Miracle-dz/UniFAR-FTUs huggingface dataset:
CEOs Reap Unprecedented Riches While Employees' Pay Stagnates

The median total direct CEO compensation (annual salary, bonus, plus long-term incentives) hovers around $2 million a year at the largest U.S. companies, according to a study conducted by William M. Mercer, Inc., for The Wall Street Journal. CEOs’ salaries fly high even above other highranking executives, reports a study of 34 senior executives at service and industrial companies (average revenues of $21 billion) by Pearl Meyer & Partners in New York. The chief operating officer, on average, makes 58% of the CEO’s earnings in total compensation (slightly more than $27,000 in salary or wages and nearly $11,000 in benefits). The top audit executive makes just 10% of the CEO’s earnings. (See Exhibit 1). And, private industry workers’ total compensation (includes benefits) averages about $38,000 a year, according to the Bureau of Labor Statistics (BLS). Companies pay professional, specialty, or technical employees about $58,000 a year.
Are stock prices in the US nonstationary? Evidence from contemporary unit root tests

This article extends the empirical literature on the efficiency of stock markets in the US by applying a battery of unit root tests to empirically ascertain whether stock prices are mean reverting. This article, unlike previous studies, employs a disaggregated approach using the daily closing values of the Dow Jones industrial average, NASDAQ composite and S&P 500 index covering the period 5 February 1971 to 31 December 2009 to investigate the integration properties of the US stock market. The empirical findings reveal that the three major stock price series are nonstationary, indicating that they do not follow a trend path. The primary implication is that trading strategies that simply rely on mean reversion of stock prices are valueless.
Another Look at the Relationship between Innovation Proxies

Shortcomings in the treatment of intangible investment in company accounts imply that there is no statistical collection for innovative activity which abides by the logic used for other economic activity data. As a consequence, analysts rely on innovation proxies derived from administrative and survey data. However, it is still unclear exactly how the different proxies are correlated, and whether the choice amongst different proxies matters. In the light of the innovation measurement, this paper takes another look at the relationship between different proxies of firm innovation. The results show that firm-level correlations between survey-based indicators and other proxies for innovation are highest for manufacturing firms and for product innovations.
Functional diversity of stem and progenitor cells with B‐lymphopoietic potential

Summary: Technical advances have made it possible to separate hematopoietic tissues such as the bone marrow into ever smaller populations, complicating our understanding of immune system replenishment. Patterns of surface marker expression and transcription profiles as well as results obtained with reporter mice suggest that lymphopoietic cells are not closely synchronized, and there is considerable cell to cell variation. Loss of differentiation options is gradual, and ultimate fate can be established at different stages of lineage progression. For example, individual hematopoietic stem cells can be biased such that some are very poor sources of lymphocytes as contrasted to ones with balanced outputs. Still other hematopoietic stem cells are effective at generating B and T cells but are defective with respect to expansion and difficult to distinguish from early lymphoid progenitors. That diversity carries forward to later events, and similar appearing cells in the immune system can arise from alternate differentiation pathways. In fact, new categories of lymphoid progenitors are still being discovered. Heterogeneity provides adaptability as hematopoiesis can be dramatically altered during infections, influencing numbers and types of cells that are produced.
Corporate Governance and Globalization

This survey gives an overview of the current state of knowledge on the question whether corporate governance structures worldwide are determinants of differences in economic performance. We look at the identities of owners, monitoring boards, and legal systems and find that some though not all corporate governance structures give rise to differences in performance. The paper ends with a tentative outlook as to the prospects of corporate governance structures converging worldwide.
Underpricing of European property companies and the IPO cycle: a note

Purpose – The purpose of this paper is to provide evidence for the ongoing significant underpricing of European property IPOs.Design/methodology/approach – The paper provides recent evidence on underpricing for a comprehensive data set of 105 IPOs of European property companies. It starts with an overview of evidence and explanations for the underpricing of property IPOs and evidence for the cyclical nature of IPO activity. It then goes on to describe the methodology and data collection process. The results on initial returns are summarised.Findings – The paper finds that the current IPO market for property shares has been shown to be hot according to common definitions. Additionally, it is safe to say that the hot property securities market has caused to some extent a hot IPO market with property indices averaging 10.69 per cent during the 100 days prior to the IPO compared to 4.65 per cent for the general equity market indices. However, the recovery in Western European property markets and lack of quali.
Regression‐based cointegration estimators with applications

