Miracle-dz/UniFAR-FTUs huggingface dataset:
Essays on the Role of Institutions in Productivity and Reallocation Dynamics

Title of dissertation: ESSAYS ON THE ROLE OF INSTITUTIONS IN PRODUCTIVITY AND REALLOCATION DYNAMICS Helena Schweiger, Doctor of Philosophy, 2006 Dissertation directed by: Professor John C. Haltiwanger Department of Economics Recent empirical work has shown that the success of an economy depends largely on how successful it is in allocating inputs and outputs across businesses efficiently with minimum disruption and frictions. Reallocation of factors of production plays a major role in productivity growth and it is driven by technological and market forces, coupled with institutional factors. We examine the impact of institutions on allocative efficiency, job flows and wage structure, using longitudinal micro level databases. First, we estimate the impact of state aid for the rescue and restructuring of firms in difficulty on productivity and allocative efficiency. We use treatment effects estimators allowing for selection on unobservables and exploit variables that affect the chances of getting aid before 2002, but not after, to identify this impact. The empirical analysis indicates that state aid hindered the efficient allocation of resources and prolonged the life span of aid-receiving firms. Next, we assess the importance of technological factors that characterize different industries in explaining cross-country differences in job flows. We find that industry/technology and size factors explain a large fraction of the overall variability in job flows, but there remain significant differences in job flows that could reflect differences in business environment conditions. We use a difference-in-difference approach to examine the impact of regulations on worker hiring and firing. The empirical results suggest that stringent hiring and firing costs reduce job turnover and distort the patterns of industry/size flows. Finally, we study the structure of wages and the importance of firm and person fixed effects in explaining the variance of log real hourly wages in Slovenia, using a longitudinal matched employer-employee database. Most significant changes in employment and wage setting policies occurred in 1991, but incomes policies still suppressed the growth of managerial wages until 1997. We find that this change brought about a change in the wage structure, with an increase in returns to education for the most educated workers. Our results also indicate that person fixed effects account for an overwhelming majority of variation in log real hourly wages, whereas firm fixed effects are not nearly as important. ESSAYS ON THE ROLE OF INSTITUTIONS IN PRODUCTIVITY AND REALLOCATION DYNAMICS
The Impact of Default Risk on the Basu Measure of Accounting Conservatism

In this paper, we analytically and empirically examine the impact of default risk on the Basu (1997) measure of accounting conservatism. Using the classic Merton (1974) call-option model of equity, we show that the Basu asymmetric timeliness coefficient is biased upward by the existence of the default risk in a firm, and that bias tends to increase with the level of default risk. Furthermore, we propose a new measure of conservatism, the Default-Adjusted-Basu (“DAB”) measure, by modifying the original Basu measure. The DAB measure is likely more robust to the influences of default risk than is the original Basu measure. Our empirical evidence is consistent with our theoretical arguments with regards to both the impact of default risk on original Basu measure and the advantage of our DAB measure of conservatism.
Forecasting volatility: Evidence from the Macedonian stock exchange

This paper investigates the behavior of stock returns in an emerging stock market namely, the Macedonian Stock Exchange, focusing on the relationship between returns and conditional volatility. The conditional mean follows a GARCH-M model, while for the conditional variance one symmetric (GARCH) and four asymmetric GARCH types of models (EGARCH, GJR, TARCH and PGARCH) were tested. We examine how accurately these GARCH models forecast volatility under various error distributions. Three distributions were assumed, i.e. Gaussian, Student-t and Generalized Error Distribution. The empirical results show the following: (i) the Macedonian stock returns time series display stylized facts such as volatility clustering, high kurtosis, and low starting and slow-decaying autocorrelation function of squared returns; (ii) the asymmetric models show a little evidence on the existence of leverage effect; (iii) the estimated mean equation provide only a weak evidence on the existence of risk premium; (iv) the results are quite robust across different error distributions; and (v) GARCH models with non-Gaussian error distributions are superior to their counterparts estimated under normality in terms of their in-sample and out-of-sample forecasting accuracy.
Mossy fiber sprouting and pyramidal cell dispersion in the hippocampal CA2 region in a mouse model of temporal lobe epilepsy

