Miracle-dz/UniFAR-FTUs huggingface dataset:
Financial Ratio Patterns in Retail and Manufacturing Organizations

A bewildering array of potentially useful financial ratios is available for use. The user, however, will usually want to make decisions based on only a few ratios. For example, Chen and Shimerda [3] identify 41 different ratios that apparently serve some useful predictive or explanatory purpose. This set of 41 ratios is obtained by reviewing 26 previous studies in which a total of 100 ratios are examined. A set of 100 or even 41 financial ratios would be much too cumbersome to be employed in a decision model. Consequently, in several studies [4, 5, 8, 10, 11, 12, 13] an attempt is made to reduce the dimensionality of a variable set by developing patterns among financial ratios via factor analysis. The purpose of this study is to extend previous studies of financial ratio patterns by examining cross-industry stability of financial ratio patterns. A secondary purpose of this paper is to assess the sensitivity of these patterns to differences in accounting constructs, for example, using net income plus depreciation as a proxy for cash flow. The motivation behind developing financial ratio patterns is discussed in the next section.
Dexras1/AGS-1 Inhibits Signal Transduction from the Gi-coupled Formyl Peptide Receptor to Erk-1/2 MAP Kinases*

Dexras1 is a novel GTP-binding protein (G protein) that was recently discovered on the basis of rapid mRNA up-regulation by glucocorticoids in murine AtT-20 corticotroph cells and in several primary tissues. The human homologue of Dexras1, termed activator of G protein signaling-1 (AGS-1), has been reported to stimulate signaling by Gi heterotrimeric G proteins independently of receptor activation. The effects of Dexras1/AGS-1 on receptor-initiated signaling by Gi have not been examined. Here we report that Dexras1 inhibits ligand-dependent signaling by the Gi-coupled N-formyl peptide receptor (FPR). Dexras1 and FPR were transiently co-expressed in both COS-7 and HEK-293 cells. Activation of FPR by ligand (N-formyl-methionine-leucine-phenylalanine (f-MLF)) caused phosphorylation of endogenous Erk-1/2 that was reduced by co-expression of Dexras1. Direct effects of Dexras1 on the activity of co-expressed, epitope-tagged Erk-2 (hemagglutinin (HA)-Erk-2) were measured by immune complex in vitro kinase assay. Expression of Dexras1 alone resulted in a 1.9- to 4.9-fold increase in HA-Erk-2 activity; expression of the unliganded FPR alone resulted in a 6.2- to 8.1-fold increase in HA-Erk-2 activity. Stimulation of FPR by f-MLF produced a further 8- to 10-fold increase in HA-Erk-2 activity over the basal (non-ligand-stimulated) state, and this ligand-dependent activity was attenuated at the time points of maximal activity by co-expression of Dexras1 (reduced 31 ± 6.8% in COS-7 at 10 min and 86 ± 9.2% in HEK-293 at 5 min, p < 0.01 for each). Expression of Dexras1 did not influence protein expression of FPR or Erk, suggesting that the inhibitory effects of Dexras1 reflect a functional alteration in the signaling cascade from FPR to Erk. Expression of Dexras1 had no effect on expression of Giα species, but significantly impaired pertussis toxin-catalyzed ADP-ribosylation of membrane-associated Giα. Expression of Dexras1 also significantly decreasedin vitro binding of GTPγS in f-MLF-stimulated membranes of cells co-transfected with FPR. These data suggest that Dexras1 inhibits signal transduction from FPR to Erk-1/2 through an effect that is very proximal to receptor-Gi coupling. While Dexras1 weakly activates Erk in the resting state, more potent effects are evident in the modulation of ligand-stimulated receptor signal transduction, where Dexras1 functions as an inhibitor rather than activator of the Erk mitogen-activated protein kinase signaling cascade.
A situated practice of ethics for participatory visual and digital methods in public health research and practice: a focus on digital storytelling.

This article explores ethical considerations related to participatory visual and digital methods for public health research and practice, through the lens of an approach known as "digital storytelling. " We begin by briefly describing the digital storytelling process and its applications to public health research and practice. Next, we explore 6 common challenges: fuzzy boundaries, recruitment and consent to participate, power of shaping, representation and harm, confidentiality, and release of materials. We discuss their complexities and offer some considerations for ethical practice. We hope this article serves as a catalyst for expanded dialogue about the need for high standards of integrity and a situated practice of ethics wherein researchers and practitioners reflexively consider ethical decision-making as part of the ongoing work of public health.
Macroprudential Policy in a World of High Capital Mobility: Policy Implications from an Academic Perspective

