Miracle-dz/UniFAR-FTUs huggingface dataset:
The Joint Effects of Materiality Thresholds and Voluntary Disclosure Incentives on Firms' Disclosure Decisions

Under GAAP, SEC and exchange-listing rules, managers must disclose material information. We construct a disclosure specification incorporating managers’ obligation to disclose material information and voluntary disclosure incentives. We demonstrate that tests of the incentives to voluntarily disclose information must recognize such information is often disclosed because of an underlying duty to disclose. Our empirical tests isolating the impact of materiality on firms’ disclosures have greater explanatory power over empirical tests that do not. Voluntary disclosure incentives better explain disclosure when the information is less likely to be material. Tests of voluntary disclosure theories ignoring materiality likely lead to incorrect inferences.
Earnings Management of Firms Reporting Material Internal Control Weaknesses Under Section 404 of the Sarbanes-Oxley Act

SUMMARY: The main objectives of the Sarbanes-Oxley Act of 2002 are to improve the accuracy and reliability of corporate disclosure. Under Section 404 of the Sarbanes-Oxley Act, the external auditor has to report an assessment of the firm’s internal controls and attest to management’s assessment of the firm’s internal controls. Material weaknesses in internal controls must be disclosed in the auditor and management reports. The objective of this study is to examine if firms reporting material internal control weaknesses under Section 404 have more earnings management compared to other firms. The results provide mild evidence that there are more positive and absolute discretionary accruals for firms reporting material internal control weaknesses than for other firms. Since the findings of ineffective internal controls by auditors under Section 404 may cause firms to improve their internal controls, Section 404 has the potential benefits of reducing the opportunity of intentional and unintentional accounting.
Ubiquitination of Neuronal Nitric-oxide Synthase in the Calmodulin-binding Site Triggers Proteasomal Degradation of the Protein*

Background: CHIP-dependent ubiquitination of NO synthase is an important regulatory mechanism. Results: A dozen ubiquitination sites on neuronal NO synthase were identified with 11 of the sites on either the oxygenase or calmodulin domain. Conclusion: Lysine residue 739 is the major site for poly-ubiquitination with other sites responsible for mono-ubiquitination of neuronal NO synthase. Significance: CHIP-dependent regulation of neuronal NO synthase turnover occurs primarily through lysine residue 739. Nitric-oxide synthase, a cytochrome P450-like hemoprotein enzyme, catalyzes the synthesis of nitric oxide, a critical signaling molecule in a variety of physiological processes. Our laboratory has discovered that certain drugs suicide-inactivate neuronal nitric-oxide synthase (nNOS) and lead to the preferential ubiquitination of the inactivated nNOS by an Hsp70- and CHIP (C terminus of Hsc70-interacting protein)-dependent process. To further understand the process by which altered nNOS is recognized, ubiquitinated, and proteasomally degraded, we examined the sites of ubiquitination on nNOS. We utilized an in vitro ubiquitination system containing purified E1, E2 (UbcH5a), Hsp70, and CHIP that recapitulates the ability of the cells to selectively recognize and ubiquitinate the altered forms of nNOS. LC-MS/MS analysis of the tryptic peptides obtained from the in vitro ubiquitinated nNOS identified 12 ubiquitination sites. Nine of the sites were within the oxygenase domain and two were in the calmodulin-binding site, which links the oxygenase and reductase domains, and one site was in the reductase domain. Mutational analysis of the lysines in the calmodulin-binding site revealed that Lys-739 is a major site for poly-ubiquitination of nNOS in vitro and regulates, in large part, the CHIP-dependent degradation of nNOS in HEK293 cells, as well as in in vitro studies with fraction II. Elucidating the exact site of ubiquitination is an important step in understanding how chaperones recognize and trigger degradation of nNOS.
Cross‐talk between two global regulators in Streptomyces: PhoP and AfsR interact in the control of afsS, pstS and phoRP transcription

