Miracle-dz/UniFAR-FTUs huggingface dataset:
Too Much Pay Performance Sensitivity?

We examine the relation between pay-performance sensitivity (PPS), the convexity of managerial compensation (Vega), and future stock risk and returns for a large sample of firms between 1992 and 2004. Higher PPS and Vega are both associated with lower future stock returns. Part of this negative relation can be explained by risk-averse managers decreasing equity risk in response to increases in PPS and Vega. However, even after correcting for lower future risk, future stock returns are negatively associated with the magnitude of option sensitivity. This finding is consistent with previous studies that link high option compensation to manager-owner agency problems. © 2011 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.
The Cyclical Behavior of Marginal Cost and Price

The author examines the cyclical behavior of price/marginal cost margins for U.S. manufac turing after 1956. Short-run marginal cost is markedly procyclical. This is primarily due to procyclical overtime payments, incurred beca use employment is not perfectly flexible. In most industries, output price fails to respond to the cyclical movement in marginal cost; so price/marginal cost margins are markedly countercyclical. The res ults contradict business cycle theories that explain low production i n a recession by a high real cost of producing; they support theories that explain low production in a recession by the inability of firms to sell their output. Copyright 1987 by American Economic Association.
Public participation and climate change adaptation: avoiding the illusion of inclusion

Public participation is commonly advocated in policy responses to climate change. Here we discuss prospects for inclusive approaches to adaptation, drawing particularly on studies of long-term coastal management in the UK and elsewhere. We affirm that public participation is an important normative goal in formulating response to climate change risks, but argue that its practice must learn from existing critiques of participatory processes in other contexts. Involving a wide range of stakeholders in decision-making presents fundamental challenges for climate policy, many of which are embedded in relations of power. In the case of anticipatory responses to climate change, these challenges are magnified because of the long-term and uncertain nature of the problem. Without due consideration of these issues, a tension between principles of public participation and anticipatory adaptation is likely to emerge and may result in an overly managed form of inclusion that is unlikely to satisfy either participatory or instrumental goals. Alternative, more narrowly instrumental, approaches to participation are more likely to succeed in this context, as long as the scope and limitations of public involvement are made explicit from the outset.
Evidence on the Role of Taxes on Financing Choice: Consideration of Mandatorily Redeemable Preferred Stock

In this study we examine the effect of firms' marginal tax rates on incremental and overall reliance on mandatorily redeemable preferred stock (MRPS). Similarities in the cash flows associated with debt and MRPS, as well as similarities in the claims of holders of debt and MRPS on the assets of issuing firms, suggest that MRPS may be viewed as a substitute for debt. However, important differences in the tax treatment of MRPS and debt suggest that firms that cannot make full use of interest tax shields may be able to finance more efficiently using MRPS instead of debt. The results indicate that, both incrementally and overall, firms with low marginal tax rates rely more heavily on MRPS than debt relative to firms with high tax rates. This finding is consistent with the proposition that firms that cannot make full use of interest tax shields finance incrementally using equity rather than debt.
Lastmanagement für Systemdienstleistungen und zur Reduktion der Spitzenlast

