Miracle-dz/UniFAR-FTUs huggingface dataset:
Who Trades on Pro Forma Earnings Information

In recent years, many companies have emphasized adjusted-GAAP earnings numbers in their quarterly press releases. While managers use different names to describe these non-standard earnings metrics, the financial press frequently refers to them as "pro forma" earnings. Managers and other advocates of pro forma reporting argue that these disclosures provide a clearer picture of companies' core earnings. On the other hand, regulators, policymakers, and the financial press often allege that managers' pro forma earnings disclosures are opportunistic attempts to mislead investors. Recent evidence suggests that while many pro forma earnings disclosures are altruistically motivated, some may represent managers' attempts to portray overly-optimistic financial performance. If this is the case, less-wealthy, less-sophisticated, individual investors are arguably the most at risk of being misled. Consequently, this study investigates who trades on pro forma earnings information. Our intraday investigation of transactions around earnings announcements containing pro forma earnings information reveals that less-sophisticated investors' announcement-period abnormal trading is significantly positively associated with the magnitude and direction of the earnings surprise based on pro forma earnings. In contrast, we find no association between sophisticated investors' trading and manager-reported pro forma information. Overall, our analyses and numerous robustness tests suggest that the segment of the market that relies on pro forma earnings information is populated predominantly by less-sophisticated individual investors. This evidence is particularly relevant to standard setters and regulators given that Section 401(b) of the Sarbanes-Oxley Act of 2002 and subsequent SEC regulations are specifically designed to protect ordinary investors from misleading pro forma information.
Context-Specific and Multi-Prototype Character Representations

Unsupervised word representations have demonstrated improvements in predictive generalization on various NLP tasks. Much effort has been devoted to effectively learning word embeddings, but little attention has been given to distributed character representations, although such character-level representations could be very useful for a variety of NLP applications in intrinsically "character-based" languages (e.g. Chinese and Japanese). On the other hand, most of existing models create a single-prototype representation per word, which is problematic because many words are in fact polysemous, and a single-prototype model is incapable of capturing phenomena of homonymy and polysemy. We present a neural network architecture to jointly learn character embeddings and induce context representations from large data sets. The explicitly produced context representations are further used to learn context-specific and multiple-prototype character embeddings, particularly capturing their polysemous variants. Our character embeddings were evaluated on three NLP tasks of character similarity, word segmentation and named entity recognition, and the experimental results demonstrated the proposed method outperformed other competing ones on all the three tasks.
Thermal material in relativistic jets

The properties of thermal material co-existing with non-thermal emitting plasma and strong magnetic fields in the powerful jets of active galactic nuclei (AGN) are examined. Theoretical and observational constraints on the physical properties of this ‘cold’ component are determined. While the presence of a thermal component occupying a fraction ∼ 10−8 of the jet volume is possible, it seems unlikely that such a component is capable of contributing significantly to the total jet energy budget, since the thermal reprocessing signatures that should appear in the spectra have not, as yet, been detected.
Detection of Respiratory Viruses in Nasopharyngeal Swab and Adenoid Tissue from Children Submitted to Adenoidectomy: Pre- and Postoperative Analysis

Abstract Introduction The presence of respiratory viruses in lymphoid tissues of the nasopharynx and oropharynx and its impact on recurrent infections and hypertrophy of these tissues are not yet fully understood. Objective To identify and determine the prevalence of major respiratory viruses in nasopharyngeal secretions and adenoid tissue pre- and postoperatively of children undergoing adenoidectomy. Methods A prospective observational study was conducted in 36 patients under 12 years of age with upper airway lymphoid hypertrophy who were undergoing adenoidectomy, in which various respiratory viruses were investigated using real-time polymerase chain reaction in adenoid tissue and nasopharyngeal secretions collected preoperatively and 30 days postoperatively. Results At least 1 viral agent was isolated in any of the samples collected in 58.3% of children and 25.9% of total samples. Respiratory viruses were identified in 33.8% of preoperative nasopharyngeal specimens and in 19.8% of postoperative secretion. Of the 21 patients with positive results for any respiratory virus, 6 (28.6%) had more than 1 virus. Considering all 36 respiratory viruses found, the main agent isolated was rhinovirus (27.8%), followed by bocavirus (22.2%). Conclusion The virus found more frequently in all samples was rhinovirus. After removal of adenoid tissue, there was a decrease in the prevalence of the virus contained in nasopharyngeal secretion 30 days after surgery.
Test statistics for synthetic aperture radar coherent change detection

