Miracle-dz/UniFAR-FTUs huggingface dataset:
Active Boards of Directors in Foreign Subsidiaries

Manuscript Type: Empirical. Research Question/Issue: This study examines the conditions under which foreign subsidiaries maintain active boards of directors. Active boards are in this study defined as boards that perform tasks beyond fulfilling local legal requirements. We focus on both monitoring and service roles. Research Findings/Insights: Based on a sample of 83 foreign subsidiaries operating in Belgium with headquarters in 14 different countries, we find that a foreign subsidiary is more likely to maintain an active board if it is a world mandate subsidiary, which has worldwide responsibility for a product line and performs a broad scope of value-added activities. Moreover, a foreign subsidiary is more likely to maintain an active board if it is larger relative to the multinational enterprise (MNE), if it has a higher level of local responsiveness, and if its past performance is poorer. Additionally, the presence of an active board in a foreign subsidiary is related to other control mechanisms deployed in the subsidiary. Theoretical/Academic Implications: Our results highlight the conditions under which foreign subsidiaries are likely to maintain active boards. Moreover, we provide empirical evidence that agency theory and resource dependence theory are relevant and complementary in the analysis of active boards in foreign subsidiaries. Practitioner/Policy Implications: This study suggests that an active board may be a control mechanism to govern foreign subsidiaries and an instrument to deal with the external environment. Corporate governance regulators may consider developing governance recommendations that emphasize the importance of subsidiary boards in the oversight of foreign subsidiaries.
Asian and OECD international R&D spillovers

Previous studies have demonstrated an empirical relationship between accumulated R&D expenditures and total factor productivity (TFP), and have shown that the benefits of R&D can spill across countries through trade. This paper extends these analyses to a sample of 15 OECD countries and six Asian countries, Chinese Taipei, India, Indonesia, Korea, Singapore and Thailand. An empirical model is estimated which relates TFP to domestic and foreign R&D activity, TFP catch-up and business cycle variables. Model estimates show that TFP and domestic R&D capital are positively related, and that domestic R&D has a relatively large impact on TFP growth in the NICs and LICs. Country-specific international R&D spillover elasticities are of mixed sign, and no apparent pattern by country group is evident. While this result does not change the earlier qualitative conclusions, it suggests that estimates of sample average R&D spillover elasticities should be cautiously interpreted.
The Differential Effects of Auditors' Nonaudit and Audit Fees on Accrual Quality*

This paper examines linkages between the audit and non-audit fees and accrual quality. We measure accrual quality by the Francis et al. (2005) modification of Dechow and Dichev (2002) measure. We posit that in settings where audit quality is compromised by a loss of auditor independence, managers use accruals more opportunistically and thereby drive down the accrual quality. Conversely, higher audit effort and quality translate to a better accrual quality. Our dependent variables are the relative magnitude of non-audit fees to audit fees, the absolute magnitudes of audit, non-audit and total fees. Results show that accrual quality has a significant negative association with the magnitude of non-audit fees but a significant positive association with audit fees. This latter result is consistent with the proposition that higher audit fee reflects higher audit effort and better judgments about the propriety of accruals, but is not consistent with the proposition that audit fee is associated with economic bonding.
What Do Recent Trends in Economic Freedom of the World Really Tell Us

The Fraser Institute’s Economic Freedom of the World index (EFW) quantifies the economic freedom of 152 countries and territories. The index relates closely to the vitality of economic growth (De Haan, Lundström and Sturm 2006) and has been applied to a very broad number of academic topics (Hall and Lawson 2014). It is composed of five areas – Size of Government, Legal System and Property Rights, Sound Money, Freedom to Trade Internationally, and Regulation – which are in turn made up of several components. The decline in economic freedom since 2000, as measured by the index, especially in the United States, is well known to proponents of free markets. However, close scrutiny of the data demonstrates that the reasons for this fall are not what the standard narratives imply. The United States is not alone in its fall, as the Group of 7 (G7) matches its exact qualitative pattern, and to some extent so do the member countries of the Organisation for Economic Co-operation and Development (OECD). The fall is not driven by increases in government spending (except in the first few years of the Great Recession) or by the behaviour of central banks. Size of Government has, if anything, improved in recent years as measured by EFW. Additionally, Regulation has been essentially a random walk since 2000, with the most recent score almost identical to the score in 2000 for the G7. Rather, these falls have been driven by declines in the two areas of Legal System and Property Rights and Freedom to Trade Internationally. The components of these two areas that have fallen are almost entirely driven by declines in various survey data the index employs. In other words, the declines overall in the index do not reflect any hard ‘objective’ measure. We must explore why these survey numbers have declined so rapidly in order to explain how and why economic freedom has declined in the United States (and elsewhere) since 2000.
Spectral shaping with low resolution signals

We aim at investigating the impact of low resolution digital-to-analog converters (DACs) at the transmitter and low resolution analog-to-digital converters (ADCs) at the receiver on the required bandwidth and the required signal- to-noise ratio (SNR). In particular, we consider the extreme case of only 1-bit resolution (with oversampling), where we propose a single carrier system architecture for minimizing the spectral occupation and the required SNR of 1-bit signals. In addition, the receiver is optimized to take into account the effects of quantization at both ends. Through simulations, we show that despite of the coarse quantization, sufficient spectral confinement is still achievable.
A comparative analysis of simulated and observed photosynthetic CO2 uptake in two coniferous forest canopies.

