Miracle-dz/UniFAR-FTUs huggingface dataset:
Is the Ohlson (1995) Model an Example of the Simpson's Paradox?

The Ohlson (1995) equity valuation and returns models are consistent with mathematical formulation. Since value relevance models that relate Ohlson (1995) focus on information dynamics of accounting and other information for explaining equity value, an inconsistency between Ohlson’s (1995) simplified model for valuation and re-formulation of returns related model is observed where one model makes the other incomplete for information dynamics of variables in models, though mathematical formulations confirm the relationship of those models. Hence, the information dynamics of these mathematically formulated models makes questioning whether Ohlson’s (1995) explanation is an example of the "Simpson’s paradox".
Students' travel behaviour: a cross‐cultural comparison of UK and China

This paper compares the travel behaviour and attitudes of two different nationalities of undergraduate students from the United Kingdom and China. The survey did find some similarities between the two. Both groups enjoyed beach holidays, and placed importance on having fun and relaxing after their studies. Both were motivated to discover somewhere new and both preferred to eat the local food of the destination. In other ways, the two groups showed significant differences. The Chinese students thought it more important to see the famous sights and learn about other cultures and history, while the British were more concerned to have fun, to socialise and enjoy the challenges of outdoor adventure. These differences were found to exist in both male and female groups. The paper discusses the extent to which these differences could be explained by cultural factors as opposed to market factors or the students' previous experience in their travel career. Copyright © 2008 John Wiley & Sons, Ltd.
Entry and Exit on the Competitive Fringe

Microeconomic theories of industry evolution reserve key roles for the entry and exit of firms. Competitive models of industry supply often assume that individual firms have Ushaped long run average cost curves; in consequence, an industry's output adjustment in movement from one long run equilibrium to another is entirely accomplished through the entry and exit of firms, rather than through changes in long-run equilibrium output of individual firms. In empirical applications, the speed of movement to new equilibrium levels of output and price (measured by the time it takes for profits to return to competitive levels following a demand shock) clearly depends upon the ease of entry and exit. ' However, the simplest competitive models have a clear theoretical weakness: abundant evidence against U-shaped long run average cost curves precludes a simple identification of entry with industry expansion and exit with industry contraction. Expansion of industry supply can be met either by incumbents or entrants, and we have little empirical evidence of the division. Entry conditions are also a staple of oligopoly and monopoly models. Potential entry constrains the pricing options open to industry leaders and actual entry (of new firms and new products) erodes, at varying rates, the market power of incumbent firms. If actual entry responds rapidly to profit opportunities, then the persistent exercise of monopoly power will be rare. However, analyses of monopoly and oligopoly models typically approach entry indirectly, by inferring that persistent profit differentials reflect high barriers to entry. There are few direct tests of the effects of such barriers on actual entry. Despite their importance, very few empirical studies of entry and exit exist. Severe data limitations restrict both the number of studies and the scope of extant analyses. The research reported in this paper provides measures of entry and exit in 46 food manufacturing industries during the 1976-82 period. Measures of incidence (the number of firms), as well as extent (the size of firms), are provided. The analysis also distinguishes between diversified firms and specialist producers. Entry and exit rates vary considerably across industries, and the paper reports the results of statistical analyses that account for industry differences in entry and exit rates by specialist firms.
External laryngeal trauma: analysis of thirty cases

Abstract A retrospective analysis of thirty patients with external laryngeal trauma was performed to assess the type and extent of injuries commonly seen as well as the outcome following treatment. Outcome was assessed both in terms of voice and airway. Major laryngeal injuries (19 cases) outnumbered minor injuries (11 cases). A good correlation exists between the symptoms of haemoptysis and stridor at presentation and severity of the injury (p = 0.002). Early surgical intervention is associated with better outcome (p = 0.01). However there is no statistically significant difference in outcome between major and minor injuries (p = 0.3) indicating that other factors are operative in determining outcome. Based on our findings a management strategy for patients with external laryngeal trauma is outlined.
Managing Change through Networks and Values

Executives today must implement large-scale organizational change initiatives in evertighter time frames with fewer resources. Yet, anticipated performance outcomes often do not materialize as internal resistance slows or derails their change initiatives. A combined assessment of culture and informal structure can help identify barriers to change and facilitate change initiatives. Based on work with ten organizations, this article demonstrates how this approach can help drive change through people and values in certain network positions; diagnose cultural drivers of network fragmentation; identify dominant beliefs or paradigms impeding cultural change; and intervene with a balanced emphasis on instrumental and expressive relationships.
The determinants of profit efficiency of banks in Vietnam

