Miracle-dz/UniFAR-FTUs huggingface dataset:
Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis

We examine whether securitization impacts renegotiation decisions of loan servicers, focusing on their decision to foreclose a delinquent loan. Conditional on a loan becoming seriously delinquent, we find a significantly lower foreclosure rate associated with bank-held loans when compared to similar securitized loans: across various specifications and origination vintages, the foreclosure rate of delinquent bankheld loans is 3% to 7% lower in absolute terms (13% to 32% in relative terms). There is a substantial heterogeneity in these effects with large effects among borrowers with better credit quality and small effects among lower quality borrowers. A quasi-experiment that exploits a plausibly exogenous variation in securitization status of a delinquent loan confirms these results.
Maids' Services as a Substitute Factor in Home-Production

While maid's services are considered luxury goods in developed countries, that is not always the case in developing countries. Economists believe that the reason for that is the availability of cheap unskilled labor supply in developing countries. However, few attention has been given to the scarcity of durable goods used in home-production in developing countries households. The same durable goods that are considered necessity on developed countries. This paper investigates the role of women's bar- gaining power, women's shadow price of time, and family composition in deciding on expenditures in production durable goods and maid's services. The test of bargaining power indicates that the expenditure on home-production factors is an outcome of a bargaining process. Households in which the wife has higher schooling than husband, the relative probability of having maid's services is higher. The results of the di erence of husbands' and wives' education are consistent with the intrahousehold time allocation, where wives that have comparative advantage in market work are more likely to substitute market goods for home-production. Wives that do not have comparative advantage in market work specialize in home- production, demanding more time-saving durable goods. There is no evidence of parental preferences for sons or daughters. However, there is evidence that daughters' time substitutes wives's time and maid's services in home-production.
Dosing de novo combinations of two targeted drugs: Towards a customized precision medicine approach to advanced cancers

Metastatic cancers harbor complex genomic alterations. Thus, monotherapies are often suboptimal. Individualized combinations are needed in order to attenuate resistance. To help inform selection of safe starting doses for novel, two-agent, targeted drug combinations, we identified clinical trials in adult oncology patients who received targeted drug doublets (PubMed, January 1, 2010 through December 31, 2013). The dose percentage was calculated for each drug: (safe dose in combination divided by single agent full dose) X 100. Additive dose percentage represented the sum of the dose percentage for each drug. A total of 144 studies (N = 8568 patients; 95 combinations) were analyzed. In 51% of trials, each of the two drugs could be administered at 100% of their full dose. The lowest safe additive dose percentage was 60% if targets and/or class of drugs overlapped, or in the presence of mTor inhibitors, which sometimes compromised the combination dose. If neither class nor target overlapped and if mTor inhibitors were absent, the lowest safe additive dose percentage was 143%. The current observations contribute to the knowledge base that informs safe starting doses for new combinations of targeted drugs in the context of clinical trials or practice, hence facilitating customized combination therapies.
THE LEVEL OF PEOPLE’S AWARENESS OF OSTEOPOROSIS IN ARDABIL CITY: A SURVEY BASED STUDY -

Introduction: Osteoporosis is a skeletal disease which is characterized by a decrease in bone mass which can lead to increasing the risk of fracture. The present study aimed at assessing the level of people's awareness of osteoporosis in Ardabil city. Materials and Methods: This is a cross-sectional study conducted with the purpose of investigating the level of individuals' awareness of osteoporosis in Ardabil in 2013. The number of participants in this investigation was 250 including both sexes. And the instrument used for data collection was a researchermade questionnaire which included 30 questions. Reliability and validity of the questionnaire were estimated, and the Cronbach's alpha coefficient was 0.78. Data were analyzed through SPSS.16. Results: 46.4% of respondents were male and 53.6% were female. The largest number (34.8%) of participants was from 15-25 age range. The mean awareness score was 13.32±2.93 out of 23, and 73% of the cases were at a moderate level of awareness. In this study, there was a significant relationship between the level of awareness on the one hand and the level of education (primary level, diploma, university) or economic class (weak, moderate, good, very good) on the other (p<. 001), but there was no such relationship between level of awareness and gender (p=0. 69), or age (p=0. 24). Conclusion: According to the results of this research, a high percentage of individuals had a moderate level of awareness. It is essential that health authorities and healthcare providers plan some programs for prevention and control of disease, while taking into account the level of individuals' awareness.
Chapter 33 Offshore Population Estimates of Marbled Murrelets in California

