Miracle-dz/UniFAR-FTUs huggingface dataset:
On the Role of Futures Trading in Spot Market Fluctuations: Perpetrator of Volatility or Victim of Regret?

We examine the role of index futures trading in spot market volatility. We use the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) approach to measure volatility, analyze causality and feedback relations between volatilities in the spot and futures markets, and test various hypotheses in the context of a multivariate model that incorporates other macrostate variables. Our empirical results suggest index futures trading may not be blamed for the observed volatility in the spot market. Rather, we find stronger and more consistent support for the alternative posture that volatility in the futures market is an outgrowth of a turbulent cash market. We use the regret (cognitive dissonance) theory to explain our results. The Southern Finance Association and the Southwestern Finance Association.
Encapsulation of ethylhexyl methoxycinnamate, a light-sensitive UV filter, in lipid nanoparticles

The aim of this study was to encapsulate ethylhexyl methoxycinnamate (EMC), a commonly used UVB filter, in a solid lipid matrix in order to obtain microparticles and then nanoparticles to reduce its photo-instability under UV light exposure. Glyceryl behenate, rice bran wax and ozokerite were investigated for encapsulating EMC. The suspensions of nanoparticles contained 70% encapsulated EMC (relative to the lipid mass). The absorbance level at 310 nm of suspensions containing nanoparticles was more than twice that of those containing microparticles. So, decreasing the size of particles improved the efficiency of light protection, regardless of the lipid material used. Moreover, free EMC presented a 30% loss of its efficiency after 2 h of irradiation, whereas the three NLC formulations showed a loss of absorbency between 10% and 21%. The in vitro cutaneous penetration test did not show a higher potential penetration for EMC contained in nanosuspensions compared to free EMC.
Charge-reduced nano electrospray ionization combined with differential mobility analysis of peptides, proteins, glycoproteins, noncovalent protein complexes and viruses.

This study explores the potential of a novel electrospray-based method, termed gas-phase electrophoretic mobility molecular analysis (GEMMA), allowing the molecular mass determination of peptides, proteins and noncovalent biocomplexes up to 2 MDa (dimer of immunglobulin M). The macromolecular ions were formed by nano electrospray ionization (ESI) in the 'cone jet' mode. The multiple charged state of the monodisperse droplets/ions generated was reduced by means of bipolar ionized air (generated by an alpha-particle source) to yield exclusively singly charged positive and negative ions as well as neutrals. These ions are separated subsequently at atmospheric pressure using a nano differential mobility analyzer according to their electrophoretic mobility in air. Finally, the ions are detected using a standard condensation particle counter. Data were expressed as electrophoretic mobility diameters by applying the Millikan equation. The measured electrophoretic mobility diameters, or Millikan diameters, of 32 well-defined proteins were plotted against their molecular weights in the range 3.5 to 1920 kDa and exhibited an excellent squared correlation coefficient (r(2) = 0.999). This finding allowed the exact molecular weight determination of large (glyco)proteins and noncovalent biocomplexes by means of this new technique with a mass accuracy of +/-5.6% up to 2 MDa at the femtomole level. From the molecular masses of the weakly bound, large protein complexes thus obtained, the binding stoichiometry of the intact complex and the complex stability as a function of pH, for example, can be derived. Examples of specific protein complexes, such as the avidin or catalase homo-tetramer, are used to illustrate the potential of the technique for characterization of high-mass biospecific complexes. A discussion of current and future applications of charge-reduced nano ESI GEMMA, such as chemical reaction monitoring (reduction process of immunglobulin G) or size determination of an intact virus, a supramolecular complex, and monitoring of partial dissociation of a human rhinoviruses, is provided.
SUBSISTENCE AGRICULTURE AND NUTRITION IN THE BIMIN VALLEY, OKSAPMIN SUB-DISTRICT, PAPUA NEW GUINEA

The agricultural economy of the Mountain Okspeaking people of Oksapmin and Telefomin districts has been very little studied. There has been work by Barth (1971; 1975), Morren (1977; 1979; 1981)and Hyndman (1982; 1984) among the Baktaman, Miyanmin and Wopkairnin, respectively ; but all three are fringe groups of hunter-gatherer-cultivators, inhabiting forested terrain at lower altitudes and at much lower population densities than are typical of the highlands region. The highlanders inhabiting the mountain valleys and karst basins west of the Strickland Gorge and between the Sepik and Fly headwaters have been much less researched, except from the points of view of art, ritual and social organization. A better understanding of the agricultural economy of this region is now needed, since its problems of infant malnutrition, lack of cash cropping opportunities and selective out-migration are becoming increasingly prominent (Bourke, 1979; Cape, 1980, 1981; Morren, 1981; Heywood & Nakikus, 1982). The region is also of interest since it is now undergoing an Ipomoean Revolution, or transition from taro to sweet potato, which elsewhere in the Highlands was accomplished two or three hundred years ago (Golson, 1982; Bayliss-Smith, 1985). In this paper some preliminary data are presented for the Bimin-Kuskusmin group occupying the Bimin Valley, south of Oksapmin.
Spot and Futures Prices and the Law of One Price

