Miracle-dz/UniFAR-FTUs huggingface dataset:
Immunizing Default-Free Bond Portfolios with a Duration Vector

Abstract Dissatisfaction occasionally has been expressed with traditional measures of duration for immunization on conceptual grounds. However, more elegant duration measures have not been found to be superior to the traditional ones in empirical tests of immunization efficacy. Under the assumption that the term structure of continuously compounded interest rates can be expressed as a polynomial, Chambers and Carleton (1981) demonstrate that the finite and noninstantaneous return of a default-free bond can be expressed as a vector product of a duration vector and a shift vector. This study derives immunization strategies from the model and tests them. The results of the portfolio tests indicate that the traditional duration approach of Macaulay provides enhanced immunization relative to maturity approaches or naive approaches. However, the duration vector approach produces further improvements.
European versus US corporations: A comparison of property holdings

This paper compares the corporate property holdings of European and US corporations. The authors initially calculate standard benchmarks based on accounting and balance‐sheet information as of 1999, and then test for significant differences by two‐digit standard industrial classification levels between European and US firms. They follow the methodology of Johnson and Keasler (1993) and compare property, plant and equipment book values to a variety of non‐property balance sheet and market value figures. However, this paper extends previous research through a comparative analysis of 1,573 US firms to 2,182 European firms. The findings suggest there are significant differences between Europe and the USA, dependent on the specific benchmark and industrial sector. The conclusions postulate a variety of explanations of the corporate property differences and provide ideas for further research.
A Review of Psychological Research on Consumer Promotions and a New Perspective Based on Mental Accounting

The paper reviews theoretical perspective applied to the study of consumer response to promotions. These include adaptation level theory, assimilation contrast theory, attribution theory and the attitude model. It finds that these theoretical approaches have had a single product focus in evaluating consumer response to promotions. It suggests an alternative perspective based on mental accounting theory to evaluate consumer response to promotion from a multi-product perspective. Based on this perspective, the paper examines the psychological processes that lead to a positive cross-product impact of a promotion (i.e., increase in sale of regular priced products during a promotion).
Paclitaxel, topotecan and rituximab: long term outcomes of an effective salvage programme for relapsed or refractory aggressive B‐cell non‐Hodgkin lymphoma

Relapsed aggressive lymphomas are often treated with platinum‐based chemotherapy (PBC) followed by an autologous stem cell transplant (ASCT). Response rates to PBC in patients with relapsed aggressive lymphomas are c. 60%, and non‐responders have a dismal prognosis. Novel therapies for aggressive lymphomas, including those failing PBC, are needed. We performed a phase II study of paclitaxel, topotecan and rituximab (TTR) in patients with relapsed or refractory diffuse large B‐cell, follicular grade IIIB, or transformed lymphomas, including those who previously failed PBC. The median age of the 72 patients enrolled was 54 years. Responding patients were offered ASCT after two courses. The overall response rate was 69% for all patients (n = 49/71) and 45% for those who previously failed PBC (n = 9/20). With a median follow up of 125 months for the censored observations, the overall survival (OS) and progression‐free survival at 5 years was 39% and 27%, respectively. Responding patients who received ASCT had an OS of 63% at 5 years. Our results demonstrate that TTR is an effective salvage regimen for patients with relapsed aggressive B‐cell lymphomas, including those who previously failed PBC. Given the declining therapeutic outcomes of salvage PBC in the rituximab era, further evaluation of TTR is warranted.
Industry-Based Style Investing

Motivated by the style investing model of Barberis and Shleifer (2003), we examine the industry-wide investment decisions of retail investors. We find that retail investor industry demand is highly correlated and strongly related to past industry returns. Moreover, industries heavily bought by retail investors over the past year significantly underperform industries heavily sold over the subsequent year. Similarly, stocks in industries heavily bought by retail investors underperform stocks in industries heavily sold, even after controlling for firm-level demand. Our results suggest that industry-wide categorization influences the investment decisions of retail investors and has a significant impact on asset prices.
Examining Asymmetric Behavior Between Energy Consumption and Economic Growth in Taiwan

Abstract Energy consumption growth has recently been higher than economic growth in Taiwan, worsening energy efficiency. This article utilizes the momentum-threshold autoregressive cointegration method to examine the long-run equilibrium relationship between economic growth and energy consumption growth, particularly focusing on the most energy-consuming sectors in Taiwan. Allowing for a threshold effect sheds new light on the explanation of the non-linear characteristics of the energy-growth link. The results indicate that economic growth is non-linearly cointegrated with energy consumption when the asymmetric adjusting behavior is confirmed. Specifically, we find that the deviations adjust persistently toward equilibrium in a relative energy efficiency regime for the aggregate-level, while for the sector level in a relative energy inefficiency regime. The government authority should conduct effective energy demand-side management to improve energy efficiency.
HIV-1 Replication in Langerhans and Interstitial Dendritic Cells Is Inhibited by Neutralizing and Fc-Mediated Inhibitory Antibodies

