Miracle-dz/UniFAR-FTUs huggingface dataset:
The effects of mean reversion on alternative investment strategies

Purpose – The purpose of this study is to investigate the relationship between predictability in return and investment strategy performance. Two measures that characterize investment strategies within a mean-variance framework, an activity measure and a style measure, are developed and the performance of alternative strategies (e.g. contrarian, momentum, etc.) is examined when risky asset returns are mean reverting. Design/methodolgy/approach - Returns are assumed to follow a multivariate Ornstein-Uhlenbeck process, where reversion to a time-varying mean is governed by an additional variable set, similar to that proposed by Lo and Wang (1995). Depending on its parameterization, this process is capable of producing an autocorrelation pattern consistent with empirical evidence, that is, positive autocorrelation in short-horizon returns and negative autocorrelation in long-horizon returns. Findings -The results, for four uninformed investment strategies and assuming that returns are generated by a simple univariate Ornstein-Uhlenbeck process, show that the unadjusted returns from the contrarian (momentum) strategy are greater than those from the other strategies when the mean reversion parameter, a, is greater than (less than) one. The results are expected, given the relationship between a and the first-order autocorrelation in returns. The risk level (measured by either the standard deviation of returns or beta) of the contrarian strategy is the lowest at essentially all levels of mean reversion and the risk-adjusted returns from the contrarian strategy, measured by the both the Sharpe and Treynor ratios, dominate those from the other strategies. Practical implications - The methodology used here may be easily extended to consider a number of important issues, such as the frequency of portfolio rebalancing, transactions costs, and multiple asset portfolios, that are encountered in practice. Originality/value - The approach used here provides insight into how predictability affects the relative performance of tactical investment strategies and, thus, may serve as a basis for determining the magnitude and persistence in autocorrelation required for active investment strategies to yield profits significantly different from those of passive strategies. In this sense, this study may have appeal for both academics and investment professionals.
Analysing texts used to contribute to the discharge of public sector financial accountability

Purpose – This paper reviews and analyses the discourse recorded in the Hansard of the Australian Federal Parliament’s Senate Legislation Committees to determine if this parliamentary accountability process contributes to the (re)production of dominance and inequality in the public sector. Design/methodology/ approach – This research is based on a relatively new approach termed critical investigative inquiry which, in this paper, is based on critical discourse analysis informed and supported by rudimentary content analysis and thematic analysis. Practical implications – This paper provides insights into the use of Senate Legislative Committees as an avenue for elites to exert dominance over those who do not have an opportunity to resist as well as challenge the taken for granted status of this public sector financial accountability process. Originality/ value – This research paper contributes to the literature on the use of critical discourse analysis in examining the (re)production of dominance and inequality in the discharge of public sector accountability. The research also presents a relatively unique methodology to examine and analyse discourse.
Passive shareholders and active managers: an empirical test of Admati and Pfleiderer's hypothesis

Admati and Pfleiderer (2006) demonstrate that under some conditions, linking CEO pay to share price performance may aggravate agency conflicts. Two fundamental conflicts are considered: the manager may take value-destroying, privately beneficial (‘bad’) actions, or value-enhancing, privately costly (‘good’) actions. Applying a structural equation model to a global data set, we find that when institutions encouraging ‘good’ (‘bad’) managerial conduct are lacking, CEO pay is more (less) strongly associated with share price performance. Our analysis suggests that the Wall Street Rule as a governance mechanism varies in its effectiveness to cope with different categories of agency conflict.
Basophilic inclusions and neuronal intermediate filament inclusions in amyotrophic lateral sclerosis and frontotemporal lobar degeneration

