Miracle-dz/UniFAR-FTUs huggingface dataset:
Comovements of Low-Grade Debt and Equity Returns of Highly Leveraged Firms

HILARY SHANE is a doctoral candidate in finance at the Wharton School of the University of Pennsylvania. e low-grade bond market grew from 15% of the dollar volume of corporate debt in 1982 to 26% in 1988. According to Salomon Brothers’ 1991 survey, outstanding low-grade debt as a percentage of corporate debt has remained between 25% and 26%. While a slowdown in the new issuance of lowgrade bonds occurred in 1990 and 1991, there has since been a tremendous rebound, with a record $37 billion of low-grade bonds coming to market in 1992, and $14 billion issued in the first quarter of 1993 (Lipin and Mitchell [1993]). As financial institutions develop expertise in underwriting, trading, and research, low-grade bonds appear to be a mainstay in corporate financing. Empirical and theoretical research aimed at understanding the returns process of low-grade bonds is sparse. Most published research focuses on the performance of low-grade bonds relative to high-grade bonds (Altman [1989]; Asquith, Mullins, and Wolf€ [1989]; Blume, Keim, and Pate1 [1991]; and Cornell and Green [1991]). Less attention has been paid to the returns process of low-grade bonds relative to equity and, in particular, relative to the equity of firms that have outstanding low-grade bonds. A low-grade bond can be viewed as a hybrid security consisting of a government bond and a claim on the issuing firm’s equity. The government bond captures the low-grade bond’s sensitivity to interest rate risk, while the equity component captures the systematic risk associated with changes in the underlying value of the firm. This article explores the characteristics influencing the sensitivity of low-grade bond returns to interest rate risk versus firm risk. The empirical framework used relies on the contingent claims analysis model r
Zebrafish relatively relaxed mutants have a ryanodine receptor defect, show slow swimming and provide a model of multi-minicore disease

Wild-type zebrafish embryos swim away in response to tactile stimulation. By contrast, relatively relaxed mutants swim slowly due to weak contractions of trunk muscles. Electrophysiological recordings from muscle showed that output from the CNS was normal in mutants, suggesting a defect in the muscle. Calcium imaging revealed that Ca2+ transients were reduced in mutant fast muscle. Immunostaining demonstrated that ryanodine and dihydropyridine receptors, which are responsible for Ca2+ release following membrane depolarization, were severely reduced at transverse-tubule/sarcoplasmic reticulum junctions in mutant fast muscle. Thus, slow swimming is caused by weak muscle contractions due to impaired excitation-contraction coupling. Indeed, most of the ryanodine receptor 1b (ryr1b) mRNA in mutants carried a nonsense mutation that was generated by aberrant splicing due to a DNA insertion in an intron of the ryr1b gene, leading to a hypomorphic condition in relatively relaxed mutants. RYR1 mutations in humans lead to a congenital myopathy, multi-minicore disease (MmD), which is defined by amorphous cores in muscle. Electron micrographs showed minicore structures in mutant fast muscles. Furthermore, following the introduction of antisense morpholino oligonucleotides that restored the normal splicing of ryr1b, swimming was recovered in mutants. These findings suggest that zebrafish relatively relaxed mutants may be useful for understanding the development and physiology of MmD.
Financial Development and Allocation of External Finance

We examine whether financial systems facilitate efficient allocation of resources into perspective projects. Employing European micro-level data from 1996-2005, we show that firms in industries with the best growth opportunities use more external finance in financially more developed countries. The result is robust to controlling for technology determinants of external finance and to choosing different proxies for growth opportunities. We also find that the explanatory power of the technology determinants decreases significantly once growth opportunities are controlled for, which suggests that the often used measures of determinants of external finance are partly driven by growth opportunities.
Mohs Micrographic Surgery for the Treatment of Merkel Cell Carcinoma

BACKGROUND Merkel cell carcinoma (MCC) is a rare, aggressive malignant neoplasm. Traditionally, wide local excision has been used for local control. However, the tissue-sparing capability of Mohs micrographic surgery (MMS) and the greater certainty of complete tumor removal offer a potential advantage over wide local excision if MMS offers acceptable cure rates. OBJECTIVE This study aims to help elucidate management of MCC and includes one of the largest groups of patients from a single institution. MATERIALS AND METHODS This study is a retrospective chart review of 22 patients with cutaneous MCC treated with MMS at our practice over 20 years. Clinical characteristics and outcomes were examined. The study protocol conformed to the ethical guidelines of the 1975 Declaration of Helsinki as reflected in the approval by our institution's human research review committee. RESULTS The overall local recurrence rate was 5% (1/22). The overall rate of biopsy-proven metastasis to regional lymph nodes was 14% (3/22). No cases of distant metastases were documented. CONCLUSION To our knowledge, this is the largest group of patients with MCC treated with MMS from a single institution and indicates that MMS may be a useful treatment modality for this rare aggressive disease.
The perceptions of Trade Unions by their members : a survey report on Trade Unions in Malta

