bluuebunny/crossref_metadata_2025_split huggingface dataset:
Informed Trading around Merger Announcements: An Empirical Test Using Transaction Volume and Open Interest in Options Market
Authors: Jayaraman Narayanan , Frye Melissa B. , Sabherwal Sanjiv 
Published: March 2005

AbstractThis paper provides empirical evidence on the level of trading activity in the stock options market prior to the announcement of a merger or an acquisition. Our analysis shows that there is a significant increase in the trading activity of call and put options for companies involved in a takeover prior to the rumor of an acquisition or merger. This result is robust to both the volume of option contracts traded and the open interest. The increased trading suggests that there is a significant level of informed trading in the options market prior to the announcement of a corporate event. In addition, abnormal trading activity in the options market appears to lead abnormal trading volume in the equity market. This finding supports the hypothesis that the options market plays an important role in price discovery.
Combining Bond Rating Forecasts Using Logit
Authors: Kamstra Mark , Kennedy Peter , Suan Teck‐Kin 
Published: March 2005

AbstractCompanies sometimes use statistical analysis to anticipate their bond ratings or a change in the rating. However, different statistical models can yield different ratings forecasts, and there is no clear rule for which model is preferable. We use several forecasting methods to predict bond ratings in the transportation and industrial sectors listed by Moody's bond rating service. A variant of the ordered‐logit regression‐combining method of Kamstra and Kennedy 1998 yields statistically significant, quantitatively meaningful improvements over its competitors, with very little computational cost.
Determinants of Foreign Ownership in Newly Privatized Companies in Transition Economies
Authors: Anderson Christopher W. , Jandik Tomas , Makhija Anil K. 
Published: March 2005

AbstractWe investigate determinants of foreign ownership in newly privatized firms. We analyze data on privatized Czech firms to address two related general questions. First, what characteristics distinguish transition firms that attract a foreign investor? Second, how do firm‐specific characteristics influence the size of the foreign equity stake? Our results suggest that foreign investors i) seek safe, profitable firms in which they can exert unchallenged influence on corporate governance and then ii) structure their equity stakes to mitigate agency costs and political risk.
Synthetic Trades and Calendar Day Patterns The Case of the Dollar/Sterling Markets
Authors: Thatcher Janet S. , Blenman Lloyd P. 
Published: March 2005

AbstractSignificant day of the week patterns are shown to exist in the dollar/sterling market. These patterns are associated with the returns to synthetic and actual forward trades as well as to spot trades. These trading strategies, geared to buying or selling sterling, reflect different timing, if not valuation, considerations on the part of traders. Nevertheless, pronounced calendar patterns are observed on Wednesdays for all the trading strategies evaluated. This is attributable to significantly different risks on Wednesdays. The observed end‐of‐the‐week patterns in forward returns persist and reinforce the returns at the start of the next week of trading. Furthermore, the overall returns to forward speculation on Fridays and Mondays are of opposite sign. Our results on calendar day patterns are thus supported by both parametric and non‐parametric tests. We provide evidence that the frequency of synthetic trading opportunities is inversely related to maturity. We also find that the period of market turbulence analyzed did not trigger abnormal opportunities for covered interest arbitrage.
Factors Influencing Dividend Policy Decisions of Nasdaq Firms
Authors: Baker H. Kent , Veit E. Theodore , Powell Gary E. 
Published: March 2005

AbstractThis study reports the results of a 1999 survey of Nasdaq‐listed firms. Respondents provided information about the importance of 22 different factors that influence their dividend policy. Our results suggest that many managers of Nasdaq firms make dividend decisions consistent with Lintner's (1956) survey results and model. The results also show significant differences between the manager responses of financial and non‐financial firms on nine of the 22 factors. This finding implies the presence of industry effects on dividend policy decisions. In general, the same factors that are important to Nasdaq firms are also important to NYSE firms.
Reward‐to‐Risk Ratios in the Treasury‐Bill Market
Authors: Pilotte Eugene A. , Sterbenz Frederic P. 
Published: March 2005

