Miracle-dz/UniFAR-FTUs huggingface dataset:
Option Bid-Ask Spread and Scalping Risk: Evidence from a Covered Warrants Market

This study develops and empirically tests a simple market microstructure model to capture the main determinants of option bid-ask spread. The model is based on option market making costs (initial hedging, rebalancing, and order processing costs), and incorporates a reservation bid-ask spread that option market makers apply to protect themselves from scalpers. The model is tested on a sample of covered warrants, which are optionlike securities issued by banks, traded on the Italian Stock Exchange. The empirical analysis validates the model. The initial cost of setting up a delta neutral portfolio has been found to be an important determinant of option bid-ask spread, as well as rebalancing costs to keep the portfolio delta neutral. This result provides evidence of a further link between options and underlying assets: the spread of the option is positively related to the spread of its underlying asset. Empirical evidence also indicates that the reservation bid-ask spread, computed as the product of option delta and underlying asset tick, plays a very important role in explaining the bid-ask spread of options. © 2006 Wiley Periodicals, Inc. Jrl Fut Mark 26:843–867, 2006
'Voice within Voice': Members’ Voice Responses to Dissatisfaction with Their Union

While the role of unions as collective voice is well understood, how union members themselves voice their preferences within their union is not. This study represents an important step in understanding this critical dimension of the union–member relation. Using survey data from an Australian union, I investigate how union members voice dissatisfaction with their union. Union loyalty, perceived opportunities to voice, union responsiveness, and collectivist ideology predicted willingness to voice directly to the union. Perceived union support and instrumentality did not predict members’ willingness to voice directly to the union but were associated with other voice responses.
Response Inhibition and Interference Suppression in Individuals With Down Syndrome Compared to Typically Developing Children

The present study aims to investigate inhibition in individuals with Down Syndrome compared to typically developing children with different inhibitory tasks tapping response inhibition and interference suppression. Previous studies that aimed to investigate inhibition in individuals with Down Syndrome reported contradictory results that are difficult to compare given the different types of inhibitory tasks used and the lack of reference to a theoretical model of inhibition that was tested in children (see Bunge et al., 2002; Gandolfi et al., 2014). Three groups took part in the study: 32 individuals with Down Syndrome (DS) with a mean age of 14 years and 4 months, 35 typically developing children 5 years of age (5TD), and 30 typically developing children 6 years of age (6TD). No difference emerged among the groups in fluid intelligence. Based on a confirmatory factor analysis, two different inhibition factors were identified (response inhibition and interference suppression), and two composite scores were calculated. An ANOVA was then executed with the composite inhibitory scores as dependent variables and group membership as the between-subject variable to explore the group differences in inhibition components. The 6TD group outperformed the 5TD group in both response inhibition and interference suppression component scores. No differences were found in both inhibition components between the DS group and 5TD. In contrast, the 6TD group outperformed the DS group in both response inhibition and in the interference suppression component's scores. Summarizing, our findings show that both response inhibition and interference suppression significantly increased during school transition and that individuals with DS showed a delay in both response inhibition and interference suppression components compared to typically developing 6-year-olds, but their performance was similar to typically developing 5-year-olds.
Food and nutrition assistance to HIV-infected and affected populations in Ghana: a situational analysis and stakeholder views

Poor nutrition is a determinant of death particularly among persons living with HIV (PLHIV). This paper discusses the state of food and nutrition assistance to PLHIV in Ghana. A review of published articles and program reports was done and supported by in-depth interviews with key stakeholders. Data were qualitatively analyzed. A matrix highlighting problems that need to be addressed, possible attributable factors, strengths, and opportunities of existing actions metamorphosed from the analysis. Although stakeholders agree that adequate nutrition is critically important for PLHIV, food and nutrition interventions to PLHIV are inadequate.
Increasing public healthcare network performance by de‐hospitalization

Purpose – The aim of this paper is to support public decision‐makers in a local healthcare agency (LHA) in evaluating the effects of different de‐hospitalization strategies and the potential for outsourcing clinical services.Design/methodology/approach – The approach adopted is based on the “patient pathway” perspective. Starting from the identification of specific care pathways, all the feasible care paths in a given LHA in Italy are investigated in order to evaluate the practicability of the de‐hospitalization of some phases with a particular focus on co‐ordination of hospitals and territorial services. A heuristic approach based on discrete‐event simulation modelling is proposed. The methodology and the simulation model have been validated with reference to field data derived from a full‐scale case study carried out within a LHA in southern Italy.Findings – The results show where, in terms of care pathways, de‐hospitalization is practicable, valuable in terms of better resource utilization, and eligibl.
The epidemic of innovation – playing around with an agent-based model

