Showing papers by "Texas Christian University published in 1999"

Using Analysts' Forecasts to Measure Properties of Analysts' Information Environment

Abstract: This paper presents a model that relates properties of the analysts' information environment to the properties of their forecasts. First, we express forecast dispersion and error in the mean forecast in terms of analyst uncertainty and consensus (that is, the degree to which analysts share a common belief). Second, we reverse the relations to show how uncertainty and consensus can be measured by combining forecast dispersion, error in the mean forecast, and the number of forecasts. Third, we show that the quality of common and private information available to analysts can be measured using these same observable variables. The relations we present are intuitive and easily applied in empirical studies.

Accruals and the Prediction of Future Cash Flows

Abstract: We compare the predictive abilities of earnings and cash flows for future cash flows. We base our predictions on a model of the relation between future cash flows and past earnings and its components, including cash flows. As predicted, we find that current and past earnings explain significantly more variation in future cash flows than current and past cash flows, but only after permitting the cash and accrual components of earnings to have different multiples. As predicted, disaggregating the accrual component of earnings significantly further enhances the predictive ability of earnings for future cash flows. Contrary to claims in the popular press, the depreciation and amortization components of earnings have significant predictive ability for future cash flows. Our inferences are robust to controlling for operating cycle and industry membership.

A National Evaluation of Treatment Outcomes for Cocaine Dependence

Abstract: Background This national study focused on posttreatment outcomes of community treatments of cocaine dependence. Relapse to weekly (or more frequent) cocaine use in the first year after discharge from 3 major treatment modalities was examined in relation to patient problem severity at admission to the treatment program and length of stay. Methods We studied 1605 cocaine-dependent patients from 11 cities located throughout the United States using a naturalistic, nonexperimental evaluation design. They were sequentially admitted from November 1991 to December 1993 to 55 community-based treatment programs in the national Drug Abuse Treatment Outcome Studies. Included were 542 patients admitted to 19 long-term residential programs, 458 patients admitted to 24 outpatient drug-free programs, and 605 patients admitted to 12 short-term inpatient programs. Results Of 1605 patients, 377 (23.5%) reported weekly cocaine use in the year following treatment (dropping from 73.1% in the year before admission). An additional 18.0% had returned to another drug treatment program. Higher severity of patient problems at program intake and shorter stays in treatment ( Conclusions Patients with the most severe problems were more likely to enter long-term residential programs, and better outcomes were reported by those treated 90 days or longer. Dimensions of psychosocial problem severity and length of stay are, therefore, important considerations in the treatment of cocaine dependence. Cocaine relapse rates for patients with few problems at program intake were most favorable across all treatment conditions, but better outcomes for patients with medium- to high-level problems were dependent on longer treatment stays.

The role of emotional exhaustion in sales force attitude and behavior relationships

Abstract: Emotional exhaustion is a potentially important construct in examining sales force behavior and attitude relationships. A conceptual model and hypotheses are developed to study the antecedents and consequences of the emotional exhaustion construct. The hypotheses are tested using LISREL 7 to analyze data from a sample of field salespeople from a large international services organization. The empirical results offer strong support for relationships involving role ambiguity and conflict antecedents and organizational commitment, job satisfaction, performance, and intention-to-leave consequences of emotional exhaustion.

A Study of Financial Analysts: Practice and Theory

Abstract: The study reported here focused on determining what analytical techniques financial analysts who are members of AIMR actually use. The study achieved a response rate of 33.75 percent. Questions covered 16 areas, including the use of present value analysis, the importance of quarterly earnings' announcements in decision making, belief in efficient markets, acceptance or rejection of market anomalies, and belief in the importance of international diversification for risk reduction.

Three-Year Reincarceration Outcomes for In-Prison Therapeutic Community Treatment in Texas

Abstract: Longer term in-prison therapeutic community (ITC) outcome studies are needed, along with more attention on who benefits most from these programs. This study examined reincarceration records for 394 nonviolent offenders during the 3 years following prison. Those who completed both ITC and aftercare were the least likely to be reincarcerated (25%), compared to 64% of the aftercare dropouts and 42% of the untreated comparison groups. Furthermore, high-severity aftercare completers were reincarcerated only half as often as those in the aftercare dropout and comparison groups (26% vs. 66% and 52%). The findings support the effectiveness of intensive treatment when it is integrated with aftercare, and the benefits are most apparent for offenders with more serious crime and drug-related problems.

