Miracle-dz/UniFAR-FTUs huggingface dataset:
Credit risk without commitment

We study economies with credit risk in which, each period, borrowers cannot commit to borrow from only one lender. We extend the analysis in Bizer and DeMarzo (1992) by allowing for multiple borrowing periods. In particular, we remove the exclusive-borrowing- contract assumption from a quantitative model of household bankruptcy a la Chatterjee et al. (2007). We compare equilibrium allocations with and without commitment to exclusive contracts. In contrast with Bizer and DeMarzo (1992), we find that borrowing levels are much lower without commitment. Imposing commitment increases the average debt-to-income ratio in the simulations from 9% to 16%. This is the case because (i) the cost of defaulting is lower without commitment and (ii) only without commitment, an increase in current borrowing levels deteriorates future borrowing opportunities. These effects are not relevant in Bizer and DeMarzo’s (1992) model with a unique borrowing period. In contrast with the standard household bankruptcy model and consistently with the data, the model without commitment features (i) borrowing opportunities that resemble credit lines, (ii) borrowing opportunities that depend on the borrowing history (credit score), (iii) credit rationing, and (iv) a higher dispersion of interest rates across households. Introducing an interest rate limit to deal with the non-exclusivity problem produces ex-ante welfare gains equivalent to a permanent increase in consumption of 0.7%.
Gender dimensions in the teaching and learning of vocational business education in Nigerian senior secondary schools

This study explores gender dimensions in the teaching and learning of vocational business education (VBE) in Nigerian senior secondary schools. The focus is on classroom participation of VBE boys and girls in commerce and economics class discussions in the schools. The study sets out to explore the VBE experience of girls, as compared with boys and was surprised to discover that although girls still experience gender inequality, they dominate classroom talk in many instances and have advantages from their role in their mothers’ petty trading businesses. The study is framed by three theories: schools’ gender regime, social role and cultural capital theories. Qualitative case study methods of participant observation, semi-structured interviews and reviews of documents were adopted. Data was generated from four mixed sex high schools. Sixteen boys and sixteen girls were interviewed to gain understanding of gender issues in their schooling processes within and outside the classrooms. Four principals, four heads of VBE departments and eight teachers of commerce and economics were also interviewed. Twenty-four whole class observation sessions were conducted with VBE teachers and students in the two school subjects. Thematic analysis of the data undertaken focused predominantly on the ideas about gender that VBE teachers and students brought to their classroom interactions; gender in both informal and formal curriculum and gendered VBE classroom interactions as well as the gendered views about the business labour market. The study conceives gender as a lived experience that males and females learned and produced through socialisation at home, in school and generally in the wider society. The study found that boys rarely dominate commerce and economics class discussions, especially in urban high schools where girls far outnumbered them. Moreover, it was discovered that school’s physical and organisational environment, stereotyped curriculum contents, methods of teaching and teachers’ and students’ behaviour affected classroom participation in the two subjects. The study challenges simple understandings of gender inequality in schooling as it found that girls acquire cultural capital from domestic tasks and from the petty trading businesses of their mothers which helps to equip them with verbal communication skills, ability to work with teachers and others and interest in business subjects. This enables them to interact freely during their lessons in schools and to participate much more than the boys. Girls also outperformed boys in the two school subjects under study. This challenges research which upholds that boys tend to dominate every lesson. Boys in this study were often reluctant and quite reserved during class discussions; girls took more turns than them in the majority of the lessons. They were regarded by their teachers as highly conscientious. They were praised more by both male and female teachers and received more attention from them.
Haptic and visual perception in in-hand manipulation system

