Miracle-dz/UniFAR-FTUs huggingface dataset:
Rolling settlement and market liquidity

This paper investigates the impact on UK stock and option markets of the change from an account based settlement system to a rolling settlement procedure. Such a change increases the transaction costs of short-term margin traders, and is likely to impact on the liquidity of the underlying market, as well as trading in the options market. Evidence is presented that the settlement procedure does impact on the liquidity of the market. Further, we find that rolling settlement increased market liquidity, consistent with the exit of margin traders as a result of the increase in short selling costs. Associated with this increase in liquidity is a significant reduction in nonoptionable stock trading volume, implying that margin trading may have been more prevalent in stocks without options. Finally, it is shown that while trading in stock options increased, the volatilities implied from call and put option prices indicate that put options have become relatively more expensive. This reflects the change in demand induced by the new settlement procedure, especially in terms of the increase in short selling costs.
When entrepreneurs choose VCs: Experience, choice criteria and introspection accuracy

Abstract This study examines the criteria by which entrepreneurs choose their venture capital investors, using data from 59 entrepreneurs evaluating the relative importance of seven selection criteria. We divided our sample into three approximately equal subsamples, according to the degree of previous venture capital experience of the entrepreneur. These data suggests that novice entrepreneurs value the seven criteria differently from more experienced entrepreneurs, and in practice value these criteria differently from what they espouse. All groups of entrepreneurs consider valuation to be the primary criterion, and also view the terms and conditions of the investment deal as important. But as entrepreneurs gain experience they increasingly value the personal compatibility of the VC as important in their selection. Other differences between inexperienced and experienced entrepreneurs are reported for secondary selection criteria. These results recommend caution in the use of espoused data for future empirical research in this area, and suggest practical negotiating strategies for participants in this market.
The Long-Term Effects of Price Promotions on Category Incidence, Brand Choice, and Purchase Quantity

To what extent do price promotions have a long-term effect on the components of brand sales, namely, category incidence, brand choice, and purchase quantity? The authors answer this question by using persistence modeling on weekly sales data of a perishable and a storable product derived from a scanner panel. Their analysis reveals, first, that permanent promotion effects are virtually absent for each sales component. Next, the authors develop and apply an impulse response approach to estimate the promotional adjustment period and the total dynamic effects of a price promotion. Specifically, they calculate the long-term equivalent of Gupta's (1988) 14/84/2 breakdown of promotional effects. Because of positive adjustment effects for incidence but negative adjustment effects for choice, the authors find a reversal of the importance of category incidence and brand choice: 66/11/23 for the storable product and 58/39/3 for the perishable product. The authors discuss the implications of the findings and suggest some areas for further research.
Management Principles for Evaluating and Introducing Disruptive Technologies: The Case of Nanotechnology in Switzerland

In this paper, we address the issue of evaluating and introducing disruptive technologies. The empirical data was compiled in an interview-based survey of 20 Swiss organizations of different sizes and from different industries. All of them have been facing the issue of evaluating nanotechnology, and most of them are currently dealing with the introduction of nanotechnology in their products and processes. The underlying framework was elaborated using approaches mainly found in the following streams of technology management literature: technology intelligence, technological decision-making, and technological capability building. The aim of our project was not to advance new management concepts, but to elaborate management principles allowing the organizations to master the challenges during evaluation and introduction of disruptive technologies. We defined these principles through identifying success factors as well as possible pitfalls, and by distilling best management practices in evaluating and introducing nanotechnology.
Impact of 12-s Rule on Performance and Muscle Damage of Baseball Pitchers.

INTRODUCTION A recent US Major League Baseball (MLB) rule change requires baseball pitchers to deliver pitches within 12 s. PURPOSES To examine the effect of three between-pitch rest intervals on throwing performance during a simulated seven-inning game and muscle damage during postgame recovery. DESIGN A randomized counterbalanced study. METHODS Seven intercollegiate pitchers threw 15 pitches per inning for seven innings with rest interval trials of 8, 12, and 20 s between pitches and 5 min between innings. Pitchers threw aimed fastballs at their best effort. Trials were separated by ≥2 wk. RESULTS Progressive decreases in pitching speed and accuracy below baseline (first inning of 20-s trial) occurred after fourth inning during the 8-s and 12-s trials, but not the 20-s trial. Plasma creatine kinase elevated 48 h later for the 8-s and 12-s trials (+105% and +75%, P < 0.01), but not the 20-s trial (+26%, no significance). A transient interleukin (IL)-6 surges immediately after the game for the 8- and 12-s trials (+265%, +128%, P < 0.01) above baseline. IL-6 reversed below the level of 20-s trial at 48 h after game, whereas IL-10 increased significantly above the level of 20-s trial. CONCLUSIONS Under the same pitching load, decreasing rest interval from 20 to 12 s or less results in an early-onset performance loss during a game and increases in muscle damage and inflammation for more than 2 d after a game. Our data do not favor the current rule change in concern of keeping musculoskeletal health of pitchers.
Party Identification and Party Choice

