Miracle-dz/UniFAR-FTUs huggingface dataset:
Excess Returns to R&D-Intensive Firms

Recent studies indicate that both current R&D investment levels and current or recent changes in R&D investment are positively associated with subsequent excess (risk-adjusted) stock returns. The tentative explanation offered for these results is that shares of R&D-intensive firms are “mispriced” because investors fail to see through earnings distortions caused by conservative accounting for R&D costs. However, an alternative explanation is that conventional controls for risk do not completely capture the riskiness of R&D-intensive firms, causing measured excess returns for these firms to be biased upward. This study provides evidence useful for distinguishing between the mispricing and risk explanations for R&D-related excess returns. Overall, our empirical results suggest that the positive association between R&D investment levels and excess returns is more likely to result from failure to control adequately for risk than from mispricing. On the other hand, our results do not rule out the possibility of a second source of excess returns that are due to mispricing and that are associated with changes in the level of R&D investment.
Do Bad Bidders Become Good Targets?

This paper empirically examines one motive for takeovers: to change control of firms that make acquisitions that diminish the value of their equity. Firms that subsequently become takeover targets make acquisitions that significantly reduce their equity value, and firms that do not become takeover targets make acquisitions that raise their equity value. Within the sample of acquisition by targets, the acquisitions that reduce equity value the most are those that are later divested either in bust-up takeovers or restructuring programs to thwart the takeover. This evidence is consistent with theories advanced by Marris, Manne, and Jensen concerning the disciplinary role played by takeovers.
Why Do New Issues and High-Accrual Firms Underperform: The Role of Analysts' Credulity

We find that analysts' forecast errors are predicted by past accounting accruals (adjustments to cash flows to obtain reported earnings) among both equity issuers and nonissuers. Analysts are more optimistic for the subsequent four years for issuers reporting higher issue-year accruals. The predictive power is greater for discretionary accruals than nondiscretionary accruals and is independent of the presence of an underwriting affiliation. Predicted forecast errors from accruals significantly explain the long-term underperformance of new issuers. The predictability of forecast errors among nonissuers suggests that analysts' credulity about accruals management more generally contributes to market inefficiency. Copyright 2002, Oxford University Press.
Arousal Fluctuations in Non‐Rapid Eye Movement Parasomnias: The Role of Cyclic Alternating Pattern as a Measure of Sleep Instability

Some non-rapid eye movement (NREM) parasomnias, such as sleepwalking (SW), sleep terror (ST) and, in some aspects, sleep enuresis (SE), are considered “arousal disorders” without significant polysomnographic changes in classic sleep macrostructure. The aim of our study was to evaluate sleep microstructure and oscillations of arousal level by cyclic alternating pattern (CAP) scoring in some NREM parasomnias. Nocturnal polysomnography and videotape recording was used to study 21 patients with motor and behavioral phenomena during sleep: 13 in Group A (seven SW, six ST) with delta sleep-related episodes, eight in Group B with other parasomnias (six sleep bruxism and two SE), and six healthy controls. Classic sleep macrostructural parameters were no different in the parasomniacs and controls. Compared with the controls, our patients' sleep microstructure, scored by CAP analysis, showed increases in CAP rate (a measure of NREM instability with high level of arousal oscillation), in number of the CAP cycles, and in arousals with EEG synchronization, the increases being more significant in Group A than in Group B. An increase in sleep instability and in arousal oscillation seems to be a typical microstructural feature of delta sleep-related parasomnias and probably plays a role in triggering abnormal motor episodes during sleep in these patients.
The Human UDP-Glucuronosyltransferase UGT2A1 and UGT2A2 Enzymes Are Highly Active in Bile Acid Glucuronidation

Bile acids (BA) are essential modulators of lipid, glucose, and cholesterol homeostasis, but they exert cytotoxic effects in the cholestatic liver. Glucuronidation, catalyzed by the UDP-glucuronosyltransferase (UGT) enzymes is a pharmacologically relevant BA detoxification process. The present study characterized the BA-conjugating activity of the little-studied human UGTs of subfamily 2A: UGT2A1, 2A2, and 2A3. Recombinant UGT2As, expressed in baculovirus-infected insect cells, were assayed for the glucuronidation of six major bile acids: chenodeoxycholic acid (CDCA), cholic acid (CA), lithocholic acid (LCA), deoxycholic acid (DCA), hyocholic acid (HCA) and hyodeoxycholic acid (HDCA). UGT2A3 exhibited detectable but very low activity with all the tested BA substrates. UGT2A1 was highly efficient in forming LCA-3 and LCA-24G, CDCA-24, DCA-24, HCA-24, and HDCA-24G, whereas UGT2A2 was the most active enzyme for CA-24G and CDCA-24G formation and also was able to generate HDCA-6G, HDCA-24G, LCA-24G, and HCA-24G. The Km values of UGT2A1 varied between 102.2 ± 14.3 µM and 2.4 ± 1.2 mM. With the exception of CA-24G, a low affinity substrate for UGT2A2, all the Km values for UGT2A2 were in the 100 to 400 µM range. We demonstrate the high reactivity of the human UGT2A1 and UGT2A2 for bile acid glucuronidation. The physiologic importance of these reactions to BA disposition remains, however, to be clarified in vivo.
Use of anchoring vignettes to evaluate health reporting behavior amongst adults aged 50 years and above in Africa and Asia – testing assumptions

