Miracle-dz/UniFAR-FTUs huggingface dataset:
Accounting Information, Capital Investment Decisions, and Equity Valuation: Theory and Empirical Implications

This study develops an accounting-based valuation model in a setting where firms have the flexibility to expand or discontinue operations (real options). The model is used to examine the role of accounting earnings and book value in equity valuation and to explore cross-sectional differences in the behavior of the valuation function. Unlike prior studies (such as Ohlson 1995 and Feltham and Ohlson 1995) where capital investments are either unspecified or exogenously given, capital investment decisions in this model are made contingent on the firm's operating profitability and growth opportunities. Valuation requires first forming beliefs about future capital investments, and then valuing cash flows to be generated from invested assets. Current earnings and book value provide vital information both for forming beliefs about future investments and for forecasting cash flows. With real options, the valuation function emerges as convex, not linear. Specifically, equity value is an increasing and convex function of earnings, for any given book value, but it can be either increasing in, insensitive to, or decreasing in book value, depending on the firm's profitability and growth opportunity. The model leads to predictions regarding the relative importance of earnings versus book value in value determination and how this relative importance varies across firms. It also rationalizes the "anomalous" association between stock prices and negative earnings found in empirical studies (which is due to regression model misspecification). The study further shows how conservative accounting affects the characteristics of earnings and book value, and provides hypotheses regarding how accounting conservatism influences the properties of the valuation function. The predictions of the model are generally consistent with the evidence reported in empirical studies. Implications for empirical research are discussed.
Underwriter Certification and Japanese Seasoned Equity Issues

In sharp contrast to results in the United States, the average stock price response to an announcement of a seasoned equity issue in Japan is positive. Offer prices in Japan, unlike the United States, are announced several days before the beginning of the subscription period and incorporate a substantial discount. We suggest that the positive announcement effects in Japan are consistent with the underwriter's certification of the issuing firm's value. We characterize the underwriter's risk as a put option and find a positive association between the underwriter's risk and the announcement returns, as well as other results consistent with underwriter certification. Copyright 2003, Oxford University Press.
Relationship of virulent and attenuated rna oncogenic virus antigens to surface antigens of the virus‐transformed cell: Implications for the reverse transcriptase system, the provirus, protovirus and oncogene theories of neoplasia, and the lmmunoprophylaxis of RNA virus‐induced tumors

Immunization with Rauscher leukemia virus resulted in high antibody levels against the virustransformed malignant cell. As expected, antibody to malignant cells followed immunization with standard virus preparations highly contaminated with cell membranes. Surprisingly, good antibody levels to malignant cells also followed immunization with highly purified virus, electron microscopically free of cell membranes. The antibody response to malignant cells paralleled the antibody response to the virus, under a variety of conditions.
The Luenberger indicator and productivity growth: a note on the European savings banks sector

We employ the Luenberger productivity indicator to estimate productivity growth and its decomposition into technical change and efficiency change components for savings banks sectors in 10 EU countries between 1996 and 2003. The Luenberger indicator requires less restrictive assumptions than standard nonparametric productivity indexes, and it allows the assumption of profit maximization to be made for sample firms. We estimate average productivity growth in the savings banks sector to be 2.78% per annum and driven almost entirely by technical change. Whilst the general results confirm earlier findings, this study is one of the earliest to identify cross-border differences in productivity growth in the savings banks sector.
ReviewReview: The Pharmacology of Dobutamine

Dobutamine is a sympathomimetic amine that was designed as an inotropic agent for use in congestive heart failure. Clinically, dobutamine increases cardiac output by selectively augmenting stroke volume, and this is associated with a decrease in total peripheral vascular resistance that is mediated, in part, by reflex withdrawal of sympathetic tone to the vasculature. This hemodynamic profile of dobutamine makes the drug of value in the management of low output cardiac failure. The inotropic activity of dobutamine has previously been attributed to selective stimulation of myocardial β1-adrenoceptors. However, recent studies from a number of laboratories indicate that the mechanism of action of dobutamine is substantially more complex. Dobutamine has the capacity to stimulate β1-, β2-, and diadrenoceptors in the cardiovascular system at doses that approximate those used clinically. It has recently been suggested that the inotropic activity of dobutamine results from combined β1- and α1-adrenoceptor stimulation in the myocardium, and that this activity could explain, at least in part, the inotropic selectivity of the compound. Furthermore, in the vasculature, the β2-adrenoceptor-mediated vasodilatory effect of dobutamine is exactly offset by the α1- adrenoceptor-mediated vasoconstrictor activity, such that net changes in blood pressure are minimal following the administration of dobutamine. It is concluded, therefore, that the hemodynamic profile of dobutamine in patients with congestive heart failure is derived from a unique and complex series of interactions with α- and β-adrenoceptors in the cardiovascular system.
A Multifirm Analysis of Slotting Fees

