Miracle-dz/UniFAR-FTUs huggingface dataset:
On the Brink? Intra‐Euro Area Imbalances and the Sustainability of Foreign Debt

In this paper we study the intra-euro area imbalances based on a dynamic general equilibrium model. We show that European financial integration and the introduction of the euro might have contributed to the development of imbalances. Interest rate convergence following EMU accession led to net foreign debt positions, which prove difficult to reverse. Simulation results for the euro area suggest that current account imbalances and foreign debt positions of today's crisis countries have significantly diverged from a sustainable path. Increasing investment in the EMU core and productivity in crisis countries may permit a return to sustainable foreign debt levels and correct macroeconomic imbalances in the euro area.
Are Accruals Mispriced? Evidence from Tests of an Intertemporal Capital Asset Pricing Model

This paper proposes a risk-based explanation for the accrual anomaly. Risk is measured using a four-factor model motivated by the Intertemporal Capital Asset Pricing Model. Tests of the model suggest that a considerable portion of the cross-sectional variation in average returns to high and low accrual firms is explained by risk. The four-factor model also performs better than some other widely used models in pricing a number of different hedge portfolios.
Transnational Corporations and ‘Obligated Embeddedness’: Foreign Direct Investment in China's Automobile Industry

With the aid of an empirical case study of the automobile industry in China, we explore how, under certain political–economic conditions, the investments of transnational corporations (TNCs) can be shaped to meet the state's objectives. We develop the concept of ‘obligated embeddedness’ to capture the dynamics of this process. We show that foreign direct investment in the automobile industry in China is a type of market-led and embedded investment which is characterised by joint ventures and the follow-up network configurations. However, to achieve such obligated embeddedness on the part of TNCs—and for the state and its citizens to gain its benefits—the state not only has to have the theoretical capacity to control access to assets located within its territory, but also the power actually to determine such access.
Moving towards a global real estate index

Purpose - This paper aims to explore the steps that need to be taken in developing a measure of global performance for direct real estate. Design/methodology/approach - The paper starts by reviewing the major considerations concerning the available real estate performance series across the world. The paper explains the steps that work through the obstacles of deriving an aggregate performance measure for each of the three regions and then combining them to get a global property returns series. Back-casting series and weighting assumptions are also covered. Findings - Based on the preliminary results, the paper explores the correlations in the results between different countries, and the performance of “global” property relative to other major asset classes. The paper concludes by drawing out the research issues and implications, and the steps for further research. Practical implications - Many challenges are involved in the construction of a global index of direct real estate market performance. On the one hand these are associated with the nature of real estate, which tends to be relatively illiquid and immature as an asset class. On the other, there are significant variations in the quality of data availability across countries. IPD has played a huge role in generating consistent data series across countries, and this increases the ability to move towards a “global index” of direct market performance. Originality/value - The study examines the increasing need for a global performance benchmark for direct real estate and the way a practitioner approaches the limitations and challenges involved in constructing one.
Low-power and high-quality Cordic-based Loeffler DCT for signal processing

A computationally efficient and high-quality preserving discrete cosine transform (DCT) architecture is presented. It is obtained by optimising the Loeffler DCT based on the coordinate rotation digital computer (Cordic) algorithm. The computational complexity is reduced significantly from 11 multiply and 29 add operations (Loeffler DCT) to 38 add and 16 shift operations (i.e. similar to the complexity of the binDCT) without losing quality. After synthesising with TSMC 0.13-mum technology library, Synopsys PrimePower was used to estimate the power consumption at gate-level. The experimental results show that the proposed 8-point one-dimensional DCT architecture only consumes 19% of the area and about 16% of the power of the original Loeffler DCT. Moreover, it also retains the good transformation quality of the original Loeffler DCT. In this regard, the proposed Cordic-based Loeffler DCT is very suitable for low-power and high-quality encoder/decoders (codecs) used in battery-based systems.
Tax Differentials and Callable Bonds

A NUMBER OF INVESTIGATORS have considered reasons why various options are included when bonds are issued. Most attention centers on the almost invariable inclusion in corporate bonds of a call or redemption option that enables the borrowing corporation to buy back the bond at a stated price prior to maturity. Such an option provides the borrower with considerable financial flexibilityl particularly the opportunity to replace the bonds with a lower-cost issue should rates fall.2 To obtain this flexibility, the borrower must pay an interest rate premium. While corporations have almost always been willing to pay this premium, the Federal government has not.3 Since calls are primarily exercised to take advantage of lower interest rates, most arguments for the existence of the call options have emphasized differences between the borrowers' and lenders' predictions and attitudes about interest rate changes (see [8]). But although these might justify the existence of some call options, they do not explain why virtually all the corporate bonds would have this feature, or conversely why "puttable" bonds, which the holder could present for redemption at his option at pre-set price, would be so rare. The published justifications for the existence of call options are so unconvincing that many authorities have held that there are no valid reasons, in particular that in an efficient market the interest rate premium demanded for the call
Does a Bias in FOMC Policy Directives Help Predict Intermeeting Policy Changes

