Miracle-dz/UniFAR-FTUs huggingface dataset:
Same Financial Development yet Different Economic Growth--Why?

We re-study the relationship between financial development and real GDP per capita growth in 48 countries. What we find is an interesting evidence that only stock market development has positive effects on growth and that banking development has an unfavorable, if not negative, effect on growth. We examine whether or not these impacts are a product of various financial and economic conditional variables. Our conditional variables consist of financial liberalization, two sets of country development dummies, crises in banking and currency dummies, the creditor protection index as well as the anti-director and corruption indices. Our results clearly show that the conditional variables of financial liberalization, high-income level, and good shareholder protection mitigate the negative impacts of banking development on growth. In contrast, the conditional variables of middle-income level, regional Latin American, Sub-Saharan African and East Asian dummies, banking and currency crises, good creditor protection, and higher corruption strengthen the negative impacts of banking development on growth. Next, the conditional variables of middle-income level, Latin American, Sub-Saharan African, and East Asian dummies strengthen the positive impacts of stock market development on growth, whereas the conditional variables of financial liberalization mitigate the positive impacts of stock market development on growth. Last, we find that the relationship between growth and bank development is better described as a weak inverse Ushape. This inverse U-shape becomes stronger when additional stock market variables are squared. Thus, financial development and growth may, in fact, be in a nonlinear form.
Putnam's Social Capital Theory Goes East: A Case Study of Western Ukraine and L'viv

attempts to test Putnam's theory explicitly in the analysis of post-socialist politiesmost notably former East Germany-attention has been directed more towards his equilibrium thesis of 'virtuous' and 'vicious' circles. While stressing Putnam's neglect of factors such as institutional design and third-party enforcement,4 the focus in current analyses has been less on the issue of social capital as such and the micro-sociological underpinnings of non-communitarian social capital. The latter is the topic of this article. Therefore, rather than asking ourselves 'what is the importance of social capital to successful democratisation', the proper question to pose in our case should be 'exactly what is it in the nature of social capital in post-socialist societies that makes people less inclined to invest trust in formal democratic institutions? ' Putnam's own reply is that 'sanctions that support norms of reciprocity against threat of opportunism are less likely to be imposed upwards and less likely to be acceded to, if imposed' in the kind of particularistic and vertical networks from which negative social capital breeds.5 Contrary to Putnam's argument, though, we hold that lack of trust in formal institutions is not due primarily to difficulties in implementing sanctions in social networks. Although Putnam was right in focusing on the exchange relations that constitute the backbone of these networks, the important point is actually that communitarian and non-communitarian social capital draw on two different modes of reducing social transaction costs. It is this difference rather than the problem of sanctions that accounts for the difficulties of transforming non-communitarian social
Tools supporting wind energy trade in deregulated markets

A large share of the wind energy produced in Scandinavia is sold at deregulated electricity markets. The main market, Elspot, is a day-ahead market where energy is sold up to 36 hours before delivery. Failure in delivering exactly the quantity which was sold results in a ne, called regulation cost. As wind energy comes from an uncontrollable energy source - the wind - producers can not always full their sales obligations and must, therefore, often pay high regulation costs. In this thesis it is examined how producers can increase their prot by bidding on the market in such a way that the regulation cost is minimised. The methods developed rely on new production forecasts which provide better probabilistic information about the prediction uncertainty than many forecasting systems currently in use. The problem is formulated in two dierent ways. One, originally presented by John B. Bremnes, where only a part of the market is included, gives a simple method that can be applied using only statistical tools. The other method is more exible at the cost of complexity. It uses both statistics and stochastic programming. This method can be changed and applied in other markets with a structure dierent from that of the Scandinavian market, NordPool.
Functional Activity of the Complement Regulator Encoded by Kaposi's Sarcoma-associated Herpesvirus*

Kaposi's sarcoma-associated herpesvirus (KSHV) is closely associated with Kaposi's sarcoma and certain B-cell lymphomas. The fourth open reading frame of the KSHV genome encodes a protein (KSHV complement control protein (KCP, previously termed ORF4)) predicted to have complement-regulating activity. Here, we show that soluble KCP strongly enhanced the decay of classical C3-convertase but not the alternative pathway C3-convertase, when compared with the host complement regulators: factor H, C4b-binding protein, and decay-accelerating factor. The equilibrium affinity constant (K D ) of KCP for C3b and C4b was determined by surface plasmon resonance analysis to range between 0.47–10 μm and 0.025–6.1 μm, respectively, depending on NaCl concentration and cation presence. Soluble and cell-associated KCP acted as a cofactor for factor I (FI)-mediated cleavage of both C4b and C3b and induced the cleavage products C4d and iC3b, respectively. In the presence of KCP, FI further cleaved iC3b to C3d, which has never been described before as complement receptor 1 only mediates the production of C3dg by FI. KCP would enhance virus pathogenesis through evading complement attack, opsonization, and anaphylaxis but may also aid in targeting KSHV to one of its host reservoirs since C3d is a ligand for complement receptor 2 on B-cells.
Ownership structure and bank risk-taking: evidence from Tunisian banks