The authors examine Securities and Exchange Commission filings from retailers and consumer and durable goods manufacturers to shed light on slotting practices. They find that slotting fees are used in both the consumer and the durable goods manufacturing industries, though different norms regarding slotting fees exist between product categories. Logit results find no support for an economic efficiency hypothesis but are more consistent with a power school perspective on slotting fees. The data imply that slotting fees are not likely to be a traditional antitrust issue, because the data reveal no evidence of unreasonable increases in profits resulting from slotting fee use.
RNA Interference in Ageing Research – A Mini-Review

Background: The search for genetic mechanisms affecting life-span and ageing represents an important part of ageing research, especially since the discovery of single-gene mutations with dramatic effects on these traits. Due to its relative ease of use and its power to specifically target arbitrary genes, RNA interference (RNAi) has rapidly been adopted as a technique for silencing gene expression. The feasibility of genome-wide RNAi screens potentially much simplifies the identification of novel ageing-related genes. Objective: In a review of applications of RNAi in ageing research with a focus on the model organisms Caenorhabditis elegans and Drosophila melanogaster and discussing recent technical developments, we aim to highlight the current and future impact of this technology in the field. Method: We show how RNAi has successfully been used to complement classic mutant studies. Moreover, we discuss the novel opportunities and challenges of an application of RNAi in genome-wide screens in D. melanogaster, which has become possible with the recent availability of a comprehensive transgenic RNAi library for the fly. We highlight, in particular, how the flexible control of RNAi induction can support the study of dynamic processes like ageing through specific experiments and the development of matching computational methods. In an overview of complementary approaches we discuss the challenge of extracting insight from the high-dimensional measurement datasets that are required for the study of dynamic effects and interaction dependencies. Conclusion: RNAi has emerged as a powerful tool for the study of ageing, allowing the further characterization of the roles of specific genes in the ageing process as well as the efficient identification of new genes implicated. RNAi has contributed to our understanding of age-related diseases especially by making genes amenable to manipulation for which mutants were not easily available. Recent developments enable genome-wide screens with unprecedented temporal and spatial control of RNAi induction. Specific RNAi time-course experiments provide an opportunity for the analysis of high-resolution gene expression profiles capturing the dynamics of ageing-relevant processes and gene interactions. Research exploiting new avenues opened by the growing RNAi toolbox will considerably contribute to the next steps in researching the genetics of ageing and age-related diseases.
Understanding DC Behavior of Subthreshold CMOS Logic Through Closed-Form Analysis

In this paper, the DC behavior of subthreshold CMOS logic is analyzed in a closed form for the first time in the literature. To this aim, simplified large-signal and small-signal models of MOS transistors in subthreshold region are first developed. After replacing transistors with these equivalent models, analysis of the main DC parameters of CMOS logic gates is presented. In particular, the change in the DC characteristics shape due to operation at ultra-low voltages is analyzed in detail, evaluating analytically the degradation in the logic swing, the symmetry and the steepness of the transition region, as well as the change in the unity-gain points position. The resulting expressions permit to gain an insight into the basic dependence of DC behavior on design and device parameters. The noise margin is explicitly evaluated and modeled with a very simple expression. Interestingly, analysis shows that the noise margin deviates from the ideal half-swing value by an amount that linearly depends on the logarithm of the pn -ratio. Analysis permits to evaluate the minimum supply voltage that ensures correct operation of CMOS logic (i.e., positive noise margin). Previously proposed rule of thumbs to evaluate minimum voltage are also theoretically justified. Moreover, the impact of pMOS/nMOS unbalancing on DC characteristics is analyzed from a design perspective. Considerations on the impact of process/voltage/temperature variations are also introduced. Results are validated through extensive simulations in a 65-nm CMOS technology.
Job search via social networks : An analysis of monetary and non-monetary returns for low-skilled unemployed

"Using a search theoretical model, we analyse the effects of the information flow via social networks (friends, relatives and other personal contacts) by comparing monetary and non-monetary outcomes in obtaining jobs via networks versus formal methods. Propensity-score matching on survey data from the low-skilled unemployed is used to identify causal effects. The analysis takes into account unobserved heterogeneity by applying Rosenbaum bounds. Because of the potential ambiguity when comparing outcomes in accepted jobs, we also examine the effectiveness of job searches using social networks as a source of information compared to not using networks. We find no evidence for causal effects on monetary outcomes and, at best, only weak evidence for effects on non-monetary job outcomes. " (Author's abstract, IAB-Doku) ((en))
STAGES IN GERMINATION OF SPORES OF BACILLUS LICHENIFORMIS

