Miracle-dz/UniFAR-FTUs huggingface dataset:
WORLD, NATIONAL, AND INDUSTRY FACTORS IN EQUITY RETURNS

THIS PAPER examines the international structure of returns on common stocks with two specific purposes: to better understand the importance of international diversification relative to domestic diversification and to improve the specification of the stochastic process generating returns. Implicit in most discussions of international diversification is the hypothesis that it will result in greater gains than the ordinary "pure diversification" gains arising from increasing the universe of available securities within a single country. The early tests of Grubel [1968] and Levy and Sarnat [1970] relied on low correlations between the various national markets and the performances of ex post efficient internationally diversified portfolios to establish these greater gains. However, the low correlations among markets may or may not indicate large potential gains relative to domestic diversification depending on the correlations among groups of stocks in each market and the ex post efficient portfolios are, at best, indicative of gains. A further step was taken by Lessard [1973], who focused on the existence of a greater commonality among returns within countries than across countries as a major determinant of international diversification gains. More recently, Agmon [1972, 1973], Cohn and Pringle [1973], Solnik [1973a,b] and McDonald [1973] emphasize the degree to which different national markets are integrated into a single multinational capital market. As McDonald points out, with fully integrated markets, the only advantage to international diversification is the "pure diversification" effect, a reduction in the contribution of non-systematic risk to the total risk of a diversified portfolio due to an increase in the number of securities available. With segmentation, on the other hand, the gains of investors in one country may be greater or less than those associated with pure diversification depending on the risk-return relationships in various markets. The strength of the segmentation effect and of the "pure diversification" effect are related to the structure of returns, in particular, the strength of national factors in returns and their international interdependence. The existence of national factors in returns also implies a multi-factor stochastic process generating returns which, as we show, has important implications for the measurement of a security's contribution to the risk of the world market portfolio or any other market portfolio called for by a specific international capital asset pricing model (CAPM). This, in turn, is important in testing various international CAPM propositions.1
Enhancing Identification of Opinion Spammer Groups

Consumer-generated media buzz has significant influence on brands and is also the reason that has forced companies to communicate with consumers through consumer-generated channels. Recent investigations about brand recognition however show that many prominent brands are using fake followers or fake opinions for their promotion or to discredit their opponents. It is of paramount importance to detect such fake activities to ensure that the Web remains a trusted source of valuable information. So far, it is still quite easy to detect fake followers. On the other hand fake opinions are very hard to recognize as fake ones by just reading them. Most of the research in the field of fake opinions has been targeting the detection of fake opinions or reviews originating from single opinion spammers. Since groups of opinion spammers can simply mislead the most sophisticated algorithms that focus on content of the fake opinion we propose a novel idea to enhance the detection of fake profiles based on content originated by such profiles using additional features from quantitative psycho-linguistic text analytics tools.
The Strategic Listing Decisions of Hedge Funds

Abstract The voluntary nature of hedge fund database reporting creates strategic listing opportunities for hedge funds. However, little is known about how managers list funds across multiple databases or whether investors are fooled by funds’ listing decisions. In this paper, we find that hedge funds strategically list their small, best-performing funds in multiple outlets immediately while preserving the option to list their other funds in additional databases later. We generally find that investors react rationally to these fund listings based on the predictability of performance. Finally, our results lead to specific guidelines on handling backfilled returns to minimize biases.
Do derivatives affect the use of external financing?

We examine whether derivatives use reduces the utilization of external financing for a large sample of nonfinancial firms over the period 2002 to 2004. Using the measures of net external finance as discussed in Bradshaw et al. (2006), we find a negative association between corporate derivative use and the use of external financing. Further, we find the relationship is driven by differences in the use of debt, as opposed to equity financing.
Hidden Limit Orders on the NYSE

department of finance, insurance and real estate at Fogelman College of Business and Economics of Memphis State University in Memphis (TN 38111). creen-based trading systems such as the exchanges in Frankfurt, London, Paris, Singapore, Toronto, Vancouver, and on Globex S and Instinet, allow traders to submit limit orders that are displayed to interested traders. These exchanges and trading systems display not only the best bid and ask, with the associated sizes, but also a montage of the next levels of bids and asks with their associated sizes. The New York Stock Exchange system, by contrast, permits the display of only one quote each (and its size) on the bid and ask side. Given these limitations, what should the specialist display? Suppose there is a bid at $50 for 10,000 shares and another bid at $50.125 for 100 shares. The investor placing the 100-share limit order and others interested in tradmg in small lots would likely prefer that the quotes reflect the higher bid. But institutional traders who wish to trade only in larger sizes might prefer to have the 10,000 limit order displayed. The specialist might try to accommodate both groups by displaying the 100-share order, but temporarily “flashing” the 10,000-share order. Some speciahsts follow this practice. Consistent with the philosophy of protecting the interests of small traders, U.S. law and Securities and Exchange Commission (SEC) regulations require that the best bid and ask must be &splayed that is, in the case above, the 100-share order must be &splayed. SEC Rule 11Acl-1 (effective August 1, 1978) states:
Performance related pay in Belgium and The Netherlands

