Miracle-dz/UniFAR-FTUs huggingface dataset:
Time-Varying Predictability for Stock Returns, Dividend Growth and Consumption Growth

Using a state‐space model, this paper examines time variation in the predictive regressions for stock returns, dividend growth and consumption growth. Moreover, we linked time variation explicitly to movements in economic factors that can account for risk and cash flow. Results support the view that stock return predictability is enhanced when risk is high (negative growth, higher volatility and positive growth/return covariance). In contrast, dividend growth and consumption growth predictability is enhanced during economic expansions. These results are supported by subsample analysis and a vector autoregressive approach. Furthermore, these latter exercises may uncover differences in the stock return predictability relationship when viewed over different time horizons. Overall, the paper contributes to the literature by highlighting the different nature of returns predictability, which arises largely through the risk channel, and dividend and consumption growth predictability, which arise through the cash flow channel. Copyright © 2015 John Wiley & Sons, Ltd.
Assessing the Transmission of Monetary Policy Shocks Using Dynamic Factor Models

This paper extends the current literature which questions the stability of the monetary transmission mechanism, by proposing a factor-augmented vector autoregressive (VAR) model with time-varying coefficients and stochastic volatility. The VAR coefficients and error covariances may change gradually in every period or be subject to abrupt breaks. The model is applied to 143 post-World War II quarterly variables fully describing the US economy. I show that both endogenous and exogenous shocks to the US economy resulted in the high inflation volatility during the 1970s and early 1980s. The time-varying factor augmented VAR produces impulse responses of inflation which significantly reduce the price puzzle. Impulse responses of other indicators of the economy show that the most notable changes in the transmission of unanticipated monetary policy shocks occurred for GDP, investment, exchange rates and money.
Administration of interleukin‐10 abolishes innate resistance to Listeria monocytogenes

We have used severe‐combined immunodeficient (SCID) mice to examine the immunoregulatory effects of interleukin (IL)‐10 on innate resistance to infection with Listeria monocytogenes. Addition of heat killed Listeria to spleen cells from naive SCID mice resulted in secretion of interferon (IFN)‐γ from natural killer cells in vitro. This response was enhanced up to 15‐fold in the presence of exogenous IL‐2, but was completely ablated by addition of IL‐10 with an IC50 of < 0.5 U/ml. Infection of SCID mice with viable Listeria in vivo resulted in a prolonged course of infection eventually causing death by 12–14 days, whereas daily administration of IL‐10 increased bacterial replication in the liver and spleen by up to 1000‐fold resulting in death by day 4 post‐infection. The immunosuppressive actions of IL‐10 in vivo were also observed in immunocompetent BALB/c mice, where doses as low as 100 U/day converted a sublethal infection to 100% mortality. To study the events controlling expression of endogenous IL‐10, peritoneal macrophage monolayers were challenged with Listeria after pre‐incubation with a panel of recombinant cytokines. IFN‐γ primed macrophages for enhanced tumor necrosis factor (TNF) secretion, but inhibited IL‐10 production, whereas granulocyte/macrophage colony‐stimulating factor (CSF), macrophage CSF and also IL‐4 enhanced macrophage IL‐10 responses after ingestion of Listeria in vitro. Finally, monoclonal antibody neutralization of IFN‐γ during infection of SCID mice with Listeria inhibited TNF‐α mRNA, but augmented expression of IL‐10 mRNA in infected tissues. These results demonstrate that exogenous IL‐10 is a potent immunosuppressive cytokine in the context of infection with an intracellular bacterium and that expression of endogenous IL‐10 versus TNF is differentially regulated by the cytokine environment of the macrophage.
Income Elasticity Of Rice Demand In Japan And Its Implications: Cross-Sectional Data Analysis

