Miracle-dz/UniFAR-FTUs huggingface dataset:
Reinvestigating the Uncovered Interest Rate Parity Puzzle via Analysis of Multivariate Tail Dependence in Currency Carry Trades

The currency carry trade is the investment strategy that involves selling low interest rate currencies in order to purchase higher interest rate currencies, thus profiting from the interest rate differentials. This is a well known financial puzzle to explain, since assuming foreign exchange risk is uninhibited and the markets have rational risk-neutral investors, then one would not expect profits from such strategies. That is uncovered interest rate parity (UIP), the parity condition in which exposure to foreign exchange risk, with unanticipated changes in exchange rates, should result in an outcome that changes in the exchange rate should offset the potential to profit from such interest rate differentials. The two primary assumptions required for interest rate parity are related to capital mobility and perfect substitutability of domestic and foreign assets. Given foreign exchange market equilibrium, the interest rate parity condition implies that the expected return on domestic assets will equal the exchange rate-adjusted expected return on foreign currency assets. However, it has been shown empirically, that investors can actually earn arbitrage profits by borrowing in a country with a lower interest rate, exchanging for foreign currency, and investing in a foreign country with a higher interest rate, whilst allowing for any losses (or gains) from exchanging back to their domestic currency at maturity. Therefore trading strategies that aim to exploit the interest rate differentials can be profitable on average. The intention of this paper is therefore to reinterpret the currency carry trade puzzle in light of heavy tailed marginal models coupled with multivariate tail dependence features in the analysis of the risk-reward for the currency portfolios with high interest rate differentials and low interest rate differentials.
The Accounting:Clinical Interface - Implementing Budgets for Hospital Doctors

The implementation of budgets for hospital doctors has been the subject of study in many countries. A general conclusion to emerge from these various studies is that of failure—of an inability of accounting information to make meaningful connections with the world of the hospital doctors. A distinguishing feature of many policy initiatives which seek to reform practice in the state-owned or state-financed institutions has been the perspective adopted by policy-makers—that of modernizers or reformers who pursue their policies with relentless conviction, even where there is no sign of successful implementation. This article presents a contrasting view, in which a more complex understanding of the reform process is necessary, to explain successful clinical budgeting.
Relationships between matrix metalloproteinases and tissue inhibitor of metalloproteinases in the wall of abdominal aortic aneurysms.

AIM The pathologic feature of aortic aneurysm is considered to be the remodeling of the aortic wall, involving fragmentation and decrease of elastic fibers in the tunica media. Matrix metalloproteinases (MMPs), particularly MMP-2 and MMP-9, have been implicated in collagen and elastin degeneration within the aortic wall. The precise relationship among MMPs and tissue inhibitor of metalloproteinases (TIMPs) is still unclear. We have studied the expression of MMP-2, MMP-9 tissue inhibitor of metalloprotein-1 (TIMP-1), TIMP-2 and membrane type 1-MMP (MT-1-MMP) in the wall of small AAAs (30-45 mm), large AAAs (>45 mm) and controls (<25 mm). We investigated the relationship among expressions of MMP-2, TIMP-2 and MT1-MMP in the walls. METHODS The aortic walls in the patients with AAA were harvested from the maximum diameter, while the aortic walls in autopsy cases were harvested as controls. We analyzed tissue distribution of cell types by immunochemistry, protein expression by Western blotting and mRNA expression by competitive polymerase chain reaction. RESULTS They consisted of 11 in controls, 8 in small AAAs and 26 in large AAAs. Among the MMPs-positive-cells, mainly macrophage, MMP-2-positive cells were in the intima, but MMP-9-positive cells in the intima and adventitia. In the small size, MMP-2 and MMP-9 mRNA were higher than those of control. In the large size, MT1-MMP and MMP-9 mRNA were higher than those of the controls. In the mRNA level of the whole AAA, significant correlations were present between MMP-2 and MMP-9, between MMP-2 and TIMP-1, and between MMP-9 and TIMP-1. These expressions were confirmed by Western blotting. CONCLUSION We concluded as follows: 1) MMP-2 and MMP-9 may play an important role in the developmental process of AAA. 2) TIMP-1 plays an important role of interacting MMP-2 and/or MMP-9. 3) MMP-2 and MT1-MMP may play an important role in the early stages of AAAs.
Interleukin 1alpha single-nucleotide polymorphism associated with systemic sclerosis.

