Miracle-dz/UniFAR-FTUs huggingface dataset:
The Choice Channel of Financial Innovation

Financial innovation in recent decades has expanded portfolio choice. We investigate how greater choice affects investors’ savings and asset returns. We establish a choice channel by which greater portfolio choice increases investors’ savings—by enabling them to earn the aggregate risk premium or take speculative positions. In equilibrium, portfolio customization (access to risky assets beyond the market portfolio) reduces the risk-free rate. Participation (access to the market portfolio) reduces the risk premium but typically increases the risk-free rate. Empirically, stock market participants in the United States save more than nonparticipants and have increasingly dispersed portfolio returns, consistent with the choice channel. (JEL E21, G11, G12, G51)
Differences and Changes in Wage Structures

During the past two decades, wages of skilled workers in the United States rose while those of unskilled workers fell; less-educated young men in particular have suffered unprecedented losses in real earnings. These twelve original essays explore whether this trend is unique to the United States or is part of a general growth in inequality in advanced countries. Focusing on labor market institutions and the supply and demand forces that affect wages, the papers compare patterns of earnings inequality and pay differentials in the United States, Australia, Korea, Japan, Western Europe, and the changing economies of Eastern Europe. Cross-country studies examine issues such as managerial compensation, gender differences in earnings, and the relationship of pay to regional unemployment. From this rich store of data, the contributors attribute changes in relative wages and unemployment among countries both to differences in labor market institutions and training and education systems, and to long-term shifts in supply and demand for skilled workers. These shifts are driven in part by skill-biased technological change and the growing internationalization of advanced industrial economies.
Accurate Impedance Calculation for Underground and Submarine Power Cables Using MoM-SO and a Multilayer Ground Model

Accurate knowledge of the per-unit length impedance of power cables is necessary to correctly predict electromagnetic transients in power systems. In particular, skin, proximity and ground return effects must be properly estimated. In many applications, the medium that surrounds the cable is not uniform and can consist of multiple layers of different conductivity, such as dry and wet soil, water, or air. We introduce a multilayer ground model for the recently proposed MoM-SO method, suitable to accurately predict ground return effects in such scenarios. The proposed technique precisely accounts for skin, proximity, ground, and tunnel effects, and is applicable to a variety of cable configurations, including underground and submarine cables. Numerical results show that the proposed method is more accurate than analytic formulas typically employed for transient analyses, and delivers an accuracy comparable to the finite-element method (FEM). With respect to FEM, however, MoM-SO is over 1000 times faster, and can calculate the impedance of a submarine cable inside a three-layer medium in 0.10 s per frequency point.
Business Process Requirement Engineering

— Requirement engineering is as an increasingly important discipline for supporting business process and workflow modeling, as these are designed to satisfy diverse customer needs, and increase the productivity of enterprise. Moreover, most customers hesitate to adopt a given product or service if the added value is not conformed to their desires. Dealing with customers, with a wide range of perspective, within an enterprise, is very complex. These perspectives are grounded in differences in skills, responsibility, knowledge and expertise of stakeholders. This holds more in the domain of business processes and workflows where the satisfaction of the customers is the must if these enterprises wish to deal with the pressure of the network economy. Based on the requirement engineering, we present in this paper an integration of RE approach in the modeling of business process and workflows. (Abstract)
fMRI evidence of a hot-cold empathy gap in hypothetical and real aversive choices

Hypothetical bias is the common finding that hypothetical monetary values for “goods” are higher than real values. We extend this research to the domain of “bads” such as consumer and household choices made to avoid aversive outcomes (e.g., insurance). Previous evidence of hot-cold empathy gaps suggest food disgust is likely to be strongly underestimated in hypothetical (cold) choice. Depending on relative underestimation of food disgust and pain of spending, the hypothetical bias for aversive bad scan go in the typical direction for goods, disappear, or reverse in sign. We find that the bias is reversed in sign—subjects pay more to avoid bads when choice is real. fMRI shows that real choice more strongly activates striatum and medial prefrontal cortex (reward regions) and shows distinct activity in insula and amygdala (disgust and fear regions). The neural findings suggest ways to exogeneously manipulate or record brain activity in order to create better forecasts of actual consumer choice.
GreeM: Massively Parallel TreePM Code for Large Cosmological N-body Simulations

In this paper, we describe the implementation and performance of GreeM, a massively parallel TreePM code for large-scale cosmological N-body simulations. GreeM uses a recursive multi-section algorithm for domain decomposition. The size of the domains are adjusted so that the total calculation time of the force becomes the same for all processes. The loss of performance due to non-optimal load balancing is around 4%, even for more than 10^3 CPU cores. GreeM runs efficiently on PC clusters and massively-parallel computers such as a Cray XT4. The measured calculation speed on Cray XT4 is 5 \times 10^4 particles per second per CPU core, for the case of an opening angle of \theta=0.5, if the number of particles per CPU core is larger than 10^6.
Differences in the Rates of Return to R&D for European and US Young Leading R&D Firms