Basophilic inclusions (BIs) and neuronal intermediate filament inclusions (NIFIs) are key structures of basophilic inclusion body disease and neuronal intermediate filament inclusion disease (NIFID), respectively. BIs are sharply‐defined, oval or crescent neuronal intracytoplasmic inclusions that appear pale blue‐gray in color with HE staining and purple in color with Nissl but are stained poorly with silver impregnation techniques. Immunohistochemically BIs are negative for tau, trans‐activation response DNA 43 (TDP‐43), α‐synuclein, neurofilament (NF) and α‐internexin, positive for p62, and variably ubiquitinated. Noticeably, BIs are consistently fused in sarcoma (FUS) positive. NIFIs are by definition immuno‐positive for class IV IFs including three NF triplet subunit proteins and α‐internexin but negative for tau, TDP‐43, and α‐synuclein. In NIFID cases several types of inclusions have been identified. Among them, hyaline conglomerate‐like inclusions are the only type that meets the above immunohistochemical features of NIFIs. This type of inclusion appears upon HE staining as multilobulated, faintly eosinophilic or pale amphophilic spherical masses with a glassy appearance. These hyaline conglomerates appear strongly argyrophilic, and robustly and consistently immuno‐positive for IFs. In contrast, this type of inclusion shows no or only occasional dot‐like FUS immunoreactivity. Therefore, BIs and NIFIs are distinct from each other in terms of morphological, tinctorial and immunohistochemical features. However, basophilic inclusion body disease (BIBD) and NIFID are difficult to differentiate clinically. Moreover, Pick body‐like inclusions, the predominant type of inclusions seen in NIFID, are considerably similar to the BIs of BIBD in that this type of inclusion is basophilic, poorly argyrophilic, negative for IFs and intensely immuno‐positive for FUS. As BIBD and NIFID share FUS accumulation as the most prominent molecular pathology, whether these two diseases are discrete entities or represent a pathological continuum remains a question to be answered.
Empire Building: Orientalism and Victorian Architecture

The colonial architecture of the nineteenth century has much to tell us of the history of colonialism and cultural exchange. Yet, these buildings can be read in many ways. Do they stand as witnesses to the rapacity and self-delusion of empire? Are they monuments to a world of lost glory and forgotten convictions? Do they reveal battles won by indigenous cultures and styles? Or do they simply represent an architectural style made absurdly incongruous in relocation? Empire Building is a study of how and why Western architecture was exported to the Middle East and how Islamic and Byzantine architectural ideas and styles impacted on the West. The book explores how far racial theory and political and religious agendas guided British architects (and how such ideas were resisted when applied), and how Eastern ideas came to influence the West, through writers such as Ruskin and buildings such as the Crystal Palace. Beautifully written and lavishly illustrated, Empire Building takes the reader on an extraordinary postcolonial journey, backwards and forwards, into the heart and to the edge of empire.
Compare investigation of lithiation, sodiation, and magnesiation ion adsorptions and diffusions on monolayer MoS2 for energy storages using first-principles

Effective energy storage and conversion technologies have attracted extensive attention for developing advanced rechargeable batteries. The high-energy capacity of molybdenum disulfide (MoS2) monolayer for Li-ion battery was recently introduced. Compared with Li-ion battery, the growing interests have been concentrated on the Na-ion batteries and Mg-ion batteries based on two-dimensional nanomaterials. Though the Li- and Mg-ion batteries based on MoS2 nano-tubes have been theoretically studied, knowledge about the Na, Mg-ion batteries with MoS2 monolayer is lack. To look insight into the capability of energy storage, herein, we performed the first-principles calculations to investigate the Li, Na, and Mg ions adsorption on and diffusion through the MoS2 monolayer. The binding energies of these ions at different sites, including top of S atom, top of Mo atom, and hole site (centre of hexagonal lattice), were measured. It was found that the binding energy at the top of Mo atom is the largest, which indicates the possibly stable absorption configuration. Energy barriers of ions passing through and diffusing over the MoS2 monolayer were also calculated. Results show that the Mg-ion has a largest energy barrier to pass through the MoS2 layer and a smallest energy barrier to diffuse above the MoS2 layer. The band structures and density of states of MoS2 before and after ion absorption were also calculated and discussed.
Current Status of Radiation in the Treatment of Breast Cancer

