Miracle-dz/UniFAR-FTUs huggingface dataset:
The influence of time, seasonality and market state on momentum: insights from the Australian stock market

This article provides further insights into the properties of momentum trading strategies using information from the Australian market. Based on a methodology that avoids the look-ahead bias of many momentum studies that employ monthly data, we confirm the existence of a momentum effect in Australia. In contrast to previously reported results, momentum is stronger amongst larger firms in the Australian market and buying ‘winners’ generates higher returns than shorting ‘losers’. We find strong seasonal influences which are consistent with the tax selling hypothesis and institutional ‘window dressing’. In addition, we show that momentum returns are highly variable over time. Specifically, the momentum strategies employed in the late 1990s generate higher returns than those in the early 1990s. Some aspects of the effect are quite different from those previously observed in other markets and this is useful for testing theories about the causes of momentum out of sample. We use information on the intertemporal performance of ‘winners’ and ‘losers’ in different market states to determine which of a number of behavioural theories are most predictive of the observed movements of the Australian market. The evidence indicates that models based on the disposition effect better fit the observed data than models based on an overreaction bias.
Why are High-Ability Individuals from Poor Backgrounds Under-Represented at University?

We analyse data in which individuals from low socio-economic status (SES) backgrounds have lower university participation rates than those from higher SES backgrounds. Our focus is on the role played by credit constraints in explaining these different participation rates. We propose a multi-stage model of education where university participation is contingent on ability to pay and high school academic performance, which depends on family SES and innate student ability. We find no evidence that credit constraints deter high achieving students from attending university in Australia, a country with an income contingent loan scheme for higher education tuition fees. We do, however, find that how students convert their earlier school performance into the scores on which university entrance is based is contingent on their SES. That is, for students of similar ability, those from higher SES backgrounds are more likely to obtain university entrance scores and achieve higher scores if they do. Hence, policy interventions that rectify the credit constraint problem that faces individuals at the time they make university entrance decisions are not sufficient to equalize university participation across social groups.
Non-Linear Trend Stationarity and Co-Trending in Latin American Real Exchange Rates

This paper offers a new insight into real exchange rate behaviour in Latin America. Using quarterly data over the sample period 1973Q2-2005Q4, the analysis indicates that the real exchange rates of Argentina, Brazil and Venezuala can be described as non-linear trend stationary processes. This finding is in contrast to most existing studies of Latin American real exchange rate behaviour that focus on linear adjustments. Further analysis reveals that Latin American real exchanges are co-trended insofar as they share a common non-linear trend.
The impact of depreciation-type adjustments on the distribution of accounting earnings

Abstract In this paper, experimental, computer simulation methods are used to demonstrate how a depreciation-type adjustment influences the distributional form of accounting earnings. The results confirm conjectures that earnings distributions generally, with or without depreciation adjustments, tend towards a normal form as a function of increasing ‘activity’ levels. They also indicate that depreciation is likely to accelerate the transition towards a normal form as activity levels increase and to transform a non-normal form to one that is significantly closer to the normal at relatively low activity levels. The impact of the fixed asset ‘impairment’ rules is also investigated. The results reported in the paper have implications for standard-setting, risk analysis and inference using accounting earnings and related numbers, including ratios based upon earnings.
Resisting Fragmentation

An online survey (using forced-choice and open-ended questions) of faculty at two university-situated degree-granting leadership preparation programs revealed that the faculty describe critical connections for developing leadership capacity: theory-practice nexus, university-based learning and “real-life” experience, and nurturing deeper faculty-to-student and faculty-to-faculty relationships. The faculty perceive that accreditation, certification, and licensure requirements have more influence over curriculum than legislative or local regulation; they voiced concerns about future impacts, although they did not identify current negative repercussions. The faculty reported doing reasonably well addressing contemporary domains of adult learning and development and social-emotional dimensions of leadership. Institutional supports are needed for furthering connections, holistic preparation, and practice.
An Experimental Study of the Impact of Judgment-Based Marketing Models

The impact of a decision calculus model on decision quality is assessed in a laboratory setting. An experimental design assesses the effects of: (a) the size of the problem (i.e., the number of control units over which allocations are to be made), (b) the noise-to-signal ratio in the market and (c) individual differences among the model users. The aspects of individual differences studied are: (1) time taken on the task, (2) mathematical ability and (3) cognitive style. The main experiment involved 96 subjects in a full factorial design. In general, the decision calculus model had a beneficial impact on a broad range of decision quality measures, particularly profit achievement.
Personalized Therapy of Lung Cancer

