Miracle-dz/UniFAR-FTUs huggingface dataset:
Specialist Participation and Limit Orders

We present a market microstructure model to examine specialist's strategic participation decisions in a security market where there are noise traders, limit order traders, an insider and a specialist. We argue that the specialist's participation rate depends on the depth of the limit book and its uncertainty. In particular, the specialist has incentives to trade against the market trend when the limit-book depth is low and to trade with the market trend when the depth is high. Moreover, the specialist's participation rate is positively related to the limit-book depth uncertainty and the asset price volatility, but is negative related to the average trading volume. We also discuss the specialist's participation strategies under the NYSE regulation that prohibits the specialist from trading with the market trend.
Credit Market Imperfections and the Heterogeneous Response of Firms to Monetary Shocks

This paper assesses the bank-lending channel interpretation of evidence on the heterogeneous response of firms to monetary shocks. To do so I develop a quantitative general equilibrium model of the bank-lending channel with imperfect credit markets. The calibrated model's steady state supports a common identification strategy adopted in the literature: small firms are credit constrained and large firms are not. For some parameter values the model reproduces the cyclical observations viewed as supporting the lending view of the monetary transmission mechanism and for others it does not. The parameter values consistent with the lending view appear to be implausible.
Stock return, risk and asset pricing

This thesis attempts to address a number of issues that have been identified in the asset pricing literature as essential for shaping stock returns. These issues include the need to uncover the link between the macroeconomic variables and stock returns. In addition to this, is the need to decide, in light of the findings of the literature, whether to advise investors to include idiosyncratic risk and downside risk as risk factors in their asset pricing models. The results presented here suggest, consistent with other previous studies, that stock returns are a function of a number of previously identified risk factors along with the wider set of macroeconomic variables. These macroeconomic variables could be represented by a number of estimated macro factors. However, only one of these estimated factors emerged as significant in explaining the cross-section of stock returns. Nevertheless, it is important to note that the size (SMB) and value (HML) factors remain important factors in explaining the cross sectional returns on UK stocks, even with the existence of the other risk factors. This finding of inability of the examined macroeconomic variables to capture the pricing power of the SMB and the HML may cast doubt on the possibility of finding more macroeconomic factors that are able to account for these two factors in the cross section of returns in the UK. Interestingly, this conclusion seems to contradict previous authors' findings of potential links in the UK market. The results also support past studies that find that downside risk is an important risk factor and by allowing the downside risk premium to vary with business cycle conditions, downside risk might be a better measure of risk than market risk. Nevertheless, this thesis shows that although this finding is applicable in times of economic expansion, during recession, there is no conclusive relationship between . downside risk and stock returns. Furthermore, this thesis supports the studies which find that idiosyncratic risk is not significant in pricing stocks. However in contrast to other studies, it reveals this by showing that time-varying risk could be the reason behind the potentially illusive findings of idiosyncratic risk effect. This thesis confirms that, for London Stock Exchange investors, macroeconomic variables should never be overlooked when estimating stock returns and downside risk could be an influential risk factor.
The development of internal auditing in Ethiopia: the role of institutional norms

Purpose – The purpose of this paper is to examine the extent to which institutional norms determine attributes of internal audit practices and how institutional changes explain the development of these practices.Design/methodology/approach – The authors employed a qualitative research approach based on archival analysis and interview evidence.Findings – Findings indicate that regulation‐based institutional norms explain the adoption of internal audit and the function's characteristics in Ethiopian organizations. Furthermore, innovative introduction of internal audit practices originate within individual organizations and eventually get institutionalized through diffusion. Such innovations are associated with organizational size, top management characteristics, internal audit advancement in technology, and exogenous input from the external environment. Widely accepted internal audit practices, as institutional norms, are not always taken‐for‐granted at the level of individual organizations. The institution.
Regime-switching properties of the optimal seigniorage hypothesis: the case of Taiwan

The optimal seigniorage hypothesis argues that the government will attempt to minimize the sum of social costs arising from the rate of inflation and taxation, which results in the testable prediction that inflation and rate of tax revenue will be positively correlated. This article empirically examines the regime-switching properties of this theory. Using quarterly data from Taiwan over 1961–2000 sampling periods, it finds that the optimal seigniorage hypothesis is weakly supported, and its explanatory power for the long-run inflation behaviour is weak.
Nonstandard Employment Relations and Implications for Decent Work Deficits in Nigeria

