Miracle-dz/UniFAR-FTUs huggingface dataset:
Public and Private Debt: The Historical Record (1870–2010)

Abstract Economists routinely emphasize the risks of excessive public borrowing, but tend to have a more benign view of private sector debt. In this study, I draw on recent comparative studies of the macroeconomic history of advanced economies since 1870. I synthesize four historical facts and argue that a more balanced view of public and private borrowing is warranted. First, while both public and private debts have increased markedly, private, not public debts have climbed to historically unprecedented levels. Second, outside war times, financial crises have typically originated in the private sector, yet the costs have increasingly been socialized. Third, the historical record shows that modern democracies have been relatively successful in managing their financial affairs, evidenced by a systematically positive response of primary balances to high debt ratios. Fourth, I demonstrate that private and public debt cycles have been tightly linked since the 1970s.
The association between race/ethnicity and major birth defects in the United States, 1999-2007.

OBJECTIVES We investigated the relationship between race/ethnicity and 27 major birth defects. METHODS We pooled data from 12 population-based birth defects surveillance systems in the United States that included 13.5 million live births (1 of 3 of US births) from 1999 to 2007. Using Poisson regression, we calculated prevalence estimates for each birth defect and 13 racial/ethnic groupings, along with crude and adjusted prevalence ratios (aPRs). Non-Hispanic Whites served as the referent group. RESULTS American Indians/Alaska Natives had a significantly higher and 50% or greater prevalence for 7 conditions (aPR = 3.97; 95% confidence interval [CI] = 2.89, 5.44 for anotia or microtia); aPRs of 1.5 to 2.1 for cleft lip, trisomy 18, and encephalocele, and lower, upper, and any limb deficiency). Cubans and Asians, especially Chinese and Asian Indians, had either significantly lower or similar prevalences of these defects compared with non-Hispanic Whites, with the exception of anotia or microtia among Chinese (aPR = 2.08; 95% CI = 1.30, 3.33) and Filipinos (aPR = 1.90; 95% CI = 1.10, 3.30) and tetralogy of Fallot among Vietnamese (aPR = 1.60; 95% CI = 1.11, 2.32). CONCLUSIONS This is the largest population-based study to our knowledge to systematically examine the prevalence of a range of major birth defects across many racial/ethnic groups, including Asian and Hispanic subgroups. The relatively high prevalence of birth defects in American Indians/Alaska Natives warrants further attention.
Corporate Governance and Technological Capability Development: Three Case Studies in the Chinese Auto Industry

This paper examines how firms' technological capability development is affected by corporate governance, broadly understood: “how and by whom the firm is directed and controlled”. Three state-owned companies are studied. Shanghai Auto Industry Corporation (SAIC) is a long-established “favoured” enterprise controlled on rather traditional lines. Chery is a small under-funded latecomer that receives exceptional “engagement” from its controlling local and provincial government. Guizhou Tyre (GTC) is long-established but also receives exceptional engagement. The firms' governance structures and their processes of technological capability building were tracked and compared. Data on SAIC and Chery was mainly from secondary sources; on GTC, from extensive interviewing of management and site observations. There were two main findings: first, it was the two with unusual engagement which were more successful in developing “endogenous” or “self-reliant” technological capability. Second, two alternative technological strategies could be distinguished: “bundled” or “unbundled” technology acquisition. Chery and GTC chose “unbundling”. We show why it was more successful and why it followed from the corporate governance situation.
Why do speculative bubbles gather steam? Some international evidence

We combined tests for speculative bubbles in stock markets with a cross-country regression framework to analyse whether economic and institutional variables can be identified that make speculative bubbles in stock markets more likely to occur. The list of variables that we found to have a significant effect on the probability that a speculative bubble arises includes an index of shareholder rights (with a negative sign), the share of assets of foreign-owned banks in total banking assets (with a positive sign) and the ratio of gross private saving to gross private disposable income (with a positive sign).
Testing for threshold cointegration and error correction: evidence in the petroleum futures market

This article examines the existence of threshold cointegration between futures and spot prices for the Brent petroleum market. We then estimate the asymmetric error-correction specification utilizing the Momentum Threshold Autoregressive Consistent (M-TAR-C) approach particularly proposed by Enders and Siklos (2001). We find that, for the daily data over 2 January 2001 through 15 October 2006, the petroleum futures prices are cointegrated with the spot prices. This effectively confirms the expectations hypothesis and that asymmetric adjustments for the futures basis towards the long-run value display a negative basis from the long-run equilibrium level more persistently than a positive basis from that level. The empirical result suggests that short-run arbitrages manipulating buy-long (sell-short) futures contracts be profitable when a positive basis is weakening (a negative basis is strengthening).
Effective quality management through third‐generation balanced scorecard

