Miracle-dz/UniFAR-FTUs huggingface dataset:
International Trade and the Composition of Labor Market Turnover

The composition of labor market turnover is shown to influence patterns of international trade. Job and worker turnover have opposing marginal effects on industry export intensity, highlighting the importance of relative turnover shares on either side of the labor market, as opposed to total volumes of labor mobility, in shaping economic outcomes. Industries with relatively greater shares of worker turnover export more of total production, and those with higher job turnover export less. Furthermore, relatively high job turnover hinders industry adjustment following trade liberalization. These predictions receive support for U.S. manufacturing industries using turnover data in the Quarterly Workforce Indicators available from the U.S. Census Bureau.
The Risk of Fire Sales in the Tri‐Party Repo Market

This paper studies the risk of "fire sales" in the tri-party repo market, a large and important market where securities dealers find short-term funding for a substantial portion of their own and their clients' assets. We distinguish between fire sales of assets by a dealer who, facing a run that could lead to default, sells securities to generate liquidity, and fire sales of assets by repo investors after a dealer's default has occurred. While fire sales do cause damage no matter how they arise, the tools available to lessen the harm from the two types of fire sales are different. We find that limited tools are available to mitigate the risk of pre-default fire sales and that no established tools currently exist to mitigate the risk of post-default sales.
Effectiveness and Transmission Mechanisms of Japan's Quantitative Monetary Easing Policy

This study analyzes the overall economic impact and transmission mechanisms of Japan's quantitative monetary easing policy (QMEP) based on Honda, Kuroki, and Tachibana (2007). A vector auto regression (VAR) model analysis has led to the following four observations. First, an increase of base money raises aggregate output. Second, the impact of the QMEP is primarily transmitted through the channels of asset prices and bank balance sheets. Not verified are the transmission channels of the bank's information production, exchange rate, or the policy duration effect. These findings confirm the results of Honda, Kuroki, and Tachibana (2007). but the identification of bank balance sheets as a transmission channel represents a new finding. Additionally, these channels were reaffirmed even when subject to more rigorous analysis. Third, the QMEP raises interest rates in the long term, which raises doubt about the validity of the policy duration effect and, in particular, the signaling effect. Fourth, even during the period when a traditional interest rate policy was being implemented, base money had an effect on aggregate output. These results suggest that Japan's monetary policy has been an effective means of easing Japan's prolonged economic downturn.
Why Is Fertility Lower in Wealthier Countries? The Role of Relaxed Fertility-Selection

Lower fertility in wealthier countries can be explained in evolutionary terms by three key factors: (i) higher fertility in poorer countries-an evolutionary consequence of many generations of intense "fertility-selection" favoring innate behaviors promoting high fertility, especially in males; (ii) the empowerment of women in wealthier countries that serves to reduce fertility directly-an evolutionary consequence of selection favoring an inherent preference for lower fertility in females, combined with release from the evolutionary effects of a long history of male control over female fertility; and (iii) offspring access in wealthy countries to public health care, welfare, and other social services, which combined with inherited wealth for offspring, virtually eliminates competition between families for the resource needs of offspring. The combined consequences of (ii) and (iii) mean that the fertility-selection so prevalent in poor countries is relaxed in wealthy countries, thus allowing random genetic drift to produce an increased relative frequency of innate behaviors promoting low fertility and discontentment with high fertility. Copyright 2005 The Population Council, Inc.
Corporate Combinations and Common Stock Returns: The Case of Joint Ventures

The gain to stockholders from mergers is well documented. However, there is little evidence as to whether the source of the gain is due to synergy or management displacement. Merger is just one of an almost limitless variety of ways in which firms combine resources to accomplish some objective. A joint venture is another. In addition to being of interest as an independent phenomenon, because the original managements of the parent firms remain intact under a joint venture, investigation of wealth gains from joint ventures provides an opportunity to isolate the management displacement hypothesis from the synergy hypothesis as the source of gains in corporate combinations. Our results are 1) there are significant wealth gains from joint ventures, 2) the smaller partner earns a larger excess rate of return while the dollar gains are more equally divided, and 3) the gains, scaled by resources committed, yield "premiums" similar to those in mergers. We are inclined to interpret our results as supportive of the synergy hypothesis as the source of gain from corporate combinations. THIS PAPER IS AN empirical investigation of the common stock returns of U.S. companies that enter into joint ventures with other U.S. companies. We consider joint ventures in the context of what is by now a burgeoning literature examining the security returns of companies involved in intercorporate mergers and tender offers.1 In this context, our objective is to provide evidence as to the source of the well-documented gains to stockholders of firms involved in mergers and tender offers. In addition, joint ventures are an interesting economic phenomenon in their own right. They are undertaken by many of the largest U.S. companies, involve billions of dollars in capital expenditures annually, and are subject to considerable scrutiny in the popular press. In this regard, our analysis provides data on what is as yet a relatively unexplored area of economic activity.2 A corporate merger represents the joining together of all the resources of two companies under a single management to accomplish some set of objectives. Empirical studies have found that mergers generally result in significant increases in the total market values of the merging firms with the stockholders of the
Maternal Serum ADAM-12 as a Potential Marker for Different Adverse Pregnancy Outcomes

