Miracle-dz/UniFAR-FTUs huggingface dataset:
When Does Information Asymmetry Affect the Cost of Capital?

This paper examines when information asymmetry among investors affects the cost of capital in excess of standard risk factors. When equity markets are perfectly competitive, information asymmetry has no separate effect on the cost of capital. When markets are imperfect, information asymmetry can have a separate effect on firms’ cost of capital. Consistent with our prediction, we find that information asymmetry has a positive relation with firms’ cost of capital in excess of standard risk factors when markets are imperfect and no relation when markets approximate perfect competition. Overall, our results show that the degree of market competition is an important conditioning variable to consider when examining the relation between information asymmetry and cost of capital.
A Second Kazal-Like Protease Inhibitor from Phytophthora infestans Inhibits and Interacts with the Apoplastic Pathogenesis-Related Protease P69B of Tomato1

The plant apoplast forms a protease-rich environment in which proteases are integral components of the plant defense response. Plant pathogenic oomycetes, such as the potato (Solanum tuberosum) and tomato (Lycopersicon esculentum) pathogen Phytophthora infestans, secrete a diverse family of serine protease inhibitors of the Kazal family. Among these, the two-domain EPI1 protein was shown to inhibit and interact with the pathogenesis-related protein P69B subtilase of tomato and was implicated in counter-defense. Here, we describe and functionally characterize a second extracellular protease inhibitor, EPI10, from P. infestans. EPI10 contains three Kazal-like domains, one of which was predicted to be an efficient inhibitor of subtilisin A by an additivity-based sequence to reactivity algorithm (Laskowski algorithm). The epi10 gene was up-regulated during infection of tomato, suggesting a potential role during pathogenesis. Recombinant EPI10 specifically inhibited subtilisin A among the major serine proteases, and inhibited and interacted with P69B subtilase of tomato. The finding that P. infestans evolved two distinct and structurally divergent protease inhibitors to target the same plant protease suggests that inhibition of P69B could be an important infection mechanism for this pathogen.
Decision-making in security and defense policy: Towards supranational inter-governmentalism?

For scholars and practitioners of European politics alike, the distinction between supranationalism and inter-governmentalism has always been fundamental. This distinction has underpinned the various schools of European integration theory, just as it has remained crucial for European governments keen to demonstrate that the Member States remain in charge of key policy areas. Nowhere is this considered to be more central than in the area of foreign and security policy, which has consciously been set within the rigid intergovernmental framework of Pillar Two of the Maastricht Treaty and, under the Lisbon Treaty, remains subject to the unanimity rule. However, scholarship on the major decision-making agencies of the foreign and security policy of the EU suggests that the distinction is not only blurred but increasingly meaningless. This article demonstrates that, in virtually every case, decisions are shaped and even taken by small groups of relatively well-socialized officials in the key committees acting in a mode which is as close to supranational as it is to intergovernmental.
Drivers of Technical Efficiency in Malaysian Banking: A New Empirical Insight

type="main"> Restructuring and rationalisation of Malaysian banking in 2000 and the subsequent policy of deregulation and liberalisation adopted by Bank Negara Malaysia (BNM) have resulted in a significant transformation of Malaysian banking. Banks are now poised to play a pivotal role in the economic transformation of the economy as envisaged in the Financial Sector Blue Print 2011–20 of BNM. Using the data envelopment analysis technique, the technical efficiency of 19 commercial banks (8 domestic banks and 11 foreign banks) operating in Malaysia during 2005–12 is evaluated. Then, using bootstrap-corrected efficiency scores, the drivers of bank efficiency were estimated using the Tobit regression approach. Results clearly show that three large domestic banks are not only more efficient than their counterparts, but are also more efficient than the foreign banks. Bank size and return on assets are found to be the significant drivers of technical efficiency of Malaysian banks. Capital adequacy and the advances to deposit ratio also have a role in driving technical efficiency. The results also indicate that banks that are more effective in managing credit risk, as reflected in a lower level of non-performing assets as a percentage of total assets, and have lower levels of personnel expenses to total assets, are more efficient. The findings have significant implications at the individual bank level and also at the policy level.
Geriatric rehabilitation: the influence of efficacy beliefs and motivation.