Prison‐based substance abuse treatment, residential aftercare and recidivism

Abstract: Aims. This study examined the impact of residential aftercare on recidivism following prison-based treatment for drug-involved offenders. Design. A matched group quasi-experimental design. Survival regression analyses were used to predict time until rearrest. A logistic regression model was constructed for predicting aftercare completion. Setting. A 9-month in-prison therapeutic community (ITC) and several communitybased transitional therapeutic communities (TTCs). Participants. Data were collected from 396 male inmates (293 treated, 103 untreated). Measurements. Background information (gender, ethnicity, age, education level, criminal history and risk for recidivism) was abstracted from the state criminal justice databases and a structured interview led by clinical staff. During treatment process measures were based on inmate self-ratings of their counselors, program and peers. A post-treatment interview conducted by field research staff assessed satisfaction with transitional aftercare. Post-release recidivism was based on state-maintained computerized criminal history records. Findings. ITC treatment, especially when followed by residential aftercare, was effective for reducing post-release recidivism rates. Lower satisfaction with transitional aftercare treatment was associated with not completing the residential phase of community-based aftercare. Conclusions. Corrections-based treatment policy should emphasize a continuum of care model (from institution to community) with high quality programs and services .

The structure and function of folliculo-stellate cells in the anterior pituitary gland.

Abstract: The folliculo-stellate cells (FS cells) in the anterior pituitary gland are characterized by their star-like appearance and their ability to form follicles. Although FS cells do not produce any pituitary hormones, their special tendency to surrounding endocrine cells with their long cytoplasmic processes suggests that they regulate endocrine cells by intercellular communication. In spite of many morphological and cytophysiological studies recently performed, a precise understanding of the major functions of FS cells in the pituitary gland remains obscure. We review here the morphological characteristics of FS cells and their suspected functions in the anterior pituitary gland. It is well established that the FS cell produces many kinds of growth factors, i. e., fibroblast growth factor, vascular endothelial cell growth factor and interleukin 6. The biological significances of these growth factors in the anterior pituitary gland are also discussed in this paper. The origin and differentiation of FS cells, especially the possibility that the FS cell is a kind of stem cell which has the potential to differentiate into endocrine cells, is also presented.

Gender differences at admission and follow-up in a sample of methadone maintenance clients

Abstract: Although one-third of clients enrolled in methadone treatment in the United States are female, few studies have looked at gender differences at admission and follow-up. Using interview data from 435 clients (31% female) collected at admission and approximately 1 year after discharge, females were found to have more dysfunctional families of origin and greater prior and current psychological and medical problems. Both genders improved following treatment, as evidenced by reduced illicit drug, tobacco, and alcohol use, criminal involvement, and HIV/AIDS-risky behaviors. Females were more likely to seek further help for both drug misuse and psychological problems subsequent to discharge.

Risk Factors That Predict Dropout from Corrections-Based Treatment for Drug Abuse:

Abstract: Early dropout or failure to engage in drug abuse treatment is a common problem in correctional settings. This study presents findings from 339 felony probationers man dated to a 6-month modified therapeutic community (TC) in lieu of imprisonment. Early dropout was related to cocaine dependence, having a history of psychiatric treatment, being unemployed before adjudication to treatment, and to higher levels of depression, anxiety, and hostility. Dropout rates also were higher for probationers with deviant peer networks and lower ratings of self-efficacy. However, multivariate analyses showed that scoring high on a criminality risk index was the strongest predictor of leaving treatment early and appears to represent a good composite risk measure. These findings can help identify who needs residential treatment, and who is at greatest risk for not completing it.

Microcosm experiments have limited relevance for community and ecosystem ecology: comment

Abstract: In a recent article, Carpenter (1996) suggested that microcosm experiments are disconnected from natural lake systems and concluded that microcosms have limited relevance for community and ecosystem ecology of lakes. Carpenter also chastised academic ecologists for using microcosms for graduate training in aquatic ecology. We feel Carpenter's comments misrepresent microcosm experiments and their contributions to aquatic ecology. The purpose of this comment is to present an alternative view of the role of microcosm experiments for both research and graduate education in aquatic ecology. We argue that there is little information supporting Carpenter's (1996) suggestion that microcosms are disconnected from natural lake systems. Instead we suggest that microcosm and wholelake experiments have revealed similar community responses to major factors regulating lake communities such as nutrients and planktivorous fish. We conclude that no one type of research approach will provide a complete understanding of how lake systems function and that most rapid research progress can be made through the complementary use of microcosms and whole-lake experiments coupled with modeling and long-term observational studies. Carpenter (1996:678) stated that "the size and duration of microcosm experiments exclude or distort important features of communities and ecosystems" and that some "processes and organisms change so rapidly that they can reach unrealistic rates or population densities in the course of microcosm experiments." To support his argument that "limnology provides many examples of disconnection between microcosms and natural systems," Carpenter cited papers by Gerhart and Likens (1975), Stephenson et al. (1984), Bloesch

