Miracle-dz/UniFAR-FTUs huggingface dataset:
Bias, Stability and Predictive Ability in the Measurement of Systematic Risk

Purpose - Estimates of systematic risk or beta are an important determinant of the cost of capital. The standard technique used to compile beta estimates is an ordinary least squares regression of stock returns on market returns using four to five years of monthly data. This convention assumes that a longer time series of data will not adequately capture risks associated with existing assets. This paper seeks to address this issue. Design/methodology/approach - Each year from 1980 to 2004, equity betas are estimated for 1,717 Australian firms over periods of four to 45 years, and form equal value portfolios of high, medium and low beta stocks. The paper compares expected returns – derived from the capital asset pricing model (CAPM) and subsequent realised market returns – and actual returns over subsequent annual and four-year periods. Findings - The paper shows that the ability of beta estimates to predict future stock returns systematically increases with the length of the estimation window and when the Vasicek bias correction is applied. However, estimation error is insignificantly different from that associated with a naive assumption that beta equals one for all stocks. Research limitations/implications - The implication is that using all available returns data in beta estimation, along with the Vasicek bias correction, reduces the imprecision of expected returns estimates derived from the CAPM. A limitation of the method is the use of conditional realised returns as a proxy for expected returns, given that it is not possible directly to observe expected returns incorporated into share prices. Originality/value - The paper contributes to the understanding of corporate finance practitioners and academics, who routinely use beta estimates derived from ordinary least squares regression.
INTANGIBLE RESOURCES AS DRIVERS OF HIGH GROWTH

This paper examines the effects of innovativeness, creative climate and learning on high growth. We study how fast-growing SMEs, known as gazelles, differ from other SMEs. A survey of 345 Norwegian gazelles and 135 non-gazelles supports the idea that innovativeness is an important factor in whether a company becomes a gazelle. Creative climate, learning and innovativeness were conceptualized and analyzed as first-order constructs using confirmatory factor analysis, OLS and Probit regression. Learning and creative climate were found to have a positive impact on growth through innovativeness. Based on the data, it seems that younger companies are more likely to be innovative and grow quickly.
Role of Peritubular Capillary Loss and Hypoxia in Progressive Tubulointerstitial Fibrosis in a Rat Model of Aristolochic Acid Nephropathy

Background/Aims: To investigate the effects of peritubular capillary (PTC) loss and hypoxia on the progression of tubulointerstitial fibrosis in a rat model of aristolochic acid nephropathy (AAN). Methods: Female Wistar rats received Caulis aristolochiae manshuriensis (CAM) decoction by gavage for 8 weeks, and were sacrificed at 8, 12 and 16 weeks, respectively, after administration. Blood urea nitrogen (BUN), serum creatinine (Scr) and urinary protein were monitored prior to sacrifice. PTC loss and tubulointerstitial hypoxia were assessed by CD34 immunostaining and hypoxia-inducible factor-α subunit 1 (HIF-1α) expression, respectively. Myofibroblasts were assessed by α-smooth muscle actin (α-SMA) expression. The expression of angiogenic factor was assessed by vascular endothelial growth factor (VEGF). Results: AAN rats differed from controls by increased BUN, Scr and 24-hour urinary protein excretion rates. There was a progressive loss of PTCs in the AAN model, which was associated with the decreased expression of VEGF. A significant increase in nuclear localization of HIF-1α was seen 16 weeks after treatment with CAM decoction in the context of severe tubulointerstitial damage. Multifocal tubulointerstitial fibrosis was seen in AAN rats at weeks 12 and 16, predominantly in the area of the outer stripe and outer medulla. No significant pathologic changes were found in control rats. Conclusion: Following the reduction of PTCs density and up-regulation of HIF-1α, the tubulointerstitial fibrosis area increased. Ischemia and hypoxia are the important causes of severe tubulointerstitial fibrosis in AAN rats.
The Wal-Mart Effect: Wave of Destruction or Creative Destruction?

