Miracle-dz/UniFAR-FTUs huggingface dataset:
Do frontier equity markets exhibit common trends and still provide diversification opportunities?

Abstract Many small, frontier equity markets in regions such as Africa and Eastern Europe have opened in recent years. As in other larger emerging markets, important issues for investors are the extent of financial integration with exchanges in other countries and, if some reasonable degree of integration is found, whether such markets still provide diversification opportunities. Here, we will examine a frequently used metric of integration by testing for the existence of common trends, or cointegration, in these frontier markets. While common stochastic trends are found, results show that coefficients on cointegrating vectors are at times negative, and reaction to deviations from the long-run trend are often slow, thus indicating that frontier markets are a good source of diversification opportunities despite a degree of integration.
Why Do Analysts Issue Forecast Revisions Inconsistent with Prior Stock Returns? Determinants and Consequences

type="main" xml:id="acfi12101-abs-0001"> We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign-inconsistent revisions). Sign-inconsistent revisions represent approximately one-half of the forecast revisions from 1995 through 2010. Our tests indicate that sign-inconsistent revisions are less informative than are sign-consistent revisions. Sign-inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign-inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign-inconsistent revisions do not necessarily benefit investors.
The Effect of Corporate Governance Practices on Financial Structure in Emerging Markets: Evidence from BRICK Countries and Lessons for Turkey

Abstract In this article, I aim to investigate major emerging markets (BRICK [Brazil, Russia, India, China, South Korea] countries and Turkey) in terms of governance practices, which differ in many ways including board structures, board procedures, disclosures, audit committee meeting frequency, ownership structures, and minority shareholder rights. Moreover, I aim to relate these governance practices to the impact they have on financial structures in terms of financial profitability and financial leverage. Findings provide support for the notion that board independence, representation of women on the board, duality, and the number of board meetings are key factors in determining corporate governance efficiency and play important roles in enhancing firm financial structure in BRICK firms. I also attempt to identify the main issue in corporate governance research, which is whether governance practices are universal or instead depend on country and firm characteristics. These multicountry results, together with the view of common- and civil-law differentiation, suggest that country characteristics strongly influence the aspects of governance practices while predicting firm financial structure.
Explaining Monetary Policy in Press Conferences

The question of how best to communicate monetary policy decisions remains a highly topical issue among central banks. Focusing on the experience of the European Central Bank, this paper studies how explanations of monetary policy decisions at press conferences are perceived by financial markets. The empirical findings show that ECB press conferences provide substantial additional information to financial markets beyond that contained in the monetary policy decisions, and that the information content is closely linked to the characteristics of the decisions. Press conferences have on average had larger effects on financial markets than the corresponding policy decisions, with lower effects on volatility. Moreover, the Q&A part of the press conference fulfills a clarification role, in particular during periods of large macroeconomic uncertainty.
Predictors for Patient Discharge Destination After Elective Anterior Cervical Discectomy and Fusion

Study Design. Retrospective study of prospectively collected data. Objective. To identify risk factors for nonhome patient discharge after elective anterior cervical discectomy and fusion (ACDF). Summary of Background Data. ACDF is one of the most performed spinal procedures and this is expected to increase in the coming years. To effectively deal with an increasing patient volume, identifying variables associated with patient discharge destination can expedite placement applications and subsequently reduce hospital length of stay. Methods. The 2011 to 2014 ACS-NSQIP database was queried using Current Procedural Terminology (CPT) codes 22551 or 22554. Patients were divided into two cohorts based on discharge destination. Bivariate and multivariate logistic regression analyses were employed to identify predictors for patient discharge destination and extended hospital length of stay. Results. A total of 14,602 patients met the inclusion criteria for the study of which 498 (3.4%) had nonhome discharge. Multivariate logistic regression found that Hispanic versus Black race/ethnicity (odds ratio, OR =0.21, 0.05–0.91, P =0.037), American Indian or Alaska Native, Asian, Native Hawaiian or Pacific Islander versus Black race/ethnicity (OR = 0.52, 0.34–0.80, p-value = 0.003), White versus Black race/ethnicity (OR = 0.55, 0.42–0.71), elderly age ≥65 years (OR = 3.32, 2.72–4.06), obesity (OR = 0.77, 0.63–0.93, P = 0.008), diabetes (OR = 1.32, 1.06–1.65, P = 0.013), independent versus partially/totally dependent functional status (OR = 0.11, 0.08–0.15), operation time ≥4 hours (OR = 2.46, 1.87–3.25), cardiac comorbidity (OR = 1.38, 1.10–1.72, P = 0.005), and ASA Class ≥3 (OR = 2.57, 2.05–3.20) were predictive factors in patient discharge to a facility other than home. In addition, multivariate logistic regression analysis also found nonhome discharge to be the most predictive variable in prolonged hospital length of stay. Conclusion. Several predictive factors were identified in patient discharge to a facility other than home, many being preoperative variables. Identification of these factors can expedite patient discharge applications and potentially can reduce hospital stay, thereby reducing the risk of hospital acquired conditions and minimizing health care costs. Level of Evidence: 3
New Service Development Competence and Performance: An Empirical Investigation in Retail Banking