ABSTRACT Langerhans cells (LCs) and interstitial dendritic cells (IDCs) may be among the first human immunodeficiency virus type 1 (HIV-1) targets after sexual transmission. We generated cells of these types by differentiation of purified CD34+ cord blood cells. After in vitro infection with R5-tropic strains, we obtained similar percentages of infected cells for both dendritic cell (DC) subsets. Moreover, LC infection was not increased by blockage of langerin by antilangerin. These results indicate that, under our experimental conditions, there was no evidence of any preference of HIV replication in LCs versus IDCs. The inhibitory activity of HIV-1-specific IgAs and IgGs against HIV-1 replication in LCs and IDCs was analyzed. We found that neutralizing antibodies inhibit HIV-1 infection of both DC subsets. Interestingly, HIV-1 was inhibited more efficiently by the IgGs than the corresponding IgA, due to an Fcγ receptor-dependent mechanism. Moreover, nonneutralizing inhibitory IgGs were able to inhibit infection of both LCs and IDCs. These results underline the importance of HIV-1 inhibition by the binding of the Fc part of IgGs to Fcγ receptors and suggest that the induction of neutralizing and nonneutralizing inhibitory IgGs in addition to neutralizing IgAs at mucosal sites may contribute to protection against sexual transmission of HIV-1.
Evidence on (the lack of) audit-quality differentiation in the private client segment of the belgian audit market

This paper contributes to the empirical audit-quality literature and provides evidence on (the lack of) audit-quality differentiation in the private client segment of the Belgian audit market. Auditor size is used as audit-quality proxy. Prior evidence on audit-quality differentiation between Big Six and non-Big Six auditors in the private client segment of the Belgian audit market is mixed. In this paper we investigate whether these mixed results stem from the inability of the dichotomous Big Six/non-Big Six variable to capture auditor-size differences in a less concentrated audit market. To that end we examine whether alternative continuous measures of audit-firm size (i.e. auditor market share, number of audit-firm clients, number of partners in the audit firm, total assets and operating profit of the audit firm) have a constraining impact on earnings management in a large sample of privately held Belgian companies (n = 1,302). Overall, we do not find evidence that is supportive of quality differentiation in the private client segment of the Belgian audit market.
Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings

The author presents a signaling model in which high-quality firms underprice at the initial public offering in order to obtain a higher price at a seasoned offering. The main assumption is that low-quality firms must invest in imitation expenses to appear to be high-quality firms, and that with some probability this imitation is discovered between offerings. Underpricing by high-quality firms at the initial public offering then adds sufficient signaling costs to these imitation expenses to induce low-quality firms to reveal their quality voluntarily. In addition, the paper provides empirical evidence that many firms raise substantial amounts of additional equity capital after their initial public offering. Copyright 1989 by American Finance Association.
Supplemental oxygen and nasal intermittent positive pressure ventilation.

When supplementary oxygen is necessary with nasal intermittent positive pressure ventilation (NIPPV), the optimal route by which it should be added to the ventilator circuit is unknown. We investigated the oxygen concentration received when oxygen was supplied at flow rates between 0 and 6 L.min-1 into the proximal ventilator tubing or the nasal mask whilst patients were ventilated with air. Eleven patients with stable chronic hypercapnic respiratory failure were studied. A calibration curve was produced for each by supplying different known oxygen concentrations through a Monnal D or DCC ventilator and measuring the arterial oxygen saturations achieved. Oxygen was then supplied into the ventilator tubing or nasal mask and arterial saturation again measured. The oxygen concentration received was estimated using the calibration curve. Tracheal oxygen concentration throughout the respiratory cycle was studied in one patient when oxygen was supplied by both routes. Peak inspired oxygen concentration occurred at end-inspiration when oxygen was supplied into the ventilator tubing, but at mid-inspiration when supplied into the nasal mask. However, there was no significant difference between the two routes in the inspired oxygen concentration achieved at all flow rates: 1 L.min-1 supplied approximately 31% oxygen; 2 L.min-1 37%; 3 L.min-1 40%; and 4 L.min-1 44%. Flow rates above 4 L.min-1 had little additional effect. In conclusion, oxygen supplementation during nasal intermittent positive pressure ventilation can be provided into the ventilator tubing or the nasal mask with equal efficiency.
Convergence and divergence in regional agricultural productivity growth: evidence from Italian regions, 1951–2002

