Miracle-dz/UniFAR-FTUs huggingface dataset:
Entry, Investment and Exit in Response to an Industry Shock: Effect of Firm Limited Foresight and Myopic Discounting

An important question in strategy is how firms adapt to a fundamental change in industry conditions. However, there is wide divergence in the extent to which firms are considered to be forward-looking in setting strategy in such a context. I focus on the effect of differences in two aspects of forward-looking strategy setting, foresight and myopia, in a formal model of how firms within an industry respond to a shock that leads to a long-run transition in the industry. I consider exogenous shocks to ease of resource accumulation over time, but initial firm heterogeneity and competitive interactions leads to a more complex, involved transition, from initial response through to long-run changes, due to the potentially different endogenous response of firms to the shocks. I find distinctive investment, entry and exit patterns that depend on the extent of foresight and myopia. Thus, from the perspective of a focal firm the choice of strategy is affected by other firm's foresight and myopia, as these shape the other firm's response to a shock and thus the competitive landscape faced by the focal firm.
Knowing the unknowns : financial policymaking in uncertainty

How do policymakers make decisions during ﬁnancial market uncertainty? I develop a straightforward framework of policymaking in uncertainty. To overcome uncertainty, policymakers gather information using strategies discussed across a variety of political science disciplines. Policymakers need information to be able to make goal-oriented decisions. The information strategies actors choose are conditioned on the uncertainty problems they face. In turn, the information they receive impacts their policy decisions. My three empirical papers investigate what strategies are likely to be chosen in diﬀerent types of uncertainty and how these choices aﬀect policy decisions. My ﬁrst paper, co-written with Micheal O’Keeﬀe, develops a signaling game that policymakers play when they perceive data uncertainty, i.e. uncertainty about economic fundamentals. The model is supported empirically with analytic narratives of recent crises in Korea and Ireland. My following two papers deal with situations of increasing causal uncertainty, i.e. uncertainty about how actions cause outcomes. In both of these papers I use Multi-state Event History Analysis. I ﬁnd that when there is high causal uncertainty policymakers tend to use learning strategies that start with international-level policy recommendations. These recommendations are then updated with the experiences of regional peers who have adopted them. Beyond creating and ﬁnding evidence for a parsimonious framework of decisionmaking in uncertainty, I make a number of other contributions to political economy. I extend the empirical tools researchers can use to understand decisions in complex choice environments. I provide evidence that making ﬁnancial bureaucrats “independent" does not ensure positive outcomes. Speciﬁcally, it does not guarantee that ﬁnancial bureaucrats will provide accurate information needed for eﬀective policymaking.
Sustainability and organizational design in informal groups, with some evidence from Kenyan Roscas

Informal groups cannot rely on external enforcement to insure that members abide by their obligations. It is generally assumed that these problems are solved by "social sanctions" and reputational effects. The present paper focuses on roscas, one of the most commonly found informal financial institutions in the developing world. We first show that, in the absence of an external (social) sanctioning mechanism, roscas are never sustainable, even if the defecting member is excluded from all future roscas. We then argue that the organizational structure of the rosca itself can be designed so as to reduce the severity of enforcement issues. The implications of our analysis are tested against first-hand evidence from rosca groups in a Kenyan slum.
Is implied volatility an informationally efficient and effective predictor of future volatility

This paper examines (1) whether implied volatility is an unbiased informationally efficient predictor of actual future volatility and (2) its predictive power. If markets are efficient and the option pricing model is correct, then the implied volatility calculated from option prices should be an unbiased and informationally efficient estimator of future volatility, that is, it should correctly impound all available information including the asset's price history. However, numerous studies have found that implied volatility is not informationally efficient and that historical volatilities have incremental predictive power -- often out-predicting implied volatilities. For the S&P 500 options on futures we find the following. One, at least part of the apparent inefficiency of implied volatility from past studies stems from measurement error which biases estimates of the importance of implied volatility downward and of the importance of historical volatility upward. Once we correct for this error, there is no significant inefficiency. Two, implied volatility has strong predictive power -- considerably stronger than found by previous equity index studies. Three, stock market volatility prediction results are quite sensitive to (1) the forecasting horizon and (2) whether the data period covers the October 1987 stock market crash.
Transmission of Information Across International Equity Markets

This paper provides evidence of transmission of information from the U.S. and Japan to Korean and Thai equity markets during the period from 1995 through 2000. Information is defined as important macroeconomic announcements in the U.S., Japan, Korea, and Thailand. Using high-frequency intraday data, I focus the study on return volatility and trading volume because the implications of new information are much clearer than for returns. I find a large and significant association between emerging-economy equity volatility and trading volume and developed-economy macroeconomic announcements at short-time horizons. This is the first strong evidence of this sort of international information transmission. Previous studies' findings of at most weak evidence may be due to their use of lower frequency data and their focus on developed-economy financial market innovations as the measure of information.
ROSCAs and microfinance in Pakistan : community and culture