Provides a framework for understanding the relationships between alternative cointegrating estimators with special attention given to single equation procedures. The approach consists of augmenting the long-run model with general short-run dynamic specifications and identifying the specific assumptions implied by each of these estimators about the short-run dynamics. Understanding this hierarchical structure between estimators is important since it shows the conditions when consistent and asymptotically efficient parameter estimates may be obtained from standard econometric packages. Since the alternative estimators are shown to be nested in a general framework, this suggests that general-to-specific methodology may be adopted to test between these alternative specifications. To highlight the salient characteristics of the alternative estimators, the framework is related to two theoretical economic models: stock prices and money demand; and applied to the demand for imports and testing of the crowding out hypothesis.
Oil Price Shock, Energy Prices and Inflation – A Comparison of Austria and the EU

The marked increase in the price of crude oil has also affected the prices of motor fuels, heating oil and other forms of energy. The extent and speed of these price reactions have varied widely in EU countries, and the accompanying inflationary effects have differed accordingly. For monetary and economic policy, it is important to know the channels through which oil price fluctuations are transmitted in order to assess their effects on inflation, economic growth and employment. This study presents a current overviewof oil and primary energy markets worldwide and estimates the elasticities and the speed of adjustment parameters of motor fuel and heating oil prices in response to oil price fluctuations in the EU-25. In addition, we test whether prices react asymmetrically to increases and decreases in crude oil prices and examine their transmission to other forms of energy, such as natural gas, electricity, solid fuels and district heating.We highlight the effect of volume-based excise taxes, which have a strong differentiating as well as dampening effect on prices, and address the issue of whether fiscal policy should cushion the impact of price increases, for example by lowering energy taxes or by providing energy subsidies. Then we quantify the direct inflationary effects of an oil price shock in Austria in a simple simulation using the OeNB's inflation forecasting model. Finally, we derive conclusions for monetary and economic policy.
Creating emotion in games: the craft and art of Emotioneering#8482;

Why put emotion into games? The answers are art and money. Sure, it's an unholy alliance, but so are pineapple and pizza, windmills and tiny golf courses, the military and intelligence, and canned fruit and gelatin molds. Don't get me wrong. I think of myself as an artist first and a businessman second. But game companies that don't make a profit aren't game companies for very long. There are at least nine reasons that putting emotion in games can lead to greater profits, and it's worth taking a few minutes to mention them.
COMPLEX DYNAMICS IN A SIMPLE INPUT‐OUTPUT MODEL WITHOUT THE FULL CAPACITY UTILIZATION HYPOTHESIS

The paper takes up a multi-sectoral dynamic input-output model of Duchin and Szyld (⇐A dynamic input-output model with assured positive outputs ⇒, Metroeconomica, vol. 37, 1985) and develops it further in two respects. On the one hand, also a decrease of productive capacities is allowed for. On the other hand, an endogenously determined ⇐ correction term ⇒ is built into the investment function. It reflects a certain kind of risk-aversion and serves to absorb the explosive tendencies to be found in the original model. Subsequently the one-sector version, which nevertheless comprises already four state variables, is studied by means of computer simulations. Depending on the choice of a behavioural parameter, persistent but seemingly quite irregular cycles are generated. For a more sophisticated investigation spectral analysis is employed. The model itself could succintly be characterized as an elaborated multiplier-accelerator model.
Drivers of voluntary audit in Finland: to be or not to be audited?

This paper examines factors affecting the owner-manager's voluntary decision to hire an auditor in small firms. Using a random sample of 412 small private companies in Finland responding to an Internet survey, we first probe the institutional boundaries of a prior UK study [Collis, J., Jarvis, R. , and Skerratt, L. , 2004. The demand for the audit in small companies in the UK. Accounting and business research, 34 (2), 87–100] and conclude that its main findings can be generalised to a different regulatory setting (Finland) typical of many Continental European countries. Second, we broaden the prior research by testing new hypotheses regarding the drivers of an audit among small companies. We hypothesise and find evidence that outsourcing of critical accounting functions creates information asymmetry between the owner-manager and the external accountant, which may arouse the need for monitoring the external accountant through a voluntary audit. In addition, we find, as hypothesised, that tax advisory services provided by the external accountant reduce the likelihood of a voluntary audit. Moreover, we hypothesise that receiving a qualified opinion from the auditor reduces the likelihood of hiring an auditor voluntarily, whereas firms experiencing financial distress would be more willing to have their financial statements audited. We find evidence consistent with these hypotheses.
Globalization, Skill Accumulation and the Skill Premium

We analyze the impact of globalization upon the skill premium (inequality) in advanced countries from a two‐goods North–South model with skill accumulation. Globalization consists of an increase in the size of the South. Its impact on inequality depends on its intensity and on the pre‐globalization proportion of skilled workers. The post‐globalization inequality is a non‐monotonic function of the pre‐globalization proportion of skilled workers and of the globalization intensity. The impact is different for the generation in work and for the following generations. There is a threshold value of the skill endowment under (above) which inequality is lower (higher) after than before globalization.
Service quality, customer satisfaction, and behavioral intentions in fast‐food restaurants

