Miracle-dz/UniFAR-FTUs huggingface dataset:
The Limits to Arbitrage and the Low-Volatility Anomaly

The authors found that over 1963–2010, the existence and trading efficacy of the low-volatility stock anomaly were more limited than widely believed. For example, they found no anomalous returns for equal-weighted long–short (low-risk minus high-risk) portfolios and that alpha is largely eliminated when omitting low-priced stocks from value-weighted long–short portfolios. Furthermore, performance of long–short portfolios was significantly reduced by high transaction costs, reflecting the finding that the abnormal returns were concentrated among low-liquidity and smaller stocks. Amplifying liquidity needs, the anomalous excess returns quickly reversed, requiring frequent rebalancing. The authors’ findings have meaningful implications for implementing low-risk equity portfolio strategies.
ENTERPRISING WOMEN: GENDER AND MATURITY IN NEW VENTURE CREATION AND DEVELOPMENT

This study examines the role that gender played in the entrepreneurial actions of mature women in the process of starting and developing their businesses. The literature indicates that the characteristics of entrepreneuse and their businesses can be usefully categorised in terms of push and pull factors. Motivational pull factors are seen as broadly universal, fitting both men and women, but push factors, such as flexibility to accommodate domestic roles are presented as more important for women, Consequently our study examines mature entrepreneuse, who might be expected to have reduced domestic responsibilities. A sample of ten mature female entrepreneurs was selected because the literature indicated that there were specific "windows of entrepreneurial opportunity" in women's life stages. Such a window of opportunity could be expected to open when the demands of childrearing reduce as children become older. The respondents were interviewed in depth to explore the ramifications of gender in the motivation, expectations, purpose, action and outcomes of their business activities. We found that gender, in particular gender expectations, continued to play a significant configuring role in the way that these respondents operated their businesses.
Two Agency-Cost Explanations of Dividends

The economic literature about dividends usually assumes that managers are perfect agents of investors, and it seeks to determine why these agents pay dividends. Other literature about the firm assumes that managers are imperfect agents and inquires how managers' interests may be aligned with shareholders' interests. These two lines of inquiry rarely meet. ' Yet logically any dividend policy (or any other corporate policy) should be designed to minimize the sum of capital, agency, and taxation costs. The purpose of this paper is to ask whether dividends are a method of aligning managers' interests with those of investors. It offers agency-cost explanations of dividends.
Enforcement Releases, Firm Characteristics, and Earnings Quality: Insights from Germany's Two‐Tiered Enforcement System

The implementation of a two‐tier external enforcement mechanism in Germany in 2004 permits the examination of the interrelationship of enforcement releases, firm characteristics, and earnings quality in a unique institutional framework. A total of 151 cases are examined where the announcement of errors in prior disclosed and audited financial statements was mandatorily ordered by the enforcement authority. Prior literature documents the correlation between underperformance in financial ratios and the probability of erroneous disclosure of financial statements. Evidence is provided of differences in characteristics between firms with enforcement releases and control firms as well as all German publicly listed firms. The research affirms the connection of financial ratios to earnings quality metrics. Overall, the results document the underperformance in important financial ratios as well as indicate an inferior earnings quality of firms subject to enforcement releases vis‐a‐vis the control groups. These results hold with regard to both different earnings quality specifications and different periods observed. This study adds to the earnings quality discussion and contributes to the development of a comprehensive picture of accounting quality in the unique institutional settings of Germany. The findings show that a conjoint two‐tier public and private enforcement system is effective and could be a model for consideration by other countries.
Health care expenditures in Asia countries: Panel data analysis

Most studies on the link between health care expenditure (HCE) and GDP have been analyzed using data intensively from OECD countries, but little is known for other regions. The contribution of this paper is to present new results of several panel unit root and cointegration tests from 11 Asian countries using balanced panel data for the period of 1975－2006. The findings suggest the presence of unit-roots and cointegration in HCE and GDP in Asian data for both cases of with and without time trend in the regressions. This study also finds that the income elasticity varies largely from country to country either the short-run or the long-run. Moreover, the Granger causality tests suggest that only uni-directional causality (GDP cause HCE) does exist.
Being Your Own Boss: Ethnic Minority Entrepreneurs in Comparative Perspective

Exploring the notion that business activities are embedded in social relations this small scale study of 10 ethnic minority businesses in Lyon, France matched with 10 minority businesses in Birmingham, UK questions the degree of `choice' or `preference' being exercised by these entrepreneurs in their dealings with family and co-ethnics. Using qualitative methods the study concludes that many of these choices are shaped by a hostile environment which operates in very similar ways in the two countries despite very different political cultures.
Supporting Semantic Interoperability in Conservation-Restoration Domain

