Miracle-dz/UniFAR-FTUs huggingface dataset:
On the different styles of large shareholders’ activism

This paper extends Noe’s (Rev Financial Studies 15:289–317, 2002) model of large shareholder activism in two directions. First, it considers a framework in which large shareholders can choose not only when to monitor, but also how intensively they want to monitor the firm. Second, it considers the impact of laws and regulations by introducing a governance quality parameter that makes monitoring more cost effective. The model yields a new and rich characterization of activism. We find that share wealth (ownership concentration) induces monitoring for higher firm value through more frequent monitoring with unchanged intensity. Cash wealth motivates activism for trading gains, not higher firm value, through less frequent monitoring coupled with higher intensity. We also find that better governance leads to higher firm value through more frequent but less intense activism. When asymmetries within the group of large shareholders exist, the model predicts that the larger/wealthier/more efficient shareholders are more active. These results are broadly consistent with the empirical evidence.
Linkages among ecotourism, landscape and natural resource management, and livelihood diversification in the region of Suğla Lake, Turkey

The purpose of this study is to evaluate opportunities of the region of Suğla Lake located in Turkey for community-based ecotourism development that enable sustainable landscape and natural resource management as well as livelihood diversification. A participatory research approach was applied by participation of a diverse number of stakeholders (e.g. local communities, local and central governmental bodies and researchers). A set of participatory research tools (e.g. interviews and field surveys), SWOT analysis and the method of Ecotourism Opportunity Spectrum (ECOS) were used to collect and evaluate relevant data. The study consists of four sections. The first section focuses on SWOT analysis by which the advantages and disadvantages of the study area for ecotourism development were examined. In the second section, the most suitable villages for ecotourism development were examined by adapting the method of ECOS based on the 18 parameters by using 1–4 score system. Accordingly, the most suitable five villages for ecotourism development were determined. Major natural and cultural ecotourism resources (e.g. diversity of landforms, spectacular landscapes and traditional lifestyle) of the study area were examined in the third section. In the fourth section, the ecotourism-based livelihood and relevant core capitals were evaluated according to 1–4 score system for the five villages. We hope that the outcomes of this study can draw attention of planners and policymakers to the role of ecotourism for sustainable landscape and natural resource management as well as livelihood diversification in the region and elsewhere.
Where Does Public Service Motivation Count the Most in Government Work Environments? A Preliminary Empirical Investigation and Hypotheses

Recent research has demonstrated that public service motivation (PSM) is positively associated with the compatibility that public employees have to public organizations. However, the person–work environment (PE Fit) research also highlights the importance of compatibility not only between individuals and organizations (PO Fit) but also between individuals and jobs (PJ Fit). Hence, there is a need for research that investigates the level of the government work environment that PSM contributes to the most. Subsequently, this study sought to shed some light on the relationship that PSM has to PO Fit and PJ Fit. Using a sample of 205 randomly selected employees drawn from three public organizations in the States of Oregon, Indiana, and Kentucky, PSM was found to be a significantly better predictor of PO Fit, than PJ Fit. The implications of this finding for public administration research and practice are discussed.
THE VALUE OF CHOICE IN PUBLIC POLICY

Conceptualizing and measuring choice is problematic both in theory and in practice. Measuring by counting the alternatives seems counter-intuitive as a smaller set of better or more diverse alternatives seems to provide more choice than one that is simply larger. However, concentrating upon better alternatives leads to choice being defined by welfare or utility which is also counter-intuitive. The implications of this paradox are considered in relation to examples drawn from the choice agenda in British social policy. Empirical difficulties in measuring the welfare gains through implementing greater choice at a time of other central-led policy initiatives such as targets are discussed, and the extant evidence discussed. Criteria for judging whether or not choice has been welfare-enhancing are suggested. It is argued that ‘soft choice’ where service providers provide information and explain different options is preferable to ‘hard’ choice of simplistic targets to increase choice by ticking target boxes.
The Impacts of Recreational Four-Wheel Driving on the Abundance of the Ghost Crab (Ocypode cordimanus) on a Subtropical Sandy Beach in SE Queensland

