Thursday, March 29, 2012

Re: Medarticles .......need some help to assist others

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On 30 March 2012 04:57, java_solo <chamula@gmail.com> wrote:

Characterization of an mGluR2/3 Negative Allosteric Modulator in
Rodent Models of Depression
B. Campo, M. Kalinichev,
Journal of Neurogenetics
2011, 25(4), pp.152-166
doi: 10.3109/01677063.2011.627485
http://informahealthcare.com/doi/abs/10.3109/01677063.2011.627485



Expedient Synthesis of Espinatol, p-Methoxycarvacrol and Thymoquinol
Dimethyl Ether
Bjora C. Soderberg & Shari L. Fields
Org. Prep & Proc (Int)
Vol.28(2) 1996 pp.221-225
DOI: 10.1080/00304949609356526
http://www.tandfonline.com/doi/abs/10.1080/00304949609356526

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Medarticles i need full article

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Cytokines and the hepatic acute phase response

  1. Han Moshage*

Article first published online: 28 APR 1999

DOI: 10.1002/(SICI)1096-9896(199703)181:3<257::AID-PATH756>3.0.CO;2-U

The Journal of Pathology

The Journal of Pathology

Volume 181Issue 3pages 257–266March 1997

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Ask Now: 5 Questions for Global Experts, Asset Disclosure Key to Corruption Fight, and other updates...

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Medarticles .......need some help to assist others

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Characterization of an mGluR2/3 Negative Allosteric Modulator in
Rodent Models of Depression
B. Campo, M. Kalinichev,
Journal of Neurogenetics
2011, 25(4), pp.152-166
doi: 10.3109/01677063.2011.627485
http://informahealthcare.com/doi/abs/10.3109/01677063.2011.627485

Expedient Synthesis of Espinatol, p-Methoxycarvacrol and Thymoquinol
Dimethyl Ether
Bjora C. Soderberg & Shari L. Fields
Org. Prep & Proc (Int)
Vol.28(2) 1996 pp.221-225
DOI: 10.1080/00304949609356526
http://www.tandfonline.com/doi/abs/10.1080/00304949609356526

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Re: Medarticles Article Plz

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Thanks anyway

Em 29/03/2012, às 18:49, anandkumarreddy escreveu:

That Entire suppliment contains only abstract and no full text

On 29 March 2012 21:16, Matilde Teles <matildeteles@gmail.com> wrote:
As I saw earlier, it's not free... The abstract is free but it's limited access... Can you try get it for me? Because I can't understand how to buy it or something like that. 

Sorry to bother you.

Thanks

Em 29/03/2012, às 16:17, anandkumarreddy escreveu:

It is free article.

http://onlinelibrary.wiley.com/doi/10.1111/j.1755-3768.2009.2272.x/abstract


On 29 March 2012 20:43, Matilde Teles <matildeteles@gmail.com> wrote:
    Is it possible to send me the following article.
Tks in advance.

Visual outcomes and safety of Intacs versus KeraRing intracorneal ring segment implantation in keratoconus

  1. P CANADAS SUAREZ1
  2. J HERNÁNDEZ-VERDEJO1,2
  3. C MARINA1
  4. M TEUS-GUEZALA1,3
Article first published online: 1 SEP 2009
DOI: 10.1111/j.1755-3768.2009.2272.x
2009 Acta Ophthalmologica

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News: Heys Luggage Immix Business Case

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Re: Medarticles Article Plz

Buzz It
That Entire suppliment contains only abstract and no full text

On 29 March 2012 21:16, Matilde Teles <matildeteles@gmail.com> wrote:
As I saw earlier, it's not free... The abstract is free but it's limited access... Can you try get it for me? Because I can't understand how to buy it or something like that. 

Sorry to bother you.

Thanks

Em 29/03/2012, às 16:17, anandkumarreddy escreveu:

It is free article.

http://onlinelibrary.wiley.com/doi/10.1111/j.1755-3768.2009.2272.x/abstract


On 29 March 2012 20:43, Matilde Teles <matildeteles@gmail.com> wrote:
    Is it possible to send me the following article.
Tks in advance.

