Miracle-dz/UniFAR-FTUs huggingface dataset:
Has the U.S. Bond Market Lost its Edge to the Eurobond Market?

The growth of the European financial markets, together with the new, stricter regulations on the US financial markets, has spurred a debate over the competitiveness of the US financial markets. In this paper, we contribute to this debate by investigating the relative competitiveness of the US bond market over the last 10 years. In the early 1990s, the gross spread in the US bond market were significantly lower than in the Eurobond market. While this spread continued to decline in the US bond market, it declined at an even faster rate in the Eurobond market, to the point of eliminating the wide cost differential that existed between the two markets in the early 1990s. These findings are robust and suggest that the relative costs of bond underwriting declined in the Eurobond market. We also find that US firms are increasingly opting to issue their bonds in the Eurobond market, and that this relocation is partly driven by the decline in the relative gross spreads in the Eurobond market. This finding adds support to our conclusion that the cost of bond underwriting declined faster in the Eurobond market, reinforcing the view that the US bond market is facing a greater challenge from the Eurobond market.
Long Memory in Futures Prices

This paper tests for fractional roots in the futures prices for selected commodities, foreign currencies, and stock indexes. The fractional testing method is the spectral regression method suggested by Geweke and Porter-Hudak (1983). The empirical results suggest the presence of a fractional exponent in the differencing process for several commodity and foreign currency futures prices. The returns series for these commodities and currencies exhibit long range positive dependence. However, differencing of exact order one is sufficient for the stock index futures prices. Implications are drawn concerning theoretical and econometric modeling and price forecasting. Copyright 1999 by MIT Press.
The Brazilian Bankruptcy Law Experiment

In early 2005 a new bankruptcy law was approved by the Brazilian Congress, taking effect a few months later. The new legislation improved creditor protection and the bankruptcy system’s efficiency. This paper tries to shed some light on the empirical consequences of a bankruptcy reform on a poorly developed credit market. Using data from Brazilian and non-Brazilian firms, we estimated, using three alternative models, the effect of the bankruptcy reform on contractual and non-contractual debt variables. In general, all the models yielded similar results. Concerning contractual debt variables, we found a significant increase in the total amount and in long-term debt and a reduction in the cost of debt. For noncontractual debt variables, we found a reduction in the bank debt to public debt ratio, an increase in the number of domestic loan contracts and no impact on the number of foreign loan contracts.
Importance-Performance Analysis of Guest Technologies in the Lodging Industry

An assessment of how hotel guests view in-room technology compared the importance of those technologies to how they perform. Based on 265 responses, this importance-performance analysis indicates that important basic technologies like in-room temperature controls and alarm clocks fail to perform in the way guests want, while relatively new technologies like plasma screen TVs and in-room printers and faxes are less important but perform well when they are in place. In addition, the study finds that internet access is an integral part of the lodging product.
State Control, Legal Investor Protection, and Ownership Concentration: Evidence from China

Research Question/Issue: To control for the omitted-variables and aggregation biases problem existing in previous cross-country studies, our paper investigates the relationship of ownership concentration and legal investor protection across regions and over time in one emerging economy, China, during the period 1992 to 2003. Moreover, this paper examines whether state control affects this relationship. Research Findings/Results: For state-controlled firms, we cannot find the typical inverse relationship between ownership concentration and legal investor protection documented by La Porta, Lopez-de-Silanes, Shleifer, and Vishny (1998), since state per se works as a substitute for formal legal investor protection in protecting property rights by exploiting political power. However, for non-state-controlled firms, the inverse relationship does hold. Theoretical Implications: Our findings suggest that the nature of the controlling shareholder should be taken into account when examining the relationship between ownership concentration and legal investor protection. Moreover, our findings give new insights, especially to the study on other emerging economies that share similar characteristics with China in terms of legal development and government control. Finally, the cross-region study within one country provides a new perspective on the research in this area. Practitioner Implications: First, to provide a level playing field for different types of investors, the state’s dual role of controlling shareholder and political power holder should be separated. Second, it is important to build up a good legal system to protect investors in order for a country to develop its capital markets, especially for the development of the non-state sector.
Revealing the Preferences of the US Federal Reserve

We use Bayesian methods to estimate changes in US post-war monetary policy in the Smets and Wouters model. We perform the estimations by allowing for a break in monetary policy at the time of Volcker's appointment as chairman. This enables us to capture changes in the monetary policy regime introduced by Volcker during the Volcker–Greenspan period. We find support for the assumption that monetary policy in the Volcker–Greenspan period performed optimally under commitment. Our estimation strategy allows us to estimate the preferences of the US Federal Reserve in the Volcker–Greenspan period, where the main objective of policy appears to be inflation, followed by interest rate stabilization, output growth and interest rate smoothing. We find that the Great Moderation of output growth is explained by a combination of two factors: the decrease in the volatility of the structural shocks and the improved monetary policy conduct. Inflation Stabilization, however, is mainly due to the change in monetary policy that took place at the beginning of Volcker's mandate. Copyright © 2010 John Wiley & Sons, Ltd.
The mediating role of behavioural regulations in the relationship between perceived body size discrepancies and physical activity among adult women.

