Miracle-dz/UniFAR-FTUs huggingface dataset:
Volume for Winners and Losers: Taxation and Other Motives for Stock Trading

Capital gains taxes create incentives to trade. Our major finding is that turnover is higher for winners (stocks, the prices of which have increased) than for losers, which is not consistent with the tax prediction. However, the turnover in December and January is evidence of tax-motivated trading; there is a relatively high turnover for losers in December and for winners in January. We conclude that taxes influence turnover, but other motives for trading are more important. We were unable to find evidence that changing the length of the holding period required to qualify for long-term capital gains treatment affected turnover. INVESTORS RESPONDING TO THE tax incentives in the capital gains laws should produce predictable patterns in the volume of trading in a stock, but not necessarily in its price. This study uses past price patterns as a proxy to measure the incentives to sell or avoid selling a stock and observes trading volumes to estimate the extent to which investors respond to these incentives. Past price patterns may influence trading volumes for other (non-tax related) reasons as well. These are also considered. We find that past prices influence current incentives to trade through both tax and non-tax motives. Winners tend to have higher abnormal volumes than losers. This would be expected if non-tax-related motives were predominant. However, the influence of tax-related motives on trading volume is shown by seasonal variations in the relationship between past price changes and turnover. As predicted by tax-induced trading theories, the volume of losers is higher than normal in December, and the volume of winners is higher than normal in January. We found no evidence that trading volume was affected by changes in the length of the holding period required to qualify for long-term capital gains. Investors' reactions to capital gains taxes are important for several reasons. First, a comprehensive understanding of investor behavior would include both price and volume. Understanding the relationship between taxes and volume is a fruitful and convenient method of contributing to this subject. The resource allocation consequences of capital gains taxes are controversial in part because
The Quality of Financial Statements: Perspectives from the Recent Stock Market Bubble

During the recent stock market bubble, the traditional financial reporting model was assailed as a backward looking system, out of date in the Information Age. With the bursting of the bubble, the quality of financial reporting is again under scrutiny, but now for not adhering to traditional principles of sound earnings measurement, asset and liability recognition. This paper is a retrospective on the quality of financial reporting during the 1990s. Did reporting under U.S. GAAP perform well during the bubble, or is its quality suspect? My premise is that financial reporting should serve as an anchor during bubbles, to check speculative beliefs. With a focus on the shareholder as customer, the paper asks whether shareholders were well served or whether financial reporting helped to pyramid earnings and stock prices. The scorecard is mixed. A number of quality features of accounting are identified. Inevitable imperfections due to measurement difficulties are recognized, as a quality warning to analysts and investors. And a number of failures of GAAP and financial disclosures are identified which, if not recognized, can promote momentum investing and stock market bubbles.
Impact of Age and Sex on QT Prolongation in Patients Receiving Psychotropics

Objective: To assess older age and female sex, 2 of the major risk factors for potentially fatal cardiac arrhythmias or sudden cardiac death in patients prescribed psychotropics, within the context of electrocardiographic evidence of time between start of Q wave and end of T wave (QT) interval prolongation, which is an indicator of an increased risk for potentially fatal cardiac arrhythmias. Method: The literature on the relation between age, sex, and QT interval with respect to psychotropic drugs was reviewed. Results: The QT interval must be corrected (QTc) for heart rate. Because slower heart rates prolong and faster heart rates shorten the QT interval, people with faster heart rates may have a prolonged QT interval that is not apparent until the correction is performed. QTc values for apparently healthy post-pubertal people are less than 450 ms for males and less than 470 ms for females. The longer QT intervals in women may account for their increased risk of potentially fatal cardiac arrhythmias on psychotropics. QTc increases with increasing age. Assessment of QTc in older people is especially important to identify people with a longer QTc who are more likely to attain a serious QT level with drugs that prolong QTc. The age-related increase in QTc is more evident in men than women, suggesting that male sex does not afford protection against potentially fatal arrhythmias at older age. Conclusion: The association of increasing age and female sex with greater QT intervals indicates the need to have an increased awareness of the QTc prior to use of these psychotropics and to evaluate the QTc after initiation of therapy.
Rational Signals of Weakness in a Market Entry Game

It is well-established that incumbent firms may try to deter new market entry by pretending to be stronger than they really are (e.g. by imitating the high output level of a low cost monopolist). In this article, we show that in some cases an incumbent may prefer the opposite, namely to encourage entry by signalling weakness. If the incumbent cannot deter entry of a potential strong entrant by itself, it may elicit entry of a weaker rm that would not enter if it were informed about the incumbent's true strength. The presence of the additional rm can prevent further entry. Consequently, the incumbent faces a weaker competitor in the long run.
Information or context: what accounts for positional proximity between the European Commission and lobbyists?

