Miracle-dz/UniFAR-FTUs huggingface dataset:
R&D Portfolio and Market Structure

This article analyses how firms allocate their resources when they compete for multiple patents in heterogeneous research projects simultaneously. A simple model shows that firms’ resource allocation is biased away from risky and basic research, even when imitation is not possible and firms are fully rational. Therefore a market may lack major innovations despite large aggregate research expenditure and strong patent protection. This article also shows that as a market becomes more competitive, firms invest relatively less in basic research but more in risky research. These results provide a novel explanation for an ambiguous empirical relationship between innovation and market concentration.
Overreaction Evidence from Large-Cap Stocks

Purpose - – The purpose of this paper is to assess the performance of a contrarian investment strategy focusing on frequently traded large-cap US stocks. Previous criticisms that losers’ gains are not due to overreaction but due to their tendency to be thinly traded and smaller-sized firms than winners are addressed. Design/methodology/approach - – Portfolios based on past performance are constructed and it is examined whether contrarian returns exist. The Capital Asset Pricing Model (CAPM), Fama and French three-factor model and the Carhart’s (1997) momentum portfolio are used to test whether excess returns are feasible in a contrarian strategy. Findings - – The results show an asymmetric performance following portfolio formation. Although both, winners and losers portfolios, have gains during holding periods, losers outperform winners at all times, and with a differential of up to 29.2 per cent 36 months after portfolio formation. Furthermore, the loser and the winner portfolios’ alphas are significant, suggesting that the CAPM and the multifactor models are unable to explain return differentials between winners and losers. Our evidence supports two main conclusions. First, stock market overreaction still holds for a sample of large firms. Second, this is robust to the Fama and French’s (1993, 1996) three-factor model and Carhart’s (1997) momentum portfolio. Findings emphasize the relevance of a contrarian strategy when rebalancing investment portfolios. Practical implications - – Portfolio managers can improve stock returns by selling past winners and buying previous loser large-cap US stocks. Originality/value - – This paper is the first, to the authors’ knowledge, to examine frequently traded large-cap US stocks to avoid infrequent trading and size concerns.
Lycopene inhibits lymphocyte proliferation through mechanisms dependent on early cell activation.

SCOPE Epidemiological evidence suggests that lycopene is potentially cardio-protective. Recruitment and activation of T cells in the arterial wall is a critical process during atherogenesis, but the effects of lycopene on T-cell response remain to be elucidated. We aimed to determine whether lycopene could modulate T-cell function and activity. METHODS AND RESULTS Peripheral blood mononuclear cells from 16 healthy adults were cultured in the presence of lycopene-enriched liposomes (0-2.9 μg lycopene/mL) with or without mitogens. Cell cycle as well as the expression of CD69 (marker of early cell activation), CD25 (IL-2 receptor), and CD11a (late activation marker) were measured in T cells, T-helper cells, and T-cytotoxic cells by flow cytometry. IL-2 secretion and cell proliferation were determined by ELISA and [³H]-thymidine incorporation, respectively. Lycopene significantly inhibited lymphocyte proliferation (up to 40%) in activated cells. Lycopene also significantly inhibited CD69 expression (by up to 12%) as well as IL-2 secretion (by up to 29%). However, CD25 and CD11a expression as well as the cell-cycle profile were unaffected by lycopene. CONCLUSION Lycopene influences lymphocyte proliferation through its effects on processes involved in early cellular activation, providing one possible mechanism to explain the beneficial effects of tomato-rich diets against cardiovascular disease.
Efficacy of Multivitamin/mineral Supplementation to Reduce Chronic Disease Risk: A Critical Review of the Evidence from Observational Studies and Randomized Controlled Trials

We reviewed recent scientific evidence regarding the effects of multivitamin/mineral (MVM) supplements on risk of chronic diseases, including cancer, cardiovascular disease, and age-related eye diseases. Data from randomized controlled trials (RCTs) and observational, prospective cohort studies were examined. The majority of scientific studies investigating the use of MVM supplements in chronic disease risk reduction reported no significant effect. However, the largest and longest RCT of MVM supplements conducted to date, the Physicians’ Health Study II (PHS II), found a modest and significant reduction in total and epithelial cancer incidence in male physicians, consistent with the Supplémentation en Vitamines et Minéraux Antioxydants (SU.VI.MAX) trial. In addition, PHS II found a modest and significant reduction in the incidence of nuclear cataract, in agreement with several other RCTs and observational, prospective cohort studies. The effects of MVM use on other subtypes of cataract and age-related macular degeneration remain unclear. Neither RCTs nor prospective cohort studies are without their limitations. The placebo-controlled trial design of RCTs may be inadequate for nutrient interventions, and residual confounding, measurement error, and the possibility of reverse causality are inherent to any observational study. National surveys show that micronutrient inadequacies are widespread in the US and that dietary supplements, of which MVMs are the most common type, help fulfill micronutrient requirements in adults and children.
Prevalence, incidence, diagnostic delay, and mortality in Turner syndrome.

