Miracle-dz/UniFAR-FTUs huggingface dataset:
Discontinuous Interest Rate Processes: An Equilibrium Model for Bond Option Prices

Abstract This paper obtains equilibrium interest rate option prices for discontinuous short-term interest rate processes. The prices are first obtained for a general distribution of jump sizes using a process with a number of fixed size jumps. The pricing formulas are then used to obtain option prices when the jump distribution is known to be one of the continuous distributions. The commonly used jump-diffusion, stochastic volatility jump-diffusion, and Gamma process option prices can be obtained as limiting cases. The methodology is also applied to obtain the prices of options on stocks. Finally, the paper shows how portfolios to hedge derivative securities can be built.
Genetic Diversity of the Biofilm CoveringMontacuta ferruginosa (Mollusca, Bivalvia) as Evaluated by Denaturing Gradient Gel Electrophoresis Analysis and Cloning of PCR-Amplified Gene Fragments Coding for 16S rRNA

ABSTRACT The shell of the bivalve Montacuta ferruginosa, a symbiont living in the burrow of an echinoid, is covered with a rust-colored biofilm. This biofilm includes different morphotypes of bacteria that are encrusted with a mineral rich in ferric ion and phosphate. The aim of this research was to determine the genetic diversity and phylogenetic affiliation of the biofilm bacteria. Also, the possible roles of the microorganisms in the processes of mineral deposition within the biofilm, as well as their impact on the biology of the bivalve, were assessed by phenotypic inference. The genetic diversity was determined by denaturing gradient gel electrophoresis (DGGE) analysis of short (193-bp) 16S ribosomal DNA PCR products obtained with primers specific for the domain Bacteria. This analysis revealed a diverse consortium; 11 to 25 sequence types were detected depending on the method of DNA extraction used. Individual biofilms analyzed by using the same DNA extraction protocol did not produce identical DGGE profiles. However, different biofilms shared common bands, suggesting that similar bacteria can be found in different biofilms. The phylogenetic affiliations of the sequence types were determined by cloning and sequencing the 16S rRNA genes. Close relatives of the genera Pseudoalteromonas,Colwellia, and Oceanospirillum (members of the γ-Proteobacteria lineage), as well as Flexibacter maritimus (a member of theCytophaga-Flavobacter-Bacteroides lineage), were found in the biofilms. We inferred from the results that some of the biofilm bacteria could play a role in the mineral formation processes.
High occurrence of mood and anxiety disorders among older adults: The National Comorbidity Survey Replication.

CONTEXT Little is known about prevalence rates of DSM-IV disorders across age strata of older adults, including common conditions such as individual and coexisting mood and anxiety disorders. OBJECTIVE To determine nationally representative estimates of 12-month prevalence rates of mood, anxiety, and comorbid mood-anxiety disorders across young-old, mid-old, old-old, and oldest-old community-dwelling adults. DESIGN The National Comorbidity Survey Replication (NCS-R) is a population-based probability sample of 9282 participants 18 years and older, conducted between February 2001 and April 2003. The NCS-R survey used the fully structured World Health Organization World Mental Health Survey version of the Composite International Diagnostic Interview. SETTING Continental United States. PARTICIPANTS We studied the 2575 participants 55 years and older who were part of NCS-R (43%, 55-64 years; 32%, 65-74 years; 20%, 75-84 years; 5%, >or=85 years). This included only noninstitutionalized adults, as all NCS-R participants resided in households within the community. MAIN OUTCOME MEASURES Twelve-month prevalence of mood disorders (major depressive disorder, dysthymia, bipolar disorder), anxiety disorders (panic disorder, agoraphobia, specific phobia, social phobia, generalized anxiety disorder, posttraumatic stress disorder), and coexisting mood-anxiety disorder were assessed using DSM-IV criteria. Prevalence rates were weighted to adjust for the complex design to infer generalizability to the US population. RESULTS The likelihood of having a mood, anxiety, or combined mood-anxiety disorder generally showed a pattern of decline with age (P < .05). Twelve-month disorders showed higher rates in women compared with men, a statistically significant trend with age. In addition, anxiety disorders were as high if not higher than mood disorders across age groups (overall 12-month rates: mood, 5% and anxiety, 12%). No differences were found between race/ethnicity groups. CONCLUSION Prevalence rates of DSM-IV mood and anxiety disorders in late life tend to decline with age, but remain very common, especially in women. These results highlight the need for intervention and prevention strategies.
A Unified Approach to Measuring Poverty and Inequality: Theory and Practice