Research has shown a negative relationship between perceived body size discrep- ancies and exercise participation among women. This might be explained from a self- determination theory perspective by perceived discrepancies between actual and ideal body size causing individuals to feel less autonomous in the regulation of their exercise behaviour. The aim of this study was to test the mediating role of exercise behavioural regulations in the relationship between body size discrepancies and physical activity participation. Participants were 102 women who completed measures of body size discrepancies, beha- vioural regulations and physical activity. Analyses showed that a reduction in more autonomous regulations mediated a negative relationship between discrepancies and physical activity. Less autonomous regulations did not play a mediating role. Thus it appears that body size discrepancies exert a negative influence on physical activity by decreasing feelings that exercise is a valued and enjoyable activity rather than by leading people to feel more externally or internally controlled in their behaviour.
Corporate Reputation: Do Board Characteristics Matter?

Our study draws on institutional and signalling theories to postulate relationships between board characteristics and corporate reputation. Based on a sample of 324 firms featured in Fortune's list of most admired corporations in the USA, our findings indicate that board characteristics significantly influence the assessment of firm reputation by the business community. Specifically, we found that firms with a greater proportion of outside directors and those with larger boards exhibited better reputation than those with smaller boards and a higher proportion of insiders. In addition, we observed an inverted-U relationship between the average tenure of outside directors and corporate reputation. However, contrary to expectations, our findings indicate a negative association between independent leadership structure (i.e. absence of duality) and corporate reputation.
G Proteins and Modulation of Insulin Secretion

Guanine nucleotide–binding proteins (G proteins) are critically important mediators of many signal-transduction systems. Several important sites regulating stimulus-secretion coupling and release of insulin from pancreatic β-cells are modulated by G proteins. Gs mediates increases in intracellular cAMP associated with hormone-induced stimulation of insulin secretion. GI, mediates decreases in intracellular cAMP caused by inhibitors of insulin secretion, e.g., epinephrine, somatostatin, prostaglandin E2, and galanin. G proteins also regulate ion channels, phospholipases, and distal sites in exocytosis. Cholera and pertussis toxins irreversibly ADP ribosylate G proteins and are important tools that can be used both to manipulate G-protein–dependent modulators of insulin secretion and detect and quantify G proteins by electrophoretic techniques. The stage is set to pursue these initial observations in greater depth and ascertain whether G-protein research will provide important new insights into normal and abnormal regulation of insulin secretion.
SEXUAL SELECTION AND SURVIVAL SELECTION ON WING COLORATION AND BODY SIZE IN THE RUBYSPOT DAMSELFLY HETAERINA AMERICANA

I review methodological problems that can lead to false evidence for selection on secondary sexual characters and present a study of selection in rubyspot damselflies (Hetaerina americana) that avoids these pitfalls. Male rubyspots have a large red spot on each wing that grows to a terminal size after sexual maturity. Selection gradient analyses revealed evidence for positive sexual and survival selection on both terminal wing spot size and body size. Phenotype manipulations confirmed that wing spot size was subject to direct sexual selection, but showed that the positive slope of survival on wing spot size was an indirect effect of selection on unmeasured traits. This study provides the strongest evidence yet for sexual selection on coloration in Odonata, but also provides clear examples of why phenotypic selection statistics must be calculated and interpreted cautiously.
Foreign Direct Investment,Domestic Investment and Economic Growth in China

In this paper, we investigate the causal link between foreign direct investment (FDI), domestic investment and economic growth in China for the period 1988-2003. Towards this purpose, a multivariate VAR system with error correction model (ECM) and the innovation accounting (variance decomposition and impulse response function analysis) techniques are used. The results show that while there is a bi-directional causality between domestic investment and economic growth, there is only a single-directional causality from FDI to domestic investment and to economic growth. Rather than crowding out domestic investment, FDI is found to be complementary with domestic investment. Thus, FDI has not only assisted in overcoming shortage of capital, it has also stimulated economic growth through complementing domestic investment in China.
Regional Rates of Return to Education and Training in Britain