Nonstandard employment relations have become very common in most work Organisations in Nigeria. However, the implications of this form of employment relations as regards the International Labour Organisation's (ILO) decent work agenda are rarely investigated by the industrial and work sociologists. Conceptualizing nonstandard work within the context of casual, contract and outsourced work, the paper contends that this form of employment relations has been exacerbated by the growing incidence of youth unemployment in Nigeria. Using neoliberalism as a theoretical framework, the paper further contended that most work organisations in Nigeria are using this mode of employment to reduce labour cost so as to increase profit in line with the rule of free market economy at the expense of the improvised workers in violation of extant labour law. The paper argues that with this mode of employment relations, there are serious infractions and deficits of decent work in Nigeria. Keywords : Nonstandard work, decent work, social protection, neoliberalism, right at work, social Dialogue
Pursuing Excellence The Power of Selection Science to Provide Meaningful Data and Enhance Efficiency in Selecting Surgical Trainees

Introduction: As current screening methods for selecting surgical trainees are receiving increasing scrutiny, development of a more efficient and effective selection system is needed. We describe the process of creating an evidence-based selection system and examine its impact on screening efficiency, faculty perceptions, and improving representation of underrepresented minorities. Methods: The program partnered with an expert in organizational science to identify fellowship position requirements and associated competencies. Sit-uational judgment tests, personality profiles, structured interviews, and technical skills assessments were used to measure these competencies. The situational judgment test and personality profiles were administered online and used to identify candidates to invite for on-site structured interviews and skills testing. A final rank list was created based on all data points and their respective importance. All faculty completed follow-up surveys regarding their perceptions of the process. Candidate demographic and experience data were pulled from the application website. Results: Fifty-five of 72 applicants met eligibility requirements and were invited to take the online assessment, with 50 (91%) completing it. Average time to complete was 42 (cid:3) 12 minutes. Eighteen applicants (35%) were invited for on-site structured interviews and skills testing — a greater than 50% reduction in number of invites compared to prior years. Time estimates reveal that theprocesswill resultina timesavingsof 68%forfutureiterations, compared to traditional methodologies. Fellowship faculty (N ¼ 5) agreed on thevalue and efficiency of the process. Underrepresented minority candidates increased from an initial 70% to 92% being invited for an interview and ranked using the new screening tools. Discussion: Applying selection science to the process of choosing surgical trainees is feasible, efficient, and well-received by faculty for making selection decisions.
One Hundred Fifty Years of Land Values in Chicago: A Nonparametric Approach

Locally weighted regression estimates are presented for Chicago using data from 1836 to 1990. The results demonstrate that nonparametric estimators are useful for hypothesis testing as well as prediction. Estimated regression surfaces for 1836-1928 demonstrate that the monocentric city model continues to adequately represent land values through the early nineteenth century, but only if the functional form is highly nonlinear. Estimates for 1960-90 indicate that Chicago is no longer a monocentric city: O'Hare airport is an important employment center and the blighted areas of the south and west sides have lower land values than the model predicts.
Multilocus Sequence Typing Scheme for Bacteria of the Bacillus cereus Group

ABSTRACT In this study we developed a multilocus sequence typing (MLST) scheme for bacteria of the Bacillus cereus group. This group, which includes the species B. cereus, B. thuringiensis, B. weihenstephanensis, and B. anthracis, is known to be genetically very diverse. It is also very important because it comprises pathogenic organisms as well as bacteria with industrial applications. The MLST system was established by using 77 strains having various origins, including humans, animals, food, and soil. A total of 67 of these strains had been analyzed previously by multilocus enzyme electrophoresis, and they were selected to represent the genetic diversity of this group of bacteria. Primers were designed for conserved regions of housekeeping genes, and 330- to 504-bp internal fragments of seven such genes, adk, ccpA, ftsA, glpT, pyrE, recF, and sucC, were sequenced for all strains. The number of alleles at individual loci ranged from 25 to 40, and a total of 53 allelic profiles or sequence types (STs) were distinguished. Analysis of the sequence data showed that the population structure of the B. cereus group is weakly clonal. In particular, all five B. anthracis isolates analyzed had the same ST. The MLST scheme which we developed has a high level of resolution and should be an excellent tool for studying the population structure and epidemiology of the B. cereus group.
Why does financial regulation matter for European professional football clubs

This paper demonstrates theoretically and empirically that financial regulation is crucial to explain performance in European football competitions; clubs allowed to run deficits hire more playing talents and obtain better sportive results. An empirical study on the five major leagues corroborates the theoretical underpinning. The paper finally investigates the roots of financial regulation divergence in Europe and underlines the main issues regarding the UEFA financial fair-play rules.
Have Exchange Rate Regimes in Asia become More Flexible Post crisis? Re- Visiting the Evidence