In this article, we present a semantic-based approach for dealing with the interoperability issue in the conservation-restoration domain. We first evaluate the context and our observations confirm the critical need for a data integration system taking advantage of data semantics. Our solution consists in: (1) building a domain-specific ontology, to rely on a unified understanding of the conservation-restoration data; (2) mapping the shared ontology to each data source, allowing each participating source to manage its own semantic database, consisting of its original data now associated to the semantic level; and (3) integrating all sources’ data, for querying them in the same homogeneous way. The presented achievements have been conducted as part of the PARCOURS project, whose aim is to develop an information system able to provide a unified access to distinct information sources, related to the cultural heritage field in general and the conservation-restoration processes in particular.
International Terrorism and the Clash of Civilizations

An emerging "clash of civilizations" should reveal itself in patterns of international terror¬ism. Huntington himself explicitly refers to terrorism in the conflict between specific civilizations, and particularly so in the clash between the Islamic civilization and the West. We confront his hypotheses with ones derived from our theory of the strategic logic of international terrorism. We predict more terrorism against nationals from countries whose government supports the government of the terrorists' home country. Similar to Huntington, we also predict excessive terrorism on Western targets, but because of the high strategic value of attacking Westerners, not because of inter-civilizational conflict per se. Contrary to Huntington, our theory does not suggest that groups from the Islamic civilization commit more terrorist acts against nationals from other civilizations in general. Nor do we expect a general increase in inter-civilizational terrorism after the end of the Cold War. Our empiri¬cal analysis - based on estimations in a directed dyadic country sample from 1969 to 2005 - finds broad support for our theory: foreign political support generates more terrorism against nationals of the supporting foreign country. Our results also suggest that the Rest-West and the Islam-West dyads indeed encounter signifi¬cant¬¬ly more terrorism, which is in line with Huntington, but not necessarily inconsistent with our own theory either. However, in contradiction to Huntington we do not find that there is generally more ter¬rorism from the Is¬lamic against other civiliza¬tions. Also, we find no evidence for a general structural break in the pat¬tern of international terrorism after the end of the Cold War.
Expansion Characteristics of Plasma Generated by Electrically Exploding Single Aluminum Wire in High Vacuum

In this paper, the expansion characteristics of the plasma generated by electrically exploding single aluminum wire are studied through imaging spectra of plasma self-emission. Energy deposition in 40 <formula formulatype="inline"> <tex Notation="TeX">$\mu{\rm m}$</tex></formula> and 100 <formula formulatype="inline"><tex Notation="TeX">$\mu{\rm m}$</tex></formula> exploding aluminum wires with two different rates of increase of current is presented and discussed. Imaging spectra with radius-resolved distribution in a wavelength range of 284 to 415 nm are used to study the composition and expansion rate of specific spectral lines in the explosion plasma. The plasma is symmetrical about its axis and mainly consists of AL I, Al II, and Al III. The expansion rates of intensities of some spectral lines in the plasma are determined by the specific energy deposited into the wire up to the voltage collapse. High current rate and large radius of the wire are helpful to suppress the plasma around the wire and the shunting of the current that causes the decrease of the deposited specific energy.
Class I Histone Deacetylase Thd1p Promotes Global Chromatin Condensation in Tetrahymena thermophila

ABSTRACT Class I histone deacetylases (HDACs) regulate DNA-templated processes such as transcription. They act both at specific loci and more generally across global chromatin, contributing to acetylation patterns that may underlie large-scale chromatin dynamics. Although hypoacetylation is correlated with highly condensed chromatin, little is known about the contribution of individual HDACs to chromatin condensation mechanisms. Using the ciliated protozoan Tetrahymena thermophila, we investigated the role of a specific class I HDAC, Τhd1p, in the reversible condensation of global chromatin. In this system, the normal physiological response to cell starvation includes the widespread condensation of the macronuclear chromatin and general repression of gene transcription. We show that the chromatin in Thd1p-deficient cells failed to condense during starvation. The condensation failure correlated with aberrant hyperphosphorylation of histone H1 and the overexpression of CDC2, encoding the major histone H1 kinase. Changes in the rate of acetate turnover on core histones and in the distribution of acetylated lysines 9 and 23/27 on histone H3 isoforms that were found to correlate with normal chromatin condensation were absent from Thd1p mutant cells. These results point to a role for a class I HDAC in the formation of reversible higher-order chromatin structures and global genome compaction through mechanisms involving the regulation of H1 phosphorylation and core histone acetylation/deacetylation kinetics.
Performance effects of firms' expansion paths within and across industries and nations