In July 1986, Warren C. Baum was interviewed on behalf of the World Bank Group Archives oral history program by Robert W. Oliver. Mr. Baum earned a PhD in economics from Harvard University, and he joined the World Bank after working on the Marshall Plan with the US Government, During his tenure at the Bank from 1959 to 1986, Mr. Baum worked in the following areas: in the Europe, Africa and Australasia department as an economist/loan officer (1959-1962); in the department of operations, Europe, as a loan officer (1962-1964); in the projects department, transportation, as an assistant director (1964-1968) and associate director (1968-1972); as vice president of projects staff (1972-1974); as chairman of the consultative group on international agricultural research (1974-1984); and in operations policy as a vice president (1982-1986). His transcript concerns his time working on projects for France, Algeria, Spain, and Portugal, as well as becoming a liaison between the projects department and the transportation division. His appreciation of the unique experience inspired him to write two books on the work of the World Bank, Investing in Development: Lessons of World Bank Experience and Partners Against Hunger.
Mucosal human papillomavirus types in squamous cell carcinomas of the uterine cervix and subsequently on fingers

Human papillomavirus (HPV), especially type 16, is causally involved in the pathogenesis of anogenital cancer. There is an increasing number of reports of HPV infections in squamous cell carcinoma (SCC) of the fingers. A search of the Swedish cancer register covering the period 1958–94 inclusive for women with a history of genital and upper extremity SCC revealed 63 cases. Archival material from both cervical and cutaneous lesions was traced and analysed for the presence of HPV DNA in 32 of these patients. A newly developed ‘neighbour primer’ polymerase chain reaction (PCR) for HPV 16 DNA, aimed at overcoming the obstacle of cross‐linked target DNA, was shown to be superior to conventional general and type‐specific HPV PCR tests. HPV DNA was significantly more frequently found in digital tumours than in tumours at other cutaneous sites of the upper extremities [67% (10 of 15) vs. 7% (three of 43); P < 0·001]. Among 13 patients with a history of both cervical and finger SCC, HPV 16 was found in cervical samples from seven patients. From five of these seven patients, HPV 16 was also present in the corresponding finger lesions. The results support the hypothesis of a possible transmission of patients’ genital HPV infections to fingers.
Wealth Effects of Credit Risk Securitization in European Banking

Using a unique cross-sectional dataset of 381 cash and synthetic securitizations issued by 53 banks from the EU-15 plus Switzerland between 1997 and 2007, this paper provides empirical evidence for time-dependent negative wealth effects of credit risk securitization announcements in European banking. Baseline results hold when comparing estimated wealth effects with a control group of similar but non-securitizing banks for the relevant time period. Moreover, building several sub samples we find that the nexus between credit risk securitization, the issuing banks’ overall risk exposure and wealth effects is associated with a variety of transaction- and bank-specific factors.
Comparing promoter and employee attributions for the causes of firm failure: the case of an Indian petrochemical company