The law of one price (LOP) is tested for narrowly defined commodities traded in futures markets in different countries during the period 1973-80. Although the LOP holds as an average tendency for most of the commodities, there are instances of large riskless arbitrage returns (before transactions costs). Deviations from the LOP tend to be commodity specific rather than due to a common external factor and they tend to be smaller the longer the maturity of the futures contract. IN THIS PAPER WE examine how well the Law of One Price (LOP) holds for commodities traded internationally. The answer to this question is important for two reasons. The first is that, in most modern theories of exchange rates, price arbitrage for at least some goods is a necessary condition to determine the level of exchange rates. But recent empirical research on the behavior of various price indices casts doubt on the empirical validity of the LOP across countries for even the most disaggregated indices. If it is not possible to identify any commodities for which the LOP works satisfactorily, then models incorporating the LOP will not provide an adequate description of exchange rates. ' The second reason for studying individual commodities is to gain information on the efficiency and the degree of integration of international commodity markets. In efficient markets, international commodity arbitrage implies that, for a standard commodity, prices in two markets expressed in a common currency will not differ but for transport costs:
Craft routes for developing craft business in South Africa : is it a good practice or limited policy option?

The establishment of themed routes by packaging together geographically disparate tourism products is an important issue in tourism planning. New interest has been raised around the potential of craft routes. This article examines the utility of craft routes for developing the craft sector. In the context of South Africa it is argued craft development is promoted through a number of existing initiatives, including the establishment of integrated craft hubs and support for attendance at trade shows. The international and South African experience highlights several promising initiatives for craft sector development and suggests the establishment of craft routes offers only a marginal policy option for growing craft sector businesses.
Patients' attitudes toward advance directives.

PURPOSE To explore hospitalized patients' attitudes toward advance directives, their reasons for completing or not completing advance directive forms, and demographic differences between patients who did and did not complete advance directive forms. DESIGN AND METHOD The convenience sample comprised 30 hospitalized patients in North Carolina. Participants were interviewed using an adapted advance directive attitude survey (ADAS), and were asked five general questions about advance directives. Validity and reliability were established on the adapted tool. FINDINGS The overwhelming majority of participants had received information on advance directives and they were moderately positive about them. The majority who had completed advance directives were Caucasian, female, over age 65, had less than a high school education, and perceived their health as poor. Most believed that an advance directive would ensure they received the treatment they desired at the end of life. CONCLUSIONS Patients' attitudes alone did not determine who will and will not complete advance directives. Most participants who completed advance directives had specific reasons for doing so. Nurses have responsibility for discussing advance directives with patients, families, and physicians to ensure adequate education about the completion of advance directives.
CAPM usando uma carteira sintética do PIB Brasileiro

One of the difficulties in testing the CAPM, as highlighted in the Roll's critique, is how to select a suitable market proxy. The literature has proposed a number of alternatives to the use of Stock Exchange Indices as a proxy for the Market Portfolio. All of them looked at a broader measure of assets which are not sold at Stock Exchanges. This paper follows Hou (2002) by testing the CAPM through a hypothetical aggregate portfolio that generates GDP as its dividend. The goal of the paper is to evaluate if the proxy proposed by Hou (2002) can be used as a good proxy for the market portfolio in Brazil. In addition, we compare the performance of the synthetic return proposed by Hou (2002) to the Ibovespa return, a very popular proxy for the market portfolio in empirical studies in Brazil. Results, especially the ones related to the Black version of the CAPM, show that the synthetic return measure is not mean-variance efficient for the full sample (1991-2002). In spite of not being able to meet all the requirements imposed by the CAPM model in all sub-samples, the Ibovespa return has a better performance compared to the synthetic return. In fact, it is mean-variance efficient for the full sample and for the majority of sub-samples.
Negative Special Items and Future Earnings: Expense Transfer or Real Improvements?

