Miracle-dz/UniFAR-FTUs huggingface dataset:
The impact of portfolio re-financing on Black–Scholes call option valuation

The theory of Black and Scholes is the basis for all contemporary financial option valuation methods. It is based on the change in value of a portfolio consisting of stocks and options on those stocks in a short time interval, at the end of which the portfolio is renewed. The money value of portfolio renewal is ignored in the Black–Scholes theory. If the cost of portfolio re-financing is included in the Black–Scholes methodology, this leads to a closed form formula for the value of a European call option. In contrast to the outcome of the original Black–Scholes theory, this formula includes the price drift of the underlying asset.
Seperability of four-class motor imagery data using independent components analysis

This paper compares different ICA preprocessing algorithms on cross-validated training data as well as on unseen test data. The EEG data were recorded from 22 electrodes placed over the whole scalp during motor imagery tasks consisting of four different classes, namely the imagination of right hand, left hand, foot and tongue movements. Two sessions on different days were recorded for eight subjects. Three different independent components analysis (ICA) algorithms (Infomax, FastICA and SOBI) were studied and compared to common spatial patterns (CSP), Laplacian derivations and standard bipolar derivations, which are other well-known preprocessing methods. Among the ICA algorithms, the best performance was achieved by Infomax when using all 22 components as well as for the selected 6 components. However, the performance of Laplacian derivations was comparable with Infomax for both cross-validated and unseen data. The overall best four-class classification accuracies (between 33% and 84%) were obtained with CSP. For the cross-validated training data, CSP performed slightly better than Infomax, whereas for unseen test data, CSP yielded significantly better classification results than Infomax in one of the sessions.
Type of sport is related to injury profile: A study on cross country skiers, swimmers, long‐distance runners and soccer players. A retrospective 12‐month study

This 12‐month retrospective questionnaire compared the occurrence of sports injuries in 149 cross country skiers, 154 swimmers, 143 long‐distance runners and 128 soccer players aged 15–35 years. Soccer had significantly more injuries (5.1 injuries/1000 exposure hour) than other sports (2.1–2.8, P<0.001). More runners than soccer players reported overuse injuries (59% vs 42%, P=0.005), locating typically in the foot in runners, soccer players and skiers. Swimmers reported overuse injuries in the shoulder more commonly than skiers (40% vs 1%, P<0.001), who also intensively load shoulders. Acute injuries in skiers (80%) and in swimmers (58%), and overuse injuries in skiers (61%), occurred during exercise other than own event. In soccer and running the absence time from sport because of injuries was significantly longer than in skiing and swimming. No severe permanent disabilities occurred due to injury but seven women quit sports because of injury. In conclusion, type of loading is strictly associated with the anatomical location of an overuse injury as shown by the difference in shoulder injury incidence between swimmers and cross country skiers. In some sports, a significant proportion of acute injuries occur in other than the main event.
Local-field-enhancement model of DRAM retention failure

We have developed the local-field-enhancement model of the tail component of DRAM (dynamic random access memory) retention-time distribution. The model is in excellent agreement with experiments and proposes to control not the number but the energy-level distribution of traps and to reduce the space-charge-region-field variation together with the field itself to increase the retention time.
The size anomaly on the Taiwan Stock Exchange

This paper examines the size anomaly on the Taiwan Stock Exchange over the period 1971-93. Using a sample of all listed stocks, this research finds that the smallest size quintile earns a significantly higher abnormal return than other four size portfolios over the whole sample period. Moreover, the size anomaly cannot be attributed to the January effect. The smallest size quintile performs better than the average of the other four size quintiles in almost every month.
Green visions and democratic constraints : the possibility and design of democratic institutions for environmental decision-making

This thesis addresses a recurrent question of our time – whether democracy can secure environmental sustainability – by drawing on literatures in the normative theory of democracy, social choice theory and environmental politics. I propose a basic, yet substantial organising principle, the ‘dilemma of green democracy’, which maps out the possibility of realising green outcomes under democratic constraints. Interdisciplinary ideas from neighbouring disciplines are also imported for the purpose of studying the design of good environmental-democratic institutions. The analytical framework is an integrated one, comprising formal choice theory and normative democratic theory. The first part of the thesis focuses on the possibility of environmentaldemocratic institutions. Chapter 1 introduces the dilemma of green democracy – a conflict between three plausible desiderata for environmental democracy – and suggests several proposals for avoiding the dilemma. It concludes that, as long as the dilemma is resolved, it is logically possible to construct environmental-democratic institutions. Chapters 2, 3 and 4 assess the desirability of the different proposals in terms of procedure and outcome. The general conclusion is that whether these proposals are desirable depends on a number of conditions and/or contextual factors. The second part of the thesis examines the substantive issues in designing environmental-democratic institutions. Chapter 5 discusses how the discursive dilemma in social choice theory and the normative ends of deliberation constrain the inputs of such institutions. Chapter 6 demonstrates how the concept of distributed cognition, drawn from cognitive/computer science, reconciles the tension between technocracy and democracy. Chapter 7 suggests how the theory of cognitive dissonance, drawn from psychology, challenges the epistemic performance of practicable (environmental-) deliberative-democratic institutions. The overall conclusion is two-fold. First, democracy can, at least in principle, secure environmental sustainability, provided that the dilemma of green democracy is resolved. Second, interdisciplinary ideas are useful for designing good democratic institutions for collective environmental decision-making. This conclusion has implications not only for intellectual enquiry, but also for institutional design in practice.
OPPORTUNITY COST OF DEFENSE: AN EVALUATION IN THE CASE OF FRANCE