Abstract During the past quarter century, large multistore retailers have experienced considerable growth. In this article, we examine the widely held belief that the expansion of these chain stores, Wal-Mart in particular, has had a large negative impact on the small locally owned retail sector. Our analysis of four types of independent retailer entries and exits in Florida from 1980, prior to the opening of the first Wal-Mart store in the state, to 2004, reveals that Wal-Mart’s impact varies with independent retailers’ market overlap with and proximity to Wal-Mart. Notably, our findings suggest that within zip codes, the Wal-Mart effect is driven by the suppression of entry rates, but not by the increase in exit rates, while in adjacent zip codes, it is driven by exit rates increasing more than entry rates. Our results provide empirical evidence that may help economic developers, public officials, and owners of small businesses make informed decisions about economic development in their communities.
Intellectual Capital Reporting and Corporate Characteristics of Public‐Listed Companies in Malaysia

This study examines the extent and nature of voluntary intellectual capital (IC) disclosure by public‐listed companies in Malaysia and how the disclosure may be explained by the economics or other rationale of corporate disclosure. Those intangible assets that are required to be disclosed under the extant accounting standards were specifically excluded from this study. The top 30 and the bottom 30 companies were selected from the list of top 100 largest public‐listed companies by market capitalization at the end of 2003. Content analysis was used to measure the extent of voluntary IC disclosure in the 2003 annual reports of the selected companies. This study found that the voluntary disclosure of IC information is generally not extensive among the publiclisted companies in Malaysia and narrative description of their IC attributes is the most often adopted format. The findings suggest that the IC disclosure behaviour of the sample companies may be explained based on both economic and non‐economic rationale. Implications of the findings are discussed.
Risk Factors Associated with Hypothyroidism after Laryngectomy

Hypothyroidism is a well-documented complication after treatment of head and neck cancer and is particularly significant among patients undergoing laryngectomy. The objective of this study was the identification of factors associated with the development of hypothyroidism in this population. Records of 136 patients treated with laryngectomy were retrospectively reviewed in an attempt to define a risk factor profile for patients in whom hypothyroidism is most likely to develop after laryngectomy. The Cox proportional hazards model was used to identify factors significantly related to an increased risk for development of hypothyroidism. The actuarial method was used to estimate the period of greatest risk for the development of hypothyroidism. Increased risks were found for patients who were female (P = 0.0049), received preoperative radiation therapy (P = 0.0022), had invasion of the thyroid gland by tumor (P = 0.0003), had presence of cervical metastases (P = 0.0022), and had postoperative fistula (P = 0.0095). From the actuarial method, we estimated that the period of time when patients were at greatest risk for development of hypothyroidism was between 0 and 14 months after surgical intervention. Wound complications were twice as frequent in hypothyroid patients. Perioperative awareness of risk factors associated with the development of hypothyroidism in patients undergoing laryngectomy allows for early recognition and management of hypothyroidism and may reduce the number of complications related to wound healing and fistula.
High DcR3 Expression Predicts Stage pN2-3 in Gastric Cancer

Background:A soluble decoy receptor 3 (DcR3), also known as TR6 or M68, is a member of the TNF receptor family. It has been reported that high DcR3 expression occurs in many tumors. Methods:This prospective study evaluated the DcR3 tissue status by RT-PCR and its correlation with the lymph node (N) stages in 62 primary gastric cancers. Results:DcR3 expression levels in patients with pN2-3 disease were much higher than those in patients with pN0-1 disease (median values 1.31 vs. 0, P < 0.01). Using ROC analysis, a cutoff level of DcR3 expression at 1.20 was found to be associated with optimal sensitivity and specificity of 62.5% (15 of 24) and 92.1% (35 of 38) respectively, in the prediction of stage pN2-3. According to the cutoff value, patients were divided into 2 groups with relatively high and low levels of DcR3 expression. Among the 18 patients with high DcR3 expression, 83.3% (15 of 18) were staged as pN2-3. In the other 44 patients with low DcR3 expression, only 20.5% (9 of 44) were identified as pN2-3. Logistic regression analysis for stage pN2-3 revealed that high DcR3 expression was an independent risk factor. Conclusion:Gastric cancer patients with high DcR3 expression presented more advanced pN2-3 disease than those with low DcR3 expression. Preoperative checking DcR3 expression might be an additional approach to imaging modalities for evaluating N stages in gastric cancer to guide the operative procedures.
Coercion, Information, and the Success of Sanction Threats