This study uses ethnographic and discourse analytical methods to investigate the socio-cultural settings of microfinance and ROSCAs (Rotating Savings and Credit Associations) in Pakistan. The fieldwork was conducted in the city of Dera Ghazi Khan in Pakistan from May, 2009 to October, 2009. The data was collected through participant observation, interviews and pictures with ROSCA participants and microfinance borrowers. Interviews were conducted, transcribed and analysed in native language and key concepts were examined. The study found that economic and cultural factors were interwoven. It was found that financial discourse was influenced by, and influenced, the socio-cultural settings. The prevailing sociocultural context shapes the behaviours and actions of users of microfinance and ROSCAs and also, in turn, is reshaped by ROSCAs and microfinance. The principal findings are as follows. ROSCA formations are based on the exist ing social structure and play a vital role in creating and maintaining communities. Moreover, part of the establishment of a community is found to be predicated on the exclusion of others. Microfinance also draws upon existing social structures but it is a commercial financial system and this commercial discourse of microfinance permeates the various cultural norms and obligations to enable instrumental objectives to be achieved. A widespread discourse of exploitation and vulnerability was found and this suggests that microfinance has a negative impact on the lives of some individuals and communities. On the other hand, unlike micro-borrowers, ROSCAs members do not talk about coercive mechanisms to influence behaviour and, indeed, the greater embeddedness of ROSCAs in the socio-cultural context makes undesired actions, such as defaults, a rare phenomenon.
Rarity of transferable-lactamase production by Klebsiella species

Klebsiella species normally produce a chromosomally encoded group 2b, or molecular class A, -lactamase. In most strains of Klebsiella pneumoniae the enzyme has an isoelectric point (pI) of 7.6, identical to that of the plasmidencoded -lactamases SHV-1 and SHV-2, and is assumed to be SHV-1. This -lactamase is transposon-encoded and it has been postulated that it might have arisen as a klebsiella gene that has been transposed relatively recently on to plasmids. A minority of strains of K. pneumoniae produce chromosomal -lactamases with other pIs, mostly in the range 7.1–8.6. Although it is not certain that the chromosomal pI 7.6 enzymes are identical to SHV-1 since DNA or protein sequences have not been reported, they are probably closely related to it since the DNA sequence of one K. pneumoniae chromosomal -lactamase (LEN-1, pI 7.0–7.1) had 90% homology with SHV-1 and isolates of K. pneumoniae with chromosomally determined pI 7.6 -lactamases hybridized weakly with an SHV-specific DNA probe. Klebsiella oxytoca also produces chromosomal group 2b enzymes, but they are distinct from those of K. pneumoniae, with 40% homology with SHV-1. The chromosomal -lactamases of Klebsiella species are usually produced in small amounts and confer relatively low degrees of resistance to compounds such as ampicillin and carbenicillin. A few strains of K. pneumoniae and rather more (approximately 10%) of K. oxytoca hyperproduce the chromosomal enzymes. Hyperproducing strains of K. oxytoca are said by Livermore to have a characteristic antibiogram, being resistant to all penicillins apart from temocillin, resistant to cefuroxime and aztreonam (MICs 32 mg/L), moderately resistant to cefotaxime and ceftriaxone (MICs 4–32 mg/L), but normally susceptible to ceftazidime. Hyperproduction in both laboratory mutants and clinical isolates of K. oxytoca is attributable to mutations in the promoter region of the -lactamase gene. Klebsiella spp. can produce plasmid-encoded -lactamases in addition to their chromosomal enzymes. Indeed, K. pneumoniae is the species in which plasmid-encoded, extended-spectrum -lactamases are most commonly reported. Although there have been several surveys of lactamases in Klebsiella spp. , chromosomally and plasmid-borne -lactamases with isoelectric points of 7.6 have not always been clearly differentiated. We have therefore conducted a survey of -lactamases and their transferability to Escherichia coli in Klebsiella spp. isolated from blood over the past four years.
Folate Decorated Dual Drug Loaded Nanoparticle: Role of Curcumin in Enhancing Therapeutic Potential of Nutlin-3a by Reversing Multidrug Resistance

