Miracle-dz/UniFAR-FTUs huggingface dataset:
International Diversification Works (Eventually)

Critics of international diversification observe that it does not protect investors against short-term market crashes because markets become more correlated during downturns. Although true, this observation misses the big picture. Over longer horizons, underlying economic growth matters more than short-lived panics with respect to returns, and international diversification does an excellent job of protecting investors. Investors and financial economists have long debated the benefits of global equity market diversification. Fans have argued that diversifying globally reduces portfolio risk without harming long-term returns. Some critics have countered that because markets become more correlated during downturns, most of the diversification occurs on the upside, when it is not needed, and vanishes on the downside, when it is needed most. A related and perhaps more distressing observation is simply that markets tend to crash at the same time. In our study, we argued that those who dismiss diversification on the basis of these critiques miss the bigger point. Long-term investors with planning horizons measured in decades should not devote a great deal of anxiety to the risk of common, short-term crashes. A much greater concern is a long, drawn-out bear market, which can be significantly more damaging to investors’ wealth. Going back to 1950, we examined the benefits of diversification over long-term holding periods by examining the real returns of 22 countries. We found evidence that the observed co-skewness of markets is a short-term phenomenon. Over the long run, markets do not tend to crash together. To understand the difference between the short- and long-term benefits of diversification, we decomposed returns into two pieces: (1) a component arising from multiple expansion and (2) a component arising from economic performance. We found that short-term stock returns tend to be dominated by multiple expansion, which is consistent with the idea that a sharp, systemic decline in investors’ appetite for risk can explain why markets crash at the same time. Over the long term, however, economic performance drives returns. We showed that countries exhibit significant idiosyncratic variation in long-run economic performance. Hence, country-specific (not global) long-run economic performance is the most important determinant of long-run returns. At times, short-term investors may be justifiably disappointed by international diversification, which does little to protect against systemic global panics. International diversification, however, successfully protects long-term investors from being overexposed to a country that has a lost decade (or two). We should not allow investors’ short-term disappointment to dissuade us from realizing the long-term benefits of international diversification.
Ownership Structure and IPO Underpricing

Stoughton and Zechner (1998) and Brennan and Franks (1997) argue that underpricing can be employed to determine post IPO ownership structure, and thereby to influence monitoring and/or control of the company post issue. This paper employs unique data relating to shareholdings of firms listing on the London Stock Exchange, and provides compelling evidence that IPO underpricing does "not" arise from efforts to determine the ownership structure of the post IPO firm. It is suggested that research is directed elsewhere to find an answer to the underpricing phenomenon, and for means other than IPO underpricing to affect post IPO ownership structure. Copyright Blackwell Publishers Ltd, 2006.
Transforming Central Bank Liabilities into Government Debt: The Case of China

Where policy has substantially increased central bank assets, the corresponding liabilities present an opportunity to increase the breadth, depth and liquidity of the government bond market. In China's case, transformed illiquid central bank liabilities could double or triple the stock of government bonds. Central bank liabilities can be transformed into government bonds either through the government's purchase of foreign exchange reserves held by the central bank or by the government overfunding its borrowing requirement and depositing the proceeds in the central bank. The overfunding approach is preferred if, for financial stability reasons, it is judged prudent to leave the central bank with sufficient resources to serve itself as lender of last resort in foreign currency to the banking system. In the case of China, public debt consolidation could also contribute to further liberalizing the Chinese banking system, wider international use of the renminbi and more balanced holdings of key currency government bonds.
The three-dimensional structure of trabecular bone in the femoral head of strepsirrhine primates.

It has been hypothesized for over a hundred years that trabecular bone plays an important structural role in the musculoskeletal system of animals and that it responds dynamically to applied loads through growth. The objectives of this study are to quantify the three-dimensional structure of femoral head trabecular bone in a sample of extant strepsirrhines and to relate patterns of interspecific variation to locomotor behavioral differences. The bone volume fraction (BV/TV) and fabric anisotropy of trabecular bone in the femoral heads of Cheirogaleus major, Avahi laniger, Galago senegalensis, Galago alleni, Loris tardigradus, Otolemur crassicaudatus, and Perodicticus potto were quantified in three dimensions using serial high-resolution X-ray computed tomography scan data. A volume based method was used to quantify the structural anisotropy in three cubic samples located inside the central portion of the femoral head. Significant structural differences were found between the predominantly leaping galagines and indriids and the nonleaping lorisines and cheirogaleids. The leapers in general have relatively anisotropic trabecular bone. The galagines display a unique pattern of decreasing bone volume and increasing anisotropy moving from the superior to the inferior half of the femoral head. By contrast, the nonleaping taxa possess relatively uniform and isotropic bone throughout the femoral head. The differences in femoral head trabecular structure among these taxa seem to be related to locomotor behavioral differences, reflecting variation in the use and loading of the hip joint during normal locomotion.
Is there a role for marketing in the public sector

