Miracle-dz/UniFAR-FTUs huggingface dataset:
Openness and growth : Re-examining foreign direct investment , trade and output linkages in Latin America

The relationship between openness and economic growth in developing countries has been fully analysed by a large number of empirical papers. Primary attention has been given to the advantages of an outward-oriented strategy and to the role of exports in economic performance. Nevertheless, the evidence about the export-led growth (ELG) hypothesis is rather mixed. In particular, recent time series studies fail to provide uniform support for this hypothesis. Taking into account that openness is increasing not only trade but also foreign direct investment flows, in this paper we have employed a vector autoregressive (VAR) model to test the existence and nature of the causal relationship between output level, inward FDI and trade in Argentina, Brazil and Mexico from the middle seventies to 1997. Our principal aim is to analyse the extent and sources of international linkages between openness and economic performance in these developing countries. Although we have not found evidence about the ELG hypothesis, our results suggest a significant impact of FDI on economic growth and trade in the analysed countries. Outline
Correlated Default Risks and Bank Regulations

Bank regulatory design relies critically on bank risk modeling. Traditionally, the bank's aggregate value is assumed to obey an exogenously specified process (e.g., a lognormal diffusion). We demonstrate that this assumption is generally invalid given the truncated and correlated payoff structure of individual bank loans. Instead, the bank's aggregate terminal payoff is significantly (left) fat tailed. This skewness remains even when the bank holds an infinitely large number of loans in its portfolio unless they are uncorrelated. By ignoring skewness in bank payoffs, deposit insurance premia and capital requirements have traditionally been significantly mis-calculated.
Environmental Dynamism, Firm Size and the Economic Productivity of R&D

The effects of firm size on innovative activity have been extensively debated in the literature, with generally inconclusive results. This study poses a contingent framework in which environmental dynamism moderates the effects of firm size on the returns to research and development (R&D) investments. We hypothesize that dynamic environments favor small firms, as they reward organizational flexibility and promote the development of the markets for technology. Empirical evidence obtained on a sample of Spanish manufacturing firms shows that technological, but not market, dynamism negatively moderates the effects of firm size on the economic productivity of R&D, thus contributing to the success of research efforts by small firms vis-à-vis those of larger corporations.
A Preview of Tale of Korea’s Two Crises

The 2008 global financial crisis was much more severe than the 1997 Asian crisis. Thus, ceteris paribus and barring a serious nonlinearity, Korea? s economy should have done worse in 2008 than a decade ago. However, the opposite seems to be true. This paper examines factors behind such a puzzling outcome. Another issue raised is potential long lasting impacts of the recent crisis. Since the 1997 crisis, the average growth rate of real GDP has been noticeably lower. Given serious welfare implications of such deceleration, one cannot but wonder about similar long term effects of the current crisis going forward.
Relationship between Electricity Consumption and Economic Growth: Evidence From Nigeria (1971-2012)

Few scholars disagrees that electricity consumption is an important supporting factor for economy growth. However, the relationship between electricity consumption and economy growth has different manifestation in different countries according to previous studies. This paper examines the causal relationship between electricity consumption and economic growth for Nigeria. In an attempt to do this, the paper tests the validity of the modernization or depending hypothesis by employing various econometric tools such as Augmented Dickey Fuller (ADF) and Johansen Co-integration test, the Error Correction Mechanism (ECM) and Granger Causality test on time series data from 1971-2012. The Granger causality is found not to run from electricity consumption to real GDP and from GDP to electricity consumption during the year of study. The null hypothesis is accepted at the 5 per cent level of significance where the probability value (0.2251 and 0.8251) is greater than five per cent level of significance because both of them are probably determined by some other factors like; increase in urban population, unemployment rate and the number of Nigerians that benefit from the increase in GDP and increase in electricity demand is not determined by the increase in GDP (income) over the period of study because electricity demand has always been greater than consumption. Consequently; the policy makers in Nigeria should place priority in early stages of reconstruction on building capacity additions and infrastructure development of the electric power sector as this would force the sustainable economic growth in Nigeria. DOI: 10.5901/ajis.2014. v3n5p137
Strategies for Improving Corporate Governance by Organizations in Nigeria

