Miracle-dz/UniFAR-FTUs huggingface dataset:
The inter‐relationship between capital structure and dividend policy: empirical evidence from Jordanian data

The study investigates the under‐researched relationship between capital structure and dividend policy in emerging markets with regard to the Jordanian market. The empirical analysis focuses on the estimation of both single equation models and structure equation models using the reduced form equations to examine the joint determinants of capital structure and dividend policy. The study investigates whether capital structure and dividend policy theories can explain the financial decisions in emerging market such as the Jordanian market. Namely, the study examines agency theory, signalling theory, pecking order theory and bankruptcy theory. The results indicate that there is a positive relationship between debt‐to‐asset ratio on the one hand, and asset tangibility, profitability, market‐to‐book, liquidity, firm size, and industry classification on the other hand. Also, there is a negative relationship between debt‐to‐asset ratio and profitability. In addition, there is a positive relationship between dividend payout ratio on the one hand, and profitability, asset tangibility, market‐to‐book and industry classification on the other hand. Finally, the results of the reduced form equations show that capital structure and dividend policy have the following common factors: profitability; asset tangibility; market‐to‐book; industry classification; and limited evidence of institutional ownership. Therefore, the determinants of capital structure and dividend policy in emerging markets such as the Jordanian market share the same set of suggested factors with the developed markets.
On the controllability and weight controllability of double integrator consensus systems

We consider controllability of leader-follower networks running a double integrator consensus algorithm, communicating over networks modelled by weighted digraphs. First we give sufficient conditions for the system to be controllable based on connectivity of the corresponding graphs and graph symmetry. We then present the necessary and sufficient conditions for a system to be controllable generically, i.e. for almost all choices of weights. The network is then called weight controllable, a new notion introduced by the author. A new descriptor formulation for the double integrator leader-follower consensus system (LFCS) is derived that allows modelling communication weights as free parameters without changing the system structure. This leads us to obtaining necessary and sufficient conditions for weight controllability of LFCSs.
A quasi-Euclidean norm to speed up vector median filtering

For reducing impulsive noise without degrading image contours, median filtering is a powerful tool. In multiband images, as for example color images or vector fields obtained by optic flow computation, a vector median filter can be used. Vector median filters are defined on the basis of a suitable distance, the best performing distance being the Euclidean. Euclidean distance is evaluated by using the Euclidean norm which is quite demanding from the point of view of computation given that a square root is required. In this paper an optimal piece-wise linear approximation of the Euclidean norm is presented which is applied to vector median filtering.
Household cost of antenatal care and delivery services in a rural community of Kaduna state, northwestern Nigeria

Background: Maternal mortality remains a leading cause of death among women of reproductive age. While Nigeria has only two percent of the global population, it contributes 10% to the global maternal mortality burden. Antenatal care (ANC) reduces the incidence of maternal mortality. However, financial capability affects access to antenatal care. Thus, the rural poor are at a higher risk of maternal mortality. Materials and Methods: A cross-sectional descriptive study involving 135 women (pregnant women and those who are 6 weeks postpartum). Structured interviewer-administered questionnaires were used for data collection. Data analysis was carried out using statistical package for social sciences software (version 17). Results: The average amount spent on booking and initial laboratory investigations were N77 (half a dollar) and N316 ($2), respectively. Per ANC visit, average amount spent on drugs and transportation were N229 ($1.5) and N139 ($0.9) respectively. For delivery, the average amount spent was N1500 ($9.6). On an average, ANC plus delivery cost about N3,365.00 ($22). There was a statistically significant association between husband's income and ANC attendance (X2 = 2.451, df = 2, P = 0.048). Conclusion: Cost of Antenatal care and delivery services were not catastrophic but were a barrier to accessing antenatal care and facility-based delivery services in the study area. ANC attendance was associated with the income of household heads. Pro-poor policies and actions are needed to address this problem, as it will go a long way in reducing maternal mortality in this part of the country.
Some Supply and Demand Considerations in Urban Spatial Interaction Models

Although attempts have been made recently to include supply considerations in urban spatial interaction models, these efforts have not been comprehensive. In this paper, demand-type models are first examined. Then it is demonstrated how spatial consumption patterns can be determined when potential supply exceeds actual demand or vice versa. In addition, supply and demand imbalances are treated simultaneously. Last, a model for handling steady state supply–demand equilibrium is developed, which includes the effects of delays between customers entering the housing or land markets and finally making a choice. The case of uniform steady state supply is distinguished from that where new supply occurs at discrete intervals.
Earnings Management to Minimize Superfund Clean‐up and Transaction Costs*

