Miracle-dz/UniFAR-FTUs huggingface dataset:
Estimating the Cost of Equity for Property-Liability Insurance Companies

Due to the highly skewed and heavy-tailed distributions associated with the insurance claims process, we evaluate the Rubinstein-Leland (RL) model for its ability to improve the cost of equity estimates of insurance companies because of its distribution-free feature. Our analyses show that there is as large as a 94-basis-point difference in the estimated cost of insurance equity between the RL model and the capital asset pricing model (CAPM) for the sample of property-liability insurers with more severe departures from normality. In addition, consistent with our hypotheses, significant differences in the market risk estimates are found for insurers with return distributions that are asymmetrically distributed, and for small insurers. Third, we find significant performance improvements from using the RL model by showing smaller values of excess return of the expected return of the portfolio to the model return for a portfolio of insurers with returns that are more skewed and for a portfolio of small insurers. Finally, our panel data analysis shows the differences in the market risk estimates are significantly influenced by firm size, degree of leverage, and degree of asymmetry. The implication is that insurers should use the RL model rather than the CAPM to estimate its cost of capital if the insurer is small (assets size is less than $2,291 million), and/or its returns are not symmetrical (the value of skewness is greater than 0.509 or less than - 0.509). Copyright The Journal of Risk and Insurance, 2008.
Firm Valuation Effects of High-Tech M&A: A Comparison of New Ventures and Established Firms

We examine whether the unique attributes of new ventures lead these firms to experience different M&A outcomes vis-a-vis established organizations. Drawing from a sample of acquisitions of high-technology firms, we present results showing that newly incorporated acquirers experience lower average performance in general, as well as when the target is itself a new venture. Yet, we find that new ventures outperform established firms when the target is a privately-held company. Overall, the findings demonstrate that the challenges and opportunities of firms shift through the first few years of their existence and these changes directly affect the M&A outcomes of acquirers.
PRICE TRANSMISSION IN NEW SUPPLY CHAINS—THE CASE OF SALMON IN FRANCE

In recent years there has been increased interest in the transaction forms in salmon markets, given that contracts have become more common, vertical mergers create firms that cover several levels in the supply chain, and futures markets have developed as a price risk tool. These are strong indications that salmon supply chains are developing in the same direction as supply chains for more processed food products. In this article we investigate to what extent this development has influenced the price transmission process for two product forms: a relatively unprocessed one (fresh fillets) and a more processed one (smoked salmon). Results indicate that the supply chain for fresh fillets can still be characterized by a high degree of price transmission. On the contrary, the hypothesis of full price transmission for smoked salmon is rejected.
Representing a Sustainable World – A Typology Approach

This paper presents, in the form of a typology, the findings of a current research project concerned with what it means for there to be a sustainable world. The typology if framed around key sustainable world dimensions and how each of these is considered in terms of Reformist and Transformational approaches to giving meaning to a sustainable world and how this might be achieved. Key themes evident in the typology are discussed namely the primary sustainable world goal of flourishing life, the anthropocentrism-ecocentrism divide, approaches to human interests satisfaction, and optimisation vs resilience living. The paper notes the mere descriptive nature of the typology and concludes with some thoughts on ways in which the typology might be critiqued to identify which approach, Reformist or Transformational, is more likely to see the primary goal of a sustainable world achieved.
Human resource accounting: a historical perspective and future implications

The purpose of this paper is to provide an overview and history of human resource accounting (HRA) with the objective of promoting both continued academic research and organizational applications. The history of HRA illustrates how academic research can generate improvement in management systems. The paper defines HRA and suggests implications of measuring human capital for financial reporting and managerial uses. Recent Swedish‐based HRA applications with respect to measuring human assets and intellectual capital, including the Skandia Navigator, illustrate how intellectual history and developments in business schools can influence business history.
Interest-Rate Rules in an Estimated Sticky Price Model

This paper evaluates alternative rules by which the Fed may set interest rates using the small model of the U.S. economy estimated in Rotemberg and Woodford (1997). Our main substantive finding is that low and stable inflation together with stable interest rates can be achieved by letting the funds rate respond positively to inflation while also responding, with a coefficient bigger than one, to the lagged funds rate itself. A rule in which the interest rate is set in this extremely simple way does almost as well as a more complicated rule which is optimal in our setting, in the sense of maximizing expected utility to the representative household. Furthermore, when the funds rate responds to inflation only with a delay, due to delay in the availability of inflation data, performance under the rule is only slightly reduced.
Level-Arch Short Rate Models with Regime Switching: Bivariate Modeling of Us and European Short Rates