Visual outcomes and safety of Intacs versus KeraRing intracorneal ring segment implantation in keratoconus

  1. P CANADAS SUAREZ1
  2. J HERNÁNDEZ-VERDEJO1,2
  3. C MARINA1
  4. M TEUS-GUEZALA1,3
Article first published online: 1 SEP 2009
DOI: 10.1111/j.1755-3768.2009.2272.x
2009 Acta Ophthalmologica

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Re: Medarticles

Buzz It
Dear Anand,

Thanks a lot, Rei


2012/3/29 anandkumarreddy <anandkumarreddy@gmail.com>:
> sent
>
>
> On 29 March 2012 03:37, Reinaldo <reinaldo.cano@gmail.com> wrote:
>>
>> Hi,
>>
>>
>> Can somebody help me with this slide?
>>
>> Thanks in advance, Rei
>>
>> NEJM
>>
>> http://www.nejm.org/doi/full/10.1056/NEJM199406163302405
>>
>> --
>> You can edit your Group Email settings by visiting the following link.
>>
>> http://groups.google.com/group/medarticles/subscribe
>>
>> You can choose abridged email or digest email so that you will receive
>> only one email per day.
>
>
> --
> You can edit your Group Email settings by visiting the following link.
>
> http://groups.google.com/group/medarticles/subscribe
>
> You can choose abridged email or digest email so that you will receive only
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Interest Bearing Notes March 2012

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Interest Bearing Notes                                                                         Vol. 15 No. 2
Contents

I What's new on our website
Results from the virtual debate on executive compensation and the crisis
FPD Network Chief Economist talk by Jerry Caprio

II World Bank research
How does bank competition affect systemic stability?
Surviving the global financial crisis: foreign ownership and establishment performance
Financing businesses in Africa: The role of microfinance
Financial literacy and the financial crisis: Evidence from Russia
Who are informal business owners?
The demand for, and consequences of, formalization among informal firms in Sri Lanka

III "FYI": Our eclectic guide to recent research of interest
The impact of collateral reform in Brazil on credit access
Multinational banks and the global financial crisis: Weathering the perfect storm?
Economic turbulence and the long-term success of foreign acquisitions

IV Upcoming events and miscellanea
Kudos: GFDR paper recognized by the FT

The next issue of Interest Bearing Notes will appear in May 2012 so please send comments, suggestions (such as your own or others' interesting research), and requests to be added to our distribution list, to Agnes Yaptenco (mailto:ayaptenco@worldbank.org) by May 4th.

IBN is a product of the Finance and Private Sector Development Team in the World Bank's Development Research Group. Our working papers and descriptions of research projects in progress can be found, along with a list of forthcoming seminars and conferences, on our web page  (http://econ.worldbank.org/programs/finance).

    
I What's new on our website

Results from the virtual debate on executive compensation and the crisis
The recent virtual debate on whether executive compensation contributed to the global financial crisis is now summarized on the All About Finance blog. Click here to read the arguments and comments, and to see how many readers agreed with Lucian Bebchuk (pro) vs. Rene Stulz (con).

FPD Network Chief Economist talk by Jerry Caprio
On March 8th, Jerry made the latest presentation in our series of FPD Chief Economist talks on his latest book (co-authored by James Barth and Ross Levine), The Guardians of Finance: Making Regulators Work for Us." He argued that the recent crisis was not an unforeseen accident, but rather a case of negligent homicide. At the heart of it were the spiraling salaries in the financial services industry as compensation became increasingly based on volume and risk managers were increasingly marginalized. Concurrently, regulators, supervisors, and politicians developed a psychological bias in favor of the industry. The solution? As noted in our last IBN issue, the authors propose a 'sentinel' agency (watching out for taxpayers) with no regulatory powers but with the ability to obtain all the information available to regulatory agencies and with the duty to report on the key systemic risks and what the regulators are doing to address those risks. A lively discussion then ensued, in which participants asked a number of questions about how such an agency could work in practice, especially in developing countries where supervisory capacity is often in short supply and budgets are tight, making it hard to pay the top-dollar salaries necessary to staff effectively such an agency. You can find more on Jerry's presentation here. http://blogs.worldbank.org/allaboutfinance/fpd-chief-economist-talks
 
       
II World Bank research

How does bank competition affect systemic stability?
The impact of bank competition on financial fragility has received much attention after the recent global financial crisis. The "dark side" of competition which leads banks to pursue risky financial innovations in search of higher margins has been mentioned as one of the possible causes of financial instability. In a new paper, our own Deniz Anginer, Asli Demirguc-Kunt, and Min Zhu reexamine the relationship between bank competition and stability with a novel twist. Instead of focusing on individual bank's risk, the authors focus on the contribution of each bank to the risk of the financial system as a whole. Specifically, the authors calculate the correlation in the risk taking behavior of banks, measured as the total variation of changes in default risk of a given bank explained by changes in default risk of all other banks in a given country. Banks' default risk is measured using Merton's (1974) contingent claim pricing framework. The authors used the same measure of systemic risk in their earlier paper we featured in the November 2011 IBN. The results show a positive relationship between competition and systemic stability, consistent with the view that greater competition encourages banks to take on more diversified risks, making the banking system less fragile to shocks. There are also important interaction effects between the competition-systemic fragility relationship and the institutional environment. Specifically, lack of competition has a greater adverse effect on systemic stability in countries with low levels of foreign bank ownership, weak investor protections, generous safety nets, and where the authorities provide limited guidance for bank asset diversification. Overall, the authors do not find support for the "dark side" view of bank competition. http://go.worldbank.org/9OPM5EW9S0

