Miracle-dz/UniFAR-FTUs huggingface dataset:
Trend Breaks, Long Run Restrictions, and the Contractionary Effects of Technology Shocks

Recent empirical work using structural VARs with long-run restrictions assesses whether hours worked per capita rises or falls following a technology improvement. This literature reaches divergent conclusions on the sign of this effect, depending on whether hours worked enters the VAR in log-levels or growth rates. In contrast, I find that once one allows for (statistically and economically plausible) trend breaks in labor productivity, it is unimportant whether hours enters the VAR in levels or growth rates: Hours worked falls by a statistically significant amount on impact following a technology improvement. These findings apply in both bivariate and larger VAR systems. Results are also robust to reasonable variation in dating the trend breaks. In the full sample, however, one must take out two breaks to get the contractionary effects of technology improvements, at least if hours enters in levels. Finally, but importantly, I discuss conjectures on what, statistically and economically, drives the sensitivity to trend breaks. I argue that the sensitivity is economically interesting and informative
Auctions and Leaks: A Theoretical and Experimental Investigation

We study first- and second-price private value auctions with sequential bidding where second movers may discover the first movers bids. There is a unique equilibrium in the first-price auction and multiple equilibria in the second-price auction. Consequently, comparative statics across price rules are equivocal. We experimentally find that in the first-price auction, leaks benefit second movers but harm first movers and sellers. Low to medium probabilities of leak eliminate the usual revenue dominance of first-price over second-price auctions. With a high probability of a leak, second-price auctions generate higher revenue.
Highly educated immigrants in the Norwegian labour market: permanent disadvantage?

This article analyses earnings and employment differences between native Norwegians and immigrants over the period 1993—2003. Register data for the entire population of graduates from Norwegian universities 1992—2002 are used. Immigrants' earnings and employment rates are considerably lower than those of native Norwegians. The differences decline with time of residency. Keeping time of residency constant, however, earnings differences between native men and male immigrants tend to grow over the career.
TOP INCOMES IN THE UNITED STATES AND CANADA OVER THE TWENTIETH CENTURY

This paper presents top income shares series for the United States and Canada over the 20th century. In both countries, top income shares display a U-shaped pattern over the century, with a precipitous drop during World War II, with no recovery in the following decades. Since the late 1970s, however, top income shares have been increasing dramatically and the very top shares are now almost as high as in the prewar era. The drop in top income shares in the first part of the century is mainly a capital income phenomenon but the recent increase in top income shares is the consequence of a surge in top wages and salaries. The United States reduced significantly marginal tax rates for high incomes over the last 40 years but Canada did not. Therefore, the almost identical upward pattern of top income shares in both countries cannot be solely explained by changes in tax avoidance behavior. Mobility at the top of the income distribution has been very stable in Canada in spite of the surge in annual income concentration. Thus the increase in annual top income shares in Northern America will likely translate into an increase in permanent income concentration of similar magnitude. (JEL: H24, H31, N32) Copyright (c) 2005 The European Economic Association.
Labour leverage, equity risk and corporate policy choice

This paper investigates the role of labour utilization in assessing equity investment risk and corporate financial policy choices. Several existing models of the firm predict that labour utilization is costly to adjust in the short run. I argue that this leads to a relatively fixed obligation to pay cash to labour, in effect creating an off-balance-sheet intangible liability similar to a lease. The liability creates ‘labour leverage’ risk, analogous to financial leverage risk. Labour leverage is hypothesized to be positively correlated with equity investment risk as measured by characteristics of stock returns. Managers recognize this risk and adjust financial policies including debt financing and dividend policy accordingly. The main empirical results are that labour leverage is positively correlated with equity investment risk, and it plays the predicted role in regressions explaining financial structure and dividend policy. Proxies for labour leverage are simple measures based on existing disclosure. The results are consistent with the conjectures that market participants use labour disclosures to assess risk, and that managers take actions to mitigate this risk. The results are consistent across most sectors of the economy, and consistent over time.
Integration vs. Segmentation in the Canadian Stock Market