Barriers to Implementing Effective Correctional Drug Treatment Programs

Abstract: During the past several years, a number of aggressive federal and state initiatives have been undertaken to expand substance abuse treatment within correctional settings. These efforts have been fueled by the high rates of substance involvement among offenders and the growing body of research literature suggesting that intensive, prison-based treatment efforts can significantly reduce postprison substance use and recidivism. However, the rapid expansion of these programs increases their vulnerability to common implementation problems that could lead to pessimistic, and erroneous, assumptions about their effectiveness. This article summarizes both the research literature and the experiences of the authors regarding six common barriers to developing effective correctional treatment programs and offers potential solutions for each.

Isolation, Characterization, and Conformational Characteristics of p-tert-Butylcalix[9−20]arenes1

Abstract: p-tert-Butylcalix[n]arenes in which n = 9−20 (designated as “large” calixarenes) have been isolated from both the base-induced and the acid-catalyzed condensation of p-tert-butylphenol and formaldehyde. The acid-catalyzed process, previously thought to form linear oligomers as the major or even exclusive products, has been optimized to produce calixarenes in almost quantitative yield, providing a better source of these “large” calixarenes than the base-induced process. Central to the discovery of the calix[9−20]arenes and the optimization of the acid-catalyzed condensation was the development of an HPLC assay that allows baseline resolution of the 17 cyclic oligomers as well as their linear counterparts. Using this assay for guidance, procedures for the obtention of ponderable amounts of p-tert-butylcalix[7−20]arenes from the acid-catalyzed process have been developed. Data are adduced that bear on possible mechanistic pathways for calixarene formation under these conditions. A study measuring the amount ...

Relationships between Sales Management Control, Territory Design, Salesforce Performance and Sales Organization Effectiveness

Abstract: This research evaluates determinants of sales organization effectiveness in a sample of British companies, and contributes to an important new research stream by following recent empirical studies in the USA and Australia. We discuss a model of sales organization effectiveness determined by salesforce outcome performance and behavioural performance, as well as by the use of a behaviour-based control approach. Sales territory design is also considered as a particularly important managerial variable, which has received little analytical attention in the traditional literature, but which appears to be an important influence on the effectiveness of the sales operation. Our exploratory path analytical model suggests that sales territory design has a large effect on sales organization effectiveness both directly, and indirectly through its relationship with salesforce behavioural performance. These findings are somewhat different to those in similar studies in other countries, and suggest some important implications for managers as well as for researchers in this field.

Psychiatric comorbidity measures as predictors of retention in drug abuse treatment programs.

Abstract: OBJECTIVE: To examine lifetime and current psychiatric comorbidity measures as predictors of drug abuse treatment retention, and to test the generalizability of results across treatment agencies in diverse settings and with varying practices. DATA SOURCES/STUDY SETTING: The national Drug Abuse Treatment Outcome Studies (DATOS), a longitudinal study of clients from 96 treatment agencies in 11 U.S. cities. STUDY DESIGN: The design is naturalistic and uses longitudinal analysis of treatment retention in long-term residential, outpatient drug-free, and outpatient methadone treatment modalities; client background (including psychiatric comorbidity) and program service provision are predictors. Clinical thresholds for adequate treatment retention were 90 days for long-term residential and outpatient drug-free, and 360 days for outpatient methadone. Psychiatric indicators included lifetime DSM-III-R diagnoses of depression/anxiety and antisocial personality, and dimensional measures of current symptoms for depression and hostility. DATA COLLECTION/EXTRACTION METHODS: Data include structured interviews with clients, a survey of treatment program administrators, and program discharge records. PRINCIPAL FINDINGS: Dimensional measures of current psychiatric symptoms emerged as better predictors than lifetime DSM-III-R diagnoses. In addition, the predictive association of hostility with retention varied significantly across treatment agencies, both in the long-term residential and outpatient drug-free modalities. Other notable findings were that on-site mental health services in long-term residential programs were associated with better retention for clients with symptoms of hostility. CONCLUSIONS: Assessment issues and stability of results across programs are important considerations for treatment research and practice.

Anti-inflammatory doses of ibuprofen: effect on neutrophils and exercise-induced muscle injury.

