Miracle-dz/UniFAR-FTUs huggingface dataset:
It's a Utility! But not as we know it! 19 th Banking and Finance Conference UNSW

Utility, or happiness of consumption, provides the cornerstone of many models underpinning investor interactions in the market. More recently however, contemporary thinking is recognising that investor utility may be, at times, significantly different to many of the models. The very broad and new field of behavioural finance has started to offer a more individualised model of utility or value. This paper expands the discussion of utility, originally presented as part of paper (Livanas (2006B)) on Investor Behaviour, presented at the 14 th Colloquium of Superannuation Researchers, at the UNSW. In Livanas (2006B), as part of a wider study, superannuation investors were surveyed regarding their relative utilities of risk, returns and time horizon (of deferred consumption). The survey was constructed using partial profile choice tasks to assess utilities of investors over three attribute groups, with a sample size of 236 investors, drawn from Superannuation Investors. This paper traces the development of utility and outlines some of the current thinking, before expanding empirical findings of investor utilities of risk, return and time horizon (of deferred consumption), presenting a quantitative expression of investor utilities developed though the partial choice task tradeoffs, that largely fit theory, except in one very important area: Investors’ utility of time horizon seemed to be static, implying that they did not form a discriminating factor in investor choice. Finally the paper discusses the implications of the findings regarding time horizon utility and the equity risk premium.
Why So Much Error in Analysts' Earnings Forecasts?

Wall Street analysts tend to be too optimistic about the earnings prospects of companies they follow. The average consensus 12-month EPS growth forecast is 17.7 percent, which is more than twice the actual growth rate. In aggregate, forecasts are 11.2 percent above actual earnings at the start of a year and are revised downward continuously in the course of the year. For the full study period reported here, the percentage of 12-month earnings estimates revised downward exceeded the percentage revised upward, on average, by 4.4 percent every month. Since 1993, however, the quality of analyst forecasts seems to have improved. This article provides an intuitive explanation of the change and suggests ways in which analysts can use the explanation to improve portfolio performance.
On the Bi-Directional Causal Relationship between Public Debt and Economic Growth in EMU Countries

New evidence is presented on the possible existence of bi-directional causal relationships between public debt and economic growth in both central and peripheral countries of the European Economic and Monetary Union. We test for heterogeneity in the bi-directional Granger-causality across both time and space during the period between 1980 and 2013. The results suggest evidence of a “diabolic loop” between low economic growth and high public debt levels in Spain after 2009. For Belgium, Greece, Italy and the Netherlands debt has a negative effect over growth from an endogenously determined breakpoint and above a debt threshold ranging from 56% to 103% depending on the country.
Supplier-Focused Knowledge Management in the Automobile Industry and its Implications for Product Performance

This study focuses on the impact of knowledge management in supplier relations (termed as supplier-focused knowledge management, SFKM) within the automobile industry of an emerging economy (Brazil), on financial and product performance. A model of the relationship between supplier-focused knowledge management, including its associated processes, and performance is described and the associated hypotheses are developed and then tested. Knowledge sharing through face-to-face communication is positively related to both product and financial performance, while technological knowledge sharing has a positive impact on product performance under conditions of high technological dynamism. Supplier involvement in the production process is related to product performance and use of knowledge management tools is related to financial performance. The results support the major hypotheses of our SFKM model. These results are discussed in the context of the knowledge management and supplier-relations literatures in terms of the contributions, implications for research and practice, and directions for future research. Copyright Blackwell Publishing Ltd 2007.
Network-Based Tracking Control of Spacecraft Formation Flying with Communication Delays

The formation tracking problem for multiple spacecraft in the framework of networked control systems (NCSs) is investigated. A reference trajectory is generated by the force-free linearized equations of the relative motion (known as Hill's equations). A sampled-data representation of the NCS is considered for the tracking control of relative motion between the leader and follower spacecraft in the presence of variable communication delays and bounded external disturbances. By adding a buffer which is longer than the worst case delay and augmenting the system model to include past values of system input as additional states, a new discrete time-invariant model is formulated, and a digital controller is developed to guarantee the exponentially uniformly ultimate boundedness (UUB) of the tracking errors and to ensure desired formation objectives. Numerical simulations are presented to demonstrate the effectiveness of the controller. The proposed controller is successful in establishing projected circular formation with the maximum magnitude of the steady-state tracking error 0.056 and the control forces remain bounded within 50 mN.
The Knowledge Café–A Knowledge Management System and Its Application to Hospitality and Tourism

