Miracle-dz/UniFAR-FTUs huggingface dataset:
The Timeliness of Accounting Write-Downs by U.S. Financial Institutions During the Financial Crisis of 2007-2008

I examine the timeliness of write-downs taken by U.S. financial institutions during the financial crisis of 2007–2008. The timeliness of write-downs is measured by benchmarking the quarterly accounting write-down schedule with the devaluation schedule implied by exposure-specific credit indices such as the ABX. The results show that the accounting write-downs are less timely than the devaluations implied by credit indices. In a cross-sectional analysis of the determinants of the timeliness of write-downs, I document that corporate governance quality, regulatory investigations, and litigation pressure are positively related to the timeliness of write-downs, whereas the write-downs by firms with higher financial leverage, tighter regulatory constraints, and more complex exposures are less timely. I control for numerous exposure-specific characteristics and document that less risky exposures and exposures that were affected later during the financial crisis were written down later. Regarding the consequences of timeliness, I find that the exposure to risky assets is reflected faster in stock returns for firms with timelier write-downs.
Is Academic Entrepreneurship Good or Bad for Science? Empirical Evidence from the Max Planck Society

Based on new data, this paper studies invention disclosure, licensing, and firm formation activities of Max Planck Institute directors over the time period 1985-2004, and analyzes their effects on scientists' publication and citation records. The results are consistent with prior findings that inventing does not adversely affect research output. More mixed results are obtained with regard to academic entrepreneurship. The analysis raises questions vis-A -vis earlier explanations for positive relationships between inventing and publishing. It finds little evidence than inventors learn from interacting with firms. Likewise, license revenues do not enable scientists to step up their research activities.
Testing the univariate conditional CAPM in thinly traded markets

Traditional tests of asset pricing undertaken within the CAPM framework have to control for nonsynchronous trading and non-trading as well as volatility clustering in especially thinly traded financial markets. This investigation therefore set out to control for nonsynchronous trading and non-trading effects and volatility clustering in the Norwegian equity market. The problem is approached by applying a linear ARMA-GARCH-in-mean lag specification. The ARMA lag specification controls for nonsynchronous trading and non-trading effects in the mean equation. The GARCH lag specification controls for conditional heteroscedasticity and volatility clustering in the latent conditional volatility equation. All lags are Schwarz efficient. The results suggest that the conditional CAPM cannot be rejected but the in-mean parameter in ARMA-GARCH-in-mean specifications show very low statistical significance except for daily data. The result therefore suggests a compensation for risk only for short time-horizons and the in-mean parameter in ARMA-GARCH-in-mean lag specifications is a poor proxy for risk in the conditional CAPM sense. Conditional heteroscedasticity and volatility clustering need to be controlled for in daily and weekly time intervals while nonsynchronous trading needs to be controlled for in daily, weekly and monthly time intervals.
Business Environment and New Firm Creation: An International Comparison

Abstract The health of the entrepreneurial sector is becoming even more important to governments as the babyboom generation begins to retire in many industrialized countries. This empirical study investigates the effect that various aspects of a nation's business environment have on new firm creation rates. In a cross-section sample of 64 nations in 2003, we find economic freedom, property rights and corruption to be the most important business environment measures in explaining cross-country differences in the number of new firm start-ups. For governments preparing to deal with the adverse economic effects of the coming demographic change, the results of this study point out the type of policies that are associated with higher level of entrepreneurial activity.
Test function embedding algorithms with application to interconnected finite state machines

The authors present new algorithms for embedding a test function in the state diagram of a finite state machine. When possible, the test function is embedded in the given object machine without using an extra input line. When such embedding is not possible, an extra input line is added to the object machine to make the embedding possible. For the extra input case, partition theory and the state variable dependencies of the object machine are used to obtain a mapping of the test machine states onto the object machine states. This mapping introduces a minimum number of extra state variable dependencies in the augmented machine as compared to the dependencies in the object machine. Experimental results on several MCNC benchmarks show that the method yields augmented machine implementations that have smaller areas than the corresponding full scan designs. The test generation complexity for the augmented machine implementation is the same as that for a full scan design. The embedding of test functions in machines specified as interconnection of finite state machines is also considered. <<ETX>>
Dose Finding With the Sequential Parallel Comparison Design

The sequential parallel comparison design (SPCD) is a two-stage design recommended for trials with possibly high placebo response. A drug–placebo comparison in the first stage is followed in the second stage by placebo nonresponders being re-randomized between drug and placebo. We describe how SPCD can be used in trials where multiple doses of a drug or multiple treatments are compared with placebo and present two adaptive approaches. We detail how to analyze data in such trials and give recommendations about the allocation proportion to placebo in the two stages of SPCD.
Institute of medicine 2009 gestational weight gain guideline knowledge: survey of obstetrics/gynecology and family medicine residents of the United States.