The central question this study addressed was why did an Indian petrochemical company fail? We employed the attribution theory to compare attributions for corporate failure at three levels: employees versus promoters, top management versus middle management and non-management, and at a third level, attributions reported in the Western context versus the Indian context. While there is an abundance of literature investigating attributions for corporate failure, ours is one of the first studies to compare these attributions between groups involved in corporate operations. We used event analysis technique while analyzing the Directors’ Reports and while conducting the interviews. Our findings revealed that the promoter's account of corporate failure was self-serving, with negative results attributed to external factors while the top management, for example, showed a tendency for self-serving bias by denying responsibility in the events that led to the eventual demise of the company, and also, due to the actor–observer effect, they attributed the company's failure more heavily to the Indian promoters’ dispositional characteristics such as their inability to manage the external environment, which prevented the company from adapting to its external environment. The findings of this study suggest that different groups report distinct causal attributions for corporate failure.
Investigation of performance of Malaysian Islamic unit trust funds: Comparison with conventional unit trust funds

Purpose - One of the implications of Islamic investment principles is the availability of Islamic financial instruments in the financial market. The main aim of this research is to observe the differences in terms of performance between Islamic and conventional mutual fund in the context of Malaysian capital market. Design/methodology/approach - To achieve the major objectives of this paper standard methods wereused for evaluating the mutual funds performance, for example, Sharpe index and adjusted Sharpe index, Jensen Alpha, Timing and selectivity ability. The scope of the paper is to measure the relative quantitative performance of funds which was managed based on two different approaches. Findings - The basic finding of the paper is that Islamic funds performed better than the conventional funds during bearish economic trends while, conventional funds showed better performance than Islamic funds during bullish economic conditions. In addition to that finding, both conventional and Islamic funds were unable to achieve at least 50 per cent market diversification levels, though conventional funds are found to have a marginally better diversification level than the Islamic funds. The results also suggest that fund managers are unable to correctly identify good bargain stocks and to forecast the price movements of the general market. Research limitations/implications - The main limitation is that the samples of conventional and Islamic mutual funds were from one developing market. The findings could be better validated if the sample included the mutual funds from other developed and developing economies, where both Islamic and conventional funds are available. Practical implications - The findings suggest that having Islamic mutual funds in an investment portfolio helps to hedge the downside risk in an adverse economic situation. Originality/value - So far there is no published evidence on the relative performance of Islamic and conventional mutual funds in Malaysia as well as other developing countries. Therefore, this paper adds new knowledge to the mutual funds literature.
The VAT in developing and transitional countries

Value-added tax (VAT) dominates tax systems around the world. But should every country have a VAT? Is VAT always as good as it could be in economic, equity and administrative terms? In developing and transitional countries the answers to such questions are critical to stability, growth and development. VAT is a critical fiscal tool in most countries. But VAT can sometimes be better designed and almost always better administered. The key questions that must be answered in designing and implementing VAT are essentially the same in all countries. But different tax designs may best suit different countries facing different circumstances. This book reviews experiences with VATs around the world and assesses how the choice of particular design features may affect outcomes in particular contexts.
In Vitro Pathological Model of Osteopenia to Test Orthopaedic Biomaterials

The association of in vitro tests and in vivo bone implants, has significantly improved the characterization of biomaterials for orthopaedic devices before their clinical use. However, neither cell cultures nor most animals models used for these tests entirely reflect the clinical conditions in which biomaterials are implanted. Pathological animal models are considered to substantially improve our knowledge of osteointegration of biomaterials; for this reason researchers increasingly use aged, osteopenic or arthritic animals in their experimental tests. The development of “pathological cell cultures” would also be of great importance for the study of biomaterials. It would allow a complete material evaluation, beginning with a biocompatibility test to a more finalized and specific preclinical evaluation. The present study, looks at the possibility of using cell culture methodology for the improvement of in vitro biomaterials characterization in the case of osteopenia. Cultures derived from normal (NB-OST) rats were compared to those of osteopenic (OB-OST) rats, by testing the osteoblasts against common parameters of characterization. Moreover, the reaction of these cultures to two biological glasses of known in vivo behavior (both in normal and osteopenic bone) by means of parameters on biocompatibility and bone formation index, was evaluated. Our results showed that there was no evidence of differences between the NB-OST and OB-OST cultures. After 6 days of culturing, the bioglass that did not osteointegrate in osteopenic animals, did not induce citotoxicity in NB-OST, but a significative reduction of viability and Osteocalcin level in OB-OST was observed. We think that these data should stimulate researchers to develop further tests in order to improve preliminary in vitro comprehension on biomaterials.
Falls in older persons with intellectual disabilities: fall rate, circumstances and consequences.