There is increasing concern regarding the impacts of recreational four-wheel driving (4WDing) on sandy beach environments. The ghost crab Ocypode cordimanus is a widely distributed Australian species that utilizes beaches and dunes for constructing burrows and for foraging. Comparisons of ghost crab abundances (using burrow counts) in areas “open” and “closed” to recreational 4WDing were conducted on exposed sandy beaches on North Stradbroke Island, off the coast of southeast Queensland. Beaches where recreational 4WD activity is present had significantly lower ghost crab abundances than beaches where it is absent. The most plausible reason for this difference in abundance is that ghost crabs are highly vulnerable to being crushed by beach traffic when feeding on the beach at night. To mitigate the impacts of recreational 4WDing on ghost crab population management intervention is needed. Possible changes to the management of recreational 4WD activity include the setting aside of areas free of recreational 4WD activity for the conservation of biodiversity, or a prohibition on driving on the beaches between dusk and dawn. There is also a need for a consistent and transparent approach in Queensland for quantifying and monitoring 4WD activity in sandy beach environments.
The Balancing Act: The Role of Transnational Habitus and Social Networks in Balancing Transnational Entrepreneurial Activities

Transnational entrepreneurship is becoming an increasingly important global phenomenon with enormous impact on economic, social, and political structures worldwide. Drawing on Bourdieu's theory of practice, we assess how transnational entrepreneurs (TEs) may balance their network scope and network size in dual environments to enhance their ability to operate in both environments. Using a sample of 452 U.S. Latin American TEs, we find that balanced network size and network scope in the respective institutional settings enhance the degree of transnational venture activities. More importantly, we find that the joint effects of balancing network size with network scope are significantly greater than their individual effects.
Nitric oxide synthase inhibition versus norepinephrine for the treatment of hyperdynamic sepsis in sheep.

OBJECTIVES To investigate the effects of Nomega-mono-methyl-L-arginine (L-NMMA), an inhibitor of nitric oxide synthesis, on hemodynamics, oxygen transport, and regional blood flow in an ovine model of hyperdynamic sepsis and to compare these effects with the responses to norepinephrine. DESIGN Prospective, nonrandomized, controlled experimental study with repeated measures. SETTING Investigational intensive care unit at a university medical center. SUBJECTS Twenty-five female, healthy, adult sheep of the Merino breed, divided into three groups: nine control sheep; eight sheep treated with L-NMMA; and eight sheep treated with norepinephrine. INTERVENTIONS All sheep were chronically instrumented. After a 5-day recovery period, a continuous infusion of live Pseudomonas aeruginosa (2.5 x 10(6) colony-forming units/min) was started and maintained for the remainder of the experiment. After 24 hrs of sepsis, eight sheep received L-NMMA (7 mg/kg/hr), eight sheep received norepinephrine, and nine sheep received the vehicle alone (0.9% saline). The norepinephrine dosage was continuously and individually adjusted to achieve the same increase in blood pressure as was observed in a matched sheep of the L-NMMA group. MEASUREMENTS AND MAIN RESULTS After 24 hrs of sepsis, all sheep developed a hyperdynamic circulatory state with increased cardiac indices and reduced arterial pressures, and systemic vascular resistances. L-NMMA reversed the hyperdynamic circulation, causing an increase in arterial pressure by peripheral vasoconstriction. Norepinephrine led to an increase in blood pressure by augmenting cardiac indices, leaving the systemic vascular resistance unaffected. The norepinephrine dose needed to keep the blood pressure high had to be continuously increased, reflecting the reduced vascular responsiveness to catecholamines during sepsis. Renal blood flow remained unaffected by all treatment forms. Norepinephrine and L-NMMA led to a dramatic increase in urine production. Blocking the nitric oxide synthase with L-NMMA did not interfere with the host's pulmonary ability to clear bacteria, nor did treatment with norepinephrine. CONCLUSIONS Blocking nitric oxide synthase had a marked vasoconstrictive effect. Both norepinephrine and L-NMMA increased arterial pressure without reducing renal blood flow, leading to an improved renal function.
Aggregate Fertility and Household Savings: A General Equilibrium Analysis Using Micro Data

