Miracle-dz/UniFAR-FTUs huggingface dataset:
The Effects of Information Disclosure and Board Independence on IPO Discount**

This paper examines the effect of strategic information disclosure and corporate governance on the stock market performance of initial public offering (IPO) firms in France. It argues that information disclosure and board independence mitigate agency problems between the IPO firm and investors, thus reducing the IPO discount defined as the difference between the offer price and the intrinsic value of the firm. However, extensive disclosure may damage the firm's competitive advantage and lead to a curvilinear (an inverted U‐shape) relationship between information disclosure and the IPO discount. Further analysis suggests that it is not necessarily the quantity of information, but rather the type of information, that causes the IPO discount to increase with the amount of disclosure.
Genome‐wide identification of Sox8‐, and Sox9‐dependent genes during early post‐natal testis development in the mouse

The SOX8 and SOX9 transcription factors are involved in, among others, sex differentiation, male gonad development and adult maintenance of spermatogenesis. Sox8−/− mice lacking Sox9 in Sertoli cells fail to form testis cords and cannot establish spermatogenesis. Although genetic and histological data show an important role for these transcription factors in regulating spermatogenesis, it is not clear which genes depend upon them at a genome‐wide level. To identify transcripts that respond to the absence of Sox8 in all cells and Sox9 in Sertoli cells we measured mRNA concentrations in testicular samples from mice at 0, 6 and 18 days post‐partum. In total, 621 and 629 transcripts were found at decreased or increased levels, respectively, at different time points in the mutant as compared to the control samples. These mRNAs were categorized as preferentially expressed in Sertoli cells or germ cells using data obtained with male and female gonad samples and enriched testicular cell populations. Five candidate genes were validated at the protein level. Furthermore, we identified putative direct SOX8 and SOX9 target genes by integrating predicted SOX‐binding sites present in potential regulatory regions upstream of the transcription start site. Finally, we used protein network data to gain insight into the effects on regulatory interactions that occur when Sox8 and Sox9 are absent in developing Sertoli cells. The integration of testicular samples with enriched Sertoli cells, germ cells and female gonads enabled us to broadly distinguish transcripts directly affected in Sertoli cells from others that respond to secondary events in testicular cell types. Thus, combined RNA profiling signals, motif predictions and network data identified putative SOX8/SOX9 target genes in Sertoli cells and yielded insight into regulatory interactions that depend upon these transcription factors. In addition, our results will facilitate the interpretation of genome‐wide in vivo SOX8 and SOX9 DNA binding data.
On Exchange Rates

These seventeen essays provide an accessible and thorough reference for understanding the role of exchange rates in the international monetary system since 1973, when the rates were allowed to float. The essays analyze such issues as exchange rate movements, exchange risk premia, investor expectations of exchange rates and behavior of exchange rates in different systems. Frankel's sound empirical treatment of exchange rate questions shows that it is possible to produce work that is interesting from a purely intellectual viewpoint while contributing to practical knowledge of the real world of international economics and finance. The essays have been organized in a way that provides an introduction to the field of empirical international finance. Part I documents the steady reduction in barriers to international capital movement and leads logically to part II, which explains how exchange rates are determined. Both monetary and portfolio-based models are surveyed in part II, providing a clear transition to the topic of part III; the possible existence of an exchange risk premium. Part IV applies the tools discussed in earlier sections to explore various policy questions related to exchange rate expectations such as whether foreign exchange intervention matters and whether the European monetary system had become credible by 1991. Each part begins with a detailed introduction explaining not only the central issues of that section but also suggesting connections with other essays in the book.
Does Smart Money Move Markets?

The authors split equity investors into two groups, one of “smart money” institutional investors and the other of individual investors. Using quarterly data, they examine how aggregate ownership flows between the two groups are related to stock returns. Except in one case, increases in institutional ownership are associated with positive returns, and reductions in institutional ownership with negative returns, and the positive relationship between institutional ownership flows and returns is not explained by within-quarter momentum trading. These findings are consistent with the belief that institutional investors play a price-setting leadership role in the equity markets. The exception to the positive association between institutional ownership flows and returns is for small-capitalization stocks; increases in institutional ownership of small-capitalization stocks that were prior losers are associated with negative returns (concentrated in the fourth quarter). This different return pattern for small-capitalization stocks is interpreted as consistent with institutions buying stocks at price discounts from individuals who are systematically selling to establish tax-deductible capital losses.
DOES EQUITY MISPRICING INFLUENCE HOUSEHOLD AND FIRM DECISIONS

Qualitative literature on equity price bubbles has often emphasised the effects of mispriced equity on economic decisions. This paper investigates this issue quantitatively using two ideas. The first is that equity mispricing is transitory, and has no long-run effects on economic outcomes. The second is that there exist observables that are correlated with mispricing, but uncorrelated with changes in fundamentals. Estimates of mispricing appear to accord well with periods described as bubble episodes for the US. The effects of these shocks on household decisions are found to be statistically significant.
Are Results from Non‐Hypothetical Choice‐Based Conjoint Analyses and Non‐Hypothetical Recoded‐Ranking Conjoint Analyses Similar?