AIM Our aim was to study prevalence, incidence, age at diagnosis, and mortality in Turner syndrome (TS) in Denmark. METHODS Using the Danish Cytogenetic Register, we identified all cases (n = 781) of TS alive in Denmark during 1970-2001. Sixty-nine deceased women with TS were identified in the Causes of Death Register. We divided the cohort into women having the karyotype 45,X, karyotypes including an isochromosome Xq, and all other karyotypes associated with TS. We describe the number of patients diagnosed in Denmark yearly, incidence rates, and the age at diagnosis. Standardized mortality ratios (SMR) were calculated. RESULTS A total of 349 women had a 45,X karyotype, 86 had a karyotype including an isochromosome Xq (isoXq), and 346 had another TS karyotype. Mortality was increased in TS with an SMR of 2.86 (95% confidence interval, 2.18-3.55). SMR was increased for coronary diseases, congenital malformations, endocrine diseases, and other causes. The mortality was increased for all types of karyotypes in comparison with the general population but was highest among females with 45,X and isoXq. There was a steady increase in prevalence, but incidence was unchanged. Age at diagnosis was mainly distributed in three periods: less than 1 yr of age (14.9%), during adolescence (10-17 yr) (33.2%), and during adulthood (38.5%), with a median age at diagnosis of 15.1 yr, decreasing during the study period (P < 0.01). CONCLUSIONS Patients with TS and especially the karyotypes 45,X and isoXq have a higher mortality compared with the background population. TS was diagnosed with a considerable diagnostic delay. Prevalence is increasing, but incidence of TS was stable.
Empirical Evidence on Recent Trends in Pro Forma Reporting

This study provides descriptive evidence on the controversial trend adopted by many firms in recent years of reporting earnings figures on a pro forma basis. pro forma earnings exclude normal income statement items that managers deem to be nonrecurring or nonrepresentative of ongoing operations. We examine a large sample of actual pro forma press releases issued between January 1998 and December 2000. We find that pro forma announcers tend to be relatively “young” firms that are concentrated primarily in the tech sector and business services industries, and that they are significantly less profitable, more liquid, and have higher debt levels, P‐E ratios, and book‐to‐market ratios than other firms in their own industries. Our results indicate that while firms commonly exclude multiple expenses in arriving at their pro forma earnings figure, they usually do not exclude the same items in subsequent pro forma announcements. These results support the criticism that pro forma announcements are often motivated b.
Remapping East Asia : the construction of a region

An overarching ambiguity characterizes East Asia today. The region has at least a century-long history of internal divisiveness, war, and conflict, and it remains the site of several nettlesome territorial disputes. However, a mixture of complex and often competing agents and processes has been knitting together various segments of East Asia. In Remapping East Asia, T. J. Pempel suggests that the region is ripe for cooperation rather than rivalry and that recent "region-building" developments in East Asia have had a substantial cumulative effect on the broader canvas of international politics. This collection is about the people, processes, and institutions behind that region-building. In it, experts on the area take a broad approach to the dynamics and implications of regionalism. Instead of limiting their focus to security matters, they extend their discussions to topics as diverse as the mercurial nature of Japan's leadership role in the region, Southeast Asian business networks, the war on terrorism in Asia, and the political economy of environmental regionalism. Throughout, they show how nation-states, corporations, and problem-specific coalitions have furthered regional cohesion not only by establishing formal institutions, but also by operating informally, semiformally, or even secretly.
How Citizens React to Political Scandals Surrounding Government Leaders: A Survey Study in Hong Kong

Public opinion research has suggested that the negative impact of scandals on public evaluation of the politicians involved is not always strong. Part of the reason is that people may hold varying perceptions regarding the nature, factuality, and importance of the scandals. According to the theory of motivated reasoning, people develop varying perceptions by processing information in ways that reconfirm their existing views. This study applies such insights to analyze how citizens react to political scandals surrounding government leaders in Hong Kong, where such scandals have arguably become increasingly prominent in recent years. This study constructs a theoretical model linking prior political attitudes, scandal-related perceptions, response evaluation, and evaluation of politicians. Analysis of survey data confirms most of the hypotheses in two cases. External efficacy and support for democracy substantially influence perceived factuality and acceptability of the scandals. Such perceptions shape people's evaluations of the responses by the government and the officials involved, which in turn affect evaluation of the officials.
Are aromatase inhibitors effective in endometriosis treatment?