This paper examines the sources of Europe's lagging business R&D performance relative to the US, particularly the role played by missing young leading innovators in high technology intensive sectors in Europe. It investigates through econometric analysis differences in the rates of return to R&D of European and US large R&D firms. It finds that, while in the US, young firms succeed in realizing significantly higher rates of return to R&D as compared to their older counterparts, including in high-tech sectors, European firms fail to generate significant rates of return, even if they are Yollies and even if they are in high-tech sectors. These findings can at least partly explain why Europe has less R&D intensive young leading innovators in high technology intensive sectors. © 2014 Elsevier B.V.
Tissue-specific, developmental, hormonal, and dietary regulation of rat phosphoenolpyruvate carboxykinase-human growth hormone fusion genes in transgenic mice

The cytosolic phosphoenolpyruvate carboxykinase (PEPCK) gene is expressed in multiple tissues and is regulated in a complex tissue-specific manner. To map the cis-acting DNA elements that direct this tissue-specific expression, we made transgenic mice containing truncated PEPCK-human growth hormone (hGH) fusion genes. The transgenes contained PEPCK promoter fragments with 5' endpoints at -2088, -888, -600, -402, and -207 bp, while the 3' endpoint was at +69 bp. Immunohistochemical analysis showed that the -2088 transgene was expressed in the correct cell types (hepatocytes, proximal tubular epithelium of the kidney, villar epithelium of the small intestine, epithelium of the colon, smooth muscle of the vagina and lungs, ductal epithelium of the sublingual gland, and white and brown adipocytes). Solution hybridization of hGH mRNA expressed from the transgenes indicated that white and brown fat-specific elements are located distally (-2088 to -888 bp) and that liver-, gut-, and kidney-specific elements are located proximally (-600 to +69 bp). However, elements outside of the region tested are necessary for the correct developmental pattern and level of PEPCK expression in kidney. Both the -2088 and -402 transgenes responded in a tissue-specific manner to dietary stimuli, and the -2088 transgene responded to glucocorticoid stimuli. Thus, different tissues utilize distinct cell-specific cis-acting elements to direct and regulate the PEPCK gene.
Using reservoir deposits to reconstruct changing sediment yields and sources in

In the absence of long-term records of sediment transport by UK rivers, sediment deposits in lakes and reservoirs offer considerable potential for estimating sediment yields and reconstructing changing patterns of sediment yield and sediment sources during the past century in response to environmental change. An investigation of the sediment deposits within the Old Mill Reservoir, located in the East Hams region of South Devon, UK, has shown that suspended sediment yields from the 1.58 km2 catchment have averaged ca. 54 t km2 year4 over the period 1942 to 1991. Bedload transport from the catchment during the same period averaged 15 t km2 year1. The sediment record also provided evidence of increasing productivity in the reservoir during recent years and of the impact of a single extreme event. The availability of several dateable horizons within the sediment cores made it possible to subdivide further the reconstructed record of sediment yield into four periods. This subdivision indicated that suspended sediment yields have increased more than fourfold since the Second World War from about 20 t km 2 year1 to ca. 90 t knr2 year4. A variety of sediment properties, including mineral magnetic characteristics and caesium-137 activity, was used to fingerprint the dominant source of the deposited sediment. This fingerprint analysis indicated that, with the exception of the extreme event, the sediment sources have remained essentially constant throughout the period of record and that surface material from pasture areas represented the dominant source. The increase of suspended sediment yields during the postwar period was attributed to increased livestock numbers and grazing intensity in the catchment of the reservoir.
Increasing Efficiency by Giving Up Some Profit

This paper addresses a joint production model in which individuals may become better off by giving up some profit. The key to this phenomenon is the existence of multiple inefficient equilibria, in which one individual makes an excessive effort and the other individual free-rides on it. In order to avoid all such simultaneous inefficient equilibria, it may be necessary to reduce all individuals' profit shares simultaneously so that none of them have incentives to make an excessive effort, which in turn would prevent free-riding behavior. This results in a total profit share that is less than 100%.
Helmholtz decomposition coupling rotational to irrotational flow of a viscous fluid