Researchers believe that rice in developed countries such as Japan became an inferior good a few decades ago. This study employs the flexible complete demand system for the recent cross-sectional data in Japan. Our results clearly show that rice in Japan is a normal good contrary to the preceding studies. The objective of this research is to analyze the food consumption patterns and to conduct econometric analysis of food demand structure. We use the monthly basis cross-sectional household data, Annual Report on the Family Income and Expenditure Survey (FIES) in 1997. Food items are non-glutinous rice, bread, noodle, fresh fish, and shellfish, fresh meat, milk, eggs, fresh vegetables, fresh fruits, fats and oil, and food away from home. We apply various single equation models: Working-Leser model is estimated by OLS, Heckman's two-step estimator, and Tobit estimator. All coefficients have correct signs and are statistically significant. For the complete demand system analysis, we apply the almost ideal demand (AIDS) system. To correct a censored dependent variable problem, we additionally utilize a censored regression approach. Results from AIDS models show that the expenditure elasticity of rice is positive and close to one. Marshallian and Hicksian own-price elasticities for rice are highly elastic for all models. Fresh meats and rice are mild complements in all models; however, fresh fish and rice show the mixed results.
The generation of influenza outbreaks by a network of host immune responses against a limited set of antigenic types

It is commonly believed that influenza epidemics arise through the incremental accumulation of viral mutations, culminating in a novel antigenic type that is able to escape host immunity. Successive epidemic strains therefore become increasingly antigenically distant from a founding strain. Here, we present an alternative explanation where, because of functional constraints on the defining epitopes, the virus population is characterized by a limited set of antigenic types, all of which may be continuously generated by mutation from preexisting strains and other processes. Under these circumstances, influenza outbreaks arise as a consequence of host immune selection in a manner that is independent of the mode and tempo of viral mutation. By contrast with existing paradigms, antigenic distance between epidemic strains does not necessarily accumulate with time in our model, and it is the changing profile of host population immunity that creates the conditions for the emergence of the next influenza strain rather than the mutational capabilities of the virus.
Testing alternative dynamic specifications: an application to meat demand in Belgium

This letter examines alternative specifications of dynamic adjustment in the context of a linear approximate AIDS model of the demand for meat in Belgium. The model also incorporates demographic variables to account for structural changes in consumer preferences. Using a general first-order ECM specification as a unifying analytical framework, several tests are performed in an attempt to validate the preferred dynamic model specification. The results indicate that the widely-used dynamic model with one adjustment parameter (diagonal adjustment matrix) as well as the autoregressive and static models are strongly rejected by the data. The proposed symmetric specification of dynamic adjustment presents a viable alternative.
The Labor Market Effects of Immigration

This paper is a theoretical examination of the probable effects on the U.S. labor market of a continued high rate of illegal immigration. The author constructs a model to estimate the impact each additional immigrant has on the employment of the domestic population, on GNP, and on the distribution of income. The model suggests that in non-recessionary periods the most important effect of a high rate of immigration is on the wage rates of low-skilled labor rather than on the employment of low-skilled native workers, but immigration also increases the earnings of high-skilled workers and the owners of capital. In the very long run, the author concludes, this redistribution of income will be offset to some extent by increases in the supplies of skilled labor and capital.
Serum carboxymethyllysine predicts mortality in hemodialysis patients.

BACKGROUND Hemodialysis patients show markedly elevated serum levels of advanced glycation end products (AGEs). AGEs have been implicated in the pathogenesis of vascular damage and are regarded as a class of uremic toxins. However, to date, serum AGE level could not be identified as an independent predictor of mortality. The aim of the present study is to test whether serum level of the AGE carboxymethyllysine (CML) predicts all-cause or cardiovascular mortality in hemodialysis patients. METHODS Serum total CML concentration was measured by means of enzyme-linked immunosorbent assay in 154 patients receiving long-term hemodialysis. Patients were divided into groups with serum CML levels less and greater than the median (23.8 ng/mg protein). All-cause and cardiovascular mortality were registered during a follow-up of 51 months. The relationship between serum CML level and mortality was tested by using Kaplan-Meier and Cox regression analyses. RESULTS In the group with low serum CML levels, 38% of patients died during the follow-up period; 23% had a cardiovascular cause of death. However, in the group with high CML levels, 58% died (P < 0.01) and 36% had a cardiovascular cause of death (P < 0.05). The following parameters proved to be independent risk factors of all-cause mortality: age (hazard ratio, 1.056; P < 0.001), preexisting vascular disease (hazard ratio, 2.53; P < 0.05), smoking (hazard ratio, 3.03; P < 0.005), high serum CML level (hazard ratio, 1.776; P < 0.05), and C-reactive protein level (hazard ratio, 1.017; P < 0.001). CONCLUSION The AGE CML may contribute to increased mortality in patients with uremia.
Do IFRS and board of directors’ independence affect accounting conservatism?