The implementation of personalized approaches in the treatment of patients with non-small cell lung cancer (NSCLC) requires a precise understanding of tumor biology, a reorientation of clinical development with a strong focus on genetically stratified early phase ‘proof of concept’ trials, the availability of high-quality ‘realtime’ genetic diagnostics, and the establishment of networks for molecular screening of lung cancer patients. To achieve this goal, a close interaction between basic researchers, clinical scientists, molecular pathologists, and pharmaceutical companies is essential. We believe that this approach is worth the effort, since personalized therapy in lung cancer has the potential to substantially improve survival in an increasing number of patients. At the moment, established personalized treatment approaches include treatment of patients with NSCLC and activating epidermal growth factor receptor (EGFR) mutations with the EGFR-directed tyrosine kinase inhibitors gefitinib or erlotinib, and treatment of NSCLC patients with genetic aberrations in the anaplastic lymphoma kinase (ALK) oncogene with the mesenchymal-epithelial transition factor (MET)/ALK inhibitor crizotinib. A new approach, the treatment of fibroblast growth factor receptor 1 (FGFR1)-amplified squamous cell lung cancer patients with FGFR inhibitors, is currently being tested in phase I clinical trials.
Histologic Findings of the Sinus Node and the Perinodal Area in Street Heroin Addicts, Victims of Sudden Unexpected Death

Abstract: Sudden unexpected death is frequent in street heroin addicts. We conducted a histologic study of the sinus node (SN) to offer some evidence about the possible arrhythmogenic cause of death. Postmortem coronary angiography and microscopic examination of the SN and the perinodal area were performed in 50 heroin addicts (group 1) and in 50 nonaddicts (group 2), all men (16–40 years old). In heroin addicts, fatty and/or fibrous tissue replaced SN tissue in 21 cases (42%). Perinodal infiltration was found in 15 cases (30%). Fibromuscular dysplasia in branches of the sinus node artery (SNA) was found in eight cases (16%). Inflammation with focal and/or diffuse concentration of round cells was detected in the SN in 22 cases (44%). Old mural thrombi were also found in 13 cases (26%). The histologic changes in the SN and perinodal area offer an explanation about the possible mechanism of arrhythmia and sudden death in this population.
An Analysis of the Effect of Schooling, Experience and Sex On Earnings in the Government and Private Sectors of Urban Java

The returns to education in Indonesia are analysed using Susenas data. The private sector is found to reward education more generously than the public sector, while the latter puts a premium on experience. A casual analysis suggests general sex discrimination against female workers at any given level of education; however, once experience is allowed for, the negative sex differentials become insignificant. Finally, the general returns to education are of the order of 15–17% additional income for each additional year of schooling, which is a very high rate of return compared with other countries.
Best practices for the use of animals in toxicological research and testing

Animal models serve an important role in assessing preclinical safety and efficacy of new medicines and vaccines; however, such assessments can involve significant pain and distress and large numbers of animals. Best practice approaches seek to enhance animal well‐being, minimize or avoid pain and distress, and use fewer animals. Advances in science and technology are providing opportunities for improved mechanism‐based models and integrated safety assessments that will support improved animal welfare and reduce animal use.
A high‐voltage gain nonisolated noncoupled inductor based multi‐input DC‐DC topology with reduced number of components for renewable energy systems

This paper proposes a modular nonisolated noncoupled inductor‐based high‐voltage gain multi‐input DC‐DC converter. Despite the high‐voltage gain of the proposed topology, the average of normalized voltage stress (NVS) on its switches/diodes is low. This property leads to less loss and cost of switches/diodes. Using the same number of components, the proposed topology produces higher voltage gains, in comparison with recently presented high step‐up topologies. Also, the proposed topology utilizes less number of components (capacitors, inductors, diodes, and switches) for producing a desired voltage gain, which can reduce the size, mass, cost, complexity, and losses and improve the efficiency of converter. Continuous current of input sources is another main advantage of the proposed topology. All the abovementioned characteristics have made the proposed topology very suitable for renewable energy systems (or even hybrid/electric vehicles). Design considerations of the proposed topology have also been presented. For better evaluation, the proposed topology has been compared with some of recently presented high step‐up structures, from viewpoints of producible voltage gain, number of components, and normalized voltage stress (NVS) on switches/diodes. Finally, the prototype of 2‐input version has been experimentally implemented. Obtained experimental results confirm appropriate performance of the proposed topology.
Why Does the Self-Employment Rate Vary Across Countries and Over Time?

