Miracle-dz/UniFAR-FTUs huggingface dataset:
Monetary Policy Shifts and Inflation Dynamics

The New Keynesian Phillips Curve plays a central role in modern macroeconomic theory. A vast empirical literature has estimated this structural relationship over various post-war full samples. While it is well known that in a standard sticky price model a 'weak' central bank response to inflation generates sunspot fluctuations, the consequences of pooling observations from different monetary policy regimes for (i) the estimates of the structural Phillips curve and (ii) the estimates of inflation persistence had not been investigated. Using Monte Carlo simulations from a purely forward-looking model, this paper shows that indeterminacy can introduce a sizable persistence in the process of inflation. On the reduced form, our results show that inflation persistence can be endogenous to the policy regime rather than intrinsic to the structure of the economy. On the structural form, we find that by neglecting equilibrium indeterminacy the estimates of the forward-looking term of the New Keynesian Phillips Curve are biased downward. The implications are in line with the empirical evidence for the United Kingdom and United States.
Spatial Dependence and Divergence Across Chinese Cities

This paper analyzes the evolution of urban output per capita across Chinese cities in post-reform era. Our results suggest no evidence of output convergence across cities from 1984 to 2003. We find that cities with comparable output per capita are likely to be located in the same region; furthermore, cities tend to mirror the mobility of their counterparts located in the same province, but not the same region. The divergence in urban output per capita across the nation will continue if the current economic growth pattern persists in the future.
Does gender affect business ‘performance’? A study of microbusinesses in business services in the UK

There is a dearth of studies that have examined the issue of the impact of gender on business performance. Three problems are evident in this earlier work:(1) the need to expose theoretical assumptions; (2) the adequacy of methodologies adopted; and (3) apparent equivocal results. A theme running through much of this work is whether the concept of ‘performance’ is itself gendered. This paper confines itself to addressing three research questions in respect of the impact of gender of business owner on business performance. The field data comprise a sample of 104 microbusinesses in business services in two locations-Newcastle upon Tyne and Milton Keynes, in the UK. The results show (1) no significant difference between the performance of the businesses of sole male and sole female owners, (2) clear evidence of the underperformance of spouse-owned businesses, (3) no support for the hypothesis that women have an ‘integrated approach’ to their business and personal lives (in contrast to men), and (4) evidence that cultural presuppositions about gender roles were most clearly demonstrated in the spouse-owned businesses.
Clinical Aspects of Patients with Nasal Polyposis

Introduction: The nasal Polyposis is a non-neoplastic chronic inflammatory process of the nasal mucosa. It causes a large impact to the patients’ life quality. Objective: To analyze the characteristics of patients with polyposis in the Brazilian population. Method: 50 records of patients followed up in a tertiary hospital and submitted to surgical treatment of nasal polyposis were reviewed. The following variables were analyzed: age, sex, smoking, presence of asthma, presence of AAS intolerance and also the clinical manifestations: anterior and posterior rhinorrhea, nasal obstruction, hyposmia, sneezing and pruritus. The tomographic evaluation system applied was that of Lund-McKay. For statistical analysis we applied the chi-square test with p<0.05. Results: Out of 50 patients evaluated, 28 were male and 22 were female. The mean age range was of 40.8 years. The main clinical manifestation was nasal obstruction in 100% of the patients. In the tomographic evaluation, according to the Lund-McKay system, the average scoring was of 10.9. Discussion: No statistically significant difference was obtained in the patients’ general symptoms compared to the patients with asthma or AAS intolerance. The difference in the Lund-McKay score was statistically significant in the populations studied. The symptoms were similar to the frequency of symptoms of other works. Conclusion: We concluded that the main complaint of the patients with nasal polyposis is nasal obstruction, the most affected age is of about 40 years old, without preference of sex. The severity of tomographic findings is higher in patients with asthma and AAS intolerance.
Interpreter use and satisfaction with interpersonal aspects of care for Spanish-speaking patients.

