Miracle-dz/UniFAR-FTUs huggingface dataset:
The Financial Crisis, Rethinking of the Global Financial Architecture, and the Trilemma

This paper extends our previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. First, we examine the channels through which the trilemma policy configurations affect output volatility. Secondly, we investigate how trilemma policy configurations affect the output performance of the economies under severe crisis situations. Thirdly, we look into how trilemma configurations have evolved in the aftermath of economic crises in the past. We find that trilemma policy configurations and external finances affect output volatility mainly through the investment channel. While a higher degree of exchange rate stability could stabilize the real exchange rate movement, it could also make investment volatile, though the volatility-enhancing effect of exchange rate stability on investment can be cancelled by holding higher levels of international reserves (IR). Greater financial openness helps reduce real exchange rate volatility. These results indicate that policymakers in a more open economy would prefer pursuing greater exchange rate stability and greater financial openness while holding a massive amount of IR. We also find that the "crisis economies" could end up with smaller output losses if they entered the crisis situation with more stable exchange rates or if they continue to hold a high level of IR and maintain greater exchange rate stability during the crisis period. Lastly, we find that developing countries are often found to have decreased the level of monetary independence and financial openness, but increased the level of exchange rate stability in the aftermath of a crisis, especially for the last two decades. This finding indicates how vulnerable developing countries, especially emerging market ones, are to volatile capital flows as a result of global financial liberalization.
Returns to education and annual income gaps updated in Israel: a quantile regression approach

The study intends to provide some updated empirical evidences on Israel education returns through quantile regression based on the cross-section individual survey data collected in 2009. We analyse gender and ethnicity differentials in the returns to education by using the standard Mincerian earnings equation separately. We obtain estimates displaying higher education returns at the higher quantile and lowest income in lowest quantile. Meanwhile, we use the Oaxaca decomposition to break down the total annual income gap into an explained term due to differences in endowments and an unexplained term due to the discrimination to explore the differences among genders and ethnicities. We find clear evidence that the unexplained annual income differential is higher in upper quantiles of the conditional annual income distribution than in lower quantiles. In order to eliminate the discrimination gap and keep the economy develop sustainably, the identification with different cultures and stratums in Israel must be improved.
All-trans-Retinoic Acid Represses Obesity and Insulin Resistance by Activating both Peroxisome Proliferation-Activated Receptor β/δ and Retinoic Acid Receptor

ABSTRACT Many biological activities of all-trans-retinoic acid (RA) are mediated by the ligand-activated transcription factors termed retinoic acid receptors (RARs), but this hormone can also activate the nuclear receptor peroxisome proliferation-activated receptor β/δ (PPARβ/δ). We show here that adipocyte differentiation is accompanied by a shift in RA signaling which, in mature adipocytes, allows RA to activate both RARs and PPARβ/δ, thereby enhancing lipolysis and depleting lipid stores. In vivo studies using a dietary-induced mouse model of obesity indicated that onset of obesity is accompanied by downregulation of adipose PPARβ/δ expression and activity. RA treatment of obese mice induced expression of PPARβ/δ and RAR target genes involved in regulation of lipid homeostasis, leading to weight loss and improved insulin responsiveness. RA treatment also restored adipose PPARβ/δ expression. The data indicate that suppression of obesity and insulin resistance by RA is largely mediated by PPARβ/δ and is further enhanced by activation of RARs. By targeting two nuclear receptors, RA may be a uniquely efficacious agent in the therapy and prevention of the metabolic syndrome.
Low pulmonary artery flush perfusion pressure combined with high positive end-expiratory pressure reduces oedema formation in isolated porcine lungs

Flush perfusion of the pulmonary artery with organ protection solution is a standard procedure before lung explantation. However, rapid flush perfusion may cause pulmonary oedema which is deleterious in the lung transplantation setting. In this study we tested the hypotheses that high pulmonary perfusion pressure contributes to the development of pulmonary oedema and positive end-expiratory pressure (PEEP) counteracts oedema formation. We expected oedema formation to increase weight and decrease compliance of the lungs on the basis of a decrease in alveolar volume as fluid replaces alveolar air spaces. The pulmonary artery of 28 isolated porcine lungs was perfused with a low-potassium dextrane solution at low (mean 27 mmHg) or high (mean 40 mmHg) pulmonary artery pressure (PAP) during mechanical ventilation at low (4 cmH2O) or high (8 cmH2O) PEEP, respectively. Following perfusion and storage, relative increases in lung weight were smaller (p < 0.05) during perfusion at low PAP (62 ± 32% and 42 ± 26%, respectively) compared to perfusion at high PAP (133 ± 54% and 87 ± 30%, respectively). Compared to all other PAP–PEEP combinations, increases in lung weight were smallest (44 ± 9% and 27 ± 12%, respectively), nonlinear intratidal lung compliance was largest (46% and 17% respectively, both p < 0.05) and lung histology showed least infiltration of mononuclear cells in the alveolar septa, and least alveolar destruction during the combination of low perfusion pressure and high PEEP. The findings suggest that oedema formation during pulmonary artery flush perfusion in isolated and ventilated lungs can be reduced by choosing low perfusion pressure and high PEEP. PAP–PEEP titration to minimize pulmonary oedema should be based on lung mechanics and PAP monitoring.
Expatriate CEO assignment: A study of multinational corporations' subsidiaries in Taiwan