The artificial units of an agent-based model can be played around to diffuse innovation and new ideas or act to conserve the status quo, escaping from the advances in technology or organizational methods or new ideas and proposals, exactly as the agents in an epidemic situation can act to diffuse or to avoid the contagion. The emerging structure is obviously a function of the density of the agents, but its behavior can vary in a dramatic way if a few agents are able to evolve some form of intelligent behavior. In our case, intelligent behavior is developed allowing the agents to plan actions using artificial neural networks or, as an alternative, reinforcement learning techniques. The proposed structure of the neural networks is self-developed via a trial and error process: the reinforcement learning model is built upon the Swarm-like agent protocol in Python (SLAPP) tool, a recent implementation of the standard Swarm function library for an agent-based simulation (www.swarm.org), written using Python (www.python.org), a powerful and simple language: the result is also very useful from a didactic perspective. A more powerful tool, the cross targets (CTs) algorithm, is also introduced as a key interpretation and as a perspective methodology; at present, CTs are running only in Swarm; a SLAPP version is under development. A control implementation of the reinforcement learning model has also been developed and placed on-line as an applet, using NetLogo (http://ccl.northwestern.edu/netlogo/).
When Will Housing Recover?

An interesting perspective on recent trends in the U.S. housing market is gained by noting how housing prices correspond to per capita income, a traditional measure of affordability. The ratio of housing prices to per capita income is high but close to historical norms in many regional markets. However, notable exceptions do exist. In California, housing prices recently reached levels relative to per capita income far above historical norms. A significant pricing correction has begun in that market. Similarly, housing prices are correcting sharply in Arizona, Florida, and Nevada. Investors need to be mindful of the potential for housing market–related losses and the potential for contagion among asset classes. See comments and response on this article. Falling real prices for housing are unusual in the United States; falling nominal housing prices are unprecedented, at least since the Great Depression of the 1930s. Yet, although complete figures for 2008 are not yet available, we can see that the nation is undergoing an extraordinary decline in both real and nominal housing prices. On a national basis, nominal prices for housing declined by an unprecedented –8.0 percent between Q2:2006 and Q2:2008 (the latest available data). Over this period, regional housing markets were especially weak in California (–27.3 percent), Nevada (–28.6 percent), Arizona (–24.8 percent), Florida (–27.0 percent), and Virginia (–19.4 percent). Concern with problems in the California housing market is at the epicenter of the current crisis because California is the largest regional housing market, is presently experiencing a fast rate of price depreciation, and was a pivotal state in the tightly contested 2008 presidential election. We show that the sample of 10 metropolitan statistical areas used in 1987 to constitute the original S&P/Case–Shiller Composite 10 Index—the most widely followed housing price index—is dominated by what turned out to be seven red-hot and then stone-cold regional housing markets, including California, Florida, Nevada, New York, and the District of Columbia. In these markets, prices soared up to a market peak in Q4:2006 and then began a collapse that continues through Q2:2008. At the same time, housing markets remain stable throughout much of the United States. Moreover, despite the severe correction in a handful of high-profile markets, housing prices have continued to rise in 23 states. In another 11 states, the recent decline in housing prices is a modest 0–5 percent. The current and unprecedented nationwide decline in housing prices has had little to no effect on homeowners in 34 of 50 states—that is, in roughly two-thirds of the states. For the United States as a whole, housing prices will conform to long-term norms if, in an environment of flat housing prices and continued low interest rates, typical per capita income growth ensues for only 1.20 years. In this case, the nationwide housing “crisis” will be on the road to recovery by the first quarter of 2010.
High-dose infusional ifosfamide, etoposide plus methylprednisolone followed by dexamethasone, high-dose ara-C and cisplatinum and autologous stem cell transplantation for refractory or relapsed aggressive non-Hodgkin's lymphoma.