The theory of self-efficacy is that the more one believes in the efficacy of a specific activity, the more likely (motivated) one is to perform that activity. Most of the research into self-efficacy beliefs among older adults has been quantitative and has consistently supported the influence of those beliefs on behavior. However, it has not been established how efficacy beliefs actually influence motivation in older adults, or what sources of efficacy-enhancing information help strengthen those beliefs. The purpose of this study was to better understand the factors that influence the efficacy beliefs that motivate older adults in a rehabilitation program, and to uncover the relation between efficacy beliefs, motivation, and behavior (i.e., participation in rehabilitation activities). Seventy-seven older adults, 55 women and 22 men, in an inpatient geriatric rehabilitation program were interviewed. Through content analysis, 11 major themes were identified as factors that influence efficacy beliefs and motivate people to participate in rehabilitation: personal expectations, personality, role models, verbal encouragement, progress, past experiences, spirituality, physical sensations, individualized care, social supports, and goals. The findings support the theory of self-efficacy, and are best explained within a social cognitive theory framework.
Tissue distribution of haemolytic Gallibacterium anatis isolates in laying birds with reproductive disorders

Gallibacterium anatis biovar haemolytica has been suggested to have a causal role in peritonitis and salpingitis in chickens. Therefore, the aim of this study was to investigate the occurrence of G. anatis biovar haemolytica in chickens with reproductive disorders. One hundred and forty one birds from 31 layer flocks were submitted for necropsy and the following organs were examined for bacteria: choana, trachea, lung, heart, liver, spleen, ovary, oviduct, duodenum and cloaca. Examination for Escherichia coli was included as it can induce reproductive disorders. G. anatis was isolated in pure culture from the reproductive tract of affected birds in six of the 31 flocks while E. coli was obtained in pure culture from 10 of them. Both G. anatis and E. coli were isolated from the reproductive tract of 14 of the 31 flocks. The genetic diversity of the Gallibacterium isolates was assessed by amplified fragment length polymorphism on a subset of 83 isolates. Generally, each flock was infected with a single clone, which could be isolated from various sites in the birds. However, in two flocks, the majority of birds yielded positive samples from the internal organs, indicating that these particular clones may be more invasive. The findings support previous suggestions that G. anatis biovar haemolytica is associated with infection of the reproductive tract of chickens, making it a likely cause of lowered productivity and an animal welfare concern.
Taxation of Labor Income and the Demand for Risky Assets

The effect of uninsured labor income risk on the joint saving/portfolio composition decision is analyzed using new techniques from the theory of multiple risk-bearing. Applying this analysis, the effect of labor income taxes on the demand for risky securities is considered. It is well known that when private insurance markets are incomplete, the insurance afforded by labor income taxes can reduce overall saving. This paper establishes that - given plausible restrictions on preferences - the insurance afforded by labor income taxes increases the demand for risky securities, even when labor income is statistically independent of the returns to risky securities.
Why Do So Many Children of Immigrants Attend University? Evidence for Canada

The children of Canadian immigrants from some source regions, Asia, Africa and China in particular, attend university at extraordinarily high rates. Most others participate at lower rates, but still compare favourably with non-immigrant Canadians. In this paper, the Youth in Transition Survey is used to analyse the role of various background factors on these outcomes, including parental education, family income, parental expectations, high school grades and PISA test scores. To some degree, the children of immigrants go to a university because they have higher levels of the background attributes associated with university attendance, parental education in particular. But by allowing these effects to vary by immigrant group, this research finds that the high immigrant university participation rates are largely driven by those possessing “unfavourable” characteristics (low levels of parental education in particular) attending university in spite of these apparent disadvantages.
Interdependent Preferences and Aggregate Saving

The effect of relative consumption on aggregate saving is analyzed in a two-period model. It is assumed that people care about their rank in the consumption distribution at each date. It is shown that individuals concentrate their consumption in the period in which the distribution of consumption is the most egalitarian. As a result, a rise in consumption inequalities has a negative impact on saving compared to the case without a status-seeking motive.
ANALISIS PERTUMBUHAN EKONOMI DAN KEMISKINAN DI INDONESIA

ABSTRACT Economic growth and poverty is an important indicator to see the success of a country's development. This study aims to determine and analyze the two-way influence between economic growth and poverty in Indonesia: (1) The effect of unemployment, poverty, investments and economic growth. (2) The effect of investment, life expectancy, literacy, and length of education, and economic growth on poverty.This study uses panel data or pooled time-series crossection using time series data from the years 2005-2009, and the crossection is that there are 33 provinces in Indonesia. The method used is descriptive and econometric analysis using a model of simultaneous equations (simultaneous equations models) with two-stage least squares method (Two-Stage Least Square 2SLS) using Indirect Least Square (ILS). The results showed that there is a two-way interplay between economic growth and poverty. Significant effect on economic growth in poverty reduction, especially in rural areas there are many pockets of poverty. the opposite of poverty is also a significant effect on economic growth. Through improved access to capital, quality of education (literacy and increased length of education) and health (increased life expectancy) of the poor can increase their productivity in the attempt during the period 2000-2009. The unemployment rate, and significant investment on economic growth. Furthermore, investments in domestic and foreign investments, life expectancy, literacy and school longer a significant effect on the number of poor. Based on these findings the policy the government should do is spur economic growth through the expansion of investment especially in agriculture (agribusiness and agro-industries) in rural areas where many poor people depend. Recommended to the government in order to spur economic growth in urban areas in order to prioritize employment in which informal sector in general the poor do business. Whereas in rural areas run projects that are capital - intensive investment to open up employment opportunities, especially in the agricultural sector. Furthermore, it also advised the government both at central and regional levels through the state budget and regional budgets in order to further enhance the percentage of budget allocation on health and education to improve the quality of human resources of Indonesia's population. In order to improve the quality of human resources in Indonesia suggested that the government should also continue to run the program compulsory 9 (nine) years, and scholarships for children from poor families to achieve to improve the quality of their children. Keyword: Economic growth, poverty, unemployment, and investments
Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone

