Miracle-dz/UniFAR-FTUs huggingface dataset:
The Favorite/Long-Shot Bias in S&P 500 and Ftse 100 Index Futures Options: The Return to Bets and the Cost of Insurance

This paper examines whether the favorite/long-shot bias that has been found in gambling markets (particularly horse racing) applies to options markets. We investigate this for the S&P 500 futures, the FTSE 100 futures and the British Pound/US Dollar futures for the seventeen plus years from March 1985 to September 2002. Calls on the FTSE 100 with three months to expiration display a relationship between probabilities and average returns that are very similar to the favorite/long-shot bias in horse racing markets pointed out by Ali (1979), Snyder (1978) and Ziemba & Hausch (1986). There are slight profits from deep in-the-money calls on the S&P 500 futures and increasingly greater losses as the call options are out-of-the-money. For 3 month calls on the FTSE 100 futures, the favorite bias is not found, but a significant long-shot bias has existed for the deepest out of the money options. For call options in both markets, for the one month horizon, only a longshot bias is found. For the put options on both markets, and for both 3 month and 1 month horizons, we find evidence consistent with the hypothesis that investors tend to overpay for all put options as an expected cost of insurance. The patterns of average returns is analogous to the favorite/longshot bias in racing markets. For options on the British Pound/US Dollar, there does not appear to be any systematic favorite/long-shot bias for either calls or puts.
Induction of mitochondrial manganese superoxide dismutase confers resistance to apoptosis in acute myeloblastic leukaemia cells exposed to etoposide

We investigated the possible roles of mitochondrial manganese superoxide dismutase (MnSOD) and bcl‐2 in etoposide‐induced cell death in acute myeloblastic leukaemia (AML) using two subclones of the OCI/AML‐2 cell line, the etoposide‐sensitive (ES) and the etoposide‐resistant (ER), as models. Cell death after 24 h exposure to 10 μmol/l etoposide was about 60% and 70% in the ES subclone and about 20% and 25% in the ER subclone, when analysed by trypan blue and annexin V respectively. Cytochrome c efflux from mitochondria to cytosol was observed after 4 h of exposure in both subclones, whereas the activation of caspase‐3 was not detectable until after 12 h of exposure in the ES subclone and 24 h of exposure in the ER subclone, using Western blotting. The decrease in mitochondrial membrane potential, when analysed by the JC‐1 probe fluorocytometrically, also appeared to take place later in the ER than in the ES subclone. Both subclones showed evident basal expression of MnSOD and bcl‐2 by Western blotting. Etoposide caused a potent induction of MnSOD, more than 400% at 12 h, in the ER but not in the ES subclone. No significant change in bcl‐2 expression could be observed in either of the subclones during exposure to etoposide when analysed by Western blotting or flow cytometry. In conclusion, we suggest that MnSOD might have a special role in the protection of AML cells against etoposide‐induced cell death. Although unable to influence the cytochrome c efflux to cytosol, MnSOD might prevent the disruption of mitochondrial membrane potential, which evidently leads to cell death by releasing various activators of apoptosis.
Percutaneous Coronary Intervention Reduces Mortality in Out-of-Hospital Cardiac Arrest after Acute Coronary Syndrome: An Outcomes-Based Study from the Nationwide Inpatient Sample Database

Introduction: Mortality following cardiac arrest (CA) is extremely high, with rates as high as 91.5% after out-of-hospital cardiac arrest (OHCA) and 76.1% after in-hospital cardiac arrest (IHCA). This study assessed the clinical profile and outcomes of a large cohort of patients undergoing primary percutaneous coronary intervention (PCI) for OHCA to determine its effect on clinical outcomes and mortality. Methods: 247,456 patients with OHCA due to acute coronary syndrome (ACS) were abstracted from the Nationwide Inpatient Sample database (2001-2011). Results: Among 247,456 OHCA patients, 11,111 (4.5%) had PCI while 236,345 (95.5%) did not. Patients who underwent PCI were younger than those who did not receive PCI (64 vs. 66 years), p p p p 65 years, female gender, AA or Hispanic race, advanced cancer, and liver dysfunction as independent factors associated with increased mortality, while PCI conferred a survival advantage in OHCA, p 50 years old, and those with Medicare. PCI significantly reduces mortality in OHCA patients and should be considered in all OHCA patients. Further investigation and development of methods to overcome the apparent socioeconomic barriers to PCI is required.
Efficiency Tests of the Foreign Currency Options Market

