Miracle-dz/UniFAR-FTUs huggingface dataset:
An Analysis of the Amihud Illiquidity Premium

This paper analyzes the Amihud (2002) measure of illiquidity and its role in asset pricing. It is shown first that the effect of illiquidity on asset pricing is clarified by using the turnover version of the Amihud measure and including firm size as a separate variable. When we decompose the Amihud measure into elements that correspond to positive (up) and negative (down) return days, we find that in general, only the down-day element commands a return premium. Further analysis of the up- and down-day elements using order flows shows that a sidedness variable, which captures the tendency for orders to cluster on the sell side on down days, is associated with a more significant return premium than the other components of the Amihud measure.
Do Accounting Faculty Characteristics Impact CPA Exam Performance? An Investigation of Nearly 700,000 Examinations

ABSTRACT: While many colleges and universities publicize CPA examination pass rates as evidence of having a high-quality accounting program, some have questioned whether program-specific characteristics are legitimate predictors of examination success. To examine this issue, we empirically investigate the link between accounting faculty characteristics and performance on the CPA examination. We examine the results from nearly 700,000 first-time exam sittings taken during the period 2005–2013 and find that faculty research and teaching specialization has a significant impact on CPA exam performance. That is, when a program has a relatively higher percentage of accounting faculty with expertise in a particular content area tested on the exam (e.g., auditing), graduates achieve higher scores on the related exam section (e.g., AUD). We also find that faculty research productivity and CPA certification status are positively related to candidate exam performance. We believe these results contribute to the exist.
INDIRECT VERSUS DIRECT DIVERSIFICATION

In recent years, an impressive body of research has suggested that the investment performance of professionally managed investment companies conforms to the efficient capital markets hypothesis in that they do not consistently "beat the market" on a risk-return basis. This raises one important question: Should they be considered viable investment alternatives for individual investors? The answer is not
Correlation between Bacillus subtilis scoC Phenotype and Gene Expression Determined Using Microarrays for Transcriptome Analysis

ABSTRACT The availability of the complete sequence of the Bacillus subtilis chromosome (F. Kunst et al., Nature 390:249–256, 1997) makes possible the construction of genome-wide DNA arrays and the study of this organism on a global scale. Because we have a long-standing interest in the effects of scoC on late-stage developmental phenomena as they relate toaprE expression, we studied the genome-wide effects of ascoC null mutant with the goal of furthering the understanding of the role of scoC in growth and developmental processes. In the present work we compared the expression patterns of isogenic B. subtilis strains, one of which carries a null mutation in the scoC locus (scoC4). The results obtained indicate thatscoC regulates, either directly or indirectly, the expression of at least 560 genes in the B. subtilisgenome. ScoC appeared to repress as well as activate gene expression. Changes in expression were observed in genes encoding transport and binding proteins, those involved in amino acid, carbohydrate, and nucleotide and/or nucleoside metabolism, and those associated with motility, sporulation, and adaptation to atypical conditions. Changes in gene expression were also observed for transcriptional regulators, along with sigma factors, regulatory phosphatases and kinases, and members of sensor regulator systems. In this report, we discuss some of the phenotypes associated with the scoCmutant in light of the transcriptome changes observed.
Effects of long-term storage of filter paper blood samples on neonatal thyroid stimulating hormone, thyroxin and 17-alpha-hydroxyprogesterone measurements