There is a broad consensus that the soft US dollar pegs operated by a number of Asian countries prior to 1997 contributed to the regional financial crisis of 1997-98. There is, however, much less agreement on the types of exchange rate regimes operated by many Asian countries since the crisis. Can they still be characterized as soft US dollar pegs, or have they become genuinely more flexible? This paper revisits the evidence regarding the extent of exchange rate flexibility in the five Asian countries (Indonesia, Korea, Malaysia, the Philippines and Thailand) using alternative methodologies and data spanning the pre- and post-crisis time period. Given the diversity of measures of de facto regimes in the literature, the use of alternative methodologies in this paper is critical as a means of obtaining an accurate and robust indication of the type of exchange rate regime operated by a country.
Cracking Phenomenon in Spot Welded Joints of Austenitic Stainless Steel

The spot welds nugget cracking of austenitic stainless steel at temperatures between 700°C - 1010°C was investigated. Traditionally, the cracks have been observed around the spot nugget in welded temperature. Actually, these cracks are developed due to incomplete melting and inappropriate electrode pressure, which causes an expulsion of molten metal. These cracks start to grow and cause either the interface or plug fracture according to the loading type. In this work, the micro-cracks in the weld nugget were indicated for this type of steel at elevated temperature. Cracks appear in a certain range of temperature; about 700°C - 750°C. The cracks like defect and cavitations were presented. According to the fracture mechanics point of view, these cracks reduce the mechanical strength. Therefore, these cracks have to be taken into account with a certain precaution. Moreover, considering the working temperature and reducing the element may develop ferrite particles.
Herpesvirus Capsid Association with the Nuclear Pore Complex and Viral DNA Release Involve the Nucleoporin CAN/Nup214 and the Capsid Protein pUL25

ABSTRACT After penetrating the host cell, the herpesvirus capsid is transported to the nucleus along the microtubule network and docks to the nuclear pore complex before releasing the viral DNA into the nucleus. The viral and cellular interactions involved in the docking process are poorly characterized. However, the minor capsid protein pUL25 has recently been reported to be involved in viral DNA uncoating. Here we show that herpes simplex virus type 1 (HSV-1) capsids interact with the nucleoporin CAN/Nup214 in infected cells and that RNA silencing of CAN/Nup214 delays the onset of viral DNA replication in the nucleus. We also show that pUL25 interacts with CAN/Nup214 and another nucleoporin, hCG1, and binds to the pUL36 and pUL6 proteins, two other components of the herpesvirus particle that are known to be important for the initiation of infection and viral DNA release. These results identify CAN/Nup214 as being a nuclear receptor for the herpesvirus capsid and pUL25 as being an interface between incoming capsids and the nuclear pore complex and as being a triggering element for viral DNA release into the nucleus.
Economics of Naturally Regenerating, Heterogeneous Forests

An economic model for naturally regenerating, heterogeneous forests is specified to yield both clear-cuts and continuous cover forestry endogenously. The model includes nonconvexities and any number of state variables but is, in its simplest form, a one-state variable problem. Clear-cuts with various rotation lengths and continuous harvesting appear as locally optimal solutions. Necessary and sufficient conditions for the local and global optimality of these two forest management types are obtained. Discounting is found to increase rotation length and to favor continuous harvesting. Initial state may determine the optimality of continuous forest cover versus clear-cuts. The relative value of large trees is an important factor in the optimality of different solutions. Analytical results are demonstrated by an empirical application.
Conditional Cooperation: Disentangling Strategic from Non-Strategic Motivations

We use a novel experimental design to examine the role of reputational concerns in explaining conditional cooperation in social dilemmas. By using the strategy method in a repeated sequential prisoners’ dilemma in which the probabilistic end is known, we can distinguish between strategically and non-strategically motivated cooperation. Second movers who are strong reciprocators ought to conditionally cooperate with first movers irrespective of whether the game continues or not. In contrast, strategically motivated second movers conditionally cooperate only if the game continues and they otherwise defect. Experimental results, with two different subject pools, indicate reputation building is used around 30% of the time, which accounts for between 50% and 75% of all realized cooperative actions. The percentage of strong reciprocators varied between 6% to 23%.
A Measure of Attitudes Towards Flexible Work Options

A short questionnaire, the Flexible Work Options Questionnaire (FWOQ), was developed to measure workers' attitudes to the use of flexible work options (FWOs) such as flexible hours and part-time work. The questionnaire was used with two groups of employees, 344 public service personnel, and 212 non-academic staff from a regional university. In Study 1, the FWOQ was shown to have moderate reliability and to consist of two factors: I, Work/family Balance, and II, Barriers. The Barriers factor did not emerge as a single factor in Study 2. Work/family Balance issues were stronger predictors of the use of FWOs than Barriers. These results were explained in terms of compromises that parents make in order to achieve family/work balance. Further development was suggested to refine the Barriers subscales and to investigate gender differences.
Globalization and Inflation: The Role of China

In this paper, we develop a theoretical model which identifies four channels-import prices, competition with domestic suppliers and workers, and commodity prices-through which priceand wage-setting conditions in country j may affect inflation in country i. We estimate a dynamic inflation equation derived from the theoretical model using a quarterly dataset of eighteen OECD countries over the 1984-2006 period. Although our methodology can be applied to any pair of countries, we focus on the effect of China on the inflation rate of other countries. Our results suggest that while China's negative effect on global inflation has been quantitatively modest, it has increased in absolute terms since the early 2000s. We also find evidence that, for most countries examined, competition with domestic suppliers has been the most important channel.
Cut-off hematocrit value for hemoconcentration in dengue hemorrhagic fever.

