Miracle-dz/UniFAR-FTUs huggingface dataset:
Effect of Analysts' Optimism on Estimates of the Expected Rate of Return Implied By Earnings Forecasts

Recent literature has used analysts' earnings forecasts, which are known to be optimistic, to estimate implied expected rates of return, yielding upwardly biased estimates. We estimate that the bias, computed as the difference between the estimates of the implied expected rate of return based on analysts' earnings forecasts and estimates based on current earnings realizations, is 2.84%. The importance of this bias is illustrated by the fact that several extant studies estimate an equity premium in the vicinity of 3%, which would be eliminated by the removal of the bias. We illustrate the point that cross-sample differences in the bias may lead to the erroneous conclusion that cost of capital differs across these samples by showing that analysts' optimism, and hence, bias in the implied estimates of the expected rate of return, differs with firm size and with analysts' recommendation. As an important aside, we show that the bias in a value-weighted estimate of the implied equity premium is 1.60% and that the unbiased value-weighted estimate of this premium is 4.43%.
Segmental pulmonary vein antrum isolation using the "large-size" lasso catheter in patients with atrial fibrillation.

BACKGROUND The limited efficacy and complications of segmental ostial pulmonary vein isolation (PVI) for treating atrial fibrillation (AF) have been discussed so, in the present study the feasibility and efficiency of performing segmental pulmonary vein (PV) antrum isolation to treat AF were assessed. METHODS AND RESULTS A total of 187 patients with drug-refractory AF (paroxysmal 120, persistent 67) underwent segmental PVI guided by circumferential 20-electrode catheters (Lasso). Radiofrequency (RF) current was delivered either at the ostium using a regular Lasso (15-20 mm in diameter, 70 patients: Group 1) or at the antrum using a larger Lasso (25-30 mm in diameter, 117 patients: Group 2). A significantly wider region had to be ablated, with a longer RF application time, to isolate all 4 PVs in Group 2 patients than in Group 1 patients. Although the rate of recurrence of AF after the initial session was equal in both groups, a significantly greater number of patients were free from AF after a mean of 1.4 procedures in Group 2 than in Group 1 (93% vs 76% for paroxysmal AF, 78% vs 48% for persistent AF). CONCLUSIONS Segmental antral PVI using large-sized Lasso catheters was found to be more effective and safer than ostial PVI for the treatment of AF.
Changing minds: Political arguments and political persuasion

Theory: Just as persuasion is the crux of politics, so too is argument the key to political persuasion. Political arguments about policy have at least two dimensions, namely, whether the argument is for or against the policy and whether the argument is hard or easy to comprehend. Combining these two dimensions leads to four argument types: hard-pro, hard-con, easy-pro, and easy-con. Our purpose is to determine which of these four types more strongly influence citizens' policy judgments. Hypotheses: Con arguments will be more persuasive than pro arguments. The literature does not offer a clear prediction about the relative effectiveness of hard and easy arguments or the four argument types. Methods: We use a within and between experimental design, measuring subjects' opinions about NAFTA and health care at three points in time. Opinion change is analyzed by ANOVA. Results: Arguments against NAFTA and health care worked especially well. On NAFTA con arguments were most persuasive when they were also hard, on health care when they were also easy. Political awareness mediated the effectiveness of arguments across both issues, while the intensity of partisanship mediated only on health care. We attribute this latter difference to the partisan split in Congress on health care, a split that did not emerge on NAFTA.
Long-Term Returns on the Original S&P 500 Companies