What can service firms do to improve their ability to offer new services? In this paper we argue that new service development success results from building a competence in the management of service development resources and routines. We conceptualize new service development competence as a multidimensional, second‐order latent construct that is represented by a system of four interrelated and complementary dimensions: (1) formalized new service development processes, (2) market acuity, (3) new service development strategy, and (4) information technology use and experience. We hypothesize that the growth of new service development competence is related to improved new service development performance. Using structural equations modeling, we analyze survey data from 166 retail banks and report three key empirical findings. First, we show that the four hypothesized dimensions are statistically significant in defining new service development competence. Second, contrary to conventional wisdom in new product development, we find that formalized processes play a lesser role in the success of new service development compared with the other three dimensions. Instead, market acuity—which captures the firm's ability to see the competitive environment clearly and to anticipate and respond to customers' evolving needs and wants—was the most important new service development competence indicator. Finally, we demonstrate the positive effect of new service development competence on new service development performance and show that new service development competence is also significantly related to business‐level performance. Together, our empirical results suggest that complementary benefits arise from the adoption of a more holistic approach to the management of new service development at the program level.
DHA supplementation and pregnancy outcomes.

BACKGROUND Observational studies associate higher intakes of n-3 (omega-3) long-chain polyunsaturated fatty acids (LCPUFAs) during pregnancy with higher gestation duration and birth size. The results of randomized supplementation trials using various n-3 LCPUFA sources and amounts are mixed. OBJECTIVE We tested the hypothesis that 600 mg/d of the n-3 LCPUFA docosahexaenoic acid (DHA) can increase maternal and newborn DHA status, gestation duration, birth weight, and length. Safety was assessed. DESIGN This phase III, double-blind, randomized controlled trial was conducted between January 2006 and October 2011. Women (n = 350) consumed capsules (placebo, DHA) from <20 wk of gestation to birth. Blood (enrollment, birth, and cord) was analyzed for red blood cell (RBC) phospholipid DHA. The statistical analysis was intent-to-treat. RESULTS Most of the capsules were consumed (76% placebo; 78% DHA); the mean DHA intake for the treated group was 469 mg/d. In comparison with placebo, DHA supplementation resulted in higher maternal and cord RBC-phospholipid-DHA (2.6%; P < 0.001), longer gestation duration (2.9 d; P = 0.041), and greater birth weight (172 g; P = 0.004), length (0.7 cm; P = 0.022), and head circumference (0.5 cm; P = 0.012). In addition, the DHA group had fewer infants born at <34 wk of gestation (P = 0.025) and shorter hospital stays for infants born preterm (40.8 compared with 8.9 d; P = 0.026) than did the placebo group. No safety concerns were identified. CONCLUSIONS A supplement of 600 mg DHA/d in the last half of gestation resulted in overall greater gestation duration and infant size. A reduction in early preterm and very-low birth weight could be important clinical and public health outcomes of DHA supplementation. This trial was registered at clinicaltrials.gov as NCT00266825.
5 Angiogenesis and Lymphangiogenesis in Bladder Cancer

In cancer patients, the majority of deaths occur as a consequence of metastatic diseases. In addition, metastasis is a marker for poor prognosis and low quality of life in many malignancies. Several groups have investigated the mechanism of tumor metastasis. Metastatic lesions are formed through a multi-step complex process and then spread either locally at the site of the primary tumor, or into distant organs through the blood or lymphatic vessels. Another important feature of cancers is the chaotic behavior of tumor growth and cancer cell cycle progression. To maintain such activities, abundant supply of oxygen and nutrients are necessary. Angiogenesis refers to the formation of new blood vessels and development of new branching vessels from the existing tumor tissue vasculature and this pathological process is important to secure adequate blood supply including oxygen and nutrients to the rapidly dividing malignant cells. In fact, there is a good correlation between tumor growth/cancer cell proliferation and the extent of angiogenesis in almost of all cancers. While there is abundant information on the mechanisms that are involved in the initiation, regulation and maintenance of angiogenesis in cancer tissue, little is known about the mechanisms involved in the formation of new lymphatic vessels (lymphangiogenesis) in cancers. Furthermore, the current knowledge about cancer dissemination through the lymphatics lacks details about the mode of transport of cancer cells within the lymphatic vessels and the mechanisms involved in their exit and seeding into the distant organs. In this paper, we review the clinical and pathological significance of angiogenesis and lymphangiogenesis in bladder cancer. In addition, the mechanisms that regulate the formation of new vessels in bladder cancer are discussed. Specifically, we focus on the factors that co-regulate these two different vessels and their potential use as predictive marker of outcome in patients with bladder cancer. In addition, we also discuss the limitation of quantification of these vessels in human tissues.
What is Driving the Price-to-Earnings Ratio: The Effect of Conservative Accounting and Growth