We investigate whether firms identified as potentially responsible parties (PRPs) under the Comprehensive Environmental Response, Compensation, and Liability Act (more commonly known as Superfund) appear to manipulate earnings to minimize their exposure to Superfund cleanup and transaction costs. We analyze the discretionary accrual behavior of 612 PRPs from 1981 to 1995 and increase the power of our tests by identifying those PRPs with the most incentive to manage earnings during PRP identification years. The results provide robust evidence consistent with the hypothesis that these PRPs use income-reducing discretionary accruals during PRP identification years in an attempt to minimize Superfund cleanup and transaction costs. We also consider whether PRPs' incentives to manage earnings change in response to a change in the EPA regulatory regime and find modest evidence consistent with our conjecture.
C Terminus L‐type Ca2+ Channel Calmodulin‐Binding Domains are ‘Auto‐Agonist’ Ligands in Rabbit Ventricular Myocytes

L‐type Ca2+ channel C terminus calmodulin (CaM)‐binding domains are molecular determinants for Ca2+–CaM‐dependent increases in L‐type Ca2+ current (ICa), and a CaM‐binding IQ domain mimetic peptide (IQmp) increases L‐type Ca2+ channel current by promoting a gating mode with prolonged openings (mode 2), suggesting the intriguing possibility that CaM‐binding domains are ‘auto‐agonist’ signalling molecules. In order to test the breadth of this concept, we studied the effect of a second C terminus CaM‐binding domain (CB) mp (CBmp), in conjunction with IQmp, on single L‐type Ca2+ channel currents in excised cell membrane patches from rabbit ventricular myocytes. Here we show that both CBmp and IQmp are agonist ligands that non‐additively increase L‐type Ca2+ channel opening probability (Po) by inducing mode 2 gating. CBmp and IQmp agonist effects were lost under conditions favouring calcification of CaM (Ca2+–CaM, 150 nm free Ca2+ and 10–20 μm CaM), but persisted in the presence of CaM (0–20 μm) under conditions adverse to Ca2+–CaM (20 mm BAPTA), indicating that CaM‐binding domains increase L‐type Ca2+ channel Po by a low Ca2+–CaM activity mechanism. Increasing Ca2+–CaM in the bath (cytosol) reduced the efficacy of CBmp and IQmp signals with Ba2+ as charge carrier, suggesting that CaM binding motifs target a site outside of the pore region. We measured the combined effects of CBmp and Ca2+–CaM‐dependent protein kinase II (CaMKII) on L‐type Ca2+ channels by using an engineered Ca2+–CaM‐independent form of CaMKII that remains active under low Ca2+–CaM conditions, permissive for CBmp signalling. CBmp and CaMKII increased L‐type Ca2+ channel Po in a non‐additive manner, suggesting that low and high Ca2+–CaM‐dependent L‐type Ca2+ channel facilitation pathways converge upon a common signalling mechanism.
Establishing credibility: Practising standard-setting ideals in a Swedish seafood-labelling case

Abstract Market-based non-state governance arrangements, many examples of which are seen in the environmental field, require the active approval of a broad group of stakeholders. This paper makes the theoretical argument that credibility is a key issue in the establishment of such arrangements, and examines empirically the effort to develop a trustworthy eco-labelling scheme for seafood in Sweden. Many policy actors view eco-labelling as a particularly credible instrument that consumers and businesspeople can use to demonstrate environmentally friendly behaviour. But establishing credibility is complicated, especially if the issues are controversial and if there is mistrust among the groups. This paper analyses the challenges involved in practising six standard-setting ideals, the fulfilment of which is seen to establish credibility: inclusiveness, independence, auditability, scientific validity, global applicability and the balancing of feasibility versus environmental stringency. The ideals are subjects of framing, debating, power struggles and negotiation; and are dependent upon context, situational and historical factors. The assumed positive relationship between ideals and credibility is complicated because of the challenges involved in practising the ideals. This article draws upon the literature on non-state authority, governance and standardization.
Analysis of the impact of improved market trading efficiency on the speculation-hedging relation

Purpose - – In this study, the author aims to examine the behavior of QQQ options at the time of the QQQ move from AMEX to NASDAQ on December 1, 2004. The author addresses the questions: is there a relation between hedging and speculation, if such a relation exists considering the improvement in market trading efficiency after the QQQ move did the relation between speculative demand for options and hedging demand for options strengthen at the time of the QQQ move, if such a relation exists does hedging activity follow speculative activity. Design/methodology/approach - – The author uses the fact that deep-out-of-the-money puts are used for hedging, whereas deep-out-of-the-money calls are used for speculation. The author uses spectral analysis on QQQ options in the attempt to answer the research question. The author uses spectral analysis because the data in the study are non-normally distributed which would make parametric testing meaningless. Findings - – The author finds that indeed the relation between speculative demand and hedging demand for options exists and strengthens after the consolidation of trading on NASDAQ and that hedging follows speculation. The fact that this relation exists is economically meaningful in that this is established for the first time empirically in support of the theoretical models predicting this relation's existence. Originality/value - – Market participants on both the speculation side of the investment spectrum, such as hedge funds, and hedging side of the investment spectrum, such as mutual funds and money managers, would be interested in this topic and the findings of this paper. The main contribution of this study is in examining the relation between differential demand for options by using the non-parametric tools of spectral analysis. This helps extend the understanding of exchange traded funds' (ETF') option behavior and contributes to this strand of the ETF literature.
Are Mega-Mergers Anticompetitive? Evidence from the First Great Merger Wave