In this work, I present the form of the Navier–Stokes equations implied by the Helmholtz decomposition in which the relation of the irrotational and rotational velocity fields is made explicit. The idea of self-equilibration of irrotational viscous stresses is introduced. The decomposition is constructed by first selecting the irrotational flow compatible with the flow boundaries and other prescribed conditions. The rotational component of velocity is then the difference between the solution of the Navier–Stokes equations and the selected irrotational flow. To satisfy the boundary conditions, the irrotational field is required, and it depends on the viscosity. Five unknown fields are determined by the decomposed form of the Navier–Stokes equations for an incompressible fluid: the rotational component of velocity, the pressure, and the harmonic potential. These five fields may be readily identified in analytic solutions available in the literature. It is clear from these exact solutions that potential flow of a viscous fluid is required to satisfy prescribed conditions, like the no-slip condition at the boundary of a solid or continuity conditions across a two-fluid boundary. It can be said that equations governing the Helmholtz decomposition describe the modification of irrotational flow due to vorticity, but the analysis shows the two fields are coupled and cannot be completely determined independently.
A Numerical Method for Conformal Mappings

A numerical technique is presented for calculating the Taylor coefficients of the analytic function which maps the unit circle onto a region bounded by any smooth simply connected curve. The method involves a quadratically convergent outer iteration and a super-linearly convergent inner iteration. If N complex points are distributed equidistantly around the periphery of the unit circle, their images on the edge of the mapped region, together with approximations for the ${N / 2}$ first Taylor coefficients, are obtained in $O(N\log N)$ operations. A calculation of time-dependent waves on deep water is discussed as an example of the potential applications of the method.
Progressive cone dystrophy associated with mutation in CNGB3.

PURPOSE To determine the molecular basis for phenotypic variability in a three-generation consanguineous family containing a single individual with complete achromatopsia and three individuals with progressive cone dystrophy. METHODS Four affected individuals underwent ophthalmic examination, electrophysiological assessment, color fundus photography, and psychophysical testing. Blood samples were obtained for DNA extraction and mutation screening of the cone-specific cGMP-gated (CNG) channel protein gene CNGB3 was undertaken. RESULTS The clinical findings in one family member were consistent with a diagnosis of complete achromatopsia, with nystagmus, photophobia, and poor visual acuity from early infancy and complete color-blindness, normal fundi, and absent cone responses with normal rod responses on electroretinography (ERG). Mutation analysis revealed her to be homozygous for the common CNGB3 achromatopsia mutation, 1148delC (Thr383fs). In contrast, the three other symptomatic individuals in the family had findings consistent with progressive cone dystrophy. Their visual problems began later in childhood (ranging from 3 to 14 years of age) and there was evidence of progressive deterioration in cone function. All three had a marked tritanopic color vision defect and fundoscopy revealed bilateral macular atrophy. Electrophysiological testing of these three subjects demonstrated clear evidence of progressive deterioration of cone responses over time; rod responses were normal. All three individuals with this progressive phenotype were found to be compound heterozygotes for the 1148delC (Thr383fs) frameshift mutation and a novel Arg403Gln missense mutation in CNGB3. CONCLUSIONS Mutations in CNGB3, which have been shown to cause achromatopsia, are now shown to be associated with autosomal recessive progressive cone dystrophy. In this study, a novel Arg403Gln mutation was identified, located in the middle of the pore domain of the cone CNG cation channel beta-subunit, which when associated with the nonsense mutation Thr383fs, resulted in progressive cone dystrophy.
Gamma-Ray Bursts: Restarting the Engine

Recent gamma-ray burst observations have revealed late-time, highly energetic events that deviate from the simplest expectations of the standard fireball picture. Instead, they may indicate that the central engine is active or restarted at late times. We suggest that fragmentation and subsequent accretion during the collapse of a rapidly rotating stellar core offers a natural mechanism for this.
Distributed under Creative Commons Cc-by 4.0 a Practical Application of Reduced-copper Antifouling Paint in Marine Biological Research

Biofouling of experimental cages and other field apparatuses can be problematic for scientists and has traditionally been addressed using frequent manual removal (e.g., scraping, scrubbing). Recent environmental restrictions and legislative changes have driven the development of less hazardous antifouling products, making antifouling paint a potential alternative option to manual removal. Consequently, the viability of using these newly developed products as a replacement for the manual cleaning of exclusion cages was experimentally investigated. There were six treatments tested, comprising three with settlement tiles in experimental cages coated with antifouling paint, two with settlement tiles in unpainted experimental cages, and one cage-free suspended tile. The three antifouling treatments comprised two reduced-copper paints (21% Cu 2 O and 40% Cu 2 O) and one copper-free, Econea TM-based paint (labeled ''ecofriendly''). Antifouling paints were assessed for performance of preventing fouling of the cages and whether they elicited local effects on settlement tiles contained within them. All three paints performed well to reduce fouling of the cages during the initial six weeks of the experiment, but the efficacy of ''ecofriendly'' paint began to decrease during an extended deployment that lasted 14 weeks. The macro-community composition, biomass, and percent cover of settled organism on tiles within cages treated with copper-based paints (21% and 40% concentrations) were indistinguishable from tiles within the manually scrubbed cages. In contrast, settlement to tiles from the ''ecofriendly'' treatment was different in composition of macro-community and lower in biomass, suggesting the presence of local effects and therefore rendering it unsuitable for use in settlement experiments. The results of this study suggest that reduced-copper paints have the potential to serve as an alternative to manual maintenance, which may be useful for deployments in locations that are difficult to access on a frequent schedule.
AGE‐RELATED CHANGES IN THE STRUCTURE AND FUNCTION OF SKELETAL MUSCLES

