bluuebunny/crossref_metadata_2025_split huggingface dataset:
Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns
Authors: Clement Michael , Frankel Richard , Miller Jeffrey 
Published: July 2003

AbstractIn this study we examine the association among confirming management forecasts, stock prices, and analyst expectations. Confirming management forecasts are voluntary disclosures by management that corroborate existing market expectations about future earnings. This study provides evidence that these voluntary disclosures affect stock prices and the dispersion of analyst expectations. Specifically, we find that the market's reaction to confirming forecasts is significantly positive, indicating that benefits accrue to firms that disclose such forecasts. In addition, although we find no significant change in the mean consensus forecasts (a proxy for earnings expectations) around the confirming forecast date, evidence indicates a significant reduction in the mean and median consensus analyst dispersion (a proxy for earnings uncertainty). Finally, we document a positive association between the reduction of dispersion of analysts' forecasts and the magnitude of the stock market response. Overall, the evidence suggests that confirming forecasts reduce uncertainty about future earnings and that investors price this reduction of uncertainty.
Do Expert Informational Intermediaries Add Value? Evidence from Auditors in Microcap Initial Public Offerings
Authors: Weber Joseph , Willenborg Michael 
Published: July 2003

AbstractDo expert informational intermediaries add value? We address this question by examining the informativeness of the audit report contained in the prospectus associated with a firm's initial public offering (IPO). At the time of the IPO, there is a relative lack of information to facilitate the establishment of equity values, suggesting that the information provided by outside “experts” (e.g., auditors, underwriters) is particularly important. In this article we study small, non‐venture‐backed IPOs, a segment of the market with the poorest long‐run performance and where the prestigious audit firm is often the sole (if any) expert present. We find that the pre‐IPO opinions of larger auditors are more predictive of post‐IPO negative stock delistings. Of particular note, the opinions of the national‐tiered firms are comparably predictive to those of the Big 6, though this finding emerges only after we consider the selectivity‐based differences in the clients that hire these national firms. Our findings also indicate that, for larger auditors the presence of a pre‐IPO going‐concern opinion is more strongly associated with first‐year stock returns and that larger auditors are more likely to give such opinions to their distressed clients. Overall, we address a deficiency in the literature relating to “the paucity of evidence on the value of auditor opinions to investors” (Healy and Palepu [ 2001 p. 415]).
Evidence on the Joint Determination of Audit and Non‐Audit Fees
Authors: Whisenant Scott , Sankaraguruswamy Srinivasan , Raghunandan K. 
Published: July 2003

AbstractIn this study we investigate whether the characteristics of clients, auditors, and the auditor‐client relationship simultaneously determine audit and non‐audit fees. As done in prior studies, we maintain that fees proxy for the level of service provided and follow the physical flow of knowledge. Estimating single‐equation models of audit and non‐audit fee models, we confirm prior findings of an association between audit and non‐audit fees. Studies conclude that such evidence is consistent with knowledge spillovers between the two services. However, we document empirically that audit and non‐audit fees are simultaneously determined. Because the data indicate audit and non‐audit fees are jointly determined, we then investigate whether previously documented associations between audit and non‐audit fees are the result of biased estimation induced by using endogenous variables in single‐equation models. In contrast to results from single‐equation estimations, we find no association between audit and non‐audit fees using a simultaneous specification of the fee system, suggesting that single‐equation estimations suffer from simultaneous‐equations bias. In sum, the findings are not consistent with the existence of economies of scope from the joint performance of audit and non‐audit services after controlling for the joint behavior of audit and non‐audit fees. Given the ongoing debate over the level of allowed non‐audit services by auditors, the argument for the joint provision of audit and non‐audit services is less justified than if joint‐supply benefits had been documented.
The Effect Of Stock Splits On Liquidity And Excess Returns: Evidence From Shareholder Ownership Composition
Authors: Dennis Patrick , Strickland Deon 
Published: July 2003