The S&P 500 Index is continually updated, with approximately 20 companies added each year and an equal number dropped. In the study reported here, the returns to all 500 of the original S&P 500 companies and returns to the continually updated index were calculated from March 1957 through 2003. Contrary to earlier research, this study found that the buy-and-hold returns of the 500 original companies have been higher than the returns to the continually updated S&P 500 and with lower risk. Furthermore, the original companies in 9 of the 10 industry sectors outperformed the new companies added to the index. The S&P 500 Index, first compiled in March 1957, is the most widely used benchmark for measuring the performance of large-capitalization, U.S.-based stocks. The index of 500 stocks is continually updated; approximately 20 new companies that meet the Standard & Poor's Corporation criteria for market value, earnings, and liquidity are added each year, and an equal number are deleted because they fall below these standards or are eliminated by mergers or other corporate changes. We calculated the returns of all 500 of the original S&P 500 companies and of the new companies subsequently added to the index. Contrary to earlier studies, we found that the buy-and-hold returns of the 500 original companies have been higher than the returns of the continually updated S&P 500 and with lower risk. Moreover, the new companies added to the S&P 500 since 1957 have underperformed the original companies in 9 of the 10 industrial sectors making up the index. We also found that less than one-third of a sector's return from 1957 through 2003 can be attributed to the expansion and contraction of the sector's market value relative to the S&P 500. Sector differences in dividend yields, capitalizations, and number of companies entering and exiting the sector accounted for more than two-thirds of the changes in market return. Reasons for the underperformance of the continually updated S&P 500 include price pressures when the addition of a company to the index is announced, investor overoptimism about certain stocks and industries, and the changes in sector weighting since 1957. Over time, the original S&P 500 companies became more heavily weighted with high-dividend-paying and low-P/E (value) stocks, particularly large oil producers. Indeed, this research supports the finding that value stocks have outperformed growth stocks on a risk-adjusted basis since 1957.
Omitted Variables in the Measurement of a Labor Quality Index: The Case of Spain

Traditional measures of labour quality might have the shortcoming of missing some features of the very important increase in labour utilization within European countries. In particular, we explore the case of Spain. Despite showing one of the most important increases in labour quality in the EU according to standard methods, it also offers a negative increase in TFP growth. This paper computes an index of labour quality in Spain between 1988 and 2006 using microdata from the Labour Force Survey and the Structural Earnings Survey-2002 that allows the introduction of all possible interactions in a semi-parametric fashion between gender, age, education, experience in the current job and nationality. Considering those observable characteristics, the index still shows a notable growth at an average annual rate of 0.42 pp. After a period of slight decline (between 1988 and 1992) the index grows continuously until 2006 when it fell again. This is the case because education is, even by considering all possible interactions with other demographic variables, the highest contributor to the quality index’s growth. However, the paper shows the importance of considering changes in average productivities of different socio-demographic groups over time. We include in the analysis two usually omitted variables that help explaining the recent productivity slowdown in Spain: type of occupation held by the individual and unobserved heterogeneity of workers. Both the inclusion of occupation and especially the entry of individuals with below-average productivity levels compared to precedent periods decrease the labour quality growth to an average annual rate of 0.20 pp. Indeed with the addition of these two factors labour quality slightly decreases from 1997 onwards.
Social Capital, Ethnicity and Support for Democracy in the Post-Communist States

FEW THEORETICAL CONCEPTS have received more attention among social scientists in the past half dozen years than that of 'social capital', particularly among students of countries undergoing democratisation (or, in some cases, redemocratisation). Putnam notes that social capital 'refers to features of social organisation such as trust, norms and networks, that can improve the efficiency of society by facilitating coordinated action' (Putnam, 1993, p. 167). Thus communities with higher levels of social capital are thought to be able to cooperate more often to overcome social problems, keep their governments more responsive and more honest, and improve democratic institutional performance. Communities with low levels, in contrast, seem unable to break the vicious circle and remain with governments that are less responsive, less efficient and less honest.
Yersinia enterocolitica infection does not confer an increased risk of thyroid antibodies: evidence from a Danish twin study