Quality initiatives in the West have produced limited long‐term success compared with equivalent initiatives in Japan. Some claim that this is due to the absence of explicit links between strategy and operational initiatives. The paper aims to tests this claim and suggests an approach that better supports quality management initiatives. The paper is based on a combination of literature review and case studies. It supports the assumption that an explicit link between strategy and operational initiatives is a critical success factor in deriving long‐term benefits from quality initiatives. It is an equally important feature of best practice performance management system design and the paper finds that quality management initiatives can be implemented more successfully, when associated with a robust corporate performance management approach based on modern strategic control principles. The paper demonstrates how the latest evolution of balanced scorecard – third‐generation balanced scorecard – adheres to such control principles and illustrates how it supports effective application of a number of popular quality management tools. The limited success of quality initiatives, along with the continued popularity of some of these tools, suggests that any approach, which effectively helps decrease the risk of failure, would carry significant value.
Risk factors for wheezing in the first year of life.

OBJECTIVE To assess risk factors for wheezing in infants in southern Brazil. METHODS Cross-sectional study using a standardized and validated questionnaire (Estudio Internacional de Sibilancias en Lactantes, EISL, or International Study of Wheezing in Infants). Parents of infants aged 12-15 months who attended 35 of 107 health centers between August 2005 and December 2006 for regular immunization were interviewed. The association between wheezing and factors studied was made using a prevalence ratio (PR) and confidence interval of 95% (95%CI) to perform a univariate analysis. Factors associated with wheezing in the bivariate analysis were studied using Poisson regression. RESULTS Three thousand and three parents of infants filled out the questionnaire. The risk factors were male gender (PR = 1.14; 95%CI 1.05-1.24), history of asthma in the family [mother (PR = 1.18; 95%CI 1.04-1.33); father (PR = 1.20; 95%CI 1.05-1.39); siblings (PR = 1.23; 95%CI 1.08-1.42)], other pets in the home during pregnancy (PR = 1.28; 95%CI 1.07-1.53), age when child started daycare [0-3 months (PR = 1.15; 95%CI 0.98-1.34); 4-6 months (PR = 1.39; 95%CI 1.24-1.55); 7-12 months (PR = 1.20; 95%CI 1.07-1.35)], six or more episodes of cold (PR = 1.32; 95%CI 1.21-1.44), personal history of dermatitis (PR = 1.09; 95%CI 1.003-1.19), and mold in the home (PR = 1.14; 95%CI 1.04-1.24). Up-to-date immunization (PR = 0.79; 95%CI 0.63-0.98) and bathroom in the home (PR = 0.83; 95%CI 0.68-1.01) were protective factors. CONCLUSIONS Independent risk factors for wheezing in the first year of life are also known risks for asthma in children and adolescents. These data are useful to predict the diagnosis of asthma and to promote its prevention (when applicable).
Hong Kong Residents' Adoption of Risk Reduction Strategies in Leisure Travel

ABSTRACT For decades risk has been identified as a major concern for traveling. Although some recent studies focused on studying consumers' perceived travel risks, only a few prior studies literally discussed consumers' risk reduction strategies in the context of travel-related services. To fill this gap, this study aims to investigate the travel-related risk reduction strategies that Hong Kong residents adopt to strengthen their confidence during leisure travel. This study also explores if travelers of different travel-related and sociodemographic characteristics adopt different risk reduction strategies. Among different risk reduction strategies—“purchase travel insurance,” “bring extra cash,” and “search for latest information about the destination”—are the ones which Hong Kong residents are likely to adopt when they travel for leisure. Results revealed that travel-related and sociodemographic characteristics influenced travelers' likelihood to risk reduction strategies differently. Specifically, travel experience of travelers, age, and household income displayed significant differences in the likelihood of adopting most of the risk reduction strategies.
A laser diode model based on temperature dependent rate equations

Terms are included in the model to account for the variation in the laser's differential gain coefficient and transparency carrier density with temperature. The model shows good agreement with DC experimental results and is useful for the design of the control circuitry of laser diode-based optical transmitters operating over a wide range of temperatures. This is particularly important when noncooled lasers are used. The model can easily be extended to investigate transient behavior of the laser with change in temperature. <<ETX>>
Crisis management in the travel agency sector: A case study