The paper explicates the issues raised for macroprudential regulation in a global economy with high capital mobility. The study surveys the recent literature and aims to translate the academic rationale for such policies, in which market imperfections lead to external effects that require policy interventions. The new economics of capital controls is addressed, in which capital controls may be introduced to reduce financial market distortions or to help stabilize exchange rate movements in the face of other market distortions. The empirical literature on the effectiveness of such policies is surveyed.
The Dark Side of Promotion Tournaments: the Effect on Losing Competitors and Their Firms

Firms commonly use promotion tournaments to motivate employee performance. While prior research has examined the incentive effects of such tournaments on the tournament winners and their firms, we focus on certain additional consequences that arise following the end of promotion tournaments. More specifically, we investigate tournaments for promotion to Chief Operating Officer (COO) to examine whether and how the subsequent actions of non-promoted VPs, whom we refer to as non-promoted executives (NPEs), affect subsequent firm performance. When NPEs are passed over for promotion, their implicit, promotion-based incentives decline because their future prospects for advancement within the firm fall significantly. In turn, we predict and find that firms generally do not adjust the NPEs’ explicit compensation to replace the diminished promotion-based incentives, and we attribute the absence of such adjustments to associated adjustment costs. As a result, NPEs face reduced incentives after the COO tournament ends, and we predict and find an increase in turnover among NPEs. Further, we document that the change in firm performance following the end of the COO tournament is more negative for more competitive (strong) tournaments than for less competitive (weak) tournaments, which we attribute to a combination of the decreased incentives for NPEs who choose to stay and the loss in human capital for NPEs who choose to leave the firm. Further, we show that these negative effects on firm performance are only temporary and are remediated by the firm over time. Overall, our results identify potentially negative consequences for firms immediately after a promotion tournament ends resulting from the effects on non-promoted employees. JEL classifications: J01, M12, M41, M51
Creating Markets for New Vaccines. Part I: Rationale

Malaria, tuberculosis, and the strains of HIV common in Africa kill approximately five million people each year. Yet research on vaccines for these diseases remains minimal-largely because potential vaccine developers fear that they would not be able to sell enough vaccine at a sufficient price to recoup their research expenditures. Enhancing markets for new vaccines could create incentives for vaccine research and increase accessibility of any vaccines developed. For example, the President of the World Bank has proposed establishing a fund to help developing countries finance purchases of specified vaccines if they are invented. The U.S. administration's 2000 budget proposal includes a tax credit for new vaccines that would match each dollar of vaccine sales with a dollar of tax credits. This paper examines the rationale for such proposals. Private firms currently conduct little research on vaccines against malaria, tuberculosis, and the strains of HIV common in Africa. This is not only because these diseases primarily affect poor countries, but also because vaccines are subject to severe market failures. Once vaccine developers have invested in developing vaccines, governments are tempted to use their powers as regulators, major purchasers, and arbiters of intellectual property rights to force prices to levels that do not cover research costs. Research on vaccines is an international public good, and none of the many small countries that would benefit from a malaria, tuberculosis, or HIV vaccine has an incentive to encourage research by unilaterally offering to pay higher prices. In fact, most vaccines sold in developing countries are priced at pennies per dose, a tiny fraction of their social value. More expensive, on-patent vaccines are typically not purchased by the poorest countries. Hence, private developers lack incentives to pursue socially valuable research opportunities. Large public purchases could potentially enlarge the market for vaccines, benefiting both vaccine producers and the public at large. Government-directed research programs may be well suited for basic research, but for the later, more applied stages of research, committing to compensate successful private vaccine developers has important advantages. Under such programs, the public pays only if a successful vaccine is actually developed. This gives pharmaceutical firms and scientists strong incentives to self-select research projects that have a reasonable chance of leading to a vaccine, and to focus on developing a viable vaccine rather than pursuing other goals. Committing to purchase vaccines and make them available to poor countries may be attractive relative to other ways of rewarding vaccine developers. Extending patents on other pharmaceuticals to reward developers of new vaccines would place the entire burden of financing vaccines on those needing these other pharmaceuticals. Increasing prices for current vaccines without explicit incentives for development of new vaccines would be insufficient to spur new research.
Primary human alveolar epithelial cells can elicit the transendothelial migration of CD14+ monocytes and CD3+ lymphocytes

The ability of freshly isolated primary human alveolar epithelial cells (type II pneumocytes) to induce leucocyte migration across an endothelial monolayer was investigated. Three‐way factorial analysis of variance (anova) demonstrated that resting alveolar endothelial cells (AEC) could produce detectable quantities of monocyte chemoattractant protein 1 (MCP‐1), which was upregulated in response to tumour necrosis factor‐α (TNF‐α) in a dose‐ and time‐dependent fashion. Interferon‐γ (IFN‐γ) had no significant effect on this process. TNF‐α and IFN‐γ both induced AEC to provoke migration of CD14+ monocytes and CD3+ lymphocytes across endothelium. IFN‐γ and TNF‐α synergized in their ability to induce production of T lymphocyte, but not monocyte, chemoattractants from AEC. Leucocyte transendothelial migration was inhibited by anti‐MCP‐1 neutralizing antibody and by heparin, a polyanionic glycosaminoglycan (GAG). These data suggest that human AEC play a role in the multiple mechanisms that facilitate monocyte and T lymphocyte migration into the alveolar compartment of the lung under homeostasis and inflammatory conditions. One of these mechanisms is mediated via constitutive MCP‐1 production by alveolar epithelial cells, which is upregulated by TNF‐α.
Delegation of authority in research funding to networks: Experiences with a multiple goal boundary organization