OBJECTIVES Many patients have limited English proficiency and require an interpreter. The authors evaluated the effect of current interpreting practices on Spanish-speaking patients' satisfaction with the patient-provider relationship. METHODS A cross-sectional survey was conducted of 457 patients seen in a public hospital emergency department. Measures were satisfaction with the provider's friendliness, respectfulness, concern, ability to make the patient comfortable, and time spent for the exam. RESULTS A total of 237 patients communicated adequately with their provider without the use of an interpreter (group 1), 120 patients communicated through an interpreter (88% of whom were ad hoc interpreters; group 2), and 100 patients communicated directly with the provider but said an interpreter should have been called (group 3). Compared with patients in group 1, patients who communicated through an interpreter (group 2) rated their provider as less friendly, less respectful, less concerned for the patient as a person, and less likely to make the patient comfortable. Patients who said an interpreter should have been called (group 3) had the lowest satisfaction ratings; compared with group 2, they were less satisfied with their provider's friendliness, concern for the patient as a person, efforts to make the patient comfortable, and amount of time spent. CONCLUSIONS Patients who communicated through an interpreter or who did not have an interpreter when they thought one was necessary were less satisfied with the patient-provider relationship. Further efforts are needed to ensure interpreter availability and proper interpretation technique.
One Size Does Not Fit All: How the Uniform Rules of FIN 48 Affect the Relevance of Income Tax Accounting

ABSTRACT: Our study examines how the uniform rules of FIN 48, which governs accounting for income tax uncertainty, affect the relevance of income tax accounting. By requiring all firms to follow the same recognition and measurement process, the FASB intended FIN 48 to improve the relevance of income tax accounting. However, practitioners argue that reserves reported under FIN 48 lack relevance because they represent liabilities that will never be paid to tax authorities. Consistent with these concerns, we estimate that over a three-year period, only 24 cents of every dollar of reserves unwind via settlements. Moreover, contrary to the FASB's intention, we find no evidence that FIN 48 increased the ability of tax expense to predict future tax cash flows. Rather, we find that the predictive ability of tax expense for future tax cash flows decreases among firms for which FIN 48 is most restrictive. Finally, we find no evidence that investors identify firms for which reserves overstate future tax cash outflow.
Tunisia: Sources of Real Exchange Rate Fluctuations

Using structural VARs identified with long-run restrictions, this paper evaluates the importance of nominal shocks and real disturbances on the Tunisian Dinar during the nineties. The estimated macroeconomic behaviour in response to the shocks identified with a Clarida and Gali–type structural VAR for Tunisia is generally in line with theoretical priors stemming from the Mundell-Fleming model. The structural decomposition shows that relative real demand and supply shocks account for most of the variations in real exchange rate changes during the estimation period and indicates that real disturbances explain about 80% of the variance of the forecast error of the real exchange rate.
Maternal Diet with Diverse Omega–6/Omega–3 Ratio Affects the Brain Docosahexaenoic Acid Content of Growing Chickens

Eggs with diverse ω–6/ω–3 ratio produced by feeding breeder hens a wheat-soybean meal-basal diet containing 5% (wt/wt) sunflower oil (Hω6), 5% fish oil (Hω3) or 2.5% sunflower oil plus 2.5% fish oil (Mω3ω6) were incubated. The hatched chicks were fed a docosahexaenoic acid (DHA)-deficient diet up to 6 weeks of age. The fatty acid composition of chick brain was determined on 0, 2, 4 and 6 weeks and brain weight was taken on day 0 and day 42. The ω–6/ω–3 ratios were 37.12, 4.21 and 0.98 for the maternal diet; 28.36, 2.83 and 0.89 for the egg yolk; 1.94, 0.48 and 0.18 for hatched chick brain (p < 0.05). At 2 weeks of age, the ω–6/ω–3 ratios were 1.88, 0.81 and 0.60 for chicks hatched from hens fed Hω6, Mω3ω6 and Hω3 diets, respectively. The brain DHA contents at 0 and 2 weeks of age were Hω3 > Mω3ω6 < Hω6 (p < 0.05) and at 4 and 6 weeks of age Hω3 = Mω3ω6 > Hω6. Dietary C18:3ω3 in the starter and finisher diet did not increase brain DHA (p > 0.05). The significant increase in the content of C22:5ω3 at 6 weeks of age in group 1 birds with a concomitant reduction in DHA suggests a weak delta-4 desaturation but an effective delta-6 and delta-5 desaturation similar to human infants. Considering the role of DHA in early brain development and growth, the maternal supply of DHA during growth might be of importance when fed a DHA-deficient neonatal diet.
Uncovered Interest Parity in Central and Eastern Europe: Convergence and the Global Financial Crisis