This paper introduces regime switching into level-ARCH models for the short rates of the US, the UK, and Germany. Once regime switching and level effects are included there are no gains from including ARCH effects. It is of secondary importance how the regime switching is specified. The estimated level parameters differ across countries. The corresponding new bivariate models show that the states of the US and UK short rate volatilities are not independent nor identical. There is Granger causality from the US to the UK short rate volatility state but not vice versa. There is no contagion between the US and UK volatility states. Equivalent results apply to the relation between the US and German volatility states.
Change in cytokines in patients with warts after contact immunotherapy with squaric acid dibutylester

A wart is a skin lesion caused by infection with human papillomavirus (HPV). Contact immunotherapy is one of the many therapeutic options that have been used to treat warts; however, the effectiveness of contact immunotherapy differs from patient to patient, and the cause of this variation in clinical response is unclear.
Animal Welfare and Social Decisions

This paper analyzes the standard welfare economics assumption of anthropocentric welfarism, i.e., that only human well-being counts intrinsically. Alternatives where animal welfare matters intrinsically are explored theoretically, based on moral philosophical literature, and empirically where the general public‘s ethical preferences are measured through a survey with a representative sample in Sweden. It is concluded that welfare economics should be generalized in order to encompass the idea that animal welfare should sometimes matter intrinsically.
Controller synthesis for multiple finite frequency specifications: Dissipation inequalities approach

Many of practical design specifications are provided by finite frequency properties described by inequalities over restricted finite frequency intervals. The properties are known as the important property in integrated design and robust control. Recently, the authors proved that the property is equivalent to some dissipation inequality using quadratic differential forms which is a useful algebraic tool in the dissipation theory based on the behavioral approach. In this paper, we consider a synthesis of a controller for finite frequency properties and derive a necessary and sufficient condition for the achievability of a controller satisfying with multiple finite frequency specifications in terms of dissipation inequalities as a main result. This result clarifies a physical interpretation of the controller from the viewpoint of dissipation theory. We also derive a method for computing a polynomial matrix which induces the controller based on the result.
Does Integrated Reporting Matter to the Capital Market?

Integrated reporting (IR) is an emerging international corporate reporting initiative arising to address, inter alia, the limitations of the current corporate reporting suite which are commonly criticized for being both voluminous and disjointed. While IR is gaining in popularity, current momentum is limited until there is clear evidence of benefits. Utilising the most suitable setting currently available, being disclosures in accordance with the Johannesburg Stock Exchange IR listing requirements, this study provides evidence of such benefits by finding that analysts’ forecast error and dispersion reduces as the level of alignment with the IR framework increases. Further, the improved alignment is associated with a subsequent reduction in the cost of equity capital for certain reporting companies. The results are obtained after controlling for factors relating to financial transparency and the issue of standalone non-financial reports, suggesting that IR is providing incrementally useful information over existing reporting mechanisms to the capital market.
Measuring the impact of viewing wildlife: do positive intentions equate to long-term changes in conservation behaviour?

Studies exploring the impact of environmental interpretation on visitors’ conservation knowledge, attitudes and behaviour often measure impacts as visitors exit tourism sites. For ease of measurement, their intentions are often used as indicators of behaviour change. Recent longitudinal studies suggest that intentions may be poor indicators of long-term behaviour change. This study examines both the behavioural intentions and the long-term conservation behaviour of 100 Australian families participating in a wildlife viewing experience. Respondents who reported being negatively or positively emotionally involved in the experience were more likely to indicate an intention to change their behaviour. New ideas about animals and their habitats were also significantly correlated with the development of positive behavioural intentions. Three months later, for 10 of the 13 conservation behaviours explored, the majority of respondents who intended to increase their participation did not. Implications for using intentions as an indicator of programme effectiveness are discussed. The importance of providing post-visit support that incorporates specific strategies, localised examples, petitions and activities to help visitors convert their intentions into behaviour prior to their enthusiasm waning is highlighted. Suggestions are made for more longitudinal studies in this area.
The origins and development of quality initiatives in American business

Purpose – Seeks to examine the origins and development of quality initiatives in US business.Design/methodology/approach – Reviews and discusses the literature and history pertaining to quality initiatives in US business, with particular reference to the reconstruction of Japanese industry following the Second World War.Findings – The real beginnings of “quality initiatives” in the USA came after W. Edwards Deming, Joseph Juran, and others returned from Japan in the late 1950s. These men and their colleagues had answered a call from the US Government to assist in the reconstruction of Japanese industry following the Second World War. Their techniques and methodologies had raised the industrial output of Japan to heights not previously envisioned.Originality/value – Examines current quality initiatives in a fresh light by reviewing their origins and history.
Comparison of Laryngeal Mask Airway Supreme and Laryngeal Mask Airway Proseal with respect to oropharyngeal leak pressure during laparoscopic cholecystectomy: a randomised controlled trial

