Miracle-dz/UniFAR-FTUs huggingface dataset:
An Index-Based Measure of Liquidity

The liquidity shocks of ’08–’09 revealed that measures of liquidity risk being used in most financial institutions turned out to be woefully inadequate. The construction of long-short portfolios based on liquidity proxies introduces errors such as extraneous risk factors and hedging error. We develop a new measure for liquidity risk using exchange-traded funds (ETFs) that attempts to minimize this error. We form a theoretically-supported measure that is long ETFs and short the underlying components of that ETF, i.e., long and short a similar set of underlying securities with the same weights. Pricing discrepancies between the long and short positions are driven by liquidity differences between the ETF and its underlying components. Constructing liquidity risk factors in a number of markets, we undertake several tests to validate our new liquidity metric. The results show that our illiquidity measure is strongly related to other measures of illiquidity, explains bond index returns, and reveals a systematic illiquidity component across fixed-income markets.
Does Cultural Diversity of Migrant Employees Affect Innovation? 1

Increasing international labor migration has important effects on the workforce composition of firms in all migrant-receiving countries. The consequences of these changes for firm performance have attracted growing attention in recent years. In this paper, we focus explicitly on the impact of cultural diversity among migrant employees on the innovativeness of firms. We briefly synthesize empirical evidence from a range of contexts across Europe, North America, and New Zealand. We then utilize two unique and harmonized linked employer–employee datasets to provide comparative microeconometric evidence for Germany and the Netherlands. Our panel datasets contain detailed information on the generation of new products and services, determinants of innovation success, and the composition of employment in establishments of firms over the period 1999 to 2006. We find that innovation in both countries is predominantly determined by establishment size and industry. Moreover, obstacles encountered and organizational changes faced by firms drive innovation too. With respect to the composition of employment, the presence of high-skilled staff is most important. Cultural diversity of employees has a positive partial correlation with product innovation. The size and statistical significance of this effect depends on the econometric model specification and the country considered. We conclude from the literature synthesis and the new comparative evidence that cultural diversity of employees can make a positive, but modest and context dependent, contribution to innovation.
Do clinical and behavioural correlates of obese patients seeking bariatric surgery differ from those of individuals involved in conservative weight loss programme?

BACKGROUND Clinical practice has suggested that, in severely obese patients seeking bariatric surgery, clinical conditions, behavioural characteristics and psychological status might all differ from those of their counterparts starting conventional conservative therapy. METHODS Two groups of obese patients with closely similar body mass values were considered. The first group included individuals voluntarily and spontaneously seeking biliopancreatic diversion and the second group comprised patients at the beginning of a weight loss programme. After anthropometric and metabolic evaluation, the patients underwent an alimentary interview; eating behaviour and psychological status were assessed by Three Factor Eating Questionnaire and by Toronto Alexithymia Scale (TAS). RESULTS Among bariatric candidates, a greater number of individuals with type 2 diabetes and dyslipidaemia and high tendency to disinhibition and susceptibility to hunger scores was observed, whereas the other aspects of eating pattern were essentially similar. In the two groups, no difference in TAS score and or number of patients with alexithymic traits was observed. Finally, a logistic regression model showed that only age and metabolic derangement predicted the bariatric option, whereas eating behaviour or psychological status did not influence individual therapeutic choice. CONCLUSIONS Independently of the degree of obesity, bariatric surgery was requested by the more metabolically deranged patients, whereas, in the surgical candidates, the eating pattern and psychological conditions were very similar to those of obese persons at the beginning of a conservative weight loss programme. These results suggest a highly realistic and practical attitude in severely obese patients towards obesity and bariatric surgery.
Detection of Activated Leukocyte Cell Adhesion Molecule in the Serum of Breast Cancer Patients and Implications for Prognosis

Objective: Conflicting results have been reported about activated leukocyte cell adhesion molecule (ALCAM) expression in breast cancer and its prognostic value. Little is known about the role of ALCAM levels in the serum of breast cancer patients. Methods: We analyzed soluble ALCAM (sALCAM) levels in the serum of 157 primary breast cancer patients and 48 healthy women by ELISA. In addition, we determined ALCAM protein expression by Western blot analysis (n = 120) and mRNA expression by cDNA microarray analysis (n = 115) in the tumor tissue of corresponding patients. Results: sALCAM levels differed between patients and healthy controls (median 24.2 vs. 18.9 ng/ml, p < 0.001). We observed no correlation between serum levels and protein or mRNA expression in corresponding tumors (r < 0.1, p = n.s.). sALCAM levels were not correlated with histological type, grading, tumor stage, or patient age, but elevated sALCAM levels were associated with shorter disease-free survival (HR = 1.97, 95% CI 1.01–3.2, p = 0.043). Conclusions: Our results indicate that sALCAM can be detected in the serum of patients with primary breast cancer. Elevated serum levels might indicate more aggressive tumor behavior as they might be an independent factor for a worse prognosis in breast cancer patients.
Obesity and the lung: 3 · Obesity, respiration and intensive care