Global trends in corporate governance have led to series of legislations, regulatory frameworks and codes of conduct by governments, international organizations, professional bodies and other interest/pressure groups. Corporate malfeasance is more common in the third world nations, including Nigeria, than in the advanced countries. We read daily of many corporate malpractices in this country and their negative impact on the economy. Our efforts in this article have been geared towards highlighting major strategies that will improve corporate governance in Nigeria, if religiously implemented, which in turn will enhance corporate and economic development. The quest for Nigeria to be a global economic player by the year 2020 can be attained faster if our indigenous companies operate more professionally, ethically and are in a position to compete internationally. Key words: Corporate governance; Code of ethics; Board of directors; Management system; Self-Regulation; Strategies
HYPOTHALAMIC‐PITUITARY‐GONADAL RELATIONSHIPS IN MAN FROM BIRTH TO PUBERTY

It is believed that the study of gonadal function of the child should be regarded as a whole, beginning with the fetus and ending with the adolescent. Gonadal function depends upon 3 levels of activities: 1) central level (extra-hypothalamic, hypothalamic, and anterior pituitary); 2) an intermediate level (gonadal and plasma), and 3) a peripheral level consisting of the target organs to which the hormonal message is directed. These activities determine both the expression of gonadal function (physical, physiological, or psychological) and the feedback regulation of gonadotropin secretion. There are 4 main phases of development of gonadal function: fetal, perinatal, prepubertal, and pubertal. The fetal phase begins with testosterone secretion around the 8th week in utero under the control of the chorionic gonadotropin. Gonadotropin secretion by the pituitary becomes established during the 12th week. During the 2nd half of fetal life, negative feedback becomes gradually established, appearing more rapidly in boys than in girls. In the perinatal phase, the hypothalamic-pituitary activity accounts for the testicular and probably ovarian secretion which has been demonstrated to occur during the 1st 6 months of life. Threshold sensitivity of the gonadostat to steroid inhibition appears high during the 1st 3 months of life, progressively declining to the very low level characteristic of childhood. The gonadostat is least active during the prepubertal phase, subsequently being more active under the influence of adrenocortical steroids. This hypothalamic activity accounts for the gradual increase of the pituitary and gonadal sensitivity to their respective stimuli. In the pubertal phase, the gonadostat threshold rapidly increases and secondary sexual characteristics and reproductive capacity start developing. 2 specific phenomena occur, large nocturnal discharges of luteinizing hormone and testosterone, and the establishment of positive feedback control by estrogens which permits ovulation.
A study of electronic record management in the Namibian Public Service in the context of e-government

In striving to achieve good governance, organisations including Governments worldwide have been turning to information technologies. The conduct of business online has led to an increase in the creation of electronic records, which has brought about challenges in the management of records. This study, titled “A Study of Electronic Records Management in the Namibian Public Service in the Context of E-Government”, was based on the assumption that the Public Service of Namibia has embarked on egovernment, which should result in an increase in the creation of electronic records (erecords). The study aimed to answer the research question: “How can the electronic records environment be strengthened to support e-government in Namibia? ” An electronic records environment encompasses the existing records management awareness amongst all officers; records keeping procedures; legal and regulatory framework; safety, security and confidentiality of records; monitoring of records keeping practices; resources and facilities for records management; training and skills for records management; electronic information systems and ICT use; and the management of records emanating from these systems. The study investigated all these issues, and applying existing records management models, attempted to establish whether or not the Public Service of Namibia has the capacity to create, manage, share, and use electronic records to support e-government. This capacity is referred to as e-records readiness.
The Impact of Co-Management on Quality Performance: The Case of the Saturn Corporation

Using data from surveys, interviews, direct observation, and records of quality performance, the author examines the system of co-management created through the General Motors-United Auto Workers partnership at the Saturn Corporation. Under this partnership, each department, or module, is jointly managed by union-represented and non-represented advisors. The author credits the union with building a dense communications network throughout Saturn's management system. Compared to non-represented advisors, union advisors showed greater levels of lateral communication and coordination, which had a significant positive impact on quality performance. Also positively associated with quality outcomes at the module level were balanced time use, with each advisor engaging in both production and people management, and alignment between union-represented and non-represented advisors regarding their priorities, responsibilities, practices, and job definition.
Regulating Executive Compensation in China: Problems and Solutions

