Showing papers by "University of Saint Mary published in 2008"

Multiple Large Shareholders, Control Contests, and Implied Cost of Equity

Abstract: In this paper, we examine whether the presence of multiple large shareholders alleviates firm's agency costs and information asymmetry embedded in ultimate ownership structures. We extend extant corporate governance research by addressing the effects of multiple large shareholders on firm's cost of equity capital - a proxy for firm's information quality. Using data for 1,165 listed corporations from 8 East Asian and 13 Western European countries, we find evidence that the implied cost of equity decreases in the presence of large shareholders beyond the controlling owner. We also find that the voting rights, the relative voting size (vis-a-vis the first largest shareholder) and the number of blockholders reduces firm's cost of equity. Interestingly, we uncover that the presence of multiple controlling shareholders with comparable voting power lowers firm's cost of equity. We also find that the identity of the second largest shareholder is important in determining the risk of corporate expropriation in family-controlled firms. Our regional analysis reveals that, mainly in East Asian firms, multiple large shareholders structures exert an internal governance role in curbing private benefits and reducing information asymmetry evident in cost of equity financing, perhaps to sidestep deficiencies in the external institutional environment.

Defining the co-operative difference

Abstract: The paper argues that co-operative firms play a set of roles in market economies, based on the co-operative values and principles that are rarely noted in economic literature. Among other, those roles are to internalize market externalities, to serve as laboratories for social innovation, to espouse social entrepreneurship, to promote ethical business practices, and to aid in development. While economic literature has been focused primarily on the ownership and control structure as a source of the difference, we argue that this focus paints an incomplete picture. The principles of co-operation may supply additional insights in addressing questions why co-operatives may thrive in areas of low labour mobility, prevalent market failures, oligopoly markets, and labour intensive industries. They may also offer insights into strategies and survival in global markets of successful co-operative firms.

Retrospective Review of the Frequency of ECG Changes in Hyperkalemia

Abstract: Background and objectives: Experimentally elevated potassium causes a clear pattern of electrocardiographic changes, but, clinically, the reliability of this pattern is unclear. Case reports suggest patients with renal insufficiency may have no electrocardiographic changes despite markedly elevated serum potassium. In a prospective series, 46% of patients with hyperkalemia were noted to have electrocardiographic changes, but no clear criteria were presented. Design, setting, participants, & measurements: Charts were reviewed for patients who were admitted to a community-based hospital with a diagnosis of hyperkalemia. Inclusion criteria were potassium ≥6 with a concurrent electrocardiogram. Data were abstracted regarding comorbid diagnoses, medications, and treatment. Potassium concentrations were documented along with other electrolytes, pH, creatinine, and biomarkers of cardiac injury. Coincident, baseline, and follow-up electrocardiograms were examined for quantitative and qualitative changes in the QRS and T waves as well as the official cardiology readings. Results: Ninety patients met criteria; two thirds were older than 65, and 48% presented with renal failure. Common medications included β blockers, insulin, and aspirin; 80% had potassium <7.2. The electrocardiogram was insensitive for diagnosing hyperkalemia. Quantitative assessments of T-wave amplitude corroborated subjective assessments of T-wave peaking; however, no diagnostic threshold could be established. The probability of electrocardiographic changes increased with increasing potassium. The correlation between readers was moderate. Conclusions: Given the poor sensitivity and specificity of electrocardiogram changes, there is no support for their use in guiding treatment of stable patients. Without identifiable electrocardiographic markers of the risk for complications, management of hyperkalemia should be guided by the clinical scenario and serial potassium measurements.

Is adiposopathy (sick fat) an endocrine disease

Abstract: Objective To review current consensus and controversy regarding whether obesity is a ‘disease’, examine the pathogenic potential of adipose tissue to promote metabolic disease and explore the merits of ‘adiposopathy’ and ‘sick fat’ as scientifically and clinically useful terms in defining when excessive body fat may represent a ‘disease’.