The aim of this article is to explore the defense–growth relationship in France. In particular, in the context of the crisis, we would like to compare the effects of military and nonmilitary spending on growth. Our results reveal that this is a complex relationship with a bidirectional causality. In the long run, defense expenditure exerts a positive influence and outperforms the impact of nondefense expenditure. However, an opportunity cost arises in the short run.
DNA sequence analysis of the photosynthesis region of Rhodobacter sphaeroides 2.4.1.

This paper describes the DNA sequence of the photosynthesis region of Rhodobacter sphaeroides 2.4. 1 (T). The photosynthesis gene cluster is located within a approximately 73 kb Ase I genomic DNA fragment containing the puf, puhA, cycA and puc operons. A total of 65 open reading frames (ORFs) have been identified, of which 61 showed significant similarity to genes/proteins of other organisms while only four did not reveal any significant sequence similarity to any gene/protein sequences in the database. The data were compared with the corresponding genes/ORFs from a different strain of R.sphaeroides and Rhodobacter capsulatus, a close relative of R. sphaeroides. A detailed analysis of the gene organization in the photosynthesis region revealed a similar gene order in both species with some notable differences located to the pucBAC = cycA region. In addition, photosynthesis gene regulatory protein (PpsR, FNR, IHF) binding motifs in upstream sequences of a number of photosynthesis genes have been identified and shown to differ between these two species. The difference in gene organization relative to pucBAC and cycA suggests that this region originated independently of the photosynthesis gene cluster of R.sphaeroides.
On a Theorem of Arrow

In a famous article [1], Arrow studied the allocation of risk-bearing in a competitive economy consisting of I individuals, C commodities and S states. Two schemes were considered. The first scheme was one equipped with S x C complete contingent commodity claims. These claims were assumed to be tradable in the market. The second scheme, in contrast, was equipped with S types of independent2 money claims and a set of C " spot " markets to be opened upon the occurrence of a particular state. Arrow then arrived at a remarkable conclusion (his Theorem 2) that the two schemes would lead to the same optimal allocation of risk-bearing. The " social significance" of the second scheme, he said, was that " it permits economizing on markets; only S+ C markets are needed to achieve the optimal allocation, instead of the SC markets ". I wish to argue, however, that the two schemes will not generally lead to the same allocation and consequently that the theorem is false.
Activity patterns, socioeconomic status and urban spatial structure: what can social media data tell us?

ABSTRACT Individual activity patterns are influenced by a wide variety of factors. The more important ones include socioeconomic status (SES) and urban spatial structure. While most previous studies relied heavily on the expensive travel-diary type data, the feasibility of using social media data to support activity pattern analysis has not been evaluated. Despite the various appealing aspects of social media data, including low acquisition cost and relatively wide geographical and international coverage, these data also have many limitations, including the lack of background information of users, such as home locations and SES. A major objective of this study is to explore the extent that Twitter data can be used to support activity pattern analysis. We introduce an approach to determine users’ home and work locations in order to examine the activity patterns of individuals. To infer the SES of individuals, we incorporate the American Community Survey (ACS) data. Using Twitter data for Washington, DC, we analyzed the activity patterns of Twitter users with different SESs. The study clearly demonstrates that while SES is highly important, the urban spatial structure, particularly where jobs are mainly found and the geographical layout of the region, plays a critical role in affecting the variation in activity patterns between users from different communities.
A, B or C? Experimental Tests of IPO Mechanisms

Empirical research has provided extensive evidence on the inefficiency of bookbuilding in controlling underpricing. Both academics and practitioners have investigated this phenomenon proposing innovative offering methodologies. In this paper we explore the information revelation and underpricing properties of two baseline models, uniform auctions and bookbuilding, and two newly proposed mechanisms, Ausubel auction and Competitive IPO. Our findings confirm the empirical weaknesses of bookbuilding and provide hints that standard auctions may stimulate less bidding. However, (a) the Competitive IPO features increase competition both among banks and among investors resulting in more information revelation and less underpricing than standard bookbuilding; and (b) the Ausubel auction yields superior price discovery and underpricing outcomes than uniform clock auction and bookbuilding. Our experimental results provide novel insights into the ongoing debate on optimal equity offering mechanisms, suggesting that the solution to current issuing methodologies shortcomings may require the development of a ‘hybrid’ procedure blending properties of existing and new mechanisms.
Fitness‐related differences in the rate of whole‐body evaporative heat loss in exercising men are heat‐load dependent