Germany's nuclear phase-out and the strong increase of fluctuating generation from renewable sources put its power system reliability under stress. Besides grid expansion and additional generation capacities load management seems to be an appropriate measure for reducing the risk of power shortfalls. Load management adjusts electricity consumption to generation and thus has an effect on the electricity grid comparable to conventional energy storages. This study focusses on southern Germany and investigates whether and to what extent load management in industrial and commercial processes can have a positive impact on security of supply. For collecting the necessary data from industrial and commercial businesses an online survey (>300 responses) and ten interviews have been carried out. As a result the load management potential for cross-sectoral technologies and energy-intensive processes is estimated to exceed one gigawatt in southern Germany. Moreover, it has been found that load management could be a cost-effective alternative to conventional peak-load power plants. Neben Netz- und Speicherausbau kann auch das Lastmanagement zur Systemstutzung beitragen, wenn es in die bestehenden Systemdienstleistungen integriert oder zur Reduktion der Spitzenlast genutzt wird. In diesem Beitrag wird eine detaillierte Einschatzung der tatsachlich ausschopfbaren beziehungsweise okonomischen Lastmanagementpotenziale vorgenommen. Dabei werden energieintensive Industrien, industrielle Querschnittstechnologien sowie Nachtspeicherheizungen und Warmepumpen betrachtet. Die Erhebung der verfugbaren Potenziale basiert auf einer Auswertung bestehender Studien und Statistiken, Analyse von detaillierten Datenerhebungen aus Betriebsbegehungen, einer Online-Befragung sowie auf Vor- Ort-Interviews mit Betrieben, Energieversorgern und Dienstleistern. Der Schwerpunkt der durchgefuhrten Untersuchung ist auf Suddeutschland gelegt, da es hier zuerst zu einem Versorgungsengpass kommen konnte, worauf die notwendige Vorhaltung einer Kaltreserve fur den suddeutschen Raum bereits hindeutet. Die gewonnenen Erkenntnisse werden auf ganz Deutschland hochgerechnet, da die gleichen okonomischen Rahmenbedingungen in Bezug auf potenzielle Erlose und Zugangsbedingungen fur die Leistungs- und Energiemarkte gelten. Es zeigt sich, dass in Suddeutschland etwa ein Gigawatt durch Lastmanagement in der Industrie uber eine Stunde bereitgestellt werden kann. Wenn diese Leistung nur wenige Stunden im Jahr gebraucht wird, kann dies eine gunstige Alternative, beispielsweise zu konventionellen Spitzenlastkraftwerken, sein.
Predictors of Early Recurrence of Benign Esophageal Strictures

OBJECTIVE:In the era of liberal proton pump inhibitor (PPI) use, benign esophageal strictures remain a significant management problem, with 30–40% of patients experiencing symptomatic recurrence within 1 yr of successful dilation. We therefore sought to examine predictors of early recurrence of benign esophageal strictures after endoscopic dilation.METHODS:Predictors for stricture recurrence were examined in 87 consecutive outpatients undergoing initial dilation over a 1-yr period. Patients with symptomatic recurrence of dysphagia requiring repeat dilation within 1 yr of initial successful dilation (cases) were compared to patients who did not require redilation (controls). Predictors were assessed by univariate and multivariate analysis. Kaplan-Meier analysis of significant predictors using time to first redilation was also performed.RESULTS:Of the patients, 36 required repeat dilation within 1 yr, whereas 51 did not (median follow-up, 33 months). Of all strictures, 67 (77%) were peptic, with the remainder caused by radiation, drug-related injury, or congenital stenosis, among other causes. In multivariate analysis, nonpeptic strictures were significant predictors for early recurrence, as was a narrower stricture diameter. For peptic strictures, the persistence of heartburn after dilation and the presence of a hiatal hernia were significant predictors. Of all peptic strictures, 84% of patients were on PPIs after dilation, with no difference between cases and controls. Of all patients with persistent heartburn after dilation, 90% were on PPIs.CONCLUSIONS:The persistence of heartburn after dilation is a strong predictor for early symptomatic recurrence of benign esophageal peptic strictures, despite a high rate of PPI use. This may suggest persistent acid reflux requiring optimization of acid reduction therapy. Alternatively, combined acid and alkaline reflux may account for progressive injury despite PPI therapy. Esophageal pH studies may be invaluable in making the distinction between acid and non-acidic (alkaline) reflux. Nonpeptic strictures are also more likely to have early recurrences and are therefore more difficult to manage.
Local Labour Markets and Theft: New Evidence from Canada

This paper provides the first causal evidence of the effect of labor market opportunities on theft crimes in Canada. Synthetic panel data are constructed by combining the Labour Force Survey with the complete Uniform Crime Reports microdata from 2007-2011. Low-skill unemployment rates and corresponding theft rates are measured for age and city-specific groups of young males. Impacts are identified using an instrumental variables approach that captures the exposure of low-skill employment to exogenous demand for exports to the US. Estimates of the elasticity of theft with respect to low-skill unemployment rates are between 0.35-0.39, slightly lower than estimates for the US aggregate data.
Albumin and hydroxyethyl starch 130 kDa/0.4 improve filter clearance and haemocompatibility in haemo- and plasmafiltration--an in vitro study.