Objectives Clinical laboratories store filter paper samples used in neonatal screening for various periods of time after performing hormonal measurements. However, due to lack of data concerning specimen stability, it is unclear for how long these samples should be stored. The objective of this study is to determine the stability and reproducibility of thyroid-stimulating hormone (TSH), thyroxine (T4) and 17-hydroxyprogesterone (17-OHP) measurements in filter paper blood samples stored for up to 60 months. Methods Two hundred and twenty-eight blood samples, drawn between the second and the fourth day of life, were divided into seven distinct groups and kept at 4–8°C for one day or 2, 12, 24, 36, 48 or 60 months after basal hormonal measurements. In each group, TSH, T4 and 17-OHP levels were initially assayed 24–48 hours after collection (basal) and repeated once at the end of storage timing. All the measurements were performed by time-resolved fluorometry (1235 AutoDELFIA, Wallac Oy, Turku, Finland). Repeated and basal levels of each hormone were compared within the same group by Student's paired t-test. Differences were considered significant at P < 0.05. Results Compared with basal measurements, TSH and T4 levels declined significantly only when these hormones were re-assayed at 48 or 60 months of sample storage. In contrast, 17-OHP concentrations decreased earlier, starting at 24 months and continuing throughout the remaining period. Conclusion Our data suggest that neonatal screening of filter paper samples kept at 4–8°C are reliable for repeating the hormonal measurements when specimens are stored for up to one year, in the case of 17-OHP, or three years, in the case of T4 and TSH.
Information and Long‐Term Stock Performance Following Open‐Market Share Repurchases

We find that firm managers have private information when they decide on open‐market share repurchases, and that this information is significantly correlated with announcement period and post‐announcement abnormal returns. We further find that long‐term post‐announcement abnormal returns are related to private information differently for firms that actually repurchase shares when compared to firms that announce a repurchase program but do not acquire shares. Our results indicate that managers’ private information is only ambiguously revealed by the repurchase announcement, and that the market waits for the firm's subsequent actions, such as actual repurchase, to further interpret the private information.
Cost efficiency of French rugby clubs

This article analyses the cost efficiency of French first-league rugby clubs using a stochastic frontier model. The frontier estimation confirmed that the model fits the data well with all coefficients correctly signed and in line with the theoretical requirements. The results show that one of the clubs is operating efficiently, with the majority of clubs clustered around 20% inefficiency. Policy implications are derived.
Clinical Benefit of Allogeneic Melanoma Cell Lysate–Pulsed Autologous Dendritic Cell Vaccine in MAGE-Positive Colorectal Cancer Patients

Purpose: We evaluated the clinical benefit of an allogeneic melanoma cell lysate (MCL)–pulsed autologous dendritic cell (DC) vaccine in advanced colorectal cancer patients expressing at least one of six MAGE-A antigens overexpressed by the cell line source of the lysate. Experimental Design: DCs were cultured from peripheral blood mononuclear cells (PBMC), pulsed with the allogeneic MCL, and matured using cytokines that achieved high CD83- and CCR7-expressing DCs. Each patient received up to 10 intradermal vaccinations (3-5 × 106 cells per dose) at biweekly intervals. Results: Twenty patients received a total of 161 vaccinations. Treatment was well tolerated and quality of life measurements did not vary much across time. One patient experienced partial response [5%; 95% confidence interval (CI), 1-24%] and seven achieved stable disease (35%; 95% CI, 18-57%), one of whom also achieved late tumor regression, yielding a clinical benefit response rate of 40% (95% CI, 22-61%). Although overall median progression-free survival was 2.4 months (95% CI, 1.9-4.1 months), five patients (25%) experienced prolonged progression-free survival (>6 months), two of whom (10%) remain progression-free for >27 and >37 months, respectively. This result is particularly meaningful as all patients had progressive disease before treatment. Overall, DC vaccination was associated with a serial decline in regulatory T cells. Using an antibody array, we characterized plasma protein profiles in responding patients that may correlate with vaccine activity and report a prevaccination protein signature distinguishing responders from nonresponders. Conclusion: This phase II vaccine study using mature, MCL-pulsed DCs has shown promising results and warrants further evaluation in a prospective randomized setting. (Clin Cancer Res 2009;15(24):7726–36)
Brentuximab vedotin: clinical updates and practical guidance

