Miracle-dz/UniFAR-FTUs huggingface dataset:
Testing Home Ownership as the Cornerstone of Welfare: Lessons from East Asia for the West

In recent years, one driver behind the promotion of home ownership in Western countries has been the belief that owner-occupied housing assets provide a means to build up individual welfare security, potentially offsetting pension shortfalls in retirement. In contrast, many developed East Asian societies have both long focussed on advancing ‘asset’ or ‘property-based welfare’ systems as well as experienced the late-1990s Asian Financial Crisis which forced changes in housing and welfare practices. This paper examines how home ownership and asset-based welfare fared in these contexts and the lessons to be learned. It begins by considering the role of owner-occupied housing assets in different welfare regimes before empirically examining how asset-based welfare systems have been realized. It then considers how East Asian home ownership and asset-based welfare systems have stood-up to economic crises. The final section considers what the East Asian experiences contribute to an understanding of the housing assets–welfare relationship.
Perceived Environmental Uncertainty: The Extension of Miller’s Scale to the Natural Environment

Large businesses are professionalizing their approach to environmental management, in pursuit of quality management, cost effective eco‐efficiency and regulatory compliance. However, recent evidence suggests that business corporations are not integrating the natural environment into their strategic thinking. One of the major reasons for this is the contingent relationship between perceived uncertainty in the business environment and strategic decision making. This paper describes the development and testing of a Perceived Environmental Uncertainty (PEU) measurement scale for the natural environment. The new PEU scale is based on Miller’s (1993) PEU scale for the commercial environment and grounded in the environmental management theory. It is also shown to possess very good reliability and dimensionality. The new PEU scale was applied in the form of self‐report questionnaire. Respondents were senior executives (n = 198) from the UK textile industry. We specifically looked for variations in levels of executives’ PEU along the industry supply chain. As a result of applying the new scale, our findings show that the natural environment presents significantly higher levels of PEU for executives in the textile making‐up/retail sector. The major cause of uncertainty for the textile making‐up/retail sector is that firms in this sector are at the end of the supply chain and therefore exposed to up‐stream risk, which is often very difficult to manage.
Principal component analysis: a review and recent developments

Large datasets are increasingly common and are often difficult to interpret. Principal component analysis (PCA) is a technique for reducing the dimensionality of such datasets, increasing interpretability but at the same time minimizing information loss. It does so by creating new uncorrelated variables that successively maximize variance. Finding such new variables, the principal components, reduces to solving an eigenvalue/eigenvector problem, and the new variables are defined by the dataset at hand, not a priori, hence making PCA an adaptive data analysis technique. It is adaptive in another sense too, since variants of the technique have been developed that are tailored to various different data types and structures. This article will begin by introducing the basic ideas of PCA, discussing what it can and cannot do. It will then describe some variants of PCA and their application.
A Regulatory Mechanism That Detects Premature Nonsense Codons in T-cell Receptor Transcripts in Vivo Is Reversed by Protein Synthesis Inhibitors in Vitro*

Gene rearrangement during the ontogeny of T- and B-cells generates an enormous repertoire of T-cell receptor (TCR) and immunoglobulin (Ig) genes. Because of the error-prone nature of this rearrangement process, two-thirds of rearranged TCR and Ig genes are expected to be out-of-frame and thus contain premature terminations codons (ptcs). We performed sequence analysis of reverse transcriptase-polymerase chain reaction products from fetal and adult thymus and found that newly transcribed TCR-β pre-mRNAs (intron-bearing) are frequently derived from ptc-bearing genes but such transcripts rarely accumulate as mature (fully spliced) TCR-β transcripts. Transfection studies in the SL12.4 T-cell line showed that the presence of a ptc in any of several TCR-β exons triggered a decrease in mRNA levels. Ptc-bearing TCR-β transcripts were selectively depressed in levels in a cell clone that contained both an in-frame and an out-of-frame gene, thus demonstrating the allelic specificity of this down-regulatory response. Protein synthesis inhibitors with different mechanism of action (anisomysin, cycloheximide, emetine, pactamycin, puromycin, and polio virus) all reversed the down-regulatory response. Ptc-bearing transcripts were induced within 0.5 h after cycloheximide treatment. The reversal by protein synthesis inhibitors was not restricted to lymphoid cells, as shown with TCR-β and β-globin constructs transfected in HeLa cells. Collectively, the data suggest that the ptc-mediated mRNA decay pathway requires an unstable protein, a ribosome, or a ribosome-like entity. Protein synthesis inhibitors may be useful tools toward elucidating the molecular mechanism of ptc-mediated mRNA decay, an enigmatic response that can occur in the nuclear fraction of mammalian cells.
Estimating the health care savings from trans fat-free canola in Canada