This article observes separately and jointly the impact of international financial reporting standards (IFRS) and/or board of directors’ independence on accounting conservatism in FTSE 100 nonfinancial firms between 2002 and 2007. Using Givoly and Hayn’s (2000) accrual-based measure of accounting conservatism, we found a reduction in conservatism after the mandatory adoption of IFRS, and, also, that board of directors’ independence improved accounting conservatism. Moreover, IFRS and board of directors’ independence had a complementary impact on accounting conservatism since the role of independent directors was not observable prior to the mandatory adoption of IFRS. Our results suggest that, after the mandatory adoption of IFRS, independent directors are likely to put significantly more pressure on the management to practice more accounting conservatism.
Speech Disfluency Types of Fluent and Stuttering Individuals: Age Effects

Objective: The purpose of the present study was to quantify and compare the typology of speech disruptions presented by stuttering and fluent Brazilian Portuguese-speaking children, adolescents and adults. Subjects and Methods: Participants were 150 individuals, with ages between 4.0 and 49.11 years, who were divided into six groups: children who stutter (n = 25), children who do not stutter (n = 25), adolescents who stutter (n = 25), adolescents who do not stutter (n = 25), adults who stutter (n = 25) and adults who do not stutter (n = 25). For each participant, the frequency of stuttering-like disfluencies (SLD) and other disfluencies was calculated based on the video recordings of spontaneous speech samples. Results: The results obtained for SLD were significant when comparing stuttering and fluent individuals. In children who stutter, adolescents who stutter, and adults who stutter, a higher frequency of SLD was found. Other disfluencies did not differentiate the groups. Conclusion: The age factor did not qualify quantitatively any of the groups, but indicated qualitative differences (in terms of the type of speech disfluencies) between groups. The results revealed similarities when compared with studies carried out in different languages.
From Core-periphery to Polycentric Development: Concepts of Spatial and Aspatial Peripherality

Technical changes in the field of transport, communication and information technology, together with long-term structural shifts will, in the new century, allow a degree of spatial reorganization of European economic activity. The validity of conventional (spatial) models of peripherality is increasingly questionable. They should be supplemented by more appropriate 'aspatial' concepts. Although many elements of these are already well understood, coherent models and operational indicators are required. These could provide a sound theoretical basis on which to further the European Spatial Development Perspective's polycentric development objective. They could also provide new opportunities for peripheral regions, and relief from 'overheating' at the core.
Negative role of inducible PD‐1 on survival of activated dendritic cells

PD‐1 is a well‐established negative regulator of T cell responses by inhibiting proliferation and cytokine production of T cells via interaction with its ligands, B7‐H1 (PD‐L1) and B7‐DC (PD‐L2), expressed on non‐T cells. Recently, PD‐1 was found to be expressed in innate cells, including activated DCs, and plays roles in suppressing production of inflammatory cytokines. In this study, we demonstrate that PD‐1 KO DCs exhibited prolonged longevity compared with WT DCs in the dLNs after transfer of DCs into hind footpads. Interestingly, upon LPS stimulation, WT DCs increased the expression of PD‐1 and started to undergo apoptosis. DCs, in spleen of LPS‐injected PD‐1 KO mice, were more resistant to LPS‐mediated apoptosis in vivo than WT controls. Moreover, treatment of blocking anti‐PD‐1 mAb during DC maturation resulted in enhanced DC survival, suggesting that PD‐1:PD‐L interactions are involved in DC apoptosis. As a result, PD‐1‐deficient DCs augmented T cell responses in terms of antigen‐specific IFN‐γ production and proliferation of CD4 and CD8 T cells to a greater degree than WT DCs. Moreover, PD‐1 KO DCs exhibited increased MAPK1 and CD40–CD40L signaling, suggesting a possible mechanism for enhanced DC survival in the absence of PD‐1 expression. Taken together, our findings further extend the function of PD‐1, which plays an important role in apoptosis of activated DCs and provides important implications for PD‐1‐mediated immune regulation.
High-Intensity Cycling Training: The Effect of Work-to-Rest Intervals on Running Performance Measures