OBJECTIVE In systemic sclerosis (SSc), constitutive expression of the proinflammatory and fibrogenic cytokine interleukin 1alpha (IL-1alpha) by dermal fibroblasts from the affected skin has been observed. We investigated the association of a single-nucleotide polymorphism at position -889 in the IL-1alpha gene in patients with SSc. METHODS Genotyping of IL-1alpha-889 polymorphism was performed in 46 patients with SSc and in 150 healthy controls by polymerase chain reaction with sequence-specific primers. All subjects were unrelated Slovak Caucasians. RESULTS In SSc patients, carriers of the IL-1alpha-889 T allele were significantly overrepresented in comparison with controls (63.0% vs 42.0%; p = 0.01, OR 2.3, 95% CI 1.2-4.6). The frequency of the IL-1alpha-889 T allele was increased in SSc patients (38.0%) in comparison with controls (25.7%; p = 0.02). CONCLUSION The IL-1alpha-889 polymorphism, previously shown to predispose to increased IL-1 protein expression, may be involved in susceptibility to SSc.
The performance of enhanced-return index funds: evidence from bootstrap analysis

We apply the bootstrap technique proposed by Kosowski et al. [J. Finance, 2006, 61, 2551–2595] in conjunction with Carhart's [J. Finance, 1997, 52, 57–82] unconditional and Ferson and Schadt's [J. Finance, 1996, 51, 425–461] conditional four-factor models of performance to examine whether the performances of enhanced-return index funds over the 1996 to 2007 period are based on luck or superior ‘enhancing’ skills. The advantages of using the bootstrap to rank fund performance are many. It eliminates the need to specify the exact shape of the distribution from which returns are drawn and does not require estimating correlations between portfolio returns. It also eliminates the need to explicitly control for potential ‘data snooping’ biases that arise from an ex-post sort. Our results show evidence of enhanced-return index funds with positive and significant alphas after controlling for luck and sampling variability. The results are robust to both stock-only and derivative-enhanced index funds, although the spread of cross-sectional alphas for derivative-enhanced funds is slightly more pronounced. The study also examines various sub-periods within the sample horizon.
Effects of environmental policy on consumption: lessons from the Chinese plastic bag regulation

Abstract To reduce plastic bag litter, China introduced a nationwide regulation requiring all retailers to charge for plastic shopping bags on 1 June 2008. By using the policy implementation as a natural experiment and collecting individual-level data before and after the implementation, we investigate the impacts of the regulation on consumers’ bag use. We find that the regulation implementation caused a 49 per cent reduction in the use of new bags. Besides regulation enforcement, consumers’ attitude toward the regulation and some consumers’ socioeconomic characteristics also affected bag consumption. However, the regulation effects differ largely among consumer groups and among regions and shopping occasions.
Valuation of Family Firms: The Limitations of Accounting Information

This conceptual paper explores the extent to which reported accounting information captures unique family firm decision-making and intangible asset factors that impact financial value. We review the family firm valuation-relevant literature and identify that this body of research is predicated on the assumption that accounting information reflects the underlying reality of family firms. This research, however, fails to recognise that current accounting technology does not fully recognise the family firm factors in the book value of the firm or the implications for long run persistence of earnings. Thus, valuation models underpinning the extant empirical research, which are predicated on reported accounting information, may not fully reflect the intrinsic value of family firms. We present propositions on the interaction between accounting information, family factors and valuation as a road map for future empirical research with a discussion of appropriate methodologies.
DELLA proteins regulate arbuscule formation in arbuscular mycorrhizal symbiosis