Purpose – This study aims to explore the potential dimensions of service quality, and examine the relationship among service quality, food quality, perceived value, customer satisfaction and behavioral intentions in fast‐food restaurants (FFRs). Design/methodology/approach – The construct reliability and validity was assessed using exploratory factor analysis and confirmatory factor analysis. Structural equation modeling was employed to estimate the relationship among service quality, customer satisfaction, and behavioral intentions.Findings – Results indicated that five dimensions were significant: tangibles, reliability/responsiveness, recovery, assurance, and empathy. Service quality and food quality were two main determinants of customer satisfaction. The insignificance of perceived value is potentially due to the homogeneous nature of the construct within the FFR group rather than the importance of the perceived value construct within food service.Originality/value – The FFR success model, using the o.
Policies, institutions and time: how the European Commission managed the temporal challenge of eastern enlargement

This article examines the relation between policies, institutions and time by addressing the case of eastern enlargement policy and the European Commission. Our main question is how the special challenges and requirements of EU eastern enlargement policy impacted on the administrative level of the Commission, i.e. the level in charge of structuring, monitoring and steering the policy's implementation. We provide empirical data on institutional change in the Commission from the mid-1990s until 2004 and examine temporal categories at both the policy level and the institutional level. This analysis shows that – especially the temporal – requirements of enlargement policy drove the Commission to adapt its internal organization and time management; internal structures and procedures changed; actors were bound in a temporal grid. This allowed the mobilization of the actors and the in-time synchronization of their input. On the whole, our results open a new perspective on institutional change and time in the context of European governance.
Cash transfers to tackle childhood poverty and vulnerability: an analysis of Peru's Juntos programme

Social programmes in Peru have been plagued historically by a culture of dependency, clientelism and corruption. Juntos, a conditional cash transfer programme targeting children under the age of 14, was initiated in 2005 to provide a new model for social protection provision and tackle the country's widespread childhood poverty. Its design largely follows that of counterpart Latin American programmes and seeks to address the risks to children's future human capital development that stem from inadequate access to basic services and various forms of social exclusion. An innovative dimension of Juntos is its explicit focus on populations most affected by the country's political violence during the 1980s and 1990s. Drawing on document analysis and qualitative field research, this independent assessment considers the impacts of the programme on childhood poverty, the strengths and weaknesses of a conditional approach, and changes in intra-household and community dynamics as well as state—citizen relations. It concludes by discussing policy challenges and directions for future research.
Measuring Technological Capability and Performance

The relation between technological capability and firm performance is more complex than what is generally assumed. Researchers have not been able to consistently find empirical support for this apparently simple relation. The objective of this study is to illustrate the theoretical and empirical complexity of this relation and explain why the use of different measures can lead to dramatically different results. In this study, we analyse the technological capabilityperformance relation in 201 large US public manufacturing companies. A variety of patent statistics and a measure of research & development (R&D) intensity are used as indicators for technological capability. The following six measures of performance are used as dependent variables: return on assets, return on equity, return on sales, market value, market value added, and economic value added. The results vary substantially, depending on which measures are used for the independent and dependent variables. A detailed understanding of precisely what each measure represents and the shortcomings of each measure is needed to explain why these differences exist. We conclude by discussing the effectiveness of a variety of technological capability measures using patent citations, and illustrate why a measure of R&D spending and the total number of patents are usually not valid measures of a firm's technological capability.
Work and family balance through equal employment opportunity programmes and agreement making in Australia

Purpose – The purpose of this article is to assess the ability of formal equal employment opportunity (EEO) programmes and workplace agreement making to facilitate work and family balance for women workers in Australia.Design/methodology/approach – This article uses documentary analysis and semi‐structured interviews in six Australian organisations that are required to develop formal EEO programmes.Findings – Formal EEO programmes and agreement making are limited in their ability to promote work and family‐friendly arrangements at the workplace. Informal arrangements and managerial discretion are important in realising work and care balance.Research limitations/implications – The paper is Australian based, and the case studies were confined to six organisations, which restricts the findings.Practical implications – Leave and work arrangements need to be required within agreements and EEO programmes. Most programmes gravitate towards minimum requirements, hence, it is important to ensure that these minimum.
Rewriting Eighteenth-Century Ottoman History