1 For animals of all ages, during activation of skeletal muscles and the subsequent contraction, the balance between the force developed by the muscle and the external load determines whether the muscle shortens, remains at fixed length (isometric) or is lengthened. With maximum activation, the force developed is least during shortening, intermediate when muscle length is fixed and greatest during lengthening contractions. During lengthening contractions, when force is high, muscles may be injured by the contractions. 2 ‘Frailty’ and ‘failure to thrive’ are most frequently observed in elderly, physically inactive people. A ‘frail’ person is defined as one of small stature, with muscles that are atrophied, weak and easily fatigued. The condition of ‘failure to thrive’ is typified by a lack of response to well‐designed programmes of nutrition and physical activity. 3 With ageing, skeletal muscle atrophy in humans appears to be inevitable. A gradual loss of muscle fibres begins at approximately 50 years of age and continues such that by 80 years of age, approximately 50% of the fibres are lost from the limb muscles that have been studied. For both humans and rats, the observation that the timing and magnitude of the loss of motor units is similar to that for muscle fibres suggests that the mechanism responsible for the loss of fibres and the loss of whole motor units is the same. The degree of atrophy of the fibres that remain is largely dependent on the habitual level of physical activity of the individual. 4 ‘Master athletes’ maintain a high level of fitness throughout their lifespan. Even among master athletes, performance of marathon runners and weight lifters declines after approximately 40 years of age, with peak levels of performance decreased by approximately 50% by 80 years of age. The success of the master athletes and of previously sedentary elderly who undertake well‐designed, carefully administered training programmes provide dramatic evidence that age‐associated atrophy, weakness and fatigability can be slowed, but not halted.
Is there a Causal Effect of High School Math on Labor Market Outcomes?

In this paper, we exploit a high school pilot scheme to identify the causal effect of advanced high school math on labor market outcomes. The pilot scheme reduced the costs of choosing advanced math because it allowed for a more flexible combination of math with other courses. We find clear evidence of a causal relationship between math and earnings for students who are induced to choose math after being exposed to the pilot scheme. The effect partly stems from the fact that these students end up with a higher education.
Ethical Reputation of Financial Institutions: Do Board Characteristics Matter?

This paper examines the association between board characteristics and the ethical reputation of financial institutions. Given the pivotal governance role of the board of directors and the value-relevance of ethical corporate behavior, we postulate a positive relationship between ethical reputation and board features that foster more effective monitoring and oversight. Using a sample of large financial institutions from 13 different countries, we run several alternative panel regressions of ethical reputation on board characteristics and firm-specific controls. Our results demonstrate that the ethical reputation of financial institutions is positively associated with board size, gender diversity, and CEO duality, while being negatively related to the busyness of the board members and a composite index reflecting poor monitoring. Nevertheless, inconsistent with our hypothesis, we also document that financial institutions with less frequent board meetings have better ethical reputation. Overall, our empirical findings suggest that stronger board oversight may promote ethical behavior in the financial industry.
Critical assessment of hydrogen effects on the slip transmission across grain boundaries in α-Fe

Grain boundaries (GBs) play a fundamental role in the strengthening mechanism of crystalline structures by acting as an impediment to dislocation motion. However, the presence of an aggressive environment such as hydrogen increases the susceptibility to intergranular fracture. Further, there is a lack of systematic investigations exploring the role of hydrogen on the dislocation–grain-boundary (DGB) interactions. Thus, in this work, the effect of hydrogen on the interactions between a screw dislocation and 〈111〉 tilt GBs in α-Fe were examined. Our simulations reveal that the outcome of the DGB interaction strongly depends on the underlying GB dislocation network. Further, there exists a strong correlation between the GB energy and the energy barrier for slip transmission. In other words, GBs with lower interfacial energy demonstrate a higher barrier for slip transmission. The introduction of hydrogen along the GB causes the energy barrier for slip transmission to increase consistently for all of the GBs examined. The energy balance for a crack initiation in the presence of hydrogen was examined with the help of our observations and previous findings. It was found that the presence of hydrogen increases the strain energy stored within the GB which could lead to a transgranular-to-intergranular fracture mode transition.