BACKGROUND Apart from their standard applications, haemofiltration (HF) and plasmafiltration (PF) may provide helpful therapy for sepsis, multiple organ- and acute liver-failure. Some colloids cause either decreases or increases in blood cell agglomeration. We hypothesized that solutions which reduce cell aggregability may lead to both improved filter clearance and better haemocompatibility due to decreasing rates of clogged hollow fibres. METHODS Heparinized porcine blood (5 IU/ml) was used in an in vitro circuit. The filter types tested were from GAMBRO: HF66D (effective membrane surface: 0.6 m2) and PF1000N (effective membrane surface: 0.15 m2). Albumin (ALB), hydroxyethyl starch (HES) 200/0.5, HES 130/0.4, gelatin (GEL) or normal saline (0.9%) were added to the blood (n = 6/group). Recirculation systems were run for 2 h. Spontaneous haemolysis and filter resistance >420 mmHg were selected as indications of maximal flow rates. Sieving coefficients were determined for 17 parameters at the lowest and highest blood flows and filtration rate. RESULTS Based on the filter types used, supplementation of ALB and HES130/0.4 led to an improved filter clearance without increasing the number of clogged capillary membranes or causing impaired haemocompatibility. Sieving coefficients for most solutes were independent of volume substitute and flow rate. Haemocompatibility and filter clearance deteriorated after addition of HES200 or GEL to the blood. CONCLUSIONS Under standardized in vitro conditions, we found that colloids which reduce cell aggregability cause improved HF- and PF-performance. This phenomenon may provide new options for higher clearances and may lead to new concepts in low dose anticoagulation.
Angiotensin II Type 2 Receptor-Mediated Inhibition of Norepinephrine Release in Isolated Rat Hearts

We investigated whether endogenous and exogenous angiotensin II (Ang II) regulates norepinephrine (NE) release from cardiac sympathetic nerves via both Ang II type 2 receptors (AT2Rs) and Ang II type 1 receptors (AT1Rs). Using isolated rat hearts, sympathetic nerves were electrically stimulated. Ang II with PD-123319 (AT2R antagonist) but not Ang II alone produced a significant increase in nerve stimulation-induced NE overflow, which was abolished by the addition of AT1R antagonist losartan. In contrast, NE overflow was markedly decreased by losartan with or without Ang II. This decrease was abolished by the combination with PD-123319, nitric oxide (NO) synthase inhibitor NG-nitro-L-arginine (NOARG), icatibant (bradykinin B2 receptor antagonist), or PKSI-527 (kininogenase inhibitor). CGP-42112A (AT2R agonist) suppressed nerve stimulation-induced NE overflow in the same way as the combination of Ang II and losartan, and this suppression was abolished by PD-123319, NOARG, icatibant, or PKSI-527. There were significant increases in NOx (NO2/NO3) contents in coronary effluent under conditions where NE overflow was suppressed. Ang II seems to function as an inhibitory modulator of cardiac noradrenergic neurotransmission via AT2Rs and well-known AT1R-mediated stimulatory actions. The inhibitory mechanism may involve local bradykinin production, its B2 receptor activation, and NO as a downstream effector.
Selecting Your Inflation Targeters: Background and Performance of Monetary Policy Committee Members

Abstract This paper starts by describing the composition of monetary policy committees (MPCs) in inflation-targeting and non-targeting countries. The experience of MPC members on their inflation performance is then compared, opposing inflation targeters with non-targeters. Our sample covers the major Organization for Economic Cooperation and Development countries, in the period 1999-2008. Our results first show that MPCs are different in inflation-targeting (versus non-targeting) countries. They also reveal that policy-makers’ backgrounds influence inflation, and that the influence of MPCs’ experience is much greater in inflation-targeting countries, while size effects are more important for committees that do not target inflation.
Adjunctive pharmacotherapy for cognitive deficits in schizophrenia: meta-analytical investigation of efficacy.