This paper examines the issue of integration versus segmentation of the Canadian equity market relative to a global North American market. We compare the international and domestic versions of the CAPM, and find that integration, or the mean-variance efficiency of the global market index, is rejected by the data. Segmentation is the preferred model, based on a maximum likelihood procedure correcting for thin trading. We further divide the sample into securities that are interlisted in Canada and the U.S., and those that are not. Integration is rejected for both groups, which indicates that the source of segmentation can be traced to legal barriers based on the nationality of issuing firms. EMPIRICAL STUDIES OF INTERNATIONAL capital markets have left the issue of segmentation versus integration largely unresolved. Yet the question of national or international pricing of assets has crucial implications for financial decisions. ' If national stock markets are segmented, then international portfolios should display superior risk-adjusted performance because some of the priced domestic systematic risk is diversifiable. Also, with segmentation, many irrelevance propositions for corporate financial strategy break down: home firms face optimal hedging decisions, as well as optimal foreign versus home borrowing decisions. Finally, criteria for capital budgeting decisions will be quite different under national and international pricing. The purpose of this paper is to shed some light on this integration versus segmentation question for the Canadian equity market vis-a-vis a global North American market. In this paper, integration is defined2 as a situation where investors earn the same risk-adjusted expected return on similar financial instruments in different national markets. The key problem, of course, is the pricing
The trickle-down effect: how elite sporting success affects amateur participation in German football

Abstract The trickle-down effect assumes that sporting success at the elite sport level descends down to the amateur sport level in the sense that people are inspired by sporting success to participate themselves. Previous research failed to find convincing evidence for this relationship, mostly because the data used and the methods applied (e.g. cross-sectional data, primary data, correlations) were not adequate. This study addresses these shortcomings and examines the effect of national sporting success on amateur sport participation in German football using longitudinal data from 1950 to 2014. Since an individual’s decision to participate in sport also depends on other factors, the regression models also control for working hours, real wages etc. The results show that only World Cup title wins of the men’s national team have a positive and statistically significant impact on the number of and percentage changes in individual club memberships, clubs and teams. The coefficients of European Championship titles and title wins of the women’s national team turn out to be mostly insignificant. Future research should examine the reasons as to why only title wins by the men’s team have a measurable inspirational effect on amateur sport participation in football.
Reduced Plasma Nitric Oxide End Products in Cocaine-dependent Men

Chronic cocaine abusers experience brain and peripheral vascular dysfunction, the severity of which tends to be greater in men than women. The mechanisms underlying these effects of cocaine are unknown. Because nitric oxide (NO) abnormalities play key roles in development of vascular dysfunction in several disorders, we determined whether vascular nitric oxide end product (NOx) levels, which can serve as markers of systemic vascular NO production, are reduced in cocaine-dependent (CD) subjects. Plasma samples from 24 CD men, 12 CD women, and matched comparison subjects (19 men, 14 women) were analyzed with a Sievers 280i nitric oxide chemiluminescence detection analysis system. NOx levels in comparison in women and men were 24.9 ± 6.6 and 23.3 ± 5.7 &mgr;mol/L, and in CD women and men were 22.5 ± 8.4 and 13.0 ± 9.6 &mgr;mol/L, respectively. ANCOVA analysis, adjusted for lifetime smoking, indicated group (P < 0.0005) and sex (P = 0.04) effects, both of which survived posthoc Scheffe tests. Reduced NOx levels in CD men drove the group difference. These data suggest that chronic cocaine abuse is associated with reduced NOx levels in men, although the finding also may be attributable to factors indirectly related to cocaine abuse, including cohort differences in other drug use or lifestyle factors. These findings warrant additional studies to more directly characterize vascular NO turnover in cocaine abusers and to establish whether NO abnormalities contribute to cocaine-associated vascular dysfunction and to sex differences in cocaine's effects.
Conflict in Natural Area Destinations: A Critique of Representation and ‘Interest’ in Participatory Processes

This paper addresses the notion of interests and interest-based participation in processes addressing conflict in environmentally sensitive tourism destinations. The dynamic and paradoxical character of the participatory space is illustrated through a micro-level, interpretive study of the Banff Bow Valley Round Table, a multi-sectoral initiative involving a diverse group of stakeholders in the international tourism destination and World Heritage Site of Banff National Park, Canada. Direct observation and interview data are used to examine environmental, business, resident, government and process managers' participation in this process. This study offers useful lessons on the challenges of using an interest-based, multi-stakeholder approach to manage conflict over use and development in protected areas. The constitutive nature of interests (as seen in the interest statement development process, and the participation of newly formed groups), identity politics and the diminishing circles of influence that extend from the main round table into the broader constituent base, indicate that greater attention needs to be paid to the dynamism of participation and the pressure-based nature of democracy in these collaborative processes. Considerations for process structuring, consensus decision-making and participation are offered in the paper to help manage the‘1front’and‘back’stages of the round table.
State Ownership, Foreign Minority Shareholders, and the Efficiency of Chinese Commercial Banks