BACKGROUND AND OBJECTIVES A salvage program including infusional high-dose ifosfamide plus etoposide (IFOVM) was evaluated in patients with refractory or relapsed aggressive non-Hodgkin's lymphoma. DESIGN AND METHODS Forty-six patients were included. IFOVM consisted of ifosfamide (10 g/m2 as a 72-hour continuous infusion), etoposide (900 mg/m2) and methylprednisolone; responding patients underwent two cycles of DHAP and subsequently an autologous peripheral blood stem cell transplantation (APBSCT) with BEAM as the conditioning regimen. RESULTS All but one patient showed tumor regression following IFOVM. Myelosuppression was brief but 26 patients developed neutropenic fever. All but two patients proceeded to DHAP. Overall response rate to IFOVM/DHAP was 59% (29% CR and 30% PR). Refractory patients had a significantly lower response rate than relapsed patients (39% vs. 85% p=0.002). All refractory patients with intermediate-high or high IPI progressed during IFOVM/DHAP. Twenty-seven patients proceeded to APBSCT. Two-year overall survival of patients with low or low-intermediate IPI was 47% [95% CI 25-69%], which was significantly better than that obtained in patients with intermediate-high or high IPI (11% [95% CI 0-22%] p=0.0001). INTERPRETATION AND CONCLUSIONS This sequential regimen of IFOVM, followed by DHAP and consolidated with BEAM is active in relapsed or refractory patients with low or low-intermediate IPI aggressive lymphoma. However, it has little activity in those patients with intermediate or high IPI, especially in refractory lymphomas.
New Zealand's economic reforms and changes in production structure

New Zealand’s reforms beginning in 1984 markedly improved the country’s economic prospects. They were one of the most radical and comprehensive programmes of structural change among countries in the Organisation for Economic Co‐operation and Development (OECD). This paper examines how New Zealand’s production structure was transformed using input output analysis. The results show that the reforms rapidly affected the economy and industries were subject to large structural change. Trade liberalisation was a central aspect of the reforms and has had dramatic effects on some industries.
The Role of ICT in the Productivity of Central and Eastern European Countries: Cross-country Comparison

This paper analyses stage of transition to knowledge economy in CEE countries and reveals a considerable gap between CEE and EU countries in human capital level, infrastructure, innovation capacity and quality of institutions. Results of a panel data model for 21 countries over the period of 1993-2011 confirm the importance of complementarities to ICT use and investment in explaining productivity levels. Another conclusion is a change of productivity sources during the years of crisis and significance of trade openness. Analysis of this area bridges the gap of insufficient academic research about CEE countries and enriches the existing research on ICT usage and its impact.
Differential Interpretations, Private Information and Trading Volume Around French Firms' Good News vs. Bad News Preliminary Announcements

ABSTRACT This study provides new evidence that both differential interpretations and private information production spur trading volume for a sample of 144 preliminary earnings announcements in the French markets. After partitioning the sample into preliminary announcements that convey good news versus bad news, I find that good news stimulates more production of private information, whereas bad news leads to more differential interpretations. I further find that increased production of private information (but not differential interpretations) helps explain trading volume around good news preliminary earnings announcements. In contrast, differential interpretations (and not private information) help explain trading volume around bad news preliminary earnings announcements.
Modern Money Theory 101: A Reply to Critics

One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unencumbered by hard financial constraints. Through a detailed analysis of the institutions and practices surrounding the fiscal and monetary operations of the treasury and central bank of many nations, MMT has provided institutional and theoretical insights about the inner workings of economies with monetarily sovereign and nonsovereign governments. MMT has also provided policy insights with respect to financial stability, price stability, and full employment. As one may expect, several authors have been quite critical of MMT. Critiques of MMT can be grouped into five categories: views about the origins of money and the role of taxes in the acceptance of government currency, views about fiscal policy, views about monetary policy, the relevance of MMT conclusions for developing economies, and the validity of the policy recommendations of MMT. This paper addresses the critiques raised using the circuit approach and national accounting identities, and by progressively adding additional economic sectors.
Continuous Peripheral Nerve Block for Ambulatory Surgery

Background and Objectives: Continuous peripheral nerve block (CPNB) can provide surgical anesthesia, prolonged postoperative analgesia, and acceptable side effects. Despite these advantages, CPNB is not in widespread use. Recently a new CPNB catheter system (Contiplex, B. Braun, Bethlehem, PA) was developed based on an insulated Tuohy needle, which allows for injection of local anesthetic and catheter insertion without disconnection or needle movement. At present, no clinical studies exist describing this system. Methods: Data were prospectively gathered for 1 year from 228 patients in an ambulatory surgery center. All CPNB were performed using the Contiplex system to provide anesthesia and postoperative analgesia. CPNB were performed using 5 upper and lower extremity techniques. Postsurgery local anesthetic was infused and at 24 hours, a rebolus of local anesthetic was performed. The CPNB catheter was removed and patients were examined for loss of sensation. Patients were then discharged. Results: Initial peripheral block was successful in 94% of patients. Failed nerve block requiring general anesthesia occurred in 6%. The catheter was patent and functional in 90% of patients at 24 hours, and 8% of patients required more than 10 mg of intravenous morphine by 24 hours postsurgery. In the postanesthesia care unit (PACU), only 4 patients (1.7%) required treatment for nausea. At 24 hours and 7 days postsurgery, no patient reported a dysesthesia. Conclusions: CPNB using the insulated Tuohy catheter system offered acceptable anesthesia and prolonged pain relief postsurgery. There were few side effects. Reg Anesth Pain Med 2001;26:209‐214.
Improved Outcome From Invasive Adenovirus Infection in Pediatric Patients After Hemopoietic Stem Cell Transplantation Using Intensive Clinical Surveillance and Early Intervention