The regulatory proteins AfsR and PhoP control expression of the biosynthesis of actinorhodin and undecylprodigiosin in Streptomyces coelicolor. Electrophoretic mobility shift assays showed that PhoPDBD does not bind directly to the actII‐ORF4, redD and atrA promoters, but it binds to the afsS promoter, in a region overlapping with the AfsR operator. DNase I footprinting studies revealed a PhoP protected region of 26 nt (PHO box; two direct repeats of 11 nt) that overlaps with the AfsR binding sequence. Binding experiments indicated a competition between AfsR and PhoP; increasing concentrations of PhoPDBD resulted in the disappearance of the AfsR–DNA complex. Expression studies using the reporter luxAB gene coupled to afsS promoter showed that PhoP downregulates afsS expression probably by a competition with the AfsR activator. Interestingly, AfsR binds to other PhoP‐regulated promoters including those of pstS (a component of the phosphate transport system) and phoRP (encoding the two component system itself). Analysis of the AfsR‐protected sequences in each of these promoters allowed us to distinguish the AfsR binding sequence from the overlapping PHO box. The reciprocal regulation of the phoRP promoter by AfsR and of afsS by PhoP suggests a fine interplay of these regulators on the control of secondary metabolism.
Poverty, income inequality and externalised problem behaviours of children: an empirical study in Korea

The primary purpose of this study is to examine the effects of neighbourhood poverty and income inequality on children's externalised problem behaviours in Korea. For the analysis, we used the National Survey of Children and Youth data and employed a multilevel analysis method. The results show that income inequality level of a community is a significant factor in increasing children's externalised problem behaviours. When controlled for income inequality, poverty itself was not significantly related to the level of children's externalised problem behaviours. We provide social welfare practice and policy implications of the findings in the paper.
An empirical analysis of factors affecting the productivity of livestock in southern Botswana

Abstract This study attempts to identify factors responsible for differences in the productivity of cattle managed by private and communal livestock farmers in the southern region of Botswana during 1999/2000. Sample survey data are used to estimate the parameters of a block recursive regression model. Some of the equations postulated in the model are estimated with two-stage least squares (2SLS) to account for likely correlation between endogenous explanatory variables and the error term. The results show that (a) respondents with secure land tenure (private farms) and larger herds use more agricultural credit than do those who rely on open access communal grazing to raise cattle; (b) secure tenure and higher levels of liquidity from long-term credit and off-farm wage remittances promote investment in fixed improvements to land; (c) liquidity from short-term credit and wage remittances supports expenditure on operating inputs; and (d) herd productivity increases with greater investment in operating inputs and fixed improvements, and is therefore positively (but indirectly) influenced by secure land tenure. It can be inferred that government should (a) uphold private property rights to land where they already exist; (b) privatise open access grazing to individual owner-operators where this is politically, socially and economically feasible; and (c) where privatisation to individuals is not feasible, government should encourage users to convert the grazing into common property by subsidising the transaction costs of defining user groups and the boundaries of their resources, and of negotiating and enforcing rules limiting individual use of common property. This first-step in a gradual shift towards private property might be followed by a conversion of user-groups into non-user groups organised along the lines of investor-owned firms where members exchange use rights for benefits rights.
Relative strength and momentum profits

Abstract This paper examines the momentum profits for stocks listed on the Taiwan Stock Exchange over the ten-year sample period from 1997 to 2006. The empirical results indicate a positive momentum profit for short-run formation periods but negative momentum profits for long-run formation periods. Moreover, momentum profits are more likely to occur for the upward portfolio than for the downward portfolio. The more frequent price reversals for the downward portfolio indicate that traders appear to react asymmetrically for stocks with upward and downward price trends. This pattern is consistent with the notion that investors react to bad news more quickly than to good news (see, for example, Fabozzi et al., 1995). The results are also consistent with the finding of significant long-term price reversals following down states of markets (see, for example, Antonios and Patricia, 2006).
Rule of Law Reform Without Cultural Imperialism? Reinforcing Customary Justice Through Collateral Review in Southern Sudan

