Miracle-dz/UniFAR-FTUs huggingface dataset:
Stock Repurchase by Tender Offer: An Analysis of the Causes of Common Stock Price Changes

THIS study analyzes the effects of a repurchase of stock by tender offer, a firm action often compared to a cash dividend, because both actions involve a cash flow from the firm to its common stockholders. Firms can repurchase common stock through: (1) privately negotiated purchases, (2) purchases in the secondary market, or (3) tender offers. Of the three methods, tender offers generally involve the largest repurchases of stock and as a consequence are the most promising form of stock repurchase for empirical study. While an issuer tender offer for common stock is similar to a cash dividend, the analogy clearly is not complete, since: (1) A stock repurchase is generally taxed as a capital gain (or loss) while a dividend is taxed as ordinary income in its entirety. (2) A stock repurchase requires an associated decrease in total slfares outstanding while a dividend does not. (3) A stock repurchase is a voluntary transaction by individual shareholders which generally alters relative shareholdings, while a dividend is involuntary and has no effect on relative shareholdings. (4) A right to tender is nontransferable and its value can only be realized by tendering shares or selling shares in the secondary market prior to offer expiration, while a dividend is received by all shareholders. Stock repurchases by tender offer can cause major adjustments in firms' capital structures by increasing leverage and significantly modify stockholders' personal tax liabilities and relative share ownership. Yet, there is little evidence in the literature concerning the price impacts on the firm's securities of the announcement and expiration of tender offers. In the process of bridging this gap, we hope to be able to gain some insights into the effects of capital structure and dividend policy changes.
Lottery expenditures in Canada: a regional analysis of determinants and incidence

This article examines two issues; first, it evaluates the statistical significance of a number of socio-economic and demographic variables on the level of household lottery expenditures in the six regions of Canada. While some household characteristics vary in the extent to which they significantly affect the level of lottery expenditures across regions (wealth, age, occupation, mother tongue and urban location, for example), others are significant in every region. Regional consistency exists in the statistical significance of after tax household income, sex and education of the head of household – lottery expenditures increase as incomes increase; lottery expenditures are significantly lower for female heads of households than for their male counterparts; lottery expenditures decline as the education level of the head of household increases. Second, lottery expenditures are found to be regressive, although the degree of regressivity is less than for lotteries in the United States.
Strategic Integration: Competing in the Age of Capabilities

To develop and sustain competitive advantage, companies must begin thinking about strategy in a more integrated way. First, strategies must be comprehensive: they need to have clear direction and a coherent product-market focus, and they must be supported by incisive operating capabilities and resources and robust organization cultures. Second, strategies must align these dimensions and their subcomponents and ensure that each is well adapted to the competitive environment. Third, all of the elements of strategy need to be orchestrated around a powerful core theme. This article shows how managers can develop each of these aspects of strategic integration.
Long‐term corrosion‐induced copper runoff from natural and artificial patina and its environmental impact

The overall objective of this paper is to present an extensive set of data for corrosion‐induced copper dispersion and its environmental interaction with solid surfaces in the near vicinity of buildings. Copper dispersion is discussed in terms of total copper flows, copper speciation and bioavailability at the immediate release situation, and its changes during transport from source to recipient. Presented results are based on extensive field exposures (eight years) at an urban site, laboratory investigations of the runoff process, published field data, generated predictive site‐specific runoff rate models, and reactivity investigations toward various natural and manmade surfaces, such as those in soil, limestone, and concrete. Emphasis is placed on the interaction of copper‐containing runoff water with different soil systems through long‐term laboratory column investigations. The fate of copper is discussed in terms of copper retention, copper chemical speciation, breakthrough capacities, and future mobilization based on changes in copper concentrations in the percolate water, computer modeling using the Windermere Humic Aqueous Model, and sequential extractions. The results illustrate that, for scenarios where copper comes in extensive contact with solid surfaces, such as soil and limestone, a large fraction of released copper is retained already in the immediate vicinity of the building. In all, both the total copper concentration in runoff water and its bioavailable part undergo a significant and rapid reduction.
TNFA promoter polymorphism and susceptibility to brucellosis

The aim of this study was to investigate the possible influence of the tumor necrosis factor alpha (TNFA) gene promoter polymorphisms and HLA class II genes on the susceptibility to or development of human brucellosis. TNFA genotypes (at positions −308 and −238) were determined in 59 patients with brucellosis and 160 healthy controls by polymerase chain reaction‐restriction fragment length polymorphism. There were no significant differences between the patients and the controls for the TNFA‐238 genotypes. However, when the overall TNFA‐308 genotype distribution of the brucella patients was compared with that of the control subjects, a significant skewing was observed (P = 0·02). The TNFA‐308.1/2 genotype was present at significantly higher frequency in the total patient as a whole compared with control subjects (30% versus 15%; P = 0·01, odds ratio (OR) 2·49, 95% confidence interval (CI) 1·16–5·33). No statistically significant differences in the distribution of HLA‐DRB1 or DQB1 alleles were observed between brucella patients and control subjects. Stratification to correct for interdependence of TNFA‐308.2 and HLA‐DR3 alleles confirmed that, in spite of their strong linkage disequilibrium, the association of TNFA‐308.2 with brucellosis was independent of HLA‐DR3.
Two‐part test of vaccine effect