The study focuses on crisis management in the travel agency sector. The analysis is based on a questionnaire that assembled a list of crisis management practices. These practices are grouped into four categories: marketing, maintenance, human resources and government assistance. The study evaluates the importance travel agencies’ managers assign to each practice. In addition, the study evaluates how managers use the different crisis management practices. The findings suggest that there is a gap between the importance managers assign to different practices and the intensity of usage. The gap is especially evident in the category of government assistance where importance of practices is higher than their usage. In addition, managers tend to combine different practice from the different categories of marketing, maintenance, human resources and government assistance in an effort to achieve cost cuts. The paper concludes with recommendations for practitioners and suggestions for future research.
New paradigm in macroeconomics: solving the riddle of Japanese macroeconomic performance

Modern mainstream economics is attracting an increasing number of critics of its high degree of abstraction and lack of relevance to economic reality. Economists are calling for a better reflection of the reality of imperfect information, the role of banks and credit markets, the mechanisms of economic growth, the role of institutions and the possibility that markets may not clear. While it is one thing to find flaws in current mainstream economics, it is another to offer an alternative paradigm which, can explain as much as the old, but can also account for the many 'anomalies'. That is what this book attempts. Since one of the biggest empirical challenges to the 'old' paradigm has been raised by the second largest economy in the world - Japan - this book puts the proposed 'new paradigm' to the severe test of the Japanese macroeconomic reality.
Biodiversity and Timber in the Coast Range of Oregon: Inside the Production Possibility Frontier

This study attempts to bridge the gap between studies that model cost-effective land management for single species and studies that model large sets of species or biodiversity. We estimated a production possibility frontier for biodiversity and timber production using simulated annealing for a study area in the Coast Range of Oregon. The model produced spatially explicit land management regimes over a 100-year time horizon. Current landowner objectives were then simulated and compared to cost-effective management along the production possibility frontier. The results suggest substantial potential for improving efficiency of forest land management in the study area. (JEL Q23)
Strategic Choices, Environmental Uncertainty and SBU Performance: A Note on the Intervening Role of Management Accounting Systems

This paper examines the role of management accounting systems (MAS) design on the relationship between: (1) strategic business unit (SBU) strategy and SBU performance and (2) perceived environmental uncertainty (PEU) on SBU performance. MAS design was defined in terms of the extent to which managers use broad scope MAS information for managerial decision making. The responses of 62 SBU managers, drawn from a cross-section of manufacturing companies in Western Australia, to a questionnaire survey were analysed by using a path analysis. The results suggest that SBU strategy and PEU are important antecedents of MAS design, and that broad scope MAS information is an important antecedent of SBU performance.
Bye-Bye Bundles: The Unbundling of Music in Digital Channels

Fueled by digital distribution, unbundling is prevalent in many information and entertainment industries. What is the effect of this unbundling on sales, and what bundle characteristics drive this effect? The author empirically examines these questions in the context of the music industry, using data on weekly digital-track, digital-album, and physical-album sales from January 2005 to April 2007 for all titles released by a sample of more than 200 artists. The modeling framework, a system of an “album-sales” and a “song-sales” equation estimated with the seemingly unrelated regression method, explicitly accounts for the interaction between sales for the bundle and its components. The findings reveal that revenues decrease significantly as digital downloading becomes more prevalent, but the number of items included in a bundle (a measure of its “objective” value) is not a significant moderator of this effect. Instead, bundles with items that are more equal in their appeal and bundles offered by producers with a strong reputation suffer less from the negative impact of the shift to mixed bundling in online channels.
The effect of cyclooxygenase‐2 overexpression on skin carcinogenesis is context dependent

The up‐regulation of the inducible form of cyclooxygenase (COX‐2), a central enzyme in the prostaglandin (PG) biosynthetic pathway, occurs in many epithelial tumors and has been associated with tumor cell proliferation and angiogenesis. To better understand the role of COX‐2 in skin tumor development, we generated transgenic mice that overexpress COX‐2 under the control of the keratin 14 promoter. We previously reported (Cancer Res. 62: 2516, 2002) that these mice, referred to as keratin 14 (K14). COX2 mice, were unexpectedly very resistant to 12‐O‐tetradecanoylphorbol 13‐acetate (TPA) tumor promotion. The current studies were undertaken to determine the mechanism of this resistance and determine if it was restricted to TPA promotion. Transgenic and wild‐type mice were subjected to a complete carcinogenesis protocol using 7,12‐dimethylbenz[a]anthracene (DMBA) only, as well as a two‐stage protocol using DMBA plus an unrelated tumor promoter, anthralin. In addition, the responses of transgenic and wild‐type mice to TPA in terms of induction of proliferation and various down‐stream mediators were examined. The TPA resistance phenotype correlated with a reduced ability to induce ornithine decarboxylase, interleukin‐1α, and tumor necrosis factor‐α and a reduced proliferation response. This resistance phenotype appears to be restricted to phorbol ester promotion because K14.COX2 mice developed six times more tumors than wild‐type mice when anthralin was used as the tumor promoter. Additionally, K14.COX2 mice treated only with DMBA developed approximately 3.5 times more tumors than wild‐type mice, suggesting that PGs have intrinsic tumor promoting activity. We conclude that the role of PGs in skin tumorigenesis is context dependent. © 2007 Wiley‐Liss, Inc.
Is performance measurement suitable for an extended enterprise

