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Showing papers by "University of Pennsylvania published in 1999"


Journal ArticleDOI
TL;DR: Starburst99 as mentioned in this paper is a comprehensive set of model predictions for spectrophotometric and related properties of galaxies with active star formation, which is an improved and extended version of the data set previously published by Leitherer & Heckman.
Abstract: Starburst99 is a comprehensive set of model predictions for spectrophotometric and related properties of galaxies with active star formation. The models are an improved and extended version of the data set previously published by Leitherer & Heckman. We have upgraded our code by implementing the latest set of stellar evolution models of the Geneva group and the model atmosphere grid compiled by Lejeune et al. Several predictions which were not included in the previous publication are shown here for the first time. The models are presented in a homogeneous way for five metallicities between Z = 0.040 and 0.001 and three choices of the initial mass function. The age coverage is 106—109 yr. We also show the spectral energy distributions which are used to compute colors and other quantities. The full data set is available for retrieval at a Web site, which allows users to run specific models with nonstandard parameters as well. We also make the source code available to the community.

4,212 citations


Journal ArticleDOI
TL;DR: This article found that measures of board and ownership structure explain a significant amount of cross-sectional variation in CEO compensation, after controlling for standard economic determinants of pay, and that CEOs earn greater compensation when governance structures are less effective.

3,451 citations



Journal ArticleDOI
TL;DR: A multimethod field study of 92 workgroups explored the influence of three types of workgroup diversity (social category diversity, value diversity, and informational diversity) and two moderators.
Abstract: A multimethod field study of 92 workgroups explored the influence of three types of workgroup diversity (social category diversity, value diversity, and informational diversity) and two moderators ...

2,873 citations


Journal ArticleDOI
TL;DR: In this paper, the authors introduce the notion of a ''tracker field'' a form of quintessence, and show how it may explain the coincidence, adding new motivation for the quintessense scenario.
Abstract: Recent observations suggest that a large fraction of the energy density of the Universe has negative pressure. One explanation is vacuum energy density; another is quintessence in the form of a scalar field slowly evolving down a potential. In either case, a key problem is to explain why the energy density nearly coincides with the matter density today. The densities decrease at different rates as the Universe expands, so coincidence today appears to require that their ratio be set to a specific, infinitesimal value in the early Universe. In this paper, we introduce the notion of a ``tracker field,'' a form of quintessence, and show how it may explain the coincidence, adding new motivation for the quintessence scenario.

2,341 citations


Journal ArticleDOI
14 May 1999-Science
TL;DR: The results suggest a new class of synthetic thin-shelled capsules based on block copolymer chemistry, and both the membrane bending and area expansion moduli of electroformed polymersomes (polymer-based liposomes) fell within the range of lipid membrane measurements.
Abstract: Vesicles were made from amphiphilic diblock copolymers and characterized by micromanipulation. The average molecular weight of the specific polymer studied, polyethyleneoxide-polyethylethylene (EO40-EE37), is several times greater than that of typical phospholipids in natural membranes. Both the membrane bending and area expansion moduli of electroformed polymersomes (polymer-based liposomes) fell within the range of lipid membrane measurements, but the giant polymersomes proved to be almost an order of magnitude tougher and sustained far greater areal strain before rupture. The polymersome membrane was also at least 10 times less permeable to water than common phospholipid bilayers. The results suggest a new class of synthetic thin-shelled capsules based on block copolymer chemistry.

2,338 citations


Journal ArticleDOI
TL;DR: The Resource-Based View (RBV) of competitive advantage as discussed by the authors provides a theoretical framework from the field of strategic management for assessing the competitive advantages of family firms by isolating idiosyncratic resources that are complex, intangible, and dynamic within a particular firm.
Abstract: The Resource-Based View (RBV) of competitive advantage provides a theoretical framework from the field of strategic management for assessing the competitive advantages of family firms. The RBV isolates idiosyncratic resources that are complex, intangible, and dynamic within a particular firm. The bundle of resources that are distinctive to a firm as a result of family involvement are identified as the “familiness” of the firm. This approach provides a research and practice method for assessing the specific behavioral and social phenomena within a firm that provide an advantage. Using a familiness model for assessing competitive advantage overcomes many of the problems associated with the generic claim that family companies have an advantage over nonfamily companies. It also provides a unified systems perspective of family firm performance.