Purpose - The purpose of this paper is to explore the factors influencing whether a multinational corporation (MNC) appoints an expatriate or a local national as the CEO of its subsidiary. Design/methodology/approach - The study proposes a framework comprising ownership-specific, location-specific and internalization-specific factors to examine determinants of expatriate CEO assignment. MNCs' subsidiaries in Taiwan were selected for the study. Findings - For the effect on the assignment of an expatriated CEO to a subsidiary, the factors of a subsidiary's capability and size, MNC's global strategy and internalization motivation are positive; in contrast, the factor of the host country's locational advantages is negative. In addition, in circumstances of large cultural distances, the effect of high internalization motivation is positive and that of low internalization motivation is negative. Research limitations/implications - The research does not differentiate between two different types of expatriates and focuses on advanced countries' MNCs' subsidiaries in Taiwan. The theoretical implication of the study lies in the application of the perspectives of resource-based view and transaction cost theory on an MNC's decision concerning the assignment of an expatriated CEO for subsidiaries. Practical implications - MNCs could make a subsidiary's staffing decision by taking into account ownership-, location-, and internalization-specific factors. Failure to do so will lead to poor operation of the subsidiary. Originality/value - The research contributes to knowledge about the determinants of expatriate CEO assignment, and illuminates the importance of ownership, location and internalization factors for MNCs.
Demand Side Management Policies for Residential Water Use: Who Bears the Conservation Burden?

To assess the potential for urban demand side management (DSM) policies as a water resource management tool, we analyze the extent to which price and alternative policy instruments (such as use and quantity restrictions and subsidies for water efficient technologies) reduce residential demand and their distributional implications by type of household. Using detailed household-level panel data for two California communities, the results suggest that the ultimate effects of DSM policies in terms of the reduction in aggregate demand and distribution of water savings among household classes depend both on the policy instrument selected and the composition of aggregate demand.
An exploratory and comparative assessment of the governance arrangements of universities in Ghana

Purpose – Institutional governance has recently attracted significant attention, fuelled by increasing numbers of global high-profile corporate failures and scandals. In many countries issues have been raised about university governance. In Ghana, university governance has become crucial following the upsurge of private universities in recent years arising out of: increased demand for tertiary education resulting from high population growth; and expanded enrolment at basic and secondary levels, which have far exceeded the capacity of existing institutions. This study aims to explore and assess the governance arrangements of private and public universities in Ghana. Design/methodology/approach – A multi-stage sampling technique was used to select three private and two public universities. An exploratory and comparative approach was used to examine the governance arrangements of private and public universities in Ghana. Findings – Both private and public universities in Ghana follow the ‘‘traditional’’, ‘‘business’’, and ‘‘trusteeship’’ models of university governance, although in different proportions. Additionally, both types of institutions follow the bicameral system of decision making. Research limitations/implications – Only five of 19 universities in Ghana were sampled. Future research might expand the sample size to test and validate the initial perspectives from this study and also investigate differences between governance arrangements of faith based and non-faith based private universities. Originality/value – The paper reports the findings of the first nation-wide investigation into governance arrangements of Ghanaian universities. It will interest policy makers, university authorities, and other stakeholders in the higher educational sector.
Influence of Anti-Inflammatory Flavonoids on Degranulation and Arachidonic Acid Release in Rat Neutrophils

We assessed the effects of 24 flavonoid derivatives, reported as anti-inflammatory, on lysosomal enzyme secretion and arachidonic acid release in rat neutrophils. Amentoflavone, quercetagetin- 7-O -glucoside, apigenin, fisetin, kaem pferol, luteolin and quercetin were the most potent inhibitors of β-glucuronidase and lysozyme release. The first com pound was also able to inhibit basal release. These flavonoids besides chrysin and to a reduced extent, naringenin, significantly inhibited arachidonic acid release from membranes. A correlation between degranulation and arachidonic acid release was found for this series of compounds. Structureactivity relationships and implications for the anti-inflammatory effects of these flavonoids were discussed
The construction sector and economic development: the ‘Bon curve’

