Miracle-dz/UniFAR-FTUs huggingface dataset:
Can We Resurrect the CAPM in Japan? Evaluating Conditional Asset Pricing Models by Incorporating Time-varying Price of Risk

This paper evaluates conditional asset pricing models for the Japanese stock market by examining time-varying risk pricing. Using a multivariate generalized autoregressive conditional heteroskedasticity (GARCH) model, we tested the conditional versions of the Sharpe (1964)−Lintner (1965)−Mossin (1966) capital asset pricing model (CAPM), the consumption CAPM (CCAPM), and the CAPM with a constant term. The empirical results demonstrate that the price of risk in the conditional CAPM is generally positive and significant. Moreover, our formal panel data tests reveal that the conditional CAPM is never rejected in the case of the 25 book-equity-to-market equity (BE/ME)-ranked portfolios. Furthermore, in the conditional version of the CAPM with a constant term, positive alphas are generally seen in Japan; however, our statistical test of the hypothesis that the average value of the alphas of the conditional CAPM equals zero is never rejected for the 25 BE/ME-ranked portfolios in Japan. This evidence demonstrates that the CAPM can be adequately represented by using the multivariate GARCH model to explain the value premia in Japan.
Is Restricted Femoral Navigation Sufficient for Accuracy of Total Knee Arthroplasty?

A total knee arthroplasty performed with navigation results in more accurate component positioning with fewer outliers. It is not known whether image-based or image-free-systems are preferable and if navigation for only one component leads to equal accuracy in leg alignment than navigation of both components. We evaluated the results of total knee arthroplasties performed with femoral navigation. We studied 90 knees in 88 patients who had conventional total knee arthroplasties, image-based total knee arthroplasties, or total knee arthroplasties with image-free navigation. We compared patients' perioperative times, component alignment accuracy, and short-term outcomes. The total surgical time was longer in the image-based total knee arthroplasty group (109 ± 7 minutes) compared with the image-free (101 ± 17 minutes) and conventional total knee arthroplasty groups (87 ± 20 minutes). The mechanical axis of the leg was within 3° of neutral alignment, although the conventional total knee arthroplasty group showed more (10.6°) variance than the navigated groups (5.8° and 6.4°, respectively). We found a positive correlation between femoral component malalignment and the total mechanical axis in the conventional group. Our results suggest image-based navigation is not necessary, and image-free femoral navigation may be sufficient for accurate component alignment.Level of Evidence: Therapeutic study, Level II-2. See the Guidelines for Authors for a complete description of levels of evidence.
Monitoring of cerebral oxygenation with near infrared spectroscopy and tissue oxygen partial pressure during cardiopulmonary resuscitation in pigs

Background and objective: The present study was designed to compare cerebral oxygenation measured with near infrared spectroscopy and local brain tissue oxygen partial pressure, respectively, in pigs during cardiopulmonary resuscitation. Since tissue overlying the brain may have an impact on near infrared spectroscopy readings, we tested whether optode placement on intact skin or on the skull yielded comparable results. Methods: Twelve healthy pigs were anaesthetized and subjected to continuous haemodynamic, near infrared spectroscopy and brain tissue oxygen partial pressure monitoring. After 4 min of untreated ventricular fibrillation, cardiopulmonary resuscitation was started and arginine vasopressin was administered repeatedly three times. Near infrared spectroscopy values recorded were both the tissue oxygenation index and the tissue haemoglobin index as well as relative changes of chromophores (haemoglobin and cytochrome oxidase). Four animals served as control and were measured with both near infrared spectroscopy optodes mounted on the intact skin of the forehead, while in the remaining eight animals, one near infrared spectroscopy optode was implanted directly on the skull. Results: Near infrared spectroscopy readings at the skin or at the skull differed consistently throughout the study period. After arginine vasopressin administration, near infrared spectroscopy values at the different locations showed a transient dissociation. In contrast to near infrared spectroscopy measured on intact skin, near infrared spectroscopy readings obtained from skull showed a significant correlation to brain tissue oxygen partial pressure values (r = 0.67, P < 0.001). Conclusion: Near infrared spectroscopy readings obtained from skin and skull differed largely after vasopressor administration. Near infrared spectroscopy optode placement therefore may have an important influence on the tissue region investigated.
Assessing Effectiveness of Veto Threats in the Bush Administration (1989-1993): Preliminary Evidence from Case Studies

Presidents have many tools in the policy-making process. One of the most powerful of these is vetoing legislation. Although presidents can veto legislation at will, the use of the veto is costly as it can be perceived as a sign of weakness. Veto threats may provide the president with a bargaining tool relying on the power of the veto without incurring its costs. This article provides a framework for understanding the use and effectiveness of veto threats. First, the present understanding of the use of veto threats is discussed, including the conditions under which they are most likely to occur and to be effective. Next, we provide a conceptualization of the context in which a veto threat is issued and the result of such a threat. Finally, using the Bush administration (1989-1993), we illustrate two possible results with case studies of civil rights and child care legislation.
Market's Perception of Deferred Tax Accruals