Dentate granule cells and the hippocampal CA2 region are resistant to cell loss associated with mesial temporal lobe epilepsy (MTLE). It is known that granule cells undergo mossy fiber sprouting in the dentate gyrus which contributes to a recurrent, proepileptogenic circuitry in the hippocampus. Here it is shown that mossy fiber sprouting also targets CA2 pyramidal cell somata and that the CA2 region undergoes prominent structural reorganization under epileptic conditions. Using the intrahippocampal kainate mouse model for MTLE and the CA2‐specific markers Purkinje cell protein 4 (PCP4) and regulator of G‐Protein signaling 14 (RGS14), it was found that during epileptogenesis CA2 neurons survive and disperse in direction of CA3 and CA1 resulting in a significantly elongated CA2 region. Using transgenic mice that express enhanced green fluorescent protein (eGFP) in granule cells and mossy fibers, we show that the recently described mossy fiber projection to CA2 undergoes sprouting resulting in aberrant large, synaptoporin‐expressing mossy fiber boutons which surround the CA2 pyramidal cell somata. This opens up the potential for altered synaptic transmission that might contribute to epileptic activity in CA2. Indeed, intrahippocampal recordings in freely moving mice revealed that epileptic activity occurs concomitantly in the dentate gyrus and in CA2. Altogether, the results call attention to CA2 as a region affected by MTLE‐associated pathological restructuring. © 2015 Wiley Periodicals, Inc.
Morbidity in hospitalized patients receiving human albumin: A meta-analysis of randomized, controlled trials*

Objective:To determine the effect of albumin administration on morbidity in acutely ill hospitalized patients. Data Source:Computer searches of MEDLINE, EMBASE, and the Cochrane Library; hand searches of journals and Index Medicus; inquiries with investigators and fluid product suppliers; and examination of reference lists. No language or time period restrictions were adopted. Study Selection:Randomized, controlled trials comparing the administration of albumin with that of crystalloid, no albumin, or lower-dose albumin. Data Extraction:Two investigators independently extracted data. The primary endpoint for the meta-analysis was morbidity, defined as the incidence of complications, including death. Trial quality was evaluated by blinding, allocation concealment, presence of morbidity as a study endpoint, and individual patient crossover. Data Synthesis:Seventy-one trials were included in the categories of surgery or trauma, burns, hypoalbuminemia, high-risk neonates, ascites, and other indications. The 3,782 randomized patients in the included trials experienced a total of 3,287 complications, including 515 deaths and 2,772 cardiovascular, gastrointestinal, hepatic, infectious, renal, respiratory, and other complications. Albumin significantly reduced overall morbidity, with a risk ratio of 0.92 (confidence interval [CI], 0.86–0.98). Control group albumin dose significantly affected the incidence of complications (p = .002). In 32 trials with no albumin administered to the control group, the risk ratio was 0.77 (CI, 0.67–0.88) compared with 0.89 (CI, 0.80–1.00) in 20 trials with control patients receiving low-dose albumin and 1.07 (CI, 0.96–1.20) in 19 trials with moderate-dose control group albumin. Conclusions:Albumin reduces morbidity in acutely ill hospitalized patients. Concomitant administration of albumin in the control group can obscure the effects of albumin on clinical outcome in randomized trials.
Dynamic Material Flow Analysis for Strategic Construction and Demolition Waste Management in Beijing

Of all materials extracted from the earth's crust, the construction sector uses 50%, producing huge amounts of construction and demolition waste (CDW). In Beijing, presently 35 million metric tons per year (megatonnes/year [Mt/yr]) of CDW are generated. This amount is expected to grow significantly when the first round of mass buildings erected in the 1990s starts to be demolished. In this study, a dynamic material flow analysis (MFA) is conducted for Beijing's urban housing system, with the demand for the stock of housing floor area taken as the driver. The subsequent effects on construction and demolition flows of housing floor area and the concurrent consumption and waste streams of concrete are investigated for Beijing from 1949 and projected through 2050. The per capita floor area (PCFA) is a key factor shaping the material stock of housing. Observations in Beijing, the Netherlands, and Norway indicate that PCFA has a strong correlation with the local gross domestic product (GDP). The lifetime of dwellings is one of the most important variables influencing future CDW generation. Three scenarios, representing the current trend extension, high GDP growth, and lengthening the lifetime of dwellings, are analyzed. The simulation results show that CDW will rise, unavoidably. A higher growth rate of GDP and the consequent PCFA will worsen the situation in the distant future. Prolonging the lifetime of dwellings can postpone the arrival of the peak CDW. From a systematic view, recycling is highly recommended for long‐term sustainable CDW management.
Momentum anomaly: evidence from India

Purpose - This paper aims to examine the presence of momentum profit in the Indian stock market and seeks to explore the sources of momentum profit employing both risk based and behavioral models. R2, idiosyncratic volatility, and delay measures are employed in order to test behavioral models. Design/methodology/approach - The paper follows Jegadeesh and Timan's methodology in constructing momentum portfolios. Findings - The study finds strong presence of momentum profits in India during 1995-2006. The risk based models such as CAPM and Fama-French fail to account for the phenomenon. Idiosyncratic risk exhibits a positive relation with momentum, lending support to behavioural factors as source of momentum phenomenon. Practical implications - In forming portfolios, selecting the stocks which have been winners in the last three and six months can help investors and fund mangers earn substantial profit. Originality/value - The study employs behavioral variables to explain the momentum phenomenon. In the Indian context it is an unexplored area.
Lost opportunities? A comparative assessment of social development elements of six hydroelectricity CDM projects in Brazil and Peru