The role of radiation therapy in the management of breast cancer has continued to evolve over the past several years, in both the breast-conserving and postmastectomy settings. In this issue of ONCOLOGY, Dr. William Small provides a thorough yet concise review of current practices in radiation therapy for ductal carcinoma in situ (DCIS), early-stage invasive breast cancer managed conservatively, and postmastectomy situations. These discussions are supported by a well-selected group of publications on each topic. In addition, the author summarizes the available data and some of the controversies surrounding the use of nodal irradiation, especially in this era of sentinel node biopsy. We would like to mention a few points that warrant further discussion.
Historical perspectives and identification of Neisseria and related species

The pathogenic Neisseria spp. , N. gonorrhoeae and N. meningitidis, have been studied extensively and rapid identification procedures have been designed to distinguish these species from the commensal Neisseria and related species that are normal flora of the oro- and nasopharynx. The commensal Neisseria spp. have been largely ignored except for isolated studies. It is important that we know about these species, however, because not only may some be misidentified as pathogenic species if identified with inappropriate procedures, but also they may occasionally be isolated from unusual sites and must be correctly identified to the species level for clinical purposes.
Age-group Differences in Inhibiting an Oculomotor Response

ABSTRACT Age-group differences were examined in the delayed oculomotor response task, which requires that observers delay the execution of a saccade (eye movement) toward an abrupt-onset visual cue. This task differs from antisaccade and attentional capture in that inhibition causes saccades to be postponed, not redirected. Older adults executed more premature saccades than young adults, but there were no age-group differences in latency or accuracy of saccades executed at the proper time. The results suggest that older adults are less capable of inhibiting a prepotent saccadic response, but that other aspects of visual working memory related to the task are preserved.
Can confidence indicators be useful to predict short term real GDP growth?

We investigate the usefulness of the European Commission confidence indicators for forecasting real GDP growth rates in the short run is investigated in selected euro area countries (Belgium, Spain, Germany, France, Italy and the Netherlands) which account for almost 90% of the euro area. A linear relationship between real GDP and confidence indicators is estimated and the forecasting performance of the estimated models compared with a benchmark ARIMA model. It is generally found that confidence indicators can be useful for forecasting real GDP growth rates in the short-run in most of the above-mentioned countries. Notwithstanding some signs of instability in the relation between confidence indicators and real GDP, improvements with the use of time-varying parameter models appear to be fairly limited but confirm the findings obtained with constant parameter techniques. The results obtained are robust to a wide range of variant tests implemented.
Mission Impossible?: Measuring Success in Nonprofit Organizations

The difficulty of measuring performance in the nonprofit sector has long been recognized. This article begins with a case study detailing how one organization, The Nature Conservancy, tackled the challenge of moving beyond measuring activity to measuring mission impact. After several false starts, the Conservancy developed a model for measuring success, divided into three broad areas: impact, activity, and capacity. The article then presents data from interviews with leaders of thirty other leading nonprofits, who reveal how their organizations measure performance in these three areas. It concludes with some lessons learned about performance measurement in the nonprofit sector.
Macroeconomic Announcements and the Implied Volatility Index: Evidence from India VIX

This study examines the impact of scheduled macroeconomic announcements on the option’s implied volatility index in the emerging market. The macroeconomic indicators considered are RBI monetary policy statements, the consumer price index, wholesale price index, index of industrial production, the employment rate and gross domestic product (GDP growth rate). The study reveals that during non-announcement periods the implied volatility index (India VIX) increases significantly. Once results are announced, uncertainty is resolved and the India VIX returns to normal levels. It confirms that the India VIX declines significantly following scheduled GDP news, but rises significantly on the announcement of monthly inflation rates (WPI). Indeed, the joint effect of the announcements relating to monetary policy, the industrial output, employment rate and GDP is found to be statistically significant (and negative). JEL Classification: E52, E58, G12, G14
Persistently low transplantation rate of ABO blood type O and highly sensitised patients despite alternative transplantation programs