Brentuximab vedotin (BV), a potent antibody-drug conjugate, targets the CD30 antigen. Owing to the remarkable efficacy shown in CD30-positive lymphomas, such as Hodgkin's lymphoma and systemic anaplastic large-cell lymphoma, BV was granted accelerated approval in 2011 by the US Food and Drug Administration. Thereafter, many large-scale trials in various situations have been performed, which led to extensions of the original indication. The aim of this review was to describe the latest updates on clinical trials of BV and the in-practice guidance for the use of BV.
Factors affecting Greek internet users’ intentions to adopt online shopping: the perspective of an extended technology acceptance model

This study develops and validates a model to predict internet users’ intentions to buy online, based on an extended technology acceptance model (TAM). We proposed that in addition to technology’s ease-of-use and usefulness, compatibility with technology, and perceived risk are considered as determinants of customers’ attitude and intentions toward on-line shopping. The data was collected from 931 internet users. Results show that: 1customers’ attitude is determined by compatibility with technology and perception of its usefulness and easiness, and negatively determined by technology’s risk perception 2customer’s perception of usefulness is mainly predicted by compatibility with technology, followed by perceived risk and easiness of technology 3customers’ intention to buy online is positively determined by attitude towards online shopping and beliefs of its usefulness and negatively determined by perceived risk of technology. Finally, several implications of the findings are discussed and directions for fu.
Free Advertising

The impact of political ads paid for by candidates is amplified because of the free media coverage they receive. Yet how frequently does that occur? And are certain types of ads more likely to be covered? To answer these questions, we performed a content analysis of news coverage in ten U.S. Senate campaigns in 2004. We find that ad amplification is quite common and that negative and comparative ads are much more likely to receive media attention than positive ads. This has implications for how scholars measure ad exposure and for understanding why Americans dislike negative advertising.
Agency Costs of Free Cash Flow and the Effect of Shareholder Rights on the Implied Cost of Equity Capital

Abstract In this paper, we examine the effect of shareholder rights on reducing the cost of equity and the impact of agency problems from free cash flow (FCF) on this effect. We find that firms with strong shareholder rights have a significantly lower implied cost of equity after controlling for risk factors, price momentum, analysts’ forecast biases, and industry and year effects than do firms with weak shareholder rights. Further analysis shows that the effect of shareholder rights on reducing the cost of equity is significantly stronger for firms with more severe agency problems from FCFs.
Are there asymmetries of nonlinearities in UK output

This paper investigates whether quarterly post-war UK output growth contains either asymmetries or nonlinearities through subjecting the series to a variety of diagnostic testa and by fiting various nonlinear business cycle models. No evidence is uncovered of any form of asymetric or nonlinear departure from the pure random walk with drift model of output.
Differential Antiviral Response of Endothelial Cells after Infection with Pathogenic and Nonpathogenic Hantaviruses

ABSTRACT Hantaviruses represent important human pathogens and can induce hemorrhagic fever with renal syndrome (HFRS), which is characterized by endothelial dysfunction. Both pathogenic and nonpathogenic hantaviruses replicate without causing any apparent cytopathic effect, suggesting that immunopathological mechanisms play an important role in pathogenesis. We compared the antiviral responses triggered by Hantaan virus (HTNV), a pathogenic hantavirus associated with HFRS, and Tula virus (TULV), a rather nonpathogenic hantavirus, in human umbilical vein endothelial cells (HUVECs). Both HTNV- and TULV-infected cells showed increased levels of molecules involved in antigen presentation. However, TULV-infected HUVECs upregulated HLA class I molecules more rapidly. Interestingly, HTNV clearly induced the production of beta interferon (IFN-β), whereas expression of this cytokine was barely detectable in the supernatant or in extracts from TULV-infected HUVECs. Nevertheless, the upregulation of HLA class I on both TULV- and HTNV-infected cells could be blocked by neutralizing anti-IFN-β antibodies. Most strikingly, the antiviral MxA protein, which interferes with hantavirus replication, was already induced 16 h after infection with TULV. In contrast, HTNV-infected HUVECs showed no expression of MxA until 48 h postinfection. In accordance with the kinetics of MxA expression, TULV replicated only inefficiently in HUVECs, whereas HTNV-infected cells produced high titers of virus particles that decreased after 48 h postinfection. Both hantavirus species, however, could replicate equally well in Vero E6 cells, which lack an IFN-induced MxA response. Thus, delayed induction of antiviral MxA in endothelial cells after infection with HTNV could allow viral dissemination and contribute to the pathogenesis leading to HFRS.
Gm Types and Antibodies in Multitransfused Haemophiliacs