Significance Arbuscular mycorrhizal (AM) symbiosis is a mutualistic interaction formed between most land plants and soil fungi. During symbiosis the fungus develops branched hyphae, known as arbuscules, inside the root cortical cells. Arbuscules are critical to the symbiosis and function in phosphate delivery to the plant. Here we show that arbuscule formation is regulated by DELLA proteins. DELLA proteins are negative regulators of gibberellic acid (GA) signaling and repress plant growth and development. Our data provide insights into regulation of arbuscule formation and identify a potential mechanism by which the plant can coordinate the symbiosis with its growth and nutrient status. Most flowering plants are able to form endosymbioses with arbuscular mycorrhizal fungi. In this mutualistic association, the fungus colonizes the root cortex and establishes elaborately branched hyphae, called arbuscules, within the cortical cells. Arbuscule development requires the cellular reorganization of both symbionts, and the resulting symbiotic interface functions in nutrient exchange. A plant symbiosis signaling pathway controls the development of the symbiosis. Several components of the pathway have been identified, but transcriptional regulators that control downstream pathways for arbuscule formation are still unknown. Here we show that DELLA proteins, which are repressors of gibberellic acid (GA) signaling and function at the nexus of several signaling pathways, are required for arbuscule formation. Arbuscule formation is severely impaired in a Medicago truncatula Mtdella1/Mtdella2 double mutant; GA treatment of wild-type roots phenocopies the della double mutant, and a dominant DELLA protein (della1-Δ18) enables arbuscule formation in the presence of GA. Ectopic expression of della1-Δ18 suggests that DELLA activity in the vascular tissue and endodermis is sufficient to enable arbuscule formation in the inner cortical cells. In addition, expression of della1-Δ18 restores arbuscule formation in the symbiosis signaling pathway mutant cyclops/ipd3, indicating an intersection between DELLA and symbiosis signaling for arbuscule formation. GA signaling also influences arbuscule formation in monocots, and a Green Revolution wheat variety carrying dominant DELLA alleles shows enhanced colonization but a limited growth response to arbuscular mycorrhizal symbiosis.
Interference of Mycobacterium tuberculosis cell division by Rv2719c, a cell wall hydrolase

The genetic factors responsible for the regulation of cell division in Mycobacterium tuberculosis are largely unknown. We showed that exposure of M. tuberculosis to DNA damaging agents, or to cephalexin, or growth of M. tuberculosis in macrophages increased cell length and sharply elevated the expression of Rv2719c, a LexA‐controlled gene. Overexpression of Rv2719c in the absence of DNA damage or of antibiotic treatment also led to filamentation and reduction in viability both in broth and in macrophages indicating a correlation between Rv2719c levels and cell division. Overproduction of Rv2719c compromised midcell localization of FtsZ rings, but had no effect on the intracellular levels of FtsZ. In vitro, the Rv2719c protein did not interfere with the GTP‐dependent polymerization activity of FtsZ indicating that the effects of Rv2719c on Z‐ring assembly are indirect. Rv2719c protein exhibited mycobacterial murein hydrolase activity that was localized to the N‐terminal 110 amino acids. Visualization of nascent peptidoglycan (PG) synthesis zones by probing with fluoresceinated vancomycin (Van‐FL) and localization of green fluorescent protein‐Rv2719c fusion suggested that the Rv2719c activity is targeted to potential PG synthesis zones. We propose that Rv2719c is a potential regulator of M. tuberculosis cell division and that its levels, and possibly activities, are modulated under a variety of growth conditions including growth in vivo and during DNA damage, so that the assembly of FtsZ‐rings, and therefore the cell division, can proceed in a regulated manner.
Refining the Effects Observed in a Developmental Neurobehavioral Study of Ammonium Perchlorate Administered Orally in Drinking Water to Rats. II. Behavioral and Neurodevelopment Effects