ABSTRACT Why are legislative proposals closer to the positions of some organized interests than others? The literature proposes that policy-makers are attentive to the demands of lobbyists that provide relevant information. At the same time, being part of a policy community is also claimed to enable lobbyists to shape policy formulation. We argue that both factors reinforce each other: informational resources are particularly effective in reducing the gap between the Commission's policy position and the position of lobbyists if both actors are part of the same policy community. Analysing data on over 100 policy issues in the European Union, we find that the context of a friendly Directorate-General reinforces the effectiveness of lobbyists’ informational resources. However, on its own, a context of friendly relations between the policy-maker and the lobbyist contributes little to explaining why the European Commission's policy position is closer to some actors than to others.
Local Governments as Policy Entrepreneurs

One centerpiece of Florida’s landmark 1985 growth management legislation was the concept of concurrency, a requirement that new development not proceed unless specific services are in place to service the development. Whereas many analysts have critiqued Florida’s concurrency mandate, these studies have usually focused on concurrency as a concept and not concurrency as actually implemented and practiced by local governments. For this article, we investigated the concurrency practices of 66 local governments in Florida, finding substantial variation in concurrency practices. Beyond this review of local government concurrency practices, the author also draws on the policy implementation literature to learn from Florida’s concurrency experiment.
Post-Secondary Transition Model for Students with Disabilities.

This article provides suggestions and strategies for school counselors assisting students with disabilities transitioning into post-secondary settings. Topics include: legislation regarding transition services; resources and suggestions for successful transitions to post-secondary environments (academic and vocational); and advocacy and ableism. A model of four cornerstones of effective transition planning and recommendations for school counselor education programs are offered for consideration as well as a summary and suggestions concerning ways school counselors can provide effective transition services.
How do people described as having a learning disability make sense of friendship?

BACKGROUND For many people with learning disabilities, friendships can be limited or restricted, with loneliness being a significant problem. Although much research has been undertaken exploring these issues, little attention has been given to what people with learning disabilities themselves have to say about friendship. The aim of this study is to explore how adults with learning disabilities make sense of 'friendship' and their associated experiences. MATERIALS AND METHODS Eleven participants took part in this study. Ages ranged from between 24 and 62 years (mean = 42). All participants were interviewed on a one-to-one basis, with interviews following a semi-structured format. Interpretative Phenomenological Analysis was used to analyse the interview data. RESULTS Four superordinate themes were identified: the significance of friendship, the effects of friendship on well-being, power dynamics and autonomy. CONCLUSIONS In the social lives of people with learning disabilities, friendships have an important role. Other relationships also have significance. Greater efforts are required to support people with learning disabilities to be able to maintain friendships and follow social pursuits of their own choosing.
Wars and Markets: How Bond Values Reflect the Second World War

Historical events are reflected in asset prices. Based on a unique data-set, we analyse government bond prices of Germany and Austria traded on the Swiss bourse during the Second World War. Some war events generally considered crucial are clearly reflected in government bond prices; this holds, in particular, for the official outbreak of the war and the loss and gain of national sovereignty. Other events to which historians attach great importance are not reflected in bond prices, most prominently Germany's capitulation in 1945. The analysis of financial markets provides a fruitful method for evaluating the importance contemporaries attached to historical events. Copyright 2001 by The London School of Economics and Political Science
Using a Choice Experiment to Improve Decision Support Tool Design

The potential for computer-based decision support tools (DSTs) to better inform farm management decisions is well-recognised. However, despite considerable investment in a wide range of tools, uptake by advisers and farmers remains low. A greater understanding of the demand and the most valued features of decision support tools could improve the uptake and impact of DSTs. Using a choice experiment, we estimated the values that Australian farm advisers attach to specific attributes of decision support tools, in this case relating to weed and herbicide resistance management. Results from discrete choice models showed that advisers' preferences differ between private fee-charging consultants, those attached to retail outlets for cropping inputs, and advisers from the public sector. Advisers valued ‘reliable accurate results’, and also placed a consistently high value on models with an initial input time of three hours or less, compared to models that are more time demanding. Results from latent class models revealed a large degree of preference heterogeneity across advisers. Although the majority of advisers valued DST output that is specific to individual paddocks, approximately one-quarter of the respondents preferred generic predictions for the district rather than predictions with greater specificity. The choice experiments helped to identify the attributes most valued by advisers in different market segments. This has implications for those seeking to influence decision-making by allowing DST development to be better targeted towards the preferences of potential users.
Input/output ranges and performance: an examination of US machine tool producers