This paper examines the factors that affect profit efficiency of banks in Vietnam over the period from 2000 to 2006. The effects of four groups of variables, including bank-specific characteristics, ownership, transitional environment and macroeconomic conditions on the profitability of banks, are analysed using a Tobit model to account for the censored nature of the efficiency scores. The model is estimated using a two-step instrumental-variable method as a regressor is endogenous. The findings show that the profit efficiency of a bank is enhanced by a larger size and better management ability, while it is hampered by low quality of assets and a too high level of capitalisation. High growth in per-capita GDP and a low-inflation rate provide a favourable environment for banks to improve their profitability. The study also finds that among the foreign banks operating in Vietnam, those headquartered in Australia, Japan, the US and Europe perform better than those headquartered in Asia as well as the domestic banks. Finally, the study suggests that in order to optimise their performance while remaining secure, banks should maintain the ratio of equity over total assets between 4% and 14%.
Swedish school leaders' and teachers' constructions of school leadership from a gender perspective

The aim of this paper is to describe what meanings leaders and teachers attach to the concept of school leadership and to problematise these meanings from the perspective of gender. Four female and four male school leaders and nine female and seven male teachers representing eight primary and secondary schools were interviewed. Discourse analysis was used as an analytic tool. The school leaders' and teachers' talk about school leadership emerges in a dominant position: the supporter position. Characteristic meanings embedded in this position are sensitivity to people and personal accessibility at all times. Both male and female school leaders construct themselves as supportive leaders in rather similar ways. However, gender discourses seem to affect the way teachers construct school leadership, as male leaders who act as supporters are sometimes positioned as deviant. The supporter position is the most activated position for both the school leaders and the teachers. The school leaders' use of the position in similar ways indicates that the boundary between 'male' and 'female' school leadership is fluid. This result strengthens a theoretical perspective where school leadership and gender are seen as a social construction.
Neutrophil-to-Lymphocyte Ratio is Associated With Severity of Coronary Artery Ectasia

We investigated the association between coronary artery ectasia (CAE) and Neutrophil-to-lymphocyte ratio (NLR), an indicator of the inflammatory state. The study population included 434 patients (247 males, mean age 62 ± 10 years) including 230 patients with isolated CAE and 104 patients with coronary artery disease and 100 patientss with normal coronary arteries. The NLR was measured at admission and 30 days after coronary angiography in all the patients. The NLR was significantly higher in patients with CAE than those with normal coronary arteries (2.2 ± 0.6-1.3 ± 0.6, P < .001). Linear regression analyses revealed that NLR (coefficient β = −.61, P < .001) was significantly associated with severity of CAE. The NLR is significantly higher in patients with CAE compared to controls with normal coronary arteries, and NLR is associated with severity of CAE.
An assessment of learning gains from educational animated videos versus traditional extension presentations among farmers in Benin*

ABSTRACT This study compared the efficacy of linguistically and dialectically localized animated educational videos (LAV) against traditional learning extension (TLE) presentations for learning gains of knowledge around agricultural- and healthcare-related topics within a rural population in Benin. While both approaches demonstrated learning gains, LAV resulted in significantly higher test scores and more detailed knowledge retention. A key contribution of this research, moreover, involves the use of mobile phone technologies to further disseminate educational information. That is, a majority of participants expressed both a preference for the LAV teaching approach and a heightened interest in digitally sharing the information from the educational animations with others. Because the animations are, by design, readily accessible to mobile phones via Africa’s explosively expanding digital infrastructure, this heightened interest in sharing the animated videos also transforms each study participant into a potential a learning node and point of dissemination for the educational video’s material as well.
Providing Business Information to Production Workers: Correlates of Compensation and Profitability

This study investigates some of the effects of a company's providing production workers with information on its financial condition, productivity, and relative standing in the labor market. Analyzing survey responses of business executives from 106 firms together with financial data on the companies from COMPUSTAT II for 1984, the authors find that information-sharing was positively related to the level of wages and benefits and unrelated to productivity in both union and nonunion businesses, and that it had a significant negative relationship to profits and cash flows in nonunion businesses.
Visualized nutrition education and dietary behavioral change: A systematic review and meta-analysis

Abstract Effectiveness of using visual approaches in health education and its influential factors were still in debate. This study aimed to asess the effects of visualized nutrition education on dietary knowledge and behavioral changes, and factors influencing them. A comprehensive search of PubMed, EMBASE, Scopus, and Cochrane Library was conducted. Eligible studies were trials assessed effects of visualized nutrition education on dietary knowledge or behavior changes, compared with non-visualized or no education group. Fourteen studies (n = 7,259) were qualitatively analyzed and 7 of them were included in the meta-analysis. We found a higher fiber intake in both short term (1.59 g/1000 kcals, 95% CI 0.90–2.27) and long term (1.36 g/1000 kcals, 95% CI 0.64–2.09). A marginal advantage was shown in short-term fruits and vegetables consumption (F&V consumption) (standardized mean difference [SMD] = 0.08, 95% CI −0.00 to 0.16). The education effects were more pronounced when education was delivered in series (SMDF&V consumption = 0.09, 95% CI 0.00–0.17), avoiding loss-framing (SMDFat intake = 0.31, 95% CI 0.10–0.51) and video modeling (SMDF&V consumption = 0.23, 95% CI 0.03–0.43), with short length plus cultural adaptation. Visualized nutrition education was overall promising in improving dietary behaviors. Delivering in series, short in length, with cultural adaptation were features tended to enlarge the benefits of visualized education while loss-framing and video modeling might be avoided.
Impact of Financial Sector Development on the Nigerian Economic Growth