Based on a new options transactions data base from the Philadelphia Stock Exchange Foreign Currency Options Market, this paper examines the importance of the effect of nonsynchronous prices and transaction costs on the usual option market efficiency tests. The tests conducted are based on the transaction cost adjusted early exercise and put-call parity pricing boundaries applicable to the American foreign currency options market. The test results show that the put-call parity boundary tests are sensitive to both nonsynchronous prices and transaction costs. The early exercise boundary tests are sensitive to transaction costs but are not very sensitive to simultaneity of the option price and the underlying spot price. Under the no-transaction costs scenario, a large number of early exercise boundary violations is found even when simultaneous spot and option prices are used. These violations disappear when actual transaction costs are taken into account.
Impact of laparoscopic versus open surgery on hospital costs for colon cancer: a population-based retrospective cohort study

Objective Laparoscopy is increasingly being used as an alternative to open surgery in the treatment of patients with colon cancer. The study objective is to estimate the difference in hospital costs between laparoscopic and open colon cancer surgery. Design Population-based retrospective cohort study. Settings All acute hospitals of the National Health System in England. Population A total of 55 358 patients aged 30 and over with a primary diagnosis of colon cancer admitted for planned (elective) open or laparoscopic major resection between April 2006 and March 2013. Primary outcomes Inpatient hospital costs during index admission and after 30 and 90 days following the index admission. Results Propensity score matching was used to create comparable exposed and control groups. The hospital cost of an index admission was estimated to be £1933 (95% CI 1834 to 2027; p<0.01) lower among patients who underwent laparoscopic resection. After including the first unplanned readmission following index admission, laparoscopy was £2107 (95% CI 2000 to 2215; p<0.01) less expensive at 30 days and £2202 (95% CI 2092 to 2316; p<0.01) less expensive at 90 days. The difference in cost was explained by shorter hospital stay and lower readmission rates in patients undergoing minimal access surgery. The use of laparoscopic colon cancer surgery increased 4-fold between 2006 and 2012 resulting in a total cost saving in excess of £29.3 million for the National Health Service (NHS). Conclusions Laparoscopy is associated with lower hospital costs than open surgery in elective patients with colon cancer suitable for both interventions.
Unemployment Duration and Competing Risks: Evidence from Sweden

The determinants of unemployment duration are studied in the presence of multiple exits out of unemployment. The results indicate that state aggregation may be a severe problem in empirical analysis of a labor market such as the one in Sweden. Estimating a joint model for all transitions out of unemployment leads to biased estimates, since different transitions are governed by different mechanisms. The results also indicate positive duration dependence in both transitions to regulate employment and transitions out of the labor force, but no duration dependence in transitions to public labor market programs. Copyright 1989 by The editors of the Scandinavian Journal of Economics.
Massification without equalisation: the politics of higher education, graduate employment and social mobility in Hong Kong

This article explains why the massification of higher education in Hong Kong has, contrary to the predictions of received wisdom, failed to enhance the upward social mobility of the youth in the city. Building upon recent literature in political science, it argues that massification can take different forms, which in turn determine the effects of massification on various social groups. Through exploring three critical phases in the city’s higher education reform, this article demonstrates how higher education policies have been heavily shaped by the interests of the city’s elites, who, on the one hand, see the expansion of higher education as a solution to such social and economic problems as unemployment and regional integration but, on the other, remain reluctant to increase public spending on the education sector. As a result, higher education has expanded almost exclusively in the private sector. Due to poor planning and implementation, graduates from self-financed programmes are severely disadvantaged in terms of employability, resulting in wage compression and unemployment. The findings of this study shed light on the regressive nature of higher education.
Stochastic models for air cargo terminal manpower supply planning in long-term operations