1,846 citations


Posted Content
TL;DR: The authors examines whether institutional investors create or reduce incentives for corporate managers to reduce investment in research and development (RD otherwise, institutional ownership serves to reduce pressures on managers for myopic investment behavior).
Abstract: This paper examines whether institutional investors create or reduce incentives for corporate managers to reduce investment in research and development (RD otherwise, institutional ownership serves to reduce pressures on managers for myopic investment behavior.

1,805 citations


Journal ArticleDOI
04 Nov 1999-Nature
TL;DR: The 14 Å or less spacing of redox centres provides highly robust engineering for electron transfer, and may reflect selection against designs that have proved more vulnerable to mutations during the course of evolution.
Abstract: We have surveyed proteins with known atomic structure whose function involves electron transfer; in these, electrons can travel up to 14 A between redox centres through the protein medium. Transfer over longer distances always involves a chain of cofactors. This redox centre proximity alone is sufficient to allow tunnelling of electrons at rates far faster than the substrate redox reactions it supports. Consequently, there has been no necessity for proteins to evolve optimized routes between redox centres. Instead, simple geometry enables rapid tunnelling to high-energy intermediate states. This greatly simplifies any analysis of redox protein mechanisms and challenges the need to postulate mechanisms of superexchange through redox centres or the maintenance of charge neutrality when investigating electron-transfer reactions. Such tunnelling also allows sequential electron transfer in catalytic sites to surmount radical transition states without involving the movement of hydride ions, as is generally assumed. The 14 A or less spacing of redox centres provides highly robust engineering for electron transfer, and may reflect selection against designs that have proved more vulnerable to mutations during the course of evolution.

1,760 citations


Journal ArticleDOI
17 Feb 1999-JAMA
TL;DR: An advanced practice nurse-centered discharge planning and home care intervention for at-risk hospitalized elders reduced readmissions, lengthened the time between discharge and readmission, and decreased the costs of providing health care.
Abstract: ContextComprehensive discharge planning by advanced practice nurses has demonstrated short-term reductions in readmissions of elderly patients, but the benefits of more intensive follow-up of hospitalized elders at risk for poor outcomes after discharge has not been studied.ObjectiveTo examine the effectiveness of an advanced practice nurse–centered discharge planning and home follow-up intervention for elders at risk for hospital readmissions.DesignRandomized clinical trial with follow-up at 2, 6, 12, and 24 weeks after index hospital discharge.SettingTwo urban, academically affiliated hospitals in Philadelphia, Pa.ParticipantsEligible patients were 65 years or older, hospitalized between August 1992 and March 1996, and had 1 of several medical and surgical reasons for admission.InterventionIntervention group patients received a comprehensive discharge planning and home follow-up protocol designed specifically for elders at risk for poor outcomes after discharge and implemented by advanced practice nurses.Main Outcome MeasuresReadmissions, time to first readmission, acute care visits after discharge, costs, functional status, depression, and patient satisfaction.ResultsA total of 363 patients (186 in the control group and 177 in the intervention group) were enrolled in the study; 70% of intervention and 74% of control subjects completed the trial. Mean age of sample was 75 years; 50% were men and 45% were black. By week 24 after the index hospital discharge, control group patients were more likely than intervention group patients to be readmitted at least once (37.1% vs 20.3%; P<.001). Fewer intervention group patients had multiple readmissions (6.2% vs 14.5%;P = .01) and the intervention group had fewer hospital days per patient (1.53 vs 4.09 days; P<.001). Time to first readmission was increased in the intervention group (P<.001). At 24 weeks after discharge, total Medicare reimbursements for health services were about $1.2 million in the control group vs about $0.6 million in the intervention group (P<.001). There were no significant group differences in postdischarge acute care visits, functional status, depression, or patient satisfaction.ConclusionsAn advanced practice nurse–centered discharge planning and home care intervention for at-risk hospitalized elders reduced readmissions, lengthened the time between discharge and readmission, and decreased the costs of providing health care. Thus, the intervention demonstrated great potential in promoting positive outcomes for hospitalized elders at high risk for rehospitalization while reducing costs.