Individual worker data is used to identify which types of workers and firms choose PRP in Belgium and The Netherlands. The results show that there are significant differences across these neighbouring countries in terms of the workers who choose PRP systems and the firms who adopt them. Results support the previously identified and positive relationship between firm size and use of PRP. In addition, interesting differences are found concerning the natue of industrial relations and the use of PRP.
Family Involvement and Agency Cost Control Mechanisms in Family Small and Medium‐Sized Enterprises

Family firms may experience different agency conflicts to the classical principal‐agent conflict, which arise depending on the varying extent of family involvement. Agency cost control mechanisms should be introduced to cope with them. The paper focuses on family involvement, in governance () and in management (), agency cost control mechanisms, and financial performance in family . The results show that is negatively related to agency cost control mechanisms, but they are positively related to , Finally, the importance of agency cost control mechanisms positively influences the financial performance. Hypotheses were tested using .
Portfolio Flows, Volatility and Growth

We study the realized openness to portfolio flows of economically more-developed and less-developed countries as it affects future GDP growth. Outflows of a country's funds into U.S. securities are predictive of GDP growth, suggesting that the benefits of openness outweigh local capital flight. Both inflows and outflows of funds via local equity securities are predictive of growth, which is the evidence of the benefits of openness. For less-developed countries, the effect of inflows is especially strong. Country-specific volatility in flows does not detract from growth, and volatility in world-wide flows precedes growth. Overall, the evidence is consistent with strong benefits of realized financial integration where the availability of U.S. markets for local portfolio investment along with equity investment from the outside enhances economic growth.
Ongoing Transmission of Hepatitis B Virus in Rural Parts of the Netherlands, 2009–2013

Background Reported acute hepatitis B incidence in the Netherlands reached its nadir in 2013. However, regional signals about increased number of hepatitis B cases raised the question how hepatitis B incidence was distributed over the country. In this study, regional differences in hepatitis B epidemiology were investigated using epidemiological and molecular data. Methods Acute hepatitis B virus (HBV) infections, reported between 2009–2013, were included. If serum was available, a fragment of S and C gene of the HBV was amplified and sequenced. Regional differences in incidence were studied by geographical mapping of cases and cluster analysis. Regional differences in transmission were studied by constructing regional maximum parsimony trees based on the C gene to assess genetic clustering of cases. Results Between 2009 and 2013, 881 cases were notified, of which respectively 431 and 400 cases had serum available for S and C gene sequencing. Geographical mapping of notified cases revealed that incidences in rural border areas of the Netherlands were highest. Cluster analysis identified two significant clusters (p<0.000) in the South-western and North-eastern regions. Genetic cluster analysis showed that rural border areas had relatively large clusters of cases with indistinguishable sequences, while other regions showed more single introductions. Conclusion This study showed that regional differences in HBV epidemiology were present in the Netherlands. Rural border regions showed higher incidences and more ongoing transmission, mainly among MSM, than the more urban inland areas. Therefore, preventive measures should be enhanced in these regions.
State-Owned Enterprises: Trade Effects and Policy Implications

With a growing integration via trade and investment, state-owned enterprises (SOEs) that have traditionally been oriented towards domestic markets increasingly compete with private firms in the global market place. Three principal questions emerge from the international trade perspective: (1) How important is state ownership in the global economy; (2) What types of advantages granted to SOEs by governments (or disadvantages afflicting them) are inconsistent with the key principles of the non-discriminatory trading system; and (3) What policies and practices support effective competition among all market participants? Using a sample of world‘s largest firms and their foreign subsidiaries, this paper shows that the extent of state presence in various countries and economic sectors is significant. Moreover, many of the countries with the highest SOE shares and economic sectors with strong SOE presence are intensely traded. The potential for economic distortions is hence large, if some of these SOEs benefit from unfair advantages granted to them by governments–an allegation that is often raised in political and business circles. Existing information on such advantages is often either anecdotal or limited to individual cases. As a groundwork for future analysis and building on the existing information and literature, this paper presents a conceptual discussion of how potential SOE advantages can generate cross-border effects. It also describes several cases when actions of SOEs as well as advantages allegedly granted to them by governments have been contested as inconsistent with national or international regulations, albeit with varying degree of success. This may be partially explained by the fact that existing regulatory frameworks that discipline some forms of anti-competitive behaviour of SOEs have been designed with domestic objectives in mind or were conceived at times when the state sector was oriented primarily towards domestic markets. The survey of existing rules at the national, bilateral and multilateral levels presented in this paper is a first step in determining whether there is a need to fill any gaps and in finding the most constructive ways of doing so.
Inbound Open Innovation Activities in High‐Tech SMEs: The Impact on Innovation Performance