Background Comparing self-rating health responses across individuals and cultures is misleading due to different reporting behaviors. Anchoring vignettes is a technique that allows identifying and adjusting self-rating responses for reporting heterogeneity (RH). Objective This article aims to test two crucial assumptions of vignette equivalence (VE) and response consistency (RC) that are required to be met before vignettes can be used to adjust self-rating responses for RH. Design We used self-ratings, vignettes, and objective measures covering domains of mobility and cognition from the WHO study on global AGEing and adult health, administered to older adults aged 50 years and above from eight low- and middle-income countries in Africa and Asia. For VE, we specified a hierarchical ordered probit (HOPIT) model to test for equality of perceived vignette locations. For RC, we tested for equality of thresholds that are used to rate vignettes with thresholds derived from objective measures and used to rate their own health function. Results There was evidence of RH in self-rating responses for difficulty in mobility and cognition. Assumptions of VE and RC between countries were violated driven by age, sex, and education. However, within a country context, assumption of VE was met in some countries (mainly in Africa, except Tanzania) and violated in others (mainly in Asia, except India). Conclusion We conclude that violation of assumptions of RC and VE precluded the use of anchoring vignettes to adjust self-rated responses for RH across countries in Asia and Africa.
Market Anticipations of Monetary Policy Actions

The purpose of this paper is to investigate the extent to which market participants anticipate Federal Reserve policy actions. The topic is central to macroeconomics. Since the early 1970s theorists have emphasized that a complete model of the economy requires a full specification of the behavior of policymakers. Otherwise, there is no way to model the expectations upon which private agents base their decisions. The recent trend in monetary policy has been toward greater transparency, accountability, and credibility. This trend is largely explained by two ideas. First, the economics profession has accepted the proposition that monetary policy is the fundamental determinant of inflation in the long run.1 Second, central bank credibility and clear market expectations about monetary policy are critical to policy success.2 The key theoretical development in this context was the application of rational expectations to macroeconomics and the statement of the famous Lucas critique. Lucas (1976) argued that the economy and policymakers are interdependent. Specifically, the public forms expectations of the dynamic feedback rule that policymakers follow to implement policy. This line of argument led naturally and immediately to the distinction between expected and surprise policy actions and a number of papers exploring their different effects on the economy.3 For example, the more transparent the central bank, the less likely that it will be able to institute a surprise inflation to temporarily raise output growth. Our purpose is not to add to the extensive theoretical literature, but instead to document in considerable detail the extent to which U.S. monetary policy has become increasingly open and transparent. The trend toward greater transparency has been especially evident in recent years.4 In 1994, the FOMC began the practice of announcing policy actions immediately upon making them, and in 1995 the practice was formally adopted.5 Since August 1997 the FOMC has included a numeric value of the “intended federal funds rate” in each directive. Since May 1999 a press statement has been released at the conclusion of every meeting. These press statements initially included a numeric value for the “intended federal funds rate” and a statement of the “policy bias. ” In February 2000 the FOMC replaced the “policy bias” in the Directive that had been used since February 1983 with a statement of the “balance of risks. ”6 In this statement the FOMC indicates its beliefs about how the risks of heightened inflation pressure and economic weakness are balanced over the foreseeable future. The new language was not intended to indicate the likely direction or timing of future policy moves. These moves toward greater openness and transparency should have increased the ability of markets to anticipate policy actions. Poole and Rasche (2000) and Kuttner (2001) used data from the federal funds futures market to estimate the extent to which the market has anticipated the Fed’s actions. While their methodologies differ slightly,
Oligopsony Fed Cattle Pricing: Did Mandatory Price Reporting Increase Meatpacker Market Power?