BACKGROUND Falling is a common cause of injuries and reduced quality of life. Persons with intellectual disabilities (ID) are at increased risk for falls and related injuries. As the number of elderly persons with ID is growing rapidly, it is imperative to gain insight into the quantity of the problem of falling, the circumstances that precipitate falls and to better understand their aetiology in persons with ID. This is the first study to prospectively investigate fall rate, circumstances and fall consequences in older adults with mild to moderate ID. METHOD Eighty-two individuals with mild to moderate ID, 50 years and over [mean age 62.3 (SD = 7.6), 34 male], participated in this study, which was conducted at three service providers for persons with ID in the Netherlands. Falls were registered for 1 year with monthly fall registration calendars to determine the fall rate (mean number of falls per person per year). Information on fall circumstances and consequences was obtained from questionnaires completed by caregivers and study participants after each fall. RESULTS We determined that the fall rate in this sample was 1.00 fall per person per year. Thirty-seven participants reported at least one fall (range 1-6). Sex and age were not related to falls. Most falls occurred while walking (63.3%), outside (61.7%) and in familiar environments (88.9%). Importantly, 11.5% of falls resulted in severe injuries, approximately half of which were fractures. CONCLUSION The circumstances and consequences of falls in persons with ID are comparable to those of the general elderly population, but the rate is substantially higher. As such, appropriate fall prevention strategies must be developed for individuals with ID.
Pengaruh Persistensi Laba, Alokasi Pajak Antar Periode, Ukuran Perusahaan, Pertumbuhan Laba Dan Profitabilitas Terhadap Kualitas Laba (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI 2010-2012)

This study was conducted to examine empirically the effect of earnings persistence, inter-period tax allocation, firm size, the growth of profit and profitability of the earnings quality. The population used in this study is manufacturing companies listed in indonesia stock exchange during the period 2010-2012, with a total population of 157 companies. This study used purpose sampling method, with a total sample of 36 companies. The method of analysis used in this study is the method of multiple linear regression analysis with spss version 17. Based on this research, it turns out the data normality test is not met, therefore the data transformation using the natural logarithm ( LN ) so that the data met the normality test. From the results of this study indicate that the earnings persistence and firm size significant negative effect on the earning quality. Inter- period tax allocation and the growth of profit significant positive effect on the earning quality . While profitability does not affect the earning quality. The magnitude of the effect that in this study was 21.3 % , while the remaining 78.7 % is influenced by other variables not examined in this study. Keywords: Earnings Persistence, Inter-Period Tax Allocation, Firm Size, The Growth of Profit, Profitability And Earnings Quality
GARCH-class models estimations and value-at-risk analysis for exchange rate

In this paper, we focus on three daily exchange rate returns dynamics. Indeed, we have assessed five GARCH-class models under three alternative distributions. Our findings confirm that the skewed Student-t FIAPARCH model performs very well. Then, we have computed short and long Value-at-Risk and Expected Shortfall based on AR (1) – FIAPARCH under normal, Student-t and skewed Student-t distributions. More precisely, we have investigated the estimation performance by computing both In-sample and Out-of-sample VaR for one-day-ahead horizon. Results reveal that VaR and ES estimations based on skewed Student-t FIAPARCH models outperform other models for both long and short trading positions.
Evidence of association of APOE with age‐related macular degeneration ‐ a pooled analysis of 15 studies