In this paper, we estimate the technical and allocative efficiency of Chinese commercial banks using both the stochastic frontier analysis primal system, a parametric method, and minimum convex input requirement set, a nonparametric approach. The effects of state ownership and the introduction of foreign minority shareholders (IFMS) on these two types of efficiency measures are also studied. Under both sets of efficiency estimations, the empirical results consistently show that state ownership has no significant effect on the allocative efficiency of Chinese commercial banks, and no significant negative influence on the technical efficiency of these banks. IFMS helps Chinese commercial banks to eliminate the constraints from some ossified institutions and optimize input combinations. These effects significantly enhance allocative efficiency, but exert no considerable influence on technical efficiency.
Assessment of overweight and obesity among Nigerian children and adolescents using triceps skin‐fold thickness and body mass index

The prevalence of obesity is increasing in children and adolescents even in resource‐poor countries. The study aimed to determine the prevalence of obesity in a group of Nigerian school children using triceps skin‐fold thickness (SFT) and body mass index (BMI). The subjects were 1235 randomly selected primary and secondary Lagos school children aged 5–18 years, triceps SFT was measured with Harpenden® calipers and BMI calculated from weight and height. Using BMI, overweight and obesity were defined as values of 85th to 94th percentile for age and sex and ≥95th percentile, respectively. Using triceps SFT, obesity was defined as SFT > 85th percentile of the NHANES III study. Fifty‐seven subjects (15 boys and 42 girls) had SFT > 85th percentile with a higher prevalence in girls than boys (6.4% vs. 2.6%, P = 0.001). The prevalence of BMI‐defined overweight and obesity were also higher among girls (11.9% vs. 5.7%, P < 0.001 and 4.7% vs. 2.2%, P = 0.02, respectively). Females of upper socioeconomic class were more likely to be overweight (16.2% vs. 6.6%, P < 0.0001), obese (6.3% vs. 2.8%, P = 0.03) or have elevated SFT (8.2% vs. 4.2%, P = 0.03) than those of low socioeconomic status. Forty‐seven of 57 subjects (82.5%) with elevated SFT also had high BMI. The prevalence of obesity is low in the study population but the much higher prevalence of overweight suggests that steps should be taken to control fatness before the figures worsen. In more than 80% of subjects, elevated SFT co‐existed with elevated BMI.
Are we experiencing a credit crunch

In his statement before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs on the availability of credit, Bank President Richard F. Syron discusses the "credit crunch. " He describes how developments in the financial and real sectors of the economy led to restricted credit availability, and why the situation has become particularly acute in New England. ; Mr. Syron concludes by considering the outlook for the future, cautioning against making the 1990s a period of excessive credit contraction, a mirror image of the mid 1980s when expectations were overly optimistic. Painful as the high unemployment rate and the drop in real estate prices are, they will provide the catalyst for restoring New England’s competitive position in manufacturing, which requires land and labor costs more in line with costs in the rest of the nation.
An exploration of the experiences and perspectives of New Zealanders with fetal alcohol spectrum disorder.

BACKGROUND The experiences and perspectives of New Zealanders with fetal alcohol spectrum disorder (FASD) need to be heard since no research to date has been performed. FASD, a neuro-developmental disability with life-lasting effects, is irreversible. The condition is caused by prenatal exposure to alcohol. OBJECTIVES This study aimed to explore and understand the daily challenges of New Zealand individuals with FASD. METHODS Our sequential mixed methods design used two discrete but compatible qualitative methodologies--transcendental phenomenology in Phase One and classic grounded theory in Phase Two--framed by the meta-theory of pragmatism, which allows the use of 'what works' in research. One methodology alone would not have answered our research question. Using the same sample of 14 individuals, 14 to 37 years, two separate data sets were produced sequentially using face-to-face unstructured interviews. Participants had been diagnosed with either fetal alcohol syndrome (FAS) or fetal alcohol effects (FAE). Data credibility was checked using triangulation. RESULTS Six themes common to the participants' experiences emerged: daily challenges in the classroom; daily challenges in the workplace; coping with mental health issues; memory problems; socialization difficulties and involvement with the law and authority. Phase Two's emerging theory revealed that because the participants perceived they had been under-supported by the social/health systems, many engaged in illegal behaviours (secondary disabilities) and experienced employment and social problems. Many disavowed having the disability, but with maturity and knowing the signs and symptoms, accepted it. They suggested ways in which their concerns could be resolved. CONCLUSION In order that progress in this field can take place, health and social agencies, educational and criminal justice systems and policy-makers need to have increased awareness of the disability and the complex problems that individuals with the disability and their families face.
Optimal Screw Orientation for Fixation of Coronoid Fractures