Retinoblastoma is the most common intraocular tumor in children. Malfunctioning of many signaling pathways regulating cell survival or apoptosis, make the disease more vulnerable. Notably, resistance to chemotherapy mediated by MRP-1, lung-resistance protein (LRP) is the most challenging aspect to treat this disease. Presently, much attention has been given to the recently developed anticancer drug nutlin-3a because of its non-genotoxic nature and potency to activate tumor suppressor protein p53. However, being a substrate of multidrug resistance protein MRP1 and Pgp its application has become limited. Currently, research has step towards reversing Multi drug resistance (MDR) by using curcumin, however its clinical relevance is restricted by plasma instability and poor bioavailability. In the present investigation we tried to encapsulate nutlin-3a and curcumin in PLGA nanoparticle (NPs) surface functionalized with folate to enhance therapeutic potential of nutlin-3a by modulating MDR. We document that curcumin can inhibit the expression of MRP-1 and LRP gene/protein in a concentration dependent manner in Y79 cells. In vitro cellular cytotoxicity, cell cycle analysis and apoptosis studies were done to compare the effectiveness of native drugs (single or combined) and single or dual drug loaded nanoparticles (unconjugated/folate conjugated). The result demonstrated an augmented therapeutic efficacy of targeted dual drug loaded NPs (Fol-Nut-Cur-NPs) over other formulation. Enhanced expression or down regulation of proapoptotic/antiapoptotic proteins respectively and down-regulation of bcl2 and NFκB gene/protein by Fol-Nut-Cur-NPs substantiate the above findings. This is the first investigation exploring the role of curcumin as MDR modulator to enhance the therapeutic potentiality of nutlin-3a, which may opens new direction for targeting cancer with multidrug resistance phenotype.
An Antecedence Graph Approach for Fault Tolerance in a Multi-Agent

In this paper, we propose a strategy to implement fault-tolerance in a multi-agent system. We have based our strategy on the concept of antecedence graphs, used in causal logging and as used by the manetho protocol for distributed systems. Each agent in the multi-agent system keeps an antecedence graph of all the collaborating agents in the system. If one or more agents fail due to any reason, the other agents can reconstruct the same agent state in a partial or comprehensive manner by using their own antecedence graphs. The recovering agents then regenerate their antecedence graphs and message logs and replay the messages to achieve a global consistent state, after which normal operation continues. We believe that introducing fault tolerance in a multi-agent system through antecedence graphs is novel and provides a low overhead and effective solution for fault-tolerance in a multi-agent system.
The Porter hypothesis and the economic consequences of environmental regulation : a Neo-Schumpeterian approach

1. Introduction 2. The Porter Hypothesis - Environmental Regulation, Innovation and Competitiveness 3. The Technological, Regulatory and Economic Environment 4. Some Stylised Facts on Technological Advance 5. Determinants and Adoption of Cleaner Technological Innovations 6. The Design of an Environmental Regulation in a Market Framework - A Conceptual Model 7. Empirical Evidence on the Genesis of Austrian VOC Emission Standards 8. Confronting the Expected Regulatory Outcome with Reality 9. Summary and Policy Implications References
Parametric Portfolio Policies in the Surplus Consumption Ratio

The surplus consumption ratio plays a central role as a state variable in successful attempts to explain the time series properties of stock and bond prices with consumption-based asset pricing models. In this paper, optimal portfolio policies for a strategic investor who maximizes the conditionally expected utility of terminal wealth are parameterized as a polynomial in the surplus consumption ratio. Optimal portfolio policies are estimated using a method of moments estimator based on Euler equations. Unconditional portfolio policies are rejected in favor of conditional policies. Lower order polynomials are rejected in favor of higher order polynomials. Optimal stock and bond allocations are clearly countercyclical.
The periodic association of MAP2 with brain microtubules in vitro

Several high molecular weight polypeptides have been shown to quantitatively copurify with brain tubulin during cycles of in vitro assembly-disassembly. These microtubule-associated proteins (MAPs) have been shown to influence the rate and extent of microtubule assembly in vitro. We report here that a heat-stable fraction highly enriched for one of the MAPs, MAP2 (mol wt approximately 300,000 daltons), devoid of MAP1 (mol wt approximately 350,000 daltons), has been purified from calf neurotubules. This MAP2 fraction stoichiometrically promotes microtubule assembly, lowering the critical concentration for tubulin assembly to 0.05 mg/ml. Microtubules saturated with MAP2 contain MAP2 and tubulin in a molar ratio of approximately 1 mole of MAP2 to 9 moles of tubulin dimer. Electron microscopy of thin sections of the MAP2- saturated microtubules fixed in the presence of tannic acid demonstrates a striking axial periodicity of 32 +/- 8 nm.
Exports and Olympic Games

A recent study finds that Olympic Games host countries experience significant positive, lasting effects on exports. They interpret their results as an indication that countries use the hosting of such events to signal openness and competitiveness. The authors challenge these empirical findings on the grounds that a comparison of structurally different and nonmatching groups of countries might suffer from a selection bias. The authors demonstrate that with an appropriate matching and treatment methodology, the significant Olympic effect disappears.
The Obesity Epidemic: Science, Morality and Ideology

1. Science and Fatness 2. The War on Obesity 3. The Ghost of a Machine 4. 'Modernity's Scourge': A brief history of obesity science 5. Fat or Fiction: Weighing in the 'obesity epidemic' 6. The search for a cause 7. Obesity Science for the People 8. Feminism and the 'obesity epidemic' 9. Interrogating expert knowledge: risk and the ethics of body weight 10. Beyond Body Weight
Sensorless Control of Induction Machines - With or Without Signal Injection?