There is a tremendous diversity in the level and time-series pattern of the self-employment rate across countries. After documenting this fact with cross-section and time-series data on industrialized and lesser-developed countries, this paper presents and tests a series of hypotheses concerning the sources of this diversity. We show that the major explanation for this diversity is the stage of economic development. While the tendency for the self-employment rate to decline with economic development has long been recognized, this paper is the first attempt to estimate the statistical relationship between self-employment and economic development and to test an explanation for this relationship that is grounded in theory. We also show that the negative relationship between self-employment and economic development remains after controlling for a number of other factors. Although economic development is an extremely powerful force behind the secular decline in self-employment rates, the convergence of several factors in the 1970s tended to stem the secular decline in the self-employment rate for many countries. Of the 23 OECD countries we examined, 15 had increases in the self-employment rate during the 1970s or 1980s. It is likely, however, that these factors are temporary and that self-employment will continue its downwards trend as per-capita wealth increases in the developed and developing world.
Comparing two diagnostic laboratory tests for several microdeletions causing mental retardation syndromes: multiplex ligation-dependent amplification vs fluorescent in situ hybridization.

BACKGROUND Microdeletion syndromes not detectable by conventional cytogenetic analysis have been reported to occur in approximately 5% of patients with unexplained mental retardation (MR). Therefore, it is essential to ensure that patients with MR are screened for these microdeletion syndromes. Mental retardation syndrome multiplex ligation-dependent probe amplification (MRS-MLPA) is a new technique for measuring sequence dosages that allows for the detection of copy number changes of several microdeletion syndromes (1p36 deletion syndrome, Williams syndrome, Smith-Magenis syndrome, Miller-Dieker syndrome, DiGeorge syndrome, Prader-Willi/Angelman syndrome, Alagille syndrome, Saethre-Chotzen syndrome, and Sotos syndrome) to be processed simultaneously, thus significantly reducing the amount of laboratory work. METHODS We assessed the performance of MLPA (MRC-Holland, The Netherlands) for the detection of microdeletion syndromes by comparing the results with those generated using FISH assays. MLPA analysis was carried out on 12 patients with microdeletion confirmed by FISH (three DiGeorge syndrome, four Williams syndrome, four Prader-Willi syndrome, and one Miller-Dieker syndrome). RESULTS The results of MLPA analysis showed a complete concordance with FISH in 12 patients with microdeletion syndromes. CONCLUSIONS On the basis of these results, we conclude that MLPA is an accurate, reliable, and cost-effective alternative to FISH in the screening for microdeletion syndromes.
Radial and Nonradial Technical Efficiency Measures on a DEA Reference Technology: A Comparison Using US Banking Data

Technical efficiency measure can be classified as either radial or nonradial. While the theorical question of which is the better type of measure is unresolved, the radial measures enjoy much greater popularity than the nonradial measures in the empirical literature. To assess the impact of choice of measure, this paper offers an empirical comparison of one radial and three nonradial measures of technical efficiency, relative to a variable returns to scale DEA model with strong disposability. The distributions and ranking of these efficiency scores are examined for a sample of US banks.
Assessing Financial Market Integration in Asia - Equity Markets

Financial integration has strong implications for financial stability. On the one hand, financial integration among economies helps improve their capacity to absorb shocks and foster development. On the other hand, intensified financial linkages in a world of increasing capital mobility may also harbour the risk of cross-border financial contagion. This paper provides a survey of indicators to monitor the development, measure progress and assess the state of equity market integration in Asia. A combined use of these indicators would provide information on different dimensions of integration and thus give regulators a more balanced picture of the general trend of equity market integration in the region. Our empirical results broadly show that a lot of progress has been witnessed between 1994 and 2001 in achieving greater integration among the Asian equity markets. However, the extent of financial integration remains weak and the integration process appears to have stalled since 2002.
Liberalization, Market Power, and Productivity Growth in Indian Industry

Abstract Using firm‐level panel data we investigate whether reform of the trade and industrial policy regimes in India introduced in 1991 resulted in a reduction in market power and/or an acceleration in productivity growth, consequences that have been predicted in theory. Econometric testing of the theory for every industry group at the two‐digit level in India yielded limited evidence of acceleration in productivity growth and no evidence of a reduction in market power. This is interpreted as suggesting that in the case of Indian industry trade liberalization has not exhibited the potential often attributed to it.
Dilemmas when working with substance abusers with multiple and complex problems: the case manager's perspective

Since the 1990s, case management has been implemented in the USA and Canada - and recently also in various European countries - to support substance abusers with multiple and complex needs. Although this intervention is often presented as a set of standardised functions, its application is often a subjective task involving various dilemmas, which may influence case management outcomes significantly. Based on a comparison of case managers' experiences in Denmark and Belgium, we focus on several core dilemmas in case management for substance abusers with complex problems. Case management practices vary from one project to the next and even within the same project. Such differences are apparently related to the way in which case managers approach dilemmas such as those existing between control versus self-determination, or between systematic versus ad-hoc planning. The conclusion is that it is vital to discuss these dilemmas during training courses and supervision meetings in order to ensure that the intended form of intervention is actually delivered on the ground.
Topographic and directional organization of visual motion inputs for the initiation of horizontal and vertical smooth-pursuit eye movements in monkeys.