AbstractWe estimate the ex‐ante reward per unit of spot‐rate volatility (the reward‐to‐risk ratio) for U.S. Treasury bills on a monthly basis and find that these ratios vary predictably over time. Reward‐to‐risk ratios are positively autocorrelated; month‐to‐month changes in these ratios are negatively autocorrelated. Variation in these ratios contributes at least as much variation to ex‐ante excess returns as does variation in interest‐rate volatility. Because ex‐ante volatility and the rewards to volatility vary independently, variation in ex‐ante premiums is greater than the variation attributable to changing volatility alone.
The Dynamic Relation Between Stock Returns, Trading Volume, and Volatility
Authors: Chen Gong‐meng , Firth Michael , Rui Oliver M. 
Published: March 2005

AbstractWe examine the dynamic relation between returns, volume, and volatility of stock indexes. The data come from nine national markets and cover the period from 1973 to 2000. The results show a positive correlation between trading volume and the absolute value of the stock price change. Granger causality tests demonstrate that for some countries, returns cause volume and volume causes returns. Our results indicate that trading volume contributes some information to the returns process. The results also show persistence in volatility even after we incorporate contemporaneous and lagged volume effects. The results are robust across the nine national markets.
The Asset Pricing Palette: Cash Flows, Returns and Trading Behavior
Authors: Heuson Andrea J. 
Published: March 2005

AbstractAsset pricing is the topic of the 2001 Eastern Finance Association Symposium and the five papers selected for this collection, which are summarized below, span a broad range of subjects that fall under the umbrella of the determinants of market prices. For example, the Schwartz and Moon article that introduces the symposium uses real options methodology to value firms whose cash flows are subject to multiple sources of uncertainty while the Luders and Peisl and Mixon analytical models that close the selections incorporate dual stochastic processes to derive relationships between information flow, trading volume and price volatility that are consistent with empirical evidence. In between, Mishra and O'Brien present new evidence on the important of index and factor selection when estimating the required return on equity and Spahr and Schwebach revisit the issue of time diversification by reintroducing a statistical construct from earlier times. Each of the works included here makes an important contribution to our understanding of the asset pricing process in a distinct area and opens new doors onto avenues for future research.
A Comparison of Cost of Equity Estimates of Local and Global CAPMs
Authors: Mishra Dev R. , O'Brien Thomas J. 
Published: March 2005

AbstractCost of equity estimates are compared for three pricing models: the traditional local CAPM, the single (market) factor global CAPM, and the two‐factor global CAPM, with both market and currency index factors. For 2989 US stocks, the average difference in the cost of equity estimates is about 48 basis points between the local CAPM and the single‐factor global CAPM, and is about 61 basis points between the two global models. For 70 developed‐market ADRs, the corresponding average differences are 76 and 47 basis points, respectively. For 48 emerging‐market ADRs, the corresponding average differences are 57 and 70 basis points.
How Do Investors' Expectations Drive Asset Prices?
Authors: Lüders Erik , Peisl Bernhard 
Published: March 2005

AbstractBased on an extension of the process of investors' expectations to stochastic volatility we derive asset price processes in a general continuous time pricing kernel framework. Our analysis suggests that stochastic volatility of asset price processes results from the fact that investors do not know the risk of an asset and therefore the volatility of the process of their expectations is stochastic, too. Furthermore, our model is consistent with empirical studies reporting negative correlation between asset prices and their volatility as well as significant variations in the Sharpe ratio.
Volume and Volatility: News or Noise?
Authors: Mixon Scott 
Published: March 2005

AbstractThis paper presents a market microstructure model that is consistent with several empirical regularities. The model embeds separate latent ARCH‐like volatility processes: one representing movements in the underlying fundamental and one representing noise caused by the trading process. This structure allows the regularities to depend either on news or noise. The heteroskedasticity and persistence in the data are due to both ARCH‐like processes. The model has difficulty in simultaneously capturing the size and persistence of trading volume. Several extensions of the basic model, particularly including a constant level of non‐informational trading, improve the model's ability to capture the relevant characteristics of the data.
The Effect of Bank Debt Downgrades on Stock Prices of Other Banks
Authors: Schweitzer Robert , Szewczyk Samuel H. , Varma Raj 
Published: March 2005

