bluuebunny/crossref_metadata_2025_split huggingface dataset:
Role of primary visual cortex in the binocular integration of plaid motion perception
Authors: Saint‐Amour Dave , Walsh Vincent , Guillemot Jean‐Paul , Lassonde Maryse , Lepore Franco 
Published: March 2005

AbstractThis study assessed the early mechanisms underlying perception of plaid motion. Thus, two superimposed gratings drifting in a rightward direction composed plaid stimuli whose global motion direction was perceived as the vector sum of the two components. The first experiment was aimed at comparing the perception of plaid motion when both components were presented to both eyes (dioptic) or separately to each eye (dichoptic). When components of the patterns had identical spatial frequencies, coherent motion was correctly perceived under dioptic and dichoptic viewing condition. However, the perceived direction deviated from the predicted direction when spatial frequency differences were introduced between components in both conditions. The results suggest that motion integration follows similar rules for dioptic and dichoptic plaids even though performance under dichoptic viewing did not reach dioptic levels. In the second experiment, the role of early cortical areas in the processing of both plaids was examined. As convergence of monocular inputs is needed for dichoptic perception, we tested the hypothesis that primary visual cortex (V1) is required for dichoptic plaid processing by delivering repetitive transcranial magnetic stimulation to this area. Ten minutes of magnetic stimulation disrupted subsequent dichoptic perception for approximately 15 min, whereas no significant changes were observed for dioptic plaid perception. Taken together, these findings suggest that V1 is not crucial for the processing of dioptic plaids but it is necessary for the binocular integration underlying dichoptic plaid motion perception.
Pineal circadian clocks gate arylalkylamine N‐acetyltransferase gene expression in the mouse pineal gland
Authors: Fukuhara Chiaki , Yamazaki Shin , Liang Jian 
Published: March 2005

AbstractIn mammals it has been thought that the circadian clock localizes only in the suprachiasmatic nucleus of the hypothalamus. Recent studies have revealed that certain brain regions and peripheral tissues may also have intrinsic circadian clocks. However, the roles played by ‘peripheral circadian clocks’ have not been fully elucidated. In this study, we investigated their function using mouse pineal glands, and found that expression of the arylalkylamine N‐acetyltransferase (Aa‐Nat, EC 2.3.1.87, the rate‐limiting enzyme of melatonin synthesis) gene after adrenergic receptor stimulation depended on the time of day even in vitro (gating). Phase‐dependent Aa‐Nat responses were observed in both melatonin‐proficient and melatonin‐deficient mouse pineal glands. Phosphodiesterases are unlikely to suppress Aa‐Nat induction because a phosphodiesterase inhibitor itself had no effect on the mRNA levels. Puromycin was ineffective in inducing Aa‐Nat mRNA levels in either the presence or absence of isoproterenol, suggesting that newly synthesized proteins may not be necessary to gate the Aa‐Nat responses. We also discovered circadian dependence of the expression of Period1‐luminescence in Period1–luciferase transgenic mouse pineal glands: circadian clocks may be functional in culture. Aa‐Nat mRNA levels showed no significant circadian rhythms in the absence of isoproterenol, thus suggesting that Aa‐Nat mRNA levels are induced by adrenergic mechanisms, not by a pineal circadian clock. Our results suggest that the pineal circadian clock may determine timing when Aa‐Nat gene expression can respond to inputs from the master circadian clock in the suprachiasmatic nucleus, e.g. adrenergic stimulation.
Molecular profiles of mRNA levels in laser capture microdissected murine hippocampal regions differentially responsive to TMT‐induced cell death
Authors: Lefebvre d'Hellencourt Christian , Harry G. Jean 
Published: March 2005

