Miracle-dz/UniFAR-FTUs huggingface dataset:
Clawing Back Executive Compensation: Will Dodd-Frank Matter?

We explore the effectiveness of the clawback provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act as a deterrent to earnings manipulations. Using a sample of firms that issued “high concern” earnings restatements, we estimate the career and monetary benefits the CEO realizes as a result of the manipulation. We examine these benefits along two dimensions: the reduced probability of termination and the amount of total unearned gains accruing to the CEO as a result of the misreporting. We find the amount of excess incentive compensation subject to clawback under the Dodd-Frank Act accounts for a small fraction of the total unearned gains. Profits from the sale of stock and option exercises, which firms are not required to recover under Dodd-Frank, are more than 85 times the value of excess incentive compensation. As a result, the amount potentially recoverable under the Dodd-Frank Clawback provision is less than one percent of the aggregate total gains, despite the fact that Dodd-Frank casts a wider net than prior clawback legislation. As the costs of recovery are likely to outweigh the amount recoverable, our results suggest that the Dodd-Frank Clawback is unlikely to be an effective deterrent to earnings manipulation.
Reactions to Ethical Compromises Who Is Willing to Sacrifice Ethical Values for Money and Social Status ? : Gender Differences in

Women select into business school at a lower rate than men and are underrepresented in high-ranking positions in business organizations. We examined gender differences in reactions to ethical compromises as one possible explanation for these disparities. In Study 1, when reading decisions that compromised ethical values for social status and monetary gains, women reported feeling more moral outrage and perceived less business sense in the decisions than men. In Study 2, we established a causal relationship between aversion to ethical compromises and disinterest in business careers by manipulating the presence of ethical compromises in job descriptions. As hypothesized, an interaction between gender and presence of ethical compromises emerged. Only when jobs involved making ethical compromises did women report less interest in the jobs than men. Women’s moral reservations mediated these effects. In Study 3, we found that women implicitly associated business with immorality more than men did.
BORDER PRICE CHANGES AND DOMESTIC WELFARE IN THE PRESENCE OF SUBSIDISED EXPORTS

Export subsidies have been prominent in the recent trade dispute between the United States and the European Community. Implicit in this dispute is the notion that each party expects to gain from unilateral liberalization by the other. In this paper, it is first established analytically that increases in export prices can have ambiguous net welfare effects when at least some exports are subsidized. It is shown that the extent to which border price changes are transmitted to domestic markets is a key determinant of the direction and magnitude of net welfare effects. Copyright 1989 by Royal Economic Society.
A Simultaneous Equations Analysis of Forecast Accuracy, Analyst Following, and Trading Volume

We use a simultaneous equations model to study forecast accuracy, analyst following, and trading volume. Forecast accuracy and analyst following are determined simultaneously, with greater accuracy associated with higher following. This result supports the idea that an analyst's private information complements, rather than substitutes for, factors that increase certainty about the firm's prospects. Stocks generating more trading volume (and thus greater brokerage commissions) have higher analyst following. Given the simultaneity we document between accuracy and following, stocks that generate greater brokerage commissions not only directly induce higher analyst following but also indirectly enhance the accuracy of earnings forecasts about their firms. Finally, special items and a broad accounting-based signal of change impair analysts' ability to predict future earnings. The negative effect of special items on accuracy is consistent with concerns raised by standard setters that unusual events impair investors' ability to interpret future earnings.
Improving Audit Committee Performance in the Middle East: Do Egyptian Audit Profession Norms Support International Standards?

Audit committee effectiveness is shaped by formal institutional frameworks but mediated by audit profession norms. Through normative isomorphism, these values may play a greater role in the Middle East, where formal codes and enforcement lag behind global practice. This research examines whether Egyptian professional norms support global audit committee standards by surveying professional auditors' support for amendments to the current Code of Corporate Governance to align it with US and UK codes and regulations. Senior audit experts strongly endorsed proposed reforms, confirming that professional norms can supplement weak governmental oversight to support compliance.
Depression Disorder Classification of fMRI Data Using Sparse Low-Rank Functional Brain Network and Graph-Based Features