Robotic in-hand manipulation is very important for service robots as it is one of the key skills in housework. Although plenty of research has been carried out, it is still far way from real applications. One of the issues lies in uncertainty of interaction states. In this paper we research robot-object interactions with a concept called `haptic exploration'. With this concept, a robot hand tries to push an in-hand object slightly to explore the interaction state. In this process, both haptic and visual feedbacks are collected to estimate the interaction state. We firstly review spring based models proposed in our previous works to explain the mechanism behind the haptic exploration. In addition, in order to verify the feasibility of the proposed methods, two experiments are conducted. In the first experiment, the repeatability of push actions is verified. Furthermore, in the second experiment, both haptic and visual rewards are adopted to evaluate the pushes for a best in-hand manipulation action after the haptic exploration.
Bargain Purchase Gains in the Acquisitions of Failed Banks

Effective for years beginning on or after December 15, 2008, bargain purchase gains (BPGs) are recorded within income from continuing operations when the fair value of the net assets acquired exceeds the acquisition cost. Although the Financial Accounting Standards Board (FASB) argues that the BPG treatment more faithfully represents the economics of the transaction, they also acknowledge that it creates an opportunity for inappropriate gain recognition. We examine management opportunism and investor valuations regarding the recognition of a BPG using a sample of 142 acquirers that made Federal Deposit Insurance Corporation (FDIC)-assisted bank acquisitions in 2009 and 2010. We find that acquirer banks with relatively strong incentives to boost earnings are more likely to record a BPG, suggesting that firms use the BPG treatment opportunistically. Despite this finding, we observe that the market values the BPGs, albeit with less persistence than the other major components of operating income, and reacts positively to acquisition announcements with BPGs. We explore these seemingly contradictory findings further and find that more suspicious BPGs receive lower valuation multiples. Overall, we provide evidence consistent with managers opportunistically exercising discretion within acquisition accounting and the market differentially pricing BPGs based on underlying incentives to boost earnings.
Muscle dysmorphia: a new syndrome in weightlifters

Recently more men have reported a desire for larger, more muscular bodies. Muscle dysmorphia (MD) is a new syndrome in which individuals (usually men), although highly muscular, have a pathological belief that they are of very small musculature. As more men are motivated to take up training with weights in order to develop greater musculature, more cases of MD are likely to be encountered. A greater understanding and awareness of the syndrome are therefore needed. Therefore the aim of this study was to investigate perceptions of physical self in male weightlifters, one group with MD (n = 24) and one without (n = 30). Between group comparisons were made using the multidimensional body-self relations questionnaire. The findings confirm the nature of the disorder in that those with MD syndrome have poorer body image and are less happy with their bodies. Moreover, in addition to a desire for greater muscularity, they are very concerned not to gain fat. The results also suggest that future research into perceptions of specific body parts and health is warranted.
Tail Probabilities of Randomly Weighted Sums of Random Variables with Dominated Variation

This paper investigates the asymptotic behavior of tail probabilities of randomly weighted sums of independent heavy-tailed random variables, where the weights form another sequence of nonnegative and arbitrarily dependent random variables. The results obtained are further applied to derive asymptotic estimates for the ruin probabilities in a discrete time risk model with dependent stochastic returns.
A new stereo matching algorithm based on adaptive window

As to the problem of great complexity of traditional adaptive window matching algorithm, a simple adaptive window matching algorithm is proposed in this paper, which use various square or rectangular windows of different size based on the different gradient of points to be matched. Moreover, for better matching effect, a regional seed propagation method is proposed based on the disparity smoothness constraints and the assumption that adjacent pixels of similar color should have the same disparity. Experiments show that compared with traditional adaptive window matching algorithms, the computation complexity has been decreased significantly and the matching accuracy rate has been improved effectively.
Information Content of Cross-Sectional Option Prices: A Comparison of Alternative Currency Option Pricing Models on the Japanese Yen

