Miracle-dz/UniFAR-FTUs huggingface dataset:
Asset Pricing for Idiosyncratically Incomplete Markets

We present a rigorous analysis of idiosyncratically incomplete markets with heterogeneous agents. Our model is an extension of the classic Constantinides and Duffie (1996) that, among other important differences, allows for trade. We rigorously expand asset returns in the idiosyncratic risk and heterogeneity and then extract important economic information from the coefficients. In particular, we give a rational factor analysis of idiosyncratic risk. We calculate the response of some thirteen well known stylized facts to both idiosyncratic risk and heterogeneity. Of particular interest, we identify an explicit mechanism through which the growth rate of idiosyncratic risk increases equity returns and their volatility, but, (in stark contrast to models without trade) at the same time, leaves risk free rates virtually unchanged. Among other results, we find (to our own surprise) that the equity premium increases relative to the background complete market when the idiosyncratic risk process is (contradicting the conventional wisdom) procyclical and its growth rate is above an explicit threshold. We also show that countercyclicity of the idiosyncratic risk process forces term premia to be negative, contrary to empirical data, and also forces countercyclicity of price dividend ratios, again, contrary to empirical data.
Human Trajectory Prediction using Spatially aware Deep Attention Models

Trajectory Prediction of dynamic objects is a widely studied topic in the field of artificial intelligence. Thanks to a large number of applications like predicting abnormal events, navigation system for the blind, etc. there have been many approaches to attempt learning patterns of motion directly from data using a wide variety of techniques ranging from hand-crafted features to sophisticated deep learning models for unsupervised feature learning. All these approaches have been limited by problems like inefficient features in the case of hand crafted features, large error propagation across the predicted trajectory and no information of static artefacts around the dynamic moving objects. We propose an end to end deep learning model to learn the motion patterns of humans using different navigational modes directly from data using the much popular sequence to sequence model coupled with a soft attention mechanism. We also propose a novel approach to model the static artefacts in a scene and using these to predict the dynamic trajectories. The proposed method, tested on trajectories of pedestrians, consistently outperforms previously proposed state of the art approaches on a variety of large scale data sets. We also show how our architecture can be naturally extended to handle multiple modes of movement (say pedestrians, skaters, bikers and buses) simultaneously.
The Positive Announcement-Period Returns of Equity Carveouts: Asymmetric Information or Divestiture Gains?

Using a sample of 336 carveouts that occurred in the period 198097, this article shows that the announcement-period returns increase with the ratio of subsidiary to nonsubsidiary assets. This finding contradicts the asymmetric information model proposed by Nanda. Additional tests relate the returns to the following divestiture-based explanations proposed by Schipper and Smith and others: refocusing of the parent and subsidiary operations, financing of new and existing projects, reducing the complexity of stock valuation, and enabling an eventual spinoff or third-party acquisition. The combined evidence rejects the asymmetric information hypothesis and supports the divestiture gains hypothesis of carveouts.
Building External Corporate Venturing Capability

How firms build new capabilities to adapt to changing environments is at the core of strategic management. However, research has addressed this question only recently. In this paper, I propose a model that describes how firms develop a capability to create and develop ventures through corporate venture capital, alliances, and acquisitions. The model is based on two longitudinal case studies of large corporations operating in the information and communication technology sector in Europe. At the core of this model are learning processes that enable the firm to build up an external corporate venturing capability, by utilizing learning strategies both within and outside venturing relationships. To build this new capability, firms engage in acquisitive learning. Critical to deepening the capability acquired is adaptation of all knowledge to the firm specific context through experiential learning mechanisms. I also discuss the important role that initial conditions and knowledge management practices play in determining the direction and effectiveness of specific learning processes that lead to an external corporate venturing capability.
Have Unions Turned the Corner? New Evidence on Recent Trends in Union Recognition in UK Firms

This paper reports results from a recent survey conducted on unionization in over 650 firms in the private sector in the UK. The survey shows that since 1997 there has been a slight fall in derecognition, but a relatively large increase in union recognition. This increase in new recognition agreements is consistent with the idea that the incoming Labour government had a positive effect on the ability of unions to gain recognition, either through the 1999 legislation or more indirectly through changing the political climate.
Momentum Investing Over the Last Twenty Years in France, its Persistence and the Effects of the Financial Crisis