Trade union members, on the basis of their work experiences and aspirations, tend to develop an implicit paradigm within which they expect their trade union to function. The survey conducted by the Workers’ Participation Development Centre (WPDC) of the University of Malta reveals how trade unions are perceived by their members thus attempting to decode this paradigm. The data emanating from this survey suggest that solidarity rather than viewed as an intrinsic value is seen as a means for attaining instrumental values. Yet, despite the growing heterogeneity of trade union constituents there is still a significant group of workers who uphold the traditional and ideal vision of trade unionism. The survey suggests that, while undergoing renewal trade unions should hold on to the principles of workers’ representation upon which they were founded. Nevertheless the changes taking place in the labour market also require that new recruitment initiatives be undertaken. Failing this, the trade union movement may end up representing merely a “labour aristocracy” rather than a wide section of contemporary workforce.
Increasing HR's strategic participation: The effect of HR service quality and contribution expectations

Strategic participation is important for HR professionals who wish to have increased influence in their organizations. While a number of previous studies have suggested a link between strategic human resource management and firm performance, few have explored the specific factors enabling HR strategic participation. This study examines the impact of HR service quality and expectations of HR contributions on HR strategic participation. A total of 244 survey responses were received from 42 companies in Taiwan. All hypotheses were supported, thus signifying significant relationships between HR service quality, expectations of HR contributions, and HR strategic participation. The study results also indicate that HR professionals are able to proactively increase the value of HR in organizations by enhancing HR service quality and addressing potential internal customers' needs accordingly. © 2012 Wiley Periodicals, Inc.
International Trade With Fluctuating Prices

dian world in which the supply of a non-tradable consumer good is uncertain. Turnovsky [10] using the same two good linear production model, has analyzed the implications of technological uncertainty. The latter author also examines the case of a small country facing externally generated random fluctuations in the terms of trade. A less complete discussion of terms of trade uncertainty also appears in Ruffin [9]. Assuming that factors of production are mobile only prior to learning the value of the random parameter, a major focus of these papers is on the possibility of specialization reversals. For example, it is shown that there are conditions under which it is optimal to specialize in the good which would not be produced were the terms of trade to take on the expected value with certainty. However, in none of the above papers is there a systematic attempt to obtain conditions sufficient to determine either the allocational, or welfare implications of international price uncertainty. We will show in the following pages that there are indeed relatively weak conditions under which it is possible to derive such implications. The discussion proceeds under the assumption of a convex production technology including of course the Ricardian special case. While the model is extended to many goods in Appendix 3 we will, for expositional ease, consider a two good world in the text. The main body of the paper compares the optimal allocation when there are random fluctuations in the international prices of the two goods with the solution when the ratio of these prices w = P1IP2 or "terms of trade" takes on its expectation with certainty. This is extended to the case of mean preserving increases in price uncertainty in Appendix 2. Specifically it is shown that the optimal response to such uncertainty is to reduce the output of good 1 if risk aversion is sufficiently low. However, with higher risk aversion it becomes optimal to move away from highly specialized production and towards the production point which is optimal in the absence of trade possibilities. Unlike the general analysis of the implications of increasing risk by Rothschild
Creating incentives for avoiding further deforestation: the nested approach

Since 2005, Parties to the UNFCCC have been negotiating policy options for incentivizing reductions of (greenhouse gas) emissions from deforestation and degradation (REDD) in a future climate regime. Proposals on how to operationalize REDD range from market-based to pure fund-based approaches. Most of the current proposals suggest accounting for REDD at the national level. Accounting for emission reductions and implementing policy reform for curbing deforestation will take time and imply high levels of technical and institutional capacity. Therefore it is essential that developing countries receive sufficient support to implement national REDD programmes. To save time and ensure prompt action in reducing deforestation, a REDD approach is proposed that integrates project-level and subnational REDD schemes into national-level accounting. This ‘nested approach’ can achieve meaningful reductions in GHG emissions from improved forest governance and management, while allowing for an immediate and broad participation by developing countries, civil society and the private sector.
Partner Familiarity and Audit Fees: Evidence from Former Andersen Clients