Firms in the machine tool (MT) industry produce capital goods that are critical to the manufacturing efforts of other industrial producers, especially those that engage in metalworking activity. Today, US companies in this small but strategically important sector are exposed to substantial import competition, as well as to strong competition from foreign companies that have established branch facilities inside the USA. While there are signs that some US firms have expanded their geographic market ranges domestically and internationally, many producers still sell within a relatively restricted geographic area. This paper examines the interconnections that exist between the geographic input-output ranges of US machine tool producers and various indicators of business performance. Evidence is taken from a national survey of 104 MT companies. The empirical results suggest that geographically extensive sourcing correlates positively with company performance, and the same holds true for marketing (e.g. serving national or global customers delivers better results). Overall, the survey findings suggest that the most successful MT companies serve global markets and/or source globally for inputs.
Investigation of travel-related cases in a multinational outbreak: example of the Shiga-toxin producing E. coli outbreak in Germany, May–June 2011

SUMMARY Early investigation of travel-related cases in an outbreak of an emerging infectious disease can provide useful information to epidemiologists to characterize the exposure, while they may differ in demographic profiles from cases reported in the country where the outbreak has occurred. During the spring 2011 E. coli outbreak in Germany, we proposed a methodological approach to collect a minimal set of demographic and clinical data that are relatively easy to obtain and available at an early stage of an outbreak investigation. Ninety-eight STEC O104 travel-related cases were reported in a survey by seven EU countries, Switzerland, Canada and the USA. We found a mean incubation period (n = 50) of 8·5 days, which confirmed previous estimations communicated by the Robert Koch Institute. No significant association was found between the duration of the incubation period and possible demographic and clinical factors, although the older the age, the shorter the incubation period that was observed. Such approach and observations are informative for further investigations of outbreaks of enterohaemorrhagic E. coli or other emerging infectious diseases.
The opinions of residents towards economic, social, cultural and environmental impacts of tourism in Foça

The purpose of this study is, to determine the peoples’ ideas on the economic, social, cultural and environmental effects of tourism; investigate the altering of these ideas in terms of urban-rural, sex, occupation and level of education. A survey consisting of factual questions and Likert-type was carried out with 76 people who live in Foca district center, Yeni Foca town, New Bagarasi and Gerenkoy. In the light of the data obtained, the attitudes towards tourism activities were found to be positive in general, and they do not have significant differences according to living in urban or rural, sex structure and occupation. Only according to the educational status, under the sub-title called “environmental impact” significant differences were found. Retired and graduate degree holder participants are more interested into the cultural change and environmental differentiation in Foca. But the majority of the people are more interested into the economic contribution of the currently developing tourism. As a result, tourism in Foca is still under development. Therefore, the results of our study do not show similarities with the ones done in some centers where tourism has developed.
Copyright Law and Price Discrimination

I show that copyright law is intimately connected to price discrimination. First, price discrimination is common in markets for copyrighted works. Second, many features of copyright law affect resale or personal arbitrage and so influence the profitability of price discrimination. For example, the first sale doctrine and the fair use doctrine often facilitate arbitrage and discourage discrimination, while the derivative and public performance rights impede arbitrage and promote discrimination. Third, optimal copyright policy requires attention to the social costs and benefits from price discrimination. I use models of price discrimination to unify the analysis of a wide range of copyright policy issues. I argue that public performance rights are desirable because they support fine-grained price discrimination and displace other forms of price discrimination that have greater social cost. I argue against a broad definition of the derivative right that includes movie merchandise. Movie merchandising usually imposes allocative and implementation costs with little offsetting benefit in terms of creative incentive. I show that personal copying and other activities possibly covered by fair use have mixed effects on price discrimination and social welfare. Finally, I argue that the importation right should not cover gray market goods and should not be used to facilitate geographic price discrimination.
Are All Trust Violations the Same? A Dynamical Examination of Culture, Trust Dissolution, and Trust Recovery