Conflicting findings have been found in previous research that compared choice-based conjoint analysis and ranking conjoint analysis in a public good setting. The present paper revisits this issue for a private good in a non-hypothetical context using small and large choice sets. Our results suggest that in a small choice set setting, participants' preferences and willingness to pay are similar across the two conjoint analysis formats. However, in large choice sets, a divergence between the two conjoint analysis formats emerges. Hence, the two conjoint analysis formats can only be used interchangeably in small choice sets, not in large choice sets. Copyright 2013, Oxford University Press. (This abstract was borrowed from another version of this item.)
The Mediating Effect of Intrinsic Motivation to Learn on the Relationship between Student´s Autonomy Support and Vitality and Deep Learning

Abstract Self-determination theory has shown that autonomy support in the classroom is associated with an increase of students’ intrinsic motivation. Moreover, intrinsic motivation is related with positive outcomes. This study examines the relationships between autonomy support, intrinsic motivation to learn and two motivational consequences, deep learning and vitality. Specifically, the hypotheses were that autonomy support predicts the two types of consequences, and that autonomy support directly and indirectly predicts the vitality and the deep learning through intrinsic motivation to learn. Participants were 276 undergraduate students. The mean age was 21.80 years (SD = 2.94). Structural equation modeling was used to test the relationships between variables and delta method was used to analyze the mediating effect of intrinsic motivation to learn. Results indicated that student perception of autonomy support had a positive effect on deep learning and vitality (p < .001). In addition, these associations were mediated by intrinsic motivation to learn. These findings suggest that teachers are key elements in generating of autonomy support environment to promote intrinsic motivation, deep learning, and vitality in classroom. Educational implications are discussed.
Building new competencies for government administrators and managers in an era of public sector reforms: the case of Mozambique

African public administration today is mixed with elements of the old bureaucratic model continuing alongside the new public management (NPM). The increasing application of the NPM approach has placed public administration and management systems in the spotlight and raised a number of challenges. Among them are the relevance of policy importation and the availability of civil servants with the requisite competence to perform the very critical responsibilities of government that reforms introduce. Using the case of Mozambique, this article shows that implementation of public sector reforms has brought in its trail considerable gaps between reform strategies and the competences needed to execute them. Convinced that competences of public administrators are a vital prerequisite for the success of reforms, the government of Mozambique has instituted a series of training programmes to provide the kind of competences that would reflect the new demands and realities facing the public sector. Though it is too early to expect results, the article concludes that the technical, managerial and leadership skills of public administrators and managers are being improved through better training curricula than were provided in the past. Points for practitioners The structure, functions, and processes of public administration and management have undergone remarkable changes as a result of NPM approaches. But as new approaches are being introduced, government managers have found themselves trying very hard to manage using old skills. In almost every profession, new circumstances require the development of new, or a redefinition of existing, skills. Institutionalizing new training curricula to provide technical, managerial and leadership competence for government administrators has become imperative now more than ever before. The caveat is that building new competencies will not necessarily fix all the problems unless other structural problems such as remuneration, promotion and utilization of ex-trainees are also addressed.
Are They Ready? Final Year Pre-service Teachers' Learning about Managing Student Behaviour

This paper presents findings from a study addressing final year pre-service teachers' perceptions of their confidence and competence in managing student behaviour. Data were collected by means of a written survey administered shortly after the end of their last professional experience. Themes derived from analysing survey responses are examined in relation to seven principles identified by the MCEETYA funded Student Behaviour Management Project as best practice in Australia (De Jong, 2005). The findings reveal that although the majority of participating pre-service teachers felt confident and competent to manage student behaviour, their reporting of strategies indicated a narrow 'behaviourist' conception of management that may limit their chances of successfully responding to more complex challenges as beginning teachers - challenges such as responding to the diversity of student backgrounds and behaviours, engaging all learners and working with a range of stake- holders.
Accounting thought, practice and legislation: early Canadian evidence