This article explores when and why sanction threats succeed in extracting concessions from the targeted country. We focus on two different, albeit not mutually exclusive, mechanisms that can explain the success of sanction threats. The first mechanism relates to incomplete information regarding the sanctioner’s determination to impose sanctions and suggests that threats help to extract concessions by revealing the sanctioner’s resolve. The second mechanism underscores the direct impact of common interest between the two countries and explains the success of sanction threats by the targeted country’s greater dependence on this link between the two countries and the sanctioner’s ability to exploit this dependence. We test the hypotheses using a new strategic structural estimator. Our results provide no evidence in favor of the informational hypothesis, while lending robust support for the coercive hypothesis.
Risk and Decision Making By Finance Executives: A Survey Study

Purpose - When finance managers face decisions, they do not always make clinical evaluations using rational methodology, but systematically depart from utility maximisation. This article addresses biases that are related to risk propensity, and categorises them under five headings: decision makers' characteristics and perception; reference levels; mental accounting and the assumption of mean reversion; the longshot bias or overconfidence; and the desire for immediate gratification. The research reported in the paper seeks to understand the mechanisms of these biases using a study of decision making by Australian finance executives in a setting that is representative of a typical business decision. Design/methodology/approach - This paper uses a case study that was designed to identify why decision makers facing choices will prefer a risky alternative. Data were collected using e-mail contact and an electronic survey. Respondents ( Findings - Just over half the executives proved willing to take a risk, and almost half the variance in their risk propensity was explained roughly equally by respondents': endowment, perception of risk's role in decisions, assessment of alternative choices, and expectation of the decision's outcome. Manipulation of the cases along four dimensions varied the decision's facts, but they proved only marginally significant to risk taking. Originality/value - The study provides a practical explanation of the risk taking behaviour of finance executives; confirms that context is more important to decisions than their content; and adds to the growing body of applied behavioural research in finance.
Pulmonary stenting for the treatment of sarcoid induced pulmonary vascular stenosis.

BACKGROUND The best treatment of patients with external pulmonary vascular compression due to advanced sarcoidosis is unknown. OBJECTIVES To report a single-center experience of percutaneous treatment for pulmonary vascular stenosis caused by external compression due to advanced sarcoidosis. METHODS We report a case series of 5 patients with biopsy confirmed advanced sarcoidosis, seen at our academic institution with worsening dyspnea despite increase of immunosuppressive therapy. All patients were evaluated by a multidisciplinary team (cardiology, pulmonary and radiology) using a multi-modality approach, including chest-computed tomography angiography, ventilation/perfusion scintigraphy, pulmonary function test, 6-minute walk test and heart catheterization. RESULTS Three out of five patients underwent pulmonary artery or vein angioplasty and stenting resulting in symptomatic improvement: Patient 1 had persistent symptomatic improvement measured by subjective and objective methods at 30 months; patient 2 required re-intervention due to recurrent pulmonary vein stenosis at 6-months followed by persistent improvement; and patient 3, had a procedure complicated with in-stent thrombosis requiring thrombolysis and anticoagulation with improvement. The remaining two patients were medically treated because underlying thromboembolic disease (patient 4) and diffuse pulmonary vein stenosis not amenable to percutaneous intervention (patient 5). CONCLUSIONS Pulmonary vascular stenosis from external compression can be a rare but unrecognized caused of worsening symptoms in advanced sarcoidosis. Pulmonary vascular angioplasty and stenting can provide clinical benefit in select patients.
Debt contracts and financial intermediation with costly screening

