Miracle-dz/UniFAR-FTUs huggingface dataset:
Monetary policy and uncertainty in South Africa

Even though major advances in economic theory and modelling have in some cases furthered our understanding of how the economy works, the system as a whole has become more complex. If policymakers had perfect knowledge about the actual state of the economy, the various transmission mechanisms as well as the true underlying model, monetary intervention would be greatly simplified. In reality, however, the monetary authorities have to contend with considerable uncertainty in relation to the above-mentioned factors. This said, uncertainty has mostly been neglected in both the theoretical and empirical literature focusing on monetary policy analysis. Nonetheless, findings from a review of theoretical literature that does exist on this topic suggest that optimal central banks act more conservatively when faced with uncertainty. Similarly, empirical findings from the literature also favour conservatism. However, there is some evidence to suggest that this is not always the case. These results suggest that central banks do not always act optimally when faced with uncertainty. The limited number of industrial country cases examined prevents any generalised view from emerging. If anything, the literature findings suggest that central bank behaviour differs across countries. This thesis aims to contribute to the empirical literature by studying the effects of uncertainty on monetary policy in the developing country case of South Africa. In simplest terms, the thesis seeks to establish whether or not the South African Reserve Bank (SARB) responded optimally to uncertainty as suggested by theoretical models thereof. To this end, the thesis employs a theoretical model which resembles a structural rule-based approach. The optimal interest rate rule was derived given a set of structural equations relating to demand, the Phillips curve and the real exchange rate. To incorporate uncertainty, it is assumed that the coefficients are dependent on the variances of the exogenous variables, namely inflation, the output gap and the exchange rate. The uncertainty adjusted model allows us to investigate whether monetary policy is more aggressive or passive when uncertainty about the relevant exogenous variable increases. Inflation, output gap and exchange rate uncertainty estimates were derived through GARCH-model specifications related to the structural equations as defined in the theoretical model. The investigation considered both indirect and direct uncertainty effects with a sample period stretching from 1990 to 2011. The findings reported in this thesis provide strong evidence in support of the notion that uncertainty plays a significant role within the South African monetary policy landscape and contributes towards explaining the SARB’s actions. Furthermore, the results suggest that the SARB did in fact act optimally in responding more conservatively to target variable fluctuations on average. Also, the findings could potentially strengthen the case for inflation targeting as a monetary policy…
Race and Sex Differences in Quits by Young Workers

This study uses data from the National Longitudinal Surveys of young men and women to analyze race and sex differences in the probability and consequences of quitting. The authors find that overall quit rates in this group are higher for women than for men and about the same for blacks and whites. When several personal and job characteristics are held constant, however, the quit rates of young men and women are about the same and young blacks actually quit less frequently than young whites. When an instrumental variable approach is used to account for sample heterogeneity, it is found that, for all race and sex groups, quitting improved both current wages and long-term earnings prospects. Further, the improvement in long-term earnings prospects is found to be greater than the gain in current earnings, suggesting that training opportunities are an important consideration in the job shifts of all young people.
Auditing managerial training needs of Turkish small and medium‐sized hotel enterprises

The number and importance of small and medium‐sized hotel enterprises (SMHEs) is increasing. As in many countries, SMHEs in Turkey play a great role in the economy, due to their significant share within the tourism industry in terms of number of enterprises, employment and investment. SMHEs accommodate a significant part of foreign and domestic visitors, especially in coastal areas. Therefore, the management of those establishments needs to be investigated. This article focuses on perceived training needs of the owner‐managers of the small and medium‐sized hotel establishments in a Turkish tourist town, Bodrum, on the Aegean coast and examines the impact of the current situation on the management practices. The findings indicate that the training level of the SMHEs at the managerial level is not satisfactory. This prevents the managers being successful in management and productive hotel operations. General outcomes can be drawn for hotel operators and tourism policy makers.
Global financial crisis and the intellectual capital performance of UAE banks

Purpose – The purpose of this paper is to investigate the determinants of the intellectual capital performance of UAE banks over the period 2004 to 2010.Design/methodology/approach – Multiple regression analysis was used to test the relationship between the intellectual capital performance as a dependent variable and certain independent variables.Findings – The results indicate that standard variables, namely investment in information technology systems, barriers to entry, bank risk, bank size, bank age and bank listing age, are important. The results also show that the global financial crisis and market structure as measured by concentration ratio variables, which have not been considered in previous studies, have a significant impact on intellectual capital performance.Research limitations/implications – More evidence is needed regarding the determinants of intellectual capital performance before any generalisation of the results can be made. In addition, the empirical tests were conducted only for UAE .
Influence of cold-water immersion on limb blood flow after resistance exercise