The majority of previous studies have been limited to the study of the insertion of the aspects of ownership structure in the corporate governance of companies without worrying about the incidence of this mechanism on the bank risk-taking. This paper examines the relationship between ownership structure and bank risk-taking over the period 1999-2006 in Tunisia, being an emergent country. We find that the degree of ownership concentration and the identities of proprietors have a relatively strong effect on risk-taking behaviour. The results also indicate that the decision of bank risk-taking is related to other factors such as the bank's size and debts.
Are Anomalies Still Anomalous? An Examination of Momentum Strategies in Four Financial Markets

In this paper we test the profitability of momentum strategies in the United Kingdom, Germany, Japan and China over the period 1991 to 2006 and sub-periods. Both RSS (Relative Strength Strategies) and WRSS (Weighted Relative Strength Strategies) are used to form the momentum portfolios. We find that the United Kingdom and Germany exhibit rather stable medium-term return continuation for both RSS and WRSS over the entire sample period and sub-periods, while Japan shows a medium-term return reversal over the sub-period 1991-1998. For China we report momentum profits over the period 1995-2006 and the sub-period 2001-2006 with RSS. Furthermore, we use the results of RSS to check the influence of risk factors and transaction costs on the momentum returns, as well as calendar effects and other characteristics of momentum portfolios reported in the literature. With the results of WRSS, we examine the relative importance of time-series predictability and cross-sectional variation in accounting for the profits of momentum strategies.
Conceptualising and implementing two community gardening projects on the Cape Flats, Cape Town

Two community gardening projects in the Cape Town Metropole, South Africa, were studied in terms of how their intended outcomes were conceptualised by programme stakeholders, and how programme implementation was perceived by the intended beneficiaries. Following a broadly qualitative approach, data collection methods included individual and group interviews, participant observation, and reviews of programme records. A model of short-term, medium-term, and long-term outcomes, as perceived by programme management and staff, was elicited. Gardeners generally were positive about the service delivery of the programme, and identified the provision of food for their households as the major change that the programme introduced in their lives. They achieved some savings on household food purchases, and improved their nutrition somewhat. They also reported some income generation, but they perceived it as too little. Finally, respondents were very positive about a range of social benefits obtained from participating in the projects.
Black-White Wealth Inequality: Is Inheritance the Reason?

Racial differences in the receipt of financial inheritances help to explain why the average difference in wealth between black and white households is larger than the average difference in income. Using data from a panel of prime-aged males and from a representative survey of the U.S. population, the authors document the greater likelihood of white households receiving an inheritance than black households. Controlling for other factors which contribute to racial differences in wealth, the authors estimate that financial inheritances may account for between 10 percent and 20 percent of the average difference in black-white household wealth. Copyright 1997 by Oxford University Press.
Toward a More General Theory of Regulation

In previous literature, George Stigler asserts a law of diminishing returns to group size in politics: Beyond some point it becomes counterproductive to dilute the per capita transfer. Since the total transfer is endogenous, there is a corollary that dirninishing returns apply to the transfer as well, due both to the opposition provoked by the transfer and to the demand this opposition exerts on resources to quiet it. Stigler does not himself formalize this model, and my first task will be to do just this. My simplified formal version of his model produces a result to which Stigler gave only passing recognition, namely that the costs of using the political process limit not only the size of the dominant group but also their gains. This is at one level, a detail, which is the way Stigler treated it, but a detail with some important implications -- for entry into regulation, and for the price-output structure that emerges from regulation. The main task of the paper is to derive these implications from a generalization of Stigler's model.
Abnormal maternal serum chorionic gonadotropin levels in pregnancies with fetal chromosome abnormalities