In the first time-event analysis of the great merger wave of 1897-1903, we find that the consolidations created value for merger participants of 12% to 18%. We next find that the competitors suffered significant value losses inconsistent with conventional monopoly behavior (i.e., trust-induced output reductions and price increases). This result might be explained by apprehensions of trust predation rather than expected efficiency, but further analysis suggests that this is unlikely. Revelation of trust membership or prior stock market mispricing are also unlikely alternative explanations. On balance, therefore, the evidence indicates that these mergers were generally motivated by more efficient operations, rather than monopoly power.
How Unwavering is Support for the Local Property Tax?: Voting on School District Budgets in New York, 2003-2010

This article examines voting results for school district budgets in New York from 2003-2010. Despite annual local property tax increases, 91.9% of proposed school district budgets were approved by voters during the period examined. Using data from the New York State Education Department (NYSED) and the American Community Survey (ACS), several socioeconomic variables influencing school district budget voting are examined. The findings indicate that school districts serving larger populations are more likely to vote for local property tax increases. However, these effects are mitigated by the size of minority populations in a district, overall growth in school budgets, and increased voter turnout. In light of these findings, recommendations are made to assist school boards and administrators in planning school finance policy. It is argued that school districts should adopt participatory budget tools and enhance community-based decision-making in order to promote sustainable educational resources.
Limited Liability, Moral Hazard, and Risk Taking: A Safety Net Game Experiment

We model the safety net problem as a social dilemma game involving moral hazard, risk taking, and limited liability. The safety net game is compared to both an individual decision task involving full liability and the deterministic public goods game. We report experimental data to show that limited liability leads to higher risk taking in comparison to full liability; nevertheless, the difference is much smaller than predicted by theory. In the safety net game, subjects behave as if socially responsible for the losses they impose on the group. With repetition, nevertheless, a gradual emergence of the moral hazard problem arises.
Survival Analysis of Children with Primary Malignant Brain Tumors in England and Wales: A Population-Based Study

Primary malignant brain tumor is the second most common cancer in children. To investigate factors affecting children’s survival at a population level, data of 3,169 patients (age <15 years) from the Cancer Registry in England and Wales were used. They were diagnosed during 1971–1990 and followed up until 1995. Variables including age, gender, morphology, WHO grade, tumor site, socioeconomic status, geographical region, and period of diagnosis were available for analysis using the Kaplan-Meier method and the Cox hazards ratio (HR) regression. Results showed that the median survival and the 1-, 5-, and 10-year crude survival rate for this population were 8.7 years, 72.4, 54.0, and 49.2% respectively. Survival was influenced by age (HR 0.88/5 years), morphology (ependymoma HR 2.43), WHO grades (HR 1.42/grade), tumor sites (brain stem HR 2.11), and periods of diagnosis (HR 0.88/5 years). Gender, socioeconomic status, and geographical region did not affect their survival. Results from this population-based data are very helpful for comparison with other hospital-based studies and for public health purposes.
Endogenous Substitution among Energy Resources and Global Warming

The theory of resource extraction has focused primarily on extraction when there is a single, homogeneous demand for the resource. In reality, however, we observe the simultaneous extraction of different resources such as oil, coal, and natural gas and multiple demands such as trasportation, residential and commercial heating, and electricity generation. This paper develops a model with multiple resources and grades and multiple demands. The model is simulated with extraction cost, estimated reserves, and energy demand data for the world economy. It is shown that if historical rates of cost reduction in the production of solar energy are maintained, more than 90 percent of the world's coal will never be used. The world will move from oil and natural gas use to solar energy. Global temperatures will rise by only about 1.5–2 degrees centigrade by the middle of the next century and then decline steadily to preindustrial levels, even without carbon taxes. These results are significantly lower than those predicted by the Intergovernmental Panel on Climate Change and suggest that the case for global warming may be seriously overstated.
Management of Financial Institutions