Over the past decade there has been considerable interest within the public sector in marketing, associated with a desire to introduce commercial approaches and thinking to improve management efficiency and effectiveness. However, many non‐traded public sector organizations have found it difficult to assimilate marketing into their organizations. The reasons for this stem from a misunderstanding of when marketing is appropriate. Marketing will only work when a number of basic conditions, as outlined by Kotier (1988), are met: There must be at least two parties and each party must have something of value to the other party and be willing and able to deal with each other. Each party must be capable of communication, and delivery and each party must be free to accept or reject the offer. To establish whether these conditions are met and therefore whether marketing can exist, it is necessary to examine the relationships between the various parties within a public sector ‘market’.
The Impact of ACFTA on People’s Republic of China–ASEAN Trade: Estimates Based on an Extended Gravity Model for Component Trade

This paper uses an extended gravity model to shed light on the impact of the free trade area agreement between the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China (PRC) on the members' trade flows and trade patterns. New determinants that capture the rising importance of global production sharing and intraregional trade in parts and components in East Asia are proposed. Results from the extended gravity model show that the free trade agreement leads to substantially higher bilateral trade between ASEAN and the PRC, more than what a conventional gravity model predicts. The increase is concentrated in the ASEAN countries with stronger industrial linkages with the PRC.
Planning for an Ageing Population in Rural England: The Place of Housing Design

Abstract A key aspect of planning for the future housing supply in rural areas of England is the demographic context of an ageing society. Older people have a very diverse range of aspirations and needs in relation to their housing and wider sense of well-being. Planning is part of a wider policy response to facilitate a range of housing options for older people, including age-specific housing and in the mainstream housing stock. A key factor in responding to future aspirations and needs is the design of new housing. The government has signalled its intention to move towards the application of lifetime homes standards to all new housing in the future, firstly by encouraging take up of these design standards in the private sector, but with the option to review progress and the possible need for regulation in 2013. This very positive policy development would help to enable older people to exercise greater choice and control over their circumstances. However, a consideration of the prospects for increasing the supply of housing with higher design standards in small rural communities suggests a very slow pace of change in the housing stock. In addition, therefore, there needs to be a more immediate focus on other policies to address the challenges facing an ageing society in the countryside.
Effects of solution ph and surface chemistry on the postdeposition growth of chemical bath deposited pbse nanocrystalline films

Chemical bath deposited PbSe films were subjected to postdeposition treatment with aqueous (typically 0.25−0.5 M) KOH. For films deposited using a citrate complex, this treatment resulted in dissolution of surface lead oxides (seen from XPS and EXAFS measurements) and growth of the nanocrystals (from ca. 5 to as much as 20 nm, measured by XRD and TEM) by an Ostwald ripening mechanism and formation of a porous network. For films deposited using KOH-complexed Pb, this growth did not occur. The latter films are made up of PbSe crystals (ca. 4 nm) embedded in an amorphous matrix of lead oxide. Successful etching of the crystallite surface passivation is found to be critical for the growth progress. While the KOH treatment removed most of this matrix, the individual crystals of PbSe still remained passivated with a surface where Pb was apparently bonded to both O and Se. With use of a concentrated KOH solution (3 M) for long periods of time (>1 h), this surface could be removed and crystal growth occurred to g.
Complicated septic shock caused by Achromobacter xylosoxidans bacteremia in a patient with acute lymphoblastic leukaemia

Infections caused by Achromobacter xylosoxidans cause significant morbidity and mortality in debilitated individuals. Eradication of these infections requires prolonged therapy with antimicrobial agents and removal of any infected central venous catheter. The outcome is usually poor in patients with high risk malignancy, septic complications, and/or multi-organ dysfunction.
End‐user requirements for green facility management

Purpose – The study was set to determine the environmental objectives of building end‐user organizations in an office environment and to anticipate the environmental management demands this could set on facility management.Design/methodology/approach – This qualitative study uses four independent data sets and triangulation approach by combining data archives with time series analysis method, semi‐structured interviews, case study and a survey.Findings – The results of the paper state the gap between the environmental objectives and practical management of environmental issues. Same environmental management themes, namely energy efficiency, waste management and reduction of climate change emissions, seem to be important for end‐users of buildings. A new trend, in which the end‐users require facility organizations to provide environmental management services, was observed as well. End‐user companies wish to receive comprehensive reporting and recommendations on improving a company's or facilities' environm.
Improved BER Performance of Real-Time DDO-OFDM Systems Using Interleaved Reed–Solomon Codes