AbstractUsing a chemical‐induced model of dentate granule (DG) cell death, cDNA microarray analysis was used to identify gene profiles from the laser‐captured microdissected (LCM) hippocampal DG cell region versus the CA pyramidal cell layer (CA) from 21‐day‐old male CD1 mice injected with trimethyltin hydroxide (TMT; 3.0 mg/kg, i.p.). At 6 h post‐TMT, lectin + microglia displaying a reactive morphology were in contact with active caspase 3+ neurons. By 18 h, amoeboid microglia and signs of phagocytosis, and a mild astrocytic response were present in the DG. There was no evidence of IgG extravasation in the hippocampus, or cell death and glial reactivity in the CA. Atlas 1.2K Clontech array detected 115 genes changed in the hippocampus with TMT and included genes associated with immediate‐early responses, calcium homeostasis, cellular signaling, cell cycle, immunomodulation and DNA repair. Early responses localized to LCM DG samples consisted of elevations in inflammatory factors such as tumor necrosis factor‐α and receptors, as well as MIP1α, CD14, CD18, and a decrease in factors associated with calcium buffering. By 18 h, in the DG, changes occurred in transcripts associated with apoptosis, cell adhesion, DNA repair, cell proliferation and growth. In the CA, a differential level of elevation was seen in CD86 antigen, zinc finger protein 38 and DNA damage inducible transcript 3. A significant number of genes was decreased at these early time points in both hippocampal regions.
Effect of Implanon on insulin resistance in women with Polycystic Ovary Syndrome
Authors: MEYER Caroline , TALBOT Mackenzie , TEEDE Helena 
Published: March 2005

AbstractThe majority of women with polycystic ovary syndrome (PCOS) have insulin resistance (IR) and have a high risk of developing diabetes. In this retrospective study of women with PCOS, Implanon use was associated with increased insulin resistance, as evidenced by a deterioration in the homeostasis model assessment (HOMA) assessment of insulin resistance, and increased fasting insulin levels. Implanon might increase the risk of diabetes and potentially cardiovascular disease in this already high‐risk group. Further research is required to establish the ideal contraceptive preparation in PCOS.
Posterior sling (infracoccygeal sacropexy): An alternative procedure for vaginal vault prolapse
Authors: SIVASLIOGLU Ahmet Akin , GELISEN Orhan , DOLEN Ismail , DEDE Hulya , DILBAZ Serdar , HABERAL Ali 
Published: March 2005

AbstractThis study of 30 patients evaluated the effectiveness and safety of the posterior sling (infracoccygeal sacropexy) in the surgical treatment of vaginal vault prolapse. The patients were reevaluated 3 months, 6 months and yearly postoperatively. Coexisting preoperative symptoms of pelvic pain, urgency, nocturia and ‘obstructed’ micturition feeling were followed‐up. There was remarkable improvement in vault prolapse and in coexisting symptoms.
INFORMATION ASYMMETRY AND WEALTH EFFECT OF CANADIAN CORPORATE ACQUISITIONS
Authors: Calvet A. L. , Lefoll J. 
Published: March 2005

ABSTRACTThis study reports evidence on the wealth effects of bidders and targets involved in Canadian corporate acquisitions. It then examines whether wealth changes at the announcement time are consistent with the hypothesis that the payment method is a surrogate signal for bidder management's beliefs regarding the value of its firm. The findings support the value‐maximizing hypothesis and indicate a stronger performance for both bidders and targets in cash takeovers than in acquisitions involving an exchange of securities—in accordance with the existence of asymmetric information and the tax effect resulting from the payment method.
PREDICTING INDUSTRIAL BOND RATINGS WITH A PROBIT MODEL AND FUNDS FLOW COMPONENTS
Authors: Gentry James A. , Whitford David T. , Newbold Paul 
Published: March 2005

ABSTRACTSince 1978, there has been a significant change in new bond offerings with a substantive increase in the number of nonconvertible high risk bonds. This study uses an n‐chotomous multivariate probit model with cash‐based funds flow components and financial ratios to predict industrial bond ratings. The n‐chotomous probit model provides superior information for evaluating the bond classification process. The model determines the probabilities of a bond being rated in one of three risk classes. The distribution of the probabilities for each predicted bond rating provides a wealth of new information for evaluating the accuracy of the actual rating. New and reclassified bond ratings by Moody's in 1983 provide the information base for the model that is used to predict 1984 ratings. Initially the classification and predictive results were slightly lower than previous studies. A careful analysis of the probability distributions showed that results were close to being correct in over 90 percent of the cases. The analysis found five cash flow components to be significant in predicting the bond ratings of reclassified issues. The significant components were inventories, other current liabilities, dividends, long‐term financing, and fixed coverage charges. The likelihood tests indicated that both ratios and funds flow components contributed information that significantly improved the ability of the n‐chotomous multivariate probit model to classify new and revised bond ratings. The study provides valuable insight and nuances concerning the bond‐rating process.
An Empirical Reexamination of the Impact of CBOE Option Initiation on the Volatility and Trading Volume of the Underlying Equities: 1973–1986
Authors: Bansal Vipul K. , Pruitt Stephen W. , Wei K. C. John 
Published: March 2005