Rule of Law reform efforts in developing areas face daunting challenges: (1) the stigma of imperialism when Western-style institutions are imposed, (2) the unwillingness of local communities to embrace the reforms, and (3) a severe shortage of resources — human, physical, and financial.At the same time, some of these developing and post-conflict societies have highly functional customary law institutions (in Africa, e.g., a tribal chief applying a customary law handed down by oral tradition). These systems enjoy public confidence and function on very limited budgets — often providing prompt and accessible dispute resolution in the community. Unfortunately these indigenous systems do not always adhere to minimum standards of justice and human rights.In response, Rule of Law reformers in such communities are now working to codify customary law, and/or create rights of appeal from the customary courts. These efforts, however, threaten to deprive the indigenous communities of ownership of and control over their law. Rule of law reformers must learn the lessons of colonialism, lest they perpetrate a new imperialism.Instead, customary adjudication should be subject only to collateral review. Statutory courts should defer fully to customary law adjudicators on the principles and application of customary law, and review their decisions only for compliance with minimum standards of justice and human rights (ideally those recognized in the local constitution and international human rights instruments the country has ratified). Collateral review dignifies customary adjudication by respecting the customary courts’ determinations of law, while providing a safety net for those whose fundamental rights may be violated in customary court process. This approach eschews the cultural imperialism inherent in so many rule of law reforms, relying on the
Post‐industrial division of labour as a systemic barrier for immigrants in the swedish labour market

Abstract Differences in labour force participation and unemployment rates between indigenous populations and immigrants are common throughout Europe, but the gap seems to be particularly wide in Sweden. Based on studies of workplaces that traditionally employed large numbers of immigrants, but where they are now declining, it is argued that a driving force behind this process of exclusion is to be found in technological and organisational changes. These changes seem to be more pervasive in the Swedish labour market than in other economies in Europe. What is sometimes called the ‘Swedish model of working life’ has turned into the systemic exclusion of immigrant labour.
Lactoferrin and Cancer Disease Prevention

Lactoferrin (LF) is an iron-binding glycoprotein that is composed of the transferrin family and is predominantly found in the products of the exocrine glands located in the gateways of the digestive, respiratory, and reproductive systems, suggesting a role in the non-specific defence against invading pathogens. Additionally, several physiological roles have been attributed to LF, namely regulation of iron homeostasis, host defence against infection and inflammation, regulation of cellular growth, and differentiation and protection against cancer development and metastasis. These findings have suggested LF's great potential therapeutic use in cancer disease prevention and/or treatment, namely as a chemopreventive agent. This review looks at the recent advances in understanding the mechanisms underlying the multifunctional roles of LF and future perspectives on its potential therapeutic applications.
Corporate cash holdings and dividend payments: Evidence from simultaneous analysis

This study explores the simultaneous relationship between corporate cash holdings and dividend policy using a large sample of around 400 non-financial firms for the period from 1991 to 2008. The results show that cash holdings are affected by dividends, leverage, growth, size, risk, profitability, and working capital ratio. Dividend policy is affected by cash, leverage, growth, size, risk, and profit. When controlling for simultaneity, dividend payments do not appear to significantly affect cash holdings, nor do cash holdings affect dividend policy. The empirical analysis suggests that simultaneity is crucial in analyzing corporate cash holdings and dividend policy. Copyright (C) 2011 John Wiley & Sons, Ltd.
An Analysis on ASEAN Print Media Coverage: A Case Study on the phenomenon of strife between Malaysia and Indonesia