ABSTRACT: Burgstahler et al. (2002) investigate the implications of special items for future earnings and report that firms use negative special items to accelerate the recognition of future expenses into the current period. That is, negative special items serve as an “inter-period transfer” device. We extend their analysis and find that earnings increase in post-special item quarters beyond the four quarters considered in Burgstahler et al. (2002). In particular, we find that future earnings increase over the subsequent 16 quarters by more than 130 percent of the reported negative special item. The earnings increases are greater for restructuring charges than for asset write-downs or goodwill impairment charges. Such patterns suggest that negative special items also signal real future performance improvements (i.e., performance improvement hypothesis) in addition to inter-period expense transfer (i.e., inter-period transfer hypothesis). Moreover, the real improvement effect appears to be driven by restru.
Temporal Context Network for Activity Localization in Videos

We present a Temporal Context Network (TCN) for precise temporal localization of human activities. Similar to the Faster-RCNN architecture, proposals are placed at equal intervals in a video which span multiple temporal scales. We propose a novel representation for ranking these proposals. Since pooling features only inside a segment is not sufficient to predict activity boundaries, we construct a representation which explicitly captures context around a proposal for ranking it. For each temporal segment inside a proposal, features are uniformly sampled at a pair of scales and are input to a temporal convolutional neural network for classification. After ranking proposals, non-maximum suppression is applied and classification is performed to obtain final detections. TCN outperforms state-of-the-art methods on the ActivityNet dataset and the THU-MOS14 dataset.
PENGARUH MODERASI SOSIO DEMOGRAFI TERHADAP HUBUNGAN ANTARA MORAL-ETIKA PAJAK DAN TAX AVOIDANCE PAJAK PENGHASILAN WAJIB PAJAK BADAN DI KPP SURABAYA

Tax avoidance is part of tax planning that intended to maximize profits or income after taxes by decreasing the tax burden. This study aims to examine the relationship between tax morale-ethical and tax avoidance intentions of taxpayers in Surabaya, as well as to test the moderating effect of socio-demographic variables: age, gender, formal education and informal education. Research methods used in this study was survey by questionnaires. One hundred and sixty-five of registered taxpayers in the whole of tax office (KPP) in the neighborhood of East Java Regional Office of the Directorate General Tax I . The study has found: (1). Tax –morale ethical has shown a negative relationship toward tax avoidance intension (2). Women taxpayer tends to strengthen the relationship between tax moral-ethical and tax avoidance intentions. (3) Informal education background proven to moderate the relationship between tax moral-ethical and tax avoidance intentions. The future venue of research to improve the results of this research, can be done by considering other predictor variables such as: high tariffs, low-risk audit findings, culture, and the confidence of taxpayer on tax allocation by government Keywords: Tax avoidance, tax planning, intension of tax-avoidance, tax morale-ethical, socio-demographics
Ownership and Control in Closely-Held Family-Owned Firms: An Exploration of Strategic and Operational Control

Much of the existing research into the divorce of ownership and control either focuses on the propensity for the separation of decision functions or upon scrutinizing conceptions, gauges or the practicalities of organizational control in large corporations. Although far from equivocal, such research appears broadly to concur that where ownership is dispersed, de facto control is likely to be exerted by management and that where ownership is closely-held, de facto as well as legal control is exerted by owners. This study examines this assumption through exploring the nature of control in a closely-held family firm. In this regard, the focus of this study is not on consequences of divorced ownership and control but rather on exploring the contingencies where ownership and control diverge. This research reveals a case wherein a closely-held family firm is strategically and operationally controlled by its managers. Case research leads to the development of a range of insights regarding the owner/family and the management characteristics that contribute to this scenario. The paper concludes with a series of implications and conclusions.
The Cyclical Behavior of Prices and Costs

Because inputs are scarce, marginal cost should be an increasing function of output. Without changes in this real marginal cost schedule, aggregate output can vary if and only if the markup of price over marginal cost varies. In this review, we discuss the extent to which observed fluctuations in aggregate economic activity depend upon such variations in average markups. We first study whether, empirically, real marginal cost rises in cyclical expansions. Average real labor cost is not very procyclical, but, for reasons such as overhead labor and adjustment costs, marginal labor cost should be more procyclical. Measures of marginal cost based on materials costs and inventories also appear procyclical. We next show that countercyclical markup variation may, depending upon how costs are modeled, account for a substantial fraction of cyclical output movements. We also show that the observed procyclical variations in productivity and profits are consistent with the hypothesis that cyclical variations in output are primarily due to markup variations than to shifts in the real marginal cost schedule. Finally, we survey theories of endogenous markup variation. These include both models of sticky and models in which firms' desired markup varies over time.
Atf6α deficiency suppresses microglial activation and ameliorates pathology of experimental autoimmune encephalomyelitis