A developmental neurotoxicity study was conducted to generate additional data on the potential functional and morphological hazard to the central nervous system caused by ammonium perchlorate in offspring from in utero and lactation exposure. Female Sprague-Dawley rats (23 to 25/group) were given continuous access to 0 (carrier), 0.1, 1.0, 3.0, and 10.0 mg/kg-day perchlorate in the drinking water beginning 2 weeks prior to mating and continuing through day 10 of lactation for the behavioral function assessment or given continuous access to 0 (carrier), 0.1, 1.0, 3.0, and 30.0 mg/kg-day beginning on gestation day 0 and continuing through day 10 of lactation for neurodevelopment assessments. Motor activity was conducted on postpartum days 14, 18, and 22 and juvenile brain weights, neurohistopathological examinations, and regional brain morphometry were conducted on postpartum days 10 and 22. This research revealed a sexually dimorphic response, with some brain regions being larger in perchlorate-treated male rats than in comparable controls. Even so, there was no evidence of any obvious exposure-related effects on male rat brain weights or neuropathology. The most consistent exposure-related effect in the male pups was on the thickness of the corpus callosum, with both the right- and left-sided measures of the thickness of this white matter tract being significantly greater for the male pups in the 0.1 and 1.0 mg/kg-day exposure groups. The behavioral testing suggests prenatal exposure to ammonium perchlorate does not affect the development of gross motor movements in the pups.
An exploration of coaching interventions and techniques used to address workplace bullying in South Africa

Despite workplace bullying becoming more prevalent today, limited focus has been placed on this phenomenon within the organisational research context. It is important to note that this particular field of study still seems to be fairly new. Preventative measures for workplace bullying have focused on organisations taking responsibility through revisiting organisational leadership and culture, implementing policies and programmes, one of which includes coaching interventions. The present study set out to state that through effective and well-directed coaching interventions, awareness regarding workplace bullying can be created on both an individual and organisational level. The main objective of the study was to explore what coaching interventions and techniques can be used in coaching to address workplace bullying in South Africa. This study, positioned in the interpretivist paradigm, explored the personal experiences of 13 qualified and registered business coaches with COMENSA in South Africa, regarding their understanding, experience and knowledge of coaching related to workplace bullying from the sample group, through qualitative data. The sample group participated in individual semi-structured interviews relaying their experiences by answering specific questions, formulated as guidelines to the study. The questions were grouped into four categories, in order to analyse the qualitative data by using the content analysis method. The study found that coaches are increasingly faced with the responsibility to coach individuals related to workplace bullying, that it is a definite problem in South African organisations, but that organisations are currently not addressing it. The sample group in general had an average understanding of the concept of workplace bullying. However, their experience in workplace bullying contributed to insight on a number of factors, not obtained from literature. This also included the identification of several approaches, techniques and tools, which have been used with great effectiveness, whether coaching bullies or individuals being bullied. The sample group also emphasised a number of critical areas that coaches need to be aware of, including the importance of coaching supervision, proper contracting with clients and the effect that workplace bullying have on the coach himself, to mention just a few. The study focused on discussing the findings of this study by analysing and comparing the specific results, with previous literature, research and studies. The literature mentioned a number of theoretical underpinnings that can be used in workplace bullying coaching, but the study found more value in the processes followed by the coaches regarding effective coaching interventions, combined with approaches, tools and techniques, which are indicated specifically in the study. It was also found that an effective workplace bullying coach should have a good knowledge of organisations, organisational culture and the dynamics in business. Stellenbosch University http://scholar.sun.ac.za
Corporate Governance, Leadership Structure and CEO Compensation: Evidence from Taiwan