Abstract Kavaliauskas, M, Aspe, RR, and Babraj, J. High-intensity cycling training: the effect of work-to-rest intervals on running performance measures. J Strength Cond Res 29(8): 2229–2236, 2015—The work-to-rest ratio during cycling-based high-intensity interval training (HIT) could be important in regulating physiological and performance adaptations. We sought to determine the effectiveness of cycling-based HIT with different work-to-rest ratios for long-distance running. Thirty-two long-distance runners (age: 39 ± 8 years; sex: 14 men, 18 women; average weekly running training volume: 25 miles) underwent baseline testing (3-km time-trial, V[Combining Dot Above]O2peak and time to exhaustion, and Wingate test) before a 2-week matched-work cycling HIT of 6 × 10-second sprints with different rest periods (30 seconds [R30], 80 seconds [R80], 120 seconds [R120], or control). Three-kilometer time trial was significantly improved in the R30 group only (3.1 ± 4.0%, p = 0.04), whereas time to exhaustion was significantly increased in the 2 groups with a lower work-to-rest ratio (R30 group 6.4 ± 6.3%, p = 0.003 vs. R80 group 4.4 ± 2.7%, p = 0.03 vs. R120 group 1.9 ± 5.0%, p = 0.2). However, improvements in average power production were significantly greater with a higher work-to-rest ratio (R30 group 0.3 ± 4.1%, p = 0.8 vs. R80 group 4.6 ± 4.2%, p = 0.03 vs. R120 group 5.3 ± 5.9%, p = 0.02), whereas peak power significantly increased only in the R80 group (8.5 ± 8.2%, p = 0.04) but not in the R30 group (4.3 ± 6.1%, p = 0.3) or in the R120 group (7.1 ± 7.9%, p = 0.09). Therefore, cycling-based HIT is an effective way to improve running performance, and the type and magnitude of adaptation is dependent on the work-to-rest ratio.
English language teacher education in Turkey: policy vs academic standards

This qualitative study examines curriculum frameworks in English language teacher education (ELTE) programs in Turkey in light of current second language (L2) teaching standards and research vs Turkey's Higher Education Council (HEC) mandates. It also investigates program directors' perceptions about the current situations of their programs with regards to those standards and mandates. Data include eight ELTE curricula (including both private and public and low and high-ranking schools), interviews with eight program directors, student admission test scores, and teacher education standard manuals. Results suggest that while the overwhelming majority of the programs offer a homogeneous curriculum with a similar number of credit-hour allocation and weighted coverage for each competency area in the curriculum, compared to international education standards for teachers of English to speakers of other languages (TESOL), these programs seem to exhibit several noticeable weaknesses concerning the language, culture, instruction, assessment and professionalism domains. In addition, program directors express concern with how adherence to mandates has restricted the quality of their teacher education programs.
The Association between Complete Denture Wearing and Denture Quality with Oral Health Related Quality Of Life in an Elderly Gujarati Population

Aim: This study aims to determine whether complete dentures improve the quality of life of an edentulous patient, and will also assess the roles of socioeconomic and demographic factors. The study will further assess the association between psychosocial, socioeconomic and demographic factors and patients' level of denture satisfaction.Material & Method : A final sample of 630 patients was then included in the study. Eighty-one percent (n=510) of the sample was female. The age ranged from 34 years to 80 years old with a mean age of 58 years.Result: Generally, all the patients were satisfied with the maxillary denture received during their treatment. A higher rate of dissatisfaction was recorded for the mandibular denture (36%) than the maxillary denture (10%). More than two thirds (68%) of the sample experienced great difficulty eating with their previous dentures and only 42% experienced pain in their mouth in the last month. Patients recorded higher impacts related to functional limitations. This could be due to ill-fitting dentures, inadequate retention and the resulting discomfort experienced by edentulous patients. Conclusion: The findings of this study could also serve as motivation for a more vigorous national plan with regards to oral health. The high prevalence of edentulism clearly suggests that the levels of tooth loss are not decreasing. The results of this study and future research could be used to motivate for more appropriate resource allocation.
Genetic Algorithms for Product Design