353 found in pelagic or nearshore waters, and at what depth or distance from the shoreline do they most often forage? From this information, appropriate survey techniques can be developed which optimally survey murrelet populations in the marine environment. The objectives of our work were to (1) determine the distribution of murrelets from the shore outward in these waters; (2) determine the distribution of birds in the varied marine habitat along the coastline of the state; and (3) from these data, estimate the population for California. Methods For each bird(s) detected during the surveys described below, we recorded the number of individuals, their perpendicular distance from the transect line, and characteristics of plumage or behavior. A 40-cm fishing buoy attached to a 100-m line was towed behind the boat and used by observers as a reference for distance estimates. All birds detected by the observer were recorded, including flying birds. The crew of observers changed from year to year, but some observers surveyed in all years. During each season observers usually participated in surveys in all areas, thereby reducing the bias of observer variability. Detection Distance We assumed that all birds on the transect line were detected, but that some birds were missed as the distance from the transect increased (Dixon 1977, Gould and Forsell 1989, Weins and others 1978). We calculated the " effective area surveyed " (EAS), which allows an unbiased estimate from all detected birds. Using this distance and transect width, it is then possible to calculate the density of birds on the water. The EAS of murrelets varied little from about 100 m, probably because of the limited range of sea conditions under which surveys were conducted. We discontinued surveys when seas reached 25-35 cm and frequent whitecaps appeared (Beaufort scale 3 or 4). The transect width also appeared to remain relatively constant regardless of the observer platform heights on boats we used: 7 m and 1-2 m. A 100-m transect width was used for calculations below. The area surveyed on each 2-km survey segment described below is therefore 200 m wide by 2,000 m long or 0.4 km 2 (fig. 1). Intensive Surveys In order to determine the distribution of birds outward from the shoreline, we conducted intensive surveys from Abstract: We devised a method of estimating population size of Marbled Murrelets (Brachyramphus marmoratus) found in California's offshore waters. The method involves determining the distribution …
Just How Cooperative are Kibbutz Members? Field Experiments on Israeli Kibbutzim and in Israeli Cities

Unlike individuals living in capitalist economies, members of collective societies depend on mutual cooperation to achieve their economic goals. We study the cooperative behavior of one of the most successful and best-known modern collective societies, the Israeli kibbutz. The facts that kibbutz members have voluntarily chosen their lifestyle of cooperation and egalitarianism, the ease with which they could join the surrounding capitalist society, their disproportionate involvement in social and national causes and their revealed willingness to sacrifice for the benefit of Israeli society as a whole suggest that if ever there was a society of individuals whose cooperativeness extends equally to members and non-members, the kibbutz is it. Nonetheless, the findings from our field experiments indicate that kibbutz members display higher levels of cooperation when paired with other, anonymous kibbutz members than when paired with city residents. In fact, when paired with city residents, kibbutz members' observed levels of cooperation are identical to those displayed by the city residents. Moreover, we present evidence that kibbutz socialization actually damages the willingness of members to cooperate with one another.
How Relevant Has Been the Learning-by-Doing for Brazilian Sugarcane Ethanol Production?

This paper examines the role of several factors in reducing the production costs of Brazilian sugarcane ethanol, including learning-by-doing (LBD), economies of scale, rising factor prices, market competitiveness, and exogenous technological changes. Using the aggregate industry-level data over the period 1975- 2010, we find that the reduction in production costs of sugarcane ethanol was primarily driven by autonomous technological changes and unrelated to LBD. The increase in energy prices raised production costs of sugarcane ethanol, while the effects of other input prices on reducing production costs of sugarcane ethanol are found to be insignificant. By increasing the costs of procuring key inputs for ethanol production, market competitiveness had a negative effect on reducing production costs of sugarcane ethanol. The role of economies of scale in affecting sugarcane ethanol production costs is inconclusive depending on model specifications.
Exchange Rate Pass-Through and Monetary Integration in the Euro Area

The purpose of this study is to examine how monetary integration affects the exchange rate pass-through, by testing whether monetary policy convergence in the euro area led to a convergence in terms of exchange rate pass-through. We conduct a comparative study between the "experiment group" (the euro area) and the "control group" (non-euro industrial countries). We find evidence for stronger convergence of exchange rate pass-through for the euro area economies as a group, especially around the 1980s. The group of non-euro industrial countries also had conditional convergence (convergence with permanent cross-sectional heterogeneity) in exchange rate pass-through, but its cross-sectional dispersion remains substantially larger compared to the euro area. This indicates that monetary integration affects the exchange rate pass-through. This has an important policy implication for the euro area, especially for the new member countries, as their exchange rate pass-through would not remain constant or purely exogenous; it should also converge to the euro area average as they work to achieve the Maastricht Criteria.
Western Balkan Countries: Adjustment Capacity to External Shocks, with a Focus on Labour Markets