Study of functional brain network (FBN) based on functional magnetic resonance imaging (fMRI) has proved successful in depression disorder classification. One popular approach to construct FBN is Pearson correlation. However, it only captures pairwise relationship between brain regions, while it ignores the influence of other brain regions. Another common issue existing in many depression disorder classification methods is applying only single local feature extracted from constructed FBN. To address these issues, we develop a new method to classify fMRI data of patients with depression and healthy controls. First, we construct the FBN using a sparse low-rank model, which considers the relationship between two brain regions given all the other brain regions. Moreover, it can automatically remove weak relationship and retain the modular structure of FBN. Secondly, FBN are effectively measured by eight graph-based features from different aspects. Tested on fMRI data of 31 patients with depression and 29 healthy controls, our method achieves 95% accuracy, 96.77% sensitivity, and 93.10% specificity, which outperforms the Pearson correlation FBN and sparse FBN. In addition, the combination of graph-based features in our method further improves classification performance. Moreover, we explore the discriminative brain regions that contribute to depression disorder classification, which can help understand the pathogenesis of depression disorder.
What is Fair Trade?

Abstract This article categorises the emerging conceptualisations of Fair Trade and explores which of them offers the best characterisation of the project. It introduces Fair Trade and establishes a set of desiderata to guide the process of conceptualisation. It is argued that the practices and rhetoric of the project suggest it is best characterised as an attempt to establish a form of interim global market justice in a non-ideal world. Three alternative conceptualisations are explored, some including sub-categories. In each section a description of the view is outlined and it is argued that each such alternative is either an unpersuasive account of Fair Trade or cannot better the one already defended. In the final section the normative debate surrounding Fair Trade conceptualised as an attempt to establish interim global market justice in a non-ideal world is introduced. The article suggests that there are avenues for the project's ethical defence but concludes that this can be settled only with further research.
Asymptotically Stable Electromagnetic Shock Waves in Relativistic Plasmas

The behavior of electromagnetic (EM) waves in a relativistic plasma is investigated. The governing equations of such dynamical plasma system are derived from the basic fluid model equations, and the vector and electrostatic potential are analyzed using Maxwell's equations. A system of first-order, ordinary but nonlinear differential equations, is obtained from the two coupled second-order differential equations. Numerical results are found using the fourth order Runge-Kutta method. It is seen that EM shock waves are emerged for subsonic case, and on the other hand, periodic oscillatory solution as well as asymptotically stable state is obtained for supersonic case. The present investigation is important to extrapolate in different plasma backgrounds, like laboratory and astroplasma environments, viz., in laboratory biomedicine, biophysics, genetic engineering, laboratory astrophysics, and at different stages of stellar evolution.
Risk and Insurance in Village India

The full insurance model is tested using data from three poor, high-risk villages in the semi-arid tropics of southern India. The model presented here incorporates a number of salient features of the actual village economies. Although the model is rejected statistically, it does provide a surprisingly good benchmark. Household consumptions comove with village average consumption. More clearly, household consumptions are not much influenced by contemporaneous own income, sickness, unemployment, or other idiosyncratic shocks, controlling for village consumption (i.e., for village-level risk). There is evidence that the landless are less well insured than their village neighbors in one of the three villages. Copyright 1994 by The Econometric Society. (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.)
An internal customer service quality data envelopment analysis model for bank branches

Over the last few years data envelopment analysis (DEA) has been gaining increasing popularity as a performance assessment methodology. DEA has been successfully applied to bank branch performance evaluation. However, most DEA models which have been developed for bank branch performance assessment do not include service quality as an output. Service quality has been considered by many as the key to gaining competitive advantage and customer loyalty. Develops a DEA model that can be used to provide direction for improvement to branches which do not use their resources in the most efficient way to produce service quality. Focuses on internal customer service quality which is sometimes easier to measure. Presents results from an empirical study undertaken at a bank to demonstrate the applicability of the model.
Which Firms Create Them and Which Firms Really Benefit? FDI Spillovers in New EU Member States

Using an unbalanced panel of firm-level data in Bulgaria, Poland and Romania, we examine the impact of foreign firms on domestic firms’ productivity. In particular, we try to answer the following research questions: (1) Are there any spillover effects of foreign direct investments (FDI), and if so, are they positive or negative? (2) Are spillover effects more likely to occur within or across sectors? (3) Are the existence, the direction and the magnitude of spillovers conditioned by sector and firm-specific characteristics? Our findings show that FDI spillovers exist both within and across sectors. The former arise when foreign firms operate in labour-intensive sectors, while the latter occur when foreign firms operate in high-tech sectors. Moreover, we find that domestic firm size conditions the exploitation of FDI spillovers even after controlling for absorptive capacity. We also detect a great deal of heterogeneity across countries consistent with the technology gap hypothesis.
An Adverse Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy

This paper develops a model of bank asset and liability management, based on the idea that information problems make it difficult for banks to raise funds with instruments other than insured deposits. The model can be used to address the question of how monetary policy works. One effect it captures is that when the Fed reduces reserves, this tightens banks' financing constraints and thereby leads to a cutback in bank lending -- this is the 'bank lending channel' in action. However, in addition to providing a specific set of microfoundations for the lending channel, the model also yields a novel account of how monetary policy affects bond-market interest rates.
Incumbency and the News Media in U.S. Senate Elections: An Experimental Investigation

Although our understanding of voting in Senate elections has increased considerably over the past decade, the exclusive reliance on survey data has limited the range of questions we have explored. Using a less traditional design, the present study expands our understanding of vote choice in Senate elections. This study combines two methods-a content analysis and an experiment-to examine the impact that news coverage and candidate status have on voters views of Senate candidates. The results of this study suggest that both campaign coverage and the candidate's status favor incumbents. First, current patterns of campaign coverage encourage people to develop more favorable impressions of incumbents. Second, people use incumbency as a cue to draw distinctions between identical incumbents and challengers, and these distinctions always favor incumbents.
Technology Leadership: Aspiring Administrators’ Perceptions of Their Leadership Preparation Program

The purpose of this study was to investigate the aspiring administrators’ perceptions of their preparation as technology leaders in an educational leadership master’s program of a large suburban university. An instrument based on the requirements of the National Educational Technology Standards for Administrators (NETS-A) was developed to survey 58 program candidates who were in their last semester of the program. Descriptive statistics were used to examine the agreeable extent of the responses. Univariate Analysis of Variance was used to determine if significant differences existed in perceptions among the classifications of the demographic variables. Results of the study showed that the aspiring principals’ rating of their technology preparation was slightly above average. All the subscales were rated above average except for Subscale 4 (Support, maintenance, operations, and finance) and Subscale 5 (Assessment and evaluation). Candidates’ perceptions of their program preparation were divided. Program realignment with NET-A Standards is recommended.
[Kidney transplanted child and sport practices].

OBJECTIVE Evaluation of physical capacity in kidney transplanted children for sport practice adequacy. POPULATION AND METHODS A retrospective study was carried out in 32 children transplanted at least one year before evaluation. We studied auxology, respiratory function testing, cardiovascular parameters at rest and after exercise, and aerobic capacity performed during a triangular effort test. RESULTS Kidney transplanted children were smaller and had a higher body mass index (IMC). Breathing parameters and cardiac ultrasound examinations were normal in all but one child. After exercise, four children had high systolic blood pressure requiring a treatment adaptation. Lower values of maximal aerobic power (Pmax) and oxygen maximal uptake (VO2max) were noticed, mainly in girls. CONCLUSION Kidney transplanted children have a good physical exercise tolerance. Therefore they can be allowed to practise sports at school or in a club after a normal effort test (taking into account the risk of transplant trauma).
Family and non-family business resilience in an economic downturn

As widely documented in academic literature, family businesses perform better and enjoy a sounder financial structure than non-family businesses, a trend that applies to Japan as well, which is the context of this paper. Therefore, conventional wisdom suggests that family businesses should recover better or more easily from an economic downturn and persist in their stronger performance. This study tests this hypothesis, especially in reference to the current global economic crisis, by drawing lessons from the Asian crisis of 1997, for which relevant data are available. The study pertains specifically to the case of Japanese family and non-family companies. The empirical investigation uses a matched pair methodology, which allows for strong controls of size and industry variables. The sample consists of 98 carefully selected pairs (one family and one non-family) of firms that are of the same size and from the same industry. According to the results, family businesses achieve stronger resilience both during and after an economic crisis, compared with non-family businesses. They resist the downturn better, recover faster, and continue exhibiting higher performance and stronger financial structures over time.
Currency risk and international property investments