SUMMARY: In this study we examine the audit fees for two types of former Andersen clients: those that followed their former Andersen partner to a new audit firm and those that did not. Using data from Public Accounting Report on the acquisition of Andersen offices, we find that about half of the Andersen clients in our sample followed the former partner to a new audit firm and that the “follower” clients paid, on average, about 16 percent lower audit fees than other clients. The results thus provide empirical evidence about the impact of partner-client familiarity on audit fees. The findings also suggest that studies examining former Andersen clients may need to distinguish between the “follower” clients and other clients.
The First Laminin G-Type Domain in the SHBG-Like Region of Protein S Contains Residues Essential for Activation of the Receptor Tyrosine Kinase Sky

Abstract Vitamin Kdependent protein S and the product of growtharrestspecific gene 6 (Gas6) both possess the ability to phosphorylate members of the Axl/Sky subfamily of receptor tyrosine kinases. However, Gas6 appears to be the bona fide ligand for these receptors in man, as human protein S has been demonstrated to activate murine Sky but not the human orthologue. In contrast, bovine protein S is able to stimulate human Sky despite its high degree of sequence identity with human protein S. The domain organisations of protein S and Gas6 are virtually identical and the Cterminal SHBGlike region, containing two globular (G) domains, has been shown to play a crucial role in the receptor stimulation. In order to further localise the area responsible for the interaction, a number of protein chimeras were used to stimulate human Sky. Each chimera had one part of the human protein S SHBGlike region replaced by the corresponding part of bovine protein S or human Gas6. We found that human protein S may indeed activate human Sky but only above physiological plasma concentrations. The human bovine protein S chimeras provided new information implying that the first G domain contains critical residues for the interaction with the Sky receptor. Moreover, these residues do not seem to be clustered but rather to be distributed at various positions in the first G domain.
Urban Housing Policy in China in the Macro-regulation Period 2004–2007

Since 2004, China's housing policy has entered into an adjustment period. The central government tries to take macro measures to regulate the urban housing market, with the purpose of enhancing long-term housing development and cooling down the overheated economy, which was partly caused by buoyant housing market activities. Local governments are also required to strengthen the security of housing. Thus, housing supply by both the market and government is to be integrated to meet the housing needs of urban citizens, and to guarantee low-income and some special urban groups' residential rights. This paper firstly gives a brief review of the development and transformation of the Chinese urban housing market and policies from 1998 to 2007, and then it analyses the urban housing policies formulated during the period of macro-economy adjustment from 2004 to 2007, including policy targets, preliminary policy effects and possible policy deficiency.
Beyond the third mission: Exploring the emerging university function of co-creation for sustainability

This paper explores a global trend where universities are collaborating with government, industry and civil society to advance the sustainable transformation of a specific geographical area or societal sub-system. With empirical evidence, we argue that this function of ‘co-creation for sustainability’ could be interpreted as the seeds of an emerging, new mission for the university. We demonstrate that this still evolving mission differs significantly from the economic focus of the third mission and conventional technology transfer practices, which we argue, should be critically examined. After defining five channels through which a university can fulfil the emerging mission, we analyse two frontrunner ‘transformative institutions’ engaged in co-creating social, technical and environmental transformations in pursuit of materialising sustainable development in a specific city. This study seeks to add to the debate on the third mission and triple-helix partnerships. It does so by incorporating sustainable development and place-based co-creation with government, industry and civil society.
Fragmented futures: new challenges in working life

Introduction Themes Outline of the book The matter of words Where have we come from? Introduction Harvester man 'TINA' New realities at work What do people want from work? The quality of working life Consumption patterns and working Conclusion Who gets the opportunity to work? Unemployment Under-employment The challenge of unemployment Where are the jobs now? The decline in full-time permanent waged jobs Industry employment Occupational change Conclusion What is non-standard work? Introduction Fixed-term employment Casuals Dependent contractors Labour-hire Non-standard employment and skills formation Conclusion Are people now working longer and harder? Extended hours Work intensification Key elements of work intensification Industry case studies Conclusion How is work rewarded? Historical background Earnings inequality The low-paid workforce Conclusion How do people balance work and life? Experiencing work and life A more diverse workforce Labour-market transitions for workers with families Jobs and the balance Conclusion Whatever happened to life long learning? From front end training to life long learning? Workers: rising education levels Employers: stagnant contributions Deployment, not development, of labour Wasted skills and quality problems Conclusion Is retirement something to look forward to? Retirement and the labour market Retirement incomes Economic implications Housing and household debt The challenge of savings What lies behind the changes at work? Recent Australian economic developments Excess capacity Development and inequality Wage inequality Conclusion Conclusion Improvements, but problems Sustainable social and economic development Immediate concerns Notes
The roles of firms' motives in affecting the outcomes of ISO 9000 adoption