Executive compensation is an essential element of a corporate governance system and an issue of public concern and academic debate. However, the existing literature on executive compensation has primarily focused on the United States, United Kingdom and continental European jurisdictions. This paper presents a comprehensive comparative study of the law and practices of executive pay in China. It critically examines the processes that produce compensation arrangements, as well as the various legal strategies and market forces that act on these processes in the context of China.Based on extensive empirical evidence, it finds that excessive pay in China is less prevalent than that in the United States. Nevertheless, Chinese executive compensation is not optimal in that there are both excessive executive pay and low levels of equity incentives for executives in Chinese listed companies. Meanwhile, executives of state-owned enterprises are largely compensated by on-duty consumption, grey income and political reward.The article argues that the fundamental problem of executive pay in Chinese listed companies lies in the internal defects of its unique governance institutions, as well as the prevalence of concentrated state ownership in listed companies. It concludes that the primary role of Chinese law in regulating executive compensation should not simply be to curb excessive executive pay, but it should be to improve the regulatory structure for setting executive pay in a fairer and more transparent way. To achieve this, regulatory strategies, especially heightened disclosure and strengthening the independence of the compensation committee, must be taken.
“Ethical blowback”: the missing piece in the corporate governance puzzle – the risks to a company which fails to understand and respect its social contract

Purpose – The purpose of this article is to discuss the risks to a company that fails to understand and respect its social contract.Design/methodology/approach – The paper provides a viewpoint on the “ethical blowback”. Findings – The paper argues that two forces that are now influencing corporate governance reform can provoke ethical blowback, namely: Sarbanes‐Oxley style regulatory initiatives; and internal corporate compliance and ethics programs.Originality/value – The paper provides a viewpoint on the “ethical blowback”.
Association of Cysteine-Rich Secretory Protein 3 and β-Microseminoprotein with Outcome after Radical Prostatectomy

Purpose: It has been suggested that cysteine-rich secretory protein 3 (CRISP-3) and β-microseminoprotein (MSP) are associated with outcome in prostate cancer. We investigated whether these markers are related to biochemical recurrence and whether addition of the markers improves prediction of recurring disease. Experimental Design: Tissue microarrays of radical prostatectomy specimens were analyzed for CRISP-3 and MSP by immunohistochemistry. Associations between marker positivity and postprostatectomy biochemical recurrence [prostate-specific antigen (PSA) >0.2 ng/mL with a confirmatory level] were evaluated by univariate and multivariable Cox proportional hazards regression. Multivariable analyses controlled for preoperative PSA and pathologic stage and grade. Results: Among 945 patients, 224 had recurrence. Median follow-up for survivors was 6.0 years. Patients positive for CRISP-3 had smaller recurrence-free probabilities, whereas MSP-positive patients had larger recurrence-free probabilities. On univariate analysis, the hazard ratio for patients positive versus negative for CRISP-3 was 1.53 (P = 0.010) and for MSP was 0.63 (P = 0.004). On multivariable analysis, both CRISP-3 (P = 0.007) and MSP (P = 0.002) were associated with recurrence. The hazard ratio among CRISP-3–positive/MSP-negative patients compared with CRISP-3–negative/MSP-positive patients was 2.38. Adding CRISP-3 to a base model that included PSA and pathologic stage and grade did not enhance the prediction of recurrence, but adding MSP increased the concordance index minimally from 0.778 to 0.781. Conclusion: We report evidence that CRISP-3 and MSP are independent predictors of recurrence after radical prostatectomy for localized prostate cancer. However, addition of the markers does not importantly improve the performance of existing predictive models. Further research should aim to elucidate the functions of CRISP-3 and MSP in prostate cancer cells.
The Cross-Cutting Review of the Voluntary Sector: Where Next for Local Government– Voluntary Sector Relationships?

Osborne S. P. and McLaughlin K. (2004) The cross-cutting review of the voluntary sector: where next for local government–voluntary sector relationships? , Reg. Studies 38, 573–582. This paper evaluates the impact of the recent ‘cross- cutting review of the voluntary sector’ by HM Treasury in the UK upon that sector and places it within the context of evolving relationships between government and voluntary and community organizations (VCOs) over the past 30 years. It argues that this review represents a shift away from the recent policy paradigm of community governance, and the co-governance of local services, and back towards one of co-production, with the role of VCOs being that of service agents. It discusses the import of this paradigmatic shift in public policy upon the CVO sector. It argues that this new paradigm is predicated upon an attempt to modernize the CVO sector and to develop neo-corporatist relationships by it with government that threatens both the distinctive competencies of the sector and its distinctive contribution to local public services.
Asymptotic Estimates for the One-Year Ruin Probability under Risky Investments