Understanding of the aetiological basis of thyroid autoimmunity may be gained by studying the early stages of the disease process. We aimed to (1) investigate the relationship between thyroid antibody status and Yersinia enterocolitica (YE) infection in euthyroid subjects and (2) explore the relative importance of genetic and environmental risk factors in the acquisition of YE infection. The association between thyroid antibody status and YE infection was explored using a case–control design. Furthermore, thyroid antibody‐positive twins were compared with their thyroid antibody‐negative co‐twin. In 468 twins, IgA and IgG antibodies to virulence‐associated outer‐membrane proteins (YOPs) of YE were measured. Of these, 147 were thyroid antibody‐positive (cases). A total of 147 age‐ and gender‐matched twins were chosen as controls. The prevalence of YOP antibodies was lower among thyroid antibody‐positive individuals than among controls. Yersinia infection was not associated with a positive thyroid antibody status: the odds ratio (with 95% CI) for YOP IgA‐ab was 0·66 (0·42–1·05), P = 0·078 and for YOP IgG‐ab it was 0·95 (0·60–1·50), P = 0·816. Within discordant twin pairs, the thyroid antibody‐positive twin did not have an increased risk of Yersinia infection compared to the thyroid antibody‐negative co‐twin [odds ratio: YOP IgA‐Ab: 0·94 (0·49–1·83), P = 0·866, and YOP IgG‐Ab: 1·35 (0·72–2·53), P = 0·345]; 41% (95% CI 10–67% of the liability of being YOP antibody‐positive was due to genetic effects. In conclusion, Yersinia infection does not confer an increased risk of thyroid antibodies. The genetic contribution in the acquisition of Yersinia infection is modest.
Live Cattle Futures Response to Cattle on Feed Reports

Knight-Ridder surveys provide prerelease expectations of the information in the Cattle on Feed reports. The Knight-Ridder information is employed here, in accordance with the efficient markets hypothesis, to identify the unanticipated information provided in Cattle on Feed reports. Rational expectations theory is used to test Knight-Ridder forecasts for unbiasedness, efficiency, and forecast performance. The forecasts mostly satisfy rationality conditions. Live cattle futures prices respond to unanticipated information about placements and marketings contained in Cattle on Feed releases. However, report information is absorbed quickly.
Effect of thymine concentration on cell shape in Thy- Escherichia coli B/r

Cells of a thymineless mutant of Escherichia coli B/r are shown to change their shape when the concentration of thymine in the growth medium is reduced. Electron micrographs of whole cells and isolated sacculi were used to make quantitative measurements of the changes in cell length and width which occur as a result of such a change in thymine concentration. The results showed that there is an increase in cell volume, which is due to an increase in cell width accompanied by a decrease in cell length. These changes were compared with the predictions of models which assume that cell shape is influenced by the chromosome replication cycle.
Students as environmental change agents

Against a background of an increasingcommitment to the environmentby government and industry, the impact of “care for the environment” in the hospitality management curriculum is explored. Hospitality educators have the opportunity to expose students to environmental concepts, issues and techniques within a vocational context. Corporate responsibility is a prerequisiteto sustainable policy development. If hospitality management education can deliver students with the skills and motivation to be environmentally proactive they will be effective change agents and ensure the hospitality industry works for the “sustainable vision”. A survey of final year students reveals that their attitudes and actions are influenced positively by their learning experience and that the hospitality curriculum can be a positive force for change.
Development and characterization of a human articular cartilage‐derived chondrocyte cell line that retains chondrocyte phenotype