Prior studies suggest that open innovation activities positively influence innovation outcomes in large firms. However, few studies have investigated the implications of small and medium‐sized enterprises’ (SMEs) adoption of open innovation. We address this research gap by investigating the effects of four inbound open innovation activities on innovation performance of SMEs. In doing so, we draw on data from 252 high‐tech SMEs. Our results reveal that different open innovation activities are beneficial for different innovation outcomes. For instance, technology sourcing is linked to radical innovation performance, whereas technology scouting is linked to incremental innovation performance. These findings hold several important theoretical and practical implications.
Phylogeny and tempo of diversification in the superradiation of spiny-rayed fishes

Spiny-rayed fishes, or acanthomorphs, comprise nearly one-third of all living vertebrates. Despite their dominant role in aquatic ecosystems, the evolutionary history and tempo of acanthomorph diversification is poorly understood. We investigate the pattern of lineage diversification in acanthomorphs by using a well-resolved time-calibrated phylogeny inferred from a nuclear gene supermatrix that includes 520 acanthomorph species and 37 fossil age constraints. This phylogeny provides resolution for what has been classically referred to as the “bush at the top” of the teleost tree, and indicates acanthomorphs originated in the Early Cretaceous. Paleontological evidence suggests acanthomorphs exhibit a pulse of morphological diversification following the end Cretaceous mass extinction; however, the role of this event on the accumulation of living acanthomorph diversity remains unclear. Lineage diversification rates through time exhibit no shifts associated with the end Cretaceous mass extinction, but there is a global decrease in lineage diversification rates 50 Ma that occurs during a period when morphological disparity among fossil acanthomorphs increases sharply. Analysis of clade-specific shifts in diversification rates reveal that the hyperdiversity of living acanthomorphs is highlighted by several rapidly radiating lineages including tunas, gobies, blennies, snailfishes, and Afro-American cichlids. These lineages with high diversification rates are not associated with a single habitat type, such as coral reefs, indicating there is no single explanation for the success of acanthomorphs, as exceptional bouts of diversification have occurred across a wide array of marine and freshwater habitats.
Differential gene expression during elongation in the preimplantation pig embryo

Summary: On day 12–13 of gestation, the preimplantation pig conceptus undergoes a dramatic morphologic change from an approximately 1‐cm sphere to a nearly 1‐m long thread. This transformation, referred to as elongation, occurs in just 12–24 h. Elongation is primarily the result of trophectodermal cell shape changes, as there is relatively little mitosis during this stage of development. Thus far, descriptions of elongation have been limited to histologic and immunofluorescent studies of cell morphology and gross biochemical evaluations. We hypothesized that the changes in trophectoderm morphology likely involves significant changes in gene expression. Therefore, we used RNA arbitrarily primed‐PCR (RAP‐PCR) to characterize potential differential gene expression by trophectodermal cells during pig conceptus elongation. We found that the porcine heterogeneous nuclear ribonucleoprotein (hnRNP) A2/B1 was shown to be differentially expressed by trophectodermal cells during elongation. We suggest that regulated alternative splicing may contribute to the morphogenetic process of elongation. genesis 26:9–14, 2000. Published 2000 Wiley‐Liss, Inc.
The role of dopamine in reward and pleasure behaviour – review of data from preclinical research

Objective: The purpose of this article is to review some of the basic aspects of the dopaminergic system and its role in reward and pleasure behaviour. We also discuss the association between dopamine and unpleasant symptoms that are commonly found in neuropsychiatric disorders and may also be side‐effects of neuroleptic drugs.
S100A4 regulates migration and invasion in hepatocellular carcinoma HepG2 cells via NF-κB-dependent MMP-9 signal.