This study uses micro data and an overlapping generations (OLG) model to show that general equilibrium (GE) forces are critical for understanding the relationship between aggregate fertility and household savings. First, we document that parents perceive children as an important source of old-age support and that, in partial equilibrium (PE), increased fertility lowers household savings. Then, we construct an OLG model that parametrically matches the PE empirical evidence. Finally, we extend the model to conduct a GE analysis and show that under standard assumptions and with the parameters implied by the data, GE forces can substantially offset the PE effects. Thus, focusing only on the PE can substantially overstate the effect of aggregate fertility on household savings.
Optimization Transmission for Improving Degrees of Freedom in MIMO Y Channel

In this paper, we consider K-user multiple input and multiple output (MIMO) Y channel where each user is equipped with M antennas and the relay N antennas. A scheme that each user exchanges d pairs of messages with each of the other users simultaneously via an intermediate relay is proposed. It is accomplished by utilizing signal space alignment for network coding and interference nulling beam forming combined with receiving antenna selection technique. By using multiple antennas at both ends of wireless links, more diversity gain can be obtained if d is small, while more degrees of freedom (DOF) can be achieved if d becomes larger. The feasibility conditions and the achievable DOF are verified at last.
Persistent Patterns in Stock Returns, Stock Volumes, and Accounting Data in the U.S. Capital Markets

Benford’s Law gives the expected frequencies of the digits in tabulated data. The expected frequencies show a large bias toward the low digits. An analysis of the Center for Research in Security Prices (CRSP) data shows that the daily returns have a near-perfect fit to Benford’s Law. The daily volumes also have a close fit to Benford’s Law but there are deviations due to round lot trading and the fact that some of the data are rounded to the nearest hundred. An analysis of Compustat data also shows a close fit to Benford’s Law with some explainable deviations. The expected returns and the abnormal returns used in event studies over an extended period showed that these numbers also conformed to Benford’s Law. Recent studies have divided a population into subsets and then tested the subsets for conformity to Benford’s Law. The conclusions are that the subsets with the weakest fit to Benford were fraudulent. The problems with this approach are discussed, and these include statistical considerations, issues with using Compustat data, other plausible explanations for a lack of conformity, and the fact that there is no clear link between a change in the leading digit of a number and the materiality of the dollar value of the change.
An Empirical Analysis of the Effect of Internationalization on the Performance of Unlisted Family and Nonfamily Firms in Australia

The purpose of this study is to compare the performance of unlisted family and nonfamily small and medium-sized enterprises (SMFEs and non-SMFEs) and the effect of internationalization on their relative performance. Results of the regression analysis of 4,217 firms with 11,821 observations over a 3-year period found that SMFEs achieved a higher return on assets as a result of having a superior return on sales. Also, although the results indicate that internationalization had a significant negative effect on the return on assets of SMEs overall, this was not the case for SMFEs, and the results suggest that SMFEs perform better in the international marketplace. These results were consistent across different definitions of family business employed. Implications for future research are explored.
How Muslims View Democracy: Evidence from Central Asia