The complexities of the relationship between a country's level of construction activity and its stage of economic development are considerable. Studies over the last three decades, based on macroeconomic analysis, have attempted to model the relationship but have usually been hampered by problems of data quality and availability. Nevertheless, paradigms have emerged (usually based on Keynesian philosophy), which are concerned with the dynamics of construction activity as an agent in the promotion of economic growth in economies at different stages of development. One such is the ‘Bon curve’. An examination of the data issues of attempting to assess the validity of the proposition is made and then the role of the construction sector in highly developed economies is considered.
Auditor and non‐mentor supervisor relationships: Effects of mentoring and organizational justice

Purpose – This paper seeks to examine the effects of mentoring and organizational justice on auditors' relationships with their non‐mentor supervisors. While having a mentor should cause higher quality protege auditors and their non‐mentor supervisor relationships, organizational justice perceptions should mediate this mentoring association. Thus, having a mentor should see higher procedural justice perceptions, which, in turn, should result in higher quality relationships between proteges and their non‐mentor supervisors.Design/methodology/approach – A survey of 95 audit professionals shows that proteges report higher quality auditor‐supervisor relationships than do non‐proteges; however, having a mentor does not appear to be the determining factor.Findings – Building on a prior study of Siegel et al., the paper finds that auditor attitudes towards the job (job satisfaction) and the firm (job commitment) eliminate the association between mentoring and quality of auditor‐supervisor relationships. Procedur.
The Effect of the Somatostatin Analogue Octreotide on Growth Hormone Secretion in Insulin-Dependent Diabetics Without Residual Insulin Secretion

Growth hormone (GH) hypersecretion is well documented in insulin-dependent diabetes mellitus (IDDM). Somatostatin inhibits GH in acromegalics and healthy subjects although data on its inhibitory effects on high GH levels in IDDM patients are controversial. The effect of treatment with the somatostatin analogue octreotide ("Sandostatin") on GH secretion, IGF1 levels and metabolic control was investigated in insulin-dependent diabetics. Growth hormone and blood glucose were measured at hourly intervals whilst IGF-I was measured every 6 hours during the 24-h period before and after 7 days' treatment with octreotide (200 micrograms subcutaneously three times daily) in 10 C-peptide negative diabetics. Octreotide significantly reduced mean 24 h GH profile (7.2 +/- 0.7 mU/L before; 5.2 +/- 0.5 mU/L on octreotide, p less than 0.01), IGF-I levels (0.62 +/- 0.06 before; 0.47 +/- 0.05 on octreotide, p less than 0.005) mean 24 h blood glucose (14.4 +/- 0.5 mmol/L before; 12.6 +/- 0.4 mmol/L on octreotide, p less than 0.001) and daily insulin requirements (44.8 +/- 3.0 IU before; 37.2 +/- 3.0 IU on octreotide, p less than 0.02). The shape of 24 h GH profile curve changed significantly on octreotide treatment (p less than 0.05) when it consisted of three nadirs and three peaks closely linked with the time of octreotide administration. Moderate (abdominal discomfort) to severe hypoglycaemia) transient side effects have been observed in all treated patients. The results of this study showed that short-term treatment with octreotide given s. c. every eight hours modulates the pattern of GH secretion in C-peptide negative insulin-dependent patients. (ABSTRACT TRUNCATED AT 250 WORDS)
Specificity of antinuclear antibodies in scleroderma‐like chronic graft‐versus‐host disease: clinical correlation and histocompatibility locus antigen association

Summary Chronic graft‐versus‐host disease after bone marrow transplantation presents, in a few cases, as mild to severe scleroderma‐like changes. Patients with chronic graft‐versus‐host disease with and without sclerodermatous skin changes were analysed for antinuclear autoantibodies (ANA) and antinucleolar autoantibodies (ANoA) and the results correlated with disease symptoms and histocompatibility locus antigen (HLA) pattern. Nineteen patients with chronic graft‐versus‐host disease and scleroderma‐like skin changes. 18 with chronic graft‐versus‐host diseae without scleroderma. and 17 controls on immunosuppressive treatment were screened for ANA and ANoA using enzyme‐linked immunosorbent assay, immunodiffusion and immunoblot techniques. Four patients with severe scleroderma had antibodies to topoisomerase I. two had antibodies against PM‐Scl. both characteristic serological findings in idiopathic systemic scleroderma. One patient had La/SSB antibodies and, in three cases, antibodies to the nucleolar antigen C23 (nucleolin) could be identified. A possible correlation between antinucleolin antibodies and disease activity was observed. HLA‐Al. ‐B1. and ‐B2 were found significantly more often in patients with scleroderma‐like symptoms in comparison to patients without scleroderma‐like symptoms. Chronic graft‐versus‐host disease with seleroderma‐like manifestations can be associated with the occurrence of ANA specific for idiopathic scleroderma. The development of seleroderma after bone marrow transplantation might have a HLA‐linked genetic background.
How do the preferences of online buyers and browsers differ on the design and content of travel websites