This article contributes to the emerging discussion on the diversification—performance relationship from a dynamic perspective.The research focuses on the ability of firms to handle complexity associated with added product scope during a period of time and the effect this may have on performance.The authors hypothesize that firms undertaking expansion steps during a given period of time, involving a higher level of added product scope, and those that expand into unrelated industries in an irregular fashion, i.e. with a higher variability, will gain less from expansion. Likewise, the authors hypothesize that if the degree of expansion steps involving internationalization is higher or shows more variance, firms will gain less from expansion.These hypothesized relationships are tested using detailed longitudinal data on 3503 expansion steps undertaken by a panel of 91 German firms, whose expansion programs have been tracked for periods ranging between five and 20 years.
Thermal Face Recognition Under Temporal Variation Conditions

In this paper, we analyze the problems produced by temporal variations of infrared face images when used in face recognition systems. The temporal variations present in thermal face images are mainly due to different environmental conditions, physiological changes of the subjects, and differences of the infrared detectors’ responsivity at the time of the capture, which affect the performance of infrared face recognition systems. To perform this paper, we created two thermal face databases that include capture sessions with real and variable conditions. We also propose two criteria to quantify the temporal variations between data sets. The thermal face recognition systems have been developed using the following five methods: local binary pattern (LBP), Weber linear descriptor (WLD), Gabor jet descriptors, scale invariant feature transform, and speeded up robust features. The results indicate that the local matching-based methods (WLD and LBP) are mostly immune to temporal variations, which is noticeable when the face images have been acquired with a time lapse, while the rest of the methods are clearly affected and are not suitable for practical infrared face recognition.
A Casein Kinase II Phosphorylation Site in the Cytoplasmic Domain of the Cation-dependent Mannose 6-Phosphate Receptor Determines the High Affinity Interaction of the AP-1 Golgi Assembly Proteins with Membranes (*)

The transport of proteins from the secretory to the endocytic pathway is mediated by carrier vesicles coated with the AP-1 Golgi assembly proteins and clathrin. The mannose 6-phosphate receptors (MPRs) are two major transmembrane proteins segregated into these transport vesicles. Together with the GTPase ARF-1, these cargo proteins are essential components for the efficient translocation of the cytosolic AP-1 onto membranes of the trans-Golgi network, the first step of clathrin coat assembly. MPR-negative fibroblasts have a low capacity of recruiting AP-1 which can be restored by re-expressing the MPRs in these cells. This property was used to identify the protein motif of the cation-dependent mannose 6-phosphate receptor (CD-MPR) cytoplasmic domain that is essential for these interactions. Thus, the affinity of AP-1 for membranes and in vivo transport of cathepsin D were measured for MPR-negative cells re-expressing various CD-MPR mutants. The results indicate that the targeting of lysosomal enzymes requires two distinct determinants at the carboxyl terminus of the CD-MPR cytoplasmic domain that are different from tyrosine-based endocytosis motifs. The first is a casein kinase II phosphorylation site (ESEER) that is essential for high affinity binding of AP-1 and therefore probably acts as a dominant determinant controlling CD-MPR sorting in the trans-Golgi network. The second is the adjacent di-leucine motif (HLLPM), which, by itself, is not critical for AP-1 binding, but is absolutely required for a downstream sorting event.
Regression Yield Curves for U.S. Government Securities

The uses of regression analysis to estimate market yield curves for U.S. Government securities are considered in this paper. Several possible regression models for this purpose are examined. It is found that models which regress either the before-tax yield or the after-tax yield of governments on the number of days remaining to maturity and the square of the logarithm of the number of days remaining to maturity can fruitfully be applied to actual market data in determining yield curves.
A Review of Social Welfare in Sub-Saharan Africa: From the Colonial Legacy to the Millennium Development Goals

In this article, we explore the historical evolution of social welfare policy in sub-Saharan Africa focusing on the post-1900 period. We show that we have seen a very conflicted approach to social development. Social security was reluctantly and very slowly introduced during the colonial period, and the post-colonial state has likewise been cautious in its approach and has not been able to build a long-term social contract with society. Instead, it has relied on clientelism, cooption, coercion and patronage. Since the late 1990s we have seen the African state and political systems begin to mature with greater democratisation and the growth of formal welfare systems.
Isoflurane and Halothane Produce Similar Alterations in Aortic Distensibility and Characteristic Aortic Impedance

