment opportunities for institutional investors, these recent innovations in loan markets also promise to reinforce the existing trend in banking away from financial intermediation and toward information intermediation. Such a trend, the authors argue, is helping to ensure the long‐run viability of commercial banks. By transforming loan assets in the ways described in this article, banks can generate fee income instead of interest income (thus limiting their capital requirements and interest rate and credit exposures) while still exploiting their comparative advantage in credit analysis and monitoring.
HOW STOCK‐SWAP MERGERS AFFECT SHAREHOLDER (AND BONDHOLDER) WEALTH: MORE EVIDENCE OF THE VALUE OF CORPORATE “FOCUS”
Authors: Nail Lance A. , Megginson William L. , Maquieira Carlos 
Published: April 2005

Alfred Chandler once described the U.S. conglomerate movement of the 1960s and '70s as an “historical aberration and a 'disaster.” And the recent trend in corporate mergers and acquisitions away from “diversifying” acquisitions would seem to confirm Chandler's argument.In what constitutes yet another piece of evidence in support of Chandler's argument, the authors of this article conducted a study of changes in debt and equity values in 260 stock‐forstock mergers completed between 1963 and 1996. With a sample almost evenly divided between conglomerate and “related” mergers, the authors report significant net wealth gains for all securityholders as a group in “related” mergers, but generally insignificant net gains for securityholders in conglomerate mergers. Not surprisingly, target firm shareholders experienced net wealth gains in both kinds of acquisitions; but for acquiring company shareholders, there was a striking difference: economically and statistically significant gains for acquirers in related transactions, and significant losses for acquirers in conglomerate deals.Perhaps the biggest surprise of the study, however, was that even the bondholders of acquirers in related mergers benefited more than bondholders in conglomerate deals. The result is surprising because, to the extent bondholders benefit from corporate diversification, one would expect the opposite result. That bondholders in related mergers experience larger wealth increases than those of conglomerate acquirers is just one more sign of the dramatic differences in total value created by the two kinds of mergers.
HOW SHOULD PENSION FUNDS MANAGE RISK?
Authors: Ambachtsheer Keith P. 
Published: April 2005

Despite recent advances in risk management techniques, pension funds are still struggling with the concept of risk and with the practical challenges of managing and measuring it in useful ways. This article addresses this problem by showing that pension fund managers must manage two types of risk that affect a pension fund balance sheet's funded ratio. The most important of the two is asset policy risk, which arises from the choice of an asset mix policy that does not match the accrued pension liabilities. The other risk results from the decision to implement the chosen asset mix using active rather than passive management strategies.This article shows how both types of risk can be measured and managed through an adapted value at risk (VAR) metric: the funded ratio VAR. A study of the performance of 98 pension funds during the period 1992–1995 shows that the funds were adequately compensated, on average, for taking on the policy risk, but not for implementation risk.
TOWARD A GLOBAL MODEL OF VENTURE CAPITAL?
Authors: Megginson William L. 
Published: April 2005

While the U.S. still accounts for about two‐thirds of the world's total private equity fund‐raising and investment, other countries have been adopting American practices and are experiencing significant growth in their private equity markets. In fact, a case can be made that a global market for venture capital and private equity is emerging, at least in Western Europe and North America, where venture markets are seeing significant convergence in funding levels, investment patterns, and realized returns. To date, however, the European Union has had little success in establishing community‐wide commercial laws, taxation regimes, or corporate governance policies, so each country's private equity funds are organized in segmented national markets, and investment also tends to be largely localized. The Asian markets are even more fragmented: venture capital shows no sign of taking root in Japan, and China lacks the basic legal infrastructure needed to support a vibrant venture capital market.Venture capitalists create value through their role as active investors, and government and business leaders around the world have come to realize that venture capital and private equity investing can be a significant force in promoting economic development and technological progress. In general, countries with English common law codes offer greater protection to inves‐tors; the ratio of venture capital spending to GDP for common law countries is nearly double that in civil law countries. Government efforts to promote venture capital would probably be better focused on eliminating regulatory road‐blocks, lowering taxes, and provid‐ing a favorable investor climate. In the meantime, it appears that pri‐vate equity fund‐raising and invest‐ment have hit their cyclical lows and are poised to surpass $250 billion globally within three or four years and to reach one‐half trillion dollars by the end of the decade. The author also predicts that India, whose history as a former British colony has given it a common law framework as well as system of elite universities and technical institutes known for the quality of its gradu‐ates, should become one of the five leading venture capital markets by the end of this decade.
Power and Self-Cultivation: Aesthetics, Development Ethics and the Calling of Poverty
Authors: Giri Ananta Kumar 
Published: April 2005