In this letter, we have experimentally demonstrated a Reed-Solomon (RS) coded and multiple symbol interleaved real-time orthogonal frequency-division multiplexing (OFDM) signals transmission over a single mode fiber (SMF)-based directdetection optical system. To the best of our knowledge, this is the first time to realize the forward error correction (FEC) in real-time optical OFDM systems. The bit error rate (BER) performances of RS-coded OFDM signals are investigated in a low-cost directly modulated laser-based direct-detection optical transmission system. The experimental results show that after 25.26-km SMF-28 transmission of the real-time RS-coded and symbol interleaved optical OFDM signals, a post-FEC BER less than 1×10-8 is successfully achieved by using RS code with 7% overhead for a pre-FEC BER of 1 × 10-3.
Construction in an Open Economy: Autoregressive Distributed Lag Modeling Approach and Causality Analysis—Case of North Cyprus

AbstractThis study investigates the long-run equilibrium of the construction sector in an open macroeconomy in which the growth rate and money supply (M3) are exposed to exogenous shocks from foreign capital transfers (FCT). Specifically, the study examines the econometric relationship between M3, FCT, gross domestic product (GDP), and the construction value added (CVA), empirically determining the direction of causality among these variables for North Cyprus. Results reveal that M3 and real GDP are significant determinants of a long-run equilibrium relationship with CVA and FCT, reflecting openness of the capital market in North Cyprus. A positive significant relationship is found between M3 and real GDP in the long run. The results also confirm that CVA is indirectly affected by expansion in M3 and the overall GDP growth during 1977–2008. Most empirical studies and modeling of construction engineering and management are micro level. This study breaks new ground as it attempts to analyze the construction.
SAGA: A Submodular Greedy Algorithm For Group Recommendation

In this paper, we propose a unified framework and an algorithm for the problem of group recommendation where a fixed number of items or alternatives can be recommended to a group of users. The problem of group recommendation arises naturally in many real world contexts, and is closely related to the budgeted social choice problem studied in economics. We frame the group recommendation problem as choosing a subgraph with the largest group consensus score in a completely connected graph defined over the item affinity matrix. We propose a fast greedy algorithm with strong theoretical guarantees, and show that the proposed algorithm compares favorably to the state-of-the-art group recommendation algorithms according to commonly used relevance and coverage performance measures on benchmark dataset.
Sex and Gender Differences in Prevention of Type 2 Diabetes

Lifestyle intervention programs are effective in the prevention of type 2 diabetes mellitus (T2DM) in high risk populations. However, most studies only give limited information about the influence of sex and/or gender effectiveness of these interventions. So far, similar outcome was reported for diabetes progression and weight loss. Nevertheless, long-term data on cardiovascular outcome are sparse but favoring women regarding all-cause and cardiovascular mortality. In both men and women, sex hormone imbalances and reproductive disorders are associated with a higher risk of T2DM development. Diabetes prevention approaches are reported for polycystic ovary syndrome, gestational diabetes mellitus, and erectile dysfunction and are presented in this review. In the surgical treatment options for morbid obese patients, sex and gender differences are present. Choices and preferences of adherence to lifestyle and pharmacological interventions, expectations, treatment effects, and complications are influenced by sex or gender. In general, bariatric surgery is performed more often in women seeking medical/surgical help to lose weight. Men are older and have higher comorbidities and mortality rates and worse follow-up outcome after bariatric surgery. A more gender-sensitive clinical approach, as well as consideration of ethnicity may improve quality of life and increase health and life expectancy in men and women with a high risk for subsequent progression to T2DM.
An explicit finite difference approach to the pricing of barrier options

A modified explicit finite difference approach to the pricing of barrier options is developed. To obtain accurate prices, the grid is constructed such that the barrier is located in a suitable position relative to horizontal layers of nodes on the grid. This means that the barrier passes through a horizontal layer of nodes for continuous-time barrier options and is located halfway between two horizontal layers of nodes for discrete-time barrier options. Both single and double barrier cases can be accommodated. The option price at each node on the grid may be obtained by implementing a standard trinomial tree procedure. As the initial asset price will generally not lie exactly on the grid, the current value of the option is obtained using a quadratic interpolation of the option prices at the three adjacent nodes. The approach is shown to be robust and to provide accurate option prices and hedge ratios (such as delta, gamma, and theta) regardless of whether or not the barrier is close to the initial asset price, and it works effectively for both continuous-time and discrete-time barrier options. This device of adjusting the grid so that the barrier and the asset price lie on the grid is well known in the numerical analysis area.
Senior citizenship?: Retirement, migration and welfare in the European Union