Surviving the global financial crisis: foreign ownership and establishment performance
While much has been written on the macroeconomic causes and consequences of the recent financial crisis, there is less research on the microeconomic responses of different types of firms. A recent paper by Laura Alfaro and Maggie Xiaoyang Chen seeks to fill in this gap by examining behavior of over 12 million firms before and after financial crisis. They focus on the role that foreign ownership played in firm's responses to the crisis by comparing performance of multinational subsidiaries to a matched sample of domestic firms. While some may argue that foreign ownership can have a destabilizing role during the crisis, the authors find the opposite:  firms with foreign ownership have been more resilient to the crisis. Further, the authors explore different mechanisms that have led to such differences focusing on two distinct channels – the production linkages between subsidiaries and their parent companies (isolating the differential impacts of vertical and horizontal integration) and financial linkages. They find that establishments sharing stronger vertical production linkages with their foreign parent exhibited more resilient performance during the crisis, especially in host countries with greater negative demand shocks. However, horizontally linked establishments performed no better than the control establishments. In addition, multi-national company subsidiaries exhibit a greater advantage over local counterfactuals in industries with stronger financial linkages between parents and subsidiaries, which mutes the impact of local credit condition on firm performance. Thus, the authors suggest that foreign ownership has a stabilizing impact during the crisis. Surprisingly, the authors find no difference in performance in non-crisis times, which raises questions about the previous literature that argued for numerous benefits of foreign ownership and FDI on firm performance.  http://go.worldbank.org/YCQ4HKF820

Financing businesses in Africa: The role of microfinance
Shilpa Aggarwal, along with our own Leora Klapper and Dorothe Singer, use data from the Gallup World Poll in 2009 and 2010 to study the effectiveness of microfinance in 27 countries in Sub-Saharan Africa. When asked where they would go if they needed money to start a business, only 4% of respondents mentioned providers of microcredit as their primary source, and that share was no greater than 17% in any country. By contrast, over 40% listed family and friends, and 16% commercial banks, while rotating savings and credit associations were mentioned by 10%.  Lack of awareness of the availability of microcredit is clearly a contributing issue here: 16% of respondents said that they had never heard of institutions that help people obtain small business loans, and 46% mentioned that providers of microfinance were not present in their communities. This would seem to be at odds with estimates from CGAP and the Microfinance Information Exchange (the MIX) that some form of microfinance provider had reached 85 percent of all depositors and borrowers in Sub-Saharan Africa by 2009. Gallup survey responses indicated that savings rather than credit were frequently used to start businesses, finance education, and to meet unexpected demands. Based on those figures and their reading of the literature, the authors conclude that microcredit is most effective for consumption smoothing and risk management, whereas micro-savings could be more important for wealth creation. Our reading of the literature is a bit more cautious. While the evidence from randomized experiments has thus far been more supportive of the benefits of micro-savings than micro-credit, the body of evidence remains relatively small (though admittedly growing). Also, regular IBN readers will remember a paper by our own David McKenzie on the difficulties in detecting improvements in firm growth in randomized experiments in Africa due to small samples and substantial heterogeneity across firms. http://go.worldbank.org/8PI93JMUF0
Since fewer people are likely to be entrepreneurs (i.e., users of credit to invest in businesses) than savers, it may not be surprising that RCTs have been a better vehicle for identifying benefits associated with savings rather than credit thus far. But that may change as experiments are conducted on samples of individuals with greater proclivity to be effective entrepreneurs.  http://go.worldbank.org/OYT0KIC7H0