SUMMARY Knowledge management is identified as a key success factor in most industries today. While data or information can be stored independently from people, knowledge is bound to people who use it for their interactions. The main goal of knowledge management is to improve the usage of knowledge in the enterprise. Knowledge management systems are not only organizational memory information systems. They also contain organizational standard procedures and a certain cultural attitude. A reference framework gives implementation hints mainly influenced by technical possibilities. The knowledge management system reference architecture contains layers of sources, repositories, taxonomy, services, applications and user interfaces. A software tool that largely corresponds to this reference framework is the Knowledge Café. Possible applications of this tool to the area of hospitality and tourism are described in this paper.
MODES OF ENGAGEMENT: MULTI-MODAL CURRICULUM AND INSTRUCTION; A SCHOOL-WIDE CURRICULAR DESIGN WITHOUT TEXTBOOKS

One of the most challenging aspects of teaching and studying teaching is that the domain of teaching is so complex. This complexity has made it difficult for teachers to design curriculum and critique that evolving curriculum through ongoing reconsideration and revision in order to improve the effectiveness of instruction. An alternative curricular/instructional construct, called Modes of Engagement, was created and has been sustained for 24 years, by the principal and faculty at Desert Willow Family School, a K-8 Albuquerque Public Schools' alternative school. The Modes of Engagement, as they are employed in the teaching of mathematics at Family School, are explored in this study, from MODES OF ENGAGEMENT vii their origins to their current iterations. By designing the mathematics curriculum in segments that reflect varying purposes, and simultaneously matching the modes’ instructional practices to these purposes, students at the school have flourished in mathematics while experiencing themselves as mathematicians. This self-study’s autobiography and document analysis will reveal how these modes have stood up to the testing pressures and restrictive views of content driven by accountability based on the mandated testing under No Child Left Behind (NCLB). There were consequences for our students under this testing pressure. Within the two to three-year gap of having discontinued two of the school’s math modes, students lost the ability to deal with ambiguity, challenges, tolerance for multiple methods, and enthusiasm for learning. This study reveals the evolution of the Modes of Engagement, including the ways in which their development and implementation has been influenced by both internal and external forces of the school. The Modes of Engagement offer a unique framework for considering school-based curriculum design; the history of the evolution of the Modes offers insight into the forces that foster or impede teacher initiative in curriculum design. MODES OF ENGAGEMENT viii Table of
Systemic Blockade of Sialylation in Mice with a Global Inhibitor of Sialyltransferases*

Background: In vivo pharmacological inhibition of sialyltransferases has, to date, not been possible. Results: 3F-NeuAc acts as a global sialyltransferase inhibitor in mice and causes kidney and liver dysfunction. Conclusion: Sialoside expression can be modulated in vivo with a sialyltransferase inhibitor. Significance: Pharmacological blockade of sialoside expression will be an important tool for future exploration of sialic acid in health and disease. Sialic acid terminates glycans of glycoproteins and glycolipids that play numerous biological roles in health and disease. Although genetic tools are available for interrogating the effects of decreased or abolished sialoside expression in mice, pharmacological inhibition of the sialyltransferase family has, to date, not been possible. We have recently shown that a sialic acid analog, 2,4,7,8,9-pentaacetyl-3Fax-Neu5Ac-CO2Me (3F-NeuAc), added to the media of cultured cells shuts down sialylation by a mechanism involving its intracellular conversion to CMP-3F-NeuAc, a competitive inhibitor of all sialyltransferases. Here we show that administering 3F-NeuAc to mice dramatically decreases sialylated glycans in cells of all tissues tested, including blood, spleen, liver, brain, lung, heart, kidney, and testes. A single dose results in greatly decreased sialoside expression for over 7 weeks in some tissues. Although blockade of sialylation with 3F-NeuAc does not affect viability of cultured cells, its use in vivo has a deleterious “on target” effect on liver and kidney function. After administration of 3F-NeuAc, liver enzymes in the blood are dramatically altered, and mice develop proteinuria concomitant with dramatic loss of sialic acid in the glomeruli within 4 days, leading to irreversible kidney dysfunction and failure to thrive. These results confirm a critical role for sialosides in liver and kidney function and document the feasibility of pharmacological inhibition of sialyltransferases for in vivo modulation of sialoside expression.
Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?

Initiations and omissions of dividend payments are important changes in corporate financial policy. This paper investigates the market reaction to such changes in terms of prices, volume, and changes in clientele. Consistent with the prior literature we find that short run price reactions to omissions are greater than for initiations (-7.0% vs. +3.4% three day return). However, we show that, when we control for the change in the magnitude of dividend yield (which is larger for omissions), the asymmetry shrinks or disappears, depending on the specification. In the 12 months after the announcement (excluding the event calendar month), there is a significant positive market-adjusted return for firms initiating dividends of +7.5% and a significant negative market-adjusted return for firms omitting dividends of -11.0%. However, the post dividend omission drift is distinct from and more pronounced than that following earnings surprises. A trading rule employing both samples (long in initiation stocks and short in omission stocks) earns positive returns in 22 out of 25 years. Although these changes in dividend policy might be expected to produce shifts in clientele, we find little evidence for such a shift. Volume increases, but only slightly and briefly, and there are no important changes in institutional ownership.
Behavioral Antitrust and Monopolization