BACKGROUND In 2009, the Institute of Medicine revised gestational weight gain recommendations; revisions included body mass index (BMI) category cut-point changes and provision of range of gain for obese women. Our objective was to examine resident prenatal caregivers' knowledge of revised guidelines. METHODS Anonymous electronic survey of obstetrics/gynecology and family medicine residents across the United States from January to April 2010. RESULTS Overall, 660 completed the survey; 79 percent female and 69 percent aged between 21 and 30. When permitted to select ≥ 1 response, 87.0 percent reported using BMI to assess weight status at initial visits, 44.4 percent reported using "clinical impression based on patient appearance," and 1.4 percent reported not using any parameters. When asked the most important baseline parameter for providing recommendations, 35.8 percent correctly identified prepregnancy BMI, 2.1 percent reported "I don't provide guidelines," and 4.5 percent reported "I do not discuss gestational weight gain. " Among respondents, 57.6 percent reported not being aware of new guidelines. Only 7.6 percent selected correct BMI ranges for each category, and only 5.8 percent selected correct gestational weight gain ranges. Only 2.3 percent correctly identified both BMI cutoffs and recommended gestational weight gain ranges per 2009 guidelines. CONCLUSIONS Guideline knowledge is the foundation of accurate counseling, yet resident prenatal caregivers were minimally aware of the 2009 Institute of Medicine gestational weight gain guidelines almost a year after their publication.
Bargaining over the price of a product: delightful anticipation or abject dread?

The literature provides substantial evidence of gender differences in the level of assertive and/or competitive traits an individual is likely to exhibit. Further, it has been established that those individual differences are related to certain exchange strategies employed by each gender. The primary research objectives in this study were, first, to develop a reliable pencil‐and‐paper scale assessing consumers’ propensity to employ bargaining tactics in marketing exchange situations; and second, to investigate gender differences in consumers’ bargaining propensity. The results of the study showed that the first research objective was successfully achieved in the form of the Bargaining Propensity Scale, and that statistically significant gender differences in bargaining propensity scores did occur. Managerial implications and avenues for future research are discussed.
Multiple Semantic Matching on Augmented $N$ -Partite Graph for Object Co-Segmentation

Recent methods for object co-segmentation focus on discovering single co-occurring relation of candidate regions representing the foreground of multiple images. However, region extraction based only on low and middle level information often occupies a large area of background without the help of semantic context. In addition, seeking single matching solution very likely leads to discover local parts of common objects. To cope with these deficiencies, we present a new object co-segmentation framework, which takes advantages of semantic information and globally explores multiple co-occurring matching cliques based on an $N$ -partite graph structure. To this end, we first propose to incorporate candidate generation with semantic context. Based on the regions extracted from semantic segmentation of each image, we design a merging mechanism to hierarchically generate candidates with high semantic responses. Second, all candidates are taken into consideration to globally formulate multiple maximum weighted matching cliques, which complement the discovery of part of the common objects induced by a single clique. To facilitate the discovery of multiple matching cliques, an $N$ -partite graph, which inherently excludes intra-links between candidates from the same image, is constructed to separate multiple cliques without additional constraints. Further, we augment the graph with an additional virtual node in each part to handle irrelevant matches when the similarity between the two candidates is too small. Finally, with the explored multiple cliques, we statistically compute pixel-wise co-occurrence map for each image. Experimental results on two benchmark data sets, i.e., iCoseg and MSRC data sets achieve desirable performance and demonstrate the effectiveness of our proposed framework.
The Sensitivity of Productivity Growth Measures to Alternative Structural and Behavioral Assumptions: An Application to Electric Utilities 1951–1984

This article examines the sensitivity of three alternative multifactor productivity growth estimates for the electric-utility industry during the 1951-84 period. The results indicate that multifactor productivity growth estimates are quite sensitive to the relaxation of various structural and behavioral assumptions. First, a benchmark measure is contructed along the line as suggested by Solow (1957). This "residual" approach produces estimates that suggest a substantial decline in firm-level productivity growth after the mid-1960s. Prior to obtaining the second and third estimates, empirical tests of the structural and behavioral assumptions underlying a firm's operation are conducted. First, the structural assumption of constant returns to scale is rejected, and the resulting long-run scale-adjusted multifactor productivity growth estimates are found to be consistently less than the residual estimates. Second, the behavioral assumption of long-run equilibrium is rejected. Comparing the long-run scale-adjusted estimates to scale-adjusted short-run multifactor productivity growth estimates reveals substantial differences.
‘Law and Finance’: Inaccurate, Incomplete, and Important