The delegation of authority in research funding to multi-actor networks that include users is seen as a way to make research more responsive to users' needs. This paper analyzes multi-actor networks for the planning and execution of agricultural research in The Netherlands. It shows that delegation of authority to networks also generates several tensions, and requires substantial role adjustments and institutional learning for the actors involved (government, researchers, intermediaries such as research councils, and user groups) in order to effectively operate in the network. The paper indicates that the principal-agent perspective often used for analyzing the science-policy relationship can be a useful tool for analyzing the multilateral relationships in networks, but needs to be complemented by theories that better capture the notion of co-production in such ‘webs of cross-cutting ties’. Copyright , Beech Tree Publishing.
Fair Trade Awareness and Engagement: A Coffee Farmer's Perspective

As one of the world's most traded commodities, coffee has been criticized for its contribution to environmental degradation, social injustice, and economic disparities between the producing regions of the Global South and consuming countries of the Global North. However, the Fair Trade concept is promising to change this through the establishment of a trading system where producers, importers, and processors form a more direct network characterized by an established set of ethical principles and practices deemed as “fair. ” While the transformational benefits of Fair Trade at the producer level have been examined in several impact studies, the farmers' low awareness and understanding of Fair Trade concepts, principles, markets, and customers represent an issue of concern. Among the many benefits associated with increased Fair Trade awareness is greater participation in Fair Trade governance bodies and the long-term viability of the market itself. This research looks at Fair Trade from the perspective of farmers and their cooperative and uses the case of Cooperativa Agraria Cafetalera Pangoa, Peru, to examine how Fair Trade awareness (defined as knowledge of different areas of Fair Trade) is understood at the producer level. We then develop a three-level Fair Trade awareness Model that illustrates both the existing and desired levels of understanding with regard to Fair Trade awareness.
Volatility dynamics in three euro exchange rates: correlations, spillovers and commonality

In this paper we use three euro exchange rates to test for the presence of volatility spillovers, common volatility components and time-varying correlations using the multivariate-GARCH model and the common volatility methodology approach proposed by Engle and Kozicki (1993). Our results suggest that the three currencies exhibit some degree of volatility spillover and commonality in the driving force behind volatility movement. With regard to the nature of time-variation within the correlation coefficients the results indicate that correlations are time-varying but that the strength of the correlation coefficients has not increased over the sample period. These results support the view that while the three rates do exhibit some interrelationships, there is no evidence of continually increasing integration. This suggests that on the one hand there remains room for international diversification, and on the other hand that market participants have to take account of risk arising from idiosyncratic movement within the series.
On the Dynamic Interdependence of International Stock Markets: A Swiss Perspective

This paper studies the links existing between the Swiss stock market and the five largest stock markets in the world (USA, Japan, United Kingdom, Germany and France) in terms of return and volatility. We find that conditional heteroskedasticity is present in every market and also that conditional volatility responds asymmetrically to past shocks. In order to properly take account of these phenomena we estimate a series of bivariate asymmetric AR(1)-GARCH(1,1) models to measure the links existing between the Swiss stock market and the five other stock markets. The results indicate that the US market has the strongest influence on the Swiss market in terms of returns and volatility. Links with other markets in terms of returns are relatively weak. The German and British markets strongly influence the volatility of the Swiss market. On the other hand, we find that the Swiss market has a statistically significant but economically weak influence on the foreign markets.
News or Noise? Using Twitter to Identify and Understand Company‐Specific News Flow

This study presents a methodology for identifying a broad range of real-world news events based on microblogging messages. Applying computational linguistics to a unique dataset of more than 400,000 S&P 500 stock-related Twitter messages, we distinguish between good and bad news and demonstrate that the returns prior to good news events are more pronounced than for bad news events. We show that the stock market impact of news events differs substantially across different categories.
Growth Theory and Economic Structure