We provide a first comprehensive account of the dynamics of Eurozone countries from the creation of the Euro to the Great recession. We model each country as an open economy within a monetary union and analyze the dynamics of private leverage, fiscal policy and spreads. Our parsimonious model can replicate the time-series for nominal GDP, employment, and net exports of Eurozone countries between 2000 and 2012. We then ask how periphery countries would have fared with: (i) more conservative fiscal policies; macro-prudential tools to control private leverage; (iii) a central bank acting earlier to limit sovereign spreads; and (iv) the possibility to recoup the competitiveness they lost in the boom. To perform these counterfactual experiments, we use U.S. states as a control group that did not suffer from a sudden stop. We find that periphery countries could have stabilized their employment if they had followed more conservative fiscal policies during the boom. This is especially true in Greece. For Ireland, however, given the size of the private leverage boom, such a policy would have required buying back almost all of the public debt. Macro-prudential policy would have been helpful, especially in Ireland and Spain. However, in presence of a spending bias in fiscal rules, macro-prudential policies would have led to less prudent fiscal policies in the boom. Central bank actions would have stabilized employment during the bust but not public debt. Finally, if these countries had been able to regain in the bust the competitiveness they lost in the boom, they would have experienced a shorter and milder recession.
Teleworking: Frameworks for Organizational Research

Teleworking is a work practice that entails remote working for at least some of the time. Common arrangements include work done at home or in the field, by teleworkers in a range of occupations. As such, telework is one of the most radical departures from standard working conditions in the suite of flexible work practices now gaining widespread acceptance. In this paper, we develop an explanatory model of organizational adoption of teleworking. We do this as a means of integrating the current literature on the incidence of teleworking and to provide a theoretical grounding and framework for understanding differentials in the growth of teleworking in different organizations, industries and countries. We begin by developing an appropriate framework for conceptualizing teleworking. We propose a multivariate approach that is able to differentiate the various forms of teleworking. We then use this framework to develop a model and a series of propositions concerning the adoption of different forms of teleworking. Neo-institutional theory, as well as recent empirical evidence on teleworking informs this model.
Seasonal changes in habitat use by Houbara Bustards Chlamydotis [undulata] macqueenii in northern Saudi Arabia

Habitat preferences by Houbara Bustards Chlamydotis [undulata] macqueenii in Harrat al-Harrah reserve, in northern Saudi Arabia were determined from sightings of birds in all seasons over three years. Vegetation and crawling invertebrate abundance were sampled in each habitat. Houbara Bustards showed seasonally changing habitat preferences that appeared to be influenced primarily by vegetation phenology, abundance and cover. More densely vegetated areas (10–17% cover) were preferred. Seasonal and inter-habitat variations in invertebrate numbers were not reflected in differential habitat use by Houbara Bustards. The highest selection ratio for a single habitat (dry lakes) occurred in summer, coinciding with the fruiting of Shafallah Capparis spinosa. Selectivity of habitats was least in spring, when green vegetation was most widespread. Changes in Houbara Bustard habitat preferences in response to marked seasonal changes in habitats brought about by well-defined patterns of rainfall indicate that studies of habitat selection should consider the entire annual cycle. The importance of vegetative cover and the sensitivity of Houbara Bustards to human disturbance suggest that reserves set aside for Houbara Bustards should be extensive, diverse and largely free of livestock, human occupation and its associated disturbances.
Incidence and Prevalence of Multiple Sclerosis in the Americas: A Systematic Review