Chapter 1: Regulatory System Chapter 2: Understanding Financial Statements Chapter 3: Evaluating Risks and Returns Chapter 4: Yield Curve and Gap Management Chapter 5: Bank Liabilities Chapter 6: Bank Liquidity Chapter 7: Security Portfolio Chapter 8: Bank Capital Chapter 9: Bank Credit Organisation Chapter 10: Credit Risk/Loan Portfolio Management Chapter 11: Corporate & consumer Lending Chapter 12: Futures: Hedging and Pricing Chapter 13: Interest Rate Options Chapter 14: Interest Rate Swaps Chapter 15: International Banking
On the Virtue of Bad Times: An Analysis of the Interaction between Economic Fluctuations and Productivity Growth

This paper develops a simple model, which shows how economic fluctuations can stimulate growth. It is shown that firms tend to invest more in productivity growth during recessions, since the opportunity cost (in terms of forgone profits) of investing capital or labour resources in technological (or managerial) improvements is lower during recessions. It is then established that the average growth rate of the economy increases with the amplitude of the fluctuations and also with their frequency, provided that the initial average duration of recession phases is sufficiently low compared with that of the expansion phases. Finally, the main results of the paper are shown to be consistent with the empirical evidence recently produced by Davis-Haltiwanger (1990) or Blanchard-Diamond (1990) concerning the cyclical behaviour of job re-allocation.
CS1 students speak: advice for students by students

We collected advice on how to succeed at learning to program from 164 CS1 students at 3 institutions during a "saying is believing" intervention designed to encourage a growth mindset. More students gave general advice (63%) than programming-specific (23%) or attitudinal advice (34%), despite being prompted to encourage future students to develop a growth mindset toward programming. Advice categories and quotes offer educators insights into student beliefs and practices and suggest a framework for considering how best to advise students. We discuss the implications of students offering advice to other students and provide a handout of representative advice intended for distribution to students in introductory programming courses.
Minneapolis/St. Paul Chefs’ Attitudes and Behaviors Regarding Whole Grain Use

The objective of this study was to examine use, barriers, and opportunities for serving whole grains in independently operated Twin Cities restaurants. Twenty chefs from independent Twin Cities restaurants were interviewed about their menu design, perceptions, of and use of whole grain foods. Transcripts were independently coded and thematically analyzed by two researchers. Themes including menu design, advantages and disadvantages of using whole grains, chefs’ perceived needs regarding whole grain promotion, types of whole grains used, and potential uses for whole grains are presented. This study addressed concepts relative to whole grain use in restaurants and potential research to help promote whole grain availability, use and consumption, along with future implications.
Effects of different management intensities on soil quality of farmland during oasis development in southern Tarim Basin, Xinjiang, China

Soil quality is a key environmental factor in developing sustainable agricultural. In the oases located at the southern margin of the Tarim Basin of Xinjiang, China, agriculture is the main land use type. However, management intensities differ in the oases and in the process of oasis growth. In 2004, four experimental fields were established in the Cele oasis, representing four typical land-use types according to local farmers tillage practices, namely newly cultivated land (NEF), a field with normal fertilization (NMF), a field with high fertilization (HMF), and a field in the oasis' interior (OIF), in order to analyze the effects of land-use type on soil nutrient content. Additionally, soil from an uncultivated control plot (CTP) was analyzed for comparison. The soil quality index (SQI) and deterioration index (DI) were used to evaluate the effects of different land-use type. Sustainable yield index (SYI) was calculated to evaluate sustainable productivity of these land-use types, based on 4 years of data. Our results indicate (i) statistically significant differences in SOM, total nitrogen N (TN), total phosphorus (TP), and available phosphorus (AP) between the different farmlands; (ii) NEF, in the desert–oasis ecotone, had the lowest soil quality, even lower than CTP, and lowest indicator values; (iii) fertilization of NMF and HMF in the desert–oasis ecotone had a positive effect on soil nutrient content; however, sustainable productivity of these farmlands is low, and much ground water is consumed; and (iv) farmland (OIF) in the oasis interior had the highest values in all assessments. Our study indicates that farmland in the desert–oasis ecotone should be reclaimed prudently, using sustainable development insights.
Nonlinear Dynamics and Stock Returns

Simple deterministic systems are capable of generating chaotic output that "mimics" the output of stochastic systems. For this reason, algorithms have been developed to distinguish between these two alternatives. These algorithms and related statistical tests are also useful in detecting the presence of nonlinear dependence in time series. In this article, the authors apply these procedures to stock returns and find evidence that indicates the presence of nonlinear dependence on weekly returns from the Center for Research in Security Prices value-weighted index. Copyright 1989 by the University of Chicago.
Technology and spillovers: evidence from Indian manufacturing microdata

This article finds that technology stocks and spillovers have significantly affected the output of Indian manufacturing firms over the period 1994 to 2006. The technology of a firm is measured, as embodied in its recent stock of plant and machinery, as well as generated through its own R&D. Moreover, investments in both these types of capital by a firm, also generate significant knowledge spillovers, for all other firms in that industry.