Purpose – The purpose of this paper is to assess whether performance measurement literature and as a result, practical applications, models and frameworks drawing from this literature are compatible with the central features of extended enterprises.Design/methodology/approach – The paper is based on a bibliometric study that is supplemented with an empirical case study.Findings – The results of this paper indicate that literature on performance measurement and literature on extended enterprises are only partially compatible. The common underlying reasons for measuring performance are highly valid also in the context of an extended enterprise. However, performance measurement processes and practices utilized within firms are to a considerable degree incompatible with central characteristics of extended enterprises. A highly apparent conflict between the two streams of literature is related to choosing individual performance measures (i.e. the question of what to measure). Performance measurement literature.
γ-Tubulin Is Essential for Microtubule Organization and Development in Arabidopsis[W]

The process of microtubule nucleation in plant cells is still a major question in plant cell biology. γ-Tubulin is known as one of the key molecular players for microtubule nucleation in animal and fungal cells. Here, we provide genetic evidence that in Arabidopsis thaliana, γ-tubulin is required for the formation of spindle, phragmoplast, and cortical microtubule arrays. We used a reverse genetics approach to investigate the role of the two Arabidopsis γ-tubulin genes in plant development and in the formation of microtubule arrays. Isolation of mutants in each gene and analysis of two combinations of γ-tubulin double mutants showed that the two genes have redundant functions. The first combination is lethal at the gametophytic stage. Disruption of both γ-tubulin genes causes aberrant spindle and phragmoplast structures and alters nuclear division in gametophytes. The second combination of γ-tubulin alleles affects late seedling development, ultimately leading to lethality 3 weeks after germination. This partially viable mutant combination enabled us to follow dynamically the effects of γ-tubulin depletion on microtubule arrays in dividing cells using a green fluorescent protein marker. These results establish the central role of γ-tubulin in the formation and organization of microtubule arrays in Arabidopsis.
Forward-Looking Monetary Policy Rules and Option-Implied Interest Rate Expectations

This paper examines the association between option‐implied interest rate distributions and macroeconomic expectations in the context of a forward‐looking monetary policy rule. We presume that market participants view the policy rule as a guide to the path of future policy rates and price interest rate options in accordance with the policy rule fundamentals. Using data from the UK, we confirm that Libor expectations implied by option prices are consistent with the policy rule variables. The results demonstrate that changes in the distributional form of Libor expectations are strongly associated with changes in the expected inflation and output gaps and financial uncertainty. © 2013 Wiley Periodicals, Inc. Jrl Fut Mark 34:346–373, 2014
Fluctuations in intraocular pressure and the potential effect on aberrations of the eye

Objective: To investigate the fluctuations in intraocular pressure during the day and to see if these are associated with changes in corneal shape and in the patterns of ocular aberrations. Methods: Intraocular pressure, corneal curvature, refractive error, spherical equivalent and aberrations (defocus (sphere); cylinder (astigmatism); coma, trefoil and third order spherical aberration) were measured in 17 healthy subjects three times during the day. The first measurement was made between 9:00 and 9:30, the second at midday (12:30–13:00) and the third in the afternoon (17:00–17:30). Aberrations, corneal shape, refractive error and pupil size (for which correction was made) were measured with an Irx3 Dynamic Wavefront Aberrometer. Intraocular pressures were measured using a non-contact tonometer (Cambridge Instruments Inc.) and calibrated with the Goldmann applanation tonometer. Results: Variations in intraocular pressures were unrelated to age or refractive error. Statistically significant differences in intraocular pressure between morning and midday as well as between midday and afternoon were found. Intraocular pressure variations between midday and afternoon were associated with changes in spherical equivalent, corneal radius of curvature and aberrations (defocus, cylinder, coma, trefoil and spherical aberration) over the same time period. Aberration patterns varied between individuals, and no association was found between two eyes of the same subject. Conclusions: Changes in intraocular pressure have no noticeable effect on image quality. This could be because the eye has a compensating mechanism to correct for any effect of ocular dynamics on corneal shape and refractive status. Such a mechanism may also affect the pattern of aberrations or it may be that aberrations alter in a way that offsets any potentially detrimental effects of intraocular pressure change on the retinal image. Variations in patterns of aberrations and how they may be related to ocular dynamics need to be investigated further before attempts at correction are made.