Miracle-dz/UniFAR-FTUs huggingface dataset:
Variable versus fixed rate mortgages and optimal monetary policy

The overall aim of the research presented in this thesis is threefold: To empirically examine monetary transmission to UK retail mortgage rates; to examine why fixed versus variable rate mortgage lending differs across EU-15 countries; and to build a DSGE model which can be used for analysing optimal monetary policy in economies with different proportions of fixed or variable rate mortgage contracts. Chapter 2 investigates the transmission from UK policy and a range of wholesale money market rates to retail mortgage rates using a single-equation error correction model (SEECM) framework, from 1995 to 2009. The results add to previous studies by showing that the UK retail banking sector is imperfectly competitive at the aggregate level. More specifically, discounted rates, and to a lesser extent fixed rates behave competitively, whilst standard variable rates do not, which can be interpreted as evidence of exploitation of inert borrower behaviour. A snap-shot of the relative levels of variable rate lending across EU-15 countries is taken in the next Chapter 3, illustrating general cross-country differences. Risk simulations show that economies more conducive to variable rate mortgages include those with relatively volatile, persistent, and low inflation; low and stable real interest rates; high real income growth; and low correlation between inflation and real interest rate shocks. Regressions show that macroeconomic histories may indeed be important determinants of variable rate mortgage prevalence. The final Chapter 4 integrates a quantity optimising banking sector that lends under either a fixed or variable rate, into a model with borrowing constrained households. This provides a framework that can be used to investigate relationships between the structure of debt contracts and monetary policy. In particular, the propagation of a productivity shock in the non-durable sector under Ramsey monetary policy is presented, and it is demonstrated that the introduction of overlapping debt contracts tempers the effect of the financial multiplier. An appropriate design of the composition of fixed versus variable rate debt contracts, both their length and interest rate composition, could therefore reduce the volatility of key economic variables, and so there are important policy implications.
Fostering the innovative behaviour of SME employees: a social capital perspective

Although developing the innovative behaviour of employees is considered to contribute to improving organisational efficiency and effectiveness, very little is known about innovative behaviour within the context of small to medium enterprises (SMEs). Human resource managers who are able to develop the innovative behaviour of employees create an opportunity in which an employee’s behaviour can be aligned with organisational goals. This study explores several antecedents contributing to the innovative behaviour of employees. The findings confirm that the organisational factors tested affect both the innovative behaviour of employees and the innovative culture that supports innovative behaviour in the workplace. These findings outline implications for management that require the developments of employee innovative capability if they are to gain a competitive advantage in the contemporary business arena.
Audition and vision share spatial attentional resources, yet attentional load does not disrupt audiovisual integration

Humans continuously receive and integrate information from several sensory modalities. However, attentional resources limit the amount of information that can be processed. It is not yet clear how attentional resources and multisensory processing are interrelated. Specifically, the following questions arise: (1) Are there distinct spatial attentional resources for each sensory modality? and (2) Does attentional load affect multisensory integration? We investigated these questions using a dual task paradigm: participants performed two spatial tasks (a multiple object tracking task and a localization task), either separately (single task condition) or simultaneously (dual task condition). In the multiple object tracking task, participants visually tracked a small subset of several randomly moving objects. In the localization task, participants received either visual, auditory, or redundant visual and auditory location cues. In the dual task condition, we found a substantial decrease in participants' performance relative to the results of the single task condition. Importantly, participants performed equally well in the dual task condition regardless of the location cues' modality. This result suggests that having spatial information coming from different modalities does not facilitate performance, thereby indicating shared spatial attentional resources for the auditory and visual modality. Furthermore, we found that participants integrated redundant multisensory information similarly even when they experienced additional attentional load in the dual task condition. Overall, findings suggest that (1) visual and auditory spatial attentional resources are shared and that (2) audiovisual integration of spatial information occurs in an pre-attentive processing stage.
Cultural Estrangement: The Role of Personal and Societal Value Discrepancies

Study 1 examined whether cultural estrangement arises from discrepancies between personal and societal values (e.g., freedom) rather than from discrepancies in attitudes toward political (e.g., censorship) or mundane (e.g., pizza) objects. The relations between different types of value discrepancies, estrangement, subjective well-being, and need for uniqueness also were examined. Results indicated that personal-societal discrepancies in values and political attitudes predicted estrangement, whereas mundane attitude discrepancies were not related to estrangement. As expected, value discrepancies were the most powerful predictor of estrangement. Value discrepancies were not related to subjective well-being but fulfilled a need for uniqueness. Study 2 replicated the relations between value discrepancies, subjective well-being, and need for uniqueness while showing that a self-report measure of participants' values and a peer-report measure of the participants' values yielded the same pattern of value discrepancies. Together, the studies reveal theoretical and empirical benefits of conceptualizing cultural estrangement in terms of value discrepancies.
MIT Sloan School of Management