AbstractThis study presents an empirical analysis of the impact of Chicago Board Options Exchange (CBOE) option initiation on the price volatility and trading volume of the underlying equities. Virtually every firm with options listed on the CBOE from April 1973 to June 1986 is included in the empirical tests. The results of the tests strongly suggest that option listing leads to decreases in the total (but not systematic) risk of optioned firms. Although total trading volume appears to increase following option listing, securities listed after 1980 show smaller increases in volume than those listed in the early years of option trading.
Intra‐Industry Effects of a Regulatory Shift: Capital Market Evidence from Penn Square
Authors: Karafiath Imre , Glascock John 
Published: March 2005

AbstractIn this paper, we use stock market data to examine the intra‐industry effects of the July 5, 1982, closure of the Penn Square bank. A sample of 54 bank stocks is divided into four portfolios: industry, money center, Texas, and upstream. The latter group consists of banks that had purchased loans directly from Penn Square. Our objective is to determine whether FDIC Chairman Isaac's decision to close, rather than merge, Penn Square had an industry‐wide contagion effect or a firm‐specific information effect. We conclude that the stock market reaction to the Penn Square closure represents a rational investor response to new bank‐specific information.
The Determinants of Systematic Risk: A Synthesis
Authors: Callahan Carolyn M. , Mohr Rosanne M. 
Published: March 2005

AbstractThis paper contains a review and synthesis of the theoretical research that has examined the corporate determinats of systematic risk (beta). By delineating the underlying assumptions and by using a consistent notation to summarize the research results, this review is designed to facilitate the beta assessment efforts of financial managers, investment analysts, and academic researchers.
Dual Bond Ratings: A Test of the Certification Function of Rating Agencies
Authors: Thompson G. Rodney , Vaz Peter 
Published: March 2005

AbstractBond researchers have recently observed that issues with split ratings have yields more closely resembling the yields on bonds with the lower of the two ratings. This evidence could lead researchers to question why an issuer ever obtains more than one rating in an environment where two ratings, when split, can never reduce yields, whereas two ratings, when split, can increase yields. This paper explores the rating function in a certification framework and concludes that investors value a second rating. Bond issues with two identical ratings have yields significantly less than issues receiving that rating from only one rating agency.
Inventory Decision under Demand Uncertainty: A Contingent Claims Approach
Authors: Chung Kee H. 
Published: March 2005

AbstractThis study uses the discrete‐time option pricing model for the evaluation of the firm's inventory decision under demand uncertainty. The paper establishes the following optimal inventory decision implications: the optimal order quantity is positively related to the product selling price, product salvage value, interest rate, and the size of the outstanding orders; and negatively related to the product cost. The effect of demand uncertainty on the optimal order quantity is shown to be ambiguous. This study also shows that the maximum present value of profit from the contingent claims approach can be substantially different from that of the modified standard newsboy problem.
Risk‐Adjusted Discount Rates Revisited
Authors: Gallagher Timothy J. , Zumwalt J. Kenton 
Published: March 2005

AbstractThis paper shows that small changes in even slightly negative discount rates can cause substantial changes in present value. Small changes in the discount rate, which may seem appropriate, turn out to have huge effects on present value and are not economically justified. This paper also points out problems associated with large negative discount rates. It is shown that the present value can become discontinuous as the discount rate is lowered and that the present value of the risky cash outflows becomes erratic depending on whether the outflow is discounted an even or odd number of periods.
Institutional Ownership and the Liquidity of Common Stock Offerings
Authors: Szewczyk Samuel H. , Tsetsekos George P. , Varma Raj 
Published: March 2005