Chondrocytes, the only cell type present in articular cartilage, regulate tissue homeostasis by a fine balance of metabolism that includes both anabolic and catabolic activities. Therefore, the biology of chondrocytes is critical for understanding cartilage metabolism. One major limitation when studying primary chondrocytes in culture is their loss of phenotype. To overcome this hurdle, limited attempts have been made to develop human chondrocyte cell lines that retain the phenotype for use as a good surrogate model. In this study, we report a novel approach to the establishment and characterization of human articular cartilage‐derived chondrocyte cell lines. Adenoviral infection followed by culture of chondrocytes in 3‐dimensional matrix within 48 h post‐infection maintained the phenotype prior to clonal selection. Cells were then placed in culture either as monolayer, or in 3‐dimensional matrix of alginate or agarose. The clones were characterized by their basal gene expression profile of chondrocyte markers. Based on type II collagen expression, 21 clones were analyzed for gene expression following treatment with IL‐1 or BMP‐7 and compared to similarly stimulated primary chondrocytes. This resulted in selection of two clones that retained the chondrocyte phenotype as evidenced by expression of type II collagen and other extra‐cellular matrix molecules. In addition, one clone (AL‐4‐17) showed similar responses as primary chondrocytes when treated with IL‐1 or BMP‐7. In summary, this report provides a novel procedure to develop human articular cartilage‐derived chondrocyte cell lines, which preserve important characteristics of articular chondrocytes and represent a useful model to study chondrocyte biology. J. Cell. Physiol. 222: 695–702, 2010. © 2009 Wiley‐Liss, Inc.
The effects of accounting students' ethical reasoning and personal factors on their ethical sensitivity

Purpose – Rest posited that to behave morally, an individual must have performed at least four basic psychological processes: moral sensitivity; moral judgment; moral motivation; and moral character. Though much ethics research in accounting has been focused on component two, ethical judgment, less research has been undertaken on the other three components. The purpose of this study is to focus on component one, ethical sensitivity, of Rest's four‐component model.Design/methodology/approach – A sample of 156 accounting undergraduates was employed to investigate the ethical sensitivity of accounting students and the effects of their ethical reasoning and personal factors on their ethical sensitivity.Findings – Results of this study show that accounting students vary in their ability to detect the presence of ethical issues in a professional scenario. There is no significant relationship between accounting students' ethical sensitivity and their ethical reasoning (P‐score). Accounting students characterized.
Prevalence and severity of renal disease in familial dysautonomia.

BACKGROUND One of the less well-defined complications of familial dysautonomia (FD) is chronic kidney disease (CKD). The goal of this report is to better define the prevalence and severity of kidney disease in this population and identify associated risk factors. METHODS We conducted a retrospective analysis of the database of the Dysautonomia Treatment and Evaluation Center at New York University School of Medicine for patients with FD who were seen at ages 15, 20, 25, 30, 35, and 40 years. Estimated glomerular filtration rate (GFR) was compared with that of the general population. Changes in mean blood pressure from supine to erect at ages 15 and 20 years were analyzed for patients who eventually required dialysis therapy and compared with those of the other patients with FD. Percentage of patients requiring dialysis and duration of treatment also were analyzed. RESULTS Mean estimated GFR of each predefined age group was considerably less than that of the general population starting at age 15 years (P < 0.001). Patients with FD were more likely to develop stage 3, 4, or 5 CKD than the general population. Of patients who remained alive at age 25 years, 19% eventually required dialysis. Those who required dialysis therapy were less likely to have had a feeding gastrostomy tube placed (P < 0.001) and had much more pronounced postural changes in blood pressure (P < 0.0001) by age 15 years. For those requiring dialysis therapy, average duration of treatment was 9 months. CONCLUSION Patients with FD are far more likely than the general population to develop CKD. Patients with FD who eventually required dialysis showed a greater degree of orthostatic hypotension and were significantly less likely to have had a feeding gastrostomy tube placed for hydration before the age of 15 years. Dialysis therapy is not well tolerated in this population.
Bank Bailouts and Moral Hazard : Evidence from Germany

We use a structural econometric model to provide empirical evidence that safety nets in the banking industry lead to additional risk taking. To identify the moral hazard effect of bailout expectations on bank risk, we exploit the fact that regional political factors explain bank bailouts but not bank risk. The sample includes all observed capital preservation measures and distressed exits in the German banking industry during 1995--2006. A change of bailout expectations by two standard deviations increases the probability of official distress from 6.6% to 9.4%, which is economically significant. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com. , Oxford University Press.
Phase I study of a third-generation selective estrogen receptor modulator, LY353381.HCL, in metastatic breast cancer.