This article implements a currency option pricing model for the general case of stochastic volatility, stochastic interest rates, and jumps in an attempt to reconcile levels of risk‐neutral skewness and kurtosis with observed option prices on the Japanese yen and to analyze the information content of the cross section of option prices by investigating the hedging and pricing performance of various currency option pricing models. The study makes use of both a method of moments and a more traditional generalized‐least‐squares (GLS) estimation technique, taking advantage of the fact that methods of moments do not specifically require the use of cross‐sectional option prices, whereas GLS does. Results centered around the Asia economic crisis of 1997 and 1998 indicate that the cross section of option prices surprisingly does not appear to contain superior information as the two estimation techniques yield relatively similar results once idiosyncratic differences between them are acknowledged. Extensions of the G. Bakshi, C. Cao, and Z. Chen (1997) results to currencies are also provided. © 2006Wiley Periodicals, Inc. Jrl Fut Mark 26:33–59, 2006
Short term power output in relation to growth and maturation

Objective—To examine short term power output during growth and maturation using a multilevel modelling approach. Methods—Body mass, stature, and triceps and subscapular skinfold thicknesses of boys and girls, aged 12.2 (0.4) years (mean (SD)) at the onset of the study, were measured at age 12, 13, and 17 years. Sexual maturation, classified according to Tanner's stage of pubic hair development, was assessed on the first two occasions and assumed to be stage 5 at 17 years. Peak power (PP) and mean power (MP) were assessed on each occasion using the Wingate anaerobic test. Results—Initial models, founded on 417 determinations of short term power output, identified body mass, stature, and age as significant explanatory variables of both PP and MP. The values for girls were significantly lower than those for boys, and a significant age by sex interaction described a progressive divergence in the MP of boys and girls. The introduction of sum of two skinfold thicknesses produced a model with an improvement in fit as indicated by a significant change in log likelihood. The stature term was negated and the body mass term increased. The age and sex terms were reduced but remained significant. The age by sex interaction term remained a significant explanatory variable for MP. Maturity effects were non-significant additional explanatory variables in all models of power output. Conclusion—The values of PP and MP for boys are higher than those for girls, and, for MP, sex differences increase with age. Body mass and skinfold thicknesses are significant influences on both PP and MP, but age exerts a positive but non-linear effect on power output independent of body size and fatness.
Importance of income, participation and social support for the wellbeing of people with disability

This paper applies a shadow pricing method to demonstrate the importance, for overall life satisfaction, of participation and social support relative to income, and particularly highlights their value for people with work restrictions due to disability. Using the first nine waves of the HILDA data, the paper shows that with respect to life satisfaction, the shadow costs of unemployment are up to $322,000 of equivalised household income per annum for people with work-limiting disability, compared to $161,000 for otherwise similar people without disability; the shadow price of active club membership is equivalent to $89,000 and $36,000 a year for people with and without work-limiting disability, respectively; and in terms of life satisfaction a oneunit increase of perceived social support is worth $77,000 and $58,000 of income per annum respectively for the two groups. People with not-work-limiting disability are not much different from people without disability in this respect.
A new leptocleidid (Sauropterygia, Plesiosauria) from the Vectis Formation (Early Barremian–early Aptian; Early Cretaceous) of the Isle of Wight and the evolution of Leptocleididae, a controversial clade