Financial literacy and the financial crisis: Evidence from Russia
In another new paper, Leora, together with co-authors Annamaria Lusardi and Georgios Panos, use a nationally representative panel dataset from Russia, where consumer loans grew 17-fold between 2003 and 2008, to study the importance of financial literacy for borrowing and spending behavior. This dataset is one of few surveys measuring individuals' financial literacy and behavior over time. The survey results reveal that levels of financial literacy in the population are low. Only 41 percent of survey respondents understood how interest compounding worked and only 46 percent could answer a simple question about inflation. The authors then show that higher financial literacy is positively correlated with participation in financial markets and negatively correlated with the use of informal sources of borrowing. Individuals with higher rates of financial literacy are also significantly more likely to report having more unspent income at the end of the month and higher spending capacity. This relationship between financial literacy and the availability of unspent income was stronger during the financial crisis, suggesting that higher financial literacy may better equip individuals to deal with macroeconomic shocks. The results are robust to using an instrumental variables strategy and to other robustness checks.  http://go.worldbank.org/HZE0KF9H00

Who are informal business owners?
Different explanations have been put forth to explain why firms operate informally. One view, associated with Hernando De Soto, is that informal business owners are viable entrepreneurs who are being held back from registering their firms due to complex regulations. Another view, expressed for example by Victor Tokman, sees informal business owners as individuals who are trying to make a living while they search for a wage job. IBN co-editor Miriam Bruhn recently wrote a paper that illustrates that both factors seem to be at work. Miriam uses discriminant analysis to separate informal business owners into two groups: those with personal characteristics similar to wage workers, and those with traits similar to formal business owners. She then examines how these two groups were affected by a business registration reform in Mexico, following up on an earlier paper she wrote on the impact of this reform. The results show that informal business owners who have characteristics like formal business owners were more likely to register their business after the reform. In contrast, business owners who have characteristics like wage earners became less likely to register after the reform, but they were more likely to become wage workers instead. This is consistent with the finding in Miriam's earlier paper which shows that the reform led to job creation and it also explains why the earlier paper finds no effect of the reform on all informal business owners taken together. Overall, the findings for this new paper suggest that informal business owners are a mix of De Soto and Tokman types.
http://go.worldbank.org/AA04M4KA10
For a more detailed discussion of this topic see also Miriam's recent post on the All about Finance blog.

The demand for, and consequences of, formalization among informal firms in Sri Lanka
In another recent paper, our own David McKenzie and co-authors Suresh de Mel and Christopher Woodruff study the demand for formalization among informal firms in Sri Lanka and the consequences that formalizing has on these firms. They conducted a field experiment that divided a sample of informal firms into four treatment groups and a control group. The first treatment group was given information about the costs and benefits of, and procedures for, registering their firm. Additionally, they were reimbursed for the (modest) direct cost of registration if they registered. The second, third, and fourth treatment groups were provided the same information and also offered a payment of approximately US$88, $175 and $350, respectively, for registration. The results show that providing information and reimbursing the cost of registration does not induce firms to register. In contrast, 17-22 percent of eligible firms registered when offered $88 or $175, just under half a month's and one month's profits for the median firm respectively, and 48 percent registered when offered $350. An important share of the firms not registering after receiving the largest incentive report that issues related to land use rights prevented them from doing so. Three follow-up surveys of these same firms were conducted at 15, 22 and 31 months after the intervention, enabling the authors to examine whether and how the firms benefited from formalization. Firms that formalized have higher profits, although this impact seems largely due to a few firms experiencing substantial growth, with profits being almost identical for treatment and control firms over most of the distribution. Examining the channels through which formalization might benefit firms, the authors find increased advertising and use of receipt books, but no increases in allocation of government contracts, use of bank accounts or loans, or participation in government programs. They conclude that most firms in their sample seem to be rationally refraining from formalizing, while only a few seem to be sub-optimally informal.  http://go.worldbank.org/LVQGX288J0

        
III "FYI": Our eclectic guide to recent research of interest

The impact of collateral reform in Brazil on credit access
There is increasing interest among policymakers and researchers in creditor rights protection and its impact on expanding access to financial services, especially among those excluded from formal financial markets. A new paper by Juliano Assunção, Efraim Benmelech, and Fernando Silva explores a legal reform in Brazil in 2004, which made resale of used cars easier and more efficient. Before the reform, banks could repossess cars from defaulting borrowers, but had to obtain a court order to resell them, which took more than 2 years on average. This was inefficient as cars, especially newer ones, quickly lose value. Thus, the reform allowed lenders to realize a larger share of the collateral value. The authors show that the reform led to important changes in lending contracts, specifically, they observe larger loans with lower spreads, longer maturities, and higher leverage. In addition, the reform brought about an expansion of credit, enabling riskier, low-income borrowers to obtain loans and purchase newer, more expensive cars. The authors suggest that the reform has led to a "democratization" of credit, i.e. an expansion of credit to borrowers who were less likely to obtain a loan before the reform. On the negative side, the authors find that the likelihood of late payment and default increased after the law was implemented due to the changing composition of borrowers. As in all impact evaluations, one concern is whether any other contemporaneous changes to the law or other business environment features could account for observed changes in credit. In particular, the legal reform of 2004 was much broader than this one particular aspect examined in the paper. Nevertheless, focusing on one specific type of borrowing – loans collateralized by cars – makes these concerns less pressing. Furthermore, the authors find that their results are more pronounced for newer cars, which depreciate in value faster and hence would be expected to be more affected by the reform. http://www.cfsp.org/sites/default/files/assuncao_benmelech_and_silva_2012_-_repossession_and_the_democratization_of_credit.pdf