Abstract: The purpose of the study was to determine the effect of anti-inflammatory doses of ibuprofen on neutrophils, neutrophil O2* production, and markers of muscle injury. Males (n=10) performed 2 bouts of one-arm eccentric exercise on opposite arms separated by three weeks. Subjects received 2400 mg x d(-1) of ibuprofen or a placebo 5 d before exercise and during 10 d of recovery. Measurements were made before the treatments, pre-exercise, at 4 h, and at 1, 2, 3, 4 and 10 d post-exercise. Circulating neutrophil counts were similar between the treatments at the sampling points. Neutrophil counts were higher (p<0.05) for ibuprofen and were elevated (p<0.05) at 4h post-exercise relative to pre-exercise in both treatments. Stimulated neutrophil O2* production was lower for ibuprofen relative to placebo at pre-exercise and was increased (p<0.05) at 4 h and 4 d of both treatments. CK activity at 3 d post-exercise was lower (p<0.05) for ibuprofen relative to placebo. Isometric strength, soreness, tenderness, and arm angles were similar between the treatments. In conclusion, anti-inflammatory doses of ibuprofen reduced CK activity but not the neutrophil response or other indirect markers of muscle injury during recovery from eccentric arm exercise.

A cost-effectiveness analysis of in-prison therapeutic community treatment and risk classification

Abstract: Policy makers need scientifically based information to help them to determine which correctional treatment alternatives are effective and economically viable. Three-year outcome data from 394 parolees (291 treated, 103 untreated comparison) were examined to determine the relative cost-effectiveness of prison-based treatment and aftercare, controlling for risk of recidivism. Findings showed that intensive services were cost-effective only when the entire treatment continuum was completed, and that the largest economic impact was evident among high-risk cases. Therefore, assignments to correctional treatment should consider an offender's problem severity level, and every effort should be made to engage them in aftercare upon release from prison.

Change, Transfer Climate, and Customer Orientation A Contextual Model and Analysis of Change-Driven Training

Abstract: The success of large-scale or “paradigm change” training programs often hinge on work climate factors that support transfer of training. Focus groups (N = 70) and survey data from both trained (N = 564) and untrained (N = 345) municipal employees were used to assess perceptions related to change (e. g., role ambiguity) and transfer climate that constrained or facilitated their use of Total Quality (TQ) training. Employees who felt blocked from applying training reported significantly less customer orientation than untrained employees, whereas those reporting a helpful transfer climate reported significantly more customer orientation than the untrained group. Regression analyses suggested that controlling for contextual factors (e. g., department affiliation), both a change and stress climate and, to a lesser extent, transfer climate (e. g., supervisor and coworker support) predicted customer orientation. Results have implications for organizational development practitioners and managers who seek to improv...

Milestones of anticipatory public speaking anxiety

Abstract: The purpose of the present study was to investigate the levels of anticipatory public speaking state and trait anxiety at three pre‐performance milestones or significant events: (1) the moment when the public speech was assigned in class, (2) the mid‐point of a laboratory session during which the speeches were being prepared, and (3) the moment immediately preceding formal presentation of the speech to the class. The results indicate that both state and trait anxiety levels during these events were ordered in a quadratic, v‐shaped episodic pattern as follows: the highest level of anticipatory anxiety occurred just before speaking, the second highest level occurred at the time the assignment was announced and explained, and the lowest level was measured during the time students were preparing their speeches.

Private Equity in China: Differences and Similarities With the Western Model

Abstract: he private equity industry has been widely examined in the U.S., and in Europe as well. But in Asia, T private equity remains largely unexplored despite the rapid growth of Asian capital markets in recent years. Even during the economic downturn of 1997, the industry in Asia added approximately $8.3 bdbon in capital. Nevertheless, it cannot be assumed that the Asian industry is comparable to the U.S. industry. Situational and cultural factors in Asia have created a private equity industry with its own unique characteristics. Over the last two decades the Chinese economy has been one of the fastest growing in the world. China (includmg Hong Kong), home to approximately 25% of the world’s population, now has the second largest amount of private capital under management in Asia. This comprises approximately onethird of all capital under management on that continent. Given the continuing growth and increasing importance of the private sector, there exists an opportunity for substantive investments with high returns for the private equity industry. The gateway for these funds historically has been Hong Kong, second only to Japan in the number of private equity firms based in Asia. To date, most research on Asian venture capital has examined Japan. But given the size and rapid rate of growth and change in the private equity market in China, this article will focus attention there. First, we detail the history of the development of private equity in Chma. One factor that has dlfferentiated t h s private equity market from others in Asia and elsewhere is that China has retained a socialist economy with some capitalist characteristics. Thus, private equity firms in China face distinctive problems and situations unknown in mature economies such as the U.S. or other Asian economies (e.g., Singapore or Japan). Second, this article will examine these unique characteristics as they apply to the private equity fundmg cycle from the initial funding decision, to follow-up monitoring, to eventual exit. Finally, recent changes and future trends withn the Chnese private equity industry will be dlscussed.