An efficient financial system is essential for building a sustained economic growth and an open vibrant economic system. Countries with well developed financial institutions tend to grow faster; especially the size of the banking system and the liquidity of the stock markets tend to have strong positive impact on economic growth. This study examines the impact of financial sector development and economic growth in Nigeria. It seeks to know the impacts of the sector in the Nigerian economy and whether the sector has been able to achieve its main objective of intermediation as a result of the inability of the sector to assist the real sector despite the huge profits declared yearly & also the short term lending of the banks instead of long term investment that can boost the economy. The OLS method of the regression analysis was employed; the financial development was proxied by ratio of liquidity liabilities to GDP (M2GDP), real interest rate (INTR), ratio of credit to private sector to GDP (CPGDP) while the economic growth was measured by the real GDP (RGDP). The study finds that only the real interest rate is negatively related. All the explanatory variables are statistically insignificant. Though the overall statistic shows that the independent variables were able to explain 74 percent variation in the dependent but contrary to a priori expectation, it is statistically insignificant. The link between the financial and real sector still remains weak and could not propel the needed growth towards the vision 202020. There is therefore the need for consistent, transparent, fair policy, and also a resilient& strong institutional development of the sector. Normal 0 false false false EN-US X-NONE AR-SA /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;}
Synthesis and Characterization of Porous Hydrogel Based on Lignin and Polyacrylamide

A porous lignin-containing hydrogel was developed for dye removal via graft copolymerization of acetic acid lignin (AAL) and acrylamide (AAm), in the presence of ethyleneglycol dimethacrylate (EGDMA) as a crosslinker and H2O2 as an initiator. AAL was characterized by FT-IR and TGA. After being washed to remove impurities, the hydrogel was characterized by FT-IR, TGA, SEM, and swelling ratio. FT-IR spectra suggested that AAL was present in the hydrogel. The TGA curves revealed that the introduction of AAL had no significant impact on the thermal stability of PAAm. SEM images showed that the honeycomb-like structure of the hydrogel was improved with increasing AAL content. The swelling ratio data showed that the hydrogel with a high AAL/AAm ratio was sensitive to pH. Furthermore, increased lignin content of the hydrogel favors the dye adsorption.
The Dynamic Correlation between Stock and Bond Returns

This paper investigates the correlation of returns between the U.S. stock and bond markets using two prominent index funds. By employing both rolling correlation and dynamic correlation coefficient models for the sample period from 1996 through 2008, we find that the correlation coefficients between stocks and bonds are time-varying and, on average, negative. The correlation coefficients between stock and bond markets depend on a few key macro state variables. The correlation coefficient is negatively correlated with the uncertainty of the stock market's performance but positively related to real income growth and the level of the federal funds rate.
Corporate Boards of Directors: In Principle and in Practice

Numerous significant past and recent contributions to the literature on the efficacy of corporate boards of directors notwithstanding, a consensus has yet to develop. Partly this is due to a failure to agree on the ground rules, to which the use of different lenses through which to observe and interpret corporate boards is a contributing factor. This article examines corporate boards through the lens of contract/governance with the object of (1) uncovering the factors that are responsible for the intrinsic limitations of boards in monitoring and managing respects and, in consideration of these limitations, (2) advising on the merits of proposed reforms, to which credibility considerations and the integrity of delegation are relevant. A more accepting interpretation of practices regarded by many as problematic emerges, but not without qualifications and express concern for bad actors. ( JEL G30, G34, K22, L14) The Author 2007. Published by Oxford University Press on behalf of Yale University. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.
Monetary policy effects on investment spending: a firm‐level study of Malaysia