Six hydroelectricity projects registered under the Kyoto Protocol Clean Development Mechanism (CDM), three each in Brazil and Peru, are reviewed to assess and contrast Peru's and Brazil's differing regulatory approaches to assessing the sustainable development (SD) benefits of CDM projects to social development. The Brazilian regulators rely exclusively on documents addressing a finite set of issues, whereas the corresponding Peruvian regulators visit the project site to engage in an ad hoc assessment of SD needs. Brazil's approach encourages foreign investment by providing some certainty of costs and prospects, yet the projects reviewed provided only limited SD benefits for social development. The Peruvian projects included significant and diverse social benefits for the local community. In order to achieve business confidence and social development benefits in the short to medium term, a hybrid of these approaches is recommended. However, successful implementation of this approach will require enhanced domestic non-governmental organization capacity, including additional funding. Ultimately, it appears that the solution lies in multi-stakeholder dialogue among mature regulators, civil society actors, local government and local community actors, and project developers.
Isolation and cultivation of Haemophilus ducreyi

A useful method for isolating and recognizing Haemophilus ducreyi from chancres and buboes of male patients is presented. A total of 41 clinical isolates of H. ducreyi were recovered from 33 patients over an 8-year period, and the experience with the 15 most recent isolates is presented in detail. Chocolate agar supplemented with 1% Iso VitaleX and 5% sheep blood agar were prepared, using Trypticase soy and Mueller-Hinton Agar bases, and incubation conditions included ambient, capneic, and anaerobic environments. Mueller-Hinton agar was clearly superior over Trypticase soy agar for isolation of H. ducreyi, although there was little difference between 5% sheep blood and supplemented chocolate agar. Growth in ambient air and under anaerobiasis was poor or lacking, whereas growth in 5 to 7% CO2 was good to luxuriant. Heat-inactivated and fresh (unheated)human blood clot tubes also were used for selective isolation. Although the rates of isolation from the two types of clot tube were not significantly different, unheated clot tubes were superior to heated clot tubes because of reduced level of contaminants. Gram stain characteristics taken from blood clot tubes and solid media, cellular and colonial morphology of the bacilli, and lack of oxidase, catalase, and biochemical activity except nitrate reductase were determinant factors. The results of this study demonstrated that successful isolation of H. ducreyi can be achieved with a minimal amount of resources and expertise.
A Retrospective View of Equity Planning Cleveland 1969–1979

Abstract From 1969 to 1979, under three administrations which could not have been more different, the Cleveland City Planning Commission worked in a highly visible way to achieve equity objectives. During this period, advocacy planning became less of a hortatory theory than a tangible effort undertaken within the system and directed toward, and achieving, real ends. On given issues, the Cleveland planners publicly challenged some of our favorite urban nostrums, and they not only survived, but prospered. This article discusses that period and estimates the impact that the work of the Cleveland planners had on various issues and on the mayors they served. Its conclusions may be useful for planners and others interested in applying their own models of responsible planning and redistributive justice.
Changing from German GAAP to IFRS or US GAAP: A Survey of German Companies

ABSTRACT Since 1993 an increasing number of listed German companies have been publishing their consolidated financial statements in accordance with either IFRS or US GAAP. In 1998 this was approved as a substitute for the consolidated German GAAP financial statements of listed companies (§292a HGB). Our study surveys the motives that led these companies to opt for international reporting systems (IFRS or US GAAP) rather than German GAAP and considers whether these objectives have been achieved. Rather surprisingly, we find that even though companies state that their overall expectations have been met to a satisfactory degree, a detailed analysis shows that several of the ex-ante objectives have not been achieved from an ex-post point of view. Additionally, we use logistic regression analysis to show that companies choosing IFRS rather than US GAAP and vice versa differ distinctly in the objectives they pursue with their choice of international GAAP.
Multiple functions of insulin-degrading enzyme: a metabolic crosslight?