Adenovirus is a common cause of morbidity and mortality after hemopoietic stem cell transplantation in children. Recently the incidence, risk factors, and outcome of such infections have been better defined using improved virologic detection methods, in particular polymerase chain reaction. We have introduced intensive virologic surveillance for adenovirus in our institution including at least weekly polymerase chain reaction testing of blood and stool samples. We report on 71 prospectively monitored transplants, including 40 from unrelated donors. In total, there were 8 cases of invasive adenovirus infection, 3 of whom died. Mortality was less than in previous studies as cases were managed with antiviral chemotherapy and reduction of immune suppression. In fatal cases, there was concurrent difficult graft versus host disease making withdrawal of immune suppression therapy impossible. We describe 2 cases of graft failure in association with adenovirus viremia and its treatment that were successfully managed with further donor cell infusion.
US monetary policy announcements and Irish stock market volatility

The influence of foreign monetary policy decisions on the volatility of the Irish stock market is investigated. Specifically, the influence of US monetary policy announcements on the ISEQ is examined. Evidence of the so-called calm before the storm is found, i.e., there appears to be a decline in volatility on the day prior to an FOMC meeting and a subsequent increase in volatility after the results of the FOMC meeting is made known. Also evidence is found to suggest that ISEQ volatility is influenced by surprise changes in US monetary policy. Moreover, US monetary surprises appear to affect Irish stock return volatility asymmetrically with a surprise tightening of US monetary policy leading to an increase in Irish stock return volatility. This paper represents an important step in addressing the issues of spillover identification between the USA and the Irish stock market.
Co-occurrence of nitrogen-converting organisms in full-scale treatment plants

This study provides insights into nitrogen-converting microorganisms in three full-scale wastewater treatment plants (WWTPs), which were investigated and monitored according to their nitrification performance and the presence of ammonia-oxidizing bacteria (AOB), nitrite-oxidizing bacteria (NOB), ammonia-oxidizing archaea (AOA), and Anammox bacteria based on different molecular tools: fluorescent in situ hybridization (FISH), slot-blot hybridization, and quantitative real-time PCR. In situ hybridization clearly showed the Nitrosomonas species as the prevailing AOB, and Nitrospira-related species as the dominant NOB. Real-time PCR results exposed the Istanbul Pasakoy, Bursa West, and Bursa East WWTPs as harboring diverse nitrogen-converting microbial communities that include AOB, NOB, AOA, and Anammox bacteria. Nitrospira species had the highest fraction of nitrogen-converting organisms, which was up to 39.3% in the WWTPs throughout the two-year monitoring period. This study is the first molecular analysis of the simultaneous occurrence of these microorganisms.
The Economic Value of Volatility Transmission between the Stock and Bond Markets

This study has two main objectives. Firstly, volatility transmission between stocks and bonds in European markets is studied using the two most important financial assets in these fields: the DJ Euro Stoxx 50 index futures contract and the Euro Bund futures contract. Secondly, a trading rule for the major European futures contracts is designed. This rule can be applied to different markets and assets to analyze the economic significance of volatility spillovers observed between them. The results indicate that volatility spillovers take place in both directions and that the stock‐bond trading rule offers very profitable returns after transaction costs. These results have important implications for portfolio management and asset allocation. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:1066–1094, 2008
Innovation or imitation? The role of organizational culture

Purpose – Innovation is crucial for attaining a competitive advantage for companies. Innovation, versus imitation, motivates companies to launch new products and become pioneers on markets. Many factors have been shown to be determinants for supporting an organizational innovative orientation. One of them is organizational culture. The objective of this paper is to analyze the organizational culture that fosters or inhibits organizational innovation and imitation strategy.Design/methodology/approach – The paper uses a sample of 471 Spanish companies for examining the hypotheses. Using hierarchical multiple regression analysis, it relates the effect of organizational culture with an innovation strategy.Findings – The results confirm the hypotheses. The paper finds that organizational culture is a clear determinant of innovation strategy. Moreover, adhocracy cultures foster innovation strategies and hierarchical cultures promote imitation cultures.Research limitations/implications – The main limitations are.