AbstractWe find that debt downgrades of money center banks elicit negative stock price responses in nondowngraded money center banks. Stock prices of larger regional banks also react to these downgrades. Although downgrades of regional banks evoke negative stock price responses for regional banks in the same geographic region, the importance of geographic region as a factor determining the extent of intra‐industry reactions has diminished since 1989. Our results indicate that the merger and expansion activities triggered by interstate banking have blurred differences between regional and money center banks as interstate banking activity has moved towards nationwide banking
High‐sensitivity serum C‐reactive protein levels in subjects with or without myocardial infarction or periodontitis
Authors: Persson G. Rutger , Pettersson Thomas , Ohlsson Ola , Renvert Stefan 
Published: March 2005

AbstractBackground: Serum high‐sensitivity C‐reactive protein (hsC‐rp) is a non‐specific marker of inflammation. Elevated hsC‐rp levels are found in subjects with cardiovascular diseases (CVDs). Periodontitis may influence hsC‐rp levels.Objectives: To assess periodontal status and hsC‐rp serum levels in consecutive subjects hospitalized and diagnosed with acute myocardial infarction (AMI) (n=85) and in a group of carefully matched subjects (gender, age social, ethnic, and smoking habits) without clinical evidence of CVD (n=63).Methods: hsC‐rp levels, other routine serum values, and clinical periodontal conditions were studied.Results: Subjects with AMI had higher hsC‐rp levels than control subjects (p<0.001, Mann–Whitney U‐test). The odds that subjects in the control group with periodontitis (30% or more sites with>4.0 mm loss of alveolar bone) had serum hsC‐rp>1.8 mg/l was 1.5 (95% CI: 1.1–7.3, p<0.05). Stepwise linear regression analysis failed to include periodontal parameters in an explanatory model to hsC‐rp values. Only the serum leucocyte (white blood cell (WBC)) counts were explanatory to hsC‐rp values (β standard coefficient=0.45, t=3.2, p<0.001). Serum WBC counts were significantly higher in control subjects with periodontitis (p<0.03) but not in subjects in the AMI group (p<0.57).Conclusions: (1) As expected, elevated serum hsC‐rp concentration and serum WBC counts are associated with acute coronary heart disease. (2) Elevated serum hsC‐rp values are associated with radiographically defined periodontitis in subjects with no evidence of CVD. (3) Periodontal parameters are not explanatory to elevated serum hsC‐rp values if serum WBC and low‐density lipoprotein counts are included in the regression model.
A novel procedure for evaluating gingival perfusion status using laser‐Doppler flowmetry
Authors: Patiño‐Marín Nuria , Martínez Flavio , Loyola‐Rodríguez Juan Pablo , Tenorio‐Govea Enrique , Brito‐Orta Ma. Dolores , Rodríguez‐Martínez Manuel 
Published: March 2005

AbstractObjectives: To systematize a procedure that allows one to characterize the perfusion response pattern of attached gingiva to the topical and transitory compression of alveolar mucose, using laser‐Doppler flowmetry.Material and methods: A cross‐sectional study was carried out, in 20 healthy adult subjects of either sex, with teeth in antero‐mandibular sextant but without periodontitis at the lower left lateral incisor (LLLI). Sample was selected by convenience non‐probability sampling. Gingival perfusion was evaluated at labial LLLI attached gingiva using a specially designed gingival tray. Two perfusion recordings were carried out 5 min. apart, each one consisting of a 40 s control phase, a 22 s compression phase and a 40 s post‐compression phase. During compression phase, LLLI alveolar mucose was compressed with a wood‐mounted cotton swab until the perfusion decreased to about 1/5 of its control perfusion value.Results: Integrated primary basal flow (IPBF) during control phase was of 14,210±1075 perfusion units (PU), whereas integrated flow during compression phase was of 1651±202 PU (p<0.05). After compression was released, integrated total secondary real flow was 13,322±1513 PU (p<0.05) which represented a 91.3±3.8% of IPBF. Gingival compression propitiated an induced flow debt (IFD) of 6478±781 PU, which increased in 980±482 PU after compression was released, representing 18% of the IFD (Debt index).Conclusions: A hypoaemic response in reaction to topical and transitory LLLI alveolar mucose compression was observed. Debt index and the ITSRF% are reproducible indices of microvascular perfusion response whose validation under pathological circumstances remains to be evaluated.
Periodontal maintenance in a specialist periodontal clinic and in general dental practice
Authors: Preshaw Philip M. , Heasman Peter A. 
Published: March 2005