This paper presents tests of uncovered interest parity in Croatia, the Czech Republic, Hungary, Poland and Romania; all countries in Central and Eastern Europe with floating exchange rates. Data are monthly and the trading horizon is three months. The estimations show that the UIP hypothesis is rejected for the full sample from 1999 to 2011 for all five countries. A number of reasons for the rejection were investigated. Rolling regressions show that standard versions of the UIP essentially lose all explanatory power in 2008-10, which was a period in which the global financial crisis led to instability in currency and interest markets in Central and Eastern Europe. Two indicators of global risk aversion were also found to enter significantly in the many UIP estimations. Finally, the size of the interest rates spread also seems to be of importance, at least for Poland and Romania.
Sham Acupuncture Devices – Practical Advice for Researchers

Several validated sham acupuncture devices have recently become available. While some debate exists on whether such needles are the best placebo control for an RCT of acupuncture, practical advice based on research experience is missing from the literature. This paper shares our concrete experience using the most commonly used such sham needle (the ‘Streitberger needle’ and its paired verum needle) in a large RCT (n=135) which included a two-week run-in period. The placebo run-in gave us an opportunity to use the sham device on all participants, who were then re-randomised to receive genuine acupuncture or to continue treatment with the device. The blinding was successful both at the end of the run-in and at the conclusion of the trial despite the re-randomisation. We also report our experience with the sham needle in neuroimaging experiments where the magnetic machinery poses considerable challenges for acupuncture research.
Multi-institutional phase I/II trial of stereotactic body radiation therapy for liver metastases.

PURPOSE To evaluate the efficacy and tolerability of high-dose stereotactic body radiation therapy (SBRT) for the treatment of patients with one to three hepatic metastases. PATIENTS AND METHODS Patients with one to three hepatic lesions and maximum individual tumor diameters less than 6 cm were enrolled and treated on a multi-institutional, phase I/II clinical trial in which they received SBRT delivered in three fractions. During phase I, the total dose was safely escalated from 36 Gy to 60 Gy. The phase II dose was 60 Gy. The primary end point was local control. Lesions with at least 6 months of radiographic follow-up were considered assessable for local control. Secondary end points were toxicity and survival. RESULTS Forty-seven patients with 63 lesions were treated with SBRT. Among them, 69% had received at least one prior systemic therapy regimen for metastatic disease (range, 0 to 5 regimens), and 45% had extrahepatic disease at study entry. Only one patient experienced grade 3 or higher toxicity (2%). Forty-nine discrete lesions were assessable for local control. Median follow-up for assessable lesions was 16 months (range, 6 to 54 months). The median maximal tumor diameter was 2.7 cm (range, 0.4 to 5.8 cm). Local progression occurred in only three lesions at a median of 7.5 months (range, 7 to 13 months) after SBRT. Actuarial in-field local control rates at one and two years after SBRT were 95% and 92%, respectively. Among lesions with maximal diameter of 3 cm or less, 2-year local control was 100%. Median survival was 20.5 months. CONCLUSION This multi-institutional, phase I/II trial demonstrates that high-dose liver SBRT is safe and effective for the treatment of patients with one to three hepatic metastases.
Valuation of Earnings, Cash Flows and their Components: An Empirical Investigation