Fluid and Halide Melt Inclusions of Magmatic Origin in the Ultramafic and Lower Banded Series, Stillwater Complex, Montana, USA

Abstract: Fluid andmelt inclusions trapped in igneous rocks below the platinumgroup element (PGE)-rich J-M reef in the Stillwater Complex, Montana provide a physiochemical record of a continuum of high P^T magmatic^hydrothermal and low P^T metamorphic events. Magmatic^hydrothermal volatiles ranged from NaCl-dominated halide melts (482 wt%NaClequiv) to more complexNa^Ca^K^Fe^ Mn^Ba^Si^Al^Cl brines (28^79 wt % NaClequiv) that were trapped simultaneously with a moderate density carbonic fluid (CO2 CH4). Early primary inclusions containing immiscible brine and carbonic fluid were trapped in the granophyric albite^quartz core of a zoned pegmatite body in the Gabbronorite I unit at T of 700^7158C, and P between 4 3 and 5 6 kbar.The pegmatitic body crystallized from a fluid-saturated residual silicate liquid that was channeled through the cooling igneous stratigraphy. Approximately 500 m stratigraphically below the pegmatite, in the Ultramafic Series, early halide melt inclusions representing samples of formerly molten NaClwere trapped in unaltered primary olivine overa minimum range in temperature of 660^8008C. In the same olivine that hosts the halide melt inclusions, secondary brine inclusions with a composition similar to brines in the pegmatite were trapped over a minimum temperature range of 480^6408C. As hydrothermal activity continued during post-solidus cooling of the intrusion, quartz precipitation in the vuggycore of the pegmatitebody trappedpost-magmatic, immiscible brine and carbonic fluid inclusion assemblages that record a progressive decrease in fluid salinity, T and confining P from lithostatic to near-hydrostatic conditions. Late secondary inclusions containing regional metamorphic fluids were trapped in quartz in the pegmatite after cooling to zeolite-facies conditions.The late metamorphic fluids were low to moderate salinity, CaCl2^MgCl2^H2O solutions. Hydrous salt melts, magmatic brines, and non aqueous (carbonic) fluids may have coexisted and interacted throughout much of the late crystallization and post-magmatic history of the Stillwater Complex. Hence, the potential for interaction between exsolved magmatic volatiles and grain boundary-hosted sulfide minerals below the J-M reef at near-solidus temperatures, and the post-magmatic modification of theJ-M reef PGE ore compositions by hydrothermal fluids are strongly indicated.

Spontaneous Spinal Epidural Hematoma

Abstract: Spontaneous spinal epidural hematoma (SSEH) is a relatively rare but significant spinal condition. Urgent surgical evacuation of a hematoma is generally indicated to prevent serious permanent neurological deficits. We encountered three cases of spontaneous spinal epidural hematomas associated with motor weakness that were treated successfully by surgical intervention.

Universal access to communication and learning: the role of automatic speech recognition

Abstract: This communication discusses how automatic speech recognition (ASR) can support universal access to communication and learning through the cost-effective production of text synchronised with speech and describes achievements and planned developments of the Liberated Learning Consortium to: support preferred learning and teaching styles; assist those who for cognitive, physical or sensory reasons find notetaking difficult; assist learners to manage and search online digital multimedia resources; provide automatic captioning of speech for deaf learners or when speech is not available or suitable; assist blind, visually impaired or dyslexic people to read and search material; and, assist speakers to improve their communication skills

Mammographic distance as a predictor of nipple-areola complex involvement in breast cancer

Abstract: Background Although involvement of the nipple-areola complex (NAC) occurs in a minority of patients with breast cancer, standard skin-sparing mastectomy requires its removal. To assist in patient selection for NAC preservation we evaluated NAC involvement and correlated this with preoperatively available clinical data. Methods Patients with invasive breast cancer or ductal carcinoma in situ undergoing mastectomy from 1998 to 2005 were reviewed retrospectively. The NAC had been evaluated with multiple thin sections. Pathologic data including NAC involvement were analyzed. The mammographic tumor distance from the nipple was measured in 2 standard views. Results There were 302 patients enrolled, of which 10% were noted to have NAC involvement. This correlated negatively with tumor distance from the nipple ( P Conclusions A majority of patients are candidates for NAC preservation. The mammographic distance between the tumor and the nipple is independently predictive of NAC involvement and is useful as an equation variable.