Among the most enigmatic and controversial plesiosaurian clades is the Early Cretaceous Leptocleididae, a small group of (mostly) short-necked taxa with ‘intermediate' or ‘pliosauromorph' body proportions. Leptocleidids have often been interpreted as basal members of Pliosauroidea, and their presence in marginal marine and even freshwater facies has led to suggestions that they might represent late-surviving relicts, perhaps related to the Lower Jurassic rhomaleosaurids. We describe a new leptocleidid, Vectocleidus pastorum gen. et sp. nov., from the late Barremian part of the Cowleaze Chine Member (Vectis Formation), Isle of Wight, UK, and undertake a detailed reassessment of leptocleidid anatomy and relationships. New data on the long-necked Brancasaurus gives extra support to a monophyletic Leptocleididae with taxa of ‘intermediate' body plan and robust skulls, Leptocleidus superstes, Leptocleidus capensis, Nichollssaura and Vectocleidus. Thus, leptocleidids adopted a range of body plans on the pliosauromorph–plesiosauromorph spectrum. Support for a placement of Leptocleididae within Pliosauroidea is weak, and most proposed synapomorphies fail the test of similarity. However, numerous synapomorphies, including many new observations, support a derived position within Plesiosauroidea. Thus, the ‘intermediate' body plan of many leptocleidids is not plesiomorphic, and plesiosaurian body plan evolution was complex and highly plastic. We also summarize the anatomy of ‘Cimoliasaurus' valdensis, a short-necked Early Cretaceous taxon. ‘C. ' valdensis is a valid taxon for which we erect the new monotypic genus Hastanectes. Hastanectes shows evidence of possible pliosaurid affinities. Thus, multiple plesiosaurian clades may have invaded margin and freshwater environments. http://zoobank.org/urn:lsid:zoobank.org:pub:8A0A8BD0-F6BB-4F74-BB18-79CBBA2F105C
Clinical and biological assessment 2 of cemented titanium femoral stems : 3 an 11-year experience

Preliminary results of a paleoseismological analysis along the Sahel fault (Algeria): 1 new evidence for historical seismic events 2 3 Heddar, A Abstract 12 The ~60 km-long Sahel ridge west of Algiers (Tell Atlas, north Algeria) is considered as an 13 ENE-WSW fault-propagation fold running along the Mediterranean coast and associated with 14 a northwest dipping thrust. Its proximity with Algiers makes this structure a potential source 15 of destructive earthquakes that could hit the capital city, as occurred in 1365 AD and 1716 16 AD. The first paleoseismologic investigation on the Sahel ridge was conducted in order to 17 detect paleo-ruptures related to active faulting and to date them. From the first investigations 18 in the area, a first trench was excavated across bending-moment normal faults induced by 19 flexural slip folding in the hanging wall of the Sahel anticline thrust ramp. Paleoseismological 20 analyses recognize eight rupture events affecting colluvial deposits. 14 C dating indicates that 21 these events are very young, six of them being younger than 778 AD. The first sedimentary 22 record indicates two ruptures before 1211 AD, i.e. older than the first historical earthquake 23 documented in the region. Three events have age ranges compatible with the 1365, 1673 and 24 1716 Algiers earthquakes, whereas three other ones depict very recent ages, i. e. younger than 25 1700 AD. Potential of these secondary extrados faults for determining paleoseismic events 26 and thrust behaviour is discussed.
UvA-DARE (Digital Academic Repository) How do we assess how happy we are? Tenets, implications and tenability of three theories

Utilitarian moral philosophy holds that we should aim at greater happiness for a greater number. Yet two theories about how we assess how happy we are imply that there is not much value in happiness and that happiness cannot de raised lastingly. These two theories are: (1) ‘Set-point’ theory, which holds that we are mentally programmed for a certain degree of happiness, and (2) ‘Comparison’ theory holding that happiness results from a rational mental calculus involving comparison with standard of the good life. An alternative mental theory that fit better with utilitarian creed is the (3) ‘Affect’ theory that happiness depends on unreasoned emotional experience, which reflects gratification of needs. These theories are described, their theoretical plausibility is discussed and the empirical support evaluated. It is concluded that the first two theories fall short as a general explanation. Happiness seems to be inferred from how we feel in the first place. Hence there is no reality ground for rejecting the greatest happiness principle as a moral lead.
Dexmo: An Inexpensive and Lightweight Mechanical Exoskeleton for Motion Capture and Force Feedback in VR