This essay surveys twentieth-century historical writing on the Middle East and more particularly on the Ottoman Empire in the eighteenth century. It explores the pioneering works of the post-World War II era and then points to the shift from exclusively political to social and economic history beginning in the 1960s and 1970s, the increasing use of archival documents, and the inclusion in the historical narrative of women and minority populations, as well as the still-looming gaps in intellectual history. The essay's aim is to assess the century's key historiographical accomplishments while suggesting directions for the future.
What a Difference a Month Makes: Stock Analyst Valuations Following Initial Public Offerings

Abstract We examine how analysts establish target prices for IPO firms and whether comparable firms used to support target prices are helpful in explaining IPO offer prices. During the bubble period of 1999 to 2000, the average offer price was set at a discount relative to comparable firm valuations. In contrast, the average offer price was set at a small premium relative to comparables in the pre-bubble period. This shift appears to hold even after controlling for the differences in the types of firms going public during the bubble period. Moreover, target prices of IPO firms were set at a higher premium relative to comparables during the bubble period. While our results suggest that underwriters systematically discounted offer prices during the bubble period, an alternative explanation is that the shift arose because underwriters and analysts faced different incentives and legal exposures during the bubble period.
Dynamics of the U.S. Trade With Developing Countries

Earlier studies that investigated the J-Curve phenomenon employed aggregate trade data. Due to the aggregation bias problem, a few recent studies have shifted their emphasis toward using disaggregated data at bilateral level. However, studies related to the U.S., have investigated the phenomenon between the U.S. and her six largest trading partners. Given that developing countries constitute almost half of the U.S. trade, in this paper we test the short-run and the long-run effects of depreciation of the dollar on the bilateral trade balance between the U.S. and 13 developing countries.
Sleep spindle frequency changes during the menstrual cycle

SUMMARY Five healthy adult women aged 20 to 28 had 12–15 polysomnographic recordings, as well as daily basal body temperature and multiple LH, FSH, estrogen and progesterone measurements taken during a single menstrual cycle. Sleep stages were scored both visually and with a spindle and delta‐wave, real‐time, automatic analysing system. A cubic growth‐curve model showed that the frequency of sleep spindles changed markedly over the menstrual cycle: spindle frequency was lowest about 18 days before onset of menses and highest 3 days before onset of menses. Slow waves did not change. The percentages of Stage 1 and REM sleep showed small changes during the menstrual cycle, and other parameters of visually scored sleep showed no tendency to change. Spindle frequency may reflect the effects of sex hormones on the reticular thalamic nucleus and may be a quantitative marker of premenstrual sleep disturbances.
Influential Factors of Internet Users Booking Online in China's Domestic Tourism 使用互联网在线预订的影响因素—以中国国内旅游为例

Based on empirical data, this article reports factors that influence Chinese Internet users' purchasing behaviours in the tourism industry. The type of travel website most visited, self‐efficacy, domain‐specific innovativeness, and perception of the Internet are found to be the significant predictors of Chinese eCustomers. The study affirms the importance of reasoned actions and planned behaviour theories and the theory of innovation diffusion in predicting customers' purchasing behaviours. Managerial implications for Chinese tourism companies are discussed. 本文以实证数据，报告影响中国旅游业中互联网使用者购买行为的因素。 研究发现，最常浏览的旅游网站类型、自我效能、特定网域的创新以及对互联网的感知是预测中国电子消费者的重要自变量。 本文证实理性行动理论、计划行为理论和创新扩散理论对预测消费者的购买行为非常重要。 最后本文讨论了中国旅游企业的管理问题。
Disruptions to human speed perception induced by motion adaptation and transcranial magnetic stimulation

To investigate the underlying nature of the effects of transcranial magnetic stimulation (TMS) on speed perception, we applied repetitive TMS (rTMS) to human V5/MT+ following adaptation to either fast‐ (20 deg/s) or slow (4 deg/s)‐moving grating stimuli. The adapting stimuli induced changes in the perceived speed of a standard reference stimulus moving at 10 deg/s. In the absence of rTMS, adaptation to the slower stimulus led to an increase in perceived speed of the reference, whilst adaptation to the faster stimulus produced a reduction in perceived speed. These induced changes in speed perception can be modelled by a ratio‐taking operation of the outputs of two temporally tuned mechanisms that decay exponentially over time. When rTMS was applied to V5/MT+ following adaptation, the perceived speed of the reference stimulus was reduced, irrespective of whether adaptation had been to the faster‐ or slower‐moving stimulus. The fact that rTMS after adaptation always reduces perceived speed, independent of which temporal mechanism has undergone adaptation, suggests that rTMS does not selectively facilitate activity of adapted neurons but instead leads to suppression of neural function. The results highlight the fact that potentially different effects are generated by TMS on adapted neuronal populations depending upon whether or not they are responding to visual stimuli.