AbstractWe examine the influence of firm ownership composition on both the abnormal returns at the announcement of a stock split and liquidity changes following a stock split. We find three results. First, the largest post‐split increase in institutional ownership occurs for firms that had low institutional ownership before the split. Second, changes in liquidity are negatively related to the level of institutional ownership before the split. Last, the abnormal return following a split is negatively related to the level of institutional ownership before the split. These findings are important as they shed new light on the source of stock split announcement returns.
Book Reviews
Authors: Nelson Beebe , Kahn Kenneth B. 
Published: July 2003

Books reviewed in this issue: Roger Bean and Russell W. Radford The Business of Innovation: Managing the Corporate Imagination for Maximum Results  Elaine Dundon The Seeds of Innovation: Cultivating the Synergy That Fosters New Ideas  Jacqueline Byrd and Paul Lockwood Brown The Innovation Equation: Building Creativity and Risk Taking in Your Organization Books received for possible review in a future issue:  Ashish Arora, Andrea Fosfuri, and Alfonso Gambardella Markets for Technology: The Economics of Innovation and Corporate Strategy  Paul Belliveau, Abbie Griffin, and Stephen Somermeyer, editors The PDMA Toolbook for New Product Development  Vincent Bozzone Speed to Market: Lean Manufacturing for Job Shops  John Seely Brown and Paul Duguid The Social Life of Information Amiya K.Chakravarty Market Driven Enterprise: Product Development, Supply Chains, and Manufacturing  Henry Chesbrough Open Innovation: The New Imperative for Creating and Profiting from Technology  Kenneth Carlton Cooper The Relational Enterprise: Moving beyond CRM to Maximize All Your Business Relationships  Edmund B. Fitzgerald Globalizing Customer Solutions Eliezer Geisler Creating Value with Science and Technology Tim Jones Innovating at the Edge: How Organizations Evolve and Embed Innovation Capability  Robert C. Megantz Technology Management: Developing and Implementing Effective Licensing Programs  David Moschella Customer‐Driven IT: How Users Are Shaping Technology Growth  Jeffrey H. Rohlfs Bandwagon Effects in High‐Technology Industries  Gerald Zaltman How Customers Think: Essential Insights into the Mind of the Market The reviews of three recent books on innovation in this issue are by Kumar Nochur, Ph.D., president of Vidya, Inc.
“Honey, Have You Seen Our Hamster?” Consumer Evaluations of Autonomous Domestic Products
Authors: Rijsdijk Serge A. , Hultink Erik Jan 
Published: July 2003

Several autonomous products have been launched in the marketplace in the past few years. These autonomous products do not need any human intervention but operate on their own. An example of such an autonomous product is the self‐initiating, independent vacuum cleaner that determines when a floor or room needs to be vacuumed, and does the job by itself, returning to the charging station when it needs to recharge its battery. It is unclear, however, to what extent consumers appreciate this autonomy. Autonomous products take over tasks from the user, which leaves the user the opportunity to take part in other activities. However, consumers may also consider these products complex and the use and purchase of such products risky. In addition, people often show a desire for control and may be reluctant to hand over some control to autonomous products. The advantages of autonomous products may thus be partly compensated by several disadvantages.The present study aims to explain overall consumer appreciation for autonomous products by integrating the above‐mentioned factors in a conceptual model. This conceptual framework was tested in an experiment (N=77). The results reveal that consumers perceive highly autonomous products as more risky and complex than less autonomous products. Perceived risk negatively influenced overall consumer appreciation whereas complexity did not affect consumers' appreciation. Relative advantage, however, compensates the negative effect of perceived risk on overall consumer appreciation. Also, contrary to our expectations, we found that people with a high desire for control perceive less risk. We conclude with managerial implications for developers and marketers of autonomous domestic products.
Managing the Sources of Uncertainty: Matching Process and Context in Software Development
Authors: MacCormack Alan , Verganti Roberto 
Published: July 2003