Security valuation has been in the forefront of the accounting and finance literature for many years. Although there is consensus that stock prices are related to future cash flows of the firm, there is controversy about the usefulness of the ex post earnings and cash flow measures in signaling stock prices. A cross-sectional equity valuation model is used to examine the incremental valuation content of earnings and cash flows in the marketplace. A sample of retail firms is used for the four-year period from 1980 to 1983. The results of this study indicate that (a) operating earnings have valuation content beyond operating cash flows, (b) operating cash flows do not have valuation content beyond operating earnings, and (c) the components of earnings, namely operating cash flows and accruals provide the same information to the market about future expected cash flows.
Do Diversified Business Groups Help Organizational Performance?

Abstract: The superior performance of firms affiliated with business groups as compared to unaffiliated firms has not been clearly established in the literature. Previous studies examining the effect of business groups on firm performance have found varying results (Khanna and Palepu 2000a, 2000b; Chang and Hong 2002; Chu 2004). These findings are the results of analysis conducted at the aggregate level across all industries. This study examines performance of affiliated and unaffiliated firms separately across three industries in India. The results indicate that the impact of group affiliation is not uniform across industries. Further, the study examines the relationship between business group diversification and firm performance across industries after controlling for certain variables that impact performance. Findings indicate that the relationship is not unique across various industries.
Raising educational standards: national testing of pupils in the United Kingdom, 1988–2009

Raising the basic standards of competence achieved by school children has become a primary objective of governments across Europe. A high performing educational system is taken to be fundamental in achieving European economic competitiveness. Children leaving primary schools with difficulty in reading, writing and arithmetic or a meagre understanding of science are unlikely to achieve the qualifications at secondary school required to secure jobs that will raise them above a poverty line. On one hand, in England, the government has pioneered a radical school reform programme over the last 20 years, including national testing of school children at regular intervals. On the other, high stakes testing was pursued only partially and briefly in Scotland and Wales and then largely abandoned after devolution. National testing in the UK has been associated with increasingly marked divergent outcomes in the UK. This article focuses on the following central question: how far the divergent reform policies in England, Scotland and Wales reflect differences in social policy objectives and how far a very different understanding in the means of achieving them? Empirical findings point to the widening gap in educational attainments across the UK countries and highlight the critical situation in Scotland where test results have stagnated in the last 10 years.
Bilateral Exports from Euro Zone Countries to the US - Does Exchange Rate Variability Play a Role?

The financial crisis and the debt crisis in Europe lead to pronounced swings of the $/€-exchange rate. The influence of this exchange rate uncertainty on exports is neither theoretically nor empirically unambiguous. Therefore, this investigation tries to find out what effect exchange rate volatility has got on exports from eleven euro zone countries to the US. Our results suggest that if exchange rate volatility exerts a significant influence on exports, it is typically negative. Furthermore, exports of SITC categories 6 and 7 seem to be affected negatively most often.
On Mergers, Divestments, and Options: A Note

Abstract In this note, a loss shared by the security holders of merging firms is pointed out: separate corporate entities provide double protection against future negative cash flows that are partof any production process (e.g., when customer or employee liabilities exceed future income), independent of whether or not debt is used in the corporate capital structure. A merger involvesa relinquishment of this double protection in return for a less valuable single protection: limited liability in the merged corporation against combined negative cash flows.
The Arp2/3 activator WASH regulates α5β1-integrin-mediated invasive migration