Obesity is a major problem from a public health perspective and a difficult practical matter for intensivists. The obesity pandemic has required treating clinicians to develop an appreciation of the substantial pathophysiological effects of obesity on the various organ systems. The important physiological concepts are illustrated by focusing on obstructive sleep apnoea, obesity hypoventilation syndrome, abdominal compartment syndrome and ventilatory management of the obese patient with acute respiratory distress syndrome.
Institutional Investors and the Information Production Theory of Stock Splits

Abstract We make use of a large sample of transaction-level institutional trading data to test an extended version of Brennan and Hughes’ (1991) information production theory of stock splits. We compare brokerage commissions paid by institutional investors before and after a split, assess the private information held by them, and relate the informativeness of their trading to brokerage commissions paid. We show that institutions make abnormal profits net of brokerage commissions by trading in splitting stocks. We also show that the information asymmetry faced by firms goes down after stock splits. Overall, our empirical results support the information production theory.
Coffee intake and risk of hip fracture in women in northern Italy.

BACKGROUND Information on a possible relation between coffee, caffeine, and other methylxanthine-containing beverages and hip fracture is relatively scanty and controversial. We present here the results of a case-control study conducted in northern Italy. METHODS A total of 279 cases of hip fracture and 1,061 controls in hospital for acute, nonneoplastic nontraumatic, non-hormone-related diseases were interviewed during their hospital stay. Odds ratios (OR) and their 95% confidence intervals (CI) according to consumption of coffee and other methylxanthine-containing beverages were derived from multiple logistic regression equations including terms for age, education, body mass index, smoking status, alcohol drinking, calcium intake, menopausal status, and estrogen replacement therapy. RESULTS Compared with nondrinkers, the OR was 1.2 (95% CI, 0.8 to 1.7) for coffee drinkers. No association emerged with number of cups/day (OR = 1.2 for 1 cup/day, 1.0 for 2, 1.4 for 3 and 4, and 1.2 for 5 or more cups/day) or with duration of coffee intake (OR = 1.0 for less than 30 years and OR = 1.1 for more than 30 years). Similarly, no statistically significant association was observed with decaffeinated coffee (OR = 1.3), tea (OR = 1.3), or cola intake (OR = 0.6). OR for coffee drinking were computed across strata of age, menopausal status, education, smoking status, total alcohol drinking, and calcium intake. CONCLUSIONS The present study found no association between hip fractures among women and consumption of regular or decaffeinated coffee, tea, and cola.
COMPETITION VS. FRANCHISE MONOPOLY IN CABLE TELEVISION

A modern defense of public utility regulation has arisen from the "transactions costs" literature. Traditional economic theorists called for government to establish regulated, franchise monopolies to guard against over-investment and wasteful duplication in natural monopoly (i.e., cost subadditive) markets. However, the new view is that monopoly licenses are issued to promote investment into markets where suppliers must sink considerable sums of specific…nonsalvageable…capital. Consumers, in this scenario, "delegate" their choice-making to political or bureaucratic agents, who administer day-to-day and year-to-year arrangements with a monopoly producer in a long-term exclusive-dealing arrangement. This may be a plausible explanation for the issuance of legal monopoly rights. But the troubling question regarding the public agency is: why should self-interested political agents create proconsumer regulatory contracts? They might instead be expected to maximize political clout by erecting monopolistic restrictions and directing excess returns to effective distributional coalitions. These competing explanations for the political issuance of monopoly franchises are contrasted in this paper through the use of legal and economic evidence in the cable television industry. Copyright 1986 Western Economic Association International.
The dynamics of economic globalization and political development on the welfare state in South Korea

The Korean welfare system has grown over the past 40 years from a limited and selective developmental system into a relatively comprehensive universal system. What explains this dynamic is the interplay between South Korea's global economic integration and its political transition from authoritarian rule to democratic governance. While the corporatist consensus under the authoritarian government limited social welfare to an instrument to promote economic growth and industrialization, the social democratic corporatist consensus under economic globalization has enabled the democratic regime to introduce a relatively universal welfare system.
Asset Liquidity and Financial Contracts: Evidence from Aircraft Leases