Agency theorists have put forth a number of internal control mechanisms that can reduce agency problems. These different mechanisms are substitutive and thus it is thought that both the board of directors and large external shareholders can influence CEO compensation. Stewardship theory challenges the presumption of self-interest of agency theory, holding that managers view themselves as stewards of their organisation. The first objective of this paper is to study the influence of the control of the board of directors and large external shareholders on CEO compensation. The second objective is to utilise both stewardship and agency theory to analyse the relationship between control mechanisms and compensation, and to see which theory is more applicable. This paper uses the LISREL model to study the influence that the control of the board of directors and external large shareholders has upon CEO compensation, with data drawn from samples of listed manufacturing companies between the years 1997 and 1999 in Taiwan. The following conclusions are reached: (1) the paper supports the viewpoint of stewardship theory whereby the CEO acts as a steward of his/her company when he/she also holds the position of chairman of the company. (2) The findings show that CEO compensation will be high when the board's control is relatively ineffective. (3) The shareholdings of the board of directors can reinforce the degree of control from the board.
Cognitive style, learning and innovation

Cognitive style is widely recognized as an important determinant of individual behaviour. “This paper considers its rehance to organizational learning and the innovation process. The central argument is that cognitive style is fundamental determinant of individual and organizational behaviour which manifests itself in individual workplace actions and in organizational systems, processes and routines. “The paper presents a number of propositions which raise some implicationsfor research into cognitive styles and its impact upon innovation and organizational learning. It is argued that in order to optimize individual performance: (a) a number of human resource interventions are required which facilitate a versatility of style at both the individual and the organizational levels; (6) managers and human resource practitioners have a crucial role to play and that a precondition for action is an understanding of the basis of style and its practical implications.
Asset Pricing with Stochastic Differential Utility

Asset pricing theory is presented with representative-agent utility given by a stochastic differential formulation of recursive utility. Asset returns are characterized from general first-order conditions of the Hamilton-Bellman-Jacobi equation for optimal control. Homothetic representative-agent recursive utility functions are shown to imply that excess expected rates of return on securities are given by a linear combination of the continuous-time market-portfolio-based capital asset pricing model (CAPM) and the consumption-based CAPM. The Cox, Ingersoll, and Ross characterization of the term structure is examined with a recursive generalization, showing the response of the term structure to variations in risk aversion. Also, a new multicommodity factor-return model, as well as an extension of the "usual" discounted expected value formula for asset prices, is introduced. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.
Prospective origins of prostate carcinoma: Prostatic intraepithelial neoplasia and atypical adenomatous hyperplasia

The search for the precursor of prostatic adenocarcinoma has focused in recent years on two histopathologic findings: high grade prostatic intraepithelial neoplasia (PIN) and atypical adenomatous hyperplasia (AAH). This article describes the diagnostic criteria and clinical significance of PIN and AAH. METHODS AND RESULTS. PIN is the most likely precursor of prostate carcinoma. The continuum that culminates in high grade PIN and early invasive carcinoma is characterized by progressive basal cell layer disruption, loss of markers of secretory differentiation, nuclear and nucleolar abnormalities, increasing proliferative potential, increasing microvessel density, variation in DNA content, and allelic loss. Clinical studies suggest that PIN predates carcinoma by 10 years or more, with low grade PIN first appearing in men in their 30s. AAH is usually found in the transition zone, and shows a weak and inconclusive link to well differentiated adenocarcinoma of the transition zone. CONCLUSIONS. The significance of recognizing PIN is based on its strong association with prostatic carcinoma. PIN coexists with carcinoma in most cases, but retains an intact or fragmented basal cell layer, unlike carcinoma, which lacks a basal cell layer. High grade PIN in biopsies predicts the presence of carcinoma in subsequent biopsies, and PIN provides the highest risk ratio of all known predictive factors. This finding indicates the need for repeat biopsy and follow‐up when PIN is identified in a biopsy, especially in patients with an elevated serum prostate specific antigen concentration. PIN also offers promise as an intermediate endpoint in studies of chemoprevention of prostatic carcinoma. Unlike PIN, AAH is weakly linked to carcinoma, and current data indicate that no follow‐up is necessary for patients with this finding. Cancer 1996;78:330‐6.