Abstract : As our global interdependence grows, understanding how culture affects trust and how we can manage trust in intercultural relations is imperative. However, relatively few studies have focused on the relationship between trust and culture, and little of this work examined multiple trust phases sequentially to reveal the dynamics of trust over time. This research examined how the cultural differences of self-construal (individualistic vs. collectivistic) moderates the relationship between trust violation magnitude and trust change in two post-violation phases: trust dissolution and trust recovery. We adopted an economic game methodology, the Investment Game, which allows repeated measures to examine trust dynamics. The results revealed a joint effect of self-construal and trust violation magnitude on the dynamic of trust changes. Implications for intercultural negotiation will be discussed.
Effective spin quantum phases in systems of trapped ions (11 pages)

A system of trapped ions under the action of off-resonant standing waves can be used to simulate a variety of quantum spin models. In this work, we describe theoretically quantum phases that can be observed in the simplest realization of this idea: quantum Ising and XY models. Our numerical calculations with the density matrix renormalization group method show that experiments with ion traps should allow one to access general properties of quantum critical systems. On the other hand, ion trap quantum spin models show a few unusual features due to the peculiarities of induced effective spin-spin interactions which lead to interesting effects like long-range quantum correlations and the coexistence of different spin phases.
Peptidoglycan Recognition Protein 3 and Nod2 Synergistically Protect Mice from Dextran Sodium Sulfate–Induced Colitis

Aberrant immune response and changes in the gut microflora are the main causes of inflammatory bowel disease (IBD). Peptidoglycan recognition proteins (Pglyrp1, Pglyrp2, Pglyrp3, and Pglyrp4) are bactericidal innate immunity proteins that maintain normal gut microbiome, protect against experimental colitis, and are associated with IBD in humans. Nucleotide-binding oligomerization domain 2 (Nod2) is an intracellular bacterial sensor and may be required for maintaining normal gut microbiome. Mutations in Nod2 are strongly associated with Crohn’s disease, but the causative mechanism is not understood, and the role of Nod2 in ulcerative colitis is not known. Because IBD is likely caused by variable multiple mutations in different individuals, in this study, we examined the combined role of Pglyrp3 and Nod2 in the development of experimental colitis in mice. We demonstrate that a combined deficiency of Pglyrp3 and Nod2 results in higher sensitivity to dextran sodium sulfate–induced colitis compared with a single deficiency. Pglyrp3−/−Nod2−/− mice had decreased survival and higher loss of body weight, increased intestinal bleeding, higher apoptosis of colonic mucosa, elevated expression of cytokines and chemokines, altered gut microbiome, and increased levels of ATP in the colon. Increased sensitivity to dextran sodium sulfate–induced colitis in Pglyrp3−/−Nod2−/− mice depended on increased apoptosis of intestinal epithelium, changed gut microflora, and elevated ATP. Pglyrp3 deficiency contributed colitis-predisposing intestinal microflora and increased intestinal ATP, whereas Nod2 deficiency contributed higher apoptosis and responsiveness to increased level of ATP. In summary, Pglyrp3 and Nod2 are both required for maintaining gut homeostasis and protection against colitis, but their protective mechanisms differ.
Labour Supply as a Buffer: Evidence from UK Households

This paper examines labour supply adjustment – both hours worked and participation decisions. The analysis focuses on the response of each to financial shocks, employing data from the British Household Panel Survey. Results suggest that employees whose financial situation deteriorates relative to what they expected, increase their labour supply in response. That response is consistent with models of self-insurance that incorporate labour supply flexibility. The shock reflects several factors including financial wealth and a partner’s employment situation. The response is significantly larger for those who change job, consistent with the importance of hours constraints within jobs. The propensity to participate in the labour market also appears to respond to the financial shock but that is somewhat less robust than the hours response.
The pension costs from a defined benefit to individual pension accounts: do they cost more in the case of Taiwan?

This article develops a market-based liability valuation model to price individual pension costs of a Defined Benefit (DB) pension plan. The purpose is to compare them with the new labour pension plan, Individual Pension Accounts (IPAs), in the case of Taiwan. The results based on the numerical approach show that the new IPAs cost a company more than the old DB plan, except if the average wage growth relative to the risk-free interest rate is high enough.