There is increasing interest in the literature about the notion of a contingent approach to product development process design. This interest stems from the realization that different types of projects carried out in different environments are likely to require quite different development processes if they are to be successful. Stated more formally, a contingent view implies that the performance impact of different development practices is likely to be mediated by the context in which those practices operate. This article provides evidence to support such a view.Our work examines whether projects in which the development process matches the context achieve superior performance. We focus on two sources of uncertainty that generate challenges for project teams: platform uncertainty, reflecting the uncertainty generated by the amount of new design work that must be undertaken in a project; and market uncertainty, reflecting the uncertainty faced in determining customer requirements for the product under development. We develop hypotheses for how these sources of uncertainty are likely to influence the relationships between a number of specific development practices and performance. We then test these hypotheses using data from a sample of 29 Internet software development projects.Our results provide evidence to support a contingent view of development process design. We show that in projects facing greater uncertainty, investments in architectural design, early technical feedback, and early market feedback have a stronger association with performance. The latter relationships are influenced by the specific sources from which this uncertainty stems: platform uncertainty mediating the impact of early technical feedback and market uncertainty mediating the impact of early market feedback. Our results also indicate that while greater uncertainty is associated with making later changes to a product's design, this practice is not associated with performance.Our findings suggest that managers carefully must evaluate both the levels and sources of uncertainty facing a project before designing the most appropriate process for its execution. In particular, they should explore the use of specific development practices based upon their usefulness in resolving the specific types of uncertainty faced. Importantly, these decisions must be made at the start of a project, with purposeful investments to create a process that best matches the context. Reacting to uncertainty ex‐post, without such investments in place, is unlikely to prove a successful strategy.
Reversal of Mefloquine and Quinine Resistance in
Plasmodium falciparum
with NP30
Authors: Ciach Michelle , Zong Kathleen , Kain Kevin C. , Crandall Ian 
Published: July 2003

ABSTRACT

Quinoline resistance in malaria is frequently compared with P-glycoprotein-mediated multidrug resistance (
mdr
) in mammalian cells. We have previously reported that nonylphenolethoxylates, such as NP30, are potential
Plasmodium falciparum
P-glycoprotein substrates and drug efflux inhibitors. We used in vitro assays to compare the ability of verapamil and NP30 to sensitize two parasite isolates to four quinolines: chloroquine (CQ), mefloquine (MF), quinine (QN), and quinidine (QD). NP30 was able to sensitize (reversal, >80%)
P. falciparum
to MF, QN, QD, and, to a lesser extent, CQ. The presence of 2 μM verapamil had no effect on mefloquine resistance; however, the presence of verapamil modulated the activities of QN and QD in a manner parallel to that observed for CQ. Genetic analysis of putative quinoline resistance genes did not suggest an association between known point mutations in
pfcrt
and
pfmdr1
and NP30 sensitization activity. We conclude that the sensitization action of NP30 is distinct both phenotypically and genotypically from that of verapamil.
Leishmania donovani
Resistance to Miltefosine Involves a Defective Inward Translocation of the Drug
Authors: Pérez-Victoria F. Javier , Castanys Santiago , Gamarro Francisco 
Published: July 2003

ABSTRACT

Miltefosine (hexadecylphosphocholine [HePC]) is the first drug approved for the oral treatment of visceral leishmaniasis. As part of a study on the mechanisms of action of this drug and on the rates of resistance to this drug, we have been working in vitro with an
Leishmania donovani
line that was previously shown to be 15-fold more resistant to HePC. We have studied the accumulation of [
14
C]HePC by
L. donovani
promastigotes and have found a drastic reduction (>95%) in the ability of the resistant line to internalize the drug. Binding of HePC to the plasma membrane and drug efflux from preloaded cells were similar in both drug-sensitive and -resistant lines, and no [
14
C]HePC metabolism was evident in either line. Resistant parasites were also unable to take up other short-chain phospholipid analogs, independently of their polar head group, even though endocytosis remained unaltered. Finally, HePC uptake was temperature and energy dependent and sensitive to the thiol-reactive agent
N
-ethylmaleimide. We propose that inward translocation of a short-chain phospholipid across the plasma membrane may exist in
Leishmania
promastigotes and that such activity is defective in the resistant line.
Candida albicans
Mutations in the Ergosterol Biosynthetic Pathway and Resistance to Several Antifungal Agents
Authors: Sanglard Dominique , Ischer Françoise , Parkinson Tania , Falconer Derek , Bille Jacques 
Published: July 2003