We study beef packing margins before and after mandatory price reporting (MPR) was implemented in 2001 using a model that identifies and tests for switching between cooperative and non-cooperative regime pricing. Our results show that after MPR took effect, the duration of non-cooperative regimes was considerably shorter, while cooperative regimes were longer. Oligopsonistic rent, as measured by average economic profit, rose from $0.88/head in the 1990s to $2.59/head after 2001. While MPR is not likely the sole cause for such an increase, there was clearly more market power being exercised in fed cattle markets in the years after the program was implemented than before. Copyright 2011, Oxford University Press.
Effect of Ramadan Fasting on Body Weight, (BP) and Biochemical Parameters in Middle Aged Hypertensive Subjects: An Observational Trial.

INTRODUCTION Ramadan fasting is a religious obligation which is practised by Muslim population all over the world. However, there is scarcity of scientific literature regarding its effects on health determinants in cardiovascular disturbances like hypertension. OBJECTS The present study was done to assess the (BP), body weight and serum cholesterol changes over the period of Ramadan fasting in patients with hypertension. Materails And Methods:This prospective observational trial was done on 15 hypertensive subjects who were in the age group of 35 to 65 years, who were determined to complete Ramadan fast. All subjects were on antihypertensive therapy. Outcome measures of (BP), body weight and serum cholesterol were assessed in all the subjects before and after Ramadan month. RESULTS Mean age of subjects was 44.6 ± 5.62 years. Systolic BP decreased from 148 ± 19.6 to 132.5 ± 17.9 mm of Hg. The decrease of 15.5 units (95% CI: 7.5 to 24.4) was statistically significant (p = 0.0009). Diastolic BP decreased from 90.4 ± 7.8 to 81.1 ± 6.3 mm of Hg. The decrease of 9.3 units (95% CI: 5.7 to 13) was statistically significant (p < 0.0001). There was statistically significant decrease in body weight from 66.6 ± 13 to 65.2 ± 12.7 kg (p < 0.0001). There was no significant difference in serum cholesterol from 187.3 ± 28.9 to 192.7 ± 31.3 mg% (p = 0.37). CONCLUSION Hypertensive patients with continuation of their medicines showed a decrease in blood pressure and reduction in body weight at the end of Ramadan fasting duration. However there was no change found in serum cholesterol levels.
How informative is the Thai corporate governance index? A financial approach

Purpose - Prior research, in mainly Western economies, suggests the level of corporate governance is financially important. As an emerging economy case study, the purpose of this paper is to investigate whether the Thai Institute of Directors (IOD) corporate governance index provides investors with financial information about fundamental value and arbitrage portfolio decisions, and if/how information content changes over time. Design/methodology/approach - Logistic regressions using 11 financially dependent variables and a “good governance” dummy variable, constructing zero-cost buy-sell portfolios, and Fama-French cumulative average returns (CARs), over the period 2001-2006. Findings - The predicted significant relationships between a “good governance” categorization and financial proxies for firm performance; and zero-cost portfolios that generate very high future monthly excess returns early in the study period, which are then dissipated by 2006, are found. These high returns were also associated with insignificant or inconsistent ten-day CARs after the announcement of an improving (deteriorating) index category, but with a more rapid reaction in 2006. Research limitations/implications - Results suggest that either (or in a combination): the Thai stock market had a slow learning adjustment to the governance index because of uncertainty as to information content; the IOD was incomplete and needed fine tuning and updating before full information impact was realized; and other time-specific factors meant the IOD was of a lesser importance. One limitation is the data time period and the extension of the governance analysis to the global financial crisis years. Practical implications - Governance information content in Thailand was not (initially) fully integrated into prices with substantial arbitrage returns available to astute investors. Continual re-assessment and improvement of governance reporting should be an agenda requirement. Originality/value - The paper forms an extension of governance studies into an Asian emerging economy, and determination of time-varying information content and arbitrage opportunities.
Evidence of In Vivo Prophage Induction during Clostridium difficile Infection

ABSTRACT Prophages contribute to the evolution and virulence of most bacterial pathogens, but their role in Clostridium difficile is unclear. Here we describe the isolation of four Myoviridae phages, ϕMMP01, ϕMMP02, ϕMMP03, and ϕMMP04, that were recovered as free viral particles in the filter-sterilized stool supernatants of patients suffering from C. difficile infection (CDI). Furthermore, identical prophages were found in the chromosomes of C. difficile isolated from the corresponding fecal samples. We therefore provide, for the first time, evidence of in vivo prophage induction during CDI. We completely sequenced the genomes of ϕMMP02 and ϕMMP04, and bioinformatics analyses did not reveal the presence of virulence factors but underlined the unique character of ϕMMP04. We also studied the mobility of ϕMMP02 and ϕMMP04 prophages in vitro. Both prophages were spontaneously induced, with 4 to 5 log PFU/ml detected in the culture supernatants of the corresponding lysogens. When lysogens were grown in the presence of subinhibitory concentrations of ciprofloxacin, moxifloxacin, levofloxacin, or mitomycin C, the phage titers further increased, reaching 8 to 9 log PFU/ml in the case of ϕMMP04. In summary, our study highlights the extensive genetic diversity and mobility of C. difficile prophages. Moreover, antibiotics known to represent risk factors for CDI, such as quinolones, can stimulate prophage mobility in vitro and probably in vivo as well, which underscores their potential impact on phage-mediated horizontal gene transfer events and the evolution of C. difficile.
Searching for Experiences