Since 1984 the FOMC has issued directives indicating a bias toward easing or tightening. This paper investigates the information content of these asymmetric directives for the likelihood of inter-meeting changes in policy during the Greenspan chairmanship. If policy is measured by the change in the average daily federal funds rate after a directive is issued, the results indicate that a bias predicts a significant change in the average funds rate. If policy is measured qualitatively by whether the target for the federal funds rate changed, a bias significantly affects the probability that the target will be changed.
Clinical characteristics of essential tremor: Data from a community‐based study

BACKGROUND: 99.5% of individuals with essential tremor (ET) who live in the community have mild tremor and do not attend clinics. Clinic‐based studies of ET have not allowed investigators to characterize the full clinical spectrum of this disorder. In community‐based studies of ET, the primary focus has been the prevalence rather than the clinical characteristics of ET.
Approximate Life‐Cycle Assessment of Product Concepts Using Learning Systems

Parametric life‐cycle assessment (LCA) models have been integrated with traditional design tools and used to demonstrate the rapid elucidation of holistic, analytical trade‐offs among detailed design variations. A different approach is needed, however, if analytical environmental assessment is to be incorporated in very early design stages. During early stages, there may be competing product concepts with dramatic differences. Detailed information is scarce, and decisions must be made quickly.
The Effects of Boating Safety Regulations

This article investigates the effects of boater education programs and an increase in the number of water patrol officers on the prevention of recreational boating accidents. The empirical study, which estimates a reduced-form model similar to those used in the automobile safety literature, analyzes data on boating accidents that occurred in 1994 from 49 states and the District of Columbia. Model simulations, based on empirical estimates from Poisson and negative binomial models, suggest that a uniform law-enforcement policy of one-and-a-half water patrol officers per 1,000 boaters would prevent between 2,229 (negative binomial) and 2,318 (Poisson) accidents in 44 states.
Do Analysts' Notes Provide New Information?

This paper systematically studies analysts' notes, an important form of analyst disclosure not previously studied in the literature. Analyst notes are written disclosures that represent a product of sell-side analysts' daily effort and provide a vehicle for analysts to communicate their information and analysis in far more detail than a summary forecast or recommendation. We provide strong evidence that analyst notes are informative for capital market participants. Specifically, we find both statistically significant and economically meaningful stock market reactions to analyst notes. This result holds after controlling for numerous major firm disclosures (earnings announcements, quantitative and qualitative management forecasts, conference calls, and press releases) and previously documented analyst disclosures (forecasts, recommendations, and reports).
The impact of defense and non‐defense public spending on growth in Asia and Latin America∗

For a three-sector Feder-Ram framework, we present time-series, cross-sectional estimates for two cohorts, consisting of Asian and Latin American countries. The estimates indicate that private investment, and defense and non-defense public spending are growth promoting for alternative error components representations. For the best error components representation, greater growth enhancement is associated with the two forms of public spending in Asia than in Latin America, while the opposite comparison characterizes private investment. Although defense is growth promoting, an opportunity cost exists insofar as non-defense spending, financed by defense spending, appears to give a small net boost to growth in Latin America.
A Novel Transporter of SLC22 Family Specifically Transports Prostaglandins and Co-localizes with 15-Hydroxyprostaglandin Dehydrogenase in Renal Proximal Tubules*

We identified a novel prostaglandin (PG)-specific organic anion transporter (OAT) in the OAT group of the SLC22 family. The transporter designated OAT-PG from mouse kidney exhibited Na+-independent and saturable transport of PGE2 when expressed in a proximal tubule cell line (S2). Unusual for OAT members, OAT-PG showed narrow substrate selectivity and high affinity for a specific subset of PGs, including PGE2, PGF2α, and PGD2. Similar to PGE2 receptor and PGT, a structurally distinct PG transporter, OAT-PG requires for its substrates an α-carboxyl group, with a double bond between C13 and C14 as well as a (S)-hydroxyl group at C15. Unlike the PGE2 receptor, however, the hydroxyl group at C11 in a cyclopentane ring is not essential for OAT-PG substrates. Addition of a hydroxyl group at C19 or C20 impairs the interaction with OAT-PG, whereas an ethyl group at C20 enhances the interaction, suggesting the importance of hydrophobicity around the ω-tail tip forming a “hydrophobic core” accompanied by a negative charge, which is essential for substrates of OAT members. OAT-PG-mediated transport is concentrative in nature, although OAT-PG mediates both facilitative and exchange transport. OAT-PG is kidney-specific and localized on the basolateral membrane of proximal tubules where a PG-inactivating enzyme, 15-hydroxyprostaglandin dehydrogenase, is expressed. Because of the fact that 15-keto-PGE2, the metabolite of PGE2 produced by 15-hydroxyprostaglandin dehydrogenase, is not a substrate of OAT-PG, the transport-metabolism coupling would make unidirectional PGE2 transport more efficient. By removing extracellular PGE2, OAT-PG is proposed to be involved in the local PGE2 clearance and metabolism for the inactivation of PG signals in the kidney cortex.
Whole-cell analysis of ionic currents underlying the firing pattern of neurons in the gustatory zone of the nucleus tractus solitarii.