1,562 citations


Journal ArticleDOI
TL;DR: Findings indicate that limbic activation is one component of cue-induced cocaine craving and may be similarly involved in appetitive craving for other drugs and for natural rewards.
Abstract: OBJECTIVE: Since signals for cocaine induce limbic brain activation in animals and cocaine craving in humans, the objective of this study was to test whether limbic activation occurs during cue-induced craving in humans. METHOD: Using positron emission tomography, the researchers measured relative regional cerebral blood flow (CBF) in limbic and comparison brain regions of 14 detoxified male cocaine users and six cocaine-naive comparison subjects during exposure to both non-drug-related and cocaine-related videos and during resting baseline conditions. RESULTS: During the cocaine video, the cocaine users experienced craving and showed a pattern of increases in limbic (amygdala and anterior cingulate) CBF and decreases in basal ganglia CBF relative to their responses to the nondrug video. This pattern did not occur in the cocaine-naive comparison subjects, and the two groups did not differ in their responses in the comparison regions (i.e., the dorsolateral prefrontal cortex, cerebellum, thalamus, and visu...

Journal ArticleDOI
TL;DR: Experience Weighted Attraction (EWA) as mentioned in this paper is a special case of reinforcement learning that combines reinforcement learning and belief learning, and hybridizes their key elements, allowing attractions to begin and grow flexibly as choice reinforcement does but reinforcing unchosen strategies substantially as belief-based models implicitly do.
Abstract: In ‘experience-weighted attraction’ (EWA) learning, strategies have attractions that reflect initial predispositions, are updated based on payoff experience, and determine choice probabilities according to some rule (e.g., logit). A key feature is a parameter δ that weights the strength of hypothetical reinforcement of strategies that were not chosen according to the payoff they would have yielded, relative to reinforcement of chosen strategies according to received payoffs. The other key features are two discount rates, φ and ρ, which separately discount previous attractions, and an experience weight. EWA includes reinforcement learning and weighted fictitious play (belief learning) as special cases, and hybridizes their key elements. When δ= 0 and ρ= 0, cumulative choice reinforcement results. When δ= 1 and ρ=φ, levels of reinforcement of strategies are exactly the same as expected payoffs given weighted fictitious play beliefs. Using three sets of experimental data, parameter estimates of the model were calibrated on part of the data and used to predict a holdout sample. Estimates of δ are generally around .50, φ around .8 − 1, and ρ varies from 0 to φ. Reinforcement and belief-learning special cases are generally rejected in favor of EWA, though belief models do better in some constant-sum games. EWA is able to combine the best features of previous approaches, allowing attractions to begin and grow flexibly as choice reinforcement does, but reinforcing unchosen strategies substantially as belief-based models implicitly do.

Journal ArticleDOI
TL;DR: This paper found that stock options, but not common stockholdings, significantly increase the sensitivity of CEOs' wealth to equity risk and that this sensitivity is positively related to firms' investment opportunities.

Journal ArticleDOI
TL;DR: In this article, the authors introduced the notion of tracker fields to avoid the initial conditions problem and showed that a substantial fraction of the energy density of the universe may consist of quintessence in the form of a slowly rolling scalar field.
Abstract: A substantial fraction of the energy density of the universe may consist of quintessence in the form of a slowly rolling scalar field. Since the energy density of the scalar field generally decreases more slowly than the matter energy density, it appears that the ratio of the two densities must be set to a special, infinitesimal value in the early universe in order to have the two densities nearly coincide today. Recently, we introduced the notion of tracker fields to avoid this initial conditions problem. In the paper, we address the following questions: What is the general condition to have tracker fields? What is the relation between the matter energy density and the equation-of-state of the universe imposed by tracker solutions? And can tracker solutions help to explain why quintessence is becoming important today rather than during the early universe?