One hot topic is whether Google has violated the antitrust laws. Another important topic is how behavioral economics can enrich antitrust policy. This article examines two implications of behavioral economics on antitrust monopolization law. The article first discusses trial-and-error learning as an entry barrier. This is timely given the current debate over the entry barriers of the search engine market. The article next discusses behavioral exploitation to maintain a monopoly. The behavioral economics literature can help explain the European Commission's tying claims against Microsoft, why the Commission's original remedy failed, and the benefits and risks of the Commission's remedy involving its subsequent prosecution of Microsoft over Internet browsers.
PHENOTYPES Differential Requirements for Fgf 3 and Fgf 8 During Mouse Forebrain Development

Multiple Fgfs are expressed during formation and patterning of the telencephalon in vertebrates. Fgf8 has been shown to control the size of the telencephalon and the development of signaling centers in zebrafish and mouse. Next to Fgf8, Fgf3 also influences telencephalic gene expression in the zebrafish. Moreover, Fgf3 and Fgf8 have been shown to have combinatorial functions during forebrain development in this species. Here, we have examined telencephalic development in Fgf3 null mouse mutants and embryos that lack both Fgf3 and Fgf8 in their forebrain. In contrast to zebrafish, Fgf3 mutants show normal forebrain development and expression of telencephalic marker genes. Although double mutants for Fgf3 and Fgf8 show a further reduction of forebrain size no additional changes of telencephalic gene expression are observed compared with Fgf8 mutants. Therefore unlike in zebrafish, Fgf3 is not required for mouse forebrain development whereas Fgf8 has a central role during this process. Developmental Dynamics 00:000–000, 2008. © 2008 Wiley-Liss, Inc.
Are Undergraduate Examinees' Perceptions of Item Difficulty Related to Item Characteristics?

The present study assessed whether selected item characteristics—difficulty for the group, corrected item-total correlation, cognitive level, and difficulty for the examinee—relate to judgment of item difficulty. Undergraduate students in two classes (ns = 76, 43) identified what they believed were the five easiest and five most difficult items on a multiple-choice test. Statistically significant correlations were observed for difficulty for the group and the frequency that items were chosen as easy as well as with frequency of items chosen as difficult. Students performed significantly better on items they chose as easy than those chosen as difficult. Items chosen as easy more often called for simple, factual recall than did items chosen as difficult.
Hospitality and Tourism Online Reviews: Recent Trends and Future Directions

ABSTRACT In view of the increasing popularity of online reviews and their significant impact on individual buying behavior as well as on the supply side, this study reviewed and analyzed articles related to online reviews in tourism and hospitality published in academic journals between 2004 and 2013. Based on a keyword-driven search and a content analysis, 50 articles were identified as relevant and classified into five topics. The findings revealed that (a) more than half of the analyzed articles focus on hotels and apply empirical methods based on secondary data, (b) more attention has been paid to the relationship between online reviews and online buying as well as satisfaction and online management, and (c) opinion mining of online reviews, motivation to post reviews, and the role of reviews are evenly distributed. This paper also discussed significant topical and methodological trends, contributes to an overall understanding of existing research and its limitation.
Treatment of Nasal Wrinkles with Botulinum Toxin

Background Nasal wrinkles on the dorsum of the nose can frequently be treated with botulinum toxin type A by injecting a few units into the nasalis muscle. Between 2 and 5 U of botulinum toxin have commonly been used. However, clinicians have observed that some nasal wrinkles persist following nasalis treatment. Objective To detail remaining nasal and perinasal rhytids and further injection sites, which can lead to improvement. Methods Two hundred fifty patients with nasal rhytids were treated between 1997 and 2004. Three units of botulinum toxin type A were injected bilaterally into the nasalis muscle. Patients were seen at 1 month for follow-up, and the remaining rhytids were documented. Results Forty percent of patients had satisfactory treatment of nasal wrinkles with the initial bilateral 3 U injections. Sixty percent of subjects had remaining nasal rhytids following the nasalis muscle injections. Thirty percent of subjects had persistent wrinkles at the root of the nose (nasal orbicular wrinkles), and 30% had wrinkles at the nasal root and between the eyes (nasociliary wrinkles). The injection of botulinum toxin into additional locations according to the anatomic differences of each person showed excellent resolution of the rhytids without complications. Conclusion Understanding nasal wrinkle patterns allows for complete wrinkle treatment of the nose beyond simple bilateral treatment of the nasalis. New points of botulinum toxin application improve not only wrinkles at the root of the nose but also wrinkles in the nasoalar area.
Isoflurane sparing action of epidurally administered xylazine hydrochloride in anesthetized dogs.