Abstract This study determined the influence of cold (8°C) and cool (22°C) water immersion on lower limb and cutaneous blood flow following resistance exercise. Twelve males completed 4 sets of 10-repetition maximum squat exercise and were then immersed, semi-reclined, into 8°C or 22°C water for 10-min, or rested in a seated position (control) in a randomized order on different days. Rectal and thigh skin temperature, muscle temperature, thigh and calf skin blood flow and superficial femoral artery blood flow were measured before and after immersion. Indices of vascular conductance were calculated (flux and blood flow/mean arterial pressure). The colder water reduced thigh skin temperature and deep muscle temperature to the greatest extent (P < .001). Reductions in rectal temperature were similar (0.2–0.4°C) in all three trials (P = .69). Femoral artery conductance was similar after immersion in both cooling conditions, with both conditions significantly lower (55%) than the control post-immersion (P < .01). Similarly, there was greater thigh and calf cutaneous vasoconstriction (40–50%) after immersion in both cooling conditions, relative to the control (P < .01), with no difference between cooling conditions. These findings suggest that cold and cool water similarly reduce femoral artery and cutaneous blood flow responses but not muscle temperature following resistance exercise.
Antecedents and consequences of Balanced Scorecard

This paper provides exploratory empirical evidence on 103 organizations’ degree of implementation experiences with Balanced Scorecard (BSC) exploring the way in which it is used and affects organisational performance. Specifically this paper describes antecedents and consequences of BSC adoption in organizations highlighting, at the same time, important limitations and suggesting avenue for future research.
Acoustic emission health monitoring of marine renewables: Illustration with a wave energy converter in Falmouth Bay (UK)

Marine renewable energy (MRE) is an emerging technology and at present there are an increasing number of MRE prototypes and full-scale devices deployed. The future commercialization in the near future may contribute to the mitigation of carbon emissions and diversify the renewable electricity generation portfolio. Because of the high costs of marine intervention, it is important to establish reliable, remote monitoring techniques. The underwater sound around MRE devices is often monitored for environmental impact assessments. This approach can also be potentially utilized to monitor the engineering health of MRE devices. This is the objective of the project ÆMORE (Acoustic Emission technology for environmental and engineering health Monitoring of Offshore Renewable Energy), jointly conducted by the Universities of Exeter and Bath, with J+S Ltd. Acoustic Emission (AE) monitoring is already used for Structural Health Monitoring (SHM) of land-based structures and devices such as wind turbines. AE allows faults and defects to be detected early in a device's lifetime, providing more time to plan and implement necessary maintenance and repair procedures to avoid catastrophic failure. This is highly desirable for MRE structures, which operate in energetic seas with tight weather access windows. This paper explores the remit for AE monitoring to SHM and maintenance planning for MRE devices and demonstrates that this novel application is principally feasible. A brief review of the state of the art of AE for land-based systems aids to illustrate how its techniques can be applied to underwater environments and MRE components. This literature review will inform a classification system that relates likely failure modes to their expected acoustic emissions. The results from previous underwater environmental studies are used to evaluate their potential for SHM of MRE structures. AE environmental data collected during the operation of the Fred Olsen Lifesaver wave energy converter at the Falmouth Bay Test site (FaBTest, SW UK) is used to demonstrate this novel application. The case study provides proof that this concept is valid for underwater SHM of marine renewable structures.
Pseudomonas aeruginosa chronic colonization in cystic fibrosis patients

Purpose of review Chronic infection with Pseudomonas aeruginosa is a leading cause of morbidity and mortality in individuals with cystic fibrosis despite the aggressive use of antibiotics. P. aeruginosa employs a number of strategies that promote chronic pulmonary colonization instead of acute infection. These include biofilm formation, evasion of the host immune system, and conversion to a mucoid phenotype. This review discusses recent advances regarding P. aeruginosa pathogenesis and biofilm behavior in the setting of chronic pulmonary disease. Recent findings Biofilm formation in the cystic fibrosis lung likely occurs under anaerobic conditions, is controlled by bacterial quorum-sensing mechanisms, and is enhanced by environmental components in the cystic fibrosis airway. P. aeruginosa possesses regulatory pathways that recognize environmental cues to favor either acute infection or chronic colonization. P. aeruginosa that inhabit the respiratory tract accumulate mutations favoring chronic colonization. Azithromycin, a macrolide with clinical benefit in cystic fibrosis, alters P. aeruginosa biofilm formation. Promising new therapies that target biofilm formation include molecules that disrupt quorum sensing. Summary Eradication of P. aeruginosa in cystic fibrosis patients remains problematic. As more information emerges about P. aeruginosa behavior in vivo, potential therapeutics directed against biofilms and mucoid P. aeruginosa are being developed.
Managing service subsidiaries through an innovation perspective: a case of standard interpretation in multinational hotels