Journal ArticleDOI
TL;DR: In this paper, the effects of celecoxib on indices of COX-1-dependent platelet thromboxane (Tx) A2 and on systemic biosynthesis of prostacyclin in vivo were examined.
Abstract: Prostaglandins (PG) are synthesized by two isoforms of the enzyme PG G/H synthase [cyclooxygenase (COX)]. To examine selectivity of tolerated doses of an inhibitor of the inducible COX-2 in humans, we examined the effects of celecoxib on indices of COX-1-dependent platelet thromboxane (Tx) A2 and on systemic biosynthesis of prostacyclin in vivo. Volunteers received doses of 100, 400, or 800 mg of celecoxib or 800 mg of a nonselective inhibitor, ibuprofen. Ibuprofen, but not celecoxib, significantly inhibited TxA2-dependent aggregation, induced ex vivo by arachidonic acid (83 +/- 11% vs. 11. 9 +/- 2.2%; P < 0.005) and by collagen. Neither agent altered aggregation induced by thromboxane mimetic, U46619. Ibuprofen reduced serum TxB2 (-95 +/- 2% vs. -6.9 +/- 4.2%; P < 0.001) and urinary excretion of the major Tx metabolite, 11-dehydro TxB2 (-70 +/- 9.9% vs. -20.3 +/- 5.3%; P < 0.05) when compared with placebo. Despite a failure to suppress TxA2-dependant platelet aggregation, celecoxib had a modest but significant inhibitory effect on serum TxB2 4 hr after dosing. By contrast, both ibuprofen and celecoxib suppressed a biochemical index of COX-2 activity (endotoxin induced PGE2 in whole blood ex vivo) to a comparable degree (-93.3 +/- 2% vs. -83 +/- 6.1%). There was no significant difference between the doses of celecoxib on COX-2 inhibition. Celecoxib and ibuprofen suppressed urinary excretion of the prostacyclin metabolite 2,3 dinor 6-keto PGF1alpha. These data suggest that (i) platelet COX-1-dependent aggregation is not inhibited by up to 800 mg of celecoxib; (ii) comparable COX-2 inhibition is attained by celecoxib (100-800 mg) and ibuprofen (800 mg) after acute dosing; and (iii) COX-2 is a major source of systemic prostacyclin biosynthesis in healthy humans.

Journal ArticleDOI
TL;DR: In this article, a framework for evaluating the causes, consequences, and future implications of financial services industry consolidation is proposed, and a review of the extant research literature within the context of this framework is provided.
Abstract: This article designs a framework for evaluating the causes, consequences, and future implications of financial services industry consolidation, reviews the extant research literature within the context of this framework (over 250 references), and suggests fruitful avenues for future research. The evidence is consistent with increases in market power from some types of consolidation; improvements in profit eAciency and diversification of risks, but little or no cost eAciency improvement on average; relatively little eAect on the availability of services to small customers; potential improvements in payments system eAciency; and potential costs on the financial system from increases in systemic risk or expansion of the financial safety net. ” 1999 Elsevier Science B.V. All rights reserved.

Journal ArticleDOI
25 Jun 1999-Science
TL;DR: expression of the EIN2 CEND is sufficient to constitutively activate ethylene responses and restores responsiveness to jasmonic acid and paraquat-induced oxygen radicals to mutant plants, and Ein2 is recognized as a molecular link between previously distinct hormone response pathways.
Abstract: Ethylene regulates plant growth, development, and responsiveness to a variety of stresses. Cloning of the Arabidopsis EIN2 gene identifies a central component of the ethylene signaling pathway. The amino-terminal integral membrane domain of EIN2 shows similarity to the disease-related Nramp family of metal-ion transporters. Expression of the EIN2 CEND is sufficient to constitutively activate ethylene responses and restores responsiveness to jasmonic acid and paraquat-induced oxygen radicals to mutant plants. EIN2 is thus recognized as a molecular link between previously distinct hormone response pathways. Plants may use a combinatorial mechanism for assessing various stresses by enlisting a common set of signaling molecules.