Factors affecting the performance of entrepreneurial service firms

Abstract: In the current climate, the importance of the role played by entrepreneurship as a palpable reality that enables economic growth at a macroeconomic level, and as a factor that favours the progress of companies at a microeconomic level, has made it the subject of continual analyses from many different perspectives and in a variety of contexts by researchers from around the world. In this study, Spanish entrepreneurial firms in the service sector are analysed in order to determine the factors that influence their performance.

The azygos defibrillator lead for elevated defibrillation thresholds: implant technique, lead stability, and patient series.

Abstract: Background:Conventional insertion of implantable cardioverter-defibrillator (ICD) includes an evaluation of the defibrillation threshold (DFT). Implanting an ancillary defibrillation lead in the azygos vein has been introduced as a therapeutic option in patients with “high” DFT. This study reports the efficacy and stability of azygos defibrillation coils implanted for elevated DFTs. Methods:This is a retrospective review of seven consecutive patients with right and left pectoral, single- and dual-chamber, and biventricular ICDs and elevated DFTs, in whom an azygos defibrillation coil was introduced. Results:Addition of an azygos defibrillator lead achieved a satisfactory safety margin during single energy defibrillation efficacy testing in four out of seven patients, with success at maximum device output in two patients. No satisfactory safety margin was achieved in the remaining patient, despite the further addition of a subcutaneous defibrillation coil. No change in lead position was observed over a mean radiographic follow-up of 8 months. No complications were noted during a mean follow-up of 14 months, including no deaths, and no ICD shocks. Conclusion:Implanting a defibrillation coil into the azygos vein is feasible and safe. In a majority of patients with failed defibrillation efficacy testing, adding an azygos coil achieves success on repeat testing. Therefore, this technique is one option for lowering the defibrillation threshold in patients who fail DFT testing of their ICD.

On second-order rational difference equations, Part 2

Abstract: Open Problems and Conjectures Edited by Gerry LadasIn this section, we present some open problems and conjectures about some interesting types of difference equations. Please submit your problems and conjectures with all relevant information to G. Ladas. Email: gladas@math.uri.edu

Lichens of coniferous old-growth forests of southwestern Nova Scotia, Canada: diversity and present status

Abstract: The relationship between lichen species richness and forest age was explored in southwestern Nova Scotia by examining the epiphytic lichens in 51 conifer-dominated forest stands with no evidence of harvesting. The stand ages were determined by tree cores and ranged from 52 to 292 years. One hundred and thirty-five lichen species in 61 genera were identified, of which 25 species are new records for Nova Scotia, and two appear to be species new to science. Using the Nova Scotia Department of Natural Resources' age thresholds, 12 of the 135 lichen species were found exclusively in “early old-growth” and 16 were found only in “advanced old-growth” forest stands. These forests have a diverse lichen flora including green-alga containing macrolichens, a spectrum of crustose taxa and eight genera and 21 species of cyanolichens, the latter being found mainly on deciduous trees. Data on the identified lichen species were used, with the help of two existing indices of ecological continuity, to calculate a v...

Infants of borderline viability: ethical and clinical considerations.

Abstract: The burden of prolonged intensive care for infants of borderline viability and the relatively high disability rate among survivors pose ethical and clinical problems. Bioethicists have argued that clinical decisions should be based on the infant's 'best interests', balancing the burden of intensive care including 'pain and suffering' against the likely outcome. However, there are so many uncertainties that the 'best interest' argument is more helpful in defining problems than driving clinical solutions. The parents' interests are inextricably linked with those of their infant and have considerable weight. Parental complaints about delivery room care are rarely based on a conflict of ethical opinion. They are more likely due to misunderstanding, confusion and tension among staff and parents as a result of a failure to have in place or to implement agreed protocols. Information given during pre-delivery counselling can easily be misunderstood. The condition of the infant at birth and response to bag and mask ventilation have an important role in influencing whether to continue intensive care. Subsequent care in the neonatal intensive care unit (NICU) should be considered as a 'trial of life', with the option of withdrawing ventilatory assistance according to the nature and extent of neonatal complications.