BACKGROUND AND OBJECTIVES We previously showed that the calcium-binding protein S100A4 is overexpressed and related to metastasis in hepatocellular carcinoma (HCC). However, whether S100A4 participates in the regulation of metastasis and its mechanisms in HCC is mostly unknown. Given the associations of S100A4, nuclear factor-kB (NF-kB/RelA) and MMP-9 with metastasis in a variety of malignancies, we explored a potential role of S100A4 in HCC metastasis and its mechanism. METHODS 20 patients with HCC invasion (Lymph node metastasis, microvascular invasion, major portal vein invasion and intrahepatic metastasis) and 20 patients without HCC invasion were included. These tissues were detected for the expression of S100A4, NF-kB/RelA and MMP-9 by immunohistochemistry and quantitative real time polymerase chain reaction (Q-PCR). Correlation between the expressions of S100A4, NF-kB/RelA and MMP-9 with the invasion was analysed. The expressions of S100A4, nuclear factor-kB and MMP-9 was evaluated in HepG2 cells by western blot and immunohistochemistry. HepG2 cells were stably transfected with S100A4-specific small interfering RNA (S100A4 siRNA) to knockdown of S100A4, then transiently transfected with S100A4 cDNA to rescure the S100A4 level and evaluated for effects on invasion and expression analysis for molecules involved in invasion. After the HepG2 cells recurred the S100A4 levels, the HepG2 cells was treated with 5 µM Pyrrolidine Dithiocarbamate (PDTC) (a selective NF κ B inhibitor) to inhibit the NF-kB activity, or treated with Batimast (BB94: a MMPs inhibitor) to inhibit the MMP-9 activity. The expression analysis for molecules involved in invasion was analyzed. RESULTS A significant increase of S100A4, NF-kB/RelA and MMP-9 expression in HCC tissues with invasion than that of without invasion. A positive correlation was observed between S100A4, NF-kB/RelA, MMP-9 and invasion, respectively. In addition, S100A4 was positively correlated with NF-kB and MMP-9. S100A4 siRNA mediated knockdown of S100A4 in HepG2 cells resulted in significant reduction in the NF-kB activity and MMP-9 expression, and dramatically decreased its invasion. Moreover, the HepG2 cell metastatic potential was rescued by overexpression of S100A4 completely, at the same time, the NF-kB activity and MMP-9 expression was also increased. Pretreatment with PDTC or BB94 was observed to significantly reduce NF-kB activity and MMP-9 expression and dramatically decreased S100A4 -induced invasion. CONCLUSIONS Our findings indicate that S100A4 contributes to HCC metastasis by activation of NF-kB dependent MMP-9 expression, suggesting S100A4 as a novel diagnostic biomarker and therapeutic target in HCC.
Estimating a measure of intellectual capital value to test its determinants

Purpose – The purpose of this paper is to identify a measure of intellectual capital (IC) value which offers new research opportunities for empirical investigations and to examine the determinants of IC value. Design/methodology/approach – In total, 4,488 firm years of German companies are investigated to compare three measures of IC value: market-to-book, Tobin’s q, and long-run value-to-book (LRVTB). Findings – LRVTB is observed to be the IC value measure with the highest explanatory value. This measure provides an approach to empirically test previously untested hypotheses on IC value. The results on testing determinants of IC value indicate that IC value is positively related to leverage and motivational payments to employees and negatively associated with company size. In contrast, recognised intangible assets, research and development (R & D), company age and concentrated ownership show no significant effects. Research limitations/implications – The findings on IC value measures contribute to IC res.
I Can See the Light: Attacks on Autonomous Vehicles Using Invisible Lights

The camera is one of the most important sensors for an autonomous vehicle (AV) to perform Environment Perception and Simultaneous Localization and Mapping (SLAM). To secure the camera, current autonomous vehicles not only utilize the data gathered from multiple sensors (e.g., Camera, Ultrasonic Sensor, Radar, or LiDAR) for environment perception and SLAM but also require the human driver to always realize the driving situation, which can effectively defend against previous attack approaches (i.e., creating visible fake objects or introducing perturbations to the camera by using advanced deep learning techniques). Different from their work, in this paper, we in-depth investigate the features of Infrared light and introduce a new security challenge called I-Can-See-the-Light- Attack (ICSL Attack) that can alter environment perception results and introduce SLAM errors to the AV. Specifically, we found that the invisible infrared lights (IR light) can successfully trigger the image sensor while human eyes cannot perceive IR lights. Moreover, the IR light appears magenta color in the camera, which triggers different pixels from the ambient visible light and can be selected as key points during the AV's SLAM process. By leveraging these features, we explore to i) generate invisible traffic lights, ii) create fake invisible objects, iii) ruin the in-car user experience, and iv) introduce SLAM errors to the AV. We implement the ICSL Attack by using off-the-shelf IR light sources and conduct an extensive evaluation on Tesla Model 3 and an enterprise-level autonomous driving platform under various environments and settings. We demonstrate the effectiveness of the ICSL Attack and prove that current autonomous vehicle companies have not yet considered the ICSL Attack, which introduces severe security issues. To secure the AV, by exploring unique features of the IR light, we propose a software-based detection module to defend against the ICSL Attack.