La Porta, Lopez-de-Silanes, Shleifer and Vishny’s (LLSV) purported demonstration in Law and Finance (1998) of a correlation between the legal origins of a country and its stock market development and ownership dispersion, mediated through the protection of minority shareholders as against directors, has been subjected to enough further, careful analysis that we can see both the inaccuracies of their views, but also the importance of their research. In this Essay, we suggest that economic sociology has much to add to the understanding of the implications derived from raw facts of ownership patterns within countries. There are provocative hints that companies with controlling shareholders can actually outperform companies with dispersed shareholders, contingent on the nature of the owners (family, state, bank, parent company, etc.), the type of industrial sector, the stage of the firm’s life cycle, and the other institutional arrangements in the country. Putting ownership patterns on the agenda of academic inquiry was clearly an important contribution by LLSV. Understanding what those patterns imply about firm performance, within different institutional arrangements and complementarities, is yet to be fully addressed, either in their work or in comparative corporate governance generally.We also suggest that it is important to understand the contributions of legal origins to positive economic measures of a country’s health, fully conceived. Financial measures alone, such as measures of stock market capitalization per GDP, do not suffice to provide that understanding. In light of the collapse of innovative financialization over the past year, and the resulting global recession, we should re-examine LLSV’s fundamental conceptions – and perhaps misconceptions – of the value of stock market capitalization per se as a measure of healthy economics.
International mutual fund selectivity and market timing during up and down market conditions

This study examines the selectivity and market-timing ability of international mutual fund managers. Ninety-seven international mutual funds with a minimum of five-year return history selected from the Morningstar On Disc database are analyzed. Our findings suggest that managers of international mutual funds possess good selectivity and overall performance. We also find weak evidence of poor market-timing ability. Consistent with prior findings from domestic mutual funds, there is a negative correlation between the international fund managers' selection ability and market-timing ability. Finally, managers for European funds show poorer performance than those managing the other three international fund groups. Copyright 1998 by MIT Press.
The applicability of quality management systems and models to higher education

Purpose – The main purpose of this paper is study to what extent the idea of a total quality management (TQM) system (Deming, ISO, Baldrige, and EFQM) which is borrowed from business is applicable in a higher education institution.Design/methodology/approach – A meta‐evaluation methodology is used which emphasises Rovik's seven theoretical assumptions on how management ideas are spread in a given sector.Findings – The findings of this paper reveal that that in many cases the current evidence of application of TQM is not compatible with the assumed criteria of the Rovik model. The quality systems are not often socially acceptable, they do not follow a clear philosophy and theory, do not show the productivity of institutions, are less progressive, have low harmonies, unrealistically publicized but in terms of individualized aspects there are some supportive successful case applied in non‐academic higher education.Originality/value – The value and new message of this paper is its investigation of the fitness.
Safety of an intra-oral hearing device utilizing a split-mouth research design.

OBJECTIVE The auditory deficits of Single Sided Deafness (SSD) can be treated effectively with a novel device, SoundBite, that delivers sound by applying imperceptible vibratory signals to the teeth (hereafter referred to as an intra-oral hearing device). The intra-oral hearing device is placed around two maxillary teeth and is similar to a small partial denture or retainer. The goal of this study was to report how this removable hearing device affects the oral structures. METHODS Twenty-two SSD patients wearing an intra-oral hearing device were enrolled in a prospective study for six months. Differences (delta) between the device-anchoring teeth and the equivalent contralateral non-device teeth were evaluated with four dental parameters using a paired t-test. Hearing thresholds were evaluated as a function of alveolar bone support using linear regression. RESULTS Compared to the non-device teeth, the hearing device teeth did not exhibit any increased recession (delta = 0.1 mm, p-value = 0.48), increased pocket depth (delta = 0.0 mm, p-value = 0.48), increased root resorption (delta = 4%, p-value = 0.43), or increased alveolar bone loss (delta = 0.0 %, p-value = 0.43). There was no association between the amount of alveolar support and hearing thresholds (delta = 0.2, p-value = 0.34). CONCLUSION The intra-oral component of the hearing device did not adversely affect the dental structures of the subjects in this trial.
Transferring HR practices within multinational corporations

There is extensive evidence that planned transfers of management practices by the headquarters of multinational corporations (MNCs) to foreign subsidiaries are not always successful. In this article, we outline a model of factors influencing the transfer of HR practices to MNC units abroad. The article has two main contributions. First, we develop a more holistic understanding of the outcome of HR practice transfer as encompassing three dimensions: implementation, internalisation and integration. Second, we expand current explanations of transfers of practices to foreign units. We argue that transfer of HR practices is a social process where the governance mechanisms used by the MNC, characteristics of the subsidiary HR systems, the social relationship between the subsidiary and MNC headquarters, and the transfer approach taken by headquarters management will influence the outcome of the process.
Evidence for function of Ia molecules on gut epithelial cells in man