Age‐related macular degeneration (AMD) is the most common cause of incurable visual impairment in high‐income countries. Previous studies report inconsistent associations between AMD and apolipoprotein E (APOE), a lipid transport protein involved in low‐density cholesterol modulation. Potential interaction between APOE and sex, and smoking status has been reported. We present a pooled analysis (n = 21,160) demonstrating associations between late AMD and APOε4 (odds ratio [OR] = 0.72 per haplotype; confidence interval [CI]: 0.65–0.74; P = 4.41×10−11) and APOε2 (OR = 1.83 for homozygote carriers; CI: 1.04–3.23; P = 0.04), following adjustment for age group and sex within each study and smoking status. No evidence of interaction between APOE and sex or smoking was found. Ever smokers had significant increased risk relative to never smokers for both neovascular (OR = 1.54; CI: 1.38–1.72; P = 2.8×10−15) and atrophic (OR = 1.38; CI: 1.18–1.61; P = 3.37×10−5) AMD but not early AMD (OR = 0.94; CI: 0.86–1.03; P = 0.16), implicating smoking as a major contributing factor to disease progression from early signs to the visually disabling late forms. Extended haplotype analysis incorporating rs405509 did not identify additional risks beyond ε2 and ε4 haplotypes. Our expanded analysis substantially improves our understanding of the association between the APOE locus and AMD. It further provides evidence supporting the role of cholesterol modulation, and low‐density cholesterol specifically, in AMD disease etiology. 32:1407–1416, 2011. ©2011 Wiley Periodicals, Inc.
News Filtering, Financial Instability and the Euro

Policymakers have always been concerned with financial stability issues, as financial crises are very costly events, particularly in terms of macroeconomic performance. The financial crises of 1997/98 brought about a fresh wave of attention to predicting, avoiding and managing episodes of financial distress. Following these crises, many attempts are made to detect and assess potential financial vulnerabilities in the international financial system. In this context, the present paper studies whether filtering of information in currency markets (eg ignoring some news releases or overreacting to others) may contribute to explaining the build-up of mechanisms underlying financial instability.
A Link Between Hypoglycemia and Progression of Atherosclerosis in the Veterans Affairs Diabetes Trial (VADT)

OBJECTIVE To determine whether a link exists between serious hypoglycemia and progression of atherosclerosis in a substudy of the Veterans Affairs Diabetes Trial (VADT) and to examine whether glycemic control during the VADT modified the association between serious hypoglycemia and coronary artery calcium (CAC) progression. RESEARCH DESIGN AND METHODS Serious hypoglycemia was defined as severe episodes with loss of consciousness or requiring assistance or documented glucose <50 mg/dL. Progression of CAC was determined in 197 participants with baseline and follow-up computed tomography scans. RESULTS During an average follow-up of 4.5 years between scans, 97 participants reported severe hypoglycemia (n = 23) or glucose <50 mg/dL (n = 74). Serious hypoglycemia occurred more frequently in the intensive therapy group than in the standard treatment group (74% vs. 21%, P < 0.01). Serious hypoglycemia was not associated with progression of CAC in the entire cohort, but the interaction between serious hypoglycemia and treatment was significant (P < 0.01). Participants with serious hypoglycemia in the standard therapy group, but not in the intensive therapy group, had ∼50% greater progression of CAC than those without serious hypoglycemia (median 11.15 vs. 5.4 mm3, P = 0.02). Adjustment for all baseline differences, including CAC, or time-varying risk factors during the trial, did not change the results. Examining the effect of serious hypoglycemia by on-trial HbA1c levels (cutoff 7.5%) yielded similar results. In addition, a dose-response relationship was found between serious hypoglycemia and CAC progression in the standard therapy group only. CONCLUSIONS Despite a higher frequency of serious hypoglycemia in the intensive therapy group, serious hypoglycemia was associated with progression of CAC in only the standard therapy group.