1. Previous work from this laboratory has shown that rostral nucleus tractus solitarii (rNTS) neurons can be separated into four different classes on the basis of responses to a current injection paradigm consisting of membrane hyperpolarization immediately followed by a depolarizing pulse. These classes have been termed Group I, II, III, and IV neurons. The regular repetitive firing discharge pattern of Group I cells is changed into an irregular spike train by membrane hyperpolarization. Hyperpolarization of Group II neurons delays the firing discharge induced by depolarization. Hyperpolarization had the least effect on the discharge pattern of Group III neurons. The discharge pattern of Group IV neurons consisted of a short burst of spikes. We used whole-cell recordings and pharmacological channel blockers in an in vitro brain stem slice preparation to determine the ionic basis for the repetitive firing properties of rNTS neurons. 2. Application of 4-aminopyridine (4-AP, 1 mM) decreased input resistance and increased action potential duration in all groups of neurons. However, the discharge pattern of Group I, III, and IV neurons was either unaltered or slightly modified by 4-AP. In contrast the delay in firing of Group II cells induced by hyperpolarization was strongly reduced and in some cases completely suppressed by application of 4-AP. This suggests that a 4-AP-sensitive conductance primarily underlies the firing pattern of Group II cells. 3. Voltage-clamp recordings revealed that the delay in Group II neurons is due to a transient outward potassium current that is partially inactivated around the resting membrane potential. Hyperpolarization removed this inactivation, causing a delay in the firing of the cell. The potassium current was blocked by 4-AP. A similar current was occasionally seen in neurons of the other groups. On the basis of its voltage and pharmacological dependence this current was presumed to be an A-current (IKA). 4. Blockade of calcium currents by a low-calcium (0.5 mM) saline containing 2 mM Co2+ depressed the excitability of rNTS cells. For Group II neurons the delay in firing activity was increased. In the other groups the repetitive firing pattern was suppressed. In addition the amplitude of the afterhyperpolarization occurring after a short train of action potentials was substantially reduced. This indicates that calcium currents (ICa) and calcium-activated potassium currents (IKCa) contribute to the repetitive firing properties of rNTS neurons. 5. In about half of Group I, III, and IV neurons an additional property was found. (ABSTRACT TRUNCATED AT 400 WORDS)
Do Acquirers Manage Earnings Prior to a Share for Share Bid?

Earnings management by acquirers ahead of share for share bids may affect whether a bid succeeds, and hence which management team controls the target's assets, as well as the distribution of gains between target and acquirer shareholders. This paper tests for such earnings management for the UK, the world's second largest takeover market, in the period 1997-2001 when M&A reached record levels and share for share deals came to account for the majority of expenditure. Using a range of approaches originating in Jones' model, the paper finds evidence consistent with earnings management ahead of share-financed bids.
An Examination of the Yield Spread between Insured and Uninsured Debt

Currently, municipal bonds insured by major insurance firms receive the highest credit rating from rating agencies. The interest rates on regular triple-A municipal bonds, however, have been persistently below those of insured bond issues. The yield spread between insured and uninsured triple-A bonds in the tax-exempt market is examined here, and it is shown that the yield spread may be attributable to split ratings and default-related risks.
A Novel Strategy for Pulse Radar HRRP Reconstruction Based on Randomly Interrupted Transmitting and Receiving in Radio Frequency Simulation

Target probing based on wideband pulse radar is a challenging task for radio frequency simulation (RFS) in anechoic chamber. Due to the long time duration of pulse radar signal and the limited space of anechoic chamber, the reflected signal returns before the pulse radar signal is fully transmitted, which makes it difficult for the signal reception. As a consequence, the target high-resolution range profile (HRRP) cannot be obtained for target imaging and recognition. In this paper, we propose a novel strategy that contains two steps to solve this problem and obtain the target HRRP. First, the randomly interrupted transmitting and receiving (R-ITR) method is proposed to receive the pulse radar signal in RFS. Second, the target HRRP is reconstructed by compressive sensing (CS) since the R-ITR echo is piecewise sparse. The protocol to choose R-ITR parameters and performance of HRRP reconstruction are provided. Simulations and experiments with different R-ITR parameters are also conducted to verify the effectiveness of the proposed method.
Top executive pay and performance