AbstractObjectives: To monitor the efficacy of periodontal maintenance whether conducted in a specialist periodontology clinic or in the practice of the referring general dentist.Materials and Methods: Thirty‐five subjects with a diagnosis of moderate–severe chronic periodontitis who were referred to the specialist clinic received periodontal non‐surgical therapy. Following a 6‐month healing phase, subjects were randomly allocated to one of two groups: A (n=18, periodontal maintenance provided within the specialist clinic) or B (n=17, periodontal maintenance provided by the referring general dentist in accordance with written instructions provided by the specialist). All subjects were examined at months 0 (corresponding to 6 months post‐completion of non‐surgical therapy), 6 and 12. Full‐mouth plaque index (PI), % bleeding on probing (%BOP) and probing depth (PD) measurements were recorded. PDs were also recorded at eight test sites which, prior to non‐surgical therapy, exhibited PD 5–8 mm, BOP and radiographic alveolar bone loss. Standardized radiographs were exposed at test sites at months 0 and 12, and bone changes assessed using digital subtraction radiography (DSR).Results: As a result of the non‐surgical therapy, statistically significant improvements in all clinical parameters were recorded. In the maintenance period, mean PI increased significantly from months 0 to 12 (p<0.05), but this increase did not differ significantly between groups A and B (p>0.05). No other clinical parameters changed significantly in the maintenance phase of the study. Reductions in %BOP, mouth mean PD and mean test sites PD achieved by the non‐surgical therapy were maintained and did not differ significantly whether subjects were allocated to group A or group B (p>0.05). Current smokers had significantly deeper PD than non‐smokers and former smokers at all time points (p<0.05), although otherwise, smoking status did not affect the outcomes of the study. DSR analysis identified statistically non‐significant, slight, alveolar bone loss in both groups between months 0 and 12.Conclusion: In the short term, periodontal maintenance can be provided in general dental practice with the same expected outcomes compared with maintenance that is provided in a specialist clinic, providing that general dentists are given specific instructions regarding the maintenance regimen. A strong emphasis on effective plaque control is necessary.
Coverage of localized gingival recessions: comparison of micro‐ and macrosurgical techniques
Authors: Burkhardt Rino , Lang Niklaus P. 
Published: March 2005

AbstractBackground: In the presence of a thin and narrow zone of gingival tissue root recessions caused by trauma or inflammatory reactions seem to be a common feature of the buccal tissue morphology. The surgical coverage is mainly indicated for aesthetic reasons and may be accomplished with pedicled flaps in conjunction with or without the use of connective tissue grafts.Aim: The purpose of the present study was to evaluate the degree of vascularization of connective tissue grafts by applying a microsurgical approach. In addition, the clinical outcome was followed for 1 year.Material and Methods: The study population consisted of 10 patients with bilateral Class I and II recessions at maxillary canines. In split‐mouth design, the defects were randomly selected for recession coverage either by a microsurgical (test) or macrosurgical (control) approach. Immediately after the surgical procedures, and after 3 and 7 days of healing, fluorescent angiograms were performed to evaluate graft vascularization. In addition, the clinical parameters were assessed before the surgical intervention, and 1, 3, 6 and 12 months postoperatively.Results: The results of the angiographic evaluation at test sites revealed a vascularization of 8.9±1.9% immediately after the procedure. After 3 days and after 7 days, the vascularization rose to 53.3±10.5% and 84.8±13.5%, respectively. The corresponding vascularization at control sites were 7.95±1.8%/44.5±5.7% and 64.0±12.3%, respectively. All the differences between test and control sites were statistically significant. The clinical measurements revealed a mean recession coverage of 99.4±1.7% for the test and 90.8±12.1% for the control sites after the first month of healing. Again, this difference was statistically significant. The percentage of root coverage both test and control sites remained stable during the first year at 98% and 90%, respectively.Conclusions: The present controlled clinical study has demonstrated that in root surface coverage, a microsurgical approach substantially improved the vascularization of the grafts and the percentages of root coverage compared with applying a conventional macroscopic approach.
Influence of handling‐relevant factors on the behaviour of a novel calculus‐detection device
Authors: Meissner Grit , Oehme Bernd , Strackeljan Jens , Kocher Thomas 
Published: March 2005