Debates about citizenship in Europe, particularly in relation to social policy and welfare provision, are set to become increasingly topical as the European Union expands and moves towards greater integration. This book charts the development of mobility and welfare rights for those citizens exercising their right to move or return home on retirement under the Free Movement of Persons provisions and explores their experiences of internati onal mobility. It is set within the context of "Citizenship of the Union". "Senior citizenship? " draws on substantial primary research material to: combine detailed analysis of the framework of EU rights shaping social with in-depth qualitative interviews involving retired migrants across six member states (Greece, Portugal, Italy, the United Kingdom, Sweden and Ireland); describe and evaluate an innovative approach to comparative enquiry that combines biographical interviews with legal and qualitative analysis; highlight the diverse nature of retirement migration encompassing the experiences of returning workers, migrating retirees and post retirement returnees. Topics are explored thematically in the context of comparative social policy, raising important and topical issues a round the future of social citizenship and the implications of the exercise of agency, in an increasingly global and mobile world.
Becoming Gentlemen: Women's Experiences at one Ivy League Law School

In this Article we describe preliminary research by and about women law students at the University of Pennsylvania Law School -a typical, if elite, law school stratified deeply along gender lines. Our database draws from students enrolled at the Law School between 1987 and 1992, and includes academic performance data from 981 students, self-reported survey data from 366 students, written narratives from 104 students, and group-level interview data of approximately eighty female and male students. Our three-part research design investigated gender-related differences in levels of academic performance, law student attitudes toward career goals, and general satisfaction with law school experiences. Our qualitative data include the 104 narrative responses to the open-ended question about student experiences of gender discrimination in the Bartow Survey, focus group data collected from twenty-seven students (including white students and students of color, both male and female), our observation of and participation with two classes of a critical perspectives seminar, a meeting with the Women's Law Group, and several meetings with Law School faculty. Across years, male students appear to be far more comfortable speaking with faculty of either gender than female students. Question 15: Do you think that the nature or content of classroom interactions between professors and students are affected by the sex of the professor?
Social Networks: Their Impact on the Innovative Behaviour of Small Service Firms

This paper presents and discusses some findings of a research study that applied social network theory to small, professional business service firms. These findings demonstrate that social networks impact upon the innovative behaviour of small firms. They reveal that through the innovative use of social networks, small, professional business service firms are able to expand their customer and resource base while minimising the costs involved. The paper draws attention to the contents of the social networks in which a purposive sample of graphic design agencies are embedded. It demonstrates that multiplex relationships, particularly with individuals holding broker positions within these networks, are perceived to be important to innovative behaviour. The paper concludes by suggesting a number of recommendations for owner-managers, policymakers and researchers.
A drift-free simulation method for pricing commodity derivatives

Having in view the pricing of commodity derivatives in Libor Market Model LMM setting, we first analyze the set of basic rates we need to formulate the model by using the spanning tree concept taken from graph theory. Next, we present an efficient procedure for Monte Carlo simulation of the dynamics of the rates associated to LMM, avoiding the presence of the rates dependent drifts drift-free simulation and the presence of negative deflated bond prices and negative forward rates. The method is based upon a new parameterization of the martingales introduced by Glasserman and Zhao and it is extended to a Cross-Market Model for commodities. Finally, a particular example of commodity derivative spread option pricing problem is considered. Copyright © 2014 John Wiley & Sons, Ltd.
Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions

About the Authors. Foreword. Acknowledgments. Supplemental Materials. INTRODUCTION. Structure of the Book. ValueCo Summary Financial Information. PART ONE Valuation. CHAPTER 1 Comparable Companies Analysis. CHAPTER 2 Precedent Transactions Analysis. CHAPTER 3 Discounted Cash Flow Analysis. PART TWO Leveraged Buyouts. CHAPTER 4 Leveraged Buyouts. CHAPTER 5 LBO Analysis. PART THREE Mergers & Acquisitions. CHAPTER 6 M&A Sale Process. Bibliography and Recommended Reading. Index.
On the relation between RG and ERG

We discuss how the ordinary renormalization group (RG) equations arise in the context of Wilson's exact renormalization group (ERG) as formulated by Polchinski. We consider the ϕ4 theory in four-dimensional Euclidean space as an example and introduce a particular scheme of parameterizing the solutions of the ERG equations. By analysing the scalar composite operators of dimensions 2 and 4, we show that the parameters obey mass-independent RG equations. We conjecture the equivalence of our parameterization scheme with the MS scheme for dimensional regularization.