Gross canopy photosynthesis (P(g)) can be simulated with canopy models or retrieved from turbulent carbon dioxide (CO2) flux measurements above the forest canopy. We compare the two estimates and illustrate our findings with two case studies. We used the three-dimensional canopy model MAESTRA to simulate P(g) of two spruce forests differing in age and structure. Model parameter acquisition and model sensitivity to selected model parameters are described, and modeled results are compared with independent flux estimates. Despite higher photon fluxes at the site, an older German Norway spruce (Picea abies L. (Karst.)) canopy took up 25% less CO2 from the atmosphere than a young Scottish Sitka spruce (Picea sitchensis (Bong.) Carr. ) plantation. The average magnitudes of P(g) and the differences between the two canopies were satisfactorily represented by the model. The main reasons for the different uptake rates were a slightly smaller quantum yield and lower absorptance of the Norway spruce stand because of a more clumped canopy structure. The model did not represent the scatter in the turbulent CO2 flux densities, which was of the same order of magnitude as the non-photosynthetically-active-radiation-induced biophysical variability in the simulated P(g). Analysis of residuals identified only small systematic differences between the modeled flux estimates and turbulent flux measurements at high vapor pressure saturation deficits. The merits and limitations of comparative analysis for quality evaluation of both methods are discussed. From this analysis, we recommend use of both parameter sets and model structure as a basis for future applications and model development.
Deregulation, Reregulation, Equity Ownership, and S&L Risk-Taking

This study examines the relation between equity ownership composition and insolvency risk for savings and loans (S&Ls). We hypothesize that the effect of manager/stockholder alignments on bank risk-taking is contingent on the trade-off between stockholders' incentives for risk provided by deposit insurance subsidies and their disincentives based on the regulatory price for risk imposed under alternative regulatory regimes. In support of this hypothesis, we find that S&Ls with a high concentration of managerial stock ownership exhibit greater risk-taking behavior than other S&Ls in 1988, a period of regulatory leniency and forbearance on S&L closures, but lower risk-taking behavior in 1991, a period of regulatory stringency and nonforbearance. We also find S&Ls with a greater institutional investor ownership to have lower insolvency risk than other S&Ls in 1991.
Prevalence and risk factors of urinary incontinence in Khon Kaen menopausal women.

OBJECTIVE To determine the prevalence and risk factors of urinary incontinence in menopausal women. STUDY DESIGN Prospective Descriptive study. SETTING Menopausal clinic and gynecological outpatient unit, Department of Obstetrics and Gynecology, Srinagarind Hospital, Faculty of Medicine Khon Kaen University. STUDY POPULATION Menopausal women attending the menopausal clinic and gynecological outpatient unit. MATERIAL AND METHOD Between April 23 and July 15, 2004, 229 menopausal women were interviewed by pre-validated questionnaire and in-depth interview to determine the prevalence and risk factors of urinary incontinence. RESULTS The average age of the study group was 55.8 years. The prevalence of urinary incontinence was 38.86%, the most common type was mixed urinary incontinence (82.02%) followed by stress urinary incontinence (12.36%), and urge urinary incontinence (5.62%). The risk factors of urinary incontinence were vaginal delivery, menopause before 50 years old, and postmenopausal women who had never used hormone therapy. CONCLUSION The prevalence of urinary incontinence in menopausal women was 38.86%. Mixed urinary incontinence was the most common type. Associated risk factors were vaginal delivery, menopause before 50 years old, and postmenopausal women who had never used hormone therapy.
Organisational practices and the post‐retirement employment experience of older workers

This study compared people aged 50 to 65 who had retired and returned to work (n = 90), who remained in their career jobs (n = 198), and who retired and remained out of the workforce (n = 321). The significant differences between post-retirement and career employment were associated with the HR practices within organisations and were not related to the characteristics of the organisations in which post-retirement and career jobs were found. The HR practices were rated as especially important in influencing the decision of retirees to return to work. The findings suggest that people in post-retirement jobs are drawn to organisations that provide HR practices tailored to the needs and desires of older workers. The results also indicate that if employers expect to address labour shortages by encouraging retirees back into the workforce, they are going to have to implement those HR practices that are important to this group.
The Announcement Effect of Bond and Equity Issues: Evidence from Chile