We present Dexmo: an inexpensive and lightweight mechanical exoskeleton system for motion capturing and force feedback in virtual reality applications. Dexmo combines multiple types of sensors, actuation units and link rod structures to provide users with a pleasant virtual reality experience. The device tracks the user's motion and uniquely provides passive force feedback. In combination with a 3D graphics rendered environment, Dexmo provides the user with a realistic sensation of interaction when a user is for example grasping an object. An initial evaluation with 20 participants demonstrate that the device is working reliably and that the addition of force feedback resulted in a significant reduction in error rate. Informal comments by the participants were overwhelmingly positive.
Heat Shock Response and Protein Degradation: Regulation of HSF2 by the Ubiquitin-Proteasome Pathway

ABSTRACT Mammalian cells coexpress a family of heat shock factors (HSFs) whose activities are regulated by diverse stress conditions to coordinate the inducible expression of heat shock genes. Distinct from HSF1, which is expressed ubiquitously and activated by heat shock and other stresses that result in the appearance of nonnative proteins, the stress signal for HSF2 has not been identified. HSF2 activity has been associated with development and differentiation, and the activation properties of HSF2 have been characterized in hemin-treated human K562 erythroleukemia cells. Here, we demonstrate that a stress signal for HSF2 activation occurs when the ubiquitin-proteasome pathway is inhibited. HSF2 DNA-binding activity is induced upon exposure of mammalian cells to the proteasome inhibitors hemin, MG132, and lactacystin, and in the mouse ts85 cell line, which carries a temperature sensitivity mutation in the ubiquitin-activating enzyme (E1) upon shift to the nonpermissive temperature. HSF2 is labile, and its activation requires both continued protein synthesis and reduced degradation. The downstream effect of HSF2 activation by proteasome inhibitors is the induction of the same set of heat shock genes that are induced during heat shock by HSF1, thus revealing that HSF2 affords the cell with a novel heat shock gene-regulatory mechanism to respond to changes in the protein-degradative machinery.
Turbulent convection driven by surface cooling in shallow water

We present the results of large-eddy simulations (LES) of turbulent thermal convection generated by surface cooling in a finite-depth stably stratified horizontal layer with an isothermal bottom surface. The flow is a simplified model of turbulent convection occurring in the warm shallow ocean during adverse weather events. Simulations are performed in a 6 × 6 × 1 aspect ratio computational domain using the pseudo-spectral Fourier method in the horizontal plane and finite-difference discretization on a high-resolution clustered grid in the vertical direction. A moderate value of the Reynolds number and two different values of the Richardson number corresponding to a weak initial stratification are considered. A version of the dynamic model is applied as a subgrid-scale (SGS) closure. Its performance is evaluated based on comparison with the results of direct numerical simulations (DNS) and simulations using the Smagorinsky model. Comprehensive study of the spatial structure and statistical properties of the developed turbulent state shows some similarity to Rayleigh–Bénard convection and other types of turbulent thermal convection in horizontal layers, but also reveals distinctive features such as the dominance of a large-scale pattern of descending plumes and strong turbulent fluctuations near the surface.
Local Knowledge Spillovers and Development: An Exploration of the Software Cluster in Uruguay

The paper contributes to the understanding of the nature of local knowledge spillovers and their importance for innovation in clusters in developing countries. Using detailed primary data about a cluster of software firms in Montevideo, Uruguay, the paper finds plenty of evidence of the existence of pure unintentional knowledge spillovers. In addition, it supports previous theoretical studies that have contended that there are also many knowledge flows that are to some degree produced purposively by local parties—these flows can be placed somewhere in between pure spillovers and pure market transactions. While the respondents themselves place most value on knowledge flows that are more or less purposively co-produced with customer transactions, a more objective statistical analysis shows that good product/service-innovation performance is associated with intensive use of flows with more pronounced spillover characteristics. The respondents possibly underrate the latter because of their invisibility and spontaneous nature. Heavy use of knowledge flows lying close to the market-transaction side of the spectrum is found to be associated with relatively advanced organizational capability, but not with product innovation. Overall, the findings point towards the relevance of cluster-based policies to promote innovation in a less developed country context. Various policy measures to stimulate the local circulation of knowledge are suggested.