The main question addressed in this study is the performance of the labour markets in the Western Balkans. The aim is to find out whether they can deliver growth of employment and decline of unemployment in the medium run and whether they can withstand short-term shocks due to changes in demand or supply. These questions are particularly pressing in view of the monetary policy based on fixed exchange rates which is followed by the majority of the countries in this region. In terms of the theory of optimal currency areas, if the exchange rate is fixed, labour markets have to be flexible if there are adverse shocks. Otherwise, adjustment would work through a fall in employment levels and an increase in unemployment. The alternative of flexible exchange rates has been abandoned by most monetary authorities in the region for fears of risk of an exchange rate crisis.
Distinguishing Local and Global Influences on Galaxy Morphology: A Hubble Space Telescope Comparison of High and Low X-Ray Luminosity Clusters

We present a morphological analysis of 17 X-ray-selected clusters at z ~ 0.25, imaged uniformly with the Hubble Space Telescope Wide Field Planetary Camera 2 (WFPC2). Eight of these clusters comprise a subsample selected for their low X-ray luminosities (≲1044 ergs s-1), called the low-LX sample. The remaining nine clusters comprise a high-LX subsample with LX > 1045 ergs s-1. The two subsamples differ in their mean X-ray luminosity by a factor of 30 and span a range of more than 300. The clusters cover a relatively small range in redshift (z = 0.17-0.3, σz/z ~ 0.15), and the data are homogeneous in terms of depth, resolution (0.″17 = 1 h kpc at z = 0.25), and rest wavelength observed, minimizing differential corrections from cluster to cluster. We fit the two-dimensional surface brightness profiles of galaxies down to very faint absolute magnitudes, M702 ≤ -18.2 + 5 log h50 (roughly 0.01L) with parametric models, and quantify their morphologies using the fractional bulge luminosity (B/T). Within a single WFPC2 image, covering a field of ~3' (1 h Mpc at z = 0.25) in the cluster center, we find that the low-LX clusters are dominated by galaxies with low B/T (~0), while the high-LX clusters are dominated by galaxies with intermediate B/T (~0.4). We test whether this difference could arise from a universal morphology-density relation due to differences in the typical galaxy densities in the two samples. We find that small differences in the B/T distributions of the two samples persist with marginal statistical significance (98% confidence based on a binned χ2 test) even when we restrict the comparison to galaxies in environments with similar projected local galaxy densities. A related difference (also of low statistical significance) is seen between the bulge-luminosity functions of the two cluster samples, while no difference is seen between the disk luminosity functions. From the correlations between these quantities, we argue that the global environment affects the population of bulges, over and above trends seen with local density. On the basis of this result, we conclude that the destruction of disks through ram pressure stripping or harassment is not solely responsible for the morphology-density relation and that bulge formation is less efficient in low-mass clusters, perhaps reflecting a less rich merger history.
CAPITAL STRUCTURE DECISIONS IN THE PORTUGUESE CORPORATE SECTOR

In the corporate finance literature, there are two theories of capital structure that are relevant: the trade-off theory and the pecking order theory. The trade-off theory argues that firms choose the optimal level of debt by trading off the benefits of debt against its costs. The benefits of debt include tax deductibility of interest expenses and a reduction in agency costs of equity derived from excess free cash flows. The costs of debt are mainly bankruptcy costs, either direct or indirect, and these may occur in a situation of excessive debt. According to this theory, there is an optimal level of debt which occurs when the marginal benefit equals the marginal cost of an additional unit of debt. The pecking order theory is an alternative and more recent theory of capital structure. This theory argues that a pecking order in financing exists if there are information asymmetries between the insiders (either large shareholders or managers), and outsiders (mainly small shareholders or other investors of the company). In such case, the cost of issuing new securities is the most important issue and it goes beyond a discussion of benefits and costs of debt. The main prediction of this theory is that there is a hierarchy of financing sources. Hence, firms prefer to use retained earnings as their first financing source, followed by debt and, lastly, by equity. Equity is less interesting to firms, given that it entails larger information asymmetry costs, making its issuance more expensive relative to other funding sources. The aim of this work is to look at decisions affecting capital structure in the Portuguese corporate sector. In other words, we discuss whether the leverage of firms follows more closely the predictions of the trade-off model and/or the pecking order model. The data used comes from the Banco de Portugal Central Balance Sheet database and covers the period from 1990 to 2007. This database collates accounting information on non-financial firms as well as other data such as the age of the firm and the number of employees. We observe a significant negative relation between profitability and leverage, which supports the pecking order theory. However, we also observe that firms converge rapidly to their target leverage ratios, thus providing evidence in favour of the trade-off theory. We think these results may not be conflicting as they could refer to decisions made with different time-horizons in mind.
What Moves Stock Prices and How