What is the central question of this study? Aerobic fitness modulates heat loss, but the heat‐load threshold at which fitness‐related differences in heat loss occur in young healthy men remains unclear. What is the main finding and its importance? We demonstrate using direct calorimetry that aerobic fitness modulates heat loss in a heat‐load‐dependent manner, with fitness‐related differences occurring between young men who have low and high fitness when the heat load is ∼≥500 W. Although aerobic fitness has been known for some time to modulate heat loss, our findings define the precise heat‐load threshold at which fitness‐related differences occur.
Small Firms and Environmental Management

The purpose of this study was to determine if any factors exist which can be used to predict the level of environmentally responsible ('green') business behaviour amongst SMEs (small and medium-sized enterprises). The variables examined included environmental attitudes of owner/managers, personal demographic variables (age, gender and education level) of the owner, and key external variables (consumer demand, capital availability, firm size, time and information resources). The owner/managers of 154 retail pharmacies in Western Australia were examined. The results showed a high level of 'green' attitudes amongst owners, but no statistically significant relationship between attitudes and their firm's actual performance. None of the demographic characteristics of the owner/managers were related to actual levels of environmental performance. However, two external variables (the amount of time available for owners to undertake discretionary business activity, and the level of environmental information available to business owners) were found to be significantly positively related to a firm's 'green' activities.
Financial stress, economic activity and monetary policy in the ASEAN-5 economies

This article uses a structural vector autoregression approach to analyse the impact of financial stress on the economy and the relationship between monetary policy and financial stress in the ASEAN-5 economies (Indonesia, Malaysia, Philippines, Singapore and Thailand). We find that an increase in financial stress leads to tighter credit conditions and lower economic activity in all five countries. The estimated impact on the real economy displays an initial rapid decline followed by a gradual dissipation. In Malaysia, the Philippines and Thailand, the central banks tend to reduce policy interest rates (IRs) when financial stress increases, although there is substantial cross-country variation in the magnitude and time dynamics. The lower policy IRs are found to have little significant effects in lowering financial stress, but are still effective in stimulating economic activity through other channels. These findings imply that easing monetary policy is likely necessary but insufficient to address growth slowdowns associated with financial stress. Monetary easing should instead be complemented with other policy measures which are targeted at restoring financial stress to normal levels.
Intake of α-linolenic acid and other fatty acids in relation to the risk of bladder cancer: results from the New Hampshire case–control study

The role of dietary fat in bladder cancer aetiology is currently unclear due to few studies, equivocal findings and a lack of information on important dietary fatty acids. The aim of the present study was to investigate the association between the intake of major dietary fats and fatty acids and the risk of bladder cancer. A case–control study was conducted in New Hampshire, USA. Dietary data were collected from 322 cases and 239 controls, and OR and 95 % CI were calculated using unconditional logistic regression. Adjustment was made for potential confounders: sex, age, smoking status, pack-years smoked, cholesterol and energy intake. Statistically significant reduced odds of bladder cancer were observed for high intakes (highest quartile v. lowest quartile) of α-linolenic acid (ALA) (OR 0·26, 95 % CI 0·10, 0·65; P for trend = 0·01) and vegetable fat (OR 0·39, 95 % CI 0·18, 0·86; P for trend = 0·03). Borderline statistically significant reduced odds were detected for polyunsaturated fat (OR 0·43, 95 % CI 0·19, 0·98; P for trend = 0·07) and linoleic acid (OR 0·43, 95 % CI 0·19, 0·96; P for trend = 0·06). These fats and fatty acids were highly correlated and following adjustment for each other, the only potential inverse association to remain was for ALA. The present findings suggest that ALA may have a protective role against developing bladder cancer; however, further investigation and replication in other epidemiological studies are required. Future research should focus on the type, source and quantities of different dietary fatty acids consumed.
Bilateral Trade Flows, the Linder Hypothesis, and Exchange Risk

Bilateral trade flows are used to examine the Linder hypothesis and the effect of exchange-rate variability in a gra vity-type trade model derived from an underlying demand and supply mo del. A behavioral model is used to justify examining these issues joi ntly. The model performs well empirically using a sample of seventeen countries for the period 1974-82. The authors find overwhelming supp ort for the Linder hypothesis and this version of the gravity model. Moreover, they find strong support for the hypothesis that increased exchange-rate variability affects bilateral trade flows. Copyright 1987 by MIT Press.
Linkage Formation by Small Firms: The Case of A Rural Cluster in Indonesia