Journal ArticleDOI
Deanne N. Den Hartog1, Robert J. House2, Paul J. Hanges3, S. Antonio Ruiz-Quintanilla4, Peter W. Dorfman5, Ikhlas A. Abdalla6, Babajide Samuel Adetoun, Ram N. Aditya7, Hafid Agourram8, Adebowale Akande, Bolanle Elizabeth Akande, Staffan Åkerblom9, Carlos Altschul10, Eden Alvarez-Backus, Julian Andrews11, Maria Eugenia Arias, Mirian Sofyan Arif12, Neal M. Ashkanasy13, Arben Asllani14, Guiseppe Audia15, Gyula Bakacsi, Helena Bendova, David Beveridge16, Rabi S. Bhagat17, Alejandro Blacutt, Jiming Bao18, Domenico Bodega, Muzaffer Bodur19, Simon Booth20, Annie E. Booysen21, Dimitrios Bourantas22, Klas Brenk, Felix C. Brodbeck23, Dale Everton Carl24, Philippe Castel25, Chieh Chen Chang26, Sandy Chau, Frenda K.K. Cheung27, Jagdeep S. Chhokar28, Jimmy Chiu29, Peter Cosgriff30, Ali Dastmalchian31, Jose Augusto Dela Coleta, Marilia Ferreira Dela Coleta, Marc Deneire, Markus Dickson32, Gemma Donnelly-Cox33, Christopher P. Earley34, Mahmoud A. Elgamal35, Miriam Erez36, Sarah Falkus13, Mark Fearing30, Richard H. G. Field11, Carol Fimmen16, Michael Frese37, Ping Ping Fu38, Barbara Gorsler39, Mikhail V. Gratchev, Vipin Gupta40, Celia Gutiérrez41, Frans Marti Hartanto, Markus Hauser, Ingalill Holmberg9, Marina Holzer, Michael Hoppe, Jon P. Howell5, Elena Ibrieva42, John Ickis43, Zakaria Ismail44, Slawomir Jarmuz45, Mansour Javidan24, Jorge Correia Jesuino, Li Ji46, Kuen Yung Jone, Geoffrey Jones20, Revaz Jorbenadse47, Hayat Kabasakal19, Mary A. Keating33, Andrea Keller39, Jeffrey C. Kennedy30, Jay S. Kim48, Giorgi Kipiani, Matthias Kipping20, Edvard Konrad, Paul L. Koopman1, Fuh Yeong Kuan, Alexandre Kurc, Marie-Françoise Lacassagne25, Sang M. Lee42, Christopher Leeds, Francisco Leguizamón43, Martin Lindell, Jean Lobell, Fred Luthans42, Jerzy Maczynski49, Norma Binti Mansor, Gillian Martin33, Michael Martin42, Sandra Martinez5, Aly Messallam50, Cecilia McMillen51, Emiko Misumi, Jyuji Misumi, Moudi Al-Homoud35, Phyllisis M. Ngin52, Jeremiah O’Connell53, Enrique Ogliastri54, Nancy Papalexandris22, T. K. Peng55, Maria Marta Preziosa, José Prieto41, Boris Rakitsky, Gerhard Reber56, Nikolai Rogovsky57, Joydeep Roy-Bhattacharya, Amir Rozen36, Argio Sabadin, Majhoub Sahaba, Colombia Salon De Bustamante54, Carmen Santana-Melgoza58, Daniel A. Sauers30, Jette Schramm-Nielsen59, Majken Schultz59, Zuqi Shi18, Camilla Sigfrids, Kye Chung Song60, Erna Szabo56, Albert C. Y. Teo61, Henk Thierry62, Jann Hidayat Tjakranegara, Sylvana Trimi42, Anne S. Tsui63, Pavakanum Ubolwanna64, Marius W. Van Wyk21, Marie Vondrysova65, Jürgen Weibler66, Celeste P.M. Wilderom62, Rongxian Wu67, Rolf Wunderer68, Nik Rahiman Nik Yakob44, Yongkang Yang18, Zuoqiu Yin18, Michio Yoshida69, Jian Zhou18 
VU University Amsterdam1, University of Pennsylvania2, University of Maryland, Baltimore3, Cornell University4, New Mexico State University5, Qatar Airways6, Louisiana Tech University7, Université du Québec8, Stockholm School of Economics9, University of Buenos Aires10, University of Alberta11, University of Indonesia12, University of Queensland13, Bellevue University14, London Business School15, Western Illinois University16, University of Memphis17, Fudan University18, Boğaziçi University19, University of Reading20, University of South Africa21, Athens University of Economics and Business22, Ludwig Maximilian University of Munich23, University of Calgary24, University of Burgundy25, National Sun Yat-sen University26, Hong Kong Polytechnic University27, Indian Institute of Management Ahmedabad28, City University of Hong Kong29, Lincoln University (New Zealand)30, University of Lethbridge31, Wayne State University32, University College Dublin33, Indiana University34, Kuwait University35, Technion – Israel Institute of Technology36, University of Giessen37, The Chinese University of Hong Kong38, University of Zurich39, Fordham University40, Complutense University of Madrid41, University of Nebraska–Lincoln42, INCAE Business School43, National University of Malaysia44, Opole University45, Hong Kong Baptist University46, Tbilisi State University47, Ohio State University48, University of Wrocław49, Alexandria University50, University of San Francisco51, Melbourne Business School52, Bentley University53, University of Los Andes54, I-Shou University55, Johannes Kepler University of Linz56, International Labour Organization57, Smith College58, Copenhagen Business School59, Chungnam National University60, National University of Singapore61, Tilburg University62, Hong Kong University of Science and Technology63, Thammasat University64, Sewanee: The University of the South65, FernUniversität Hagen66, Soochow University (Suzhou)67, University of St. Gallen68, Kumamoto University69
TL;DR: In this paper, the authors focus on culturally endorsed implicit theories of leadership (CLTs) and show that attributes associated with charismatic/transformational leadership will be universally endorsed as contributing to outstanding leadership.
Abstract: This study focuses on culturally endorsed implicit theories of leadership (CLTs). Although cross-cultural research emphasizes that different cultural groups likely have different conceptions of what leadership should entail, a controversial position is argued here: namely that attributes associated with charismatic/transformational leadership will be universally endorsed as contributing to outstanding leadership. This hypothesis was tested in 62 cultures as part of the Global Leadership and Organizational Behavior Effectiveness (GLOBE) Research Program. Universally endorsed leader attributes, as well as attributes that are universally seen as impediments to outstanding leadership and culturally contingent attributes are presented here. The results support the hypothesis that specific aspects of charismatic/transformational leadership are strongly and universally endorsed across cultures.