Trichomycetes from Lentic and Lotic Aquatic Habitats in Ontario, Canada

Abstract: Fungi and protists make up an ecological group, trichomycetes, that inhabit the guts of invertebrates, mostly aquatic insects. Trichomycetes are reported herein from arthropods collected in lotic habitats (fast flowing streams) and lentic environments (ponds, ditches, seeps, and lakes) from 11 sites in Algonquin Park and 6 other sites in Ontario, Canada. Thirty-two trichomycete species were recovered, including 7 new species: Legeriomyces algonquinensis, Legeriosimilis leptocerci, Legeriosimilis whitneyi, and Paramoebidium umbonatum are described from mayfly nymphs (Ephemeroptera); Pennella digitata and Glotzia incilis from black fly and midge larvae (Diptera), respectively; and Arundinula opeongoensis from a crayfish (Crustacea). Legeriomyces rarus Lichtw. & M.C. Williams and Stachylina penetralis Lichtw. are new North American records, and seven species are documented for the first time in Canada. More common and widely distributed trichomycete species such as Harpella melusinae Leger & Duboscq and Smit...

Ureteric obstruction due to peri-aneurysmal fibrosis.

Abstract: SUMMARY Ureterolysis in a patient with ureteric obstruction due to peri-aneurysmal fibrosis is described. The patient had previously undergone nephrectomy for a renal clear cell carcinoma. He has remained in good health for a year after ureterolysis. Six previously reported surgically treated cases are reviewed. Ureterolysis appears to be an effective form of treatment for this unusual form of peri-ureteric fibrosis.

Paenibacillus konsidensis sp. nov., isolated from a patient

Abstract: A Gram-positive, rod-shaped bacterium, designated strain LBY(T), was isolated from the blood of a Korean patient. The organism could not be identified based on conventional clinical microbiological methods. 16S rRNA gene sequencing and phylogenetic analysis revealed that it belonged to the genus Paenibacillus, but was distinct from recognized Paenibacillus species. Strain LBY(T) was related most closely to the type strains of Paenibacillus macerans and Paenibacillus popilliae, with 16S rRNA gene sequence similarities of 96.2 and 95.4%, respectively. The major fatty acids of strain LBY(T) were anteiso-C(15:0) (43.8%), C(16:0) (10.4%), iso-C(16:0) (10.3%), iso-C(15:0) (9.2%) and anteiso-C(17:0) (8.3%). On the basis of biochemical characteristics, fatty acid composition and comparative 16S rRNA gene sequence analysis, strain LBY(T) is considered to represent a novel species of the genus Paenibacillus, for which the name Paenibacillus konsidensis sp. nov. is proposed. The type strain is LBY(T) (=ABB-ID-KSY9(T)=KCTC 13165(T)=JCM 14798(T)).

The DEEP2 Redshift Survey: Lyα Emitters in the Spectroscopic Database*

Abstract: We present the first results of a search for Lyα emitters (LAEs) in the DEEP2 spectroscopic database that uses a search technique that is different from but complementary to traditional narrowband imaging surveys. We have visually inspected ~20% of the available DEEP2 spectroscopic data and have found nine high-quality LAEs with clearly asymmetric line profiles and an additional 10 objects of lower quality, some of which may also be LAEs. Our survey is most sensitive to LAEs at z = 4.4–4.9 and that is indeed where all but one of our high-quality objects are found. We find the number density of our spectroscopically discovered LAEs to be consistent with those found in narrowband imaging searches. The combined, averaged spectrum of our nine high-quality objects is well fit by a two-component model, with a second, lower amplitude component redshifted by ~420 km s−1 with respect to the primary Lyα line, consistent with large-scale outflows from these objects. We conclude by discussing the advantages and future prospects of blank-sky spectroscopic surveys for high-z LAEs.