Incorporating exchange rate fluctuations into the analysis of an international investment substantially alters the expected risk and return characteristics of the investments. With fluctuating rates, the value of a successful investment property could be devastated when converted to the investor′s home currency. This risk should be recognized and incorporated into the investment decision but, as results show, the ultimate strategy may not be periodic adjustments which have been used by many researchers, nor trying to hedge fully as others have suggested, but rather to examine returns in home market currency and leave exchange rate exposure decisions to the currency portfolio managers. Explores the possibilities of mitigating currency risk through several hedging instruments – forward and futures contracts, options, back‐to‐back loans and currency swaps. Results from a survey of international investors are also summarized and comments provide substantial evidence that investors are unsophisticated in deali.
Firm Size, Rivalry and the Extent of the Market in Endogenous Technological Change

Evidence shows that firms build their market position by accumulating knowledge protected by secrecy, patents and other appropriation devices. I explore the implications of this fact in a model economy where oligopolistic firms establish in-house R&D programs. In symmetric equilibrium, the number of firms determines concentration and firm size. These determine the scale and the efficiency of R&D operations and the rate of innovation. The number of firms, moreover, is endogenous and determined jointly with the rate of growth by the zero-profit condition. This property yields new results. For example, the scale effect of population size may be negative. The market allocation of resources is not Pareto optimal. I discuss the nature of this distortion.
Recovering Market Expectations of FOMC Rate Changes With Options on Federal Funds Futures

This paper demonstrates how options on federal funds futures, which began trading in March 2003, can be used to recover the implied probability density function (PDF) for future Federal Open Market Committee (FOMC) interest rate outcomes. The discrete nature of the choices made by the FOMC allows for a very straightforward recovery of the implied PDF using ordinary least squares (OLS) estimation. This simple recovery method stands in contrast to the relatively complicated PDF recovery techniques developed for options written on assets such as equities, foreign exchange, or commodity futures where the underlying prices are most appropriately modeled as being drawn from continuous distributions. The OLS estimation is used to recover PDFs for single FOMC meetings as well as PDFs for joint estimation of multiple FOMC meetings, and allows for the imposition of restrictions on the recovered probabilities, both within and across FOMC meetings. Finally, recovered probabilities are used to assess the impact of data releases and Fed communication on the perceived likelihood of actual policy outcomes.
Investors' Reactions to Management Disclosure Corrections: Does Presentation Format Matter?

Disclosure of material earnings-relevant information through corporate and news websites is increasingly popular, and so is the frequency of corrections to initial disclosures made. The formats adopted for such corrections differ in terms of the placement of the erroneous disclosure relative to the original disclosure, as well as the presence or absence of a forewarning of correction. We conduct an experiment to investigate whether erroneous earnings-related disclosures that are subsequently corrected by management continue to influence individual investors' judgments, and whether this effect is moderated by the format of the correction. Using M.B.A. students as proxies for investors, we conduct an experiment involving a context where a firm announces the negotiation outcome of a major contract, and then subsequently corrects this announcement. For a correction format where the erroneous disclosure is placed before the correction, participants' assessments of the likelihood of winning the contract and the firm's earnings potential/investment attractiveness continue to be influenced by the erroneous disclosure, despite the presence of a correction. For such correction formats where the erroneous disclosure is placed before the correction, presence of a warning of a correction before they read the erroneous disclosure does not mitigate the effect. Our experimental results provide some support that a correction format where the correction is placed prior to the erroneous disclosure reduces the influence of the erroneous disclosure.
Neoliberalisation in a Nordic State: From Cartel Polity towards a Corporate Polity in Finland

In this paper, we present an outline of state transformation in the context of a Nordic welfare state. We use Finland as an example of the transformation process in which a welfare state form we call a cartel polity is shifting towards a corporate polity, a particular adjustment of the competition state. We conceptualise the corporate polity as a spatio-temporal fix under construction. The corporate polity is both an on-going process to build a corporation-inspired management model for the Finnish state and a novel state ethos that is underpinned by constant concern about the state's international competitiveness in front of ‘nature-like’ market forces, transnational investors and highly skilled labour. We propose that the imaginary of a corporate polity is endorsed by a discursive practice that constructs a ceaseless crisis condition in the Finnish state, through repetitive and mundane activities related to state governance. Through the empirical analysis, we single out four dimensions of the corporate polity: fiscal-managerial, digital, capacity-oriented and territorial. Finally, we provide brief reflections on the potential state transformations in the future.