Processes of magma/wet sediment interaction in a large-scale Jurassic andesitic peperite complex, northern Sierra Nevada, California

Abstract: The Middle Jurassic Tuttle Lake Formation in the northern Sierra Nevada, California, comprises a thick volcaniclastic sequence deposited in a submarine island-arc setting and penetrated by numerous related hypabyssal intrusions. A composite andesite-diorite intrusive complex ≥4.5 km long and ≥1.5 km thick was emplaced while the host Tuttle Lake sediments were still wet and unconsolidated. Large parts of the intrusive complex consist of peperite formed where andesitic magma intruded and intermixed with tuff, lapilli-tuff and tuff-breccia. The southern half of the complex consists of augite-phyric andesite containing peperite in numerous small, isolated pockets and in more extensive, laterally continuous zones. The peperites comprise three main types recognized previously in other peperite studies. Fluidal peperite consists of small (≤30 cm), closely spaced, at least partly interconnected, globular to amoeboid andesite bodies enclosed by tuff. This peperite type developed during intrusion of magma into fine-grained wet sediment along unstable interfaces, and fluidization of the sediment facilitated development of complex intrusive geometries. Blocky peperite and mixed blocky and fluidal peperite formed where magma intruded coarser sediment and underwent variable degrees of brittle fragmentation by quenching and dynamic stressing of rigid margins, possibly aided by small steam explosions. The northern half of the intrusive complex consists predominantly of a different type of peperite, in which decimetre-scale plagioclase-phyric andesite clasts with ellipsoidal, elongate, or angular, polyhedral shapes are closely packed to widely dispersed within disrupted host sediment. Textural features suggest the andesite clasts were derived from conduits through which magma was flowing, and preserved remnants of the conduits are represented by elongate, sinuous bodies up to 30 m or more in length. Disruption and dispersal of the andesite clasts are inferred to have occurred at least partly by steam explosions that ripped apart a network of interconnected feeder conduits penetrating the host sediments. Closely packed peperite is present adjacent to mappable intrusions of coherent andesite, and along the margin of a large mass of coarse-grained diorite. These coherent intrusions are considered to be major feeders for this part of the complex. Examples of magma/wet sediment interaction similar in scale to the extensive peperites described here occur elsewhere in ancient island-arc strata in the northern Sierra Nevada. Based on these and other published examples, large-scale peperites probably are more common than generally realized and are likely to be important in settings where thick sediment sequences accumulate during active volcanism. Careful mapping in well-exposed terrains may be required to recognize large-scale peperite complexes of this type.

Oxidative stress pretreatment increases the X-radiation resistance of the nematode Caenorhabditis elegans

Abstract: Pre-exposure of wild-type Caenorhabditis elegans to oxygen conferred a protective effect against the lethality imposed by subsequent X-irradiation. In contrast, two mutants (rad-1 and rad-2) that are UV and ionizing radiation hypersensitive but not oxygen sensitive, did not exhibit this adaptive response. To explore the molecular basis of protection, the expression of several key genes was examined using Northern blot analyses to measure mRNA levels. In the wild-type, expression of the heat shock protein genes, hsp16-1 and hsp16-48, increased dramatically after incubation under high oxygen. Expression of two superoxide dismutase genes (sod-1 and sod-3) was relatively unaffected. Unlike the wild-type, the basal levels of these four genes were significantly lower in the rad-1 and rad-2 mutants under atmospheric conditions. These genes were partially induced in response to oxidative stress. These data suggest that at least a portion of the hypersensitive phenotype of rad-1 and rad-2 may be attributed to inappropriate gene expression.

Additional Evidence on the Incremental Information Content of Cash Flows and Accruals: The Impact of Errors in Measuring Market Expectations

Abstract: This study evaluates the relation between security returns and funds-based earnings components. We document that proxies for market expectations of the components that are based on measures of historical serial- and cross-dependencies are substantially more accurate than random-walk proxies. Moreover, we detect significantly higher valuations of the operating cash flow component of earnings, relative to current accruals when market expectations are represented using the dependency-based predictions. Such differential valuation is not detectable for random-walk representations. Contrary to results in Ali (1994), we find incremental information in unexpected cash flows over the whole spectrum (moderate and extreme) of unexpected cash flow realizations.