Abstract Growing scientific evidence links consumption of trans fatty acids in the diet to elevated levels of cholesterol and therefore to coronary heart disease. Coronary heart disease is the single largest contributor to health care costs in Canada (both direct medical costs and indirect costs in the form of lost productivity). As with many industrialized nations, rising public health care costs are a major public policy concern in Canada. The major source of trans fats is hydrogenated vegetable oils and processed food products. New canola varieties are emerging which enable the production of canola oils that are virtually trans fat-free. This paper evaluates the potential savings in public health care costs from a trans fat-free canola oil. Using four scenarios and conservative assumptions, the paper estimates non-trivial potential health cost savings in the range of Cdn$280 million to Cdn$1.09 billion annually. A number of policy implications are discussed.
Development denied: Autocratic militarism in post-election Zimbabwe

This article examines the recent ideological position of ‘Vote for Development’ which the ZANU-PF government in Zimbabwe pursued during the election campaign of March 2005, and the brief period of freer expression that accompanied the campaign. This strategy of power, the willingness to seemingly embrace democratic process, is then compared with the postelection situation in Zimbabwe, where despite having entrenched themselves in government, the ZANU-PF leadership is conducting a campaign to destroy the infrastructural, physical, economic and social assets of the urban poor. I review the ‘Operation Restore Order’ against informal traders, and the ‘Operation Murambatsvina’ (‘Operation Clear Away the Trash’ – or grime, rubbish, filth) of 25 May to early July 2005 against peoples homes, and ask how we can categorise the Zimbabwean state in its contemporary, seemingly contradictory, form.
A re-examination of financial development, stock markets development and economic growth

This study provides new evidence on the role of financial development and stock market development in accounting for economic growth across geographic regions and income groups. To derive feasible policy implications, we estimate not only unbalanced panel regressions with period fixed effects, but also variance decompositions of annual Gross Domestic Product (GDP) growth rates to examine what proxy measures are most important in economic growth over time and how much they contribute to economic growth. We find distinct direction, timing and strength of the causal links between financial development, stock market development and economic growth based on the results of Granger causality tests. Therefore, it may be necessary to make different efforts to achieve steady economic growth across geographic regions and income groups.
Accounting Conservatism under IFRS

In a recent discussion paper on an improved conceptual framework (IASB, 2006a), the IASB and the FASB argue that prudence and conservatism are not desirable qualities of financial reporting information (IASB, 2006a, BC2.22). One interpretation of this proposal is that the consistent undervaluation of net assets (consistent conservatism), which used to be common under Continental European GAAPs and to some extent under US GAAP, is not considered to be an adequate way of dealing with uncertainty. Instead, the changes in the business conditions of a firm should be, to a greater extent, reflected in the financial reporting via changes in future-oriented estimates and probabilities. In turn, this should increase the decision relevance to users. However, although the boards suggest that the improved framework will not include prudence or conservatism as desirable qualities, this paper suggests that a more valid description is that consistently conservative accounting treatments will be replaced by accounting methods that leave more opportunities for temporary conservatism (changes in accounting estimates that temporarily understate net assets via the creation of hidden reserves which later may be reversed). From a user perspective, temporary conservatism is demanding because of the increased income-shifting between periods. This is illustrated in the paper by examining three cases concerning loss carryforwards, development costs and construction contracts, related to three different standards (IAS 12, IAS 38 and IAS 11, respectively). Furthermore, the paper illustrates how the mixing of consistent and temporary conservatism may lead to counter-intuitive interpretations of the underlying business activities that, in turn, make the information less relevant to users.
Do Loans for Higher Education Lead to Better Salaries? Evidence from a Regression Discontinuity Approach for Colombia

Since 2002 the ACCES credit for higher education has financed more than 280,000 students. Prior evaluations have shown evidence as to its positive effect on the academic performance and the reduction in the dropout rates of the recipients. Nevertheless, no evidence exists so far on the effect these credit programs have had on the labor market indicators of their beneficiaries. In this study we attempt to estimate such effect. In particular, the question we seek to answer is if, once working as graduates, do the beneficiaries of ACCES loans have higher salaries and if this is the case, why does this happen and through which channels does it occur. Using administrative data for more than 300 thousand applicants of this credit in Colombia and using a regression discontinuity design, we found that the recipients of the ACCES educational credit have starting salaries as graduates which are higher in comparison with those graduates not receiving this credit. We also undertake a mediation methodology within an Intent-to-Treat Regression Discontinuity framework that allows for a precise identification and quantification of the mediation channels. We concluded that once graduated, the ACCES beneficiaries’ exhibit longer job search periods, which would substantially explain their greater starting salaries of their first formal jobs. Academic performance during college also account for the differences in starting salaries yet to lesser degree.
Serum concentrations of complement anaphylatoxins and proinflammatory mediators in patients with 2009 H1N1 influenza