This article analyzes long-term agricultural Total Factor Productivity (TFP) growth at regional level by testing its time-series properties and identifying factors associated with divergence as opposed to convergence. The empirical application concerns Italian regions over the 1951-2002 time period. TFP growth decomposition ultimately attributes the observed productivity growth performance to these contrasting (convergence vs. divergence) forces. We find that technological spillovers are the key convergence force regardless of how the spillover effects are computed. At the same time, forces favoring convergence are almost offset by divergence forces (mainly scale or learning effects). This decomposition may explain the persistence of TFP growth rate differences in Italian agriculture, and could be applicable elsewhere.
Evaluating Patient Access to Electronic Health Records: Results From a Survey of Veterans

Objective: Personal Health Records (PHRs) tethered to an Electronic Health Record (EHR) offer patients unprecedented access to their personal health information. At the Department of Veteran Affairs (VA), the My HealtheVet Pilot Program was an early PHR prototype enabling patients to import 18 types of information, including clinical notes and laboratory test results, from the VA EHR into a secure PHR portal. The goal of this study was to explore Veteran perceptions about this access to their medical records, including perceived value and effect on satisfaction, self-care, and communication. Methods: Patients enrolled in the pilot program were invited to participate in a web-based survey. Results: Among 688 Veteran respondents, there was a high degree of satisfaction with the pilot program, with 84% agreeing that the information and services were helpful. The most highly ranked feature was access to personal health information from the VA EHR. The majority of respondents (72%) indicated that the pilot Web site made it easy for them to locate relevant information. Most participants (66%) agreed that the pilot program helped improve their care, with 90% indicating that they would recommend it to another Veteran. Conclusions: Veterans’ primary motivation for use of the pilot Web site was the ability to access their own personal health information from the EHR. With patients viewing such access as beneficial to their health and care, PHRs with access to EHR data are positioned to improve health care quality. Making additional information accessible to patients is crucial to meet their needs and preferences.
A novel complete radiation protection system eliminates physician radiation exposure and leaded aprons

Occupational health hazards associated with fluoroscopic‐based procedures are well known, including a high prevalence of orthopedic problems, and those related to radiation exposure, particularly cancer and cataracts. This article reports the “first‐in‐man” clinical experience with a novel radiation protection system designed to eliminate radiation exposure to operators and thereby obviate the need for orthopedically burdensome leaded aprons. The Trinity Radiation Protection System consists of a combination of fixed shields, radiation drapes, and interconnecting flexible radiation resistant materials creating a complete radiation protection environment for the operators, yet maintaining full and unimpeded contact with the patient and total control of all operational elements of the catheterization equipment.
The prognostic value of cyclin D1, p53, and MDM2 protein expression in uveal melanoma

Malignant uveal melanoma is the commonest primary intraocular tumour in adults. It metastasizes frequently and 50% of patients die within 10 years of diagnosis. The expression of cyclin D1, p53, and MDM2 in uveal melanoma and their relationship to metastasis‐free 5‐year survival was determined, in order to investigate whether these proteins help to distinguish those patients with a favourable prognosis from those with a poorer one. Ninety‐six eyes enucleated for uveal melanomas were immunohistochemically analysed for the protein expression of cyclin D1 and related cell‐cycle markers, p53 and MDM2. The evaluation of the specimens was undertaken by two independent pathologists without knowledge of the outcome. Statistical analysis of clinical, morphological, and immunohistological features was performed. A ‘favourable outcome’ was defined as survival of at least 5 years after diagnosis, without metastases (n=57). An ‘unfavourable outcome’ was defined as death from metastases within the first 5 years after diagnosis of uveal melanoma (n=39). Cyclin D1 positivity (>15% positive tumour cells) as well as p53 positivity (>15% positive tumour cells) was associated with an unfavourable outcome (for cyclin D1: odds ratio=4.2, 95% confidence interval 1.5–11.8, p=0.006; for p53: odds ratio=3.2, 95% confidence interval 1.1–9.3, p=0.03). In addition, cyclin D1 positivity was associated with the presence of extraocular extension of the tumour (p=0.01), with the mixed or epithelioid cell type (p=0.02), and with the tumour cell MIB‐1 positivity (p=0.0001). MDM2 immunoreactivity of the tumour cells showed a potential correlation with clinical outcome (odds ratio=2.1, 95% confidence interval 0.8–5.8, p=0.13). Multiple logistic regression models showed that cyclin D1 positivity is an independent prognostic factor after control for other prognostic markers. The expression of cyclin D1 in uveal melanoma is associated with a more aggressive course and histologically unfavourable disease. This could serve as a further independent prognostic factor in uveal melanoma. Copyright © 2000 John Wiley & Sons, Ltd.
Process Benefits of Wide Area, Low Energy End-Hall Ion Source for Surface Pre- Cleaning and Functional Treatment of Polymeric Substrate Materials