The Arabic word “Islam” refers to submission to the will of God, but there is much disagreement within Islam about what that will is. Since September 11, 2001, there has been much debate in the West about whether Islamic and Western values are inherently in conflict, and especially whether Islam is inherently hostile to democracy. Nor are Americans and West Europeans alone in worrying about religious conflict. Recurrent conflicts in Chechnya have encouraged Islamophobia in Russia, where about 10 percent of the population is Muslim. In The Clash of Civilizations and the Remaking of World Order, Samuel P. Huntington adopts an “essentialist” position: “Whatever their political or religious opinions,” he writes, “Muslims agree that a basic difference exists between their culture and Western culture. ” Huntington also seems to suggest that this “basic difference” will lead to a violent clash with Western civilization: “The underlying problem for the West is not Islamic fundamentalism. It is Islam. ” The implications of a civilizational conflict between the West and Islam are profoundly disturbing, since the world’s Muslim population is an estimated one billion, and states where the majority of the population is Muslim extend from Indonesia and Pakistan through the Middle East to the Atlantic shores of Africa. Moreover, several hundred million Muslims compose sizeable minorities in multicultural states from India and China through the Russian Federation and Israel to France, Britain and, increasingly, the United States. Muslims have never agreed about the essence of their religion, and Richard Rose founded the New Europe Barometer in 1991 to monitor mass response to transformation in the postcommunist countries of Central and Eastern Europe and the former Soviet Union (details at www.cspp. strath.ac.uk). His latest book is Elections without Order: Russia’s Challenge to Vladimir Putin (with Neil Munro, 2002). He is director of the Centre for the Study of Public Policy at the University of Strathclyde, Glasgow.
Longitudinal effects of aging on serum total and free testosterone levels in healthy men. Baltimore Longitudinal Study of Aging.

Many studies have shown cross-sectional (and two small studies, longitudinal) declines in total and/or free testosterone (T) levels, with age, in men. The extent to which decline in T is the result of the aging process per se, as opposed to chronic illness, medication use, and other age-related factors, remains controversial. The frequency with which aging leads to T levels consistent with hypogonadism has also not been defined. These issues bear on the potential use of T replacement in aging men, because aging and hypogonadism have, in common, reduced bone and lean body mass and muscle strength and increased total and abdominal fat. We measured T and sex hormone-binding globulin (SHBG), by RIA, in stored samples from 890 men in the Baltimore Longitudinal Study on Aging. Using a mixed-effects model, we found independent effects of age and date of sampling to reduce T levels. After compensating for date effects, which investigation suggested was artifactual, we observed significant, independent, age-invariant, longitudinal effects of age on both T and free T index (free T index = T/SHBG), with an average change of -0.124 nmol/L.yr and -0.0049 nmol T/nmol SHBG.yr. T, but not free T index, also decreased with increasing body mass index. Use of beta-blocking drugs was associated with higher T and higher free T index levels. Using total T criteria, incidence of hypogonadal T levels increased to about 20% of men over 60, 30% over 70 and 50% over 80 yr of age, and even greater percentages when free T index criteria were employed. Our observations of health factor independent, age-related longitudinal decreases in T and free T, resulting in a high frequency of hypogonadal values, suggest that further investigation of T replacement in aged men, perhaps targeted to those with the lowest serum T concentrations, are justified.
Human cerebrovascular and ventilatory CO2 reactivity to end‐tidal, arterial and internal jugular vein PCO2

This study examined cerebrovascular reactivity and ventilation during step changes in CO2 in humans. We hypothesized that: (1) end‐tidal P CO 2 (P ET,CO 2 ) would overestimate arterial P CO 2 (P a,CO 2 ) during step variations in P ET,CO 2 and thus underestimate cerebrovascular CO2 reactivity; and (2) since P CO 2 from the internal jugular vein (P jv,CO 2 ) better represents brain tissue P CO 2, cerebrovascular CO2 reactivity would be higher when expressed against P jv,CO 2 than with P a,CO 2, and would be related to the degree of ventilatory change during hypercapnia. Incremental hypercapnia was achieved through 4 min administrations of 4% and 8% CO2. Incremental hypocapnia involved two 4 min steps of hyperventilation to change P ET,CO 2, in an equal and opposite direction, to that incurred during hypercapnia. Arterial and internal jugular venous blood was sampled simultaneously at baseline and during each CO2 step. Cerebrovascular reactivity to CO2 was expressed as the percentage change in blood flow velocity in the middle cerebral artery (MCAv) per mmHg change in P a,CO 2 and P jv,CO 2. During hypercapnia, but not hypocapnia, P ET,CO 2 overestimated P a,CO 2 by +2.4 ± 3.4 mmHg and underestimated MCAv‐CO2 reactivity (P < 0.05). The hypercapnic and hypocapnic MCAv‐CO2 reactivity was higher (∼97% and ∼24%, respectively) when expressed with P jv,CO 2 than P a,CO 2 (P < 0.05). The hypercapnic MCAv–P jv,CO 2 reactivity was inversely related to the increase in ventilatory change (R2= 0.43; P < 0.05), indicating that a reduced reactivity results in less central CO2 washout and greater ventilatory stimulus. Differences in the P ET,CO 2, P a,CO 2 and P jv,CO 2 –MCAv relationships have implications for the true representation and physiological interpretation of cerebrovascular CO2 reactivity.
Restructuring the Innovation Capacity of the Business Sector in Estonia: Business Survey Result