The paper investigates momentum investment strategies for the French Security Market during the most recent twenty years. The aims are to test whether such strategies perform persistently, i.e. they remain profitable today consistent with earlier literature, and if so, whether they are abnormal and if there has been an effect from the recent global financial crisis that has different characteristics compared to other crises in the sample. Sixteen trading strategies are investigated ranging from three to twelve months, and results show that momentum returns appear to be significant on a risk adjusted basis (both univariate and multivariate), and that momentum portfolios on average provide a good hedge for market risk. Nonetheless, considering the financial crisis, momentum profitability disappears or is even reversed (at which time it pays off to be a contrarian investor), showing a risk not captured by traditional asset pricing models.
A dark side of productivity improvement techniques

Examines the trend in productivity improvement and the concurrent increase in stress‐related incapacity. Hypothesises a possible connection between productivity improvement techniques and stress, focusing on a number of studies examining stress in the workplace, the relationship between new technologies and stress, and socio‐technical systems and stress. Concludes with recommendations for reducing the adverse effects of stress.
Accountability Perceptions of Passive Students in Cooperative Learning

Cooperative learning is being widely adopted as an effective strategy to increase student academic learning in a social setting. A significant concern is that some students have been observed to remain passive during cooperative learning. Active participation in the group process is required for effective learning. Student accountability, for their own and other group members learning, is one factor influencing student participation. To modify passive behaviour, the students' self­ perceptions of accountability influencing the behaviour must be identified. Passive students' perceptions in cooperative learning have been explored by few researchers. There is a dearth of published of research about student perceptions of accountability in cooperative learning. This qualitative study which is underpinned by constructivist thinking examines passive students' perceptions of accountability in cooperative learning. These perceptions are identified and described from the perspective of the passive student. Accountability perceptions were investigated in relation to two components of individual accountability, accountability to their own and their group's learning, identified in existing literature. The data for this exploratory study were collected principally through the use of qualitative interviewing. Three year 4 students identified as passive were observed during cooperative learning, then interviewed using a guided approach and open ended questions. Interview responses were analysed using standard qualitative methods to identify the passive students' perceptions of accountability in cooperative learning.
General cognitive ability in children with reading comprehension difficulties.

BACKGROUND Children with specific reading comprehension difficulties read accurately and fluently but are poor at understanding what they read. AIMS This study investigated cognitive ability in children with poor reading comprehension with a view to determining the relationship between general cognitive ability and specific reading comprehension difficulty. SAMPLE Twenty-five poor comprehenders and 24 control children, matched for chronological age and word reading ability, participated in this study. METHODS General conceptual ability (GCA) was assessed using the British Ability Scales (2(nd) edition; BAS-II); good and poor comprehenders' performance on different subscales was compared and related to underlying skills in reading accuracy, reading comprehension and number. RESULTS There was a general tendency for poor comprehenders to achieve lower scores on verbal tasks than on non-verbal and spatial tasks. Although the poor comprehenders scored significantly below the control children across most subtests, most obtained GCA scores within the normal range. For these children, reading comprehension was significantly below GCA-expected levels. A subset of poor comprehenders with below average GCA showed a clear hyperlexic profile in which comprehension was not unexpectedly poor but rather, reading accuracy was surprisingly good. CONCLUSIONS These findings highlight the heterogeneity of children presenting with poor reading comprehension. Although most poor comprehenders have weaknesses that appear to be restricted to the verbal domain, a minority have more general cognitive impairments.
Complete mitochondrial DNA genome of Pseudobagrus medianalis (Siluriformes: Bagridae)

Abstract The complete mitochondrial genome was sequenced from the freshwater fish, Pseudobagrus medianalis (Siluriformes: Bagridae) in this study. The genome sequence was 16,647 bp in length, and the gene order and contents were identical with the bagridae fishes. The mitochondrial genome contains 13 protein-coding genes, 2 ribosomal RNAs, 22 transfer RNAs and 2 non-coding regions (control region and origin of light-strand replication). All genes were encoded on the heavy strain except for ND6 and eight tRNA genes. The overall base composition is 25.7% A, 30.9% T, 28.0% G, 15.4% C, with an A+T bias of 56.6%. The complete mitogenome data provides useful genetic markers for the studies on the molecular identification, population genetics, phylogenetic analysis and conservation genetics.
Management of Pediatric Patients With Concussion by Emergency Medicine Physicians