This empirical study suggests a framework to understand an interpretation of standard operating procedures (hereafter referred to as standards) in affiliated hotels by considering how affiliated hotels interpret the standards developed by their headquarters (HQ) and why these agents sometimes depart from the standards by their principal. The interpretation of standards in subsidiaries is investigated by analysing qualitative data through three-multinational hotel groups and their affiliated hotels located in the UK and Thailand. Through an innovation adoption and a transfer of best practices, this study offers a new perspective as it sees global standardisation and local adaptation as a process of negotiation. Because of negotiation and approval in the interpretation process, tensions between global standardisation and local adaptation, and between the HQ and subsidiaries are expected to be reduced.
Differences in Expression of Uroplakin III, Cytokeratin 7, and Cyclooxygenase-2 in Canine Proliferative Urothelial Lesions of the Urinary Bladder

The expression of immunohistochemical markers that have been used in diagnosis and/or prognostication of urothelial tumors in humans (uroplakin III [UPIII], cytokeratin 7 [CK7], cyclooxygenase-2 [COX-2], and activated caspase 3) was evaluated in a series of 99 canine proliferative urothelial lesions of the urinary bladder and compared to the lesion classification and grade as defined by the World Health Organization / International Society of Urologic Pathology consensus system. There were significant associations between tumor classification and overall UPIII pattern (P = 1.49 × 10–18), loss of UPIII (P = 1.27 × 10–4), overall CK7 pattern (P = 4.34 × 10–18), and COX-2 pattern (P = 8.12 × 10–25). In addition, there were significant associations between depth of neoplastic cell infiltration into the urinary bladder wall and overall UPIII pattern (P = 1.54 × 10–14), loss of UPIII (P = 2.07 × 10–4), overall CK7 pattern (P = 1.17 × 10–13), loss of CK7 expression (P = .0485), and COX-2 pattern (P = 8.23 × 10–21). There were no significant associations between tumor classification or infiltration and caspase 3 expression pattern.
Transfer agents and global networks in the ‘transnationalization’ of policy

This paper focuses on the role of international actors in policy/ knowledge transfer processes to suggest a dynamic for the transnationalization of policy results. The paper seeks to redress the tendency towards methodological nationalism in much of the early policy transfer literature by bringing to the fore the role of international organizations and non-state actors in transnational transfer networks. Secondly, attention is drawn to ‘soft’ forms of transfer – such as the spread of norms – as a necessary complement to the hard transfer of policy tools, structures and practices and in which non-state actors play a more prominent role. Thirdly, transnational networks are identified as an important vehicle for the spread of policy and practice not only cross-nationally but in emergent venues of global governance.
Human resource management in a quality context: some Irish evidence

Evidence from a survey of the Irish Q Mark companies suggests that there are implications for both the human resource (HR) function and for human resource practices where organizations are involved in the implementation of quality intiatives. In some cases the HR function has taken a role in strategic decision making and responsibility for the communications, training and involvement measures necessary to support the quality programmes. HR practices have also changed in some organizations, with a revision of selection, training and appraisal methods. From the employee’s perspective, quality programmes appear to lead, through teamworking and communications mechanisms, to increased involvement. However, the reporting and control measures allied to quality have the potential to increase the monitoring of work and there is little evidence that reward structures have been revised to take account of changes in work practices.
Financial Sector Reforms, Savings, and Economic Development in Kenya

This paper investigates the relevance of McKinnon's complementarity hypothesis, which gauge the demand for money and physical capital in the finance motive for economic development. Contrary to the results obtained from some previous studies, I have found a strong support for McKinnon's complementarity hypothesis in Kenya, using cointegration based error correction model. This implies that, the more attractive financial assets are, the greater the incentives to invest in Kenya. The paper concludes that, whether measured in the short-run or in the long-run, money and physical capital are complementary in Kenya. The study reiterates that McKinnon's complementarity hypothesis cannot be realised unless due account is taken on the reversibility component of the hypothesis. (
Decision Support Systems for Drought Management Strategies in Metropolitan Athens

Abstract Drought constitutes a rather severe hazard to all human activities, and especially to water supply. After numerous efforts to improve planning and management actions against droughts, many deficiencies still remain. The major new challenge is the development of integrated, comprehensive, and effective drought management schemes, with the aid of decision support systems (DDS), particularly under extreme and adverse condition. These conditions can be found in the physical, structural, socio-economic and institutional environment. The metropolitan Athens area in Greece, a semiarid area where the water supply is accomplished by a series of reservoirs and conveyance structures approximately 190 km to the west of the region, reflects such a case. In this regard, the present paper is trying to identify appropriate solutions for the above problematic areas by incorporating elements of integrated drought management strategies. The resulting options may be used as a means to avoid undesirable effects or ma.
Pneumococcal type-associated variability in alternate complement pathway activation