There is no such monopoly as ‘ The World Wide Bank ’ that manages the databases of all possible financial activities. Such a concept makes neither technical nor business sense. Each player in the financial industry, each bank, stock exchange, government agency, or insurance company, operates its own internal financial information systems. By its very nature, financial information, like the money that it represents, changes hands. Therefore the interoperation of financial information systems is the cornerstone of the financial services they support. Naturally the critical economic role and the complexity of financial information led to the development of standards for its management and interchange. Yet standards are not the panacea: different groups of players use different standards or versions of a standard’s implementation. In this paper we illustrate the nature of the problem in the Electronic Bill Presentment and Payment industry. In particular, we describe and analyze the difficulty of the integration of services using four different formats: IFX, OFX and SWIFT standards, and an example proprietary format. We then propose an improved way to accomplish this integration using the COntext INterchange (COIN) framework.
Streaming RAID: a disk array management system for video files

The characteristics of digital video files and traffic differ substantially from those encountered with data applications: (i) video files are much larger than data files, and (ii) video traffic is continuous in nature while data traffic is bursty, with the data rate of a video stream much higher than the mean rate of a data traffic source. Accordingly, conventional file servers and associated storage systems are not well suited to support video services over local area networks; instead, new servers capable of handling the specific characteristics of video files and traffic are needed. In this paper, we describe a video applications server software called StarWorks ™ , focusing primarily on its underlying storage management system. The latter manages an array of Winchester disks, and uses a disk access algorithm particularly suitable for video streaming, and is thus referred to as " Streaming RAID ". We also characterize the performance of the system by determining the number of streams that can be supported for a given memory size and a given start-up latency requirement.
Sourcing trends in the car industry - a survey of car manufacturers' and suppliers' strategies and relations

Intense competition and structural changes characterize the car industry. Several trends (i.e. general changes over time) concerning sourcing strategies and supplier relations can therefore be identified. The article aims to analyze how these trends correspond to the actual situation in the car industry. Based on a survey answered by both car manufacturers and first tier suppliers, this article provides facts and analyses regarding sourcing‐related trends over the past decade as well as some future predictions. The results show that both car manufacturers and suppliers continue to reduce product development time. They also increase supplier involvement in product development and the share of inbound JIT‐deliveries. However, while suppliers increase their outsourcing and globalization of production and product development activities, car manufacturers do not. Only some of the identified sourcing‐related trends are actually supported by the presented results. Hence, this article modulates the picture of the current development within the car industry.
Variable Forgetting Factor Recursive Total Least Squares Algorithm for FIR Adaptive filtering

This paper proposes a variable forgetting factor recursive total least squares (VFF-RTLS) algorithm to recursively compute the total least squares solution for adaptive finite impulse response (FIR) filtering. The forgetting factor of the VFF-RTLS algorithm is updated by minimizing the cost function (Rayleigh quotient). In simulations, the VFF-RTLS algorithm provided both fast tracking capability and small mean square deviation. Based on improved precision to estimate the FIR of an unknown system and adaptability to change in the system, the VFF-RTLS algorithm can be applied extensively in adaptive signal processing areas
Navier-Stokes Simulations of Surface Waves Generated by Submarine Landslides: Effect of Slide Geometry and Turbulence

Surface waves generated by submarine landslides are studied using a computational model based on Navier-Stokes equations. The volume of fluid (VOF) method is used to track the free surface and shoreline movements. A Renormalization Group (RNG) turbulence model and Detached Eddy Simulation (DES) multiscale model are used to simulate turbulence dissipation. The submarine landslide is simulated using a sliding mass. The three-dimensional numerical simulations are carried out for a freely falling wedge representing the landslide and subsequent wave generations. Simulation results are compared with the experimental data. Modeled illustrate the effect of slide geometry, computational grid, turbulence model parameters, and slide material density on the predicted wave characteristics and runup/rundown at various locations. Computed results also show the complex three-dimensional flow patterns in terms of the velocity field, shoreline evolution, and free-surface profiles. Predicted numerical results for time histories of free-surface fluctuations and the runup/rundown at various locations are in good agreement with the available experimental data.
Spatiotemporal dynamics of the BOLD fMRI signals: Toward mapping submillimeter cortical columns using the early negative response