1. The goal of our study was to determine the properties of the visual inputs for pursuit eye movements. In a previous study we presented horizontal target motion along the horizontal meridian and showed that targets were more effective if they moved across the center of the visual field. We have now analyzed the topographic weighting of the inputs for pursuit in greater detail, using targets that moved in all directions and across a wide area of the visual field. 2. Monkeys were rewarded for tracking targets that started at 48 positions in the visual field. The initial positions were spaced equally around 4 circles that were centered at the position of fixation and had radii of 3, 6, 9, and 12 degrees. Targets moved horizontally or vertically at 30 degrees/s. We measured the smooth eye acceleration in the first 80 ms after the initiation of pursuit, before there had been time for visual feedback to affect the position or velocity of the retinal images from the target. 3. For both horizontal and vertical target motion, there were major differences between the early and late intervals in the first 80 ms of pursuit. In the first 20 ms eye acceleration was largely independent of initial target position. In later intervals eye acceleration decreased sharply as a function of initial target eccentricity. The later intervals also showed a pronounced toward/away asymmetry such that the initiation of pursuit was more vigorous for target motion toward than for motion away from the horizontal or vertical meridian. 4. Comparison of the topographic organization of the middle temporal visual area (MT) with our data on pursuit suggests that the topography of cortical maps is smoothed when the visual signals are transmitted to the pursuit system. For example, the superior visual hemifield is underrepresented in cortical motion processing areas, but target motion in the superior and inferior visual hemifields is equally effective for the initiation of pursuit. 5. We investigated the directional organization of the visual inputs for pursuit by presenting targets that started at 6 degrees eccentric and moved in 16 different directions. Horizontal target motion always evoked larger eye accelerations than did vertical target motion. Target motion in oblique directions evoked intermediate values of eye acceleration. 6. Our data show two classes of variation in pursuit performance. First, some subjects showed ideosyncratic variations that were restricted to one hemifield or one direction of target motion. We attribute these variations to differences among subjects in the physiology of visual pathways. (ABSTRACT TRUNCATED AT 400 WORDS)
Role of the hepatitis B virus posttranscriptional regulatory element in export of intronless transcripts

Hepatitis B virus S transcripts contain a region, known as the posttranscriptional regulatory element (PRE), that activates their transport from the nucleus to the cytoplasm. J. Huang and T. J. Liang (Mol. Cell. Biol. 13:7476-7486, 1993) have shown that this element can partially substitute for the human immunodeficiency virus Rev-response element (RRE) in a reporter plasmid that is dependent on the RRE and Rev protein for expression and concluded that PRE exhibits Rev-RRE-like functions by inhibiting splicing. However, we have obtained additional data which indicate that the PRE functions in a novel manner that is not dependent on inhibition of splicing. Unlike Rev-RRE, the PRE functions independently of splice donor and acceptor sites and can activate cytoplasmic expression of an intronless (so-called prespliced) beta-globin transcript. Conversely, a heterologous intron can substitute for the PRE in increasing cytoplasmic expression of hepatitis B virus S transcripts. In addition, the host nuclear factor, YL2 (p32), which enhances Rev-RRE function has no effect on PRE-dependent gene expression. Since S transcripts are not normally known to be spliced and since RNA splicing and cytoplasmic transport are tightly linked processes in higher eucaryotic cells, we conclude that the PRE functions in cis to allow the export of nuclear transcripts that do not interact efficiently with the splicing pathway and hence are normally not exported well from the nucleus. Such elements are critical for the life cycle of viruses, such as hepatitis B virus, which undergo reverse transcription during replication.
Valproic acid: metabolite concentrations in plasma and brain, anticonvulsant activity, and effects on GABA metabolism during subacute treatment in mice.

Mice were continuously treated with valproic acid (VPA) via the drinking water for period from 1 to 12 days. The daily drug intake varied between 500 and 580 mg/kg. However, due to the rapid elimination of VPA in this species average plasma concentrations of only 3-4 micrograms/ml VPA were present at 8:30 a.m., the time chosen for determinations. In the brain, VPA levels were about 10% of those in plasma. In regard to VPA metabolism the products of beta-oxidation 2-en-VPA 2-propyl-2-pentenoic acid) and 3-keto-VPA (2-propyl-3-oxopentanoic acid) proved to be the main metabolites in plasma although other (minor) metabolites of VPA were also present. The only metabolite of VPA detected in the brain was 2-en-VPA. VPA medication caused a significant increase in the threshold for electroconvulsions which was associated with a slight increment of brain GABA levels. The activity of glutamic acid decarboxylase was significantly elevated whereas GABA aminotransferase was not affected. After withdrawal of VPA, a delayed effect on seizure threshold was observed which extended to time periods where VPA could no longer be detected in the brain, but 2-en-VPA was still present.