This paper analyzes the impact of security offering announcements on stock prices for a sample of 172 issues of securities in the Chilean financial market, during the 1993-2002 period. We found that the authorization of bond issues given by the SVS (Superintendencia de Valores y Seguros) produced no significant abnormal returns, and that the authorization of equity issues given by the SVS produced a significant and negative abnormal return. We also found that the magnitude of the negative abnormal return was directly related to the relative size of the equity issue.
Ownership Concentration and Product Innovation in Chinese Firms: The Mediating Role of Learning Orientation

Abstract Drawing on institutional theory, this study empirically examines the relationship between a firm's levels of ownership concentration and product innovation and the mediating effect of learning orientation, using a sample of 351 Chinese firms. Does ownership concentration hinder or promote firm innovation? Perspectives on this relationship are divergent. This study examines the link between ownership concentration and product innovation and further examines whether and how ownership influences firm innovation through organizational learning. The results suggest that ownership concentration has an inverse U-shaped relationship to product innovation and to learning orientation. In addition, learning orientation mediates the curvilinear relationship between ownership concentration and product innovation. We discuss the study's contributions, managerial implications and directions for future research.
Tracking Stock or Spin-Off? Determinants of Choice

I examine the roles of valuable internal capital markets, cross-subsidization, and insider ownership as determinants of choice between tracking stock and spin-offs in corporate equity restructuring. I show that conglomerates are more likely to choose tracking stock if they want to obtain some of the benefits offered by a spin-off, without loosing the potential for valuable internal capital markets. My results suggest that the market rewards firms with valuable internal capital markets that opt for tracking stocks, and penalizes the possibility of consolidated tax treatments. The market also reacts more favorably to unanticipated tracking-stock announcements.
Frequent deletions of material from chromosome arm 1p in oligodendroglial tumors revealed by double‐target fluorescence in situ hybridization and microsatellite analysis

We undertook a cytogenetic analysis of 29 human brain tumors using double‐target fluorescence in situ hybridization (FISH) and focusing on chromosome arm 1p. One or more tumor suppressor genes in this arm have been suggested to be important in a variety of neuroectodermal tumors. The series included 9 oligodendrogliomas, 4 mixed gliomas, 10 astrocytomas, 4 glioblastomas, and 2 central neurocytomas. We hybridized pericentromeric (1q12) and subtelomeric (1p36) DNA probes to cell nuclei prepared from paraffin‐embedded tissues and observed a strikingly high incidence of deletion of at least part of 1p in oligodendrogliomas (100%) and mixed gliomas (75%). The results of the FISH analyses were confirmed by demonstration of loss of heterozygosity for a microsatellite polymorphism in 10 of the 29 tumors. As well as supporting the feasibility of FISH for detecting allelic deletions in chromosomes from paraffin‐embedded tumor samples, the alteration of 1p reported here will contribute to an understanding of the molecular genetic events in oligodendroglial tumor development.
Asymmetric Information, Long-Term Care Insurance, and Annuities: The Case for Bundled Contracts

This article examines the markets for long-term care insurance and annuities when there is asymmetric information and there are costs of administering contracts. Individuals differ in terms of their risk aversion. Risk-averse individuals take more care of their health and are relatively high risk in the annuities market and relatively low risk in the long-term care insurance market. In the long-term care insurance market, both separating and partial-pooling equilibria are possible. However, in the stand-alone annuity market, only separating equilibria are possible. We show, consistent with the extant empirical research, that in the presence of administration costs the more risk-averse individuals may buy relatively more long-term care insurance and more annuity coverage. Under the same assumptions, we show that equilibria exist with bundled contracts that Pareto dominate the outcomes with stand-alone contracts and are robust to competition from stand-alone contracts. The remaining empirical puzzle is to explain why bundled contracts are such a small share of the voluntary annuity market.
Casino Revenue and the Illinois Smoking Ban

Smoking was banned in all Illinois casinos in January 2008. We explore the effects that the smoking ban has had on Illinois casino revenue and attendance. Our empirical methodology extends and enhances that of previous literature in that we observe a natural experiment in comparing the performance of Illinois casinos with out-of-state casinos (no smoking ban) that share a market with Illinois casinos. Estimates suggest that revenue and admissions at Illinois casinos declined by more than 20 percent ($400 million) and 12 percent, respectively. Calculations reveal that casino tax revenue to state and local governments declined by approximately $200 million.
Price Volatility, Trading Volume, and Market Depth: Evidence from Futures Markets