Forward price-to-earnings ratios (PE ratios) play a central role in financial analysis and valuation. They are used to value comparable firms or to inform about mispriced stocks. We show that past investment growth and conservative accounting hinder a straightforward interpretation of the PE ratio. We analytically derive accounting-based explanations for cross sectional differences of PE ratios and analyze properties of their time series, such as volatility and mean reversion. Further, we illustrate the influence that management can take on the PE ratio by choosing accounting and investment policies. Our analysis identifies variables that drive the PE ratio and that could be used as empirical proxies to evaluate the magnitude of accounting-based influences.
A self-interference cancellation testbed for full-duplex transceiver prototyping

In-Band Full Duplex (IBFD) transceivers can potentially provide significant increases in spectral efficiency by allowing simultaneous transmit and receive on the same frequency at the same time. However any such gains are conditional on effective cancellation of the self-interference. The performance of a self-interference cancellation transceiver depends not only on the system design, but also on implementation specific parameters of the transceiver and cancellation circuitry. Thus, realistic evaluation of cancellation performance can only be performed using hardware prototypes. This paper provides a detailed overview of a highly flexible and reconfigurable self-interference cancellation testbed, which combines active cancellation with either separate Tx and Rx antennas, or an Electrical Balance Duplexer, along with digital baseband cancellation. The system can facilitate investigation on self-interference cancellation performance across a range of physical layer configurations, and provide a platform for the rapid prototyping of digital baseband algorithms within an operational self-interference cancelling transceiver.
Expression of Estrogen Receptor-α and Ki67 in Relation to Pathological and Molecular Features in Early-Onset Infiltrating Ductal Carcinoma

Estrogen causes breast cancer by triggering proliferation via an estrogen receptor (ER)-mediated mechanism. However, paradoxically, ERα, one of the two known ER subtypes, and the proliferation marker, Ki67, are not usually expressed in the same breast tumor. To explore whether ERα-positive tumors and proliferating (Ki67-positive) tumors have different tumorigenic characteristics, we performed an immunohistochemical study on 74 early-onset infiltrating ductal carcinomas of the breast. To test this hypothesis, we examined whether ERα-positive and Ki67-positive tumors showed differences in (i) pathological grade, (ii) three indices of tumor grade (tubule formation, nuclear pleomorphism, and mitotic number), and (iii) expression of important proteins implicated in breast tumorigenesis (cyclin D1, ErbB2, ATM, BRCA1, Rb, p53, and p21). The results of the multigenic analysis showed that ERα and Ki67 were the only two important markers significantly and independently associated with tumor grade, consistent with the above hypothesis. ERα- positive, Ki67-negative tumors frequently displayed a low tumor grade (i.e. being well differentiated), whereas Ki67-positive, ERα-negative tumors were more likely to exhibit a high tumor grade. In addition, positive ERα expression (46 of 74 cases, 62%) correlated well with positive cyclin D1 expression (p < 0.005), less nuclear pleomorphism (p < 0.001), and a low mitotic count (p < 0.005), whereas positive Ki67 expression (36 of 74 cases, 49%) correlated with reduced BRCA1 expression (p < 0.01) and high mitotic activity (p < 0.01). These findings suggest that the expressions of ERα and Ki67 might be involved in distinct pathological and molecular features during breast cancer development.
Quality, Depreciation, and Property Performance