BENNETT R. , GLENNERSTER H. and NEVISON D. (1995) Regional rates of return to education and training in Britain, Reg. Studies 29, 279-295. Using a structural utility-maximizing human capital model of the post-16 education and training decision, the paper explores rates of return and lifetime earnings that might influence an individual's decision to participate in post-compulsory education and training. The paper presents ex ante regional rates of return to post-16 further and higher education using information from the General Household Survey in Britain. Based on the empirical results, implications for education and training policy are drawn. The model demonstrates that there are important differences between expected rates of return to the same qualification in different regions. These returns are influenced by the regional labour market and are likely to have important influences on the incentives of individuals to pursue education or to train. The paper also demonstrates the generally low level of diff.
An analysis of the gender wage gap in the Australian graduate labour market, 2013

This study investigates (1) whether a gender wage gap exists within the labour market for recent Australian graduates and, if so, (2) the extent of the gender wage gap when the personal, enrolment and employment characteristics of graduates are held constant. Before controlling for field of education, and a range of personal, enrolment and occupational characteristics, an aggregate gender wage gap of 9.4 per cent favouring males was identified. When the field of education, personal, enrolment and occupational characteristics of male and female graduates were taken into account, males' starting salaries were 4.4 per cent higher than those for females, on average.
Beyond the concept of human and social capital: the impact of the regional environment on high-tech venturing

Emerging industries, like the information and communication technology (ICT), have become a major source of entrepreneurship and job generation. Most literature focuses on human and social capital approaches to explain the emergence of high-tech entrepreneurship, but little attention is given to the effect of the regional environment on new firm formation. The main objective of this study is to fill in this gap and compares the impact of human and social capital in a region with other supply and demand side factors. Another objective is to advance the knowledge of a very heterogeneous ICT sector. For this purpose, the three main divisions are analysed separately (high-tech industries; computer and telecommunication services; other knowledge intensive services). Supply and demand side factors are analysed and significant differences between the three subdivisions revealed. Our study is a longitudinal empirical analysis that covers all 84,535 newly created ICT firms between 1993 and 2001 in the 348 labour markets of France. Human capital and proximity effects are the main factors for the two service subdivisions. High-tech entrepreneurship in the industry shows a different pattern underlining the importance of industry specific environments (R&D facilities, diversified industry structure) drawing little competitive advantage from human capital variables. In all three subdivisions, proximity effects (localisation economies including dimensions of social capital like network opportunities and interaction) are the most important regional factor for ICT entrepreneurs.
Prevalence of asthma with aspirin hypersensitivity in the adult population of Poland

Background: Acetylsalicylic acid (ASA) and other nonsteroid anti‐inflammatory drugs (NSAIDs) are reported to account for 21–25% of all adverse drug reactions. Some asthmatics may react to ASA and other NSAIDs with acute bronchoconstriction, profuse rhinorrhea and skin flushing. This is a distinct clinical syndrome called aspirin‐induced asthma (AIA). The prevalence of AIA among asthmatic patients in Poland has not been previously assessed.
Children and their Housing - Insights from the Island of Cyprus

Abstract Limited research has been devoted to examining housing from the viewpoint of children. Using quantitative and qualitative data from interviews of 80 children from the island of Cyprus, this paper examined the children’s housing norms and aspirations. In the process, the study searched for dzrerences and similarities between the children’s housing aspirations and the prevailing housing practices on the island. The analysis showed that children’s aspirations matched or exceededprevailing standards. Children aspired for a single-family detached house with one bedroom for each child and a yard, as well as conveniences and comforts such as a swimming pool and more than one bathroom. Furthermore, the analysis illustrated the subtle effects of age, gendel; social class, and type of housing on the children’s housing aspirations. The findings allude to the fact that children are very perceptive of their own housing needs; thus, planners and policy makers should take these needs into consideration when designing housing for families with children.
Strategic entrepreneurship and small firm growth in Ghana

Using concepts derived from strategic entrepreneurship, this article discusses small firm growth models and investigates the determinants of small firm growth in Ghana. The study develops hypotheses that relate firm growth to investment in research and development, human capital, social capital, innovation and exporting. Using data from a sample of 441 entrepreneurs, the study develops ordinary least square regression models to test the hypotheses. The models find several positive relationships between firm growth and the characteristics of the entrepreneur, firm resources and firm strategy, and in so doing provide some support from a developing country for the strategic entrepreneurship framework.
Agrarian classes in Pakistan: An empirical test of Patnaik's labour‐exploitation criterion