PURPOSE We conducted this phase I trial to determine the safety and toxicity profile of LY353381.HCl-a novel, potent, third-generation selective estrogen receptor modulator (SERM)-because this benzothiophene derivative demonstrated an SERM profile in preclinical studies. PATIENTS AND METHODS We studied 32 patients with recurrent or metastatic breast cancer. Patients were treated in four cohorts with oral daily doses of 10, 20, 50, and 100 mg. Pharmacokinetic sampling was performed during the first 72 hours following the first dose on day 1 and during the 24 hours after the day 57 dose. Eligibility criteria included Eastern Cooperative Oncology Group performance status of 0 to 2; no significant major organ dysfunction; and at least 3 weeks elapsed since most recent hormonal therapy, chemotherapy, and estrogen replacement therapy. RESULTS The median patient age was 56 years (range, 30 years to 76 years). The median number of prior chemotherapies for metastatic disease was one (range, zero to four), while the median number of prior hormone regimens for metastatic disease was two (range, zero to five). Receptor status was estrogen receptor (ER) positive and progesterone receptor (PR) positive, 19 patients; ER positive and PR negative, eight patients; ER positive and PR unknown, two patients; and ER and PR unknown, three patients. Dose-limiting toxicity was not observed. Treatment was well tolerated with mild to moderate hot flashes in 18 of 32 patients (56%) at all dose levels. Transvaginal ultrasound performed at baseline and after 12 weeks of treatment showed no endometrial thickening. Of the 32 patients evaluable for response, six patients had stable disease for at least 6 months with a median duration of 7.7 months (range, 6.2 months to 33.8 months). The pharmacokinetics of LY353381.HCl were generally linear with respect to time and studied dose range. CONCLUSION As predicted in preclinical testing, daily oral LY353381.HCl is safe, is well tolerated at all tested dose levels, and may be clinically beneficial in patients with extensively pretreated metastatic breast cancer. Further studies with LY353381 to evaluate the efficacy in patients with or without prior exposure to tamoxifen and fewer overall prior regimens are under way.
Are interlocked directors effective monitors

This paper comprehensively examines whether the presence of interlocked directors on a board is associated with weak governance. For a sample of 3,566 firm-years over the 2001-2003 time period, we find that firms with lower industry-adjusted firm performance are more likely to have interlocked directors. We also find a negative stock price reaction to the announcement of director appointments that create interlocked directors. Finally, we document that the presence of interlocked directors is associated with lower than optimal pay-performance sensitivity of CEO incentive compensation and reduced sensitivity of CEO turnover to firm performance. Collectively, our results suggest that the presence of interlocked directors is indicative of weak governance and entrenched managers.
How Do Auditors Perceive CEO'S Risk‐Taking Incentives?

type="main" xml:id="acfi12044-abs-0001"> Prior literature documents that executive compensation influences managerial risk preferences through executives’ portfolio sensitivities to changes in stock prices (delta) and stock-return volatility (vega). Large deltas discourage managerial risk-taking, while large vegas encourage risk-taking. Theory suggests that auditors charge higher audit fees when standard audit procedures do not allow auditors to reduce audit risk including the risk arising from higher business risk. We posit and find evidence of a negative (positive) relation between CEO portfolio deltas (vegas) and audit fees. We also find a negative relation between CEO portfolio deltas and the issuance of going-concern audit opinions (GCO).
Women's Labour Force Participation and the Distribution of Household Incomes: Evidence from Cross-national Data

This study investigates the effects of women's labor force participation on household income inequ ality. The theoretical background is examined, an econometric model i s specified and tested, and a simulation is performed. The results sh ow that the direction and strength of the income-distribution effects vary with the level of women's participation. Starting from low leve ls, a rise in women's activity rates intensifies income inequality, b ut the disequalizing tendency diminishes as participation continues t of participation are attained. Copyright 1987 by The Review of Economic Studies Limited.