AbstractIn this paper, I explore the ideal of self-cultivation as it confronts the holders of power and our practice and understanding of ethics and aesthetics. I begin with the field of social development as an illustrative case of field of power that is in urgent need of a reconstructive and transformative practice of self-development. I take the ethical deliberations in the field of development, that is, development ethics as an exemplar of ethical reflection today, and look at aesthetics through the contemporary quest of and reflections on self-cultivation. Then, I discuss the challenge of recognizing the face of the other that the radical alterity of poverty presents to the quest for freedom, exercise of power and the ideal of self-cultivation. Through a dialogue with the face of the other, I wish in this paper to move from a self-congratulatory view of freedom as an assertion of one's rights to the terrain of what Emmanuel Levinas calls "difficult freedom", and reiterate the imperative of responsibility that knocks at our door — an imperative that disturbs our slumber and urges for a "permanent wakefulness" in us.The mission of development ethics is to keep hope alive. By any purely rational calculus of future probabilities, the development enterprise of most countries is doomed to fail. Poor classes, nations, and individuals can never catch up with their rich counterparts as long as they continue to consume wastefully and to devise ideological justifications for not practicing solidarity with the less developed. Only some transcultural calculus of hope, situated beyond apparent realms of possibility, can elicit the creative energies and vision which authentic development for all requires.
Bioaccumulation of organochlorine pesticides in frogs of the Rana esculenta complex in central Italy
Authors: Di Rosa Ines , Clarioni Romina , Hotz Hansjürg , Pascolini Rita , Simoncelli Francesca , Fagotti Anna , Morosi Lorena , Pellegrino Roberto , Guex Gaston-Denis 
Published: April 2005

AbstractConcentrations of commonly used organochlorine pesticides (OCPs) were determined in tissues of 23 adult and 24 larval water frogs of two coexisting species (Rana lessonae and the hemiclonal hybrid R. esculenta) and in the water of their breeding pond in an agricultural zone in Umbria, central Italy, where increased occurrence of infectious diseases and distinctly oversized tadpoles were recently observed. The concentrations of OCP in tissues of both species were lower than those in the water of their breeding pond, except for DDT, which was more concentrated in adult frogs than in pond water (bioaccumulation factor 7 for R. lessonae, 15 for R. esculenta). Total OCP concentration and adult body weight were positively correlated for both species, which is consistent with bioaccumulation. In accord, adults contained higher OCP concentrations than tadpoles. Oversized tadpoles had higher OCP concentrations than normal tadpoles. Mean OCP concentrations in individual organs were about an order of magnitude higher than those in whole-frog homogenates. They were highest in brain, higher in ventral than in dorsal skin, and moderately high in ovaries; transmission of bioaccumulation loads to the next generation is therefore possible. The observed OCP concentrations appear too low to directly cause mortality in water frogs, but effects of cumulative exposure to low-level pollutants and their synergistic interactions with the effects of other natural and anthropogenic environmental stressors are unknown.
Reproduction and feeding of the colubrid snake Tomodon dorsatus from south-eastern Brazil
Authors: Sazima Ivan , Marques Otavio , Bizerra Alessandra 
Published: April 2005

AbstractBody size, sexual dimorphism, reproductive cycles, fecundity, diet and feeding behaviour of the colubrid snake Tomodon dorsatus from south-eastern Brazil were studied. Females of this viviparous species attained larger body sizes than males, the latter maturing with smaller body size than the former. Vitellogenesis occurred at the onset of rainy season, ovulation by mid rainy season, and parturition from late dry to early rainy season. Reproductive cycle was extended, maybe as a consequence of the low metabolism and food intake. Litter size ranged 4-26 offspring and was correlated with maternal body size. Relative clutch mass ranged 0.48-0.82, and neonates ranged 12-17 cm in snout-vent length. Tomodon dorsatus was shown to feed exclusively on veronicellid slugs quickly swallowed by long excursions of the specialized upper jaw units.
Shape of Western Australian dragon lizards (Agamidae)
Authors: Withers Philip , Thompson Graham 
Published: April 2005