Anaphylatoxins (C5a, C4a, and C3a) are fragments of activated complement and are leading mediators of the inflammatory response for controlling viral infection. However, an excessive response may increase the severity of infectious diseases. Serum concentrations of proinflammatory mediators, including cytokines, high‐mobility group box 1 and anaphylatoxins, were measured in pediatric 2009 H1N1 influenza patients in order to investigate the pathology of this new influenza. The concentrations of all three anaphylatoxins were significantly enhanced by 2009 H1N1 influenza infection. However, there were no significant differences in anaphylatoxin concentrations between 2009 H1N1 influenza patients with and without severe complications during the early stages of the disease. C3a concentrations dropped significantly during the recovery phase, whereas there were no significant differences between the acute and recovery phases in C5a and C4a concentrations. There was a correlation between C5a and IL‐2. C4a was associated with IL‐1ra, eotaxin, MCP‐1, PDGFbb, and VEGF. C3a was correlated with IL‐2 and IFN‐γ. Taken together, these findings indicate that complement activation occurs in patients infected with 2009 H1N1 influenza virus and demonstrate that anaphylatoxins are involved in increased production of proinflammatory mediators in this new influenza.
Hereditary haemorrhagic telangiectasia in North African and sub-Saharan patients.

Hereditary haemorrhagic telangiectasia (HHT) or Osler-Weber-Rendu disease is an autosomal-dominant inherited vascular disease, characterised by the presence of mucocutaneous telangiectasia and visceral arteriovenous malformations (AVMs). Three main causative genes are known: ENG, ACVRL1 and SMAD4. BMP9 has also been shown to be involved in a small number of cases. We report two cases of HHT in North African and sub-Saharan patients.
Hybrids or Hodgepodges? Workplace Practices of Japanese and Domestic Startups in the United States

This study examines the adoption of high-performance workplace management practices in Japanese and domestic manufacturing plants, spanning a broad range of products and technologies, that began operations in the United States between 1978 and 1988. Japanese transplants, the authors find, were likely to adopt “hybrid” systems of high-performance practices melding Japanese principles of workplace management with the American industrial relations system. Domestic startups incorporated many of these same techniques, but they tended to take a more limited and piecemeal approach. The managers of domestic startups also paid less attention to how individual high-performance practices fit into an overall system of efficient workplace management than did managers at Japanese transplants.
Regenerative SPM-Based Wavelength Conversion and Field Demonstration of 160-Gb/s All-Optical 3R Operation

In this paper, we describe a 160-Gb/s all-optical 3R regenerator consisting of a wavelength converter based on self-phase-modulation (SPM) and a non-linear optical loop mirror (NOLM). Particularly, we focus on the simple method to improve the performance of dual-stage wavelength conversion. The dual-stage configuration is useful to alleviate pulse-to-pulse interaction, which degrades both conversion bandwidth and regenerative effect. Total conversion performance, however, strongly depends on waveform distortion at the 1st-stage conversion. Against this, we found that when setting the wavelength shifts of the 1st -stage: ¿¿1 and the 2nd-stage: ¿¿2 to be ¿¿1¿¿2 < 0, i.e., reversing a wavelength shift at the 2nd-stage, the impact of waveform distortion was suppressed and the conversion performance was dramatically improved in comparison with a monotonic shift over both stages (¿¿1¿¿2 > 0). The physical mechanism proving the benefit of the proposed conversion scheme is discussed through both numerical simulations and wavelength conversion experiments. The 3R performance assisted by the regenerative wavelength converter was evaluated by 160-Gb/s field transmission experiments which were conducted in the optical test-bed of Japan Gigabit Network II (JGN II). At a 3R-interval of 380 km, a Q-factor improvement of greater than 7 dB was achieved by applying the wavelength-converter assisted all-optical 3R regenerator.
Compulsory Insurance without Paternalism

This article examines how a just society must address the needs of its imprudent members. I defend compulsory insurance as an answer to this question. It has been assumed that compulsory insurance can only be justified on paternalistic grounds. I argue that this assumption is incorrect, and defend non-paternalistic compulsory insurance (NPCI). To display the merits of NPCI, I identify a trilemma that arises for views about how to address the needs of the imprudent, including libertarian and so-called ‘luck-egalitarian’ views. I then suggest that NPCI enables us to escape the trilemma.
Conservatism and Debt