AbstractThis paper investigates the extent to which institutional ownership of equity affects the market's response to announcements of new issues of common stock. We find that the absolute magnitude of the share price reaction is negatively related to the level of institutional ownership in the announcing firm. These results are consistent with the argument that the information acquisition activities of institutional investors reduce preannouncement information asymmetries between managers and the capital market.
Implied Volatility in Options Markets and Conditional Heteroscedasticity in Stock Markets
Authors: Choi Seungmook , Wohar Mark E. 
Published: March 2005

AbstractThis study examines whether or not the volatility of stock index returns forecasted by a GARCH‐M specification is consistent with the implied volatility observed in options markets. Recent data for the New York Stock Exchange Composite Index and Standard & Poor's 500 Index and their options are employed. The patterns of the term structure of implied volatility are compared with those of volatility estimates obtained from the GARCH process. The results indicate that the GARCH process appears to partially explain the variation of implied volatilities and the term structure of implied volatilities.
Deviations from Purchasing Power Parity
Authors: Fung Hung‐Gay , Lo Wai‐Chung 
Published: March 2005

AbstractThis study uses univariate and multivariate unit root tests to analyze the random walk behavior of real exchange rates for the period 1979–1989. The univariate test fails to reject the random walk model, but the multivariate test indicates that part of the real exchange rates is predictable, a result supporting purchasing power parity. Further analysis of the random walk component in real exchange rates shows that it is quite persistent: for all currencies it takes about five to eight years for this shock to diminish to half its size.
Risk and Return: A Revisit Using Expected Returns
Authors: Marston Felicia , Harris Robert S. 
Published: March 2005

AbstractThis paper uses direct estimates of expected returns to examine the link between standard measures of financial risk and investor return requirements. The results show that systematic risk commands a significant positive risk premium, much larger than found using historical returns as proxies for expectations. Furthermore, there are nonlinearities in the relationship between risk and return. Finally, we show that expected returns and risk premiums in the equity markets change over time and that these changes are related to changes in interest rates on U.S. government obligations.
Regulatory Monitoring and the Impact of Bank Holding Company Dividend Changes on Equity Returns
Authors: Filbeck Greg , Mullineaux Donald J. 
Published: March 2005

AbstractThis paper examines the impact of announcements of dividend changes by bank holding companies (BHCs) on equity returns. Many empirical studies of dividend behavior reveal positive market responses to dividend increases, which have been interpreted as confirmation of the signalling theory of dividend behavior. These studies typically focus on “large” changes, however. We argue that BHCs allow for a stronger test of signalling theory because regulatory monitors, in effect, “certify” dividend signals. Consequently, even “small” dividend increases should result in positive abnormal equity returns. Using the event study methodology, our results generally confirm this hypothesis for a sample covering the period 1973–1987.
The Impact of Company Pre‐Listing Attributes on the Market Reaction to NYSE Listings
Authors: Edelman Richard B. , Baker H. Kent 
Published: March 2005

AbstractThis study examines the market behavior of common stocks transferring from the NASDAQ stock market to the New York Stock Exchange from 1982 to 1989. Using event study methodology, the study tests the joint liquidity‐signaling hypothesis that a stock's pre‐listing liquidity and earnings per share (EPS) growth (a proxy for signaling) affect the market behavior around NYSE listings. The results show that the market responds more favorably to stocks with low liquidity and high signaling than to stocks with high liquidity and low signaling before listing. Stocks in the former group do not have an anomalous pattern of negative post‐listing abnormal returns.
The Impact of Futures Trading on the Spot Market for Treasury Bonds
Authors: Hegde Shantaram P. 
Published: March 2005

AbstractCritics of futures markets contend that futures trading destabilizes spot prices and raises price levels of the underlying treasury bonds, while the proponents claim that futures trading improves the information content and stability of spot prices. To investigate these conflicting viewpoints, this paper examines the price behavior of treasury bonds at three critical time points: a) as they enter, retain, and exit the cheapest‐to‐deliver status; b) as they approach the futures delivery date; and, c) as they cease to be deliverable. An empirical analysis based on a rich data set of daily bond prices over thirty‐four delivery quarters reveals little support for the critics’ view of futures trading.
Insider Trading Activity, Different Market Regimens, and Abnormal Returns
Authors: Ferreira Eurico J. 
Published: March 2005