AbstractFor 41 species of Western Australian agamid lizards, we found that most appendage lengths vary isometrically, so shape is largely independent of size. Of the three methods we used to quantitatively remove the effects of size on shape, the two that use principal component analysis (PCA; Jolicoeur, 1963; Somers, 1986; 1989) provided similar results, whereas regression residuals (against body length) provided a different interpretation. Somers' size-free PCA approach to remove the size-effects was the most useful because it provided 'size-free' scores for each species that were further analysed using other techniques, and its results seemed more biologically meaningful. Some, but not all, of the variation in size-free shape for these lizards could be related to phylogeny, retreat choice and performance traits.
A Heuristic Method for Time Disaggregation of Seasonal Climate Forecasts
Authors: Schneider J. M. , Garbrecht J. D. , Unger D. A. 
Published: April 2005

Abstract
To be immediately useful in practical applications that employ daily weather generators, seasonal climate forecasts issued for overlapping 3-month periods need to be disaggregated into a sequence of 1-month forecasts. Direct linear algebraic approaches to disaggregation produce physically unrealistic sequences of monthly forecasts. As an alternative, a heuristic method has been developed to disaggregate the NOAA/Climate Prediction Center (CPC) probability of exceedance seasonal precipitation forecasts, and tested on observed precipitation data for 1971–2000 for the 102 forecast divisions covering the contiguous United States. This simple method produces monthly values that replicate the direction and amplitude of variations on the 3-month time scale, and approach the amplitude of variations on the 1-month scale, without any unrealistic behavior. Root-mean-square errors between the disaggregated values and the actual precipitation over the 30-yr test period and all forecast divisions averaged 0.94 in., which is 39% of the mean monthly precipitation, and 58% of the monthly standard deviation. This method performs equally well across widely different precipitation regimes and does a reasonable job reproducing the sudden onset of strong seasonal variations such as the southwest U.S. monsoon.
Endothelial expression of E-selectin is induced by the platelet-specific chemokine platelet factor 4 through LRP in an NF-κB–dependent manner
Authors: Yu Guangyao , Rux Ann H. , Ma Peihong , Bdeir Khalil , Sachais Bruce S. 
Published: April 2005

AbstractThe involvement of platelets in the pathogenesis of atherosclerosis has recently gained much attention. Platelet factor 4 (PF4), a platelet-specific chemokine released on platelet activation, has been localized to atherosclerotic lesions, including macrophages and endothelium. In this report, we demonstrate that E-selectin, an adhesion molecule involved in atherogenesis, is up-regulated in human umbilical vein endothelial cells exposed to PF4. Induction of E-selectin RNA is time and dose dependent. Surface expression of E-selectin, as measured by flow cytometry, is also increased by PF4. PF4 induces E-selectin expression by activation of transcriptional activity. Activation of nuclear factor-κB is critical for PF4-induced E-selectin expression, as demonstrated by promoter activation studies and electrophoretic mobility shift assays. Further, we have identified the low-density lipoprotein receptor-related protein as the cell surface receptor mediating this effect. These results demonstrate that PF4 is able to increase expression of E-selectin by endothelial cells and represents another potential mechanism by which platelets may participate in atherosclerotic lesion progression.
Characterization of the role of CaMKI-like kinase (CKLiK) in human granulocyte function
Authors: Verploegen Sandra , Ulfman Laurien , van Deutekom Hanneke W. M. , van Aalst Corneli , Honing Henk , Lammers Jan-Willem J. , Koenderman Leo , Coffer Paul J. 
Published: April 2005