Halmann, M. (The Israel Institute for Biological Research, Ness Ziona) and A. Keynan. Stages in germination of spores of Bacillus licheniformis. J. Bacteriol. 84:1187–1193. 1962. —This work defines conditions under which the first biochemical step in germination of spores (the so-called trigger reaction) could be studied separately from subsequent steps in germination. Although the initiation of germination of spores of Bacillus licheniformis occurred only above 20 C, and at pH 6, spores preincubated for short periods at this temperature and pH will continue to germinate when transferred to a lower temperature or pH. d-Alanine, various salts, and ethyl pyruvate inhibited the trigger reaction, but did not inhibit the continued germination of triggered spores. The results of this experiment are consistent with the notion that the germination reaction is composed of at least two distinct metabolic phases, and that the functioning of the enzyme l-alanine dehydrogenase is necessary for the first phase, the trigger reaction.
My hammer or your hammer

This article reviews salient features of the foregoing articles contained in this special issue of Human Resource Management. The 360-degree feedback movement constitutes an important new technology in the practice of human resource management. To be sure, these papers suggest a hodgepodge of techniques, testimonials, cautions, methodological problems, axes being ground, and a lack of overall cohesion. Even so, the net result is a good snapshot of the current status and hopeful future of this new technology. The net impact of these articles is significant, showing clearly that 360-degree feedback methodology possesses distinct promise for improved success in both individualized and group programs of personal development in the bureaucratic and organizational settings of the future. © 1993 by John Wiley & Sons, Inc.
Epidemiological and demographic features of appendicitis and influences of several environmental factors.

BACKGROUND In this study, we present the demographic features of appendicitis and investigate the influence of several factors (season, temperature, humidity, altitude) on the development of the condition. METHODS A total of 1871 patients operated between 2004 and 2007 were included and divided into two subgroups as perforated and non-perforated appendicitis. The demographic features and environmental factors were investigated. We compared the effects of environmental conditions with those observed in other countries. RESULTS Appendicitis was most frequent among males between 10 to 19 years of age. Perforated appendicitis was mostly seen between 0-9 years and after 50 years of age. The frequency of appendicitis was the highest during winter, but the rate of perforation was at its minimum during this season. During the coldest three months of the year, non-perforated appendicitis was mostly seen at temperatures of -8.8 degrees C; however, perforated appendicitis was mostly seen at -11.2 degrees C (p<0.01). CONCLUSION Our findings show that the frequency of appendicitis and perforation rate are influenced by sex and age. Environmental factors like season, temperature and altitude may also influence the frequency of appendicitis.
Accelerated Attributed Network Embedding

Network embedding is to learn low-dimensional vector representations for nodes in a network. It has shown to be eﬀective in a variety of tasks such as node classiﬁcation and link prediction. While embedding algorithms on pure networks have been intensively studied, in many real-world applications, nodes are often accompanied with a rich set of attributes or features, aka attributed networks. It has been observed that network topological structure and node attributes are often strongly correlated with each other. Thus modeling and incorporating node attribute proximity into network embedding could be potentially helpful, though non-trivial, in learning better vector representations. Meanwhile, real-world networks often contain a large number of nodes and features, which put demands on the scalability of embedding algorithms. To bridge the gap, in this paper, we propose an accelerated attributed network embedding algorithm AANE, which enables the joint learning process to be done in a distributed manner by decomposing the complex modeling and optimization into many sub-problems. Experimental results on several real-world datasets demonstrate the eﬀectiveness and eﬃciency of the proposed algorithm.
The Knowledge Worker, the Manager-Academic and the Contemporary UK University: New and Old Forms of Public Management?

This paper explores how far the expectations of and the practices and technologies used by academics in management roles in UK higher education at the end of the twentieth and beginning of the twenty-first centuries appear to differ from those used in the 1960s, 1970s and 1980s. The system of higher education in the UK is explained and then concepts of new managerialism and academic knowledge work are discussed. Next, the changing policy context of UK higher education since the 1960s is examined. The paper then uses illustrations of perceptions of contemporary changes to changing expectations about the roles of academics in management roles in UK universities from a recent UK Economic and Social Research Council funded project on 'New Managerialism and the Management of UK Universities'. Finally, using research and insider accounts of university management and governance from the 1960s onwards, the paper examines the extent to which so-called new forms of management of higher education may have predated the 1990s. It is suggested that whilst some elements of the management of universities remain intact (role titles, leadership of academics, oversight of teaching and research) from the 1960s and 1970s, radical policy changes from the 1980s onwards have meant that major shifts in what was expected of academics in management roles began in the early to mid-1980s.
Supression of cardiac parasympathetic functions in patients with right hemispheric stroke