Dengue is emerging as a global health problem and WHO has formulated guidelines for the diagnosis and management of dengue. As per WHO guidelines hemoconcentration is one of the diagnostic criteria for dengue hemorrhagic fever (DHF). Hemoconcentration defined as a 20 per cent rise in hematocrit is difficult to ascertain with a single hematocrit value. Thus diagnosis of hemoconcentration is often retrospective. An area-specific hematocrit value would help in the early diagnosis and management in DHF.3 We undertook a study to determine the hematocrit value which could be predictive of hemoconcentration in DHF in the Indian population. Eighty-eight hospitalized cases of DHF were studied. The diagnosis and management were based on WHO guidelines. Hematocrit values were obtained at the time of admission. Subsequent values were obtained once every 12–24 h or as and when the clinical situation warranted. Children posted for elective surgery during the same time period were taken as controls and their hematocrit was estimated. Statistical analysis was carried out using SPSS package version 10. The values were analysed using the receiver operator curve (ROC) i.e. sensitivity against 1-specificity. (excerpt)
Counter-insurgency Redux

Counter-insurgency is fashionable again: more has been written on it in the last four years than in the last four decades. This is heartening for those who were in the wilderness during the years when Western governments regarded counter-insurgency as a distraction, of interest only to historians. So it is no surprise that some have urged the re-discovery of classical, ‘proven’ counter-insurgency methods. But today's insurgencies differ significantly – at the level of policy, strategy, operational art and tactical technique – from those of earlier eras. An enormous amount of classical counter-insurgency remains relevant. Indeed, counter-insurgency provides the ‘best fit’ framework for strategic problems in the ‘war on terror’. But much is new in counter-insurgency redux, possibly requiring fundamental re-appraisals of conventional wisdom.
Spatial Inequality, Polarization and its Dimensions in Iran: New Empirical Evidence

This paper analyses the extent and dynamics of inequality amongst the provinces of Iran. It reviews theoretical propositions for possible convergence and divergence and argues that, while the evidence from the more developed countries supports the case of convergence, the empirical evidence for developing countries is ambiguous at best. Straight and population weighted measures of inequality are used to see the evolvement of inequality amongst the provinces of Iran with respect to two indicators of income and consumption with a rural and urban break up. Polarization in distribution depicts a disturbing picture for urban areas and this is traced around a few proposed dimensions. The results reveal a close cluster of the provinces in Iran drifting behind the rest of the provinces.
Limitations in the Use of the Equivalent Diameter

This paper deals with the inaccuracy assessment of the friction pressure loss estimation based on Darcy formula combined with an equivalent hydraulic diameter and a friction factor valid for circular pipes when applied to a square rod bundle. The assessment has been done by comparing the analytical and semi-empirical predictions with two different CFD codes results: CFX and NEPTUNE_CFD. Two different analytical approaches have been considered: the whole-bundle and sub-channel approaches, both for laminar and turbulent flow conditions. Looking at results, it is reasonable to assume that an error in the range of 11% - 23% is likely when using equivalent diameter in the laminar regime. In the case of turbulent regime, the equivalent diameter works better and the error is in the range between a few percent and ~12%.
Learning Automata Based Caching for Efficient Data Access in Delay Tolerant Networks

Effective data access is one of the major challenges in Delay Tolerant Networks (DTNs) that are characterized by intermittent network connectivity and unpredictable node mobility. Currently, different data caching schemes have been proposed to improve the performance of data access in DTNs. However, most existing data caching schemes perform poorly due to the lack of global network state information and the changing network topology in DTNs. In this paper, we propose a novel data caching scheme based on cooperative caching in DTNs, aiming at improving the successful rate of data access and reducing the data access delay. In the proposed scheme, learning automata are utilized to select a set of caching nodes as Caching Node Set (CNS) in DTNs. Unlike the existing caching schemes failing to address the challenging characteristics of DTNs, our scheme is designed to automatically self-adjust to the changing network topology through the well-designed voting and updating processes. The proposed scheme improves the overall performance of data access in DTNs compared with the former caching schemes. The simulations verify the feasibility of our scheme and the improvements in performance.