Background: The incidence and prevalence of multiple sclerosis (MS) varies considerably around the world. No previous study has performed a comprehensive review examining the incidence and prevalence of MS across the Americas. The purpose of this study was to systematically review and assess the quality of studies estimating the incidence and/or prevalence of MS in North, Central and South American regions. Methods: A comprehensive literature search was performed using MEDLINE and EMBASE from January 1985 to January 2011. Search terms included ‘multiple sclerosis’, ‘incidence’, ‘prevalence’ and ‘epidemiology’. Only full-text articles published in English or French were included. Study quality was assessed using an assessment tool based on recognized guidelines and designed specifically for this study. Results: A total of 3,925 studies were initially identified, with 31 meeting the inclusion criteria. The majority of studies examined North American regions (n = 25). Heterogeneity was high among all studies, even when stratified by country. Only half of the studies reported standardized rates, making comparisons difficult. Quality scores ranged from 3/8 to 8/8. Conclusion: This review highlights the gaps that still exist in the epidemiological knowledge of MS in the Americas, and the inconsistencies in methodologies and quality among the published studies. There is a need for future studies of MS prevalence and incidence to include uniform case definitions, employ comparable methods of ascertainment, report standardized results, and be performed on a national level. Other factors such as sex distribution, ethnic make-up and population lifestyle habits should also be considered.
Performance in International Construction Joint Ventures: Modeling Perspective

This paper reports on a self-reported survey of performance in international construction joint ventures formed and operated by Australian and British contracting organizations. Based on previous studies, a questionnaire survey was developed to investigate the relationships between reported risk and success factors, and the performance of ventures. Through structural equation modeling, the paper empirically examines the effect of key processes such as partner selection, venture formation, and operation on venture performance. The results provide evidence that local partner attributes influence venture formation which, in turn, is strongly and positively related to its operation. These results also suggest that the negative impact of host government-related risks on venture formation is direct, while their impact on venture performance is indirect, through creating a ''less certain'' operating environment. Project-related risks appear to have strong and negative dual ''direct and indirect'' effects on venture performance. Based on these empirical results, the paper advocates that selecting a suitable complementary local partner and adopting a proactive risk management strategy are vital antecedents to successful venture performance.
Environmental disclosure and performance reporting in Malaysia

Purpose - The purpose of this paper is to examine the extent to which the environmental disclosures in annual reports of companies listed on the Kuala Lumpur Stock Exchange are associated with corporate characteristics. Design/methodology/approach - A rating system for environmental disclosures was developed, based on a review of previous studies, embracing industry membership, financial performance, share price fluctuations, political cost proxies, dependence on debt and the capital market. Findings - The findings suggested that environmental disclosure is negatively associated with company financial performance. A significant inverse relationship between disclosure score and return on assets is apparent, suggesting that environmental disclosure in Malaysia has different priorities from disclosures elsewhere. Originality/value - This study is the first of its kind to be conducted in Malaysia, and its empirical findings complement the expectations of prior studies.
Factors affecting the adoption of electronic marketplaces: A fuzzy AHP analysis

Purpose – To present a three‐layer hierarchical structure of the factors involved in adopting an electronic marketplace (EM) model and to examine the relative weightings given to various strategic factors by the securities industry (SI) and the heavy electric machinery industry in Taiwan.Design/methodology/approach – A literature review and a review of nine Taiwanese industries allow the formulation of a three‐layer hierarchical structure of adoption factors. A fuzzy analytic hierarchical process (AHP) is then undertaken to ascertain the relative weightings of factors that affect entry to an EM in two of these industries which are studied in more detail.Findings – The weights of “proactive” factors are found to be greater than those of “defensive” factors. For example, contrary to previous findings in this area, the “risk of adopting new technology” is not found to be the major factor influencing decision making. Various factors are found to have different routes of influence in determining decision makin.
3-D Analytical Model for Computation of Mutual Inductance for Different Misalignments With Shielding in Wireless Power Transfer System

This paper presents a 3-D analytical modeling and experimental analysis of magnetic field distribution and mutual inductance calculation, with and without shielding in a wireless power transfer system. The modeling involves Fourier analysis, magnetic vector, and scalar potential definitions. Magnetic flux density distribution in the air and mutual inductances for various misalignments with shielding and without shielding is computed with the proposed 3-D analytical model. The results of the mutual inductance and magnetic field distribution obtained from analytical and finite element simulation modeling are compared with the experiment, and good agreement is found.
Making the Most of Failure Experiences: Exploring the Relationship between Business Failure and the Identification of Business Opportunities

Although previous research has extolled the importance of business failure as a precursor to transformational learning, few studies have explored the conditions under which such learning occurs or the content of the resulting knowledge. We explore several cognitive moderators of the relationship between failure experiences and a specific type of opportunity identification knowledge—the use of structural alignment processes. Results indicate that learning from failure is facilitated for entrepreneurs who possess a cognitive toolset that consists of opportunity prototypes and an intuitive cognitive style. Moreover, we found that prior professional knowledge negatively moderates this relationship.