Summary. The frequency of Gm and Inv factors in a group of 100 multitransfused patients with haemophilia or Christmas disease was found to be similar to that in the normal population. 14 patients were found to have Gm specific antibodies, nine to have non‐specific antibodies and 20 to have a positive latex test for rheumatoid arthritis. 60% of the children aged less than 10 yr had Gm specific antibodies. Only a minority of the patients with antibodies had a positive latex test. Neither specific nor non‐specific antibodies were found in the 17 patients who had been most heavily transfused, and it is suggested that these patients might have developed immune tolerance. Cryoprecipitate and factor‐VIII concentrate contain Gm activity and are probably capable of provoking isoimmunization. The occurrence of Gm specific or non‐specific antibodies was not related to a history of severe transfusion reactions.
The Impact of Corporate Governance on the Cost of Equity: Empirical Evidence from Pakistani Listed Companies

This study examines the impact of the quality of corporate governance, as measured by a specially constructed corporate governance index, on the expected cost of equity calculated using the capital asset pricing model (CAPM) approach. A total of 114 listed companies were investigated to analyze the relationship between the two variables for the period 2003 to 2007. The quality of corporate governance was measured by assigning weights to a set of related variables, although these variables were also considered individually. We used descriptive statistics, a correlation matrix, a simple ordinary least squares (OLS) approach, and fixed effect model to test the panel data collected. We found a negative relationship between managerial ownership and board size with the cost of equity, and a positive relationship between board independence, audit committee independence, and corporate governance with the cost of equity. These results could be due to the transition phase through which Pakistani companies are passing after the promulgation of the Code of Corporate Governance in 2002.
Public support for redistribution: what explains cross-national differences?

Rising levels of income inequality in almost all industrialized countries as a consequence of globalization and de-industrialization might lead one to assume that voters will demand more redistribution and exert influence on their governments to set up redistributive programmes. However, this is not always the case. Citizens do not react directly to actual levels of inequality, as research on the attitudes towards inequality and redistribution has shown. In this article the complex relation between cross-national variation of inequality and public support for redistribution is analysed. The article draws on explanations from both a political economy perspective as well as drawing on comparative welfare regime research. While the former conceives cross-national variations in support for redistribution as the aggregate effect of a demand of rational actors reacting to country context, the latter focuses on the impact of institutions and culture superimposing itself over self-interest. The empirical analysis tests the explanations of both the political economy and welfare regimes approach. Since the article focuses on the impact of context variables on individual attitudes, a multilevel analysis is adopted. Data are taken from the 1999 ‘International Social Survey Program’ and are complemented by macro-economic variables. Based on the results, a model of contingent support for redistribution is put forward, where culturally influenced definitions are embedded in economic processes.
Conservation and Metaphor Acquisition in Hearing-Impaired Children: Some Relationships With Communication Mode, Hearing Acuity, Schooling, and Age

This study focused on conservation and metaphor acquisition in 35 hearing-impaired children who used different modes of communication and who spanned a wide age range. Children who used either cued speech or oral-aural communication modes were tested at two different school sites. Relationships were determined between the dependent variables, conservation and metaphor, and the independent variables of age, degree of hearing loss, years of schooling, and mode of communication.Findings revealed a significant positive relationship between conservation and metaphor in both communication modes. Significant relationships between age and metaphor and between age and conservation were also found, suggesting that experience plays an important role in understanding both of them. Neither conservation nor metaphor was significantly related to either degree of hearing loss or communication mode. The conservation order of acquisition was number (91%), weight (60%), volume (50%), and liquid (46%). Suggestions for teachers based on the findings are presented.
Are Ipos Really Underpriced?