ABSTRACT

The role of sterol mutations in the resistance of
Candida albicans
to antifungal agents has not been thoroughly investigated. Previous work reported that clinical
C. albicans
strains resistant to both azole antifungals and amphotericin B were defective in
ERG3
, a gene encoding sterol Δ
5,6
-desaturase. It is also believed that a deletion of the lanosterol 14α-demethylase gene,
ERG11
, is possible only under aerobic conditions when
ERG3
is not functional. We tested these hypotheses by creating mutants by targeted deletion of the
ERG3
and
ERG11
genes and subjecting those mutants to antifungal susceptibility testing and sterol analysis. The homozygous
erg3
/
erg3
mutant created, DSY1751, was resistant to azole derivatives, as expected. This mutant was, however, slightly more susceptible to amphotericin B than the parent wild type. It was possible to generate
erg11
/
erg11
mutants in the DSY1751 background but also, surprisingly, in the background of a wild-type isolate with functional
ERG3
alleles under aerobic conditions. This mutant (DSY1769) was obtained by exposure of an
ERG11
/
erg11
heterozygous strain in a medium containing 10 μg of amphotericin B per ml. Amphotericin B-resistant strains were obtained only from
ERG11
/
erg11
heterozygotes at a frequency of approximately 5 × 10
−5
to 7 × 10
−5
, which was consistent with mitotic recombination between the first disrupted
erg11
allele and the other remaining functional
ERG11
allele. DSY1769 was also resistant to azole derivatives. The main sterol fraction in DSY1769 contained lanosterol and eburicol. These studies showed that
erg11
/
erg11
mutants of a
C. albicans
strain harboring a defective
erg11
allele can be obtained in vitro in the presence of amphotericin B. Amphotericin B-resistant strains could therefore be selected by similar mechanisms during antifungal therapy.
Molecular Cloning and Characterization of an ABC Multidrug Efflux Pump, VcaM, in Non-O1
Vibrio cholerae
Authors: Huda Nazmul , Lee Eun-Woo , Chen Jing , Morita Yuji , Kuroda Teruo , Mizushima Tohru , Tsuchiya Tomofusa 
Published: July 2003

ABSTRACT

A gene responsible for multidrug resistance was cloned from the chromosomal DNA of non-O1
Vibrio cholerae
NCTC 4716 by using as a host drug-hypersensitive
Escherichia coli
strain KAM32, which lacks major multidrug efflux pumps.
E. coli
cells transformed with the gene showed elevated levels of resistance to a number of structurally dissimilar drugs, such as tetracycline, norfloxacin, ciprofloxacin, doxorubicin, daunomycin, 4′,6-diamidino-2-phenylindole, and Hoechst 33342. We determined the nucleotide sequence and found one open reading frame. We designated the gene
vcaM
. The deduced product, VcaM, seems to be a polypeptide with 619 amino acid residues (69 kDa) that has a putative topology of six transmembrane segments in the N-terminal hydrophobic domain, followed by an ATP binding domain in the C-terminal hydrophilic region. The sequence of VcaM was shown to be similar to those of human multidrug resistance proteins P-glycoprotein MDR1 and lactococcal LmrA, which are driven by ATP. The efflux of Hoechst 33342 and doxorubicin from cells possessing VcaM was detected. The efflux activity was inhibited by reserpine and sodium
o-
vanadate, which are potent inhibitors of MDR1 and LmrA. Thus, we conclude that VcaM is a member of the family of multidrug efflux pumps of the ATP binding cassette type and the first experimentally proven example of a multidrug efflux pump of this family in gram-negative bacteria.
Resistance to Antimalarials in Southeast Asia and Genetic Polymorphisms in
pfmdr1
Authors: Pickard Amy L. , Wongsrichanalai Chansuda , Purfield Anne , Kamwendo Deborah , Emery Kathryn , Zalewski Christy , Kawamoto Fumihiko , Miller R. Scott , Meshnick Steven R. 
Published: July 2003