Vaccine benefit is usually two‐folded: (i) prevent a disease or, failing that, (ii) diminish the severity of a disease. To assess vaccine effect, we propose two adaptive tests. The weighted two‐part test is a combination of two statistics, one on disease incidence and one on disease severity. More weight is given to the statistic with the larger a priori effect size, and the weights are determined to maximize testing power. The randomized test applies to the scenario where the total number of infections is relatively small. It uses information on disease severity to bolster power while preserving disease incidence as the primary interest. Properties of the proposed tests are explored asymptotically and by numerical studies. Although motivated by vaccine studies, the proposed tests apply to any trials that involve both binary and continuous outcomes for evaluating treatment effect. Published 2015. This article is a US Government work and is in the public domain in the USA.
Measurement of business excellence

A structural model has been used for the measurement of business excellence where 14 interrelated latent variables are introduced. The model is based on well-established theories and approaches on business excellence behaviour and draws on currently used various quality dimensions. A typical example of business excellence index (BEI) for a group of companies is given using statistical methods. The BEI presented in this paper will allow the organization to compare diff erent areas of its business both directly and over time. A high score of BEI achieved by this method will encourage the organization to apply for the quality award.
Examining the Relationships between Monitoring and Incentives in Corporate Governance

Agency theory focuses on monitoring and incentives as two solutions to agency problems. Prior research suggests that monitoring and incentives may act either as substitutes or as complements, and that the context of the agency relationship plays a major role in determining the direction of the relationship between them. In a corporate governance setting, we contend that board information and boards' usage of CEO control mechanisms are best viewed as complements. Thus, we hypothesize that boards' information gathering behavior will be positively related to boards' usage of CEO control mechanisms. Using primary and secondary data from 149 US firms, we find that increases in boards' information gathering are associated with increases in boards' usage of managerial controls. These findings suggest that information and managerial control mechanisms act as complements in the governance context, and that boards take a variety of actions to protect the interests of shareholders.
Online interval scheduling

We introduce the online interval scheduling problem, in which a set of intervals of the positive real line is presented to a scheduling algorithm in order of start time. Upon seeing each interval, the algorithm must decide whether or not to \schedule" it. Overlapping intervals may not be scheduled together. We give a strongly 2-competitive algorithm for the case in which intervals must be one of two lengths, either length 1 or length k (cid:29) 1. For the general case in which intervals may have arbitrary lengths, (cid:1), the ratio of longest to shortest interval, is the important parameter. We give an algorithm with competitive factor O((log(cid:1)) 1+(cid:15) ), and show that no O(log(cid:1))- competitive algorithm can exist. Our algorithm need not know the ratio (cid:1) in advance.
Industrial Districts, Magic Circles, and the Restructuring of the Italian Textiles and Clothing Chain

Abstract This article identifies the way in which a firm-centered, value-chain approach to studying the distinctive structure and evolution of the geography of the Italian textile and clothing industries (TCI) offers important insights that qualify the results of district-centered and commodity/value-chain research. Analyses of the functional profiles of textile and clothing companies and of the roles of design, distribution, and services help explain recent trends in industrial concentration and in the national and international fragmentation of value chains. These analyses also give rise to a view of districts as parts of an interdependent geographic division of labor that includes magic circles and delocalized zones of dependent manufacturing. An appreciation of these features of the system is vital for understanding recent trends in the performance of the TCI and the Made in Italy industries more generally.
Why Can’t a Woman Bid More Like a Man?

We investigate gender differences and menstrual cycle effects in first-price and second-price sealed-bid auctions with independent private values in a laboratory setting. We find that women bid significantly higher and earn significantly less than men do in the first-price auction, while we find no evidence of a gender difference in bidding or earnings in the second-price auction. Focusing on the first-price auction, we find that, while the gender gap in bidding and earnings persists over the entire course of the menstrual cycle, bidding of contraceptive pill users follows a sine-like pattern throughout the menstrual cycle, with higher than average bidding in the follicular phase and lower than average bidding in the luteal phase. In comparison, pill non-users have a flat bidding profile throughout the cycle.
Slug is overexpressed in gastric carcinomas and may act synergistically with SIP1 and Snail in the down‐regulation of E‐cadherin