Context A comparison of the efficacy and safety of the Laryngeal Mask Airway (LMA) Supreme (LMAS) versus the LMA Proseal (LMAP) in elective laparoscopic cholecystectomy. Objectives To compare the LMAS with LMAP in terms of ventilatory efficacy, airway leak pressure (airway protection), ease-of-use and complications. Design Prospective, single-blind, randomised, controlled study. Setting The Hospital del Sureste and Hospital Ramon y Cajal, Madrid, between May 2009 and March 2011. The Hospital del Sureste is a secondary hospital and Hospital Ramon y Cajal is a tertiary hospital. Patients Patients undergoing elective laparoscopic cholecystectomy were studied following informed consent. Inclusion criteria were American Society of Anesthesiologists physical status I to III and age 18 or more. Exclusion criteria were BMI more than 40 kg m−2, symptomatic hiatus hernia or severe gastro-oesophageal reflux. Interventions Anaesthesiologists experienced in the use of LMAP and LMAS participated in the trial. One hundred twenty-two patients were randomly allocated to LMAS or LMAP. Main outcome measures Our primary outcome measure was the oropharyngeal leak pressure (OLP). Secondary outcomes were the time and number of attempts for insertion, ease of insertion of the drain tube, adequacy of ventilation and the incidence of complication. Patients were interviewed postoperatively to evaluate the presence of sore throat, dysphagia or dysphonia. Results Two patients were excluded when surgery changed from laparoscopic to open. A total of 120 patients were finally included in the analysis. The mean OLP in the LMAP group was significantly higher than that in the LMAS group (30.7 ± 6.2 versus 26.8 ± 4.1 cmH2O;P < 0.01). This was consistent with a higher maximum tidal volume achieved with the LMAP compared to the LMAS (511 ± 68 versus 475 ± 55 ml; P = 0.04). The success rate of the first attempt insertion was higher for the LMAS group than the LMAP group (96.7 and 71.2%, respectively; P < 0.01). The time taken for insertion, ease of insertion of the drain tube, complications and postoperative pharyngolaryngeal adverse events were similar in both groups. Conclusion The LMAP has a higher OLP and achieves a higher maximum tidal volume compared to the LMAS, in patients undergoing elective laparoscopic cholecystectomy. The success of the first attempt insertion was higher for the LMAS.
Share Market Reaction To Good And Bad News: Evidence From South African Consensus Earnings Forecasts

Abstract Investors often question the extent to which the state of the market affects returns on investment and seek answers as to whether the market response to bad and good news is dependent on the level of the market. If this is true, investors with forecasting ability can beat the market by identifying the state of the market before investing. This would be in violation of the efficient market hypothesis. This study uses the Conrad, Cornell and Landsman (2002) model to investigate whether the share price response good or bad news in South Africa changes with the relative level of the market. Conrad et al. (2002) found sufficient evidence that the market's response to bad news increases with the increase in the relative level of the market. The results of this study are directly opposite to the findings of Conrad et al. (2002) and existing research. The market's reaction to bad news is almost the same in a positive or negative market state. On the other hand, the market's reaction to good news is slightly stronger in a good market state than in a negative state.
Author response: Grating visual acuity in infantile nystagmus in the absence of image motion.

We would like to thank Dell’Osso for his critique of our work, as well as for highlighting the issue of visual acuity (VA) testing in the presence of infantile nystagmus (IN). It has long been assumed that VA could be improved by reducing the intensity of the nystagmus (i.e., the average velocity of the eye movements), and as cited by Dell’Osso, there are many such claims in the literature (discussed below). Over the last few decades, this intuitively appealing view has become entrenched as the theoretical basis for numerous therapeutic interventions. Indeed, Dell’Osso’s critique of our study begins and ends by appealing to this notion, but we would remind him that intuition is no substitute for scientific rigor.
Towards a design process for materials supply systems

Purpose – The objective of this research is to develop a structure for a materials supply systems (MSSs) design process to be used during product development projects (PDPs). Design/methodology/approach – The research is based on a qualitative study at a first tier supplier in the automotive industry. Empirical data were gathered over the course of one year and analysed by means of a previously developed MSSs design model and the company's product development phases.Findings – A structure for a MSSs design process has been developed, based on the following four phases: planning, concept development, system‐level design and detail design.Research limitations/implications – Future research could further develop the structure discussed in this paper and complement it with engineering tools for use during the design process.Practical implications – The results underline the importance of a MSSs design process and emphasise that such a process should cover activities at an early stage of PDPs. Moreover, the nec.
PHM is required for normal developmental transitions and for biosynthesis of secretory peptides in Drosophila.