ABSTRACT

Resistance to antimalarial drugs is a public health problem worldwide. Molecular markers for drug-resistant malaria, such as
pfcrt
and
pfmdr1
polymorphisms, could serve as useful surveillance tools. To evaluate this possibility, sequence polymorphisms in
pfcrt
(position 76) and
pfmdr1
(positions 86, 184, 1034, 1042, and 1246) and in vitro drug sensitivities were measured for 65
Plasmodium falciparum
isolates from Thailand, Myanmar, Vietnam, and Bangladesh. The
pfcrt
Thr76 polymorphism was present in 97% of samples, consistent with observations that chloroquine resistance is well established in this region. Polymorphisms in
pfmdr1
clustered into four specific patterns: the wild type (category I), a Tyr86 polymorphism only (category II), a Phe184 polymorphism only (category III), and Phe184 in combination with Cys1034 and/or Asp1042 (category IV). Isolates in categories I and III were more sensitive to chloroquine and more resistant to mefloquine, artesunate, and artemisinin than isolates in categories II and IV (
P
≤ 0.01). Mefloquine resistance was significantly more common in category I and III isolates than in category II and IV isolates, with a prevalence ratio of 14.95 (95% confidence interval, 3.88 to 57.56). These categories identified mefloquine resistance with a sensitivity and a specificity of 94 and 91%, respectively. The
pfmdr1
gene copy number was measured by real-time PCR as a ratio of the amount of
pfmdr1
DNA to the amount of lactate dehydrogenase (
ldh
) DNA. Eight samples had
pfmdr1
DNA/
ldh
DNA ratios ≥3. The isolates in all 8 samples fell into categories I and III and were significantly more resistant to mefloquine, quinine, artemisinin, and artesunate and more sensitive to chloroquine than the isolates in the 57 samples with <3 copies of the gene (
P
≤ 0.001). Thus, measurement of
pfmdr1
mutations and gene copy number may be useful for surveillance of mefloquine-resistant malaria in Southeast Asia.
Molecular Mechanisms of Itraconazole Resistance in
Candida dubliniensis
Authors: Pinjon Emmanuelle , Moran Gary P. , Jackson Colin J. , Kelly Steven L. , Sanglard Dominique , Coleman David C. , Sullivan Derek J. 
Published: July 2003

ABSTRACT

It has previously been shown that overexpression of the
CdMDR1
gene is a major contributor to resistance in fluconazole-resistant isolates of
Candida dubliniensis
. However, since CdMdr1p does not mediate transport of other azole drugs such as itraconazole, we investigated the molecular mechanisms of stable resistance to itraconazole obtained in three strains of
C. dubliniensis
(two with nonfunctional
CdCDR1
genes and one with functional
CdCDR1
genes) by serial exposure to this antifungal agent in vitro. Seven derivatives that were able to grow on agar medium containing 64 μg of itraconazole per ml were selected for detailed analysis. These derivatives were resistant to itraconazole, fluconazole, and ketoconazole but were not cross resistant to inhibitors.
CdMDR1
expression was unchanged in the seven resistant derivatives and their parental isolates; however, all seven derivatives exhibited increased levels of
CdERG11
expression, and six of the seven derivatives exhibited increased levels of
CdCDR1
expression compared to the levels of expression by their respective parental isolates. Except for one derivative, the level of rhodamine 6G efflux was decreased in the itraconazole-resistant derivatives compared to the level of efflux in their parental isolates, suggesting altered membrane properties in these derivatives. Analysis of their membrane sterol contents was consistent with a defective sterol C5,6-desaturase enzyme (CdErg3p), which was confirmed by the identification of mutations in the alleles (
CdERG3
) encoding this enzyme and their lack of functional complementation in a
Saccharomyces cerevisiae erg3
mutant. The results of this study show that the loss of function of CdErg3p was the primary mechanism of in vitro-generated itraconazole resistance in six of the seven the
C. dubliniensis
derivatives. However, the mechanism(s) of itraconazole resistance in the remaining seventh derivative has yet to be determined.