Introduction: Current therapies for endometriosis cannot completely cure the disease, and patients present with high recurrence rates. Novel medical approaches are, therefore, needed. Areas covered: In endometriosis, aromatase was long thought to be involved in the in situ formation of estrogens, leading to a positive feedback loop favoring estrogens, themselves inducing prostaglandin production and inflammation. This hypothesis led to aromatase inhibitors (AIs) being proposed as the new medical therapy for endometriosis, as reported in all the studies reviewed here. Recent findings nevertheless indicate that aromatase may be less implicated in endometriosis than previously postulated. More than 10 years after the first successful treatment of a rare and severe case of postmenopausal endometriosis with an AI, there are only three small randomized controlled trials in the literature. Expert opinion: Until recently, AIs were thought to be an alternative to current medical therapies for endometriosis. However, recent findings question their real utility in clinical practice in the context of this disease. Because there is no strong evidence of their efficacy or benefit compared to other molecules in existing clinical trials, AIs need to be investigated further in well-designed studies to confirm/disprove their hypothetical impact on endometriotic lesions.
Estimations of error bounds for neural-network function approximators

Neural networks are being increasingly used for problems involving function approximation. However, a key limitation of neural methods is the lack of a measure of how much confidence can be placed in output estimates. In the last few years many authors have addressed this shortcoming from various angles, focusing primarily on predicting output bounds as a function of the trained network's characteristics, typically as defined by the Hessian matrix. In this paper the problem of the effect of errors or noise in the presented, input, vector is examined and a method based on perturbation analysis of determining output bounds based on both the error in the input vector and the imperfections in the weight values after training is presented and demonstrated.
The validity of quality practices on performance of outsourced professional housing services

Purpose – The purpose of this study is to investigate the actual impact of competition and management practices on performance quality of the outsourced professional housing maintenance services in Hong Kong. Much of the literature is theoretically based and there is a knowledge gap in empirical confirmatory testing of the validity of performance quality theories.Design/methodology/approach – It was hypothesized that there was positive correlation between output performance quality and input competition and management factors. A triangulation methodology was used to develop and test the correlation. The literature review and qualitative interviews with the maintenance consultancy management practitioners of the Hong Kong Housing Authority (HKHA) were used to generate hypothesis, which was then tested by quantitative regression, using data from the maintenance consultancies of the Authority.Findings – The main hypothesis was transformed into sub‐hypotheses which considered the relationships between service.
Speaking to the Markets or to the People? A Discursive Institutionalist Analysis of the EU's Sovereign Debt Crisis

Research Highlights and Abstract Uses ‘discursive institutionalism’ as its analytic framework, by focusing on the wide range of EU leaders’ ideas about the crisis and how they have communicated about them. Examines the different ways in which the scholarly literature analyzes those ideas and discursive interactions, and how they lead one to consider different aspects of the crisis. Argues that there are disconnects between what EU leaders say to one another in the ‘coordinative discourse’ at the EU level and between what they say about those agreements to the markets and to the people in the ‘communicative discourse’. Suggests, with regard to the markets specifically, that EU leaders have proposed solutions that were seen as too little too late; were considered to be the wrong solutions; or raised new contingencies that the markets themselves had not anticipated. Shows, with regard to the people, that EU leaders' communication of the wrong or misleading messages meant that national publics were often not prepared for the reform initiatives taken, and that this has often left the field open to the extremes of the right and left. The EU's sovereign debt crisis is not just economic; it is also political, resulting from the failure of EU leaders to offer solutions that calm the markets and convince the people. These failures stem from problems with EU leaders' ideas about how to solve the crisis as well as their communication about them. That communication encompasses not just EU leaders talking to one another in negotiations of crisis solutions but also speaking to ‘the markets’ and to ‘the people’ about those solutions, all of which may interact in perverse ways. This article uses the analytic framework of ‘discursive institutionalism’ to consider the different forms, types, levels, rates and mechanisms of change in ideas followed by the EU leaders'discursive interactions in the ‘coordinative’ discourse and their ‘communicative discourse’ to the global markets and European publics. It uses a range of country cases, but in particular Germany and France, in illustration.
Shortfall Deviation Risk: An Alternative for Risk Measurement

We present the Shortfall Deviation Risk (SDR), a risk measure that represents the expected loss that occurs with certain probability penalized by the dispersion of results that are worse than such an expectation. SDR combines Expected Shortfall (ES) and Shortfall Deviation (SD), which we also introduce, contemplating two fundamental pillars of the risk concept, the probability of adverse events and the variability of an expectation, and considers extreme results. We demonstrate that SD is a generalized deviation measure, whereas SDR is a coherent risk measure. We achieve the dual representation of SDR, and we discuss issues such as its representation by a weighted ES, acceptance sets, convexity, continuity and the relationship with stochastic dominance. Illustrations with real and simulated data allow us to conclude that SDR offers greater protection in risk measurement compared with VaR and ES, especially in times of significant turbulence in riskier scenarios.
Role of partner's infection in reinfection after Helicobacter pylori eradication