New growth theory endogenises growth, but neglects aggregate demand and distributional shifts in output and employment. A model incorporating demand and structural change is introduced to assess the effects of greater integration of the EC. The analysis shows that (i) the new growth model overstates the long run implications of integration, and (ii) identical effects on productivity growth can be achieved by reducing unemployment. It is argued that the benefits of lower unemployment are more certain of achievement than those expected from reduced barriers to trade and resource movement, and that stronger demand is a pre- requisite for realization of the latter. With the rise of the new growth theory (Romer 1986), many economists foresee the end of the long dominance of neoclassical growth theory. New growth theorists make the general point that within their framework the rates of growth of productivity and per capita income (and changes in these growth rates) are endogenously explained. Their main criticism of neoclassical growth theory is that it attributes these growth rates to exogenous determinants, and that this is not an explanation. New growth theory is to be commended for its efforts to endogenize growth, but it none the less retains two shortcomings in common with neoclassical growth theory: it neglects the effects of (1) distributional shifts in output and employment and (2) aggregate demand. In this paper we argue that these must be included in order to develop a research strategy that permits reasonable measures of the impact of policy on growth rates. To support this view, we first outline the way in which neoclassical and new growth theory analyse and quantify the effects of increased competition and market size, using in illustration the 1992 programme for greater economic integration of the EC. We then introduce a model that is free of the defects of both approaches, and use it to provide a clearer view of the static and dynamic effects of the 1992 changes. These are then compared with the effect of policies to reduce unemployment. The results show that (1) the new growth model overstates the long-run implications of the 1992 measures, and (2) identical effects on productivity growth can be achieved by a programme to reduce unemployment. We conclude by arguing that the benefits of lower unemploy- ment are more certain of achievement that those expected to flow from reduced barriers to trade and resource movement, and that stronger demand is a pre- requisite if the latter are to be realized. We do not attempt to make quantitative estimates of the economic gains from 1992 (or from reduced unemployment), whether for the short, medium or long run. Rather, our paper can be seen as outlining a research strategy for
Developing a sustainable culture of innovation management: a prescriptive approach

This paper proposes an approach to innovation management, which produces seamlessness, unleashes full creative potential, integrates activities, delivers superior performance, and builds a sustainable culture. At the heart of World Class innovation is the role of senior management. This paper argues that senior managers have to exercise interest and commitment to innovation activity and have to play a more transparent role in nurturing the development of a sustainable innovation culture. Other critical aspects found through comprehensive research to be inherent factors and key triggers of success are also covered in this paper with prescriptive steps that can help in the establishment of sustainable innovation activity. Copyright © 2005 John Wiley & Sons, Ltd.
Understanding the Puzzling Risk-Return Relationship for Housing

Standard theory predicts a positive relationship between risk and return, yet recent data show that housing returns vary positively with risk in some markets but negatively in others. This paper rationalizes these cross-market differences in the risk-return relationship for housing, and in so doing, explains the puzzling negative relationship. The paper shows that when the current house provides a hedge against the risk associated with the future housing consumption, households are willing to accept a lower return to compensate for risk, thus weakening the positive risk-return relationship. Further, in markets with less elastic housing supply and a growing population, hedging incentives can be sufficiently strong to make the relationship negative. The empirical analysis confirms these predictions, suggesting that hedging incentives, housing supply, and urban growth are indeed central to understanding the risk-return relationship for housing. The Author 2013. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com. , Oxford University Press.
Middle Eastern stock markets: absolute, evolving and relative efficiency

The martingale hypothesis is tested for 11 Middle Eastern stock markets using three finite sample variance ratio tests. For comparative purposes, the same tests are applied to data obtained for the US. The tests are carried out with both observed returns and returns corrected for thin trading, so the effect of the thin trading correction is evident. A rolling window is used to track the changes in efficiency through time and rank markets by the relative efficiency. Overall, most markets experience successive periods of efficiency and inefficiency, which is consistent with the adaptive markets hypothesis. Predictability varies widely: the least predictable stock markets are those located in Turkey, Egypt and Israel; the most predictable are in Jordan, Lebanon and Saudi Arabia. When returns are corrected for thin trading, there is much less variation in relative efficiency.
MEASURING EFFECTS OF CLIMATE CHANGE AND ENERGY EFFICIENCY REGULATIONS IN U.S. HOUSEHOLDS

The first chapter explains the human causes of climate change and its costs, which is estimated to be about 3.6% of GDP by the end of 21 century (NRDC, 2008). The second chapter investigates how projected July temperatures will increase the demand for electricity in the U.S. by 0.8%, while projected January temperatures will decrease the demand for natural gas and heating oil by 1% and 2.3%, respectively. This chapter further examines effects of the energy-efficiency building codes: IECC 2003 and IECC 2006 in the U.S. in reducing the energy consumption in the U.S. households. This study finds that these state-level building codes are effective in reducing energy demand. Adoption of these codes reduces the electricity demand by 1.8%, natural gas by 1.3% and heating oil by 2.8%. A total of about 7.54 MMT per year emission reduction of CO2 is