In this research, based on two deterministic-demand planning models, we established two long-term stochastic-demand planning models by incorporating the stochastic disturbances of manpower demands that occur in actual operations. The models are formulated as mixed integer linear programs that are solved using a mathematical programming solver. To compare the performance of the two stochastic-demand and two deterministic-demand planning models under the stochastic demands that occur in actual operations, we further develop a simulation-based evaluation method. Finally, we perform numerical tests using real operating data from a Taiwan air cargo terminal. The preliminary results show that the stochastic models could be useful for planning air cargo terminal manpower supply. Copyright © 2008 John Wiley & Sons, Ltd.
A review of risk factors for bovine tuberculosis infection in cattle in the UK and Ireland

SUMMARY Bovine tuberculosis (bTB) is an important disease of cattle caused by infection with Mycobacterium bovis, a pathogen that may be extremely difficult to eradicate in the presence of a true wildlife reservoir. Our objective was to identify and review relevant literature and provide a succinct summary of current knowledge of risk factors for transmission of infection of cattle. Search strings were developed to identify publications from electronic databases to February 2015. Abstracts of 4255 papers identified were reviewed by three reviewers to determine whether the entire article was likely to contain relevant information. Risk factors could be broadly grouped as follows: animal (including nutrition and genetics), herd (including bTB and testing history), environment, wildlife and social factors. Many risk factors are inter-related and study designs often do not enable differentiation between cause and consequence of infection. Despite differences in study design and location, some risk factors are consistently identified, e.g. herd size, bTB history, presence of infected wildlife, whereas the evidence for others is less consistent and coherent, e.g. nutrition, local cattle movements. We have identified knowledge gaps where further research may result in an improved understanding of bTB transmission dynamics. The application of targeted, multifactorial disease control regimens that address a range of risk factors simultaneously is likely to be a key to effective, evidence-informed control strategies.
Cross-Cultural Service Encounters in the Hospitality Industry and the Effect of Intercultural Sensitivity on Employee Performance

Abstract Foreign visitors are such important contributors to the American economy that tourism officials are working hard to reassure them that the U.S. is still a safe place to visit. The significant increase in foreign visitors over the past decade caused U.S. scholars to pay more attention to the unique challenges of cross-cultural service encounters. This exploratory study adds to that trend by attempting to measure the effect of intercultural sensitivity on the performance of hospitality employees in cross-cultural service encounters. The results indicate that employees with high intercultural sensitivity scored significantly (p < .05) higher on measures of service attentiveness, revenue contribution, interpersonal skills, job satisfaction, and social satisfaction as they relate to cross-cultural encounters. There was no significant difference in scores for motivation-to-work, job tenure, and primary rewards (compensation, recognition, etc.).
The evolution of corporate law

This paper traces the evolution of the corporate law in several jurisdictions since the beginning of the nineteenth century, using statutory law as a source to analyze the timing and focus of legal change. The research is designed to be explorative in nature. The authors use an open-ended list of legal indicators to identify patterns of legal change and pay tribute to the idiosyncrasies of legal evolution in different countries. The research suggests a refocus of the corporate law and governance debate. The analysis of the evolution of corporate law suggests that the function of corporate law is much more complex, involving a tradeoff between agency problems and flexibility. The paper addresses the issue that the acceptance of law in a transplant country takes time. Users as well as lawmakers need to recognize the relevance of the law for economic undertakings and learn how to adjust law based on their own experience.
Circulating Omega-6 Polyunsaturated Fatty Acids and Total and Cause-Specific Mortality: The Cardiovascular Health Study