Journal ArticleDOI
TL;DR: In this article, the authors predict that firms use annual grants of options and restricted stock to CEOs to manage the optimal level of equity incentives, and use the residuals from this model to measure deviations between CEOs’ holdings of equity incentive and optimal levels.
Abstract: We predict and find that firms use annual grants of options and restricted stock to CEOs to manage the optimal level of equity incentives. We model optimal equity incentive levels for CEOs, and use the residuals from this model to measure deviations between CEOs’ holdings of equity incentives and optimal levels. We find that grants of new incentives from options and restricted stock are negatively related to these deviations. Overall, our evidence suggests that firms set optimal equity incentive levels and grant new equity incentives in a manner that is consistent with economic theory.

Book
21 Oct 1999
TL;DR: A Syntax for Data: Typing semistructured data and the Lore system and database products supporting XML are explained.
Abstract: 1 Introduction 2 A Syntax for Data 3 XML 4 Query Languages 5 Query Languages for XML 6 Interpretation and advanced features 7 Typing semistructured data 8 Query Processing 9 The Lore system 10 Strudel 11 Database products supporting XML

Journal ArticleDOI
TL;DR: Progress in understanding of the biology and pathology of hair follicles should lead to more effective therapies for disorders of hair growth, and few drugs that are effective for these purposes are available.
Abstract: Hair has many useful biologic functions, including protection from the elements and dispersion of sweat-gland products (e.g., pheromones). It also has psychosocial importance in our society, and patients with hair loss (alopecia) (Table 1) or excessive hair growth often suffer tremendously. Not surprisingly, the demand for drugs that alter hair growth and appearance has led to a multibillion-dollar industry, yet few drugs that are effective for these purposes are available. However, recent progress in our understanding of the biology and pathology of hair follicles should lead to more effective therapies for disorders of hair growth. Structure and Function of Hair . . .

Journal ArticleDOI
16 Jul 1999-Science
TL;DR: In this article, it was found that despite the presence of numerous donor antigen-presenting cells, only host-derived antigen presenting cells initiated graft versus host disease, and thus, strategies for preventing graft-versus-host disease could be developed that are based on inactivating host antigen-posing cells.
Abstract: Graft versus host disease, an alloimmune attack on host tissues mounted by donor T cells, is the most important toxicity of allogeneic bone marrow transplantation. The mechanism by which allogeneic T cells are initially stimulated is unknown. In a murine allogeneic bone marrow transplantation model it was found that, despite the presence of numerous donor antigen-presenting cells, only host-derived antigen-presenting cells initiated graft versus host disease. Thus, strategies for preventing graft versus host disease could be developed that are based on inactivating host antigen-presenting cells. Such strategies could expand the safety and application of allogeneic bone marrow transplantation in treatment of common genetic and neoplastic diseases.