Despite the unquestionable influence of conservatism, disagreement remains about what economic demands lead to financial reporting conservatism. Research examining lenders' demands for reporting conservatism has been questioned for ignoring conservative contract modifications. We document that these modifications exist but are not ubiquitous. We find contract modifications are more likely when agency costs are higher and litigation, tax and equity demands for conservatism are lower. However, we find a positive association between unexplained reporting conservatism and contract modifications, suggesting contractual modifications alone do not fulfill lenders' demands for conservatism.
Alternative money theories: a G7 testing

The aim of this paper is to present the ways different schools of economic thought approach the money supply process—that is, the money-income relationship as well as the money multiplier model. First, we briefly discuss the arguments among the different Post Keynesian schools of thought, on these two issues as well as the different orthodox views. Then, using econometric causality techniques, we search which theoretical approach "better fits the data" in the G7 economies. The results favor the idea that in most of the G7 economies—with the possible exceptions of France and Japan—the "road" of nonorthodox money generation process (with some peculiarities for each country) seems to be followed.
EMU and Trade Revisited: Long‐Run Evidence Using Gravity Equations

In this paper, we present evidence of the long‐run effect of the euro on trade for the twelve initial EMU countries for the period 1967–2008 from a double perspective. First, we pool all the bilateral combinations of trade flows among the EMU countries in a panel cointegration gravity specification. Second, we estimate a gravity equation for each of the EMU members vis‐a‐vis the other eleven partners. We apply panel cointegration techniques based on factor models that account for cross‐dependence and structural breaks. Whereas the joint gravity equation provides evidence on the aggregate effect of the euro on intra‐European trade, by isolating the individual countries, we assess which of the member countries have obtained a larger benefit from the euro. The results show that the euro has had a positive though small effect on trade. Belgium and Luxembourg, France and Italy are the countries more benefited from the introduction of the euro. The effects for exports to third countries are in general more moderate, and, with the exception of Greece, there is no evidence of diversion effects.
The Evolution of Price Discovery in US Equity and Derivatives Markets

This paper investigates changes in the price discovery portions for two popular securities based on the S&P 500 index, namely the S&P 500 E-mini futures and the SPDR Exchange Traded Fund (Ticker SPY) for the period Jan 2002 through Dec 2013. We show a significant change in the price discovery of these two securities over this period. The E-mini futures are dominant for price discovery until 2007, though on a steady decline. After 2007 the SPY ETF dominates the price discovery process.
Corporate governance practices of small cap companies and their financial performance: an empirical study in New Zealand

The purpose of this paper is to examine the effect of corporate governance practices of small cap companies have had on their financial performances. Previous studies have mainly examined governance practices of larger corporations. This analysis focuses on the governance variables that have been highlighted by the New Zealand Securities Commission (2004) governance principles and guidelines and also on the governance variables that are supported in the literature as providing an appropriate structure for the firm in the environment in which it operates. The data for 71 small cap companies listed in New Zealand over a five-year period from 2001 to 2005 was analysed. Pooled data, OLS and 2SLS regression techniques were used and Tobin's Q, ROA and OPINC were used as the dependent variables. The evidence does support the hypothesis that the existence of board independence and audit committee has enhanced firm financial performance, as measured by Tobin's Q.
Aborigines and Fire in the Wet Tropics of Queensland, Australia: Ecosystem Management Across Cultures

Australian indigenous people may retain common law native title rights in lands that have been reserved for nature conservation purposes . They are seeking greater equity in management of these places , and recognition of their cultural practices , such as "fire-stick farming. " This article examines the approach to fire management of one group of Australian Aborigines , the Kuku-Yalanji , and that of the government managers of the Wet Tropics of Queensland World Heritage Area . The comparative ecosystem management framework used to analyze the cultural interface highlights potential conflicts over the control of management and information, while identifying common interests in maintaining species and communities . Kuku-Yalanji use fire to protect fire-sensitive rainforests as well as to promote fire-prone open forests. The study suggests a Fire Protocol to mediate the different goals of the two groups, and supports the view that implementation of ecosystem management requires a social decision process.
Firm Characteristics and Voluntary Management Reports on Internal Control

This study provides evidence on the nature of voluntary management reports on internal control (MRIC), and on the characteristics of firms issuing such reports, before internal control reports were mandated under Section 404 of the Sarbanes‐Oxley Act. We examine the association between firm characteristics and the voluntary inclusion of an MRIC in the firm's annual report. Our analysis of 397 midsized firms in 1998 indicates that a voluntary MRIC is more likely for firms that are larger, have an audit committee that meets more often, have a greater level of institutional ownership, and have more rapid income growth. We find that a voluntary MRIC is less likely for companies with more rapid sales growth. Slightly more than one‐third of our sample issues an MRIC. None of the voluntary MRICs mention any material weaknesses; no reports include an auditor attestation; less than half (41 percent) of the reports include a statement that controls were effective; and only three of these reports include the criteri.