While IPOs have been underpriced by more than 10% during the past two decades, we find that in a sample of more than 2,000 IPOs from 1980 to 1997, the median IPO was significantly overvalued at the offer price relative to valuations based on industry peer price multiples. This overvaluation ranges from 14% to 50% depending on the peer matching criteria. Cross-sectional regressions show that "overvalued" IPOs provide high first-day returns, but low long-run risk-adjusted returns. These overvalued IPOs have lower profitability, higher accruals, and higher analyst growth forecasts than "undervalued" IPOs. Ex post, the projected high growth of overvalued IPOs fails to materialize, while their profitability declines from pre-IPO levels. These results suggest IPO investors are deceived by optimistic growth forecasts and pay insufficient attention to profitability in valuing IPOs. Copyright 2004, Oxford University Press.
Inequality of Opportunity in Europe

Using the EU‐SILC database, we estimate and compare the Inequality of Opportunity (IO) of 23 European countries in 2005. IO is estimated as the between‐type (ex‐ante) inequality component following the parametric procedure of Ferreira and Gignoux (2011), which allows for the inclusion of the large set of circumstances in the database. We also measure the degree of correlation between IO estimates and a set of past and contemporaneous economic factors related to the degree of development, labor market performance, investment in human capital, and social protection spending.
Needs, Incommensurability and Well-being

Some have argued for the priority of needs in moral and development theory, on the grounds that people have conflicting and incommensurable values and conceptions of the good. In this paper, I concentrate on one version of this view, that due to John Rawls. Rawls' view is that a person's advantage should be evaluated in terms of certain primary goods which are citizens' needs. I outline a variation on James Griffin's account of well-being, which involves certain values that make any human life better—prudential values. I argue that such values are commensurable, and that the account is consistent with pluralism. The discussion supports and helps us to understand various criticisms of Rawls. It also suggests that one argument for the priority of needs in development theory is invalid.
The Student Movement and National Politics in Egypt, 1923-1973

This is a first-hand account of student activism in Egypt, by one of its leaders. The Nasserist revolution of 1952 had a massive impact on the Egyptian educational system. For the first time, the doors of university education were opened to masses of people in a Third World country, and hundreds of thousands of the sons and daughters of peasants, workers, and lower-middle-class employees seized the opportunity. But quantitative growth was not matched by qualitative advance, and the gap between expectations and reality has rarely been so wide.The result was one of the world's most turbulent student movements. This history of that movement's most critical years, first published in 1985, was written by a young Egyptian who was a participant in many of the events and was intimately acquainted with them. Ahmed Abdalla describes the sociological composition of the student body, the physical and social conditions in the universities, the shifts in government education policy, and the attempts of the students to influence the direction of national development in both domestic and foreign policy. " The Student Movement and National Politics in Egypt" is an important contribution to our understanding of Egypt's modern history, and will also be of interest to anyone concerned with the more universal issues of higher education, social change, and state politics in the Third World.
The Role of Virtual Water Flows in Physical Water Scarcity: The Case of Central Asia

Water scarcity in Central Asia was analyzed by using two water scarcity indices at the scale of sub-basin areas (SBAs): water stress index (consumption-to-availability ratio) and water shortage index (water availability per capita). These indices were calculated for a baseline scenario that included virtual water flows, and again for a scenario where international trade was eliminated, thus assessing the role of virtual water flows in water scarcity. Over 80% of the study area population suffers from water stress and approximately 50% from water shortage as well. Removing virtual water flows considerably decreased water scarcity for approximately half the population. Reducing the exports of water-intensive products could thus be an option, along with other more traditional measures, for alleviating water scarcity in Central Asia.