The low ion energy and high current flux of broad-area gridless end-Hall ion sources can have significant advantages over high-energy gridded or gridless ion source systems when processing glass and engineering thermal plastics. Specifically the lower energy spectrum of such ion sources are shown to improve surface energy and adhesion with limited process exposure times and while inducing very limited optical, thermal or sub-surface layer damage which leads to mechanical embrittling, deformation and optical yellowing. We examine fundamental surface treatment properties of multiple materials (glass, polyamide 6.6, polycarbonate, thermoplastic polyurethane, poly(tetrafluoroethene), and polyethylene terephtalate) when processed under identical conditions in pure oxygen and argon-oxygen blends using contemporary end-Hall ion source technology. Water contact angles, optical transparency, substrate thermal damage of treated surfaces are reported along with adhesion performance of PVD sputtered titanium and diamond-like carbon films. Optimal reduction in surface contact angle is noted for most all materials with the inclusion of 15-30% of oxygen with little to no change in optical transparency. In addition to these results, typical treatment rates are deduced against ion beam current dosage to help process developers scale end-Hall ion source systems to various wide-area batch and in-line vacuum treatment applications.
Follow the Leader: Fund Managers Trading in Signal‐Strength Sequence

When fund managers trade sequentially in the same direction, the information confirmation hypothesis predicts the long‐term profitability of the leader trade to be increasing in the number of subsequent trades. The information cascade hypothesis predicts a non‐positive relationship. Using active equity funds’ daily trading data, we document a transition from information confirmation to information cascades as the number of followers increase. We find that highly disguised multiple‐broker packages exhibit higher market impact, higher long‐term returns and are associated with fewer followers. Our study also documents that lead fund managers face portfolio risk constraints in trading on private information.
The Mechanics of 'Failure' in Further Education: The Case of Bilston Community College

This paper explores the phenomenon of the 'failing' further education (FE) college. It does so through a detailed examination of the circumstances, mechanics and financial consequences behind one of the most prominent FE college 'failures' since incorporation of the FE sector in April 1993 - Bilston Community College. When Bilston apparently 'failed' it was castigated by the Labour government as an example of what happens when managements, governors and staff 'fail' to perform, and the college was duly closed in 1999 with many losses of both course provision and staff. In undertaking this examination, the paper details the relationship between the ubiquitous market ideology abroad in FE, the role of the former Further Education Funding Council, (retrospective) government policies, and some of the financial implications of closing an FE college. We conclude that the 'naming and shaming' policy initiated by the current government was at best a disingenuous response and at worst counterproductive in addressing what is a very real and continuing crisis within the UK post-compulsory education sector.
Access to natural resources and the fertility decision of women: the case of South Africa

Previous studies have examined the impact of an exogenous increase in population on the local resource base. In some recent theoretical work it has been proposed that resource scarcity, in turn, may affect fertility, and hence population growth rates. However, the sign and magnitude of this effect remains an open empirical question. In this paper we examine the impact of fuelwood and water scarcity on fertility rates using household data from rural South Africa. An individual choice model of fertility is estimated in which resource scarcity affects the demand for children through its effect on child mortality and productivity of children as resource collectors. Several alternative measures of resource scarcity are used, such as average distance traveled and time per trip for collecting water and fuelwood. We find wood scarcity to have a positive and significant effect on fertility. The effect of water scarcity is also positive, but not significant in general.
Determinants of the Labor Share: Evidence from a Panel of Firms

This paper analyzes the sources of labor share variations and its general downward trend, observed recently in most European economies. Using a unique quarterly firmlevel panel dataset from the Polish enterprise sector in the period 1995–2008, we quantify the impacts on the observed variation in labor shares of (i) firms’ “demographics” including firms’ age as well as their entry and exit behavior, (ii) selected labor market characteristics such as newly filled vacancies, labor market tightness, and human capital measures, (iii) firm- and sector-level measures of export intensity, competition, and ownership structure, and (iv) shifts in the sectoral make-up of GDP. We also test the potential cross-effects among these variables. We conclude that while sector-specific factors, changes in the ownership structure, and the accumulation of human capital explain a large fraction of the observed downward trend in the labor share, labor market characteristics, market structures and firm demographics are robust correlates of labor share changes at high frequency.