Purpose - The purpose of this paper is to explore the role of monetary policy transmission mechanism channel on firms' investment spending. The focal point is to investigate the differential of monetary policy effects across sub-sector firms' investment by examining the role of interest rates, and broad credit channel of monetary transmission. Design/methodology/approach - The following research design has been employed in examining the relevance of both monetary policy channels. First, the firm user cost of capital as a proxy for the interest rates channel is constructed. Second, the neoclassical model of firm-level investment function has been estimated using the dynamic panel data technique. Findings - The results revealed that the monetary policy transmission mechanism works through both interest rate, and broad credit channels in influencing firms' investment spending in the Malaysian economy. Monetary policy has heterogeneous effects in respect of sub-sectors of the economy. In the long-run, the firm investment in the consumer products and services sectors are significantly affected by the interest rate and broad credit channels. However, the firm investment in the industrial products and property sectors has only been significantly affected by interest rates and broad credit channel, respectively. Originality/value - The empirical results provide new evidence on the microeconomic effects of monetary policy in a small open economy (i.e. Malaysia) in two dimensions. First, this finding has supported the relevance of interest rates and broad credit channel of monetary transmission in a small open economy. Second, monetary policy effects are also heterogeneous by sub-sectors of the economy, as some sectors (for example, consumer products, industrial products, and services) are significantly affected by monetary policy, and other sub-sectors (for example, property) are not affected.
Mental Work Demands Protect Against Cognitive Impairment: MAAS Prospective Cohort Study

Little is known about whether persons with mentally demanding jobs are protected against cognitive impairment and whether this association is independent of intellectual abilities and other confounders. Longitudinal data from the Maastricht Aging Study (MAAS) were used to examine this association. After the 1993-1995 baseline examination, there was a first 3-year follow-up examination (1996-1998) among 630 men and women, aged 50 to 80, who exhibited no cognitive impairment at baseline. Persons with mentally demanding jobs had lower risks of developing cognitive impairment during follow-up (36 cases), compared with persons without such jobs (odds ratio = 0.79; 95% confidence interval: 0.65-0.96). About 1.5% of the persons with high mental work demands developed impairment compared to 4% of the persons with few work demands. The protective effect was independent of intellectual abilities and other confounders. Our findings provide evidence that continued and potentially modifiable mental stimulation during adult life may protect men and women against cognitive impairment.
Aldosterone glucuronidation inhibition as a potential mechanism for arterial dysfunction associated with chronic celecoxib and diclofenac use in patients with rheumatoid arthritis.

OBJECTIVES Adverse cardiovascular (CV) effects of non-steroidal anti-inflammatory drugs (NSAIDs) are largely independent of their cyclooxygenase (COX) enzyme selectivity, but could be a consequence of aldosterone 18ß-glucuronidation inhibition (AGI), which varies between NSAIDS. This study assesses the chronic effects of celecoxib (selective COX-2 inhibitor) versus diclofenac (non-selective NSAID) therapy on arterial dysfunction in patients with rheumatoid arthritis (RA). METHODS AGI was assessed in vitro using human kidney cortical microsomes. Arterial function was measured clinically as the extent (augmentation index, AIX%) and timing (reflected wave transit time, RWTT, msec) of arterial wave reflection using radial applanation pulse wave analysis (SphygmoCor PWA device) in 39 RA patients without overt CV disease aged 40-65. A higher AIX% (and lower RWTT) indicates arterial dysfunction. Clinical assessment on a single occasion included a fasting blood sample, patient questionnaire and medical record review. Multivariable analysis was used to adjust for sex, mean blood pressure, arthritis duration, cumulative ESR-years and current DMARD therapy. RESULTS The inhibition constant (Ki) for celecoxib was lower than that of diclofenac (Ki, 3.5 vs. 8.4 μM). Chronic celecoxib use was associated with a higher AIX% (34.8 vs. 32.3) and lower RWTT (130.1 vs. 132.7 msec) compared with diclofenac. Adjusted mean differences were AIX% 4.7 (95%CI 0.6 to 8.9; p=0.03) and RWTT -3.6 (95%CI -10.0 to 2.7; p=0.26). CONCLUSIONS Celecoxib has a greater potency for AGI than diclofenac and its use is associated with a significantly higher AIX%. Our findings support AGI as a plausible mechanism for the CV toxicity of NSAIDs.
Value-Glamour and Accruals Mispricing: One Anomaly or Two?

We investigate whether the accruals anomaly is a manifestation of the glamour stock phenomenon documented in the finance literature. Value (glamour) stocks, characterized by low (high) past sales growth, high (low) book‐to‐market (B/M), high (low) earnings‐to‐price (E/P), and high (low) cash flow‐to‐price (C/P), are known to earn positive (negative) future abnormal returns. Note that “C” or cash flow is operationalized in the finance literature as earnings adjusted for depreciation. Sloan (1996) shows that firms with low (high) total accruals earn positive (negative) future abnormal returns. We find that a new variable, operating cash flows measured as earnings adjusted for depreciation and working capital accruals, scaled by price (CFO/P) captures mispricing attributed to the four traditional value‐glamour proxies and accruals. Interpretation of this finding depends on the reader's priors. If the reader believes that value‐glamour phenomenon can be operationalized only as C/P, and not CFO/P, then one wou.