Using data on 241 of Britain's largest industrial companies, the pay received by top executives in 1985 is studied as a function of corporate performance. An attempt is made to estimate the extent to which executive pay and shareholder wealth are linked. Rival explanations, relating pay to the assets, employment level and turnover of the company, are also examined. No support is found for the managerialist view that remuneration tends to be correlated with size attributes. The results do, however, suggest that, while much of the variation in executive pay remains unexplained, there is evidence of executive remuneration policy serving to effect incentive alignment between the executive's and shareholders' interests.
Corporate governance, disclosure and foreign share ownership on the Ghana Stock Exchange

Purpose - The purpose of this paper is to examine the interaction between corporate disclosure and foreign share ownership on the Ghana Stock Exchange (GSE). Design/methodology/approach - The paper follows the trinary procedure of Aksu and Kosedag and uses the Standard & Poor's transparency and disclosure items in the construction of the disclosure index. Therefore, the paper adopts a panel data analysis covering a period from 2002 to 2007 using the seemingly unrelated regression approach. Findings - The results indicate a statistically significant interaction between corporate disclosures and foreign share ownership among the sample firms. The market value of equity and market-to-book value ratio is documented; free cash flow and financial leverage have statistically significant relationships with foreign share ownership. Originality/value - This is the first of its kind in the country that considers the impact of corporate governance and disclosure on foreign share ownership despite the numerous studies carried out on the GSE.
Expectations, Emotions, and Medical Decision Making: A Case Study on the Use of Amniocentesis

The medical decision-making literature has paid scant attention to how prior expectations of patients and clinicians can influence medical encounters and affect patients’ choices whether to accept or reject medical testing or treatment. To illuminate the issue, we offer a reflexive analysis of the experiences of a Mexican-American couple offered amniocentesis based on the woman’s age and prior pregnancy history. We examine the impact of three principal factors: incongruity between expectations and reality for both patient and clinicians; the actors’ ethnic backgrounds; and the history and nature of relationship dynamics between the patient and her male partner. We conclude that unmet expectations on the part of both patient and clinicians evoked powerful emotions that altered the woman’s previous intention to agree to amniocentesis.
The cash divide: the allocation of European Union regional grants

To promote economic and social cohesion, the European Union (EU) structural funds part-finance public investment programmes in European regions with about €30 billion per year. This article develops an explanation for the apportionment of structural funds across EU regions. It is argued that the Commission's decisions on regional transfer levels reflect its bureaucratic interest and potentially undermine EU goals. Using a new data set on regional transfer payments in the EU-15 from 2000 to 2006, and qualitative interviews with decision-makers, this argument is tested and corroborated. In doing so, it is shown that the recipient regions' level of economic affluence is necessary, but no sufficient explanatory factor for regional transfer levels. In contrast to previous findings in the literature, the empirical record does not suggest that regional partisan politics has an effect on the size of regional transfer levels.
The attribution of success and failure in IT projects

Purpose – The purpose of this research is to determine how project managers attribute information technology (IT) project success and failure.Design/methodology/approach – IT personnel from large Australian organisations completed an adapted version of the Attributional Styles questionnaire, which asked them to attribute causes along a number of attribution dimensions, for IT projects which have either succeeded or failed.Findings – The results indicate that IT support workers attribute failure to external factors, whilst attributing success to themselves. On the other hand, executive management took a more balanced perspective which attribute success to external factors and only partially to themselves, whereas they attribute significant personal responsibility for failure.Practical implications – More junior professionals and operational IT employees can learn from their senior professionals in attributing success and failure. Post‐implementation reviews and debriefings conducted by senior IT profession.
Improved resection margins in breast-conserving surgery using Terahertz Pulsed imaging data

New statistical methods were employed to improve the ability to distinguish benign from malignant breast tissue ex vivo in a recent study. The ultimately aim was to improve the intraoperative assessment of positive tumour margins in breast-conserving surgery (BCS), potentially reducing patient re-operation rates. A multivariate Bayesian classifier was applied to the waveform samples produced by a Terahertz Pulsed Imaging (TPI) handheld probe system in order to discriminate tumour from benign breast tissue, obtaining a sensitivity of 96% and specificity of 95%. We compare these results to traditional and to state-of-the-art methods for determining resection margins. Given the general nature of the classifier, it is expected that this method can be applied to other tumour types where resection margins are also critical.