The alpha subunit of human chorionic gonadotropin (alpha‐hCG), human chorionic gonadotropin (hCG) and alpha fetoprotein (AFP) were measured in the serum of 25 women with chromosomally abnormal fetuses between 18 and 25 weeks of gestation and in 74 normal pregnancies. AFP levels less than 0.5 multiples of the median (MoM) or greater than 2.5 MoM were observed in 24 per cent of the abnormal pregnancies and in 6.76 per cent of the normal pregnancies. A low concentration of hCG (< 0.25 MoM) was observed in 8 per cent of abnormals and in 2.7 per cent of normals while an elevated concentration of hCG (>2.5 MoM) was observed in 56 per cent of abnormals and in 1.35 per cent of normals. Elevated hCG‐alpha (>2.5 MoM) was observed in 28 per cent of abnormals and in none of the normals. Determination of elevated levels of hCG‐alpha or hCG resulted in detection of 68 per cent of pregnancies with chromosomally abnormal fetuses with a false positive rate of 1.35 per cent. Determination of both elevated and depressed gonadotropin levels resulted in detection of 76 per cent of abnormal pregnancies with a false positive rate of 4.05 per cent. Measurement of hCG and hCG‐alpha in maternal serum samples can be used as a screening procedure for detecting pregnancies at risk for fetal chromosome abnormalities.
Correction of an error in calculation in the article "Frequency of micronuclei in the peripheral blood and bone marrow of cancer-prone mice chronically exposed to 2450 MHz radiofrequency radiation" (Radiat. Res. 147, 495-500, 1997)

Upon re-examination of the data in our manuscript entitled "Frequency of Micronuclei in the Peripheral Blood and Bone Marrow of Cancer-Prone Mice Chronically Exposed to 2450 MHz Radiofrequency Radiation", which appeared in the April 1997 issue of Radiation Research (Vol. 147, pages 495-500), we realized that an error was made in the statistical analysis. In the last column in Tables I and II, the group mean micronuclei was based on 1000 polychromatic erythrocytes (PCEs), but the calculation of the standard deviation was based on 2000 PCEs. When the correction is made using the same number of PCEs, the two-tailed Student's t test indicated that the difference between the mice chronically exposed to radiofrequency (RF) radiation and the sham-exposed mice is statistically significant for both peripheral blood and bone marrow in Table I, and not for either tissue in Table II. We apologize for the miscalculation. Having corrected the error, we wish to point out that, although the difference was statistically significant within this (one) experiment, the biological relevance must be put in proper perspective. The increase in the frequency of micronuclei in the 62 mice exposed to RF radiation, compared to the frequency in the 58 shamexposed mice, was only 1 additional micronucleus per 200 PCEs, or an increase of 0.05%. This is a very small change in a large number of animals exposed to RF radiation ov r a very long period (18 months). Based on this evidence alone, it would be premature to conclude that the RF radiation exposure acted as a weak mutagen. Furthermore, the statistical increase in the frequency of micronuclei was not correlated with an outcome of carcinogenesis. Neither the latent period nor the total number of tumors was reported to be different between the exposed and sham-exposed mice (Frei et al., manuscript in preparation), the same animals for which the micronucleus frequencies were determined. As one final point, and as pointed out in the paper, the incidences of micronuclei in both the mice exposed to RF radiation and the sham-exposed mice were all within the range of the spontaneous incidence of micronuclei reported for mice in the literature.
Fifteen‐Year Experience and Outcomes of Pericardiectomy for Constrictive Pericarditis

Constrictive pericarditis has multiple etiologies and can lead to disabling symptoms and severe heart failure with poor quality of life. Surgical pericardiectomy is the cornerstone of management. All patients undergoing pericardiectomy at our institution were reviewed with the goal of analyzing preoperative and intraoperative factors that may be associated with long‐term outcomes.
In-Depth Analysis of the Structure and Properties of Two Varieties of Natural Luffa Sponge Fibers

The advancement in science and technology has led to luffa sponge (LS) being widely used as a natural material in industrial application because of its polyporous structure and light texture. To enhance the utility of LS fibers as the reinforcement of lightweight composite materials, the current study investigates their water absorption, mechanical properties, anatomical characteristics and thermal performance. Hence, moisture regain and tensile properties of LS fiber bundles were measured in accordance with American Society for Testing and Materials (ASTM) standards while their structural characteristics were investigated via microscopic observation. Scanning electron microscopy (SEM) was used to observe the surface morphology and fractured surface of fiber bundles. The test results show that the special structure where the phloem tissues degenerate to cavities had a significant influence on the mechanical properties of LS fiber bundles. Additionally, the transverse sectional area occupied by fibers in a fiber bundle (SF), wall thickness, ratio of wall to lumen of fiber cell, and crystallinity of cellulose had substantial impact on the mechanical properties of LS fiber bundles. Furthermore, the density of fiber bundles of LS ranged within 385.46–468.70 kg/m3, significantly less than that of jute (1360.40 kg/m3) and Arenga engleri (950.20 kg/m3). However, LS fiber bundles demonstrated superior specific modulus than Arenga engleri.
Investor Flows to Asset Managers: Causes and Consequences