The existence of the early‐negative blood‐oxygenation‐level‐dependent (BOLD) response is controversial and its practical utility for mapping brain functions with columnar spatial specificity remains questionable. To address these issues, gradient‐echo BOLD fMRI studies were performed at 4.7 T and 9.4 T using the well‐established orientation column model in the cat visual cortex. A robust transient early‐negative BOLD response was consistently observed in anesthetized cat (‐0.35 ± 0.09%, mean ± SD, n = 8 at 2.9 ± 0.5 sec poststimulus onset for 4.7 T, TE = 31 ms; ‐0.29 ± 0.10%, n = 4 at 3.0 ± 0.8 sec poststimulus onset for 9.4 T, TE = 12 ms). In addition to its temporal evolution, the BOLD response also evolved dynamically in the spatial domain. The initially spatially localized early‐negative signal appeared to dynamically drain from the active sites toward large vessels, followed by a wave of the delayed positive signal, which exhibited similar spatiotemporal dynamics. Only the early‐negative BOLD response within 2 sec of the stimulus onset (not the entire dip) yielded columnar layouts without differential subtraction. The functional maps of two orthogonal orientations using the first 2‐sec dip were indeed complementary. On the other hand, the delayed positive BOLD response appeared diffused and extended beyond the active sites. It was thus less suitable to resolve columnar layouts. These results have implications for the design and interpretation of the BOLD fMRI at columnar resolution. Magn Reson Med 44:231–242, 2000. © 2000 Wiley‐Liss, Inc.
The board's role in sustaining major organizational change: An empirical analysis of three change programs

The importance of top management commitment for the success of major change initiatives has been emphasized in the literature, while the role of boards of directors (the board) has been in less focus. The purpose of this paper is to analyze how the boards affect the sustainability of major organizational change. This paper is based on three case studies of the diffusion of total quality management (TQM), Toyota production system (TPS), and lean production (LP). Findings from these case studies are then compared to literature on management and organization and corporate governance. It was found that a TQM/TPS/LP transformation is a long-term process. In the case studies, top management commitment is crucial for the sustainability of the implemented change programs. However, a committed top management does not “last forever. ” The issue of sustaining change therefore falls back on the governance structure. If the board does not understand the essence of an organizational change, the risk is that top management is replaced with new leaders, who are given new directions by the board. Issues identified as important in order to create board commitment for sustainability of major organizational change are: board competence and experience, board meeting dynamics, board as a provider of critical resources, and the process of replacement of chief executive officers. The dominating agency theory within corporate governance also needs to be questioned and complemented by more recent theories such as the stewardship and the resource-dependence theories. This paper makes an orginal contribution by providing insights into the board’s role in sustaining major organizational change.
Management Strategies for Control of Stored Grain Insect Pests in Farmer Stores and Public Ware Houses

In the present review article various control methods for stored grain insects are discussed in detail and an emphasis was made to use non-chemical methods. Stored grain infestation is a very serious problem as various life stages of insects cause economic damage and deteriorates the quality of food grains and food products. There are number of stored grain insect pests that infest food grains in farmer stores and public ware houses and massively surge due to un-controlled environmental conditions and poor ware housing technology used. However, for suppression of multiplying insect population highly specific and more appropriate modern methods are to be used. Few important methods such as microwave and ionizing irradiation, pheromone baited traps, IGRs and use of entomopathogens are proved highly effective against stored grain insects. Over these methods, repellents and oviposition inhibitors isolated from various plant speices are considered as much safer in comparision to synthetic pesticides. These natural pesticides have no side effect and are biodegradable in natural environment. However, non-residual non-persistent and less toxic bio-organic pesticides should be used that may not affect the quality of food grains. Besides this, low pressure and low temperature treatments are proved much safer pest management tools that represent a potential alternative of fumigants to control coleopteran and lepidopteran insects. However, for an effective control of stored grain insects various parasitoids, predators, pathogens and other living organisms are employed in natural conditions to suppress the pest population. For better protection of stored grian control computer based decision support system should be used to predict damage and operation requirements for a timely control. In addition, both biological and non-biological factors and their effects must be evaluated to check the possible infestation during storage. Therefore, selected control strategies must be integrated for effective management of stored grain insects.
Optimal Transmit Power and Packet Size in Wireless Sensor Networks in Shadowed Channel

- This paper investigates the effects of shadowing on the optimal transmit power required to sustain the network connectivity while maintaining a predefined maximum tolerable Bit Error Rate (BER) in a Wireless Sensor Networks (WSN). Optimization of transmit power is of great importance in WSN since sensor nodes are battery driven and optimization helps to increase battery life by reducing inter node interference significantly. An infinite Automatic Repeat Request (ARQ) model has been considered to assess the impact of shadowing and other network conditions on energy requirement for successful packet transmission in WSN. We also find the optimal packet length based on energy efficiency. Effects of shadowing on optimal packet size and energy efficiency in packetized data transmission are also investigated. Further energy consumption is minimized considering a variable packet length based transmission. Use of optimal packet size shows a significant reduction in energy spending.
IMMUNOCHEMICAL STUDIES ON THE CROSS-REACTIVITY BETWEEN STREPTOCOCCAL AND STAPHYLOCOCCAL MUCOPEPTIDE