Using freshly isolated Ia+ gut epithelial cells we have been able to demonstrate that these cells can function as accessory cells in an immune response. The cells can act as stimulators in both autologous and allogeneic MLRs. More importantly, these cells are capable of taking up the soluble antigen, tetanus toxoid, processing it, and presenting it to tetanus-primed T cells. These functions appear to relate to the presence of surface Ia in that a hetero-anti-Ia antibody can block these effects. Noteworthy is the finding that the subpopulation of T cells stimulated when epithelial cells are used as accessory cells is the T8+, 9.3-T cell. These cells function as potent antigen-nonspecific suppressor cells in both MLR, T cell antigen responses, and induction of B cell differentiation by PWM. These findings have significant implications in local gut immune responses and may help explain several poorly characterized phenomena of mucosal immunity.
Determining Citizen Satisfaction with Local Public Education in Indonesia: The Significance of Actual Service Quality and Governance Conditions

Indonesians appear content with local public education, despite independent concerns about quality in the international context. Over 85 percent of respondents from the recent Governance and Decentralization Survey claim to be at least somewhat satisfied with primary school education. This study argues that the generally high levels of reported satisfaction are probably exaggerated because of courtesy bias, low expectations, and optimistic predispositions. Survey responses are best thought of as indicative of relative, and not absolute, levels of satisfaction. The empirical examination shows that objective measures of service quality and governance conditions are both significant determinants of the probability that households are satisfied with local public education. The significance of governance holds regardless of whether pertinent variables are assumed to be exogenous or whether they are specified as endogenously determined, although the endogenous specification performs much better, in general. The evidence suggests a cautious approach toward the use and interpretation of score card initiatives, which attempt to employ citizen satisfaction as a close proxy for actual quality of services, in nonrandom samples, and without controlling for other factors. In addition, the results provide a novel rationale for improving the local governance environment. Copyright (c) 2009 Copyright the Authors. Journal compilation (c) 2009 Wiley Periodicals, Inc.
Banking structure and employment growth

Recent studies have documented an association between financial structure and per capita income growth. The relationship between financial structure and job growth, by contrast, is an unexplored issue of independent interest. Here we find that US nonmetropolitan employment grew faster in 1973–1996 where there were fewer locally owned bank offices and a more concentrated initial banking market structure; these linkages were less stable in metropolitan areas. In addition, controlling for employment growth does not undermine the empirical linkage between initial bank structure and subsequent per capita income growth.
The effect of audit committee performance on earnings quality

Purpose – The role of audit committees in ensuring the quality of corporate financial reporting has come under considerable scrutiny due to recent high‐profile “earnings management” cases and the collapse of Enron. The purpose of this paper is to examine the association between the characteristics of audit committees (size, independence, financial expertise, activity, and stock ownership) and earnings restatement – a direct measure of earnings management.Design/methodology/approach – Univariate correlations and multivariate statistical analyses are performed. In particular, a multivariate logistic regression model is used.Findings – Evidence suggests a negative association between the size of audit committees and the occurrence of earnings restatement. The remaining four audit committee characteristics are not found to have a significant impact on the quality of reported earnings.Research limitations/implications – This study focuses on the fiscal year 2000 only. As data become available for more fiscal y.
Trends and cycles in Euro area real GDP

This article examines the time-series properties of real Gross Domestic Product (GDP) in the Euro area as a whole, both prior to and after the adoption of the Euro in January 1999. We employ the relatively recent ‘optimal approximation’ band pass filter developed by Christiano and Fitzgerald (2003) in order to identify a Eurozone business cycle. We also utilize two alternative assumptions regarding the behaviour of the trend component of Euro area real GDP. The empirical results suggest that the single currency experiment appears to have reduced trend growth in the Eurozone, both ex ante during the Maastricht nominal convergence phase, and also ex post, during the period 2001Q1 to 2006Q1. With respect to cyclical behaviour, we identify a very robust measure of the Eurozone business cycle in the post-1994 period which does not appear to be sensitive to the particular assumption made regarding the trend rate of growth of real GDP.
The decollectivisation of trade unions? Ballots and collective bargaining in the 1980s

Balloting has been held to undermine collective decision making within unions. This article, based upon analysis of the rule books of all TUC affiliated unions and case study material, outlines the law on balloting and collective bargaining, and examines the response to legislative changes. The authors argue that although legislation has led to greater formalisation and centralisation in decision-making on collective action, decision-making remains collective.