Objective: The aim of this study was to compare the fixation stability of coronoid fractures achieved by a screw inserted in the anteroposterior (AP) direction with that achieved by a screw inserted in the posteroanterior (PA) direction. Methods: Eleven pairs of fresh-frozen cadaveric ulna were used. A coronoid fracture was simulated by transverse osteotomy at the midpoint of coronoid height. The specimens of a pair were then randomized to be fixed with an AP screw in one specimen and a PA screw in the other. Insertion torque, load to failure, and stiffness were measured under axial load with a material testing machine. Results: PA screw placement yielded greater strength and stiffness of fixation than did AP placement. The mean load to failure was 184 N in the PA screw group and 131 N in the AP screw group (P < 0.05). The mean stiffness was 106 N/mm with PA screws and 76 N/mm with AP screws (P < 0.05). These differences were statistically significant despite the fact that the screw insertion torques was similar in PA screw (0.27 Nm) and AP screw (0.25 Nm) (P = 0.2). Conclusions: PA screw placement was biomechanically superior to AP screw placement. Together with the fact that it is clinically easier to insert and remove screw from the posterior ulna, these data indicate that optimal screw orientation for fixation of coronoid tip fracture is posterior to anterior direction.
Complications of total hip arthroplasty: neurovascular injury, leg-length discrepancy, and instability.

Total hip arthroplasty has revolutionized the treatment of end-stage hip arthritis and is felt to be among the most cost effective of all medical interventions available. As a result of the combination of the high success rate, increasing population age, and increasing clinical indications for total hip arthroplasty the absolute number of complications experienced will inevitably increase. A thorough understanding of the more common complications following total hip arthroplasty aids in optimizing patient outcomes and allows for improved patient education during preoperative counseling. This review focuses on some of the aseptic complications of total hip arthroplasty including neurovascular injury, leg-length discrepancy, and instability.
Fabrication and Characterization of Microstructured Magnetic Tunnel Junction Rings

Microstructured magnetic tunnel junction rings have been fabricated by a top-down technique combining electron beam lithography and ion milling process. Four-terminal magnetoresistance measurements and magnetic force microscopy were used to successfully explore a four-transition process within the free layer throughout the magnetization reversal. Various magnetization configurations were identified to be the onion state, vortex-pair state, vortex state, vortex-core state, and reverse onion state. In addition, the various durations of each magnetic state observed in the magnetoresistance curve can be utilized for the study of a coupling effect between the pinned layer and the free layer
An empirical analysis of multivariate copula models

Since the pioneering work of Embrechts and co-authors in 1999, copula models have enjoyed steadily increasing popularity in finance. Whereas copulas are well studied in the bivariate case, the higher-dimensional case still offers several open issues and it is far from clear how to construct copulas which sufficiently capture the characteristics of financial returns. For this reason, elliptical copulas (i.e. Gaussian and Student-t copula) still dominate both empirical and practical applications. On the other hand, several attractive construction schemes have appeared in the recent literature promising flexible but still manageable dependence models. The aim of this work is to empirically investigate whether these models are really capable of outperforming its benchmark, i.e. the Student-t copula and, in addition, to compare the fit of these different copula classes among themselves.
Optimal Contracting Model in a Social Environment and Trust-Related Psychological Costs

Abstract Most research in contract theory concentrated on the role of incentives in shaping individual behavior. Recent research suggests that social norms also play an important role. From a point of view of a mechanism designer (a principal, a government, and a bank), responsiveness of an agent to the social norms is both a blessing and a curse. On the one hand, it provides the designer with extra instruments, while on the other it puts restrictions on how these new and the more conventional instruments can be used. The main objective of this paper is to investigate this trade-off and study how it shapes different contracts observed in the real world. We consider a model in which agent’s cost of cheating is triggered by the principal’s show of trust. We call such behavior a norm of honesty and trust and show that it drives incentives to be either low powerful or high powerful, eliminating contracts with medium powerful incentives.