Research into accounting change has examined the evolution of accounting in response to local, time-specific factors. This paper explores this issue in the context of Canadian accounting practice prior to the introduction of the Ontario Companies Act 1907. The major thesis is that accounting thought and practice were generally harmonised, with the 1907 Act tending to lag rather than lead their development. The key link in this harmonisation was the accounting profession, specifically the Institute of Chartered Accountants of Ontario, which developed and publicised accounting thought, designed educational programmes, and influenced the regulatory process. After developing the historical context, a general accounting model is developed in terms of attributes outlined in textbooks published before 1907. This model is compared to the actual records of a sample of firms. Finally, the links between the model, actual practice and the 1907 legislation are explored.
Identifying the Link between Unemployment and Crime in the Philippines

This study investigates the relationship between unemployment and crime in the Philippines. It concludes that there is weak support for the negative (opportunity effect) relationship between unemployment and crime. The use of national‐level time series data is probably an inappropriate way to test the unemployment‐crime relationship because unemployment and crime variables have been demonstrated to exhibit a tremendous degree of variability at the local level.
Comparative oral pharmacokinetics of fleroxacin and pefloxacin.

The pharmacokinetics of a single 400 mg oral dose of fleroxacin and pefloxacin were evaluated in ten healthy male volunteers in a randomized cross-over study. There were no significant differences in Tmax (0.9 vs. 1.3 h) and in plasma elimination half-life (11.9 vs. 10.8 h) between fleroxacin and pefloxacin. Cmax and AUC of fleroxacin were statistically significantly greater (P less than 0.05) compared to pefloxacin (Cmax: 5.62 vs. 4.09 mg/l, AUC0-48: 65.9 vs. 48.7 mg/l.h, AUC0-infinity: 70.7 vs. 51.5 mg/l.h). Renal clearances of fleroxacin and pefloxacin were 51.8 and 11.7 ml/min respectively. The 48-h urine recovery was 48.6% for fleroxacin, 8.6% for pefloxacin, 7.1% and 17.4% for the N-demethyl metabolites, and 3.8% and 16.6% for the N-oxide metabolites of fleroxacin and pefloxacin respectively. Urinary concentrations of both the microbiologically active parent drug and the N-demethyl metabolite of fleroxacin were, at all intervals up to 48 h post dose, two to three times higher than those of pefloxacin.
Modelling the locational determinants of house prices: neural network and value tree approaches

Tom Kauko's book comprises an analysis of the locational element in house prices. Locational features can increase or decrease the value of a house compared with a similar one elsewhere. So far, the problem of isolating this element has been well documented in the literatures on spatial housing market modelling and property value modelling. These lines of research usually use the economic equilibrium model as theoretical umbrella. Kauko's approach extends this conventional model towards involving problematic aspects such as multiple equilibria, institutions and diversified preferences. By doing so, Kauko argues that using one approach only is insufficient, and therefore he applies two different methods for the empirical part of the analysis. The first one is essentially a mass-appraisal approach based on neural network modelling that identifies segments, location, and omitted variables. The second one is a dis-aggregated approach based on multiattribute value tree modelling that encapsulates the behavioural element - perceptions, preferences, price/quality relationships, and agency effects. The results show the strengths and weaknesses of the new methods as tools for a variety of appraisal purposes
A Test of Changes in Auditors' Fraud‐Related Planning Judgments since the Issuance of SAS No. 82

This study is a post‐SAS No. 82 replication of Zimbelman (1997) (hereafter Z97), which examined the effect of a separate and explicit fraud‐risk assessment as later required by SAS No. 82. Z97 found weak evidence that this requirement would impact auditors' planning judgments. However, because Z97 was conducted before SAS No. 82 was issued, that study was unable to capture the full effect of SAS No. 82 on the audit environment (e.g., related guidance and training, audit policy, and implementation experience). In this study, we compare pre‐ and post‐SAS No. 82 planning judgments and find that post‐SAS No. 82 judgments are more sensitive to fraud risk factors. Specifically, we find that post‐SAS No. 82 participants are more aware of the need to modify audit plans and are more likely to increase the extent of their audit tests in response to increased fraud risk when compared with the pre‐SAS No. 82 participants in Z97. However, we do not find evidence that auditors modify the nature of their planned tests i.
Public Finance Systems for Coping with the Crises: Lessons from the Three Baltic States