Multinational banks and the global financial crisis: weathering the perfect storm?
Ralph de Haas and Iman van Lelyveld compare loan growth before and during the recent global crisis for the 200 foreign subsidiaries of the largest 48 multinational banking groups with that of stand-alone domestic banks operating in the same markets. While both groups slowed credit growth during the crisis, the reduction was roughly twice as large for the multinational subsidiaries. Reliance on deposit funding was significantly positively associated with credit growth for both bank types, but the effect was twice as large for the domestic banks, presumably because they enjoyed less access to alternative sources of funding. And access to deposits became an even stronger determinant of credit growth during the crisis for both bank types.  They also confirm that credit growth rates of the affiliates of the largest multinational banks were higher prior to the crisis for those affiliated with parents that relied on wholesale sources of funding. During the crisis the relationship between credit growth and parent reliance on wholesale funding was no longer significant, suggesting that when that source of funding dried up, the subsidiaries of wholesale-funded parent banks had to rein in lending more than other banks. In contrast, they find no strong links between parent banks' solvency and liquidity and the loan growth of their affiliates, either before or during the crisis, which provides additional support for the notion that the effects on credit growth worked through the wholesale funding channel. In previous work, these authors had shown that subsidiaries of multinationals exhibited steadier loan growth than domestic banks during episodes of local financial instability (presumably due to assistance from their parent banks), but these latest results highlight the other side of that coin: those subsidiaries can also increase lending instability during a global financial crisis that adversely affects the funding of their parents. http://www.ebrd.com/downloads/research/economics/workingpapers/wp0135.pdf

Economic turbulence and the long-term success of foreign acquisitions
Hein Bogaard investigates how the economic turbulence and uncertainty that is associated with the process of structural change from a planned to a market economy affects how foreign firms choose to enter emerging markets and their subsequent performance. While investors dislike uncertainty, they also might perceive greater opportunities since economic liberalization often includes the relaxation of restrictions on foreign entry. Hein argues that the demise of existing institutions during transition causes the resources held by firms with incumbent domestic owners to become obsolete, and thus temporarily relaxes the liability of being foreign when entering a new country. In short, economic turbulence and the demise of the existing institutional order level the playing field for potential entrants. Evidence in support of that proposition comes from a panel of 232 banks from 12 countries in Central and Eastern Europe from 1995 to 2009. Reasoning that institutional reform and economic liberalization are likely to increase the pace of resource reallocation within an economy (as incumbents' resources become obsolete), Hein creates a measure of economic/institutional turbulence based on the variance of labor across productive sectors and time for each country. Though admittedly an indirect measure of the pace of structural change, its key advantages are that it exhibits much more within-country variation over time than the typically slow-to-change indexes of institutional development used in past literature, and it is sufficiently comprehensive to capture potential interactions between different types of institutions (e.g., improvements in creditor rights may be rendered ineffective by general corruption or overly restrictive labor laws). Using a battery of tests, he shows that foreign acquisition of banks leads to substantial improvement in their performance (lower costs, increased profitability), but only 1-2 years after an acquisition. And as hypothesized, the effects are larger for acquisitions that took place during periods of deep structural change as reflected in the index of labor reallocation. http://ssrn.com/abstract=2014455

     
IV Upcoming events and miscellanea

Kudos: GFDR paper recognized by the FT
Kudos to our own Martin Cihak and Asli Demirgüç-Kunt, and co-author R. Barry Johnston. Their background paper for the forthcoming Global Financial Development Report, "Good Regulation Needs to Fix the Broken Incentives," was recognized as one of the top ten submissions to the International Centre for Regulation/Financial Times research competition. Way to go! You can download the paper here and read more about it in this blog post.

Happy reading!
Your editors Miriam Bruhn (mbruhn@worldbank.org), Bob Cull (rcull@worldbank.org), and Inessa Love (ilove@worldbank.org)
 

gsk

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