Controlled induction motor drives without mechanical speed sensors at the motor shaft have the attractions of low cost and high reliability. To replace the sensor, information on the rotor speed is extracted from measured stator currents and from voltages at motor terminals. Vector-controlled drives require estimating the magnitude and spatial orientation of the fundamental magnetic flux waves in the stator or in the rotor. Open-loop estimators or closed-loop observers are used for this purpose. They differ with respect to accuracy, robustness, and sensitivity against model parameter variations. Dynamic performance and steady-state speed accuracy around zero speed range are achieved by signal injection, exploiting the anisotropic properties of the machine. The overview in this paper uses signal flow graphs of complex space vector quantities to provide an insightful description of the systems used in sensorless control of induction motors.
The Stability of Money Demand: Some Evidence from Turkey

Demand for money is an important macroeconomic relationship. Its stability has implications for the choice of monetary policy targets. The current study examines the stability of money demand function in Turkey from January 1989 to May 2010. More specifically, it estimates the demand for narrow money in Turkey and evaluates its robustness and stability. Considering the economic reforms and financial crises in Turkey, it is found that there exists a well determined instability for money demand and its dynamics, which is adequately captured by cointegration and error correction models. Finally, the conclusions from the estimation of the impulse response functions show that interest rate causes the largest shift in money demand as well as in industrial production.
Head Repositioning Accuracy in Patients With Whiplash-Associated Disorders

Study Design. Controlled study, measuring head repositioning error (HRE) using an electrogoniometric device. Objective. To compare HRE in neutral position, axial rotation and complex postures of patients with whiplash-associated disorders (WAD) to that of control subjects. Summary of Background Data. The presence of kinesthetic alterations in patients with WAD is controversial. Methods. In 26 control subjects and 29 patients with WAD (aged 22–74 years), head kinematics was sampled using a 3-dimensional electrogoniometer mounted using a harness and a helmet. All tasks were realized in seated position. The repositioning tasks included neutral repositioning after maximal flexion-extension, eyes open and blindfolded, repositioning at 50° of axial rotation, and repositioning at 50° of axial rotation combined to 20° of ipsilateral bending. The flexion-extension, ipsilateral bending, and axial rotation components of HRE were considered. A multiple-way repeated-measures analysis of variance was used to compare tasks and groups. Results. The WAD group displayed a reduced flexion-extension range (P = 1.9 × 10−4), and larger HRE during flexion-extension and repositioning tasks (P = 0.009) than controls. Neither group nor task affected maximal motion velocity. Neutral HRE of the flexion-extension component was larger in blindfolded condition (P = 0.03). Ipsilateral bending and axial rotation HRE components were smaller than the flexion-extension component (P = 7.1 × 10−23). For pure rotation repositioning, axial rotation HRE was significantly larger than flexion-extension and ipsilateral bending repositioning error (P = 3.0 × 10−23). Ipsilateral bending component of HRE was significantly larger combined tasks than for pure rotation tasks (P = 0.004). Conclusions. In patients with WAD, range of motion and head repositioning accuracy were reduced. However, the differences were small. Vision suppression and task type influenced HRE.
Effect of local insulin injection on wound vascularization in patients with diabetic foot ulcer

The aim of the present study was to investigate the effect of local insulin injection on granulation tissue formation in the wounds of patients with diabetic foot ulcer. Thirty-two patients with diabetic foot ulcer were randomly divided into an insulin (n=18) and a control (n=14) group. In the diabetic foot ulcer wound, the insulin group were administered insulin and the control group were administered an equal volume of saline. Prior to injection and at 0.5, 1.0, 2.0 and 4.0 h after injection, the fingertip blood glucose levels were determined. The growth of granulation tissue was assessed continuously for 12 days. Wound tissue was harvested at 0, 5, 7 and 12 days for the detection of CD34 expression by immunohistochemistry. The microvessel density (MVD) was calculated. No significant difference in the fasting blood glucose level was found between the two groups at any time-point (P>0.05). Growth of granulation tissue in the insulin group was more marked from 7 days after local insulin injection (24.87±0.24) and was significantly different from that in the control group (18.66±0.45) (P<0.01). New vessels were observed in the insulin group 3 days after insulin injection; however, there was no significant difference in MVD compared with the control group (P>0.05). The MVD in the insulin group increased markedly from 5 days after treatment, and the difference between the two groups was significant (P<0.01). In conclusion, local injection of insulin into the base of a diabetic foot ulcer has a significant effect on systemic blood glucose and may promote wound healing by improving the growth of granulation tissue.