Abstract Insulin-degrading enzyme (IDE) is a ubiquitous zinc peptidase of the inverzincin family, which has been initially discovered as the enzyme responsible for insulin catabolism; therefore, its involvement in the onset of diabetes has been largely investigated. However, further studies on IDE unraveled its ability to degrade several other polypeptides, such as β-amyloid, amylin, and glucagon, envisaging the possible implication of IDE dys-regulation in the “aggregopathies” and, in particular, in neurodegenerative diseases. Over the last decade, a novel scenario on IDE biology has emerged, pointing out a multi-functional role of this enzyme in several basic cellular processes. In particular, latest advances indicate that IDE behaves as a heat shock protein and modulates the ubiquitin–proteasome system, suggesting a major implication in proteins turnover and cell homeostasis. In addition, recent observations have highlighted that the regulation of glucose metabolism by IDE is not merely based on its largely proposed role in the degradation of insulin in vivo. There is increasing evidence that improper IDE function, regulation, or trafficking might contribute to the etiology of metabolic diseases. In addition, the enzymatic activity of IDE is affected by metals levels, thus suggesting a role also in the metal homeostasis (metallostasis), which is thought to be tightly linked to the malfunction of the “quality control” machinery of the cell. Focusing on the physiological role of IDE, we will address a comprehensive vision of the very complex scenario in which IDE takes part, outlining its crucial role in interconnecting several relevant cellular processes. Graphical Abstract
A new approach to evaluating trade policy

This paper introduces a new measure, the Trade Restrictiveness Index, which measures the restrictiveness of a system of trade protection. The index is a general equilibrium application of the distance function and answers the question: "What uniform set of trade restrictions is equivalent (in welfare terms) to the initial protective structure? " The index is applicable to both tariffs and quotas and allows international and intertemporal comparisons. The index is operational and we provide an empirical example to illustrate its applicability and to show its superiority to commonly used measures.
International Factor Mobility, Precautionary Saving and Long-Run Economic Growth

Long-run economic growth is analysed in a global model with many small countries prone to national level total factor productivity shocks. International capital mobility raises growth through the effects on precautionary saving of both a fall in interest uncertainty and a rise in earnings uncertainty, while international labour reduces growth, because these same two effects then operate in different directions. Besides this, positive aggregation effects from general global integration imply that international capital mobility unambiguously promotes economic growth, while the growth effects of international labour mobility are less sure because of conflicting mechanisms.
The interurban transmission of growth in advanced economies: Empirical findings versus regional-planning assumptions

Pred A. R. (1976) The interurban transmission of growth in advanced economies: Empirical findings versus regional-planning assumptions, Reg. Studies 10, 151–171. It is proposed that the disappointing record of growth-centre and growth-pole policies in advanced economies is in some measure attributable to mistaken assumptions concerning interurban growth-transmission. The reasoning behind the hinterland-spread and hierarchical diffusion assumptions of interurban growth-transmission is outlined and briefly criticized. The relationships between the spatial structure of organisations and interurban growth-transmission are sketched and organisational spatial structure data for seven metropolitan complexes of the western United States are presented. This data, and the summarized findings of other recent research projects, consistently point to the inaccuracy of the growth-transmission assumptions held by many regional planners and academics in advanced economies. Consequently, certain realities that need to be .
Customer relationship management in hotels: examining critical success factors

Customer relationship management (CRM) has become a key strategy for personalising the customer experience and improving customer satisfaction and retention, particularly in hotels. However, previous research shows that these hotels are not taking advantage of the full potential of CRM and that most of them struggle to succeed with its implementation. This study analyses the main success factors of CRM implementation based on a sample of 128 small- and medium-sized hotels in Spain. The results highlight the crucial role played by organisational factors (top management support, employee training and motivation along with organisational structure/processes) and provide relevant implications for research and practice. The findings reveal that investing in technology is a necessary but not sufficient condition for achieving positive results with CRM. To do this, hotel managers should exert effective leadership and motivate their employees to engage with the strategy.
Influence of music on operation theatre staff

Background and Objective: The purpose of the study was to evaluate the perception of influence of music among surgeons, anesthesiologist and nurses in our hospital as well as to critically evaluate whether music can be used as an aid in improving the work efficiency of medical personnel in the operation theatre (OT). Materials and Methods: A prospective, questionnaire-based cross-sectional study was conducted. A total of 100 randomly selected subjects were interviewed, which included 44 surgeons, 25 anesthesiologists and 31 nurses. Statistical package for social sciences (SPSS) Windows Version 16 software was used for statistical evaluation. Results: Most of the OT medical personnel were found to be aware of the beneficial effects of music, with 87% consenting to the playing of music in the OT. It was also found that most participants agreed to have heard music on a regular basis in the OT, while 17% had heard it whenever they have been to the OT. Conclusions: Majority of the respondent's preferred playing music in the OT which helped them relax. It improved the cognitive function of the listeners and created a sense of well being among the people and elevated mood in them. Music helped in reducing the autonomic reactivity of theatre personnel in stressful surgeries allowing them to approach their surgeries in a more thoughtful and relaxed manner. Qualitative, objective and comprehensive effect of specific music types varied with different individuals. Music can aid in improving the work efficiency of medical personnel in the OT. The study has reinforced the beneficial effects of playing music in the OT outweighing its deleterious outcomes.