Journal ArticleDOI
TL;DR: In this paper, the authors examined whether institutional investors exhibit preferences for near-term earnings over long-run value and whether such preferences have implications for firms' stock prices and found that the level of ownership by institutions with short investment horizons (transient institutions) and by institutions held to stringent fiduciary standards (banks) is positively associated with the amount of value in nearterm (long-term) earnings.
Abstract: Critics often argue that institutional investors have an excessive focus on short-term firm performance that leads corporate managers to make decisions to boost short-term earnings at the expense of long-run value. This paper examines whether institutional investors exhibit preferences for near-term earnings over long-run value and whether such preferences have implications for firms' stock prices. Using the Ohlson [1995] model, I separate firm value into three components-book value, expected near-term earnings, and expected long-term (terminal) value-and test whether institutions prefer firms for which more of firm value is expected to be realized as near-term earnings rather than as long-term earnings. The results indicate that the level of ownership by institutions with short investment horizons (transient institutions) and by institutions held to stringent fiduciary standards (banks) is positively (negatively) associated with the amount of value in near-term (long-term) earnings. This evidence indicates that institutions with the strongest incentives to favor firms with a high proportion of value in near-term earnings exhibit such preferences. This evidence that banks and transient institutions prefer near-term earnings over long-run value raises the question of whether such institutions myopically price firms, overweighting short-term earnings potential and underweighting long-term earnings potential. Evidence of such myopic pricing would establish a link through which institutional investors could pressure managers into a short-term focus. The results provide no evidence that high levels of ownership by banks translate into myopic mispricing. However, high levels of transient ownership are associated with an over- (under-) weighting of near-term (long-term) expected earnings and a trading strategy based on this finding generates significant abnormal returns. This finding supports the concerns that many corporate managers have about the adverse effects of an ownership base dominated by short-term-focused institutional investors.

Journal ArticleDOI
TL;DR: In this paper, the authors predict that firms use annual grants of options and restricted stock to CEOs to manage the optimal level of equity incentives, and use the residuals from this model to measure deviations between CEOs’ holdings of equity incentive and optimal levels.

Journal ArticleDOI
TL;DR: This review describes some of the current concepts regarding the surface reactivity of bone bioactive materials and its effect on attachment, proliferation, differentiation and mineralization of bone cells.

Journal ArticleDOI
TL;DR: A randomized, double-blind, multicenter trial comparing liposomal amphotericin B with conventional amphoteric in B as empirical antifungal therapy for patients with persistent fever and neutropenia.
Abstract: Background In patients with persistent fever and neutropenia, amphotericin B is administered empirically for the early treatment and prevention of clinically occult invasive fungal infections. However, breakthrough fungal infections can develop despite treatment, and amphotericin B has substantial toxicity. Methods We conducted a randomized, double-blind, multicenter trial comparing liposomal amphotericin B with conventional amphotericin B as empirical antifungal therapy. Results The mean duration of therapy was 10.8 days for liposomal amphotericin B (343 patients) and 10.3 days for conventional amphotericin B (344 patients). The composite rates of successful treatment were similar (50 percent for liposomal amphotericin B and 49 percent for conventional amphotericin B) and were independent of the use of antifungal prophylaxis or colony-stimulating factors. The outcomes were similar with liposomal amphotericin B and conventional amphotericin B with respect to survival (93 percent and 90 percent, respectively), resolution of fever (58 percent and 58 percent), and discontinuation of the study drug because of toxic effects or lack of efficacy (14 percent and 19 percent). There were fewer proved breakthrough fungal infections among patients treated with liposomal amphotericin B (11 patients [3.2 percent]) than among those treated with conventional amphotericin B (27 patients [7.8 percent], P=0.009). With the liposomal preparation significantly fewer patients had infusion-related fever (17 percent vs. 44 percent), chills or rigors (18 percent vs. 54 percent), and other reactions, including hypotension, hypertension, and hypoxia. Nephrotoxic effects (defined by a serum creatinine level two times the upper limit of normal) were significantly less frequent among patients treated with liposomal amphotericin B (19 percent) than among those treated with conventional amphotericin B (34 percent, P Conclusions Liposomal amphotericin B is as effective as conventional amphotericin B for empirical antifungal therapy in patients with fever and neutropenia, and it is associated with fewer breakthrough fungal infections, less infusion-related toxicity, and less nephrotoxicity.

Journal ArticleDOI
Ian Dunham1, Nobuyoshi Shimizu1, Bruce A. Roe1, S. Chissoe1  +220 moreInstitutions (15)
02 Dec 1999-Nature
TL;DR: The sequence of the euchromatic part of human chromosome 22 is reported, which consists of 12 contiguous segments spanning 33.4 megabases, contains at least 545 genes and 134 pseudogenes, and provides the first view of the complex chromosomal landscapes that will be found in the rest of the genome.
Abstract: Knowledge of the complete genomic DNA sequence of an organism allows a systematic approach to defining its genetic components. The genomic sequence provides access to the complete structures of all genes, including those without known function, their control elements, and, by inference, the proteins they encode, as well as all other biologically important sequences. Furthermore, the sequence is a rich and permanent source of information for the design of further biological studies of the organism and for the study of evolution through cross-species sequence comparison. The power of this approach has been amply demonstrated by the determination of the sequences of a number of microbial and model organisms. The next step is to obtain the complete sequence of the entire human genome. Here we report the sequence of the euchromatic part of human chromosome 22. The sequence obtained consists of 12 contiguous segments spanning 33.4 megabases, contains at least 545 genes and 134 pseudogenes, and provides the first view of the complex chromosomal landscapes that will be found in the rest of the genome.