The effects of volatile anesthetics on arterial mechanical properties in vivo are incompletely understood.The present investigation tested the hypothesis that isoflurane and halothane cause differential actions on the mechanical characteristics of the aorta in barbiturate-anesthetized dogs instrumented for measurement of aortic blood pressure, blood flow, and diameter. Aortic distensibility and characteristic aortic impedance were calculated from aortic diameter measurements. Oscillatory (W (o)) and mean (Wm) hydraulic power were determined from aortic pressure and blood flow waveforms. Hemodynamics and aortic pressure, blood flow, and diameter were recorded before, during, and after 0.5, 0.75, and 1.0 minimum alveolar anesthetic concentration (MAC) (end-tidal) isoflurane (n = 7), or halothane (n = 8). Isoflurane and halothane caused significant (P < 0.05) and dose-related decreases in heart rate, mean arterial pressure, peak and end-diastolic aortic diameters, and aortic distensibility (e.g., from 0.16% +/- 0.03% during control to 0.24% +/- 0.04% mm Hg during 1.0 MAC isoflurane). Characteristic aortic impedance remained unchanged by either drug. In contrast to the findings with isoflurane, halothane increased the ratio of Wo to Wm (from 6.7 +/- 1.1 during control to 11.3 +/- 3.1 x 10-2 during 1.0 MAC), suggesting that this drug decreases left ventricular mechanical efficiency. The results indicate that isoflurane and halothane do not alter characteristic aortic impedance and produce similar increases in aortic distensibility concomitant with reductions in aortic pressure. These findings support the contention that volatile anesthetic-induced alterations in aortic mechanical properties do not contribute to the differential effects of these drugs on left ventricular afterload in vivo. (Anesth Analg 1996;83:1166-72)
Resource configuration and creative practices of community entrepreneurs

Purpose – This paper aims to focus on the role of the community entrepreneur and the process of community entrepreneurship. It seeks to emphasize the social context as critical for gaining access to the resources needed by a community venture and elaborates on the action pattern of the community entrepreneur towards raising critical resources from the environment.Design/methodology/approach – The analysis is based on a longitudinal field study of community entrepreneurs in four Norwegian rural municipalities. The data consists of interviews, observations, and documents.Findings – Community entrepreneurs create local arenas and thereby facilitate cooperative entrepreneurial action, through bridging social capital. The actors are part of these community contexts and are involved in a range of reciprocal relations. Thus, the actors' creative practices toward the community have to run parallel with the resource configuration process.Research limitations/implications – Future studies may provide a broader empi.
Soft and Hard Aspects of Quality Management Practices Influencing Service Quality and Customer Satisfaction in Manufacturing-oriented Services

This review rationalizes that quality management practices have been adopted as a marketing strategy in the post-liberalized economy. Evaluating the literature and theories of quality management, differences are found in the implementation of quality management practices in manufacturing and service sectors. A critical assessment of literature and a comparison of various quality management models divulge the variables that are proposed to influence service quality and customer satisfaction in manufacturing-oriented services. These variables are categorized as ‘soft’ and ‘hard’ aspects of quality management. The soft aspects include transformational leadership, workplace spirituality, service climate, human resource management practices, employees’ affective commitment and job satisfaction. The hard aspects incorporate the management information system and physical evidence. It is rationalized that the adoption of soft and hard aspects of quality management is essential to achieve service quality and customer satisfaction.
A Theory of Innovation: Market Transition, Property Rights, and Innovative Activity

The aim of this paper is to specify a theory to explain why transitions to a market economy cause a shift to a higher level of innovation. Marketization increases the power of economic actors relative to political actors, increases inter-firm competition, creates new opportunities for entrepreneurship, and subsequently motivates innovative activity. For our empirical application, we focus on China's transition economy, which offers a broad range of institutional environments to examine the relation between market transition and increasing innovative activity by entrepreneurs and firms.
The adherence of Pseudomonas fluorescens to marble, granite, synthetic polymers, and stainless steel

The adherence of Pseudomonas fluorescens cells to nine food-processing contact surfaces was evaluated using the plate-count method. The surfaces include marble, granite, stainless steel, polyvinyl chloride, polyurethane, and silicone-coated cloth, which have been used only in a few studies concerning bacterial adherence. The number of cells adhered to the surfaces increased with contact time reaching 5.0-6.1 log CDM.cm-2 after 10 hours, which can be considered a well established adherence process. The number of adhered cells doubled in 29.5 minutes and 23.5 minutes on stainless steel and thin polyvinyl chloride-coated cloth, respectively. For the other surfaces, this value was 9.8 minutes on average. Marble, granite, thick polyvinyl-coated cloth, double-faced rugous polyurethane, and silicone-coated cloth were not different (p < 0.05) in their ability to adhere cells (CFU/cm2) after 2 and 10 hours. The surfaces that had higher percentage of similarity in the adhesion level and higher log CFU/cm2 of adhered cells were double-faced rugous polyurethane, silicone-coated cloth, and granite. The surfaces showed very different microtopography characteristics when viewed using scanning electron microscopy. This experiment showed the importance of using appropriate materials for food contact during processing, which will affect the cleaning and sanitation procedures.
Epidemiology of Helicobacter pylori Infection

Helicobacter pylori infection is typically acquired in early childhood in both low‐ and high‐income regions of the world and, once established, commonly persists lifelong unless treated. Social and economic development decreases the prevalence both within and between countries. The epidemiology of H. pylori infection highlights the geographic, ethnic, and racial differences throughout the world.