AbstractThis paper show that corporate insiders earn abnormal returns by adjusting their own firm's stock trading to future market movements. Insider trading activity in bear markets is characterized by decreases in insider sales and increases in purchases, consistent with the view that those markets are followed by improved economic conditions. Conversely, insider sales increase and purchases decrease in bull markets, consistent with the view that inferior market conditions tend to follow those periods.
January Seasonality in Preferred Stocks
Authors: Chen Carl R. 
Published: March 2005

AbstractThis study documents the existence of January season‐ality in preferred stocks. January seasonality is found in all grades of preferred stock while stronger summer returns are also observed in low‐grade preferred, which resembles findings reported in common equity. Although January seasonality is also found in high‐grade preferred stocks, a size effect‐which is used to explain the January seasonality in low‐grade bonds‐may not be able to account for the same seasonality observed in high‐grade preferred.
Volatility Reversion and Correlation Structure of Returns in Major International Stock Markets
Authors: Theodossiou Panayiotis , Kahya Emel , Koutmos Gregory , Christofi Andreas 
Published: March 2005

AbstractThis paper investigates the stochastic behavior of weekly stock market returns in the U.S., Japan, and the U.K. during the period 1984 to 1994. The analysis is carried out using an augmented version of Bollerslev's [7] multivariate GARCH model with structural dummies to test for differences in the mean, volatility, and covariance structure of returns during the pre‐ and post‐October 1987 crash periods. In addition, the paper explores the issue of the volatility reversion and time‐varying behavior of correlation structure of returns in these markets. Mean‐spillovers exist from the U.S. and Japan to the U.K. The magnitude of these spillovers is, however, low. Volatility spillovers exist from the U.S. and, to a lesser extent, from Japan to the U.K. Mean returns in all three markets and volatility in Japan and the U.K. are the same during the two periods, while volatility in the U.S. is lower during the post‐crash period. With the exception of the correlation of returns between Japan and the U.K., which has doubled since the October 1987 crash, the remaining correlations are statistically similar during the two periods. Simulations performed indicate that volatility is reverting in the sense that, when it departs from its long‐run equilibrium level, it tends to revert back to that level.
Arbitrageur Heterogeneity, Investor Horizon and Arbitrage Opportunities: An Empirical Investigation
Authors: Blenman Lloyd P. , Thatcher Janet S. 
Published: March 2005

AbstractEvidence is provided that arbitrage profits in integrated currency and credit markets differ according to the initial asset allocation, trading horizon and investment objectives of arbitrageurs. It is shown that several types of profitable one‐way strategies can coexist and profits are differently distributed across maturity horizons. Moreover, there are episodes in the markets where particular strategies are consistently profitable. Strategies using the spot market and two credit transactions to create a synthetic forward contract are most likely to result in profitable arbitrage opportunities. This is directly attributable to the higher level of transactions costs in the forward markets.
The Information Content of Dividend Initiations and Firm Size: An Analysis Using Bid‐Ask Spreads
Authors: Mitra Devashis , Rashid Muhammad 
Published: March 2005

AbstractThe bid‐ask spread of stock prices is examined for a sample of dividend initiating firms. The average percentage and dollar bid‐ask spreads increase significantly on the day preceding the Wall Street Journal Index announcement date, possibly reflecting, on average, the market maker's anticipatory uncertainty. The day ‐1 increase in spread is inversely associated with firm size, an information environment proxy, after considering the simultaneous effects of dividend yield, returns variance, dollar trading volume and share price. The average percentage spread declines significantly on day 0 from its day ‐1 level and remains lower, on average, over a 365 day post‐announcement period than 90 day pre‐announcement levels. Similar results are obtained for dollar spread averages. The post‐announcement percentage spread decline suggests a resolution of uncertainty, and is positively associated with the dividend yield. Dividend initiation announcements appear to reduce informational asymmetry.