Objectives: The aim of this study was to investigate the relationship between sympathetic and cardiac parasympathetic function and the side of the lesion in stroke patients. Methods: Thirty‐two patients with stroke and 29 healthy age‐matched control subjects were studied. Sympathetic skin responses (SSR) and RR interval variations (RRIV) during rest and deep breathing were recorded for the assessment of sympathetic and vagal parasympathetic function, respectively. Results: The mean SSR amplitude values in patients compared with controls were 337 ± 244 versus 1897 ± 848 (P < 0.0001) for right hemispheric lesions and 466 ± 398 versus 1873 ± 843 (P < 0.0001) for left hemispheric lesions. The mean SSR latencies in patients compared with controls were 1526 ± 163 versus 1395 ± 109 (P < 0.05) for right hemispheric lesions and 1490 ± 125 versus 1423 ± 112 (P < 0.05) for left hemispheric lesions. RRIV (during deep breathing)/RRIV (at rest) ratios in patients compared with controls were 1.20 ± 0.25 versus 1.84 ± 0.52 (P < 0.0001), and 1.55 ± 0.88 versus 1.84 ± 0.52 (P < 0.05) for right and left hemispheric lesions, respectively. Conclusion: Supression of vagal parasympathetic activity was more apparent in stroke patients with right hemispheric lesions in our series. Therefore, the right hemisphere seems to have a greater effect upon parasympathetic activity.
Trade Openness and Wage Inequality: Evidence for Malaysia

This article examines the impact of trade openness on wage inequality in Malaysia during the period 1984–1997. Malaysia has operated a very open trade regime since the 1960s and has pursued aggressive import substitution and export supporting policies. This development strategy is very different to that adopted in many other emerging economies where trade liberalisation has been associated with greater wage inequality. The aim of the present study is to examine whether Malaysia's more open approach to international trade has had a similar effect on wage inequality. The results suggest, in fact, that this is not the case.
Hot Debt Markets and Capital Structure

This paper examines the motives of debt issuance during hot-debt market periods and its impact on capital structure over the period 1970–2006. We find that perceived capital market conditions as favourable, an indication of market timing, and adverse selection costs of equity (i.e., information asymmetry) are important frictions that lead certain firms to issue more debt in hot- than cold-debt market periods. Using alternative hot-debt market issuance measures and controlling for other effects, such as structural shifts in the debt market, industry, book-to-market, price-to-earnings, size, tax rates, debt market conditions and adjustment costs based on debt credit ratings, we find that firms with high adverse selection costs issue substantially more (less) debt when market conditions are perceived as hot (cold). Moreover, the results indicate that there is a persistent hot-debt market effect on the capital structure of debt issuers; hot-debt market issuing firms do not actively rebalance their leverage to stay within an optimal capital structure range.
On the Interaction between Momentum Effect and Size Effect

This paper uses a sample of firms listed in the NYSE, AMEX, and NASDAQ between January 1963 and December 2012 to analyze the interaction between size effect and momentum effect in cross-sectional stock returns. Furthermore, this paper focuses on the evolution of this interaction through different market states. I report a significant shift in stock returns structure during the rising markets of the 1990s and the 2000s. First, momentum has absorbed the size effect. Second, the momentum effect has become stronger in larger, not smaller, firms. These patterns are indicative of a strong interaction between the two effects. Conceivably, in up markets, firms grow fast, and thus, the size and momentum effects stem from a common economic phenomenon: growth. The findings are robust to variations in the length of the formation period and to the use of residual return (instead of total return) to rank stocks.
Higher, faster, worse? An event-related potentials study of affective picture processing in migraine

Background Migraine is a disorder of periodic disabling headache. Facilitated cortical responsivity has been suggested as one predisposing factor. Although the underlying mechanisms of migraine attack onsets are not fully understood, facilitated cortical responsivity has been suggested as one predisposing factor. Here, we investigate if enhanced cortical responsivity is reflected in altered event-related potentials during processing of complex pictures. Method Altogether, 16 migraine patients and 16 healthy volunteers participated in this study. Each patient had a diagnosed migraine and was headache- and medication-free for the study. Participants watched positive, negative and neutral pictures from the international affective picture system. An electroencephalogram was recorded during picture presentation. Afterwards, participants were asked to rate the pictures for valence and arousal. Results Migraine patients showed significantly more negative-going early event-related potential components from 100 ms to 180 ms to all picture categories over occipital regions as well as more positive-going late potentials over central regions. Patients and controls did not differ in valence and arousal ratings for the international-affective picture system. Discussion Patients with migraine seem to react cortically more intensely to all kinds of pictorial stimuli, regardless of emotional content. This facilitated processing may be related to the high cortical responsivity shown in various other event-related potential studies and might contribute to the recurring intense headache attacks.