To understand the roles of secretory peptides in developmental signaling, we have studied Drosophila mutant for the gene peptidylglycine alpha-hydroxylating monooxygenase (PHM). PHM is the rate-limiting enzyme for C-terminal alpha-amidation, a specific and necessary modification of secretory peptides. In insects, more than 90% of known or predicted neuropeptides are amidated. PHM mutants lack PHM protein and enzyme activity; most null animals die as late embryos with few morphological defects. Natural and synthetic PHM hypomorphs revealed phenotypes that resembled those of animals with mutations in genes of the ecdysone-inducible regulatory circuit. Animals bearing a strong hypomorphic allele contain no detectable PHM enzymatic activity or protein; approximately 50% hatch and initially display normal behavior, then die as young larvae, often while attempting to molt. PHM mutants were rescued with daily induction of a PHM transgene and complete rescue was seen with induction limited to the first 4 days after egg-laying. The rescued mutant adults produced progeny which survived to various stages up through metamorphosis (synthetic hypomorphs) and displayed prepupal and pupal phenotypes resembling those of ecdysone-response gene mutations. Examination of neuropeptide biosynthesis in PHM mutants revealed specific disruptions: Amidated peptides were largely absent in strong hypomorphs, but peptide precursors, a nonamidated neuropeptide, nonpeptide transmitters, and other peptide biosynthetic enzymes were readily detected. Mutant adults that were produced by a minimal rescue schedule had lowered PHM enzyme levels and reproducibly altered patterns of amidated neuropeptides in the CNS. These deficits were partially reversed within 24 h by a single PHM induction in the adult stage. These genetic results support the hypothesis that secretory peptide signaling is critical for transitions between developmental stages, without strongly affecting morphogenetic events within a stage. Further, they show that PHM is required for peptide alpha-amidating activity throughout the life of Drosophila. Finally, they define novel methods to study neural and endocrine peptide biosynthesis and functions in vivo.
Robust and fragile firm-specific determinants of the capital structure of Chinese firms

We demonstrate, using Extreme Bounds Analysis (EBA), that some of the firm-specific determinants of the capital structure of Chinese firms reported as important in previous studies may be fragile, in the sense that the sign and/or significance of the coefficients on these variables change depending on model specification (the variables included in or excluded from the model). For this purpose, data on 344 publicly listed shareholding companies are used, covering nine potential firm-specific determinants of capital structure. The robust variables, whose coefficients remain significant and of the same sign irrespective of model specification, turn out to be size, liquidity, profitability and growth opportunities. Although conventional cross-sectional analysis would lend support to the importance of tangibility and stock price performance, these two variables are indeed fragile. Other variables turn out to be insignificant.
Developing and Rewarding Loyalty to Hotels: The Guest's Perspective

With the changing focus of marketing in the hospitality industry having moved toward relationship marketing and establishing loyalty among customers, it is fundamental for hospitality and tourism organizations to establish what their consumers think in terms of strategies used by hotel properties to secure their loyal customer. This article outlines the results of research conducted with 2,000 5-star hotel guests to establish how frequent guests to two properties on the Gold Coast, Australia perceived the current effectiveness of the marketing strategies used to create guest loyalty. A market segmentation of the different levels of the so-called loyal guest is presented, and a gap analysis of existing versus preferred rewards for loyalty is discussed.
Poverty Traps and Human Capital Accumulation

In this paper, we analyze the emergence and persistence of poverty traps and study how wide-spread poverty and the unequal distribution of income can slow down the accumulation process and lead to steady-state equilibria characterized by low aggregate output levels. We define poverty as a state deriving from the lack of adequate skills and associate income inequality with the unequal distribution of education attainments. In this context the goal of our contribution is twofold. First, we show that low asymptotic mobility and persistent income inequality can emerge as a consequence of the fact that the poor require relatively higher returns to increase expenditure on education, so that they devote to education smaller shares of their income that the rich. Second, we critically evaluate our and other related results, in order to shed light on the explanatory power of different sets of assumptions.
The temporal relationship between derivatives trading and spot market volatility in the U.K.: Empirical analysis and Monte Carlo evidence

This article examines empirically the dynamic relationship between spot market volatility, futures trading, and options trading in the context of a trivariate simultaneous equations model. The empirical analysis provides strong evidence that significant simultaneity, in addition to feedback, characterizes the relationship between the proxy for time‐varying spot market volatility and derivative trading. Also, futures trading and options trading are found to affect spot market volatility in opposite directions in the structural model proposed. The results, corroborated by Monte Carlo evidence, suggest that the failure to account for any contemporaneous interaction between the variables under consideration, as well as the omission of any of the two derivatives trading activities examined in this study, may generate serious misspecification and ultimately produce misleading estimation results and statistical inference. © 1999 John Wiley & Sons, Inc. Jrl Fut Mark 19: 245–270, 1999