ABO blood type O and highly sensitised patients have the smallest chance to receive kidney transplantation. Do alternative donation programs increase this chance? In the period studied: 2323 patients were enlisted on the Rotterdam waiting list for a renal transplantation: 435 patients still waiting (WL), 464 delisted without transplantation (DWT). 1424 received deceased donor (DD, 535) or living donor (LD, 889, including 204 alternative) transplantation. Alternative LD programs in our centre are: paired kidney‐exchange, altruistic with domino‐paired donation and ABO‐incompatible donation (ABOi). Compared to populations not transplanted, blood type O recipients are significantly underrepresented in DD and all LD transplantation populations, except the ABOi program. Highly sensitised patients are overrepresented in DD, but underrepresented in all LD transplantation populations. The high transplantation rate of highly sensitised patients was the result of Eurotransplant Acceptable mismatch program (AM). The LD ABOi and DD AM programs are the only alternative donation programs favourable for patients with low chances. While the contribution of direct LD transplantations will increase in time, the relative success rate of low‐chance patients will decrease. Beside increasing LD ABOi transplantation, a new DD allocation model favouring both highly immunised and blood type O patients is essential.
Theft, Gift-Giving, and Reciprocity: A South African Experiment

Abstract This paper uses a taking game to examine how South African subjects alter the amount they choose to ‘steal’ in response to a resource transfer from the potential victim. Any positive resource transfer significantly reduces the amount taken. ‘Small’ transfers reduce a victim’s total losses, including the transfer and the subsequent ‘theft’. Larger transfers increase a victim’s total losses. This study failed to find that differences in the frame of a transfer (i.e. gift, as a bribe, or as a payment) influenced a taker’s response to the transfer.
The effect of oxygen on the lung

The harmful effect of oxygen in high concentration on the lung has been recognized for many years. Smith (1899) observed the lethal results following the exposure of experimental animals to oxygen at between 3 and 5 atmospheres pressure over a period of 24 hours. He considered that death resulted from pulmonary inflammation. Karsner (1916) and Binger, Faulkner, and Moore (1927) described widespread changes in the lungs of animals exposed to high concentrations of oxygen for 48 hours or more. Much of the early work was concerned with animals but later necropsy studies showed that similar pulmonary lesions occurred in man (Pratt, 1958). It was evident that oxygen could exert a harmful effect either over a short period at high pressure or over a longer time at atmospheric pressure.
A proposed model of administrative roles in recreation management

This paper reports on qualitative research based upon role theory and using Talcott Parson's Theory of Action as a framework to explore factors that influence a recreation administrator when making decisions. Recreation administrators from all three sectors of the recreation industry (public, private and non-profit) participated in three rounds of in-depth interviews that focused on five dimensions of administrative responsibility: proactive administration; managerial efficiency; social equity; political responsiveness; and neutrality. After analysis of the transcriptions and input from both professional and academic reviewers, what has resulted is a proposed model of administrative roles in recreation management that recognises the existing literature yet takes a more comprehensive approach to understanding how recreation administrators perceive their role as they make decisions. While not yet fully developed, the proposed model has the potential to affect the profession in two specific ways. First, as we learn more about the multi-faceted and often nuanced roles of administrators for recreation programmes and services, we can change how we prepare new professionals for the field. Second, the proposed model gives recreation programme administrators a common framework for discussion about the changing role of management and decision making in recreational programmes.
Capital Structure, Equity Mispricing, and Stock Repurchases