This study seeks to explore the news content on print media in Indonesia and Malaysia in relation to its news reporting regarding both countries in terms of bilateral relationship. The agenda of the news media has become a principal focus that seems to have leverage in affecting this bilateral relationship between both countries. The media is also seen as a medium that is often accused of focusing more on negative news and less on positive news. Thus the media has a role in intensifying and aggravating the resentment related to this entire phenomenon. Among the objectives of this research are to study the issues of news coverage made by the newspapers in Malaysia and Indonesia; to examine the influence of the cooperative environment in determining the form and genre of news reporting in both countries as well as to analyze the reflection of the news makers from both countries. The methodology used for the purpose of this research is qualitative content analysis involving four news print organizations: two in Malaysia which are the Star and BERNAMA while in Indonesia, the research concentrates on the KOMPAS and ANTARA. These four news organizations are mainstream media and relevant due to their influential role in providing insights and shaping the perception of the readers. The study is significant befitting the fact that Indonesia and Malaysia have love-hate relationships which unfortunately sometimes ignite fury among the people of both nations.
Social Security Money's Worth

This paper describes how three money's worth measures the benefit-to-tax ratio, the internal rate of return, and the net present value are calculated and used in analyses of social security reforms, including systems with privately managed individual accounts invested in equities. Declining returns from the U.S. social security system prove to be the inevitable result of having instituted an unfunded (pay-as-you-go) retirement system that delivered $7.9 trillion of net transfers (in 1997 present value dollars) to people born before 1917, and will deliver another $1.8 trillion to people born between 1918 and 1937. But young and future workers cannot necessarily do better by investing their payroll taxes in capital markets. If the old system were closed down, massive unfunded liabilities of $9-10 trillion would still have to be paid unless already accrued benefits were cut. Alternative methods of calculating these accrued benefits yield somewhat different numbers: the straight line calculation is $800 billion less than the constant benefit calculation we propose as the benchmark. Using this benchmark in a world with no uncertainty, we show that privatization without prefunding would not increase returns at all, net of the new taxes needed to pay for unfunded liabilities. These new taxes would amount to 3.6 percent of payroll, or about 29 percent of social security contributions. Prefunding, implemented by reducing accrued benefits or by raising taxes, would eventually increase money's worth for later generations, but at the cost of lower money's worth for today's workers and/or retirees. Computing money's worth when there is uncertainty is much more difficult unless four conditions hold prices into stocks and out of bonds has no effect whatsoever on money's worth when it i adjusted for risk: a dollar of stock is worth no more than a dollar of bonds. diversification can raise welfare for constrained households, but the exact money's worth must depend on specific assumptions about household attitudes toward risk. Calculations lik the Social Security Advisory Council that attribute over $2.85 of net present va $1 shifted from bonds to stocks completely overlook the disutility of risk. By estimate that a 2 percent of payroll equity fund carved out of social security w present value by about 59 cents per dollar of bonds switched into equities When the likely reductions in income and longevity insurance are factored in privatization and diversification is substantially less than popularly perceived
Unemployment Risk, Precautionary Saving, and Durable Goods Purchase Decisions

In this paper household level data are used to explore whether unemployment risk is an important factor in the timing of consumers' durable goods purchase decisions. A theoretical model is presented in which both income uncertainty and household debt play a direct role, offering a potential explanation for fluctuations in durable goods spending over the business cycle. The model predicts that consumers respond to increases in unemployment risk by postponing purchases of the durable good and reducing their spending on nondurable goods in order to bolster their precautionary buffer-stock of liquid assets. Consistent with the model, there is evidence that unemployment risk has a direct effect on the timing of home purchases: households with a higher probability of becoming unemployed are less likely to have recently purchased a home or a car, even after controlling for demographic variables. A prediction that the consumption decisions of older consumers are relatively less sensitive to unemployment risk is also validated. Another finding consistent with the theoretical model is that consumers who are observed to have bought a house despite facing high unemployment risk tend to have more liquid assets left over than homebuyers who face ordinary or low unemployment risks.
Chronic Kidney Disease After Orthotopic Liver Transplantation: Impact of Hepatitis C Infection