Purpose – The issue of perceptions between buyers who have made online purchases and browsers who have browsed websites on the quality of travel websites is rarely, if ever, investigated by tourism and hospitality researchers. This paper aims to report on a study that examined these two groups of users' perceived importance of the factors that contribute to content richness and ease of use of travel websites. In addition, it seeks to study these users' level of satisfaction and purchase intention.Design/methodology/approach – A total of 862 international travelers were interviewed in Hong Kong International Airport in October 2005.Findings – Empirical findings indicated that travel website users viewed quality factors important, and they were generally satisfied with travel websites. Although these website users had a positive view for purchase intention in the long term, there existed significant differences between the two groups of users in all attributes of customer satisfaction and purchase intention.
How Task Complexity and Stimulus Modality Affect Motor Execution: Target Accuracy, Response Timing and Hesitations

ABSTRACT Elite sports players are characterized by the ability to produce successful outcomes while attending to changing environmental conditions. Few studies have assessed whether the perceptual environment affects motor skill execution. To test the effect of changing task complexity and stimulus conditions, the authors examined response times and target accuracy of 12 elite Australian football players using a passing-based laboratory test. Data were assessed using mixed modeling and chi-square analyses. No differences were found in target accuracy for changes in complexity or stimulus condition. Decision, movement and total disposal time increased with complexity and decision hesitations were greater when distractions were present. Decision, movement and disposal time were faster for auditory in comparison to visual signals, and when free to choose, players passed more frequently to auditory rather than visual targets. These results provide perspective on how basic motor control processes such as reaction and response to stimuli are influenced in a complex motor skill. Findings suggest auditory stimuli should be included in decision-making studies and may be an important part of a decision-training environment.
Essays on Asset Pricing and Downside Risk

Essays on Asset Pricing and Downside Risk Bruno Cara Giovannetti This dissertation contributes to the recent and diverse literature on the relation between downside risk and asset prices. In chapter one, we use a famous quote among professional investors, "focus on the downside, and the upside will take care of itself", to motivate a representative consumer-investor who only cares about the downside. The consumption-based asset pricing model that emerges from this idea explains the main existing puzzles found within the asset pricing literature. These include the equity premium and the risk-free rate puzzles, the countercyclicality of the equity premium and the procyclicality of the risk-free rate. The model is parsimonious, requiring only three preference-related parameters: the time discount factor, the elasticity of intertemporal substitution, and the downside risk aversion. When we use the model to understand the relation between returns and consumption in the US, we find that the fitted parameter values are consistent with what is expected from the micro foundations. In chapter two, we show that the model proposed in chapter one can also explain the financial puzzles in other developed countries. This is an important step in the empirical validation of the model. The estimated parameters are robust across highly capitalized countries and qualitatively close to the ones obtained for the US. Moreover, the risk measure under the quantile utility model can better justify the differences in risk premia across countries when compared to the risk measure under the expected utility model. In chapter three, we evaluate the effect of margin requirements on asset prices, an additional channel for the relation between downside risk and prices. We provide evidences of the existence of an aggregate margin-related premium in the economy. In particular, we show that (i) a margin-related factor is able to predict future excess returns of the S&P 500 and (ii) stocks with high betas on the margin-related factor pay on average higher returns compared those with low margin betas. These result are important not only to understand asset prices, but also the unconventional polices implemented by the Fed during the great recession of 2007-2010. Although data on margin requirements for the S&P 500 futures are publicly available, it is in general very hard to obtain information on margins for other assets. Given that, we also propose a nonparametric model for estimating margins as a function of the asset’s value at risk. This is theoretically justifiable and has good empirical results.
Pulmonary sarcoidosis: role of CT in the evaluation of disease activity and functional impairment and in prognosis assessment.

PURPOSE To investigate the role of computed tomography (CT) in determining disease activity and functional impairment and in predicting the prognosis of lung involvement in patients with sarcoidosis. MATERIALS AND METHODS Two groups of patients underwent CT, pulmonary function tests, and bronchoalveolar lavage. Disease activity was based on serum angiotensin converting enzyme activity and/or lymphocytosis at bronchoalveolar lavage. CT findings in group 1 were correlated with indexes of disease activity and functional parameters at diagnosis. In group 2, evaluation initially and at follow-up led to investigation of correlations between initial CT findings and evolution of disease activity and functional impairment. RESULTS CT abnormalities in group 1 were nodules, air-space consolidation, lung distortion, septal and nonseptal linear areas of high attenuation, ground-glass attenuation, and honeycombing. Profusion of septal lines was the only CT finding that correlated with disease activity. Statistically significant (P < .05) but low correlation (r < .48) was observed between the extent of abnormalities at CT and impairment of lung function, except for nodules. CONCLUSION Profusion of lung changes reflects functional impairment but not disease activity. CT findings cannot help predict the evolution of lung changes over time.