Objective: To investigate first-trimester ADAM-12 levels in pregnancies which later develop hypertensive and growth complications. Methods: First-trimester serum samples (11+0 to 13+6 weeks) were retrieved from frozen storage. 47 samples with at least one of the following adverse outcomes: pre-eclampsia (PE), small for gestational age, HELLP syndrome and gestational hypertension were analysed and 452 controls matched to the cases by gestational age and length of storage were analysed. ADAM-12 levels were measured by the automated AutoDELFIA immunoassay platform. Results: ADAM-12 was found to increase with gestational age (11+0 to 13+6 weeks) and decrease with increasing maternal weight and in women who smoked. After correction, ADAM-12 median multiples of the median were increased in cases with HELLP syndrome, all PE and PE only. Conclusion: The increased first-trimester levels of ADAM-12 in PE and HELLP are in contrast with previous findings. The usefulness of ADAM-12 as a marker for adverse outcomes is still unclear.
Response to Ronald M Perkin and David B Resnik: The agony of trying to match sanctity of life and patient-centred medical care

Perkin and Resnik advocate the use of muscle relaxants to prevent the “agony of agonal respiration” arguing that this is compatible with the principle of double effect. The proposed regime will kill patients as certainly as smothering them would. This may lead some people to reject the argument as an abuse of the principle of double effect. I take a different view. In the absence of an adequate theory of intention, the principle of double effect cannot distinguish between the intentional and merely foreseen termination of life, and cannot rule out end-of-life decisions that are often regarded as impermissible. What Perkin and Resnik are in effect saying is that there are times when physicians have good reasons to end a patient’s life—deliberately and intentionally—for the patient’s (and the family’s) sake. Why not say so—instead of going through the agony of trying to match sanctity of life and patient-centred medical care?
Trade Credit and the Propagation of Corporate Failure: An Empirical Analysis

We quantify the importance of trade credit chains for the propagation of corporate bankruptcies. Our results show that trade creditors (suppliers) that issue more trade credit are more exposed to trade debtor (customer) failures, both in terms of the likelihood of experiencing a debtor failure and the loss given failure. We further document that the credit loss invoked by a debtor failure imposes a substantially enhanced bankruptcy risk on the creditors. The propagation mechanism is mitigated for creditors that are less levered, cash rich, and highly profitable, and enhanced in R&D intense industries and during economic downturns.
HYPOTHESIS TESTS ON HALL PERMANENT INCOME (HPI): THE CASE OF INDONESIA

This paper is focused on the test of Hall Permanent Hypothesis. Hall hypothesizes that economic agents have perfect information on their life time income. Since economic agents have perfect information on their life time income, they tend to hold their inter-temporal consumption to be equal. There are three ways to test the Hall hypothesis. The three ways are Dickey Fuller, Augmented Dickey Fuller, Cambell and Mankiw tests. The results are inconsistent each others. The finding tends to support that the interest rate transmission mechanism for inter-temporal consumption is not working in Indonesia. The interest rate in Indonesia tends to be higher than of the neighboring countries. The interest rate in Indonesia tends to be high because of the high inflation rate, and inefficient banking practice. It is interesting to plan further research on staggering high inflation and inefficient banking practice in Indonesia. Keywords: Hall income permanent hypothesis, inflation, Indonesia.
Private information, overconfidence and intraday trading behaviour: empirical study of the Taiwan stock market

This study discusses the interaction between private information, overconfidence and intraday trading behaviour. Six thousand items consisting of 5-minute intervals of microstructure data in Taiwan market were collected and analysed during the period from September 2010 to the end of February 2011. Several important conclusions are obtained after Vector Autoregressive (VAR), Analysis of Variance (ANOVA) and Granger causality analyses of these data. First, when there is more private information in the market, the degree of overconfidence among investors is higher. Second, when private information and turnover rate are considered, the trading volume and return volatility show either a leading or a lagging relationship. Third, the appearance of private information is highest during opening and closing and has a mutual causal relationship with the trading volume. Fourth, the variation of private information reaches its maximum during opening, which is the primary factor that affects return volatility. Fifth, the January effect does not affect the sequence of trading volume and return volatility. Furthermore, return volatility is greatly influenced by the turnover rate; a high overconfidence among investors unfavourably impacts the stable development of the stock market.
New Rice Technology, Intrarural Migration, and Institutional Innovation in the Philippines