Epithelial–mesenchymal transition (EMT) involving down‐regulation of E‐cadherin is known to play an important role in tumour progression. The aim of our study was to investigate the mRNA expression of two EMT regulators—Slug and E12/E47—in primary human gastric carcinomas and to compare this with the expression of E‐cadherin and other EMT regulators (Snail, Twist, and SIP1). We studied a series of 59 gastric carcinomas by real‐time quantitative RT‐PCR in formalin‐fixed and paraffin‐embedded tissues. Thirty‐four cases (58%) showed Slug up‐regulation in the tumour; reduced or negative expression of E‐cadherin was present in 24 of these (71%, p < 0.0001). Twenty‐one cases (36%) showed E12/E47 up‐regulation that was not significantly associated with E‐cadherin down‐regulation (p = 0.5734). Slug up‐regulation accompanied by E‐cadherin down‐regulation correlated with the presence of distant metastases (p = 0.0029) and with advanced pTNM stages (p = 0.0424). A statistically significant association was found between Slug up‐regulation and the expression of SIP1 in intestinal (p = 0.0014) and Snail in diffuse (p = 0.0067) carcinomas. We present the first study integrating the analysis of several EMT regulators in primary gastric carcinomas and conclude that Slug up‐regulation is associated with E‐cadherin down‐regulation in diffuse and intestinal‐type gastric carcinoma, and that this effect could be complemented by the presence of other EMT regulators. Copyright © 2007 Pathological Society of Great Britain and Ireland. Published by John Wiley & Sons, Ltd.
A time-series prediction approach for feature extraction in a brain-computer interface

This paper presents a feature extraction procedure (FEP) for a brain-computer interface (BCI) application where features are extracted from the electroencephalogram (EEG) recorded from subjects performing right and left motor imagery. Two neural networks (NNs) are trained to perform one-step-ahead predictions for the EEG time-series data, where one NN is trained on right motor imagery and the other on left motor imagery. Features are derived from the power (mean squared) of the prediction error or the power of the predicted signals. All features are calculated from a window through which all predicted signals pass. Separability of features is achieved due to the morphological differences of the EEG signals and each NNs specialization to the type of data on which it is trained. Linear discriminant analysis (LDA) is used for classification. This FEP is tested on three subjects off-line and classification accuracy (CA) rates range between 88% and 98%. The approach compares favorably to a well-known adaptive autoregressive (AAR) FEP and also a linear AAR model based prediction approach.
Response of Venous Membrane Potentials to Calcium Blockade in Spontaneous Hypertension

In situ measurements of transmembrane potential (Em) were made in vascular smooth muscle cells (VSM) of small (250-500 μm) veins in an externalized mesenteric loop in 13- to 15-week-old anesthetized spontaneously hypertensive rats (SHR) and Wistar-Kyoto normotensive controls (WKY). Following local chemical sympathetic denervation with 6-hydroxydopamine, VSM in SHR hyperpolarized from a control value of -37 ± 0.6 to −51 ± 0.4 mV while Era in WKY remained at −50 ± 0.3 mV. Diltiazem (D) and nifedipine (N), but not verapamil (V), selectively hyperpolarized innervated SHR veins presumably by blocking the elevated release of adrenergic neurotransmitter at presynaptic terminals. V, but neither D nor N, depolarized WKY veins (innervated or denervated). None of these calcium (Ca) antagonists altered the Em of denervated veins of SHR. V completely inhibited and D partially inhibited the depolarizing effect of norepinephrine (NE) in VSM of both SHR and WKY. The inhibition by D was more effective in SHR than in WKY. These results support the hypothesis that V (but not D and N) can selectively reduce the intracellular Ca in the unstimulated VSM of WKY (but not of SHR) that regulates potassium conductance. VSM of SHR may possess a greater number or activity of Ca leak channels that are not affected by Ca antagonists. The selectively greater reduction of NE depolarization by V and D in SHR relative to WKY suggests a greater interference in SHR with permeability changes produced by combination of NE with membrane receptors.
PSYCHOSOCIAL AND INTELLECTUAL DEVELOPMENT IN 12 PATIENTS WITH INFANTILE NEPHROPATHIC CYSTINOSIS

ABSTRACT. The psychosocial and intellectual development of 12 children with infantile nephropathic cystinosis was investigated longitudinally by use of biographical data, long‐term behavioral observations and psychological assessment. Of the 12 patients, eleven suffered terminal renal failure and 7 of these were followed up after renal transplantation. In spite of the severe illness and the resulting unusual life conditions the patients showed normal intellectual capacity and most of them average school performance. The patients were socially adapted, their behavior was predominantly cooperative, shy and reserved, but depressive at times. After transplantation the children became more active and outgoing. However, growing discrepancies between their physical development and their emotional and social age may lead to adaptational problems at adolescence which may require psychological counselling.
Bank monitoring, managerial ownership and Tobin's Q: an empirical analysis for India