This study investigates the value relevance and incremental information content of deferred tax accruals reported under the ‘income statement method’ (AASB 1020 Accounting for Income Taxes) over the period 2001–2004. Our findings suggest that deferred tax accruals are viewed as assets and liabilities. We document a positive relation between recognized deferred tax assets and firm value using the levels model, while the results from the returns model suggest that deferred tax liabilities reflect future tax payments. The balance of unrecognized deferred tax assets provides a negative signal to the market about future profitability, particularly for companies from the materials and energy sectors and loss-makers.
`Are there no Limits to Authority?': TQM and Organizational Power

In this paper we examine some of the problematic assumptions and concepts underlying Total Quality Management (TQM) through a case study of a major UK retail bank. We question traditional approaches towards power which assume it to be the property of individuals or groups. For us, power should be understood to be a condition of social relations. Thus, it is erroneous to ask who has power. Instead, it is necessary to explore how power is exercised. Notwithstanding this, it is essential to recognize that power is not simply an external agency, but that it penetrates the very essence of our being. We explore the structural and inter-personal tensions which emerge between the bank's mortgage division and its branches over mortgage applications. We examine how TQM, through the medium of `quality partnerships' is used to address these tensions. The article reveals that TQM is both a condition and a consequence of organizational power relations. Not only is TQM constituted by these power relations, but it is itself a vehicle for struggle between competing groups and individuals. This suggests that the problems confronting TQM are far more embedded than is often assumed to be the case. Critically, through opening up the notion of power as `relational' rather than `propertied', it is our aim to illuminate the continuing exercise of, and potential for, resistance during the operation of TQM regimes.
Sequence analysis of the haemagglutinin (HA) of influenza A (H1N1) viruses present in clinical material and comparison with the HA of laboratory-derived virus.

We used the polymerase chain reaction to amplify the HA1 coding region of influenza A (H1N1) viruses present in clinical material from recent cases of influenza in the U.K. Previously, we have demonstrated that isolation of human influenza viruses in embryonated hens' eggs selects variants which have amino acid substitutions in their haemagglutinin (HA) clustering around the receptor-binding site. Such egg-selected variants are often antigenically distinct from each other and from corresponding viruses isolated on mammalian cells. Since in general the virus used for vaccine production is an egg-adapted virus, it is important to determine the extent to which these variants are present in the natural virus which causes disease in man. To achieve this, amplified products from clinical material were cloned and many individual clones sequenced. Our results indicate that the HA of the naturally occurring virus is relatively homogeneous and represented by virus isolated in the laboratory on MDCK cells, whereas the variants isolated in eggs are present only at low levels in clinical material.
Simultaneous Signaling in IPOs via Management Earnings Forecasts and Retained Ownership: An Empirical Analysis of the Substitution Effect

This study empirically tests the substitution effect outlined in theoretical bivariate signaling models using a Canadian IPO setting. We first show that retained ownership and the provision of management earnings forecasts are credible (value-relevant) signals for our sample of IPOs, and that they jointly affect IPO valuation. We then use simultaneous equations to investigate what factors affect managers' choices of these two signals and whether the two signals act as complements or substitutes. Our analysis indicates that managers' choices of the earnings forecast and retained ownership signals are jointly determined after controlling for other factors that affect each decision independently, and that a substitution effect exists between managers' choices of the two signals. These findings are consistent with Hughes's (1986) bivariate signaling model.
Challenges and methodological flaws in reporting the global land rush: observations from Tanzania

Since international awareness of a global rush for land has grown from 2008 onward, various databases and reports have attempted to provide an overview of the situation by compiling information on individual land deals. While providing such an overview is challenging owing to the dynamic and untransparent nature of the investments, flawed methods of using and citing data are aggravating that challenge and allowing dissemination of inaccurate information. The consequences are an unnecessarily blurred picture of the land deal situation and thus an inadequate basis for related political decisions or social actions and a misleading starting point for new research projects. In this article we demonstrate some of the flaws in the use of data and their consequences, with examples from fieldwork and literature on Tanzania. The paper illustrates and contributes to the evolving debate on appropriate research methodologies for studying the global land rush.
Selective Thromboxane A 2 Synthase Inhibition by OKY-046 Prevents Cardiopulmonary Dysfunction after Ovine Smoke Inhalation Injury