Coherent change detection using paired synthetic aperture radar images is typically performed using a classical estimator of coherence applied under an assumption of complex Gaussian data. The magnitudes of the resultant coherence estimates are plotted as an image and used to gauge changes in the observed scene. Here we investigate the suitability of an alternative coherence estimator that further assumes the variances of the populations underlying each paired sample to be equal. We show experimentally that this alternative estimator outperforms the classical estimator even when the underlying variances are not equal, as long as they are close enough. We demonstrate the suitability of this estimator directly on publicly available synthetic aperture radar data, with a performance improvement observed through increased contrast in the corresponding coherent change detection images.
Macroeconomic variables and the Malaysian equity market: A view through rolling subsamples

Analyzes dynamic linkages between stock prices and four macroeconomic variables for the case of Malaysia using standard and well‐accepted methods of cointegration and vector autoregression. Empirical results suggest the presence of a long‐run relationship between these variables and the stock prices and substantial short‐run interactions among them. In particular, documents positive short‐run and long‐run relationships between the stock prices and two macroeconomic variables. The exchange rate, however, is negatively associated with the stock prices. For the money supply, documents immediate positive liquidity effects and negative long‐run effects of money supply expansion on the stock prices. Also notes the predictive role of the stock prices for the macroeconomic variables. However, there seems to be irregularity in the data when observations from the recent crisis are included. Finally, documents the disappearance of the immediate positive liquidity effects of the money supply shocks and unstable interactions between the stock prices and the exchange rate over time.
Parallel Cooperative Classiier Systems: a Proposal for a Unifying Framework Proposal for Phd Thesis

This proposal discusses the aim of the thesis, which is the de nition and investigation of a multi-agent framework for designing parallel classi er systems. This framework, called Parallel Cooperative Classi er System (PCCS), consists of a pool of single-agent classi er systems that learn in parallel to solve the same task and cooperate. First, we emphasise some limitations of the single-agent approach, and explain why a multi-agent approach can better exploit massive parallelism. Then, we present some preliminary results obtained with two PCCSs. These results show that de ning parallel classi er systems involves speci c issues that do not arise in a sequential framework. Our goal is to analyse the problems of designing parallel classi er systems based on the PCCS approach, as well as the additional learning mechanisms that may be required to solve them.
Compartmental neurodegeneration and synaptic plasticity in the Wlds mutant mouse

This review focuses on recent developments in our understanding of neurodegeneration at the mammalian neuromuscular junction. We provide evidence to support a hypothesis of compartmental neurodegeneration, whereby synaptic degeneration occurs by a separate, distinct mechanism from cell body and axonal degeneration. Studies of the spontaneous mutant Wlds mouse, in which Wallerian degeneration is characteristically slow, provide key evidence in support of this hypothesis. Some features of synaptic degeneration in the absence of Wallerian degeneration resemble synapse elimination in neonatal muscle. This and other forms of synaptic plasticity may be accessible to further investigations, exploiting advantages afforded by the Wlds mutant, or transgenic mice that express the Wlds gene.
The Dopamine Transporter and Risk-Taking Behavior : The Role of Genetics in Addiction

There is always the argument of environment versus biology in attempting to explain human behavior; this study examines the biological component of risk-taking. The Reward Deficiency Syndrome strongly points to a genetic component for risk-taking behaviors and this study sought to analyze the relationship between the dopamine transporter (DAT) and riskingrelated functioning as assessed with two tasks. In one task, functional magnetic resonance imaging was used to measure brain activity during a monetary feedback task. In the second task, risk-taking behavior was assessed directly using the Balloon Analog Risk Task. Gene sequencing provided allele type to compare to scores on these task, as well as to additional variables (e.g., demographic variables, self-reported substance use behavior). The overarching goal of the study was to examine the relationship between DAT genotype and addiction.
Green Infrastructure Finance: Leading Initiatives and Research

Investments in green projects are constrained by multiple factors: 1) numerous financial and institutional constraints; 2) pronounced risks; 3) unfavorable structure of cash flow profiles; 4) anti-green market distortions. In order to boost investment flows private financing is essential, but the public and private sectors need to work together. Public instruments and concessional funding will, therefore, need to be used carefully to leverage private flows. This stocktaking report is an initial step in the work on green infrastructure finance. Its objective is to document and summarize current initiatives and leading approaches related to the challenges described as well as present the possible solutions that have been proposed. 'Green infrastructure finance', as defined in this report, is a combination of financial and nonfinancial interventions and instruments that can be utilized for making green investments in infrastructure more affordable and less risky to private sponsors, financial markets and governments. The definition is applied broadly and beyond solely financial instruments with the assumption that more suitable policies and programs are equally needed to increase the attractiveness of green investments. This work is a presentation and is not intended to be an analytical assessment of the body of research. However, this summary, besides highlighting the main conclusions of the research, also provides an assessment of the gaps in the current body of work.
Engel’s Law Around the World 150 Years Later