AbstractObjectives: The aim of periodontal therapy is always the complete debridement of root surfaces with the removal of calculus and without damaging cementum. We have recently demonstrated the feasibility of a surface recognition device that discriminates dental surfaces by mathematical analysis of reflected ultrasound waves. This principle should enable the construction of calculus detecting ultrasonic device. Pre‐clinical test results are presented here.Material and Methods: An impulse generator, coupled to a conventional piezo‐driven ultrasonic scaler, sends signals to the cementum via the tip of an ultrasound device. The oscillation signal reflected from the surface contains the information necessary to analyse its characteristics. In order to discriminate different surfaces, learning sets were generated from 70 extracted teeth using standardized tip angle/lateral force combinations. The complete device was then used to classify root surfaces unknown to the system.Results: About 80% of enamel and cementum was correctly identified in vivo (sensitivity: 75%, specificity: 82%). The surface discrimination method was not influenced by the application conditions examined. A new set of 200 tests on 10 teeth was correctly recognized in 82% of the cases (sensitivity: 87%, specificity: 76%).Conclusions: It was shown in vitro that the tooth surface recognition system is able to function correctly, independent of the lateral forces and the tip angle of the instrument.
Plaque inhibition of two commercially available chlorhexidine mouthrinses
Authors: Van Strydonck D. A. C. , Timmerman M. F. , Van Der Velden U. , Van Der Weijden G. A. 
Published: March 2005

AbstractBackground: Chlorhexidine (CHX) 0.2% solution is still “the leading oral antiseptic” for controlling gingivitis. Side effects, however, limit the acceptability to users and the long‐term employment of a 0.2% CHX antiseptic in preventive dentistry. This stimulated the development of new formulations. The aim of the present study was to assess the effect on plaque inhibition and taste perception of two commercially available mouthrinses (0.12% CHX non‐alcohol base with 0.05% cetyl pyridinium chloride (Cpc) versus 0.2% CHX alcohol base).Methods: The study was designed as a single‐blind, randomized two group parallel experiment, to compare two different commercially available mouthrinses, during a 3‐day plaque accumulation model. Forty healthy volunteers were enrolled in the study and received a thorough dental prophylaxis at the beginning of the test period. Over a 72‐h experimental non‐brushing period, during which subjects abstained from all forms of mechanical oral hygiene, one group (test) used a 15 ml alcohol free 0.12% CHX (=18 mg) mouthrinse on a Cpc base (Perioaid®, CHX⊕Cpc), twice daily for 30 s. The other group (control) used a 10 ml 0.2% CHX (=20 mg) mouthrinse on an 11.8% ethanol alcohol base (Corsodyl®, CHX⊕Alc), twice daily for 60 s. After 72 h of plaque formation, the amount of plaque was evaluated. By the use of visual analogue scale, the subjects were asked for their appreciation of the taste of the mouthrinse they had used.Results: The mean plaque index for the CHX⊕Cpc group was 0.97 and for the CHX⊕Alc group 0.78. After 72 h of non‐brushing, there was no significant difference in plaque accumulation between the two groups. The answers to the questions (taste perception and after‐taste) showed a statistically significant difference between the two groups. The mean visual analogue scale (VAS) scores for taste appreciation on a scale from very bad to very good taste (0–10) were 5.92 for the CHX⊕Cpc group and 4.10 for the CHX⊕Alc group (p=0.02). The mean visual analogue scale (VAS) scores for the after‐taste on a scale from very short to very long (0–10) were 7.24 for the CHX⊕Cpc group and 5.38 for the CHX⊕Alc group.Conclusions: Within the limitations of the present study design, it can be concluded that rinsing with a 0.12% CHX mouthrinse on a non‐alcohol base with 0.05% Cpc (Perio‐Aid®) is not significantly different from rinsing with a 0.2% CHX mouthrinse on an alcohol base (Corsodyl®). It appears that the subjects appreciated the taste of the non‐alcohol CHX solution better but the after‐taste of the rinse remained longer in the mouth.