– Firms' motives in adopting ISO 9000 have been considered as one of the primary factors in determining benefits of the implementation of the standard. Literature commonly categorized motives for adopting ISO 9000 into two types, internal and external. The purpose of this paper is to examine three major strategic roles which these two types of motives play in affecting the result of the ISO 9000 adoption, namely goal, driver, and context. As a goal, motives reflect the firms' strategic outcomes in adopting ISO 9000. As a driver, motives determine the way firms implement the standard, and as a context, motives moderate the effect of implementation on firms' performance as the outcomes of ISO 9000 adoption. , – Data were collected from 328 middle and senior managers of ISO 9001 certified firms in Australia who were responsible for managing quality system in their organizations. , – Consistent with predictions, internal motives had a positive relationship with operational performance and implementation. Furthermore, from a strategic fit perspective, internal motives strengthened the relationship between implementation and performance. In contrast, external motives had no statistically significant relationship with performance and weakened the relationship between implementation and performance. , – The results provide key insights for managers to appropriately evaluate their ISO 9000 certification motives and to give attention to the implementation of ISO 9000 standards. Firms can thus gain a better understanding of how performance is shaped from both the motives for and the implementation process of ISO 9000. , – This paper is the first which articulates the multiple roles of firms' motives for adopting the ISO 9000 standard and examines their effects on firms' performance.
Predicting the Quality of an Unborn Grange

In a recent paper, O. Ashenfelter, D. Ashmore, and R. Lalonde (1993) found they could explain the variation in the price (and quality) of Bordeaux vintages by a combination of age, temperature, and rainfall. The same ideas are applied here to Grange hermitage, Australia's premier wine. Weather variation is less important than in Bordeaux. However, some remarkably robust results are obtained: a 'quality index' for Grange is derived, predictions about still unreleased vintages are made, the Australian regression coefficients work well in the Bordeaux equation, and issues relating to market efficiency in the pricing of young wines are examined. Copyright 1995 by The Economic Society of Australia.
Evidenciação voluntária: fatores explicativos da extensão da informação sobre recursos intangíveis

The reduction of information asymmetry leads to a sound economic distribution with better investment opportunities. From this perspective, this paper aims to investigate factors that affect the extent of voluntary information disclosure by companies listed in the Spanish stock exchange. The statistical technique ordinary least squares was used for the sake of analysis. The results suggest that factors like: firm size, economic industry, debt ratio, level of internationalization, age and difference between common stock value and book value explain the greater extent of information disclosure for intangible resources. In turn, factors like profitability, level of monopoly and floating capital of the company explain the lower levels of information disclosure.
Nutritional Status of Children with Intestinal Parasites from a Tropical Area of Bolivia, Emphasis on Zinc and Iron Status

Malnutrition and parasitic diseases are within the major issues in rural areas in developing countries. In this study, the nutritional status, dietary intake including mineral absorption inhibitor (phytate), hematological indicators and trace element status (zinc, iron) were evaluated and associated to the presence of intestinal parasites in a group of children from a rural area of Bolivia. The results showed that 96% of the children had intestinal parasites; 7 types of parasites (Ascaris lumbricoides, Giardia lamblia, Ancylostoma duodenale, Entamoeba histolytica, Entamoeba coli, Trichuris trichiura, Strongyloides stercolaris) were identified. Anthropometric measurements indicated that 37% of the children were stunted and 17% were underweight. Iron and zinc intake showed that 34% and 30% of children had inadequate intake of these nutrients respectively. Phytate: zinc molar ratios were between 6.5 and 21, and from 6.2 to 15 for phytate: iron, indicating that the absorption of zinc and iron might be compromised by the level of phytate in the diet. The serum zinc was below the lower cut-off in 87% of the children, indicating zinc deficiency. Moreover, a multiple regression model showed the significant effect of the presence of the parasite Giardia lamblia and phytate intake on the serum zinc levels. Regarding the iron status, 30% of the children presented with anemia and about 66% had iron deficiency; a simple linear regression model showed the significant negative effect of the presence of the parasite Ancylostoma duodenale on iron status. In conclusion, the levels of zinc and iron, which were low in this child population, were greatly affected by the presence of intestinal parasites; in addition, the consumption of plant-based diets with high levels of phytate also impaired the zinc absorption.
Casual University Work: Choice, Risk, Inequity and the Case for Regulation

Australian universities now have a headcount casualisation rate near the national workforce average. Reasons for, and impacts of, this development are explored, and an argument is made for the role of industrial regulation in reconciling requirements for flexibility, security and equity in university employment. Responses to a large survey of casual academic and general staff suggest that this employment mode is a minority preference. Discrete groups of casual university staff, including those seeking university careers, those with other secure income sources, and students in transit to other careers, experience different forms and levels of insecurity and inequity. Appropriately targeted regulatory responses thus include criteria-based caps, a general staff conversion mechanism, a work value review, access to increments and service entitlements, and workplace representation rights.