Motivated by the EU Solvency II Directive, we study the one-year ruin probability of an insurer who makes investments and hence faces both insurance and financial risks. Over a time horizon of one year, the insurance risk is quantified as a nonnegative random variable X equal to the aggregate amount of claims, and the financial risk as a d-dimensional random vector Y consisting of stochastic discount factors of the d financial assets invested. To capture both heavy tails and asymptotic dependence of Y in an integrated manner, we assume that Y follows a standard multivariate regular variation (MRV) structure. As main results, we derive exact asymptotic estimates for the one-year ruin probability for the following cases: (i) X and Y are independent with X of Frechet type; (ii) X and Y are independent with X of Gumbel type; (iii) X and Y jointly possess a standard MRV structure; (iv) X and Y jointly possess a nonstandard MRV structure.
Estimating Potential Output, Core Inflation, and the NAIRU as Latent Variables

This article proposes a new method to obtain estimates of the NAIRU, the core inflation rate, and the trend investment rate for the United States using an unobserved components model that is compatible with the usual decomposition of real gross domestic product into trend and cycle. The model includes Okun's law, a forward-looking Phillips curve, and an accelerator-type investment equation and accounts for some volatility breaks in two components. The unknown parameters in the model are estimated by maximum likelihood using a Kalman filter initialized with a partially diffuse prior, and the unobserved components are estimated using a smoothing algorithm. Our results show that the output gap is positively correlated with the deviations of the investment rate from its trend and the inflation rate from core inflation, and negatively correlated with the deviations of the unemployment rate from the NAIRU.
Unmet Needs in Managing Hypertension: Potential Role of Direct Renin Inhibition

Abstract Hypertension is the most prevalent and important risk factor for cardiovascular and renal disease worldwide. Despite the large armamentarium of available blood pressure-lowering agents, the need remains for safer and more effective antihypertensive treatment. Based on current target levels of < 140/90 mm Hg, only one-third of hypertensive Americans have achieved goal blood pressure. Several strategies can help address these challenges, including increasing public awareness, and improving physician awareness of evidence-based therapeutic guidelines. There also remains a need for new therapeutic options. This review examines new developments among those agents having inhibitory activity on the renin-angiotensin-aldosterone system (RAAS). All currently available RAAS blockers cause a reactive increase in plasma renin concentration. However, the direct renin inhibitors are the only class that diminishes plasma renin activity, an effect that may provide additional cardiovascular and/or renoprotective benefit. Aliskiren is the first clinically available direct renin inhibitor that has been shown to be effective and well tolerated both as monotherapy and in combination with other established agents in hypertensive patients. Randomized clinical trials are underway to explore the extent to which direct renin inhibition provides additive protection against cardiovascular and renal disease events.
Can qualitative content analysis be adapted for use by social informaticians to study social media discourse? A position paper

IS research on social media (e.g. Facebook, Twitter, blogs) has so far used user surveys or quantitative content analysis (QuantCA) research methods almost exclusively. There is considerable potential for social informatics research to use qualitative content analysis (QualCA) to explore social media discourse and its appropriation by people “in situ”. This paper presents the position that QualCA offers researchers the flexibility to identify emergent research questions and units of analysis which they may not have preconceived. This is likely to be important for IS research because of the infancy and evolving nature of social media discourse. The paper puts forward suggestions on how the QualCA research method can be adapted for this type of research.
Counter-terrorism in Kenya

The terrorist attacks of 7 August 1998 raised serious questions about transnational and domestic terrorism in Kenya and the Horn of Africa. What motivated terrorists to target Kenya? Why Kenya? Could these attacks have been stopped? How did Kenya and the international community respond to the attacks? Not only did the attacks target Western (US and Israel) interests but also Kenyan interests. Later Kenya was designated an ‘anchor state’ and ‘frontline’ in the ‘Global War on Terror’ (GWOT) President George Bush declared in response to the 11 September 2001 attacks in New York. This article critically examines the counter-terrorism (CT) measures that have been taken in Kenya in response to the attacks and threats made on the country. It describes the measures, attempts to explain the rationale and motivations behind them and to assess their effectiveness. It is argued that while these measures are aimed at addressing the perceived main causes of terrorism in Kenya, the assumptions upon which they are based are often flawed, do not have domestic support and are externally imposed, primarily by US, and hence are often criticised as a tool of US imperialism. Further, the price of these measures has been high in terms of the negation of the civil and human rights and freedoms.
Value at Risk Estimation for Heavy Tailed Distributions

The aim of this paper is to derive a coherent risk measure for heavy tailed GARCH processes using extreme value theory. For the proposed measure, the risk associated to a given portfolio is less than the sum of the stand-alone risks of its components. This measure which is value at risk (VaR), is the limiting result of an infinity shift of location and is less sensitive with respect to location change. Based on two international stock markets applications and an empirical backtesting procedure, the proposed VaR is found to be more accurate in all quantile levels.