Of all EU member states the three Baltic countries were hit the hardest by the economic crises in 2008–2010 but they recovered relatively quickly, with all three countries even being able to qualify for EMU membership (Estonia joined the Eurozone in 2011, Latvia in 2014 and Lithuania in 2015). The speed and determination with which the Baltic countries carried out austerity measures is often put forward as an example for other E(M)U member states. This paper critically assesses the validity of various models of austerity (expansionary fiscal contractions, internal devaluation and fiscal devaluation) when applied to the case of the Baltic States. It is argued that in the case of the Baltic countries more complex economic mechanisms were at play then these models suggest. In the paper specific attention is paid to the way fiscal consolidation was shaped in the three countries, and to the role of EU structural funding. The paper concludes with a discussion of the lessons that can be learned for other EU countries.
The seirena B Class Floral Homeotic Mutant of California Poppy (Eschscholzia californica) Reveals a Function of the Enigmatic PI Motif in the Formation of Specific Multimeric MADS Domain Protein Complexes[C][W][OA]

Whether or not the C terminus of MADS box proteins is relevant for their function as transcription factors and how floral homeotic complexes are specified remain open questions. This work shows that the floral homeotic B class MADS domain protein SEIRENE from California poppy requires its entire C-terminal domain for homeotic complex formation with specific C and E class proteins. The products of B class floral homeotic genes specify petal and stamen identity, and loss of B function results in homeotic conversions of petals into sepals and stamens into carpels. Here, we describe the molecular characterization of seirena-1 (sei-1), a mutant from the basal eudicot California poppy (Eschscholzia californica) that shows homeotic changes characteristic of floral homeotic B class mutants. SEI has been previously described as EScaGLO, one of four B class–related MADS box genes in California poppy. The C terminus of SEI, including the highly conserved PI motif, is truncated in sei-1 proteins. Nevertheless, like the wild-type SEI protein, the sei-1 mutant protein is able to bind CArG-boxes and can form homodimers, heterodimers, and several higher order complexes with other MADS domain proteins. However, unlike the wild type, the mutant protein is not able to mediate higher order complexes consisting of specific B, C, and putative E class related proteins likely involved in specifying stamen identity. Within the PI motif, five highly conserved N-terminal amino acids are specifically required for this interaction. Several families lack this short conserved sequence, including the Brassicaceae, and we propose an evolutionary scenario to explain these functional differences.
Bubbles, Rational Expectations and Financial Markets

This paper investigates the nature and the presence of bubbles in financial markets. Are bubbles consistent with rationality? If they are, do they, like Ponzi games, require the presence of new players forever? Do they imply impossible events in finite time, such as negative prices? Do they need to go on forever to be rational? Can they have real effects? These are some of the questions asked in the first three sections. The general conclusion is that bubbles, in many markets, are consistent with rationality, that phenomena such as runaway asset prices and market crashes are consistent with rational bubbles. In the last two sections, we consider whether the presence of bubbles in a particular market can be detected statistically. The task is much easier if there are data on both prices and returns. In this case, as shown by Shiller and Singleton, the hypothesis of no bubble implies restrictions on their joint distribution and can be tested. In markets in which returns are difficult to observe, possibly because of a nonpecuniary component, such as gold, the task is more difficult. We consider the use of both "runs tests" and "tail tests" and conclude that they give circumstantial evidence at best.
Are PCAOB-Identified Audit Deficiencies Associated with a Change in Reporting Decisions of Triennially Inspected Audit Firms?

SUMMARY: The primary issue we examine is whether PCAOB-identified audit deficiencies are associated with a change in triennially inspected audit firms' going-concern (GC) reporting decisions for their financially distressed clients. Our analysis generally indicates that firms with PCAOB deficiencies were more likely to issue a GC opinion for financially distressed clients subsequent to their PCAOB inspection than prior to their inspection. We also examine the same issue for audit firms with a PCAOB inspection report indicating no audit deficiencies. For these firms, our results provide only limited evidence of a change in the likelihood of issuing a GC opinion, with audit firms becoming more conservative (i.e., greater likelihood of issuing a GC opinion).
Competency‐Based Education and Assessment for the Accounting Profession: A Critical Review*

In recent years many professional accounting associations have become interested in establishing competency-based professional requirements and assessment methods for certifying accounting professionals. A competency-based approach to qualification specifies expectations in terms of outcomes, or what an individual can accomplish, rather than in terms of knowledge or other capabilities possessed by the individual. This idea has an obvious appeal to many practitioners and administrators of professional qualification programs. However, there is limited knowledge about competency-based approaches in the accounting profession and among accounting academics, constraining discussion about the value of these approaches and about the strengths and weaknesses of the different competency models that have sprung up in various jurisdictions. In this paper we review and synthesize the literature on competency-based approaches. We identify a number of theoretical benefits of competency-based approaches. However, we also find many alternative definitions and philosophies underlying competency-based approaches, and a variety of visions of how competencies should be determined and assessed. We note that there is limited evidence supporting many competency-based approaches and we identify 14 research questions that could be investigated to help policy makers to more effectively address policy matters related to competency-based education and assessment.