We evaluate motives for share repurchases using a unified framework where a firm has a target capital structure and has equity that can be mispriced. We document that capital structure adjustments are a value-increasing motive for repurchases and that the extent to which adjusting capital structure through a repurchase creates value depends on the undervaluation of the firm. Underlevered and undervalued firms enjoy the greatest economic gains from a repurchase, as evidenced by the stock price reaction to the repurchase announcement, and these firms are more likely to announce a share repurchase program.
Life Cycle Analysis of different alternatives for the treatment and disposal of ethanol vinasse

Ethanol production via sugar juice fermentation has a serious problem related to the quantities and high organic content of its main residue i.e. vinasse or stillage. Awareness of the impact of vinasse disposal by fertirrigation caused the environmental agencies in Brazil to implement more rigorous conditions regarding this practice. In this paper, as possible disposal alternatives, the following were defined: conventional fertirrigation (base reference case); vinasse biodigestion and biogas use as fuel in factory boilers, vinasse dewatering up to 40–50% and its direct combustion in boilers; vinasse dewatering up-to 60% before fertirrigation in order to reduce transport costs. At the same time, environmental impacts characterization and weighting of the vinasse fertirrigation life cycle and the advantages and disadvantages of each alternative are presented. Graphs of normalized environmental effects for the evaluated alternatives are also presented.
A state-space model of a three tier APVIOBPCS supply chain

Purpose – The purpose of this paper is to investigate a control engineering-based system model that allows for any value of production delay for a three-tier supply chain with information delays between tiers or systems with epos. Design/methodology/approach – A discrete z transform model of automatic pipeline, variable inventory and order based production control system three-tier supply chain is obtained using a state-space model using a reachable control formulation. This model provides a discrete time state-space model conversion using an exponential production delay with no loss of generality. Findings – This work allows a three-tier supply chain model to be computed via a spreadsheet using any production delay and can be modified to include different sales smoothing procedures. The model is fully controllable and observable. Stability of these models is obtained from the system eigenvalues and agrees with our previously published stability boundaries. Practical implications – The system is described.
Executive Function in Rats is Impaired by Low (20 cGy) Doses of 1 GeV/u 56Fe Particles

Exposure to galactic cosmic radiation is a potential health risk in long-term space travel and represents a significant risk to the central nervous system. The most harmful component of galactic cosmic radiation is the HZE [high mass, highly charged (Z), high energy] particles, e.g., 56Fe particle. In previous ground-based experiments, exposure to doses of HZE-particle radiation that an astronaut will receive on a deep space mission (i.e., ∼20 cGy) resulted in pronounced deficits in hippocampus-dependent learning and memory in rodents. Neurocognitive tasks that are dependent upon other regions of the brain, such as the striatum, are also impaired after exposure to low HZE-particle doses. These data raise the possibility that neurocognitive tasks regulated by the prefrontal cortex could also be impaired after exposure to mission relevant HZE-particle doses, which may prevent astronauts from performing complex executive functions. To assess the effects of mission relevant (20 cGy) doses of 1 GeV/u 56Fe particles on executive function, male Wistar rats received either sham treatment or were irradiated and tested 3 months later for their ability to perform attentional set shifting. Compared to the controls, rats that received 20 cGy of 1 GeV/u 56Fe particles showed significant impairments in their ability to complete the attentional set-shifting test, with only 17% of irradiated rats completing all stages as opposed to 78% of the control rats. The majority of failures (60%) occurred at the first reversal stage, and half of the remaining animals failed at the extra-dimensional shift phase of the studies. The irradiated rats that managed to complete the tasks did so with approximately the same ease as did the control rats. These observations suggest that exposure to mission relevant doses of 1 GeV/u 56Fe particles results in the loss of functionality in several regions of the cortex: medical prefrontal cortex, anterior cingulated cortex, posterior cingulated cortex and the basal forebrain. Our observation that 20 cGy of 1 GeV/u 56Fe particles is sufficient to impair the ability of rats to conduct attentional set-shifting raises the possibility that astronauts on prolonged deep space exploratory missions could subsequently develop deficits in executive function.