Aim To evaluate whether the Helicobacter pylori status of the patient's spouse plays a role in reinfection after eradication success, and to assess the possibility of transmission of H. pylori among partners by using molecular methods. Methods We studied prospectively 120 patients in whom H. pylori had been eradicated. Endoscopy with biopsies and a 13C-urea breath test were performed 1 month after completing therapy. The breath test was repeated in all patients at 6 and 12 months. At the 1-year follow-up visit (or before if reinfection occurred), a breath test was also performed on the patient's partner. Samples for the molecular study included gastric biopsies from patients and gastric content obtained by the string test from partners. The heterogeneity of ureC was studied by enzymatic digestion with MseI and HhaI enzymes of a polymerase chain reaction (PCR) product of 1179 bp belonging to the ureC gene, and different band patterns were generated after electrophoresis. Results Four reinfections were diagnosed at 6 months, and four were diagnosed from 6 to 12 months (incidence 6.8% per patient-year). Seven of eight (87%) of the reinfected patients’ spouses were infected, but H. pylori infection of spouses was also frequent (76%) among non-reinfected patients. In the multivariate analysis, age of the patient (odds ratio [OR] 0.93, 95% confidence interval [CI] 0.87 to 0.99, P < 0.05), δ13CO2 value after therapy (OR 2.51, 95% CI 1.14 to 5, P < 0.05), and therapy regimen (OR 6.23, 95% CI 1.25 to 31, P < 0.05) were the only variables that correlated with H. pylori recurrence. However, family variables (H. pylori status of spouse, breath test value of spouse, length of time couple had lived together, number of children living at home, household density) did not correlate with recurrences. Thus, the OR for the H. pylori status of spouse (adjusted by age, δ13CO2 and therapy) was 2.93 (95% CI 0.29 to 29, P > 0.05). H. pylori recurrence occurred in seven of 92 (7.6%) patients when the spouse was infected (95% CI 3.7% to 15%), and in one of 28 (3.6%) patients when the spouse was H. pylori-negative (95% CI 0.6% to 18%) (P > 0.05; however, the power of this comparison was < 20%). Therefore, even if the spouse was infected, 92.4% of patients will remain uninfected 1 year after H. pylori eradication. Three reinfected patients (at 1 year) and their partners (also infected) agreed to have the endoscopy and string test performed, respectively. The molecular study revealed that H. pylori strains involved were different in all cases. Conclusion Recurrence of H. pylori infection seems to be relatively infrequent, even if the patient's spouse is H. pylori-positive. The molecular study demonstrated that the strains in reinfected patients and their partners are different, suggesting that the patient's partner does not act as a reservoir for H. pylori reinfection.
The Relative Size of New Zealand Exchange Rate and Interest Rate Responses to News

This paper examines the relative size of the effects of New Zealand monetary policy and macroeconomic data surprises on the spot exchange rate, 2 and 5 year swap rate differentials, and the synthetic forward exchange rate schedule. We find that the spot exchange rate and 5 year swap rates respond by a similar magnitude to monetary surprises, implying there is little response of the forward exchange rate to this type of news. In contrast, the spot exchange rate responds by nearly three times as much as 5 year interest rates to CPI and GDP surprises, implying that forward rates appreciate to higher than expected CPI or GDP news. This is in contrast to standard theoretical models and US evidence. Lastly, we show that exchange rates but not interest rates respond to current account news. The implications of these results for monetary policy are considered.
An Empirical Examination of a Technology Adoption Model for the Context of China

As multinational corporations engage in technology adoption internationally, it is becoming increasingly important for managers to pursue a process that will ultimately lead to the adoption and effective use of new technology in divergent markets. In this study, the authors explore a technology adoption model (TAM) that is appropriate for the context of China. Employing a sample of 506 Chinese business professionals, they develop and test a modified TAM within the Chinese business culture. The results indicate that the modified TAM works well. The authors discuss implications for international marketing academics and practitioners.
Modeling Australia’s Construction Workforce Demand: Empirical Study with a Global Economic Perspective

AbstractWorkforce planning is vital for implementing strategic human resource planning. A causal model that incorporates a global economic perspective is derived in this paper by undertaking a detailed review of the normative literature and empirically estimated by a vector error correction (VEC) model. The reliability of the developed VEC model is validated by using several tests (e.g., Lagrange multiplier test, White’s test, and Jarque-Bera test), all of which indicate that the proposed models are able to forecast construction workforce demand in the context of global economic turbulence. This paper contributes to the literature by systematically developing advanced models that not only model construction workforce demand, but also examine the impact of the global economic climate on the labor market. It provides policy makers with a practical tool and insight into future workforce demand, which serves to assist to launch an effective human resources strategy in the construction industry.