Journal ArticleDOI
TL;DR: The authors present a new result of using propensity scores in case-cohort studies and review the uses and limitations of propensity scores and provide a brief outline of associated statistical theory.
Abstract: The propensity score is the conditional probability of exposure to a treatment given observed covariates. In a cohort study, matching or stratifying treated and control subjects on a single variable, the propensity score, tends to balance all of the observed covariates; however, unlike random assignment of treatments, the propensity score may not also balance unobserved covariates. The authors review the uses and limitations of propensity scores and provide a brief outline of associated statistical theory. They also present a new result of using propensity scores in case-cohort studies.

Journal ArticleDOI
TL;DR: The authors identified five major trends that characterize the current U.S. teacher research movement: (a) the prominence of teacher research in teacher education, professional development, and school reform; (b) the development of conceptual frameworks and theories of teacher researches; (c) the dissemination of teacher studies beyond the local level; (d) the emergence of critique of teacher researchers; and (e) the transformative potential of teacher researcher on some aspects of university culture.
Abstract: In this article, we discuss the latest renewal of interest in the U.S. in teacher research and other forms of practitioner inquiry, a movement that is now a little more than a decade old. We argue that part of what makes the current wave of interest a movement and not just the latest educational fad is that teacher research stems from several different, but in some ways compatible, intellectual traditions and educational projects. We identify five major trends that characterize the current U.S. movement: (a) the prominence of teacher research in teacher education, professional development, and school reform; (b) the development of conceptual frameworks and theories of teacher research; (c) the dissemination of teacher research beyond the local level; (d) the emergence of critique of teacher research and the teacher research movement; and (e) the transformative potential of teacher research on some aspects of university culture. Based on our own teacher research experiences and understandings of teacher re...

Journal ArticleDOI
TL;DR: Although the precise role of A-SAA in host defense during inflammation has not been defined, many potential clinically important functions have been proposed for individual SAA family members, including involvement in lipid metabolism/transport, induction of extracellular-matrix-degrading enzymes, and chemotactic recruitment of inflammatory cells to sites of inflammation.
Abstract: The serum amyloid A (SAA) family comprises a number of differentially expressed apolipoproteins, acute-phase SAAs (A-SAAs) and constitutive SAAs (C-SAAs). A-SAAs are major acute-phase reactants, the in vivo concentrations of which increase by as much as 1000-fold during inflammation. A-SAA mRNAs or proteins have been identified in all vertebrates investigated to date and are highly conserved. In contrast, C-SAAs are induced minimally, if at all, during the acute-phase response and have only been found in human and mouse. Although the liver is the primary site of synthesis of both A-SAA and C-SAA, extrahepatic production has been reported for most family members in most of the mammalian species studied. In vitro, the dramatic induction of A-SAA mRNA in response to pro-inflammatory stimuli is due largely to the synergistic effects of cytokine signaling pathways, principally those of the interleukin-1 and interleukin-6 type cytokines. This induction can be enhanced by glucocorticoids. Studies of the A-SAA promoters in several mammalian species have identified a range of transcription factors that are variously involved in defining both cytokine responsiveness and cell specificity. These include NF-κB, C/EBP, YY1, AP-2, SAF and Sp1. A-SAA is also post-transcriptionally regulated. Although the precise role of A-SAA in host defense during inflammation has not been defined, many potential clinically important functions have been proposed for individual SAA family members. These include involvement in lipid metabolism/transport, induction of extracellular-matrix-degrading enzymes, and chemotactic recruitment of inflammatory cells to sites of inflammation. A-SAA is potentially involved in the pathogenesis of several chronic inflammatory diseases: it is the precursor of the amyloid A protein deposited in amyloid A amyloidosis, and it has also been implicated in the pathogenesis of atheroscelerosis and rheumatoid arthritis.