This article seeks to analyze the complex interrelationship between technology migration and institutional innovation through study of the process of diffusion of new rice technology in the Province of Laguna in the Philippines. The authors then "review the process of technology diffusion and associated changes in labor demand in the lowland rice area. Second [they] document the pattern of labor migration corresponding to differential impact of the new technology. Finally [they] analyze changes in labor contracts associated with the new technology and the migration of labor. " (summary in FRE SPA) (EXCERPT)
Informational Barriers to Credit for Migrants: Evidence from Guatemala

Does being a migrant in a developing country cause an individual to receive less access to credit? Migrant status can be a useful signal for lenders in settings with weak contract enforcement and in the absence of well-developed information markets. I investigate this contract enforcement–based explanation using data on households that have migrated within Guatemala. To address reverse causality and omitted variable issues, I adopt an instrumental variables approach. I identify individuals who are most sensitive to violence or crime and who were born in particularly dangerous locations; the interaction of these factors causes these individuals to have a higher propensity to move. Although such migrants are not less likely to apply for loans from formal sources, they are significantly less likely to receive them. Furthermore, weak enforcement of contracts dominates alternative explanations of this result, such as moral hazard and adverse selection.
Analysis of Tax Compliance and Impacts on Regional Budgeting and Public Welfare

Abstract. The research aims to analyze the impacts of tax compliance on regional budgeting and public welfare in East Java Province. Using the Partial Least Square (PLS) method, it considers the following variables: tax compliance, regional finance, general grant, special grant, regional expenditures, and Human Development Index (HDI). The results indicate that tax compliance has significant impacts on regional finance. Tax has significant positive impacts on regional expenditures/spending. Conversely, regional spending affects public social welfare in East Java Province. The research concludes that tax compliance gives significant positive impacts on public welfare in East Java Province during the 2004-2009 period. The prevalent policy implies that regional government has to secure regional financial balance to improve public welfare in East Java Province. The regional government is to promote public awareness that tax compliance is crucial to improve tax revenues and public welfare. Keywords: tax compliance, regional finance, regional expenditures, partial least square, public welfare Abstrak. Penelitian ini bertujuan untuk menganalisa pengaruh kepatuhan pajak dan dampaknya pada penganggaran keuangan daerah dan kesejahteraan hidup masyarakat di Provinsi Jawa Timur. Metode yang digunakan dalam penelitian ini adalah “Partial Least Square” (PLS). Variabel yang digunakan; kepatuhan pajak, keuangan daerah, hibah umum, hibah khusus, pangsa pajak, pengeluaran daerah, dan Indeks Pembangunan Manusia (HDI). Hasil penelitian ini menunjukkan bahwa kepatuhan pajak berpengaruh pada keuangan daerah. Pajak memiliki pengaruh yang signifikan dan positif untuk pengeluaran/belanja daerah. Sebaliknya, belanja daerah berpengaruh bagi kehidupan kesejahteraan sosial di Provinsi Jawa Timur. Kesimpulannya yaitu kepatuhan pajak memberikan pengaruh yang signifikan dan positif pada kesejahteraan masyarakat di Provinsi Jawa Timur Tahun 2004-2009. Implikasi kebijakan mengatakan bahwa pemerintah daerah harus mengalokasikan perimbangan keuangan daerah untuk meningkatkan kesejahteraan masyarakat di provinsi Jawa Timur. Pemerintah daerah harus mempromosikan memberitahukan masyarakat bahwa kepatuhan pajak diperlukan untuk meningkatkan penerimaan pajak dan kesejahteraan masyarakat. Kata kunci: kepatuhan pajak, keuangan daerah, belanja daerah, partial least square, kesejahteraan masyarakat
Probability of error analysis of predetection generalized selection combining receivers with correlated unbalanced Nakagami branches

In this paper we determine the probability of error of a predetection generalized selection combining (GSC) receiver with correlated and unbalanced diversity branches in a Nakagami-m multipath fading channel. We start by finding the joint probability density function (PDF) of the decision variables. This involves the derivation of the joint PDF of the L largest random variables (L maxima) of an input population of N > L correlated nonidentically distributed random variables, based on the statistics of the input population. The results obtained are then used in the derivation of the error probabilities of noncoherent FSK (NCFSK) and DPSK receivers. Copyright © 2006 John Wiley & Sons, Ltd.
Does Cigarette Smoking Increase Sleep Problems?