AbstractActivation of granulocyte effector functions, such as induction of the respiratory burst and migration, are regulated by a variety of relatively ill-defined signaling pathways. Recently, we identified a novel Ca2+/calmodulin-dependent kinase I-like kinase, CKLiK, which exhibits restricted mRNA expression to human granulocytes. Using a novel antibody generated against the C-terminus of CKLiK, CKLiK was detected in CD34+-derived neutrophils and eosinophils, as well as in mature peripheral blood granulocytes. Activation of human granulocytes by N-formyl-methionyl-leucyl-phenylalanine (fMLP) and platelet-activating factor (PAF), but not the phorbol ester PMA (phorbol 12-myristate-13-acetate), resulted in induction of CKLiK activity, in parallel with a rise of intracellular Ca2+ [Ca2+]i. To study the functionality of CKLiK in human granulocytes, a cell-permeable CKLiK peptide inhibitor (CKLiK297-321) was generated which was able to inhibit kinase activity in a dose-dependent manner. The effect of this peptide was studied on specific granulocyte effector functions such as phagocytosis, respiratory burst, migration, and adhesion. Phagocytosis of Aspergillus fumigatus particles was reduced in the presence of CKLiK297-321 and fMLP-induced reactive oxygen species (ROS) production was potently inhibited by CKLiK297-321 in a dose-dependent manner. Furthermore, fMLP-induced neutrophil migration on albumin-coated surfaces was perturbed, as well as β2-integrin-mediated adhesion. These findings suggest a critical role for CKLiK in modulating chemoattractant-induced functional responses in human granulocytes.
Long-term outcome of treatment of anemia in MDS with erythropoietin and G-CSF
Authors: Jädersten Martin , Montgomery Scott M. , Dybedal Ingunn , Porwit-MacDonald Anna , Hellström-Lindberg Eva 
Published: April 2005

AbstractWe report long-term results of treatment of myelodysplastic syndrome (MDS) with erythropoietin and granulocyte colony-stimulating factor (G-CSF). A total of 129 patients were followed up 45 months after last inclusion in the Nordic MDS Group studies. Erythroid response rate was 39% and median response duration 23 months (range, 3-116 months or more). Complete responders showed longer response duration than partial responders (29 versus 12 months, P = .006). The International Prognostic Scoring System (IPSS) groups Low/Intermediate-1 (Low/Int-1) had longer response duration than Int-2/High (25 versus 7 months, P = .002). The time until 25% developed acute myeloid leukemia (AML) was longer in the good and intermediate predictive groups for erythroid response compared with the poor predictive group (52 versus 13 months, P = .008). Only 1 of 20 long-term responders developed AML. We assessed the effect on long-term outcome by comparing treated patients with untreated patients selected from the IPSS database using multivariate Cox regression, adjusting for major prognostic variables. There was no difference in survival (odds ratio [OR], 0.9; 95% confidence interval [CI], 0.7-1.2; P = .55) or risk of AML evolution (OR, 1.3; 95% CI, 0.7-2.2; P = .40) between treated and untreated patients. Patients with high/intermediate probability of response and with IPSS Low/Int-1 show frequent and durable responses without adverse effects on outcome, while other patients should not be considered candidates for this treatment.
C. elegans serine-threonine kinase KIN-29 modulates TGFβ signaling and regulates body size formation
Authors: Maduzia Lisa L , Roberts Andrew F , Wang Huang , Lin Xia , Chin Lena J , Zimmerman Cole M , Cohen Stephen , Feng Xin-Hua , Padgett Richard W 
Published: April 2005

BackgroundIn C. elegans there are two well-defined TGFβ-like signaling pathways. The Sma/Mab pathway affects body size morphogenesis, male tail development and spicule formation while the Daf pathway regulates entry into and exit out of the dauer state. To identify additional factors that modulate TGFβ signaling in the Sma/Mab pathway, we have undertaken a genetic screen for small animals and have identified kin-29.
Results
kin-29 encodes a protein with a cytoplasmic serine-threonine kinase and a novel C-terminal domain. The kinase domain is a distantly related member of the EMK (ELKL motif kinase) family, which interacts with microtubules. We show that the serine-threonine kinase domain has in vitro activity. kin-29 mutations result in small animals, but do not affect male tail morphology as do several of the Sma/Mab signal transducers. Adult worms are smaller than the wild-type, but also develop more slowly. Rescue by kin-29 is achieved by expression in neurons or in the hypodermis. Interaction with the dauer pathway is observed in double mutant combinations, which have been seen with Sma/Mab pathway mutants. We show that kin-29 is epistatic to the ligand dbl-1, and lies upstream of the Sma/Mab pathway target gene, lon-1.

Conclusion
kin-29 is a new modulator of the Sma/Mab pathway. It functions in neurons and in the hypodermis to regulate body size, but does not affect all TGFβ outputs, such as tail morphogenesis.