We develop a credit market model with adverse selection where risk-neutral bor- rowers self select because lenders make use of a costly screening technology. Equilibrium contracts are debt contracts, and this is robust to randomization, in contrast to results for the costly state verification model. This framework permits optimal financial intermediary structures, in that there is delegated screening in equilibrium if many borrowers are required to fund individual investment projects. Contrats de dette et internendiation financiere quand le tamisage est couteux. Les auteurs developpent un modele de marche du credit avec selection adverse otu les emprunteurs qui sont neutres par rapport au risque se selectionnent eux-memes parce que les pr6teurs utilisent une technologie de tamisage qui est cohteuse. Les contrats d'equilibre sont des contrats de dette, et ces resultats s'averent robustes meme quand on utilise des processus au hasard, contrairement a ce qui se passe dans le cas du modele coOteux de verification par l'etat. Ce cadre d'analyse suggere des structures d'intermediation financiere optimales, en ce que, en equilibre, il y a delegation du tamisage si plusieurs emprunteurs sont necessaires pour
Do Corporate Codes of Ethics Reflect Issues of Societal Transformation? Western German and Slovak Companies Compared

Can differences in corporate codes of ethics arise from the specific situation of transformation in Slovakia in contrast to the stable context of the firms in Western Germany? This paper compares codes of ethics of large-scale enterprises in both countries in terms of ethical issues addressed. It demonstrates that codes of ethics of the Slovak companies mirror the specific transformational circumstances in the country. Compared with Western Germany the codes of these firms include multiple ethical issues, meaning that they experience a broader range of relevant ethical problems. Furthermore, their codes are internally oriented, in terms of the ethical issues raised most often; they put more emphasis on committing employees, managers and shareholders/owners to the firm. Based on the differences discovered, it is proposed that negative experiences within the past process of transformation and in part the socialist heritage are the main reasons for differences between the two samples.
Preferences and willingness to pay for close to home nature for outdoor recreation in Sweden

In Sweden there is a strong tradition of using nature areas for outdoor recreation. This paper reports on a study which explored preferences and willingness to pay for outdoor recreation close to home (≤100 km away from home and ≤24 hours stay at a recreation site) using the contingent valuation method. The data originated from a mail survey that involved Swedish residents who were randomly selected from a national register. An ordinary least squares regression model was used to account for factors influencing willingness to pay. The results showed that approximately 50% of the respondents used nature areas close to their home for recreation and their average frequency of visits to these areas was 74 times annually. Areas dominated by forests were the most preferred, followed by water. The respondents were willing to pay approximately 7200 SEK (US$1080) annually. Their willingness to pay was influenced by factors such as type of nature area, distance to and time spent at the recreation site and income. The results provide one input to the land use planning process by considering the demand for nature-based outdoor recreation close to home.
Towards a new approach of destination loyalty drivers: satisfaction, visit intensity and tourist motivations

This study explores the linear and non-linear effects of previous experiences in a tourist destination (satisfaction and visit intensity) on the intention to return and to make a positive recommendation to others. We also consider the external drivers or the appeal of the destination as well as individuals' internal drivers as moderating factors in intensity–loyalty and satisfaction–loyalty relations. The analysis conducted on a sample of 687 tourists in a UNESCO World Heritage Site in Spain supports a non-linear effect of satisfaction on the intention to return. Moreover, time intense and expenditure intense visits positively impact the intention to return when the motivation for the trip is internal, yet have a negative effect if tourist motives are external.
Welfare State Growth and the Current Crisis in Portugal: Social Spending and its Challenges