There are many ways in which quality can be defined for real estate. This paper demonstrates the uses of a classification of building quality (as opposed to locational quality) defined with particular reference to occupier utility. First, it is clear that age is related to this definition of quality. Buildings deteriorate and become obsolete as they age. However, some depreciate more quickly than others. The depreciation rate is a function of age but also of building quality or qualities. By measuring building depreciation and developing a classification of building qualities, it was possible to relate qualities to depreciation in order to prove that a stronger and more meaningful relationship exists between quality and depreciation than that which exists between age and depreciation. It is also clear the obsolescence factors, especially configuration and internal specification, are more important in this respect than deterioration factors. This was established by means of intensive questioning of real estate professionals and backed up by a survey of occupiers. The survey of occupiers was particularly important in three respects. First, it gave support to the selection of building qualities that appear to have been correctly determined by professionals and to have reflected the views of the occupier market. Second, the ranking of qualities as predictors of depreciation was confirmed: deterioration is least important and internal specification and configuration are most important. External appearance was disappointingly unimportant for London office occupiers. Hence a hierarchical approach confirmed the statistical approach. Thirdly, a further analysis of the four qualities shows clear results, especially the predominance of layout over floor to ceiling height in the configuration factor and the importance of services in internal specification. It appears that there is a relationship between quality and return. Further work (see Baum, 1989) suggests that pricing does not efficiently reflect these factors. Occupiers' preferences can probably be built into design without necessarily impacting on cost to an equal or opposite degree; investment returns will then be delivered, inter alia, by the resistance of rental values to depreciation.
Cationic Antimicrobial Peptide Resistance in Neisseria meningitidis

ABSTRACT Cationic antimicrobial peptides (CAMPs) are important components of the innate host defense system against microbial infections and microbial products. However, the human pathogen Neisseria meningitidis is intrinsically highly resistant to CAMPs, such as polymyxin B (PxB) (MIC ≥ 512 μg/ml). To ascertain the mechanisms by which meningococci resist PxB, mutants that displayed increased sensitivity (≥4-fold) to PxB were identified from a library of mariner transposon mutants generated in a meningococcal strain, NMB. Surprisingly, more than half of the initial PxB-sensitive mutants had insertions within the mtrCDE operon, which encodes proteins forming a multidrug efflux pump. Additional PxB-sensitive mariner mutants were identified from a second round of transposon mutagenesis performed in an mtr efflux pump-deficient background. Further, a mutation in lptA, the phosphoethanolamine (PEA) transferase responsible for modification of the lipid A head groups, was identified to cause the highest sensitivity to PxB. Mutations within the mtrD or lptA genes also increased meningococcal susceptibility to two structurally unrelated CAMPs, human LL-37 and protegrin-1. Consistently, PxB neutralized inflammatory responses elicited by the lptA mutant lipooligosaccharide more efficiently than those induced by wild-type lipooligosaccharide. mariner mutants with increased resistance to PxB were also identified in NMB background and found to contain insertions within the pilMNOPQ operon involved in pilin biogenesis. Taken together, these data indicated that meningococci utilize multiple mechanisms including the action of the MtrC-MtrD-MtrE efflux pump and lipid A modification as well as the type IV pilin secretion system to modulate levels of CAMP resistance. The modification of meningococcal lipid A head groups with PEA also prevents neutralization of the biological effects of endotoxin by CAMP.
An assessment of operations in US service firms

The service sector of the American economy is expanding very rapidly at a greater than 6 per cent annual growth rate during the 1984‐88 period. The extraordinary growth of the service sector in the last two decades has focused attention on the challenges of effective management of service organizations and operations, vastly different from those faced in classical manufacturing settings. However, while services play an increasingly significant role in society, the productivity of services is much less than that of manufacturing. Determines and describes operations‐related practices and assesses skills development requirements faced by service firms operating in a real‐life environment. Findings of the study include the degree of awareness of the importance of operations‐related tasks and of their impact or organizational performance in services, the performance drivers and allocation of responsibilities for operational decisions, and the significance of operational gaps and misalignments that need correct.
Employee Stock Option-Implied Risk Attitude Under Rank-Dependent Expected Utility

Probability weighting is one of the cornerstones of decision-making theories accommodating gambling preferences. This paper examines its relevance to explaining employee stock option exercise behavior. We characterized the optimal exercise policy for a representative employee with Rank-Dependent Expected Utility (RDEU) preferences. We find that the RDEU framework leads to improved predictions of empirical exercise patterns. The implications from our findings are twofold: (1) probability weighting implies an increase in stock option cost to shareholders; (2) employee exercise behavior-implied sentiment is affected by the firm's stock market risk and performance.
Impact of core and peripheral service quality on consumption behavior of professional team sport spectators as mediated by perceived value

Abstract The purpose of this study was to examine the structural relationship of core service quality and peripheral service quality factors to the consumption of professional team sport games while considering the mediating influence of perceived value. This study simultaneously incorporated core service and peripheral service quality factors into one study and examined their direct and indirect relationships with game consumption behaviors. Participants (N=222) responded to a survey at various metropolitan areas. Adopting the two-step structural equation modeling approach, the proposed measurement model and the structural model were found to have good psychometric properties. In the structural relationship analyses, home team, opposing team, game promotion, game amenities, venue quality, and perceived value were found to be predictive of behavioral intentions. Venue quality was the only factor that had an indirect relationship with behavioral intentions through perceived value. The findings are interpreted in the contexts of theoretical and practical implications.