BACKGROUND A growing number of studies have investigated the efficacy of novel, adjunctive pharmacotherapies for treatment of cognitive deficits in schizophrenia with conflicting results. AIMS To investigate the comparative efficacy of these agents on cognition and symptoms in schizophrenia, and to identify promising cognitive domains and candidate medications that can be incorporated in treatment trials combined with cognitive remediation to maximise treatment effects. METHOD A total of 26 double-blind, placebo-controlled studies investigating medications targeted at cholinergic, glutamatergic or serotonergic receptor classes and with participants with schizophrenia or schizoaffective disorder were identified. RESULTS Medications targeted at the cholinergic receptor class produced marginal improvements in verbal learning and memory (d = 0.23, P = 0.06), and donepezil, a specific type of cholinergic agonist, produced a moderate effect (d = 0.58) on spatial learning and memory. Cholinergic and glutamatergic agents produced moderate effect-size improvements on negative symptoms (d = 0.54 and d = 0.62 respectively), and small effect-size improvements on general symptoms (d = 0.46 and d = 0.41 respectively). Serotonergic agents produced small effect-size improvements in positive symptoms (d = 0.33). CONCLUSIONS Cholinergic medications produced marginal improvement in verbal learning and memory and moderate improvements on spatial learning and memory, although there was no evidence to support the use of glutamatergic or serotonergic medications as a stand-alone treatment for improving cognitive function. Cholinergic and glutamatergic agents improved negative and general symptoms, whereas serotenergic medications improved positive symptoms.
Assumed Transmission in Political Science: A Call for Bringing Description Back In

News outlets cannot serve as reliable conveyors of social facts, nor do their audiences crave such content. Nonetheless, much political science scholarship assumes that objective information about social, political, and economic topics is routinely transmitted to the mass public through the news. This article addresses the problem of selection bias in news content and illustrates the problem with a content analytic study of New York Times coverage given to American war deaths in five major conflicts that occurred over the past century. We find that news coverage of war deaths is unrelated to how many American combatants have recently died. News coverage is more likely to mention war deaths when reporting combat operations and less likely to mention them when a war is going well. These findings underscore the need to document selection biases in information flows before theorizing about proximate causes underlying the relationships between political systems and public opinion.
Agricultural Development and Household Incomes in Central Asia: A Survey of Tajikistan, 2003-2008

Two noted specialists on the agricultural economies of the former Soviet Union examine the effects of land reform on agricultural production and the income of rural house-holds in Tajikistan. The authors utilize official government statistics to discern trends of agricultural output at the national level, and the results of three extensive surveys conducted in 2007-2008 (N > 2,000) and one in 2003 (N = 4,000 respondents) by international organizations (United Nations Food and Agriculture Organization, Asian Development Bank, the U.S. Agency for International Development, World Bank) to identify household-level changes. They also review the legislative framework for agrarian reform in the country; examine national-level trends in farm structure and organization, livestock production, farm productivity, and cropping patterns; and analyze shifts in size of land holdings and rural family incomes at the household level. Journal of Economic Literature, Classification Numbers: D130, O130, P320, Q150. 11 figures, 10 tables, 42 references.
An Fc&ggr;RIIa polymorphism with decreased C-reactive protein binding is associated with sepsis and decreased monocyte HLA-DR expression in trauma patients

BACKGROUND A dysregulated immune response leading to sepsis is the most frequent cause of late posttraumatic deaths. We have found a novel anti-inflammatory pathway that is initiated by the acute phase protein, C-reactive protein (CRP), interacting with Fc&ggr; receptor (Fc&ggr;R) on monocytes. This pathway is protective in animal models of endotoxin shock. We hypothesized that genetic polymorphisms in the Fc&ggr;R might contribute to monocyte responses and susceptibility to infectious complications after severe trauma. METHODS We conducted an observational study on a prospectively identified cohort of adult patients with convenience enrollment admitted after severe trauma. We enrolled 66 patients and collected blood samples at enrollment and again at 48 hours and 72 hours. Patients were followed through their hospital stay, and any septic events before 14 days were recorded. Cytokine and CRP levels were determined in the plasma from all three blood draws. In addition, DNA was extracted from blood and analyzed for the 131 H/R Fc&ggr;RIIa polymorphism that strongly affects the binding of IgG and CRP to this receptor. RESULTS Elevated levels of interleukin 8 (IL-8), IL-6, IL-10, monocyte chemotactic protein 1, and CRP were associated with reduced time to posttraumatic sepsis in Cox regression analysis. Expression of monocyte human leukocyte antigen DR less than 45% on patient monocytes was also associated with sepsis (hazard ratio, 3.15; 95% confidence interval, 1.45–6.93). Genetic analysis found that individuals with the polymorphism of the Fc&ggr;RIIa receptor that binds CRP poorly were also more likely to have decreased monocyte human leukocyte antigen DR and posttraumatic sepsis. In vitro studies showed that CRP could attenuate monocyte deactivation in volunteers with the polymorphism of the Fc&ggr;RIIa receptor that binds CRP. CONCLUSION Our findings suggest that a common genetic variation in the Fc&ggr;RIIa receptor may contribute to infectious susceptibility in trauma patients. In vitro experiments suggest that this association is related to the inability of CRP to bind to this Fc&ggr;RIIa receptor variant. LEVEL OF EVIDENCE Prognostic study, level III.
Mitogenic activities of amino acid substitution mutants of staphylococcal enterotoxin B in human and mouse lymphocyte cultures