Cash flows between investors and funds are both cause and effect in a complex web of economic decisions. Among the issues at stake are the prospects and fees of the funds, the efforts and risk choices by the funds’ managers, the pricing and comovement of the assets they trade, the stability of the financial system and the real economy, and the retirement security and protection of the investors. There is an accordingly large and growing literature on flows that has concentrated on the main retail investment pool, the open-end mutual fund, and has used flows to explore many aspects of retail financial decision making. We survey this literature and, where relevant, describe how open-end flows compare to other investment vehicles. We also identify opportunities both for future research and for refinement of mutual fund design, in particular as suggested by the recent rethinking of retail investment pools in the European Union.
Ambiguity Aversion and Illusion of Control: Experimental Evidence in an Emerging Market

This paper investigates behavioral effects known as illusion of control and ambiguity aversion using an experiment with business and economics students in Brazil. Empirical results suggest that people present both ambiguity aversion and illusion of control. Nonetheless, most agents are not willing to pay a premium to reduce or eliminate ambiguity aversion and to gain “control. ” These results share some similarities with results for developed markets, but it seems cultural differences may play a role in these results.
The relationship between competition and innovation: measuring innovation and causality

Technological progress is an important engine of economic growth. The recognition of the importance of technological progress for firm performance and economic growth has ignited the search for drivers of innovation. The search for these drivers and the seminal work of Schumpeter (1942) raised the interest in the relationship between competition and innovation among policymakers and researchers. One of the most fundamental difficulties in the extant literature is the identification of an innovation. Innovations are especially difficult to measure in the service sector, where conventional innovation measures are not readily available. Another fundamental difficulty is to capture the causal effect of competition on innovation and vice versa. This thesis introduces a new measure of innovation based on technological gaps between firms to examine the effect of competition on innovation in the U.S. banking sector. The results show that there is an inverted-U relationship between competition and innovation. Furthermore, both the consolidation trend and deregulation reduced the degree of competition and the innovation incentives of banks. The findings in this thesis also show that the innovation behavior of large banks is relatively more responsive to changes in competition. This thesis also focuses on the effect of innovation on competition. In contrast to the extant literature, this thesis incorporates the effects of innovation input and output on competition in one framework. The findings show that while innovation input affects competition positively, innovation output reduces the degree of competition. It is important to distinguish these dimensions of innovation since innovation input and output are interrelated. The relationship between innovation inputs and output is examined in detail by investigating innovation production functions and the determinants of inefficiency. The results show that the innovation production functions exhibit decreasing returns to scale and that inefficiencies are present during the production of innovations.
A case study of the changing role of the academic middle manager in higher education: between hierarchical control and collegiality?

Fourteen academic middle managers in one of the newer universities were interviewed about their perceptions of their roles. As part of the semi-structured interviews they were asked questions about the extent to which collegiality was still a significant factor in the university's internal decision-making process. No other cluster of questions raised responses that went more to the heart of the managers‘ perceptions of their roles, although the article's arguments about these roles also draw on responses to a wide range of other questions. The interviewees pointed to many of the difficulties they encountered in collegial decision-making and noted its general imperfections when trying to pursue new initiatives with some staff who were resistant to change. They understood, therefore, why the collegial processes were often bypassed or subverted, although they tended to see those above the head of department level in the managerial hierarchy as more prone to act in these non-collegial ways. Nevertheless, they considered that collegiality was the most appropriate form of decision-making in Higher Education mainly because it was important to win the hearts and minds of staff in favour of the necessary changes if the university were to flourish. There is further consideration of the relative vulnerability of the academic middle manager. The writers argue that the best way to make sense of the interviewees’ responses in these respects is to invoke the theories about organizational cultures of Harrison and Handy. In effect, the case study university appears to be operating more of a ‘people culture’ in the management of academic full-time staff on ‘permanent’ contracts, but the middle managers‘ perceptions of the management of themselves by their superiors seem more akin to organizational life within a ‘power culture’. In conclusion, the possible effects of these perceptions are explored in a world in which the role of the university middle manager is becoming ever more complex and demanding.
Poverty Dynamics: Analysis of Household Incomes in Italy

Poverty increased in Italy during 1993, both in incidence and intensity. This study focuses on the changes which have taken place after the crisis. The data set used is the Bank of Italy Survey on Household Income and Wealth (SHIW), and poverty is defined in terms of disposable income. A descriptive analysis which uses intensity and incidence indices is provided and probit models are estimated on the poverty probability faced by households of the 1993-95 SHIW panel. The latter microeconometric analysis shows that households living in the South of Italy, with an unemployed husband and whose income was further below the poverty line in 1993, are more likely to have remained poor in 1995. Households whose head has a higher level of education and where the number of employed members is higher were more likely to escape from poverty in 1995. On the whole, it can be stated that poverty did not decrease after the 1993 recession and the poverty status of households living in the South of Italy did worsen after the crisis. Copyright Fondazione Giacomo Brodolini and Blackwell Publishers Ltd 2000.