Background. Hepatitis C virus (HCV) infection has been shown to be a potential risk factor for the development of chronic kidney disease in liver transplant recipients. Methods. We performed a retrospective cohort study of 307 patients with and without HCV cirrhosis and preserved pretransplant renal function (serum creatinine<1.5 mg/dL pretransplantation) to assess the impact of HCV on the incidence of posttransplant chronic kidney disease. Kaplan-Meier analysis was performed for time to development of estimated glomerular filtration rate (eGFR) less than 30 mL/min, need for dialysis, and mortality. Results. One hundred eighty-one patients were transplanted for HCV cirrhosis and 126 recipients had other causes of liver disease. Mean model for end-stage liver disease scores were 21.64 in the HCV group and 21.30 in the non-HCV group (P=0.58); 51% of patients in the HCV cohort had hepatocellular carcinoma compared with 27% in the non-HCV cohort (P<0.001). Mean pretransplant serum creatinine level was 0.89 mg/dL in both groups. At 3 years posttransplant, eGFR did not differ between the HCV and non-HCV cohorts (64.96 mL/min vs. 66.09 mL/min; P=0.71). A total of 14.4% of the patients with HCV achieved an eGFR less than 30 mL/min compared with 10.3% of the patients without HCV (P=0.13). There was no difference between the cohorts with respect to requirement for dialysis (P=0.73) or deaths (P=0.08), including those that were liver related (P=0.15). Conclusions. Patients with HCV cirrhosis and normal preliver transplant renal function do not have worse posttransplant renal outcomes compared with those with other causes of liver disease.
Economic Growth and Wage Stagnation in Peru: 1998–2012

From 1998 to 2012, the Peruvian economy exhibited rapid growth. Moreover, the composition of the labor force improved in terms of education and experience, two variables that are typically associated to higher human capital. The average worker in 2012 had a higher level of education and was one and a half years older than in 1998, reflecting the impact of the demographic transition. However, the average real wage was roughly constant. We show that a decline in the wage premium for education, and to a minor extent for experience, is responsible for the lack of growth in the average real wage. Had these two premia remained constant throughout the period of analysis, average labor earnings would have increased by about 2.6% per year, of which 0.7 percentage points are accounted for by the changes in the composition of the labor force in terms of age and education. We explore the role of the relative supply of workers with different levels of human capital as an explanation for the decline in the wage premium for education. Finally, we analyze the implications of these findings for some macroeconomic variables, as earnings and wage inequality, the labor share and total factor productivity.
Establishing a transplant coordinator-led living kidney donor follow-up clinic.

BACKGROUND The long-term risks of renal failure and hypertension are statistically low for living kidney donors as a group, but can have serious consequences for the individual. OBJECTIVES To describe the experience with a transplant coordinator-led living donor follow-up clinic. METHOD Living kidney donors are reviewed on an annual basis by a designated coordinator (registered nurse). A 24-hour urine collection estimates renal function. Blood pressure and blood chemistry are measured and urinalysis performed. Current health status and wound discomfort are assessed. Any medical problems identified are referred to a specialist hospital department or to the donor's family practitioner. RESULTS Fifty-nine appointments were booked and 12 (20%) donors did not attend. Renal function was within acceptable limits for all attending donors. Three donors had raised blood glucose levels and 8 donors were hypertensive; all were referred to family practitioners. Forty-seven donors (35 new, 12 return) completed a questionnaire on the follow-up provided. Thirty-eight (81%) were satisfied with the follow-up, and 47 (100%) agreed this clinic provided adequate follow-up. Thirty-three (70%) donors stated they preferred that the transplant coordinator performed the follow-up, 3 (6%) preferred the family practitioner, and 11 (23%) had no preference. CONCLUSIONS There are many possible solutions to the provision of lifelong care of living kidney donors. The model of a transplant coordinator-led clinic appears to have a high degree of patient acceptance, perhaps because of the continuity of care provided by a known member of the transplant team. Further work is required to identify reasons for nonattendance.