This paper focuses on the deep transformation of the Portuguese state under democracy and charts the development of very substantial welfare state. It examines the very substantial investments in social protection, social transfers, education and health and finds remarkable results in some areas but only partial success in others. Â The paper also looks at changes in employment and the growth of the state as a provider of jobs. Â The paper then turns to an analysis of the current crisis, examining both long-term factors and current dynamics asPortugal turns from initial stimulus to austerity to structural reform.
Mapping the lethal factor and edema factor binding sites on oligomeric anthrax protective antigen

Assembly of anthrax toxin complexes at the mammalian cell surface involves competitive binding of the edema factor (EF) and lethal factor (LF) to heptameric oligomers and lower order intermediates of PA63, the activated carboxyl-terminal 63-kDa fragment of protective antigen (PA). We used sequence differences between PA63 and homologous PA-like proteins to delineate a region within domain 1′ of PA that may represent the binding site for these ligands. Substitution of alanine for any of seven residues in or near this region (R178, K197, R200, P205, I207, I210, and K214) strongly inhibited ligand binding. Selected mutations from this set were introduced into two oligomerization-deficient PA mutants, and the mutants were used in various combinations to map the single ligand site within dimeric PA63. The site was found to span the interface between two adjacent subunits, explaining the dependence of ligand binding on PA oligomerization. The locations of residues comprising the site suggest that a single ligand molecule sterically occludes two adjacent sites, consistent with the finding that the PA63 heptamer binds a maximum of three ligand molecules. These results elucidate the process by which the components of anthrax toxin, and perhaps other binary bacterial toxins, assemble into toxic complexes.
Sources of Economic Growth: Physical capital, human capital, natural resources, and TFP

The first chapter of this dissertation review neoclassical models which show the essential of TFP in long-run growth and the potential of being stuck in poverty trap. In the second chapter we show that there might be three stages of economic growth. In the first stage the country concentrates on production of consumption goods; in the second stage it requires the country to import both physical capital to produce consumption goods and new technology capital to produce new technology; and finally the last stage is one where the country needs to import new technology capital and invest in the training and education of high skilled labor in the same time. The third chapter shows that long-run economic growth can be sustained by learning-by-doing as claimed by accumulationists. However, if labor is constant in the long-run, then growth can not be sustained. In addition, we also show that there are clubs of convergences in growth. In the fourth chapter we study the optimal growth of a developing non-renewable natural resource producer. We study the optimal extraction and depletion of the exhaustible resource, and the optimal paths of accumulation of capital and of domestic consumption. The last chapter devote for an empirical study on Vietnam's economic growth since Doi Moi (renovation). We found out that during last 22 years the high economic growth rates were driven mostly by physical capital accumulation. TFP contribute almost nothing to the growth. This implies that growth rate would slowdown if Vietnam failed to improve TFP in medium and long-term.
Capital, Crisis and the State

As capitalism has moved into a period of open crisis and reconstruction, the necessity has increasingly been forced upon the working class movement to sharpen our understanding of the dynamic of capitalist accumulation and its relation to class struggle. One crucial aspect of this is the question of the relationship between capital and the state, since the state plays a vital part in the maintenance and reproduction of capital as a relation of class domination. Under the influence of reformism, revisionism and dogmatism, which for a number of reasons dominated Marxist thought from the 1930s to the 1960s, the analysis of the processes of capitalist accumulation became separated from that of class struggle and the state. The analysis of capital accumulation came to be thought of as ‘economics’ in a narrow sense, reified into the investigation of the relations between ‘things’, instead of between ‘social processes appearing in a thing-like shell’ ( Rosdolsky, 1974, p. 66). The contradictions of accumulation have too often been thought of as ‘economic laws’ operating from the outside upon political class relations. The state has been thought of as ‘the state in capitalist society’, rather than as being itself one aspect of the social relations of capital, and therefore stamped throughout, in all its institutions, procedures and ideology, with the contradictions of capital. Hence, there has been a constant undertow towards a reformist conception of revolution as being aimed essentially at the seizure of the existing state apparatus.