This chapter tests the validity of two alternative theoretical perspectives on the evolution of party identification. According to the first perspective, which is based on the theory of modernization, one should expect a secular decline of the level of party identification. The reason is that modern, well educated citizens do not need the cue of party identification anymore. The second perspective focuses on political rather than social correlates of party identification, and predicts less linear developments. Adversary politics is supposed to be favourable for the development of partisanship, while a broad political consensus across the major parties is expected to suppress the development of party identification. Whereas the first perspective predicts a linear decline of partisanship, the second one does not. The empirical evidence with regard to the first perspective is mixed. Although party identifiers have become less numerous over time, this development is anything but monotonous in most countries. Moreover, the micro-theory underlying the theory of modernisation is not corroborated. Contrary to expectations, cognitive mobilisation does not lead to a lower level of party identification. However, the evidence supporting the second perspective is equally ambivalent. The political correlates of the development of party identification are modest at best, and cannot fully explain what is going on in the six West European countries under study.
An Extended Model of Preference Formation between Global and Local Brands: The Roles of Identity Expressiveness, Trust, and Affect

The authors propose an augmented conceptual model explaining consumer preferences for global brands versus local brands in emerging markets and test the model using data from a Chinese consumer sample. The model adds high brand-identity expressiveness as well as high trust and positive affect toward these brands. The results support these additions and replicate previous findings that brand quality and prestige are important links between perceived brand globalness (PBG) and perceived brand localness (PBL) and favorable behavioral intentions. The most novel finding is that both PBG and PBL can enhance a brand's identity expressiveness. The results establish the mediating roles of these additional variables between PBG/PBL and behavioral intentions and also identify the incremental explanatory value of these additional mediators, which have been neglected in previous global branding research. Furthermore, PBG—which affects behavioral intentions through pathways of brand prestige, trust, and affect—is more influential than PBL, which operates mainly through brand identity expressiveness.
Methodology for Current Account and Exchange Rate Assessments

This chapter reports on Coordinating Group on Exchange Rate Issues’ (CGER) works and provides perspectives on alternative frameworks for assessing exchange rates and the rationale for CGER's general approach. The primary motivation for the work of the CGER is to identify cases where exchange rates appear to be substantially out of line with medium-run macroeconomic fundamentals. It is recognized that such situations can have different interpretations, depending on the cyclical positions of economies and other circumstances. The assessments of exchange rates among industrial country currencies rely primarily on an application of a macroeconomic balance framework. This framework focuses on the extent to which the current account positions associated with prevailing exchange rates are consistent with medium-run fundamentals. Substantial discrepancies between exchange rates and their medium-run equilibrium levels, when they emerge, raise two different, however, related issues for the IMF to address in its exercise of bilateral and multilateral Surveillance.
Effect of an anticalculus dentifrice on lesion progression under pH cycling conditions in vitro.

The aim of the present study was to examine a sodium fluoride anticalculus dentifrice product containing soluble pyrophosphate for its ability to promote remineralization and/or inhibit demineralization of dental enamel in a pH cycling model in vitro. Enamel crowns with windows were subjected to 14 days of alternating demineralization and remineralization periods at 37 degrees C. Teeth were immersed 5 min daily in one of the test dentifrice systems (1:3 slurry in deionized water) between the demineralization and remineralization cycles. Test dentifrices included (1) sodium fluoride (NaF; 1,100 ppm F)/silica abrasive (Crest) and (2) NaF (1,100 ppm F) with 3.3% soluble pyrophosphate/silica abrasive (Crest Tartar Control). Controls included a placebo dentifrice (silica abrasive) with no added fluoride and a group which received no treatment at all, i.e., demineralization/remineralization only. Overall, both of the NaF dentifrices were very effective in limiting in vitro caries progression and were not significantly different from each other. Inclusion of pyrophosphate in the NaF dentifrice did not affect the net outcome of the cycling demineralization/remineralization processes which is in agreement with recent clinical and in situ studies of these products.
The effect of revised IAS 14 on segment reporting by IAS companies