OBJECTIVE To evaluate the influence of epidural administration of xylazine hydrochloride on the minimum alveolar concentration of isoflurane (MAC(ISAO)) and cardiopulmonary system in anesthetized dogs. ANIMALS 6 clinically normal dogs. PROCEDURE Dogs were anesthetized with isoflurane in oxygen after randomly being assigned to receive 1 of the following 4 treatments: epidural administration of saline (0.9% NaCl) solution or xylazine at a dose of 0.1, 0.2, or 0.4 mg x kg(-1). Experiments were performed on 5 occasions with at least a 1-week interval between experiments; each dog received all 4 treatments. Following instrumentation, the concentration of isoflurane was maintained constant for 15 minutes at the MAC(ISO) that had been determined for each dog, and data on heart rate, arterial blood pressure, respiratory rate, tidal volume, minute volume, arterial partial pressure of oxygen, arterial partial pressure of carbon dioxide, and arterial pH were collected. The epidural treatment was administered, and 30 minutes later, data were again collected. From this point on, determination of the MAC(ISO) following epidural treatment (ie, MAC(ISO+EPI)) was initiated. Cardiopulmonary data were collected before each electrical supramaximal stimulus during MAC(ISO+EPI) determinations. RESULTS The mean (+/-SD) MAC(ISO) was 1.29 +/- 0.04%. The epidural administration of xylazine at doses of 0.1, 0.2, and 0.4 mg x kg(-1) decreased the MAC(ISO), respectively, by 8.4 +/- 2.4%, 21.7 +/- 4.9%, and 33.4 +/- 2.64%. Cardiopulmonary effects were limited. CONCLUSIONS AND CLINICAL RELEVANCE Epidural administration of xylazine decreases the MAC(ISO) in a dose-dependent manner and is associated with few cardiopulmonary effects in anesthetized dogs.
Political representation and legitimacy in the European Union

How severe a problem is what many call the ‘democratic deficit’ of the EU? Despite a voluminous theoretical literature dealing with this question, there is hardly any systematic empirical investigation of the effectiveness of the system of political representation in the EU, and of the legitimacy beliefs of EU citizens that spring from it. This book elaborates a conceptual framework for the empirical analysis of the alleged democratic deficit. Four dimensions of legitimacy beliefs are identified and analysed: the European political community; the scope of EU government; the institutions and processes of EU government; and EU policies. Based upon large-scale representative surveys (the ‘European Representation Study’) among the mass publics, and different strata of the political elite of the EU and its member-states, the book examines the conditions of political representation in the EU. The results demonstrate, by and large, that legitimacy beliefs of EU citizens are the more positive the less specific the object of identification and evaluations is, and that the process of political representation works pretty well as long as issues other than EU issues are concerned. These findings are finally discussed in view of familiar strategies for institutional reform of the EU. The book is arranged in two main parts: I. Legitimacy (4 Chs) and II. Representation ( 6Chs); it also has an introduction, a conclusion, and an appendix giving details of the European Representation Study. The book is one of two companion volumes that report on the results of this study. The other is The European Parliament, the National Parliaments, and European Integration (edited by Richard S. Katz and Bernhard Wessels), and is also published by OUP.
Progressive changes in cerebral perfusion after carotid stenting: a dynamic susceptibility contrast perfusion weighted imaging study

Background We aimed to assess baseline inter-hemispheric perfusion differences, before carotid artery stenting (CAS), of severe internal carotid artery (ICA) stenosis, and to evaluate perfusion changes over time after CAS by means of perfusion weighted imaging (PWI). Methods Dynamic susceptibility contrast PWI was performed in 33 patients with severe ICA stenosis 1 day before and 1 day after CAS, and repeated in 23 patients 30 days after CAS. Cerebral blood volume, cerebral blood flow, arrival time (T0), mean transit time, and time to peak (TTP) relative values comparing symptomatic and asymptomatic hemispheres before CAS were obtained. Pre- and post-CAS values were also compared in the treated hemisphere and middle cerebral artery (MCA) territories. The influence of collateral circulation and contralateral ICA stenosis were evaluated. Results Before CAS, TTP was significantly increased in the affected hemisphere and MCA territory in all patients (p=0.007 and p=0.021, respectively). After treatment, normalization was observed for TTP and T0 30 days after CAS in all patients, mainly in patients with any grade of contralateral stenosis and with one or both functioning communicating arteries (42.4% of patients had both, and 42.4% showed only one—anterior communicating artery=11 patients (78.6%) and posterior communicating artery=3 patients (21.4%)). Conclusions Inter-hemispheric perfusion differences in patients with severe ICA stenosis normalize after CAS in the long term, up to 30 days after the procedure.