The daily movement of stock prices is no less than a conundrum for a layman who is unable to comprehend the reasons behind these gyrations. Apart from company specific factors, there are a number of macroeconomic and political factors affecting daily movements of stock prices. This article attempts to demystify the links between stock market movements and these factors, examining the channels through which they affect stock prices.
OTIS-star an attractive alternative network

This paper proposes a new interconnection network referred to as the OTIS-Star which is constructed from multiplying a factor network star Sn by it self. In this paper we utilize the features of OTIS networks which use both of electronic and optical networks. Although the star graph has been an important research issue for long time it suffers from many problems mainly its limited efficiency in routing and broadcasting. The OTIS-Star presents a solution for the problems which star networks suffer from. In this paper we conduct a general study on the topological properties for the OTIS-Star by obtaining the main topological properties including size, degree, diameter and number of links, then we propose an efficient broadcasting algorithm.
The sword of Damocles for the splenectomised: death by OPSI

The overwhelming post splenectomy infection (OPSI) in splenectomised patients is a rare but severe infection mostly caused by encapsulated bacteria. We analyse the case of a 65-year-old female patient who was presented with clinical and laboratory findings indicating gastroenteritis. Two years years before admission, the patient underwent a splenectomy for a two stage splenic rupture following resuscitation for pulmonary embolism. Immunisation of the patient was complete and timely. As a result of the unspecific clinical presentation, there was a delay in administration of antibiotics. However, administration of antibiotics induced a fulminant shock. The patient died 4 hours after attending the hospital due to a pneumococcal sepsis. The discussion highlights epidemiological and pathophysiological aspects and potential prevention strategies in the international context. Vaccination failed in our patient as the isolated pneumococcal strain (serogroup: 12F) is usually covered by the 23-valent pneumococcal polysaccharide vaccination (Pneumovax®). The case reported here indicates that there may be a potential benefit of prophylactic antibiotic treatment within the first 3 years after splenectomy for patients above the age of 65 years. Awareness of OPSI (prevention strategies, symptoms and treatment) among patients and their treating physicians is crucial for the improvement of prognosis. We partly address these issues in a standard operating procedure for the assessment of splenectomised patients in our departments of emergency medicine.
Explaining Users' Security Behaviors with the Security Belief Model

Information security is often viewed as a technological matter. However, security professionals will readily admit that without safe practices by users, no amount or type of technology will be effective at preventing unauthorized intrusions. By paralleling the practices of information security and health prevention, a rationale for employing constructs from existing models of health behavior is established. A comprehensive and parsimonious model (the Security Belief Model) is developed to explain information security behavior intentions. The model is tested empirically based on a sample of 237 Indian professionals. The results of the empirical study indicate general support for the model, particularly including severity, susceptibility, benefits, and a cue to action as antecedents to the intention to perform preventive information security behaviors. The paper also discusses implications of the model and results for practitioners and possibilities for future research are included. Explaining Users’ Security Behaviors with the Security Belief Model
Estimating the Demand for Credit Card: A Regression Discontinuity Approach

Using the credit card application data provided by a major credit card issuer, we estimate the demand for credit card using a regression discontinuity method. Our method exploits a unique feature of the credit card solicitation campaign design, i.e. credit issuer gives consumers different interest rate based on some cutoff points in consumers' credit score. This discontinuity in the interest rate offers allows us to obtain a reliable estimate of the effect of the interest rate on consumers' credit demand. We find that consumers' demand for credit card is near unit elasticity. The demand elasticity is estimated at -1.14. In addition, consumers with better credit rating are more responsive to interest rate than consumers with lower credit rating. We also find that, without controlling for the endogeneity of contracts, a regression model would give biased estimates.
The Social Economy in the European Union

he concept and term social economy is very broad, but it is generally understood to refer to all types of economic and social activities that take place in many legal forms between the boundaries of the private and public sector. Social economy is a term that is commonly used in continental Europe, and in the European Union institutions, while in the USA, and other countries, the dominant terms tend to be that of Non-Profit Organisations (NPOs) and Third Sector, which is also commonly used internationally. There are also other terminologies describing social economy, like solidarity economy. Here we adopt the use of the term social economy as the most appropriate one for the reasons analysed below. And we also make only a brief reference to the differences and similarities between the concepts of social economy and NPOs. Furthermore, as the theoretical and the research areas covering the social economy/third sector are vast, complex and full of different interpretations, particularly on its various sub-components, it is beyond the limits of this paper to deal with these in detail. The paper is divided into two sections. In the first section, we address theoretical and conceptual approaches of social economy, on its evolution, its definitions and on the NPO approach. In the second section, we discuss and describe the current main components of the social economy in the EU and how it is structured, in terms of definition, legal framework, range of activities and institutional representation.