Background: Because thromboxane A2 is implicated in the pathophysiology of acute lung injury, the aim of this study was to evaluate the effects of selective thromboxane A2 synthase inhibition on cardiopulmonary function in the experimental setting of severe smoke inhalation injury. Methods: Sixteen adult sheep were operatively instrumented for chronic study. The injured intervention group was treated with the selective thromboxane A2 synthase inhibitor OKY-046, whereas the injured control group received only the vehicle (n 8 each). Results: The progressive increase in thromboxane B2 lung lymph concentrations in control animals was associated with increased transvascular fluid flux, augmented resistances in the pulmonary and systemic circulation, and a reciprocal decrease in cardiac output. In addition, end-systolic pressure–diameter relation and maximum dp/dt were markedly depressed as compared with baseline (24 h: 14.3 0.9 vs. 8.9 0.5 mmHg/mm and 2,120 50 vs. 1,915 40 mmHg/s, respectively; each P < 0.05). Infusion of OKY-046 significantly inhibited pulmonary thromboxane B2 delivery, attenuated the early increase in pulmonary vascular resistance, and blocked the increase in systemic vascular resistance. In addition, OKY-046 blunted and delayed the decrease in cardiac output and maintained end-systolic pressure–diameter relation, dp/dt, and lung lymph flow at baseline values. Conclusions: These findings suggest that selective thromboxane A2 synthase inhibition may represent a goal-directed therapeutic approach to alleviate cardiovascular and pulmonary dysfunction in the setting of smoke inhalation injury.
Capital flows, exchange rate regime and monetary policy

Financial globalisation can provide significant benefits to developing countries but at the same time poses significant risks. There is strong evidence to suggest that developing economies could benefit from financial globalisation, given that certain framework conditions are fulfilled. Hence, there is a trend towards open capital accounts, as illustrated by Malaysia, which recently shed controls that had been brought in 1998 in the aftermath of the Asian crisis. The move towards higher capital mobility confronts central banks with some difficult choices in implementing monetary policy:
Psychological adjustment in children with end stage renal disease: the impact of maternal stress and coping.

OBJECTIVE To explore maternal and child perspectives on children's adjustment in the context of paediatric renal disease, and maternal psychological variables that may account for variance in child and maternal ratings. METHODS Forty-three children with end stage renal disease and their maternal caregivers completed the Strengths and Difficulties Questionnaire (SDQ). Mothers also reported on their own mental health, and the strategies they used to cope with their child's illness. The severity of the child's condition was rated independently by a renal clinician. RESULTS Compared with normative data for the SDQ mothers reported their children to be at increased risk of psychological problems. However, the children themselves reported no more problems than a normative sample. Mothers' coping and mental health explained some of the variance in their ratings of the child's adjustment but were not predictive of the children's self-ratings. CONCLUSIONS The results suggest that maternal factors may not explain the variability in children's adjustment to chronic illness, perhaps especially within the age range studied here. Practical implications of the data are also discussed. In particular, a systemic approach to paediatric liaison by psychologists is emphasized.
Investigating the use of a multi-agent system for knowledge discovery in databases

This paper presents an agent-based system which is capable of performing knowledge discovery from database, including image databases. The proposed system is composed of several knowledge discovery (KD) agents which are responsible for data preparation and data mining. In the system, each agent has its own data mining method and they can have different answers to the same input pattern. In this sense, a negotiation method was proposed. As a result of this method, a commonly agreed output for an input pattern is provided by the system.
Consumer sentiment: its causes and effects

This paper finds that consumer attitudes, as reflected in surveys of consumer sentiment, have a significant influence on household purchases of durable goods. Normally, consumer sentiment moves with current economic conditions and bears a stable relationship to a few economic variables. At times of a major economic or political event like the Gulf War, however, consumer sentiment can move independently from current economic conditions. At such times it provides useful information about future consumer expenditures that is not otherwise available.
Momentum Trading in Sector ETFs

If markets were efficient, then strategies based on past price behavior would be essentially worthless. However, many traders follow investment plans that are designed to exploit momentum, particularly across sectors. This article examines one common, related trading rule: “There’s Always a Bull Market Somewhere. ” Under this approach, investors buy (sell) past 12-month winners (losers). Prior studies find a positive abnormal return in the subsequent 12-month period following implementation of this strategy; however, no study examines the impact of such rules on the short-term trading patterns (returns and volume) of related securities. This article fills this gap, finding that ETFs representing sectors experiencing positive (negative) momentum have higher (lower) returns on days associated with the execution of this momentum strategy. It also finds that calendar days coinciding with the implementation of this rule are associated with increased trading volume in related sector ETFs, particularly on the buy side in more recent periods.
Coping During Public Service Delivery: A Conceptualization and Systematic Review of the Literature