Abstract The relations between volume, volatility, and market depth in eight physical and financial futures markets are examined. Evidence suggests that linking volatility to total volume does not extract all information. When volume is partitioned into expected and unexpected components, the paper finds that unexpected volume shocks have a larger effect on volatility. Further, the relation is asymmetric; the impact of positive unexpected volume shocks on volatility is larger than the impact of negative shocks. Finally, consistent with theories of market depth, the study shows large open interest mitigates volatility.
Human Resource Management and Performance in UK Call Centres

Using data from a sample of 145 UK call centres, the authors test the core propositions of the strategic human resource management (SHRM) approach that: (a) there are coherent links through the SHRM chain from strategy, through operational requirements, to work design and human resource management, and (b) the fit between the human resource practices and market factors determines organizational performance. Little support for these hypotheses is found as only (a) a few direct relationships between the elements of the SHRM chain are found, and (b) direct relationships, rather than those moderated by market factors, are found between human resource practices and performance. But key operational requirements are linked to work design, which is itself related to a limited number of human resource practices. The direct effects of work design on key performance indicators are more pronounced than those of human resource practices.
Experience use history as a segmentation tool to examine golf travellers' satisfaction, perceived value and repurchase intentions

It is becoming increasingly important for destination managers to identify the variables which attract and retain their current and potential clientele. The segmentation of golf travellers into homogeneous markets allows for the comparison of consumer variables by groups and can assist management in formulating consumer-oriented marketing strategies. The current study utilised experience use history (EUH) to create distinct, identifiable segments of golf travellers by examining their past behaviour and experience levels. This allowed the consideration of differences between the segments with regard to overall satisfaction, perceived value and intention to repurchase a golf vacation. Results revealed that golf travellers with diferent EUHs difiered in both their overall satisfaction and intentions to revisit the destination. Specific managerial implications are discussed.
HIPK2--A therapeutical target to be (re)activated for tumor suppression: Role in p53 activation and HIF-1α inhibition

Oncosuppressor p53 is often inactivated by either mutations or deregulation of regulatory proteins. These include the homeodomain-interacting protein kinase 2 (HIPK2) that, by phosphorylating p53 at Ser46 modulates p53 response to DNA damage by inducing pro-apoptotic transcription. There is compelling evidence that HIPK2 is also involved in the response to hypoxia by acting as co-suppressor of hypoxia inducible factor 1a (HIF-1a), a major factor in cancer progression that activates the transcription of genes involved in angiogenesis, glucose metabolism and invasion. Hence conditions that induce HIPK2 deregulation would end up in a multifactorial response leading to tumor chemoresistance by affecting p53 activity on one hand and to angiogenesis and cell proliferation by affecting HIF-1 activity on the other hand. For these reasons, HIPK2 protein is a promising target for anti-cancer therapies. HIPK2 can be inhibited by hypoxia. In this respect, we have recently shown that hypoxia-driven HIPK2 downregulation is not irreversible. We found that, zinc supplementation reactivates the hypoxia-inhibited HIPK2, leading to repression of the HIF-1 pathway and restores of p53Ser46 apoptotic activity. Here, we discuss about these findings and the potential relevance of zinc supplementation to chemotherapy in cancer treatment. The results will be also discussed in light of recent findings showing that cancer treatment with anti-angiogenic agents may result in hypoxia and selection of cancer cells with increased tumor aggressiveness and metastasis.
Cytopathogenesis of Vesicular Stomatitis Virus Is Regulated by the PSAP Motif of M Protein in a Species-Dependent Manner

Vesicular stomatitis virus (VSV) is an important vector-borne pathogen of bovine and equine species, causing a reportable vesicular disease. The matrix (M) protein of VSV is multifunctional and plays a key role in cytopathogenesis, apoptosis, host protein shut-off, and virion assembly/budding. Our previous findings indicated that mutations of residues flanking the 37PSAP40 motif within the M protein resulted in VSV recombinants having attenuated phenotypes in mice. In this report, we characterize the phenotype of VSV recombinant PS > A4 (which harbors four alanines (AAAA) in place of the PSAP motif without disruption of flanking residues) in both mice, and in Aedes albopictus C6/36 mosquito and Culicoides sonorensis KC cell lines. The PS > A4 recombinant displayed an attenuated phenotype in infected mice as judged by weight loss, mortality, and viral titers measured from lung and brain samples of infected animals. However, unexpectedly, the PS > A4 recombinant displayed a robust cytopathic phenotype in insect C6/36 cells compared to that observed with control viruses. Notably, titers of recombinant PS > A4 were approximately 10-fold greater than those of control viruses in infected C6/36 cells and in KC cells from Culicoides sonorensis, a known VSV vector species. In addition, recombinant PS > A4 induced a 25-fold increase in the level of C3 caspase activity in infected C6/36 cells. These findings indicate that the PSAP motif plays a direct role in regulating cytopathogenicity in a species-dependent manner, and suggest that the intact PSAP motif may be important for maintaining persistence of VSV in an insect host.