Opsonization of Streptococcus pneumoniae may be mediated by the alternate complement pathway. To study the importance of this interaction to human disease, complement consumption by pneumococci of various serotypes was measured in humwn serum chelated with ethyleneglycoltraacetic acid, a substance that blocks the classic but not the alternate complement pathwway. Serotype I, in contrast to all other types studied, lacked ability to consume complement in this system. The ability for serotypes III, IV, and VIII to activate the alternate pathway could be eliminated by prior serum absorption at O C with they type in question, a condition that would remove antibody but not complement. Types VII, XII, XIV, and XXV readily activated the alternate pathway in unabsorbed and absorbed sera. Differences could not be related to properties of the capsules. It was concluded that types I, III, IV, and VIII lack intrinsic ability to activate and thus be opsonized by the alternate complement pathway, although types III, IV, and VIII can do so in concert with specific antibody. The fact that these same types are especially prominent in human disease suggests that the ability to evade opsonization by the alternate complement pathway in pre-antibody phases of infection may be a virulence factor in pneumococci.
Soft tissue profile response in extraction versus non-extraction orthodontic treatment.

OBJECTIVE To compare changes occurring in the soft tissue profile with orthodontic treatment in extraction versus nonextraction cases, and to determine the hard and soft tissue parameters that show significant correlations to understand the factors influencing the response to tooth movement. STUDY DESIGN Quasi-experimental. PLACE AND DURATION OF STUDY Dental Section, The Aga Khan University Hospital, Karachi, from 2005 to 2008. METHODOLOGY Pre- and post-treatment lateral cephalographs of 34 subjects were assessed. For half of the patients (n=17), treatment included the extraction of 4 premolars, whereas the other half were treated by the non-extraction approach. Incisal and soft tissue effects of treatment were analyzed and compared between both groups using the independent sample t-test to assess the degree of change with orthodontic treatment. Pearson's correlation test was used to determine correlation. RESULTS The extraction group finished with a statistically significant reduction in upper and lower lip procumbency (p=0.004 and 0.021), while the non-extraction group finished with a slight increase in lower lip procumbency (p=0.009) due to significant increase in IMPA (p=0.046). Although the premolar extraction group showed greater soft tissue changes with treatment, post-treatment comparisons showed that both groups finished within the same soft tissue parameters. Pearson's correlation revealed statistically significant correlations between the upper and lower lips and upper and lower incisors (p < 0.01). CONCLUSION The effects of the two types of orthodontic treatment on the facial soft tissues were very similar, indicating that treatment, involving the extraction of premolars, does not have a detrimental effect on facial aesthetics provided the decision to extract is on sound basis and the mechanics are controlled.
Stock Market Efficiency and the Federal Budget Deficit: Another Anomaly?

This paper investigates the efficiency of the U.S. stock market as it pertains to a number of major macrofinance variables that theory and empirical evidence suggest are important in rational stock pricing decisions. A multivariate vector autoregressive analysis is used to draw efficiency inferences. The estimated factor pricings are consistent with theory and previous empirical research. In addition, these results indicate that the stock market may be inefficient with respect to the federal budget deficit variable. Similar apparent inefficiency evidence is obtained for the term structure and risk premium variables. The authors cannot reject the efficiency hypothesis for industrial production, inflation, and base money. Using indirect causality tests, the authors find plausible intermediate information linkages connecting variables in the system. The term structure and risk premia variables consistently appear important as intermediate conduits through which information about other factors impact stock returns. Copyright 1994 by MIT Press.
Neural Networks as Semiparametric Option Pricing Tool

We study the ability of artificial neural networks to price the European style call and put options on the S&P 500 index covering the daily data for the period from June 2004 to June 2007. The greatest advantage of option pricing with neural networks is that we do not need to make any assumptions about the volatility of the underlying asset. We divide the data set into several categories according to moneyness and time to maturity. Then, we price all options through the categories. The results show that neural networks outperform benchmark Black Scholes model with significantly lower pricing error across all categories for both call and put options. Moreover, the difference between Black Scholes and neural network errors significantly widens with deepness of moneyness or expiration. The deeper the option is in/out of the money and/or the longer the option has expiration, the greater is the difference between neural networks and Black Scholes errors. We show that neural networks can correct for the Black Scholes maturity and moneyness bias.