Objective Despite an increase in concussion diagnoses among pediatric patients, little is known about the management of pediatric patients with concussion in emergency departments (EDs). The objective of this study was to assess strategies used by emergency medicine physicians when treating pediatric patients with concussions. Methods A 17-item questionnaire was e-mailed to members of the American Academy of Pediatrics Section on Emergency Medicine. Two serial e-mails were distributed at 2-week intervals to nonresponders. The survey included multiple-choice and free-text questions that were created by the team of investigators on the basis of prior surveys of family practitioners and physical trainers. We collected demographic information and specific information regarding the use of medications, neuropsychological testing, neuroimaging, return-to-play decision making, and use of published guidelines. Simple descriptive statistics were used. Results Two hundred sixty-five (29%) physicians completed the questionnaire, of which 52% had been an attending physician for more than 10 years. Ninety-nine percent of the respondents reported managing concussions, with the majority (76%) seeing more than 24 patients with concussion per year. Most clinicians (81%) reported using a published guideline in their management of concussions. The symptoms most likely to prompt head imaging in the ED included a focal neurological deficit (92%), altered mental status (82%), and intractable vomiting (80%). Most (91%) respondents reported using medications to manage the symptoms of patients with concussion, mainly acetaminophen (78%) and nonsteroidal anti-inflammatory medications (77%), whereas 54% of the respondents used ondansetron and 7% of the respondents used narcotics. More than half (56%) of the respondents referred patients with concussion for neuropsychological testing from the ED. Of those, nearly half (49%) of the respondents refer their patients to a sports concussion clinic, whereas 5% of the respondents refer their patients to a neuropsychologist. When discussing discharge instructions, 86% of the clinicians recommended follow-up with a primary care physician, 62% of the clinicians recommended follow-up with a sports concussion clinic, and 11% of the clinicians recommend follow-up with a neurologist. Most respondents (70%) have access to a designated sports concussion clinic. Conclusions Nearly all emergency medicine physicians surveyed care for pediatric patients with concussion, most by using published guidelines. Emergency medicine physicians routinely use medications to treat the symptoms of concussion and often refer patients to primary care physicians as well as designated sports concussion clinics for follow-up.
Tax Challenges Facing Developing Countries: A Perspective from Outside the Policy Arena

The structure and purpose of this paper reflect both its origins and my limitations. As part of a broader study of “Taxation for Effective Governance and Shared Growth” being carried out for the U.K. Department for International Development (DFID), I was asked to prepare a background paper from a tax perspective. The project as a whole was intended to link macroeconomic modeling to the challenges facing developing countries with respect to tax effort, political accountability and sustainable economic growth. The terms of reference asked authors to present the latest evidence and best knowledge in their areas, to evaluate the findings and suggest both detailed policy options and areas for improved research as well as “practical operational guidance” for the international community and partner governments. In the tax paper, I was asked to consider challenges with respect to tax policy and administration in meeting the domestic revenue mobilization objectives of the Monterrey Consensus,with specific reference to how to achieve politically and administrative sustainable pro-growth revenue collection without unduly burdening the formal economy - for instance, through more effective and transparent administration and broadening the tax base. The challenge thus set is formidable. This paper is my attempt to meet it. Inevitably, it falls short in some respects, notably when it comes to providing ‘practical operational guidance’ for the international community. This lapse is not accidental. Developing countries, like the rest of the world, exist in a complex and changing international environment, and tax outcomes in many of them have been affected, sometimes adversely, by globalization. My focus here, however, is not on what the world has done to, or should do for, developing countries but rather on what countries should and can do to help themselves, irrespective of how the world treats them. Throughout the paper I suggest many ways in which countries can, if they wish, improve their tax systems in terms of structure, administration, and (at least from my perspective) outcomes. In the course of doing so, I attempt to respond to all the points noted above as best as my reading of the evidence and my own experience enable me to do. In the end, however, I do not suggest many ways in which the rest of the world can intervene and directly help developing countries to improve their tax systems. I do not do so primarily because, as I explain in the paper, one of the most important lessons from the half-century or more that fiscal experts have been in the ‘tax advisory’ business is that one cannot sell good tax policy or administration to those who are unwilling to buy them. If the international community wants developing countries to do more to meet fiscal challenges, its main contribution, I suggest, should be to improve the capacity of the domestic policy communities in those countries to cope with such challenges in their own way, not to tell them in detail how they should do it.
Analysis of the radiation hardness of triple- and quintuple- junction space solar cells

The Fraunhofer ISE has developed a characterization tool called spectrometric characterization. In this paper we discuss that this tool is extremely powerful to characterize triple-junction (3J) EOL cells. The current-mismatch of the subcells can be determined and the performance for current-matched subcells can be predicted. Additionally, lattice-matched AlGaInP/GaInP/AlGaInAs/GaInAs/Ge quintuple-junction (5J) cells are being developed at Fraunhofer ISE as a possible next-generation of space solar cells. This material combination aims at the same BOL efficiency as state-of-the-art 3J cells but higher EOL efficiency. Based on spectral response measurements it will be demonstrated that the 5J cells do in fact show a higher radiation hardness compared to the 3J cell.
The nature of academic leadership at the colleges of the Royal University of Bhutan