Background— Although omega-6 polyunsaturated fatty acids (n-6 PUFA) have been recommended to reduce coronary heart disease (CHD), controversy remains about benefits versus harms, including concerns over theorized proinflammatory effects of n-6 PUFA. We investigated associations of circulating n-6 PUFA including linoleic acid (the major dietary PUFA), &ggr;-linolenic acid, dihomo-&ggr;-linolenic acid, and arachidonic acid, with total and cause-specific mortality in the Cardiovascular Health Study, a community-based U.S. cohort. Methods and Results— Among 2792 participants(aged ≥65 years) free of cardiovascular disease at baseline, plasma phospholipid n-6 PUFA were measured at baseline using standardized methods. All-cause and cause-specific mortality, and total incident CHD and stroke, were assessed and adjudicated centrally. Associations of PUFA with risk were assessed by Cox regression. During 34 291 person-years of follow-up (1992–2010), 1994 deaths occurred (678 cardiovascular deaths), with 427 fatal and 418 nonfatal CHD, and 154 fatal and 399 nonfatal strokes. In multivariable models, higher linoleic acid was associated with lower total mortality, with extreme-quintile hazard ratio =0.87 (P trend=0.005). Lower death was largely attributable to cardiovascular disease causes, especially nonarrhythmic CHD mortality (hazard ratio, 0.51; 95% confidence interval, 0.32–0.82; P trend=0.001). Circulating &ggr;-linolenic acid, dihomo-&ggr;-linolenic acid, and arachidonic acid were not significantly associated with total or cause-specific mortality (eg, for arachidonic acid and CHD death, the extreme-quintile hazard ratio was 0.97; 95% confidence interval, 0.70–1.34; P trend=0.87). Evaluated semiparametrically, linoleic acid showed graded inverse associations with total mortality (P=0.005). There was little evidence that associations of n-6 PUFA with total mortality varied by age, sex, race, or plasma n-3 PUFA. Evaluating both n-6 and n-3 PUFA, lowest risk was evident with highest levels of both. Conclusions— High circulating linoleic acid, but not other n-6 PUFA, was inversely associated with total and CHD mortality in older adults.
Evaluation of the Relationship between Functional Capacity and Right Ventricular Diastolic Function in Patients with Isolated Mitral Stenosis and Sinus Rhythm: A Tissue Doppler Study

Aim: The right ventricular (RV) systolic function is an important determinant of clinical symptoms and exercise capacity in patients with mitral stenosis. No sufficient data are available concerning the effect of RV diastolic function on symptoms of patients with mitral stenosis. In the presence of normal RV systolic function, RV diastolic functions of asymptomatic patients with mitral stenosis of moderate or severe degree were compared to symptomatic ones by pulsed‐wave tissue Doppler echocardiography in this study. Materials and Methods: The study included 40 patients with mitral stenosis. Patients were classified into two groups according to New York Heart Association (NYHA) class (asymptomatic group NYHA class I, symptomatic group NYHA class II–III). RV diastolic functions were evaluated via pulsed‐wave tissue Doppler in terms of isovolumic contraction time (IVCT), systolic wave velocity (S), isovolumic relaxation time (IVRT), early diastolic wave velocity (E′), and late diastolic wave velocity (A′). Results: Statistical difference was not determined in systolic parameters (S, IVCT) between the two groups. However, IVRT (54.21 ± 11.93 msec vs 86.19 ± 16.23 msec, P < 0.0001) and A′ wave amplitude (10.16 ± 2.14 cm/sec vs 13.55 ± 3.35 cm/sec, P < 0.0001) were higher whereas E′ wave amplitude (11.68 ± 1.60 cm/sec and 10.25 ± 2.73 cm/sec, P = 0.009) and E′/A′ ratio (1.18 ± 0.23 vs 0.76 ± 0.17, P < 0.0001) were lower in group 2. Conclusion: In isolated mitral stenosis, pulsed‐wave tissue Doppler may be used for the detection of RV diastolic pathology. Diastolic functions of RV may deteriorate in the presence of normal systolic functions in symptomatic patients with isolated mitral stenosis.
Receptor‐mediated transport of foreign DNA into preimplantation mammalian embryos

Mouse and rabbit preimplantation embryos with intact zona pellucida were incubated for 3 hr with DNA‐carrying constructs containing insulin as an internalizable ligand: (insulin‐polylysine)‐DNA and (insulin‐polylysine)‐DNA‐(streptavidin‐polylysine)‐(biotinylated adenovirus). Video‐intensified microscopy demonstrated that the constructs penetrated the zona pellucida and accumulated in the blastomere perinuclear space. The percentage of blastocysts formed was about 70% after incubation of zygotes and two‐cell embryos with the constructs. Foreign DNA was detected after 51 hr in 80% of rabbit embryos and after 96 hr in 73% of mouse embryos. Inclusion of various adenoviruses into the construct improved foreign DNA preservation in early embryos. Blot hybridization revealed genome‐integrated foreign DNA in 12‐ and 15‐day mouse embryos and in a newborn. Thus, the ligand‐mediated mechanism can be employed for introducing foreign genetic material into early mammalian embryos; insulin provides for delivery inside the cell and to the nucleus, while adenoviruses ensure release from endosomes. Mol. Reprod. Dev. 54:112–120, 1999. © 1999 Wiley‐Liss, Inc.
Suppression of cell proliferation and deoxyribonucleic acid synthesis in the cloned rat hepatoma H4‐II‐E cells overexpressing regucalcin