This paper analyses forward linkages formed by small firms in Ceper, a rural metal-casting cluster in Central Java, and examines the effects of these linkages in promoting the firms' development. Firms in the cluster have developed subcontracting linkages with assemblers in the urban modern sector, and putting-out linkages with wholesalers located in the cities. The linkages provide benefits beyond product sales: some firms are stimulated to improve technological capabilities through subcontracting linkages with assemblers; others are supported by trade credits embedded in linkages with wholesalers. In comparing these effects with external assistance, the firms rate technological help from private institutions with a business orientation more highly than that from assemblers, and support from wholesalers more highly than any other source of financial assistance. Government assistance receives a relatively low rating. There is little evidence of effects of clustering, partly because firms consider linkages with the outer economy more strategic.
Eingliederungszuschüsse und Entgeltsicherung für Ältere: Analysen auf Basis natürlicher Experimente

This paper describes the results of an evaluation of integration subsidies (Eingliederungszuschuss) and wage subsidies (Entgeltsicherung) for older employees in Germany. We examine if unemployed eligible to these subsidies get work earlier than in a situation without these instruments of active labour market policy. The results of this evaluation were obtained on the basis of natural experiments using the most comprehensive data source available in Germany for these purposes, the integrated employment histories (IEB). Our estimations show that there are few deadweight losses and that additional jobs have been created for the eligible group by integration subsidies. There are no significant effects of wage subsidies, however. Dieses Papier beschreibt Ergebnisse einer Evaluation von Eingliederungszuschussen (EGZ) und Entgeltsicherung fur altere Arbeitnehmer. Es wird untersucht, ob forderberechtigte Personen im Vergleich zur Situation ohne diese Instrumente fruher aus Arbeitslosigkeit in Beschaftigung wechseln. Die Ergebnisse der Evaluation wurden auf Basis naturlicher Experimente und unter Verwendung der reichhaltigsten Datenquelle in Deutschland, den Integrierten Erwerbsbiographien (IEB), bestimmt. Die Schatzungen weisen nicht auf Mitnahmeeffekte hin und zeigen, dass durch die Forderung durch EGZ zusatzliche Arbeitsplatze entstanden. Fur die Entgeltsicherung ergeben sich keine signifikanten Effekte.
Effect of raindrop size distribution variability in dual-frequency radar rain retrieval algorithms assessed from disdrometer measurements

The effect of natural variation of raindrop size distribution (DSD)on the retrieval of rainfall rate from the dual-frequency (13.6/35.5 GHz,as will be in the Global Precipitation Measurement Mission) Precipitation Radar (DPR) measurements is studied by utilizing a large set of disdrometer-measured DSD data through a simple simulation framework. A DPR inversion technique(DPR-IT) that focuses on the retrieval of DSD information from the non-Rayleigh backscattering characteristic of the hydrometeors and a conventional DPR technique(DPR-CT) that focuses on the independent retrieval of rainfall rate from the attenuation measurement are considered in this analysis. The preliminary results show that at different rainfall rate regions these methods have different responses to the DSD variability. For instance, it appears that DPR-IT suffers relatively less from the DSD variability in the regions of weak to moderate rainfall rate (/spl bsol/ mm /spl middot/ h/sup -1/),while in the strong rainfall rate (>/spl sim/10 mm /spl middot/ h/sup -1/) region the DPR-CT generally has less sensitivity to DSD variations than the DPR-IT.
Metabolic interconversion of free sterols and steryl esters in Saccharomyces cerevisiae

The interconversion of free and esterified sterols was followed radioisotopically with [U-14C]acetate and [methyl-14C]methionine. In pulse-chase experiments, radioactivity first appeared mainly in unesterified sterols in exponential-phase cells. Within one generation time, the label equilibrated between the free and esterified sterol pools and subsequently accumulated in steryl esters in stationary-phase cells. When the sterol pools were prelabeled by growing cells aerobically to the stationary phase and the cells were diluted into unlabeled medium, the prelabeled steryl esters returned to the free sterol form under several conditions. (i) During aerobic growth, the prelabeled sterols decreased from 80% to 45% esters in the early exponential phase and then returned to 80% esters as the culture reached the stationary phase. (ii) Under anaerobic conditions, the percentage of prelabeled steryl esters declined continuously. When growth stopped, only 15% of the sterols remained esterified. (iii) In the presence of an inhibitor of sterol biosynthesis, which causes accumulation of a precursor to ergosterol, prelabeled sterols decreased to 40% steryl esters while the precursor was found preferentially in the esterified form. These results indicate that the bulk of the free sterol and steryl ester pools are freely interconvertible, with the steryl esters serving as a supply of free sterols. Furthermore, there is an active cellular control over what types of sterol are found in the free and esterified sterol pools.