International Accounting Standard (IAS) 14 on segment reporting was revised in 1997. IAS 14R substantially changed segment reporting requirements in response to numerous criticisms of the original standard. The objective of this study is to determine how IAS 14R affected the segment disclosure practices of companies claiming to comply with IAS. This paper examines the following questions: (1) What items of information are disclosed under IAS 14 and IAS 14R? Was there a gain or a loss of information disclosed for business and geographic segments with the implementation of IAS 14R? (2) Has the number of business and geographic segments reported by companies changed with the implementation of IAS 14R? (3) Are companies disclosing the items required by IAS 14R? (4) Are companies' segment reporting practices related to size, country of domicile, industry, international listing status, and having a then-Big Five auditor? We find that the impact of IAS 14R is mixed. Companies are responding to IAS 14R, but not wholly embracing it. Our findings suggest that companies audited by a Big Five (now Big Four) firm and, to a lesser extent, companies that are larger, listed on multiple stock exchanges, and from Switzerland have greater compliance with IAS 14R than other companies in our study. Gary K. Meek, Oscar S. Gellein/Deloitte & Touche Professor, School of Accounting, College of Business Administration, Oklahoma State University, Stillwater, OK 74078-4011, USA. E-mail: gmeek@okstate.edu
Making Ritual Machines: The Mobile Phone as a Networked Material for Research Products

Viewing the mobile telephone as a networked material, we demonstrate the ways in which we have used it to make Research Products for the "Family Rituals 2.0" inquiry of families separated by work. Drawing from a diversity of sources we survey and deconstruct the phone as a material that can be worked to a vast range of technical effects, extended by hardware and configured by software. We demonstrate the transformations of hacking and prototyping practices necessary to construct complex Research Products through the case study of our machines. We offer the Interaction Design community seven specific and actionable techniques for using mobile telephones in Research Products. Finally, we open up a broader discussion for researchers and practitioners using mobile phones as a design material in their work.
An examination of cost subadditivity and multiproduct production in large U.S. banks

This paper examines the subadditivity of costs for a sample of the largest commercial banks in the U.S. We introduce into the bank production literature the grid approach developed by Evans and Heckman (1984). We estimate two models of the bank cost function--one where deposits are treated as outputs, while in the other, deposits are treated as inputs. The models are estimated using the commonly used translog and the more flexible miniflex Laurent. Viewed narrowly, the findings imply that cost complementarities are not the RAISON D'ETRE for multiproduct production in the largest commercial banks. Subadditive costs, however, are sufficient but not necessary for multiproduct production. It is quite possible for multiproduct production to be optimal when output are produced independently (Levy and Haber (1986), and Teece (1980, 1982). It is only required that inputs be shareable as opposed to joint. Copyright 1990 by Ohio State University Press.
The Hedonics of Hedonism – Estimating the Value of Risk-Taking Activities

This paper estimates the individual willingness to pay (WTP) for the option to exercise risk-taking. We use data of 69 Austrian Ski resorts and 3,637 reported ski accidents and apply the hedonic market method. Our results suggest that the individual WTP for a hypothetical increase in the possibility to undertake risk-taking activities lies between 11% and 25% of the price of a ski-lift-ticket. Monetized values help design pricing schemes that set incentives to reduce risk-taking behavior as well as to develop alternative instruments to reduce the adverse effects of risk-taking activities (e.g. accidents). Copyright 2009 Blackwell Publishing Ltd.
Shifting the Role: School-District Superintendents' Experiences as They Build a Learning Community.

This paper presents the findings of a qualitative action-research study that explored how one group of district-level school superintendents conceptualized their role as they built their own learning community. Data analysis yielded four elements that supported the part icipants’ efforts: (a) using a process as an entry point, (b) aligning various problems of practice, (c) providing supportive conditions, and (d) having a deep understanding of learning-community principles. From this experience, participants saw a need to shift the role of superintendent from a director of professional learning to a lead learner participating directly with teachers and principals.
On the Role of Commitment in a Principal-Agent Relationship with an Informed Principal

Abstract In many circumstances, a principal who has private information when contracting with an agent may perform some further action simultaneously with (or after) the agent's choice of an action. We analyze such a principal–agent relationship with an informed principal as a noncooperative game and distinguish two extensive-form games. First, the principal can commit to his subsequent action at the time of contracting. Second, the principal's announcement for his action is not binding at the time of performance. We show that commitment by the principal leads to separation and no commitment leads to pooling.Journal of Economic LiteratureClassification Numbers: C72,D82.
External Wealth, the Trade Balance, and the Real Exchange Rate