Financial contracting theories agree that more-liquid assets decrease the expected cost of external financing, thus making leasing more attractive and reducing lessors' equilibrium return. However, the literature has ambiguous predictions about the effect of liquidity on the maturity of leases. These predictions are further complicated by the existence of two types of lease contracts--operating and capital--that differ in whether asset ownership transfers to the lessee at the end of the contract. Using data from commercial aircraft, I find that more-liquid assets (1) make leasing, operating leasing in particular, more likely; (2) have shorter operating leases; (3) have longer capital leases; and (4) command lower markups of operating lease rates.
Optimal time discrimination

In the temporal bisection task, participants categorize experienced stimulus durations as short or long based on their similarity to previously acquired reference durations. Reward maximization in this task requires integrating endogenous timing uncertainty as well as exogenous probabilities of the reference durations into temporal judgements. We tested human participants on the temporal bisection task with different short and long reference duration probabilities (exogenous probability) in two separate test sessions. Incorrect categorizations were not penalized in Experiment 1 but were penalized in Experiment 2, leading to different levels of stringency in the reward functions that participants tried to maximize. We evaluated the judgements within the framework of optimality. Our participants adapted their choice behaviour in a nearly optimal fashion and earned nearly the maximum possible expected gain they could attain given their level of endogenous timing uncertainty and exogenous probabilities in both experiments. These results point to the optimality of human temporal risk assessment in the temporal bisection task. The long categorization response times (RTs) were overall faster than short categorization RTs, and short but not long categorization RTs were modulated by reference duration probability manipulations. These observations suggested an asymmetry between short and long categorizations in the temporal bisection task.
When Participatory Forest Management makes money: insights from Tanzania on governance, benefit sharing, and implications for REDD+

Participatory Forest Management (PFM) and the more recent framework for Reducing Emissions from Deforestation and Forest Degradation (REDD+) are two resource management strategies that were introduced in part for their cobenefits, including forest protection, employment opportunities, and added income for forest adjacent communities. In this paper we examine the early implementation of PFM in Tanzania's Kilwa District, led and promoted by the nongovernmental organisation Mpingo Conservation and Development Initiative (MCDI). This organisation has also recently received support to design a REDD+ project that could potentially realise additional financial benefits for local communities through the sale of carbon offsets in PFM-supported villages. We explore the ways in which MCDI has established a PFM scheme in four villages, how it has supported the emergence of more robust local governance structures, and what villagers perceive to have been the main outcomes and pitfalls of PFM to date. MCDI has managed to reduce many of the challenges that have characterised PFM schemes in other contexts, such as conflicts arising from forest governance restructuring, elite capture, and illegitimate benefit sharing, but has been less successful in addressing some aspects related to participation, such as involving village hamlets and women more effectively in decision making due to spatial configuration of landscapes and settlements and to existing cultural norms. These insights suggest that well-implemented PFM can provide a solid foundation for REDD+ implementation but that full realisation of REDD+'s equitable benefit-sharing principle, particularly at the intracommunity level, may take time and will be dependent upon prevailing local cultural norms.
Evidence that central pathways that mediate defecation utilize ghrelin receptors but do not require endogenous ghrelin

In laboratory animals and in human, centrally penetrant ghrelin receptor agonists, given systemically or orally, cause defecation. Animal studies show that the effect is due to activation of ghrelin receptors in the spinal lumbosacral defecation centers. However, it is not known whether there is a physiological role of ghrelin or the ghrelin receptor in the control of defecation. Using immunohistochemistry and immunoassay, we detected and measured ghrelin in the stomach, but were unable to detect ghrelin by either method in the lumbosacral spinal cord, or other regions of the CNS. In rats in which the thoracic spinal cord was transected 5 weeks before, the effects of a ghrelin agonist on colorectal propulsion were significantly enhanced, but defecation caused by water avoidance stress (WAS) was reduced. In knockout rats that expressed no ghrelin and in wild‐type rats, WAS‐induced defecation was reduced by a ghrelin receptor antagonist, to similar extents. We conclude that the ghrelin receptors of the lumbosacral defecation centers have a physiological role in the control of defecation, but that their role is not dependent on ghrelin. This implies that a transmitter other than ghrelin engages the ghrelin receptor or a ghrelin receptor complex.
Incidence and prevalence of adult asthma is associated with low socio‐economic status