Particulate mucopeptides of Group A-variant streptococci and Staphylococcus aureus, solubilized by ultrasonic treatment, give a precipitin reaction with the sera of rabbits immunized with Group A-variant streptococci. γ-G globulin antibodies have been recovered from these sera which react with the mucopeptides but not with the Group A-variant carbohydrate. The immunochemical basis for the cross-reactivity between the streptococcal and staphylococcal mucopeptides was investigated in detail. Three chemically different fractions have been isolated from enzymatic digests of staphylococcal mucopeptide and were employed as haptenic inhibitors of the precipitin reaction. A fraction consisting of the peptide moiety of mucopeptide was the strongest inhibitor, whereas the hexosamine-rich fraction was less effective. The third fraction, rich in glycine, was least effective. It is suggested that the immunologic cross-reactivity between streptococcal and staphylococcal mucopeptide is due to the fact that these two substances contain chemically similar tetrapeptides. The hexosamine polymer which is identical for both mucopeptides may also contribute to their cross-reactivity.
Long-Term Care Use and Supply in Europe: Projection Models and Results for Germany, the Netherlands, Spain and Poland

This report presents results of projections of use and supply of long-term care for older persons in four countries representative of different long-term care systems: Germany, the Netherlands, Spain and Poland. Using a standardised methodology, the projections show that between 2010 and 2060, the numbers of users of residential care, formal home care and informal care are projected to increase in all countries, but at different rates. The results also indicate that if current patterns of care use and supply prevail, supply of informal and formal care is likely to fall behind demand. Measures to increase LTC capacity will be needed in all countries; the key policy implications of these findings are discussed in Policy Brief No. 12 in this series.
Argentina: Trying to Make Sense of the Financial Tango

The paper discusses and revisits some of the most popular stories behind the 2001 financial crisis in Argentina, i.e. the prolonged overvaluation of the peso owing to the Currency Board arrangement, the lack of fiscal adjustment, and the negative external environment which triggered a “sudden stop” of capital inflows. In doing so, the paper surveys and attempts to make sense of the contradictory theories and explanations surrounding these different stories. It also tries to shed some light on one possible missing link, that is the growth performance during the Convertibiity period. Finally, the paper discusses some important policy issues pertaining to the effects of global financial integration, such as capital account opening, exchange rate policies, alternatives to debt financing and the role of the international financial institutions. The central message is that the very nature of the Argentine crisis was not fundamentally different from the pattern of inconsistent macroeconomic policies which triggered many of the speculative attacks against the Peso in the 1970s and the 1980s. Although the problem was for once not monetary, the time inconsistency problem of the exchange rate policy followed between 1991 and 2001, together with the lack of nationally coherent fiscal and development policies, led to a classic debt solvency trap. From this perspective, the 2001 default does not provide for a new “type” of crisis, although crisis management. This being said, the real sector of the economy during the 1990s is certainly one of the most overlooked elements in the crisis, and certainly led to overoptimistic expectations about the capacity of the Argentine economy to rebound.
Study of beauty hadron decays into pairs of charm hadrons

First observations of the decays Λb 0 → Λc +D(s) - are reported using data corresponding to an integrated luminosity of 3fb-1 collected at 7 and 8 TeV center-of-mass energies in proton-proton collisions with the LHCb detector. In addition, the most precise measurement of the branching fraction B(Bs 0→D+Ds -) is made and a search is performed for the decays B(s) 0→Λc +Λc -. The results obtained are B(Λb 0→Λc +D-)/ B(Λb 0→Λc +D s -)=0.042±0.003(stat)±0.003(syst), [B(Λb 0→Λc +D s -)/B(B0→D+D s -)]/[B(Λb 0→Λ c +π-)/B(B0→D +π-)]=0.96±0.02(stat)±0.06(syst),B(B s 0→D+Ds -)/ B(B0→D+Ds -)=0. 038±0.004(stat)±0.003(syst),B(B0→Λ c +Λc -)/B(B 0→D+Ds -)<0.0022[95%C.L. ], B(Bs 0→Λc +Λ c -)/B(Bs 0→D+D s -)<0.30[95%C.L. ]. Measurement of the mass of the Λb 0 baryon relative to the B0 meson gives M(Λb 0)-M(B0)=339. 72±0.24(stat)±0.18(syst)MeV/c2. This result provides the most precise measurement of the mass of the Λb 0 baryon to date.