The role of endogenous regucalcin (RC) in the regulation of cell proliferation was investigated in the cloned rat hepatoma H4‐II‐E cells overexpressing RC stably. H4‐II‐E cells were transfected with RC/pCXN2 vector and the multiple neomycin‐resistant clones which overexpress stably RC were selected. The RC content of RC/pCXN2‐transfected cells used in this study was 19.7‐fold as compared with that of the parental wild type H4‐II‐E cells. Wild type H4‐II‐E cells, pCXN2 vector‐transfected cells (mock type), and RC/pCXN2‐transfected cells (transfectants) were cultured for 24, 48, and 72 h in the presence of fetal bovine serum (10% FBS). Cell numbers of wild and mock type were significantly increased with the time course of culture. Cell numbers of transfectants was significantly suppressed as compared with that of wild and mock type. Deoxyribonucleic acid (DNA) synthesis activity in the nuclear fraction of H4‐II‐E cells was significantly suppressed in transfectants with culture for 12–48 h. The presence of anti‐RC monoclonal antibody (10–50 ng/ml) in the reaction mixture caused a significant increase in DNA synthesis activity in the nuclei of wild type and transfectants; this increase was remarkable in transfectants. The effect of anti‐RC monoclonal antibody (50 ng/ml) in increasing DNA synthesis activity in transfectants was completely prevented by the addition of regucalcin (1 μM). This study demonstrates that cell proliferation is suppressed in the cloned rat hepatoma H4‐II‐E overexpressing RC stably. J. Cell. Biochem. 84: 143–149, 2002. © 2001 Wiley‐Liss, Inc.
Product/customer scope: Competition antecedents, performance effects and market context moderations

Purpose – The purpose of this paper is to explore the competition antecedents and performance effects of firm product/customer scope, and the moderating role of market growth.Design/methodology/approach – The theoretical model follows the contingency perspective on strategy and draws on the strategy and competitive dynamics literature. A questionnaire was used to gather the quantitative data for testing the hypotheses using regression analyses. The questionnaires were completed by executives of 432 Swedish industrial firms serving business customers. The firms offering clean technology products operate in growing markets while the firms offering miscellaneous products operate in mature markets.Findings – Competition is an antecedent of firm product/customer scope. The more competitive the action of the main competitor, the more limited the customer scope of the firm if it operates in a mature market. The impact of the main competitor's scope is robust across all market contexts. Furthermore, the broader t.
POLA DISTRIBUSI KOMODITAS KENTANG DI KABUPATEN BANDUNG, JAWA BARAT

The study was conducted in Bandung District, West Java on 2005. Primary data were collected through interview with potato’s farmers (who grow Granola variety and Atlantic variety) and potato’s trader. Method of analysis is quantitative and qualitative analysis. The results of the study are as follow: (1) There are two kinds of marketing pattern of potato in West Java: (a) Marketing pattern of Granola variety which is distributed to several market especially central market. Majority of Granola variety is for household consumption; and (b) Partnership pattern between farmer’s group or farmers with PT Indofood FM for Atlantic variety. Most of this variety is used as a raw material for food processing industries; (2) Most of potato’s farmers sell their product to village collectors, and potato’s farmers who have large scale of potato’s farm can directly sell to district traders and central market. (3) Atlantic variety were distributed through Farmer’s Group to Partner Company.
Avoiding lock-in: Cooperative creameries in Denmark, 1882–1903

The paper investigates the initial phase of the cooperative organisation of agricultural processing firms in Denmark. It argues that the variations observed can be explained within the framework of the theory of industrial organisation. The focus is on the success of cooperative creameries. In 1903, twenty years after the first establishments, the owners of about 80 per cent of all Danish milch cows supplied their product to a cooperative. The success of cooperatives within other fields of production was smaller by comparison. The point is that dairying cooperatives, given the existing technology of gathering information and of preserving and transporting a perishable product, were ideally suited to overcome the problems of potential lock-in and of asymmetric information.