Cigarette smoking has been associated with delayed sleep onset and diminished sleep duration, primarily on the bases of responses to one-shot questionnaires. This study used a survey format of daily diaries to observe sleep quality. 29 smokers were matched for age, ethnicity, and gender with 29 nonsmokers. Both groups recorded information on cigarette, alcohol, caffeine consumption, daily stress, and sleep quality. While the results showed that smokers were more likely to experience poor sleep than nonsmokers, these data are difficult to interpret because smokers also used significantly greater amounts of alcohol and caffeine.
Translational invariance in the kicked harmonic oscillator.

Analysis of the quantum kicked harmonic oscillator in the condition of resonance (${\mathrm{\ensuremath{\omega}}}_{0}$T=2\ensuremath{\pi}/q) is approached in this paper. We extend the results found in Berman, Rubaev, and Zaslavsky [Nonlinearity 4, 543 (1991)] by relating the translational invariance of the qth power of the quasienergy operator with the spreading of the mean energy in time. These results are then confirmed by numerical simulations.
Earnings, Book Values, and Dividends in Equity Valuation: An Empirical Perspective

This paper revisits Ohlson 1995 to make a number of points not generally appreciated in the literature. First, the residual income valuation (RIV) model does not serve as a crucial centerpiece in the analysis. Instead, RIV plays the role of condensing and streamlining the analysis, but without any effect on the substantive empirical conclusions. Second, the concept of â€œother informationâ€ in the model can be given concrete empirical content if one presumes that nextâ€ period expected earnings are observable.
Economic Development and Endogenous Terms-of-Trade Determination: Review and Reinterpretation of the Prebisch-Singer Thesis

In this paper the theoretical literature relating to the Prebisch-Singer Thesis and economic development is extensively reviewed. The aim is to examine models which exhibit a positive relation between indicators of economic development, such as per capita income, real wages, or employment and terms of trade development. In many models the economy is better off when terms of trade fall and income and price elasticities do not appear in the growth rate solutions. As this is at variance with the Prebisch-Singer Thesis, two simple models have been developed: (i) in a vent-for-surplus model, income and price elasticities appear in the solution for employment, but the terms of trade are driven down by the factors that increase employment; (ii) in a model with exogenous employment and imported capital goods, higher income elasticities of export demand increase in the long run growth rates of real wages, per capital income, capital-labour ratio and terms of trade, thus representing the ideas of Prebisch, Singer and Myrdal on the relation between exports and growth.
Phenotypic effects of null and haploinsufficiency of acid-labile subunit in a family with two novel IGFALS gene mutations.

CONTEXT IGF-I deficiency may result from impairment of GH secretion or action, or from defects in IGF-I synthesis, transport, or action. Complete deficiency of the acid-labile subunit (ALS), previously described in two male patients, the only known inherited alteration in IGF-I transport, is characterized by severe circulating IGF-I and IGF binding protein (IGFBP)-3 deficiency with only mild growth retardation. OBJECTIVE Our objective was to study the characterization, at biochemical and molecular levels, of the cause for severe circulating IGF-I and IGFBP-3 deficiency in a male patient with mild growth retardation. PATIENTS We report an adolescent male with delayed growth and pubertal development (Tanner stage I, -2.00 sd score for height at the age of 15.3 yr), profound circulating IGF-I and IGFBP-3 deficiency, and poor response to GH treatment. RESULTS The index case, as well as one of his brothers, and his sister were found to be compound heterozygotes for two novel IGFALS gene mutations: C540R, a missense point mutation; and S195_197Rdup, a 9-bp duplication. The parents and youngest brother were found to be carriers for one of these two mutations. The three affected siblings had marked reduction of IGF-I and IGFBP-3 levels, undetectable serum levels of ALS, inability to form ternary complexes, and moderate insulin resistance. All of them attained a normal near-adult height (between -1.0 and -0.5 sd score), which was nonetheless lower than that of their heterozygous brother. The IGF system was only modestly affected in the heterozygous carriers. CONCLUSIONS This study confirms the critical role of ALS in forming ternary complexes and the maintenance of normal levels of IGF-I and IGFBP-3. Insulin resistance, pubertal delay in male patients, and poor GH responsiveness seem to be frequent findings in ALS deficiency. However, haploinsufficiency of the IGFALS gene has no discernible clinical effects with only modest impact on the IGF system.
The Determinants of Financial Structure: New Insights from Business Start-Ups

Business start-ups lack prior history and reputation, face high failure risk, and have highly concentrated ownership. The resulting information and incentive problems, combined with entrepreneurial private benefits of control, affect initial financing decisions. This paper examines simultaneously the impact of these issues on leverage, debt mix and maturity. We find that start-ups with high adverse selection and risk shifting problems contract less bank debt but compensate with other debt sources. Start-ups in growing industries have lower leverage, but raise more bank debt. Entrepreneurs with large private control benefits contract less but longer term bank loans to lower the default probability.