Product design is increasingly recognized as a critical activity that has a significant impact on the performance of firms. Consequently, when firms undertake a new existing product design redesign activity, it is important to employ techniques that will generate optimal solutions. As optimal product design using conjoint analysis data is an NP-hard problem, heuristic techniques for its solution have been proposed. This research proposes the use of and evaluates the performance of Genetic Algorithms GA, which is based on the principles of natural selection, as an alternative procedure for generating "good" i.e., close to optimal solutions for the product design problem. The paper focuses on 1 how GA can be applied to the product design problems, 2 determining the comparative performance of GA vis-i-vis the dynamic programming DP heuristic Kohli and Krishnamurti [Kohli, R. , R. Krishnamurti. 1987. A heuristic approach to product design. Management Sci.3312 1523-1533. ], [Kohli, R. , R. Krishnamurti. 1989. Optimal product design using conjoint analysis: Computational complexity and algorithms. Eur. J. Oper. Res.40 186-195. ] in generating solutions to the product design problems, 3 the sensitivity of the GA solutions to variations in parameter choices, and 4 generalizing the results of the dynamic programming heuristic to product designs involving attributes with varying number of levels and studying the impact of alternate attribute sequencing rules.
Methodical aspects ofin vitroproliferation of porcine blood lymphocytes when exposed to deoxynivalenol ( DON )

Trichothecene mycotoxins such as deoxynivalenol (DON) are known to modulate the immune function, but to this date only few studies have been conducted with farm animals, especially pigs, which are regarded as most susceptible to this mycotoxin. Mitogen-stimulated proliferation of porcine blood lympho­ cytes was measured using two different assays, the MTT cleav­ age (metabolic activity) and the BrdU incorporation (DNA-synthesis). Furthermore, immunoglobulin (IgA, IgG and IgM) con­ centrations of culture supernatants were determined using an indirect ELISA. Various conditions were investigated before establishment of the appropriate method: the grade of stimula­ tion of the T-cell mitogens concanavalin A (ConA) and phythaemagglutinin (PHA) were compared to the B-cell mitogen lipopolysaccharide (LPS) from the cell wall of E. coli. Further­ more, the effect of input of 1 x 105, 2 x 105, and 4 x 105 lym­ phocytes per well was studied in the view of sensitivity to the mycotoxin DON. In addition, the effects of DON dose (0, 70, 140, 280, and 560 ng/ml) were tested in lymphocytes of one par­ ticular pig, which were either frozen or freshly processed. ConA appeared to be the most potent mitogen tested and was applied at 2.5 μg/ml in lymphocyte cultures. 1 x 105 cells/well seemed to be more sensitive to DON compared to 2 x 105 and 4 x 105 cells/well, as the inhibiting concentrations of 50 % (IC50) increased with the cell number from 249, 325 to 337 ng DON/ml, respectively. Addition of 70 to 560 ng DON/ml to ConA-stimulated lymphocytes dose-dependently inhibited the metabolic activity (MTT assay) and DNA-synthesis (BrdU assay). No obvious difference in the toxic action of DON was observed when lymphocytes were frozen or freshly processed since the IC50 values were comparable (286 versus 309 ng DON/ml for the MTT and 201 versus 200 ng DON/ml for the BrdU assay). Supernatant Ig concentrations also showed a dose­ dependent reduction with IC50 values of 108 or 121 ng DON/ml for IgA, 84 or 86 ng DON/ml for IgM, and none or 72 ng DON/ml for IgG when lymphocytes were frozen or freshly processed, respectively.
Hostility, Somatic Symptoms, and Hypochondriacal Fears and Beliefs

The authors administered self-rating scales of anger-hostility, somatic symptoms, and hypochondriacal fears and beliefs to seven groups of patients and nonpatients. Somatic symptoms were positively correlated with anger-hostility and were negatively correlated with feelings of friendliness; the correlation coefficients ranged from low to moderately high and were significant in most groups. Somatic symptoms tended to be associated more strongly with symptoms of anxiety and depression than with those of hostility. The associations of hypochondriacal fears and beliefs with hostility were inconsistent, varied between groups and with the concern measured. The findings do not support the view that anger or hostility are main or specific etiological factors either in somatization or in hypochondriacal fears or beliefs.