The actin cytoskeleton provides scaffolding and physical force to effect fundamental processes such as motility, cytokinesis and vesicle trafficking. The Arp2/3 complex nucleates actin structures and contributes to endocytic vesicle invagination and trafficking away from the plasma membrane. Internalisation and directed recycling of integrins are major driving forces for invasive cell motility and potentially for cancer metastasis. Here, we describe a direct requirement for WASH and Arp2/3-mediated actin polymerisation on the endosomal membrane system for α5β1 integrin recycling. WASH regulates the trafficking of endosomal α5β1 integrin to the plasma membrane and is fundamental for integrin-driven cell morphology changes and integrin-mediated cancer cell invasion. Thus, we implicate WASH and Arp2/3-driven actin nucleation in receptor recycling leading to invasive motility.
The Econometrics of Macroeconomic Forecasting

When an econometric model coincides with the mechanism generating the data in an unchanging world, the theory of economic forecasting is reasonably well developed. However, less is known about forecasting when model and mechanism differ in a nonstationary and changing world. This paper addresses the basic concepts; the invariance of forecast accuracy measures to isopmorphic model representations; the roles of causal information, parsimony, and collinearity; a reformulated taxonomy of forecast errors; differencing and intercept corrections to robustify forecasts against biases due to shifts in deterministic factors; the removal of structural breaks by cobreaking; and forecasting using leading indicators. Copyright 1997 by Royal Economic Society.
Value Shift: Why Companies Must Merge Social and Financial Imperatives to Achieve Superior Performance

Pick up a copy of the day's business section. Chances are you'll read about a corporation in jeopardy due to reckless standards or practices - or one that's getting wise and taking a closer look at its impact upon the world. From Ford and Bridgestone to Sotheby's and Christie's; from Microsoft to McDonnell Douglas, managers and directors are coming to understand that for the long-term health of their companies, it's not enough to make a good profit. They have to make that profit responsibly. In Value Shift, renowned Harvard Business School professor Lynn Sharp Paine translates real-world experience as a corporate consultant into a powerful case for this new standard of performance, never losing sight of the fact that healthy companies must remain profit-driven. By building a corporate conscience, Paine argues, managers can anticipate certain "gray area" dilemmas - and by helping to avoid the wrong responses to those dilemmas, take an active role in strengthening their company or divisions. As practical as it is even-handed, Value Shift will take its place next to Built to Last and In Search of Excellence on the bookshelves of managers around the globe. In taking a hard-headed look at the ways in which values do - and do not - enhance financial performance, this book differentiates itself from two dominant streams of writing in business ethics. The first is oriented toward proving the financial merits of ethics. The second assumes that the financial question is irrelevant. By synthesizing both sets of concerns - economic and ethical - Value Shift presents an approach to management that is not only more realistic, but also more useful.
Seismological Insights Into Heterogeneity Patterns in the Mantle

Both geophysical and geochemical results point to pervasive 3-D heterogeneity in the Earth's mantle. Geophysical evidence presents a snapshot of current structure, whereas geochemical data contain important information on age. A major source of information on heterogeneity within the Earth comes from seismic tomography, particularly when both P and S wave data can be exploited. A powerful tool for examining the character of heterogeneity comes from the comparison of images of bulk-sound and shear wavespeed extracted in a single inversion, since this isolates the dependencies on the elastic moduli. Such studies are particularly effective when common path coverage is achieved for P and S as, e.g., when common source and receiver pairs are extracted for arrival times of the phases. The relative behavior of bulk-sound and shear wavespeed can provide a useful guide to the definition of heterogeneity regimes. For subduction zones a large part of the tomographic signal comes from S wavespeed variations, but in the upper mantle and transition zone there can be significant bulk-sound speed contributions for younger slabs (<85 Ma), and in stagnant slabs associated with slab roll-back. The narrow segments of fast wavespeeds in the depth range 900-1500 km in the lower mantle are dominated by S variations, with very little bulk-sound contribution, so P images are controlled by shear. Deep in the mantle there are many fast features without obvious association with subduction in the last 100 Ma, which suggests long-lived preservation of components of the geodynamic cycle. Changes in the patterns of heterogeneity occur near 1200 km and 2000 km depth in the lower mantle and indicate the complexity of processes occurring in the current Earth.