The Marxist analysis of agrarian change has as its basis peasant class differentiation. This article presents a method of evaluating the economic characteristics of peasant classes. After applying the evaluating method to a sample of households in Pakistan, tabulating the results and running statistical tests it is found that there are four peasant classes. However, evidence indicates fetters on polarization and accumulation from the spatial coexistence of capitalist and non‐capitalist patterns of household reproduction and surplus appropriation. The households cannot therefore be said to be undergoing classical agrarian capitalist development.
Characteristics and Outcomes of Young Patients with First-Ever Ischemic Stroke Compared to Older Patients: The National Acute Stroke ISraeli Registry

Background Nationwide data on the clinical profile and outcomes of ischemic stroke in younger adults are still scarce. Our aim was to analyze clinical characteristics and outcomes of young patients with first-ever ischemic stroke compared to older patients. Methods The National Acute Stroke ISraeli registry is a nationwide prospective hospital-based study performed triennially. Younger adults, aged 50 years and younger, were compared with patients, aged 51–84 years regarding risk factors, clinical presentation, stroke severity, stroke etiology, and outcomes. A logistic model for stroke outcome was fitted for each age group. Results 336 first-ever ischemic strokes were identified among patients aged 50 years and younger and 3,243 among patients 51–84 years. Younger adults had lower rates of traditional vascular risk factors, but 82.7% had at least one of these risk factors. Younger adults were more likely to be male (62.8%), current smokers (47.3%), and to have a family history of stroke (7.4%). They tended to have less common stroke presentation such as sensory disturbances or headache and were more likely to arrive at the hospital independently by car. The majority of young adults (70%) had a favorable outcome (modified Ranking Scale; mRS ≤ 1) at discharge, but 11.7% had poor outcome (mRS > 3) and 18.2% had an in-hospital complication. According to a multivariable regression model, in young adults, only baseline stroke severity (National Institute of Health Stroke Scale > 5) was associated with poor outcome at discharge (p < 0.001), whereas in older adults, stroke severity (p < 0.001), female gender (OR = 1.35, CI 95% 1.03–1.76), older age (OR = 1.08, CI 95% 1.01–1.16), atrial fibrillation (OR = 1.62, CI 95% 1.16–2.26), and anterior circulation territory (OR = 2.10, CI 95% 1.50–2.94) were all significantly associated with poor outcome. Conclusion Our findings, in this nationwide registry, demonstrate the relatively high rate of smoking and family history of stroke, and the lower rate of hospital arrival by ambulance among young adults. This calls for increasing awareness to the possibility of stroke among young adults and for better prevention, especially smoking cessation.
Nigeria: towards an optimal macroeconomic management of public capital

This paper develops a framework for making decisions on the type of infrastructure to build and where to build. The basic intuition is that by deriving the marginal physical products of installed infrastructure, we can prioritize infrastructure investment of the same type among regions, and of different types within a region. The methodology is to estimate a panel of regional production functions that allows the intercepts to capture individual differences ("the fixed effects") but uses interactive dummies to capture the effect of individual differences on marginal productivity. This framework could be a useful tool for the management of public capital in an economy subject to fiscal federalism, particularly where the interaction of interest group struggles and the politics of centre-state grants may involve difficult trade-offs.
International Tourism and Economic Growth: A Panel Data Approach

On average, tourism-specialized countries grow more than others. This fact is inconsistent with economic theory as, in particular, endogenous growth theory suggests that economic growth is linked with: (1) sectors with high intensity in RD (2) large scale. In this paper, we use panel data methods to go further in treating the endogeneity problem. In general and contrary to previous works, we conclude that tourism, on its own, cannot explain the higher growth rates of these countries.
The role and therapeutic implications of RING‐finger E3 ubiquitin ligases in hepatocellular carcinoma

Increasing evidence indicates that deregulation of RING‐finger ubiquitin‐protein ligases (E3s) involves in the development of hepatocellular carcinoma (HCC). These RING‐finger E3s serve as oncoproteins or tumor suppressors in HCC under specific conditions. In this review, we summarize current knowledge about abnormal RING‐finger E3s and their clinical significance in the development of HCC, and discuss parts of critical substrates for these RING‐finger E3s in detail. Furthermore, in light of success of Bortezomib in treating hematological malignancies, we describe the preclinical and clinical studies of therapeutic approaches targeting aberrant RING‐finger E3s in HCC.
A note on corporate taxation, limited liability, and asymmetric information

Becker and Fuest (this issue, p. 1–10) provides a new explanation for the link between limited liability and corporate taxation. The authors argue that a corporate tax on all entrepreneurs with limited liability is optimal when entrepreneurs can offset potential losses and when asymmetric information exists regarding projects’ qualities. This note considers a model with a slightly modified production technology. It confirms that entrepreneurs’ abilities to offset losses and the existence of asymmetric information may affect government policy. However, it also shows that the optimal taxation policy differs from that suggested by Becker and Fuest.