Background: Low socio‐economic status is often related to health problems; however, previous studies on asthma, usually cross‐sectional, yield inconsistent results. In this study, longitudinal and cross‐sectional data on the association between socio‐economic status and asthma as well as respiratory symptoms among adults are presented.
An Exploratory Analysis of Fertility Differentials in India

The association between improving economic conditions and declining growth of population has led economists and demographers to hypothesise a direct relationship between indicators of economic development and fertility rates. Using recent National Family Health Survey data and the 1991 Census to explore factors contributing to fertility rates in India, we found that economic variables explain 70 per cent of the interstate variations in India's fertility rates. However, several non-economic variables explain an even greater proportion, for example, indicators of female autonomy explain 84 per cent of the variations. Our analysis demonstrates that to successfully explain Indian fertility rates, models must rely heavily on non-economic variables.
Inter-endoscopist agreement in diagnosis of Barrett's oesophagus

Objective To assess how interpretation of abnormalities at the oesophago-gastric junction (OGJ) when making a diagnosis of Barrett's oesophagus (BO) varies between endoscopists and to examine the impact of the endoscopy experience on these decisions. Design/setting Members of the Irish Society of Gastroenterology who regularly perform gastroscopy were invited to participate in a web based image assessment study. Interventions Questions were posed to ascertain level of endoscopy experience, and participants were asked to indicate the presence or absence of BO in 12 endoscopic images of the OGJ. Outcome measures Primary outcome was overall level of agreement in responses and relationship to endoscopy experience. Results The responses of 65 clinicians regularly performing gastroscopy were analysed. In 3/12 images, showing typical long segment BO, there was a strong consensus on the endoscopic diagnosis (>95% agreement). However, agreement was fair to poor (κ for multiple raters, 0.31) on the presence or absence of short BO segments at endoscopy. Minimal differences were observed between experienced endoscopists (individuals with >10 years' endoscopy experience) and less experienced counterparts in the threshold for BO diagnosis. Inter-endoscopist agreement overall was not significantly better within the more experienced group. Conclusion The study demonstrates low interobserver agreement in endoscopic diagnosis of (short segment) BO, even among experienced endoscopists. Given the costs associated with endoscopic surveillance of BO, prompt efforts to promote consensus diagnosis and improve agreement are required as an important quality improvement measure in this area.
Noninvasive measurement of brain temperature after stroke.

BACKGROUND AND PURPOSE Brain temperature may be an important factor governing the extent of neuronal injury associated with stroke. The goal of this study was to develop a noninvasive method for measuring brain temperature, both to characterize the extent to which temperature changes after stroke and to test protocols designed to reduce brain temperature. We used an animal model to test the ability of 1H MR spectroscopy to measure temperature from infarcted brain tissue at 24 hours after insult. METHODS Unilateral permanent focal ischemia in the middle cerebral artery territory was induced in adult dogs by intravascular delivery of microfibrillar collagen. MR imaging performed at 24 hours after insult was used to guide the implantation of temperature probes into the basal ganglia infarct and into the same anatomic location on the contralateral side. Serial non-water-suppressed 1H MR spectra were obtained from 1.3-cm3 voxels using an echo time of 136 and 272 ms, alternately, from the infarcted and contralateral non-infarcted tissue during a period when brain temperature was raised and lowered by whole-body heating and cooling. RESULTS The chemical shift difference between the 1H MR spectroscopy signal of water and N-acetylaspartate or water and trimethylamines was plotted against brain temperature for two voxel locations. The slope and intercept of the plots obtained for infarcted and non-infarcted brain were not significantly different (P < .05, t test), and there was no difference between the slope and intercept of plots made from data collected with an echo time of 136 or 272 ms. CONCLUSION The results of this study indicate that brain temperature can be measured from regions of brain containing infarcted tissue, at least up to 24 hours after ischemia. It should be possible to apply the 1H MR spectroscopy method used in the present study to measure brain temperature after stroke.
Correlation of dyskerin expression with active proliferation independent of telomerase

Dyskerin, which is an important component of the telomerase complex and is needed for normal telomerase activity, is frequently overexpressed in neoplasia. Dyskerin also plays an essential role in ribosome biogenesis. Because protein synthesis increases during tumorigenesis, this led us to hypothesize that dyskerin expression would be upregulated independently of the cell immortalization mechanism.