The paper examines how banking relationships and managerial ownership relate to firm valuation. It is argued that both the number of banking relationships (which serves as an external monitoring function) and managerial ownership (which serves as an internal monitoring function) affect firm value, while internal monitoring by managers and external monitoring by banks were viewed as substitutes or complements. After controlling for the effect of exogenous variables, the results reveal the existence of a complementary monitoring effect between banks and the managerial group. On the other hand, the results indicate that increased external monitoring by banks will simultaneously raise the incentive on the part of managers to engage in internal monitoring. Also, firm valuation is found to be a significant determinant of managerial ownership. A disaggregated analysis of firms according to size and leverage suggests the existence of a complementary monitoring effect between banks and managers, except for small-sized firms. Copyright © 2007 John Wiley & Sons, Ltd.
The fragile X mental retardation 1 gene (FMR1): historical perspective, phenotypes, mechanism, pathology, and epidemiology

Abstract Objectives: To provide an historical perspective and overview of the phenotypes, mechanism, pathology, and epidemiology of the fragile X-associated tremor/ataxia syndrome (FXTAS) for neuropsychologists. Methods: Selective review of the literature on FXTAS. Results: FXTAS is an X-linked neurodegenerative disorder of late onset. One of several phenotypes associated with different mutations of the fragile X mental retardation 1 gene (FMR1), FXTAS involves progressive action tremor, gait ataxia, and impaired executive functioning, among other features. It affects carriers of the FMR1 premutation, which may expand when passed from a mother to her children, in which case it is likely to cause fragile X syndrome (FXS), the most common inherited developmental disability. Conclusion: This review briefly summarizes current knowledge of the mechanisms, epidemiology, and mode of transmission of FXTAS and FXS, as well as the neuropsychological, neurologic, neuropsychiatric, neuropathologic, and neuroradiologic phenotypes of FXTAS. Because it was only recently identified, FXTAS is not well known to most practitioners, and it remains largely misdiagnosed, despite the fact that its prevalence may be relatively high.
Defining the Social Capital of the Board of Directors: An Exploratory Study

ABSTRACT This paper advances the resource dependence and social networks literature by investigating a board's structural social capital created as a consequence of interlocking directorates. Using approaches and measures developed by social network analysis we compare the interpersonal directorship networks of the top 250 companies in the United States and Australia. We find that the smaller, sparser Australian network is only marginally less compact and connected than the larger US network at the firm level of analysis. However, at the director level of analysis the US network is much larger and more connected than its Australian counterpart. As a result, we argue that scholars studying the resource dependence role of boards should consider using measures of interpersonal links as well as traditional measures of inter-firm links.
Proteoglycans in the compressed region of human tibialis posterior tendon and in ligaments

Proteoglycan content and tissue morphology were examined in tendons and ligaments from 24 cadavers, ranging in age at the time of death from 1.5 months to 83 years. The region of the human tibialis posterior tendon that passes under the medial malleolus was characterized by cells having a rounded shape, positive staining with alcian blue, and higher glycosaminoglycanuronic acid content than in the more proximal region of the same tendon. Analysis of proteoglycans by sodium dodecyl sulfate/polyacrylamide gel electrophoresis indicated that the predominant small proteoglycan of the proximal/tensional region was decorin, whereas two types of small proteoglycans (decorin and biglycan) and large proteoglycans were present in the region passing under the medial malleolus and presumably subjected to compressive and shear forces in addition to tension. The pattern of proteoglycan accumulation in the compressed region of tendon was basically similar for all individuals and showed no distinctive trends related to age after puberty. In terms of type and amount of proteoglycan, the patellar tendon was like the tensional region of the tibialis posterior. Glycosaminoglycan content in the lateral collateral ligament and anterior cruciate ligament, however, was twofold higher than in the tendons. The ligaments contained large as well as small proteoglycans, just as in the compressed region of tendon.
Does Trade Openness Make Sense? Investigation of Nigeria Trade Policy

The empirically examined whether trade openness makes sense, using Nigeria trade policy as yardstick. Considering the framework of the traditional trade theories which postulate that trade has positive impact on economic growth, the study employed Autoregressive Conditional Heteroscedasticity (ARCH), Generalized Autoregressive Conditional Heteroscedasticity (GARCH) and Pairwise-Granger causality methodology using secondary data from 1984 to 2013. Results show that trade openness has a significant impact on economic growth. This implies that trade openness make sense in Nigeria given that most of the period under investigation ranged from when Nigeria adopted unrestricted trade policies. The control variables (interest rate and exchange rate) have significant positive effect on economic growth in Nigeria. The pairwise Granger causality test shows that there is a unidirectional causality between economic growth and trade openness at lag one only.