One of the most enduring relationships in economics is that proposed by Ernst Engel in 1857: “The poorer is a family, the greater is the proportion of the total outgo [family expenditures] which must be used for food. … The proportion of the outgo used for food, other things being equal is the best measure of the material standard of living of a population. ” The 150th anniversary of Engel’s law passed in 2007. With this in mind, the present paper looks at the extent to which Engel’s law is relevant in today’s world by looking across countries at the relationship between the share of household expenditure spent on food and national income per capita. This working paper provides an empirical analysis of Engel’s law based on data for almost every country and territory in the world. This facilitates analysis of the relationship between the food share of household expenditure and national income per capita, especially how this differs by development level.
Policy Brief: Impacts of Unconditional Cash Transfers∗

Direct transfers are a common approach to poverty reduction. Historically, such programs have often made in-kind transfers, as in the case of food aid, asset transfers (e.g. livestock), or the provision of medical care.1 In recent years, cash transfers have garnered attention as a potential alternative poverty alleviation strategy, and cash transfer programs in developing countries now reach up to a billion people.2 However, the majority of these transfers are conditional, or targeted at specific groups of individuals.3 Truly unconditional cash transfers to general populations are relatively less common and less well understood, both in terms of their impacts, and in terms of how their design affects these impacts.
DEA Window analysis approach for measuring the efficiency of Serbian banks

Efficiency assessment based on multiple inputs and outputs which are not necessarily financial is considered to be a complex process. Data envelopment analyses (DEA) is firstly introduced for the purpose of evaluating the efficiency of non-profit units. In this paper, an extended DEA Window analysis is used for the efficiency assessment of banks in Serbia based on panel data for the period from 2005 to 2011. This analysis provides trends of efficiency and the rank of each bank evaluated in terms of its profit and operating effectiveness. Furthermore, the obtained results allow for an analyses of trends of the overall banking sector efficiency.
Corporate social responsibility: the way forward? Maybe not!: A preliminary study in Cyprus

Purpose – The paper seeks to consider the findings that emerged from a preliminary study into Cypriot businesses and their attitudes and behaviour towards corporate social responsibility (CSR). The overarching aim of the discussion is to explore whether Cypriot businesses have realized the opportunity of using CSR to build a strong reputation, a practice “embraced” and adopted by many successful and profitable corporations, or whether they ignore their social responsibilities and do it at their peril.Design/methodology/approach – A total of 4,000 questionnaires were given to the Employers Federation in Cyprus to mail to its members. Two issues were addressed: one dealing with philanthropic and the other with the stewardship CSR projects, covering social responsibility not only towards customers and society at large but also towards employees, suppliers, investors, and the environment.Findings – It appears that local corporations primarily emphasize the importance of meeting their responsibilities and obli.
Projection-Specific Neuromodulation of Medial Prefrontal Cortex Neurons

Mnemonic persistent activity in the prefrontal cortex (PFC) constitutes the neural basis of working memory. To understand how neuromodulators contribute to the generation of persistent activity, it is necessary to identify the intrinsic properties of the layer V pyramidal neurons that transfer this information to downstream networks. Here we show that the somatic dynamic and integrative properties of layer V pyramidal neurons in the rat medial PFC depend on whether they project subcortically to the pons [corticopontine (CPn)] or to the contralateral cortex [commissural (COM)]. CPn neurons display low temporal summation and accelerate in firing frequency when depolarized, whereas COM neurons have high temporal summation and display spike frequency accommodation. In response to dynamic stimuli, COM neurons act as low-pass filters, whereas CPn neurons act as bandpass filters, resonating in the theta frequency range (3–6 Hz). The disparate subthreshold properties of COM and CPn neurons can be accounted for by differences in the hyperpolarization-activated cyclic nucleotide gated cation h-current. Interestingly, neuromodulators hypothesized to enhance mnemonic persistent activity affect COM and CPn neurons distinctly. Adrenergic modulation shifts the dynamic properties of CPn but not COM neurons and increases the excitability of CPn neurons significantly more than COM neurons. In response to cholinergic modulation, CPn neurons were much more likely to display activity-dependent intrinsic persistent firing than COM neurons. Together, these data suggest that the two categories of projection neurons may subserve separate functions in PFC and may be engaged differently during working memory processes.
Pay-what-you-want, identity, and self-signaling in markets

We investigate the role of identity and self-image consideration under “pay-what-you-want” pricing. Results from three field experiments show that often, when granted the opportunity to name the price of a product, fewer consumers choose to buy it than when the price is fixed and low. We show that this opt-out behavior is driven largely by individuals’ identity and self-image concerns; individuals feel bad when they pay less than the “appropriate” price, causing them to pass on the opportunity to purchase the product altogether.
The New Development Paradigm: Papers on Institutions, NGOs, Gender and Local Government