This qualitative case study explored leaders' and faculty members' perspectives on the nature of academic leadership at the Royal University of Bhutan (RUB) Colleges. The study revealed that academic leadership at the Colleges is a complex and emergent fusion of Western and Buddhist leadership. The research recommended a hybrid model intended to inform academic leadership development in Bhutanese higher education and contribute to the realisation of the Gross National Happiness philosophy. The model incorporates Buddhist-influenced leadership and other relevant leadership approaches and is expected to contribute to academic rigour through effective learning and research leadership.
Equity tension and new public management policy development and implementation in the water industry

Purpose - – Within the new public management (NPM) context, this paper aims to examine the inclusion of equity issues in pricing policy development and implementation in the water industry in Australia. Design/methodology/approach - – A review of literature relevant to the pricing of water shows equity issues have four dimensions which tend to be, at best, only implicitly considered. An empirical illustration employing a transaction cost framework is provided of a case in which change in pricing mechanisms was strongly suggested. Findings - – An equity paradox emerges as an explanation of why 63.7 per cent of Queensland urban water entities chose not to adopt the user-pays pricing mechanism for water. This suggests that the balance between “equity” and “efficiency” continues to be required in policy development for water pricing. Equity of access and that of distribution continue to be significant factors. As well, equity of interest and of return must be considered, especially under a user-pays pricing mechanism. Practical implications - – In respect of NPM considerations, it is argued that consideration of the four dimensions of equity in the implementation of a water pricing policy will resolve contradictions with, and paradoxes met in dealing with efficiency. Originality/value - – The argument used in the paper is interdisciplinary. References and terms used include those which are social, economic, and environmental from an accounting and management perspective.
Regulation of the glyoxylate bypass operon: cloning and characterization of iclR

In Escherichia coli, expression of the glyoxylate bypass operon appears to be controlled, in part, by the product of iclR+. Mutations in iclR have been found to yield constitutive expression of this operon, suggesting that iclR+ encodes a repressor protein. We have cloned iclR+ by taking advantage of its tight genetic linkage with the glyoxylate bypass operon. The clone complemented a mutant allele of iclR in trans, restoring an inducible phenotype for this operon. Deletion analysis identified a region of ca. 900 base pairs that was necessary and sufficient for complementation. The nucleotide sequence of the insert was then determined. Translation of this sequence revealed an open reading frame capable of encoding a protein with Mr 29,741 preceded by a potential Shine-Dalgarno ribosome-binding site. The deduced amino acid sequence includes a region at the amino terminus that may form a helix-turn-helix motif, a structure found in many DNA-binding domains.
Pain Perception and Personality Trait toward Orthodontic Treatment

Aim: The study was done to evaluate the pain perception, attitude, and personality trait of the patient toward orthodontic treatment. Materials and Methods: In this cross-sectional questionnaire survey, 100 patients were divided into Group 1, 150 (75 males and 75 females) as untreated group and Group 2, 150 as treated group (75 males and 75 females). Evaluation of the patients was done based on pain perception, attitude, and personality trait. Set of questionnaire was used to assess attitude and pain perception on visual analog scale. The data were tabulated, and statistical evaluation was done using statistical software IBM SPSS Statistics for Windows, (Version 21.0. Armonk, NY: IBM Corp.) using t-test and Tukey's test. Results: The mean pain perception for Group 1 was 4.8 ± 1.30 and 4.17 ± 1.58 in Group 2; the difference was not statistically significant (P = 0.26). The mean value for attitude in Group 1 was 3.57 ± 1.21, and in Group 2, it was 3.39 ± 1.60 (P = 0.09). There was statistically significant difference in pain perception between low (L) level to high level (H) neuroticism (P = 0.009). There was significant difference (P = 0.021) in pain for conscientiousness from very low to very high levels which is directly proportional. Conclusion: The present study indicated that attitude, personality traits, and pain perception have a definite role in patient cooperation and success of orthodontic treatment.
Climate change: A threat to the economic growth of Pakistan

Pakistan is recognized as a country with low income along with poor human development indicators. Although its contribution to greenhouse gas (GHG) emissions is miniscule in comparison with other countries (it contributes only about 0.8 per cent of the total GHG emissions), it is one of the major victims of the adverse effects of climate change. The present study is an attempt to explore the impacts of climate change on the economic growth of Pakistan by conducting a national level analysis for the period 1973–2011. It has been found that temperature (proxy for climate change) has a negative and significant relationship with GDP, as well as with productivity in the agricultural, manufacturing and services sectors. The severity of these negative effects is higher for the Agriculture sector as compared to manufacturing and services.