We examine the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, we decompose the impact of a country's net foreign asset position ('external wealth') on its long-run real exchange rate into two mechanisms: the relation between wealth and the trade balance; and, holding fixed other determinants, a negative relation between the trade balance and the real exchange rate. We also provide additional evidence that the relative price of nontradables is an important channel linking the trade balance and the real exchange rate.
Green Work-Life Balance: A New Perspective for Green HRM

This paper proposes that Green HRM can meet its full potential only by considering employees in their twofold role as producers and consumers. Employees learn different kinds of behaviour not exclusively at the workplace, but also in private life. Since reciprocal interactions between working life and private life occur, a “green work-life balance concept” is suggested to facilitate environmentally friendly behaviour in both life domains. The concept offers chances not only for the environment, but also for the company and its employees by increasing, for example, work motivation and job retention. However, challenges like employees' reactance to allow corporate influence on private life need to be addressed.
Earnings management around UK open offers

We examine the long run operating and stock price performance of UK open offer firms in the context of the earnings management hypothesis. We find that in the pre-offer period offer firms report significant improvements in their operating performance unrelated to cash flow performance. Results on return performance show that offer firms outperform various benchmarks in the pre-offer year but underperform up to four years after the offer. Regression results show that pre-offer discretionary current accruals predict the long-run post-offer return underperformance but do not predict the short-run reaction to SEO announcements. Our findings are more consistent with the earnings management hypothesis than with either the timing hypothesis or the managerial response hypothesis and suggest that investors do not take full account of the information available at the time of open offers.
A system approach to budget-constrained spare parts management

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NEW ZEALAND'S GROSS NATIONAL PRODUCT: 1859–1939

In this paper the author continues the work of Hawke, who used Australian velocity of money data to estimate New Zealand's GDP for 1870-1918, and whose results have been incorporated into international studies through the work of Bairoch. He also provides an alternative set of estimates for the inter-war years to those published by Lineham. The important findings of the paper are: (1) that Australian data show a significant relationship between the velocity of money and the price level; (2) that New Zealand's income was significantly higher in 1870 than Hawke's estimates suggest; (3) that sustained per capita growth has not been New Zealand's normal experience; (4) that previous GDP estimates for the inter-war period have failed to reflect the fluctuations of the New Zealand economy and the extent to which it was operating below its production possibilities frontier during the Great Depression of the 1930s. Copyright 1992 by The International Association for Research in Income and Wealth.
Long-term Follow-up of Cardiovascular Risk Factors in Patients Given Chemotherapy for Disseminated Nonseminomatous Testicular Cancer

OBJECTIVE To assess cardiovascular risk factors over time in patients who received chemotherapy for disseminated testicular cancer and were apparently cured. DESIGN Cohort study. SETTING Referral center. PATIENTS Fifty-seven consecutive patients (median age, 28 years; range, 16 to 43 years) who received cisplatin-containing chemotherapy between 1978 and 1985. MEASUREMENTS Serum cholesterol and high-density lipoprotein (HDL) levels, body mass index (BMI), blood pressure, kidney function, and hormonal status were monitored during follow-up after chemotherapy (median follow-up, 88 months; range, 56 to 143 months). The BMI and cholesterol values obtained 4 to 6 years after chemotherapy were compared with values from a sample of healthy, age-matched Dutch men; the cholesterol level was also compared with that of 31 patients treated with orchidectomy for stage I disease. RESULTS The mean cholesterol level in patients at the start of chemotherapy was 3.96 +/- 0.98 mmol/L [153 +/- 38 mg/dL], increasing 4 to 6 years later to 6.12 +/- 1.20 mmol/L [237 +/- 46 mg/dL] (P less than 0.001); 49 of 57 patients had an elevated low-density lipoprotein (LDL) cholesterol level (greater than 3.4 mmol/L [130 mg/dL]), with a mean level of 4.47 +/- 1.05 mmol/L [173 +/- 41 mg/dL]. Compared with a sample of healthy Dutch men, the chemotherapy group had an elevated cholesterol level (P less than 0.05). At 4 to 6 years, the mean HDL cholesterol level was 0.76 +/- 0.18 mmol/L [29 +/- 7 mg/dL], which was low compared with that of the healthy Dutch men (P less than 0.05). The mean BMI for all patients was 2.8% higher than expected 4 to 6 years after chemotherapy (P less than 0.01) but was not higher than expected 7 to 10 years after chemotherapy. CONCLUSIONS In addition to other known late side effects of chemotherapy in patients with testicular cancer, hypercholesterolemia and overweight might represent risk factors for cardiovascular disease in such patients, especially in those who are younger.