Frontline workers, such as teachers and social workers, often experience stress when delivering public services to clients, for instance because of high workloads. They adapt by coping, using such practices as breaking or bending rules for clients, or rationing services. Although coping is recognized as an important response to the problems of frontline work, the public administration field lacks a comprehensive view of coping. The first contribution of this article is therefore theoretical: conceptualizing coping during public service delivery and developing a coherent classification of coping. This is done via a systematic review of the literature from 1981 to 2014. The second contribution is empirical: via a systematic review of the literature from 1981–2014 this article provides a framework and analytical account of how coping during public service delivery has been studied since 1980. It highlights the importance of the type of profession (such as being a teacher or a police officer), the amount of workload, and the degree of discretion for understanding how frontline workers cope with stress. It also reveals that frontline workers often draw on the coping family “moving towards clients” revealing a strong tendency to provide meaningful public service to clients, even under stressful conditions. We conclude with an agenda for future studies, examining new theoretical, methodological and empirical opportunities to advance understanding of coping during public service delivery.
The genotype of RAET1L (ULBP6), a ligand for human NKG2D (KLRK1), markedly influences the clinical outcome of allogeneic stem cell transplantation

NKG2D (KLRK1) is an activating receptor on natural killer (NK) and T‐cells and binds a diverse panel of polymorphic ligands encoded by the MIC and RAET1 gene families. We studied the clinical importance of retinoic acid early transcript‐1 (RAET1) polymorphism in allogeneic stem cell transplantation (SCT) by determining the frequency of 18 single nucleotide polymorphisms (SNPs) and individual RAET1 alleles in 371 patient‐donor pairs and relating this to clinical outcome. A strong association was observed between the presence of five SNPs within the patient RAET1L (ULBP6) gene and relapse‐free survival and overall survival. Two common alleles of RAET1L were determined and the presence of the protective RAET1L*02 allele in the patient was associated with a relapse‐free survival of 44% at 8 years compared with just 25% in patients who lacked a RAET1L*02 allele (P < 0·001). Overall survival at this time was 55% in those with RAET1L*02 allele compared to 39% in patients who lacked a RAET1L*02 allele (P = 0·003). These novel findings indicate a critical role for NKG2D–RAET1L interactions in determining SCT clinical outcome and show RAET1L may have an important influence on regulating the strength of the alloreactive immune response. The data will be of value in guiding the development of future transplant therapy protocols.
Gastrointestinal Autoimmunity Associated With Loss of Central Tolerance to Enteric α-Defensins.

BACKGROUND & AIMS Autoimmune polyendocrinopathy candidiasis ectodermal dystrophy (APECED) is an autoimmune disorder characterized by chronic mucocutaneous candidiasis, hypoparathyroidism, and adrenal insufficiency, but patients also develop intestinal disorders. APECED is an autosomal recessive disorder caused by mutations in the autoimmune regulator (AIRE, which regulates immune tolerance) that allow self-reactive T cells to enter the periphery. Enteric α-defensins are antimicrobial peptides secreted by Paneth cells. Patients with APECED frequently have gastrointestinal symptoms and seroreactivity against secretory granules of Paneth cells. We investigated whether enteric α-defensins are autoantigens in humans and mice with AIRE deficiency. METHODS We analyzed clinical data, along with serum and stool samples and available duodenal biopsies from 50 patients with APECED collected from multiple centers in Europe. Samples were assessed for expression of defensins and other molecules by quantitative reverse transcription polymerase chain reaction and flow cytometry; levels of antibodies and other proteins were measured by immunohistochemical and immunoblot analyses. Histologic analyses were performed on biopsy samples. We used Aire(-/-) mice as a model of APECED, and studied the effects of transferring immune cells from these mice to athymic mice. RESULTS Enteric defensins were detected in extraintestinal tissues of patients with APECED, especially in medullary thymic epithelial cells. Some patients with APECED lacked Paneth cells and were seropositive for defensin-specific autoantibodies; the presence of autoantibodies correlated with frequent diarrhea. Aire(-/-) mice developed defensin-specific T cells. Adoptive transfer of these T cells to athymic mice resulted in T-cell infiltration of the gut, loss of Paneth cells, microbial dysbiosis, and the induction of T-helper 17 cell-mediated autoimmune responses resembling those observed in patients with APECED. CONCLUSIONS In patients with APECED, loss of AIRE appears to cause an autoimmune response against enteric defensins and loss of Paneth cells. Aire(-/-) mice developed defensin-specific T cells that cause intestinal defects similar to those observed in patients with APECED. These findings provide a mechanism by which loss of AIRE-mediated immune tolerance leads to intestinal disorders in patients with APECED.
Endogenous Financial Innovation and the Demand for Money

This paper embeds two key ideas about the nature of financial innovation taken from the empirical literature into a familiar equilibrium monetary model. It provides formal support for several alternative econometric specifications for money demand that attempt to capture the effects of financial innovation and demonstrates that a popular theoretical model of money demand, when suitably modified, can account for some unusual monetary dynamics found in the data. Thus, it helps to establish both the theoretical relevance of recent empirical work and the empirical relevance of recent theoretical work on the demand of money.