The roles of government, institutions and society have been radically transformed over the last two decades. This text examines how the New Development Paradigm is put into practice in Pakistan and other underdeveloped countries. It focuses upon the roles NGOs, institutions and local governments play in development related activity, and examines the attempts to alter the gender balance, considered to be one of the main reasons for lack of development. Essentially, the work offers a critique of the new theories which constitute the New Development Paradigm and addresses a wide audience ranging from students and activists to journalists and general readers.
The black hole mass-bulge mass correlation: bulges versus pseudo-bulges

We investigate the scaling relations between the supermassive black holes mass (M_bh) and the host bulge mass in elliptical galaxies, classical bulges, and pseudo-bulges. We use two-dimensional image analysis software BUDDA to obtain the structural parameters of 57 galaxies with dynamical M_bh measurement, and determine the bulge K-band luminosities (L_bul,K), stellar masses (M_s), and dynamical masses (M_d). The updated M_bh-L_bul,K, M_bh-M_s, and M_bh-M_d correlations for elliptical galaxies and classical bulges give M_bh~0. 006M_s or 0. 003M_d. The most tight relationship is log(M_bh/M_sun)=a+b log(M_d/10^11 M_sun), with a=8.46+/-0.05, b=0.90+/-0.06, and intrinsic scatter 0.27 dex. The pseudo-bulges follow their own relations, they harbor an order of magnitude smaller black holes than those in the same massive classical bulges, i.e. M_bh~0. 0003M_s or 0. 0002M_d. Besides the M_bh-\sigma (bulge stellar velocity dispersion) relation, these bulge type dependent M_bh-M_bul scaling relations provide information for the growth and coevolution histories of SMBHs and their host bulges. We also find the core elliptical galaxies obey the same M_bh-M_d relation with other normal elliptical galaxies, that is expected in the dissipationless merger scenario.
Long Memory in Stock Trading Volume: Evidence from Indian Stock Market

In this paper, we have examined the long memory property of Indian stock market by analyzing the trading volume series. Given the absence of trading volume index data, we have constructed trading volume series for the Indian stock market. We used maximum likelihood method to analyze the constructed trading volume index. The estimation of ARFIMA model, obtained a significant parameter for the order of fractional integration, and this could be consistent with the long autocorrelations observed in the trading volume series. The finding that stock-trading volume is a long memory process is robust, given different estimating methods, different sub samples, temporal aggregation and tests on individual stocks. Because of the conditional heteroscedasticity in the series, we have also carried out ARFIMA-GARCH procedures to check whether long persistence was robust in the presence of conditional heteroscedasticity.
Trust in Forecast Information Sharing Özalp Özer Yanchong

This paper investigates the capacity investment decision of a supplier who solicits private forecast information from a manufacturer. To ensure abundant supply, the manufacturer has an incentive to inflate her forecast in a costless, non-binding, and non-verifiable type of communication known as “cheap talk. ” According to standard game theory, parties do not cooperate and the only equilibrium is uninformative – the manufacturer’s report is independent of her forecast and the supplier does not use the report to determine capacity. However, we observe in controlled laboratory experiments that parties cooperate even in the absence of reputation-building mechanisms and complex contracts. We argue that the underlying reason for cooperation is trust. The extant literature on forecast sharing and supply chain coordination implicitly assumes that supply chain members either absolutely trust each other and cooperate when sharing forecast information, or do not trust each other at all. Contrary to this all-or-nothing view, we determine that a continuum exists between these two extremes. In addition, we determine (i) when trust is important in forecast information sharing, (ii) how trust is affected by changes in the supply chain environment, and (iii) how trust affects related operational decisions. To explain and better understand the observed behavioral regularities, we also develop an analytical model of trust to incorporate both pecuniary and non-pecuniary incentives in the game-theoretic analysis of cheap-talk forecast communication. The model identifies and quantifies how trust and trustworthiness induce effective cheap-talk forecast sharing under the wholesale price contract. We also determine the impact of repeated interactions and information feedback on trust and cooperation in forecast sharing. We conclude with a discussion on the implications of our results for developing effective forecast management policies.
ERP success in the SMEs: The perspectives of Service Quality and Social Cognitive Theory

Since the service-oriented ERP systems have become essential to SMEs, the service quality of IS characteristics and the user's internal expectations are considered the key factors of ERP success. With the purpose of understanding how service quality influences user's satisfaction through psychological constructs, based on the Social Cognitive Theory and the framework of D&M IS Success Model, this study starts from the point of service quality to create a conceptual research model. The model and relevant hypotheses are tested in a survey of 205 Taiwan SMEs with the ERP system. The results show that the most significant linkages between service quality and psychological factors are tangibles and personal outcome expectations, responsiveness and assurance and performance outcome expectations, and tangibles and performance outcome expectations. Nevertheless, only the construct of responsiveness and assurance has a significant positive correlation with computer self-efficacy. It is suggested that the model provides fruitful implications for both academia and practical world.