Accumulating evidence suggests a critical role for the unfolded protein response in multiple sclerosis (MS) and in its animal model, experimental autoimmune encephalomyelitis (EAE). In this study, we investigated the relevance of activating transcription factor 6α (ATF6α), an upstream regulator of part of the unfolded protein response, in EAE. The expressions of ATF6α‐target molecular chaperones such as glucose‐regulated protein 78 (GRP78) and glucose‐regulated protein 94 (GRP94) were enhanced in the acute inflammatory phase after induction of EAE. Deletion of Atf6α suppressed the accumulation of T cells and microglia/macrophages in the spinal cord, and ameliorated the clinical course and demyelination after EAE induction. In contrast to the phenotypes in the spinal cord, activation status of T cells in the peripheral tissues or in the culture system was not different between two genotypes. Bone marrow transfer experiments and adoptive transfer of autoimmune CD4+ T cells to recipient mice (passive EAE) also revealed that CNS‐resident cells are responsible for the phenotypes observed in Atf6α−/− mice. Further experiments with cultured cells indicated that inflammatory response was reduced in Atf6α−/− microglia, but not in Atf6α−/− astrocytes, and was associated with proteasome‐dependent degradation of NF‐κB p65. Thus, our results demonstrate a novel role for ATF6α in microglia‐mediated CNS inflammation.
Publish or perish: African scholarship in the field of tourism and hospitality studies

This paper critically analyses state-of-the-art practices in African scholarship on tourism and hospitality. This broad aim translates into two objectives. The first was a bibliometric analysis of the publication patterns of Africa-based scholars in four leading tourism and hospitality management journals between 1990 and 2010. The second objective identified the challenges to getting research articles published in high-impact journals. The results suggest that within the 20-year period, very few research articles were published albeit by single authors. The subject content of the journal articles focused on tourist perceptions and behaviour mostly produced by universities and institutions in South Africa, Kenya and Botswana. The research field was also generally under studied with its attendant axiomatic reliance upon Western/Eurocentric canon. Furthermore, the major identified bottlenecks to research productivity were mostly human-induced. Against this backdrop, the study argues that considerable efforts are needed to develop a culture that encourages research publications in high impact journals from an African worldview.
Phase 2 study of erlotinib in patients with unresectable hepatocellular carcinoma

Growth factor overexpression, including epidermal growth factor receptor (EGFR) expression, is common in hepatocellular cancers. Erlotinib is a receptor tyrosine kinase inhibitor with specificity for EGFR. The primary objective of this study was to determine the proportion of hepatocellular carcinoma (HCC) patients treated with erlotinib who were alive and progression‐free (PFS) at 16 weeks of continuous treatment.
Results of a Flipped Classroom Teaching Approach in Anesthesiology Residents.

BACKGROUND In a flipped classroom approach, learners view educational content prior to class and engage in active learning during didactic sessions. OBJECTIVE We hypothesized that a flipped classroom improves knowledge acquisition and retention for residents compared to traditional lecture, and that residents prefer this approach. METHODS We completed 2 iterations of a study in 2014 and 2015. Institutions were assigned to either flipped classroom or traditional lecture for 4 weekly sessions. The flipped classroom consisted of reviewing a 15-minute video, followed by 45-minute in-class interactive sessions with audience response questions, think-pair-share questions, and case discussions. The traditional lecture approach consisted of a 55-minute lecture given by faculty with 5 minutes for questions. Residents completed 3 knowledge tests (pretest, posttest, and 4-month retention) and surveys of their perceptions of the didactic sessions. A linear mixed model was used to compare the effect of both formats on knowledge acquisition and retention. RESULTS Of 182 eligible postgraduate year 2 anesthesiology residents, 155 (85%) participated in the entire intervention, and 142 (78%) completed all tests. The flipped classroom approach improved knowledge retention after 4 months (adjusted mean = 6%; P = .014; d = 0.56), and residents preferred the flipped classroom (pre = 46%; post = 82%; P < .001). CONCLUSIONS The flipped classroom approach to didactic education resulted in a small improvement in knowledge retention and was preferred by anesthesiology residents.
Raising Finance and Firms' Corporate Reporting Policies

The major purpose of a corporate annual report is to convey information about the company's affairs to outside parties. The information can be used both to monitor agency relationships (Jensen and Meckling [25]; Watts [32]) and to provide inputs into user decision models (e.g. Altman [3]). Until recently, however, very little research had been conducted into annual reports in the U.K. and hence little was known about their effectiveness. This has been remedied, to some extent, in the last few years and there is now a growing body of literature relating to annual reports. For example, the major professional British accounting bodies commissioned a study to examine‘the scope and aims of published financial reports in the light of modern needs and conditions’. This resulted in the publication of The Corporate Report (ASSC [1]), a document which recommended a number of radical changes. Other studies have investigated the degree of understanding of annual reports by private shareholders (Lee and Tweedie [26]), the degree of consensus about the usefulness of annual report data (Firth [21]), the actual degree of disclosure by British companies (Firth [22, 23]), and the impact of accounting information on share prices (see Firth [20]). 1 The purpose of this paper is to add to the literature by reporting the results of an empirical study which examined one aspect of the corporate reporting policies of British firms, namely the changes in the quality and extent of voluntary financial disclosure when raising finance in the stock market.