Site-directed mutagenesis has been used to introduce amino acid substitutions at specific residues of the staphylococcal enterotoxin B (SEB) gene cloned from Staphylococcus aureus 10-275. The mitogenic activities of these derivatives were determined in two assay systems: (i) mouse spleen cells and (ii) a mixture of human peripheral blood mononuclear cells and lymphocytes. Substitution of either His-12, His-32, His-121, His-166, Lys-152, or Gly-205 did not significantly alter the mitogenic activity from that of the wild-type toxin in either proliferation assay. Substitution of either residue Asn-23, Phe-44, or Cys-93 reduced the mitogenicity of SEB by a degree that depended upon the assay system used. Similar to the results reported by others measuring toxin activation of mouse lymphoid cells, we found that substitutions of these three residues of SEB caused at least 800-fold reductions of mitogenic activity from that of the wild-type toxin. When tested for toxicity in vivo in D-galactosamine-treated mice, the reduced activities of these mutant toxins, however, were not as pronounced. In contrast, when tested in the human cell mitogenicity assay, these mutant toxins were active. Small alterations in activity (two- to fivefold reduction) were observable only at low concentrations. Our findings reveal the importance of using human lymphocytes in addition to the traditional mouse spleen cell assay when assessing biological activities of staphylococcal enterotoxins.
Antibiotic sensitivity and plasmid profiles of Pseudomonas aeruginosa.

OBJECTIVE To determine the susceptibility of Pseudomonas aeruginosa to commonly used antibiotics and to study the relationship between antibiotic resistance and the plasmid profiles of the organism. DESIGN Cross sectional study SETTING Samples of burns, wound pus, urine, blood, sputum, stool and aspirates were obtained from Harare Hospital (n = 120) and Parirenyatwa Hospital(n = 80). SUBJECTS Male and female patients either admitted or attending clinics. MAIN OUTCOME MEASURES P. aeruginosa isolates obtained were resistant to commonly used antibiotics in this environment. The resistance may be plasmid-dependent. RESULTS P. aeruginosa is prevalent in burns (76.7%) and wounds (67.5%) and in their respective hospital wards. The isolates of P. aeruginosa were resistant to gentamicin (65.5%); carbenicillin (61.9); polymyxinb (53.0%); ciprofloxacin (61.1%) and ceftriazone (70.8%); but showed high sensitivity to tazocin (89.4%) and nalidixic acid (59.3%) and cotrimoxazole (54.9%). All the isolates resistant to the antibiotics tested possessed plasmid DNA. Strains with four plasmids of molecular weight of approximately, 1.5 x 10(6), 1.8 x 10(6), 2.9 x 10(6) and 7.4 x 10(6) Da showed multiple resistance to the drugs that were tested. CONCLUSION This study reveals an emergence of multiple antibiotic-resistant strains of P. aeruginosa. The traditional drugs gentamicin, carbenicillin, ciproflaxacin, and polymyxin-b used for treatment of P. aeruginosa infections may no longer be reliable. Therefore, a newer drug such as tazocin and other rarely used drugs such as nalidixic acid should be considered for P. aeruginosa antibiotic therapy.