The growth prospects of the Estonian economy depend on transforming the former ‘socialist’ industrial R&D into competitive business-sector innovation activities, establishing interactions between firms and other research units, and accelerating international diffusion. An additional task, specific for a transition country, is intensive utilization of the inherited human capital. The results of a business survey conducted in Tallinn in the summer of 1996 indicate that favourable restructuring of industrial R&D and the development of new innovation capacities are indeed taking place. The regression models indicate, however, that while the results seem to be mostly successful, some detailed support is needed. Firstly, further qualitative changes seem to be necessary in the state-owned and privatized electronics firms. And secondly, newly emerging firms need easier access to the capital market and management expertise.
Do Immigrant Integration Policies Matter? A Three-Country Comparison among Turkish Immigrants

Various theoretical perspectives make strong, but often contradictory, claims about effects of immigrant integration policies on immigrants' retention of their ethnic cultures and their adoption of the host country's culture. However, there is very little empirical research investigating these competing claims. This article addresses this gap by investigating the merits of four prominent theoretical perspectives, which emphasise respectively the material costs and benefits of retention and adoption, acculturative stress, the permeability of ethnic boundaries, and reactive ethnicity. It uses original survey data on Turkish immigrants in Germany, France, and the Netherlands, countries with different integration regimes, and investigates identification, language proficiency and use, religious observance and interethnic social contacts. The results indicate that policies have only a modest effect on immigrants’ degree of adoption and retention. The findings clearly contradict the reactive ethnicity and acculturative stress hypotheses, and provide support for a combination of the material cost/benefit and boundary permeability perspectives.
When much is not better? Top management compensation, board structure, and performance in Spanish firms

Previous empirical results reveal several contradictions when relating top management compensation, board structure and levels of performance. While fewer directors and more external directors are associated with better supervision, there is no agreement on the effect on top management compensation level. This lack of consensus is even more noticeable when analyzing the effect performance. This paper offers a theoretical framework and a panel data methodology based empirical study to account for how earlier analyses have differed. Given the large board dimension in the Spanish market, information processing perspectives are confirmed which positively link board size with higher top management compensation. Similarly, a higher proportion of external directors reduces top management compensation levels since it improves supervision and reduces insiders' power. Finally, a quadratic relation is obtained between performance and top management compensation. This relation explains a positive effect, supported by agency theory on performance at low levels of management compensation, and a negative effect which is consequence of higher managers' discretion at high levels.
AN INVESTIGATION INTO THE IMPACT OF TUTORIALS ON THE PERFORMANCE OF ECONOMICS STUDENTS

The deteriorating performance of first-year economics students has become a concern at many South African universities. Addressing the issue requires an understanding of the factors influencing students' success. Studies analysing academic performance use the education production function approach. This approach identifies inputs that are crucial to learning and to achieving certain outputs. Factors that have been investigated in other studies include the impact of lecture attendance on performance, school-leaving exam (matriculation) results, particularly performance in mathematics, and the gender and age of students. Copyright (c) 2009 The Authors. Journal compilation (c) 2009 Economic Society of South Africa.