Abstract Destination marketers are increasingly providing opportunities for Web-based virtual tours in their destination promotion efforts. However, it appears that the concept of “virtual tour” remains undefined and little attention has been paid to the potential impact of virtual tours both from the industry and academic perspectives. The purpose of this study is to conceptualize the notion of Web-based virtual tour and examine the effects of Web-based virtual tour on tourism marketing. Propositions are developed throughout the paper to highlight the properties of the virtual tour. Implications are discussed as to how tourism organizations could better market their destinations by utilizing the Web-based virtual tour.
THE IMPACT OF LOW COST CARRIERS ON AIRPORT AND ROUTE COMPETITION

The entry of a low cost carrier onto a route leads to lower prices and higher passenger counts, both on other routes at the same airport and on competing routes at neighboring airports. These effects indicate that consumer gains from the entry of low cost carriers are higher than previously estimated. A case study and an econometric analysis are used to estimate these effects.
Fragment molecular orbital calculations reveal that the E200K mutation markedly alters local structural stability in the human prion protein

The E200K mutation of the human prion protein (PrP) is known to cause familial Creutzfeldt–Jakob disease. In order to elucidate the effects of the mutation on the local structural stability of PrP, we performed ab initio fragment molecular orbital calculations for the wild-type human PrP and the E200K variant modeled under neutral and mild acidic conditions. The calculations revealed that this substitution markedly altered the intramolecular interactions in the PrP, suggesting that the local structural instabilities induced by the E200K mutation might cause initial denaturation of the PrP and its subsequent conversion to a pathogenic form. This work presents a new approach for quantitatively elucidating structural instabilities in proteins that cause misfolding diseases.
Protein structure refinement by optimization

Knowledge‐based protein potentials are simplified potentials designed to improve the quality of protein models, which is important as more accurate models are more useful for biological and pharmaceutical studies. Consequently, knowledge‐based potentials often are designed to be efficient in ordering a given set of deformed structures denoted decoys according to how close they are to the relevant native protein structure. This, however, does not necessarily imply that energy minimization of this potential will bring the decoys closer to the native structure. In this study, we introduce an iterative strategy to improve the convergence of decoy structures. It works by adding energy optimized decoys to the pool of decoys used to construct the next and improved knowledge‐based potential. We demonstrate that this strategy results in significantly improved decoy convergence on Titan high resolution decoys and refinement targets from Critical Assessment of protein Structure Prediction competitions. Our potential is formulated in Cartesian coordinates and has a fixed backbone potential to restricts motions to be close to those of a dihedral model, a fixed hydrogen‐bonding potential and a variable coarse grained carbon alpha potential consisting of a pair potential and a novel solvent potential that are b‐spline based as we use explicit gradient and Hessian for efficient energy optimization. Proteins 2015; 83:1616–1624. © 2015 Wiley Periodicals, Inc.
Saving in Sub-Saharan Africa

Gross domestic savings in Africa averaged only 8 percent of GDP in the 1980s, compared to 23 percent for Southeast Asia and 35 percent in the Newly Industrialized Economies. Aside from being generally low, saving rates in most of Africa have shown consistent decline over the last thirty years. These savings figures must be considered tentative, because they are derived as a residual in the national accounts from expenditure and production data that are themselves quite unreliable. Notwithstanding the problems of measurement, it is clear that savings are dominated by household savings. Survey evidence in turn shows that household savings are primarily in the form of non-financial assets. Financial savings are predominantly directed to informal markets and institutions. The paper documents these trends and provides a simple model of portfolio allocation to guide future research. It is suggested that an array of transaction costs associated with formal financial markets, coupled with the risk management strategies and production activities of households in Africa account for the patterns of saving and portfolio allocation observed in the data.
Financial Analysts’ Forecasts and Stock Recommendations: A Review of the Research

This surveys reviews research regarding the role of financial analysts in capital markets. The survey builds on the perspectives provided by Schipper (1991) and Brown (1993). We categorize papers published mainly since 1992 and selectively discuss aspects of these papers that address or suggest key research topics of ongoing interest in seven broad areas: analysts’ decision processes, the determinants of analyst expertise and distributions of individual analysts’ forecasts, the informativeness of analysts’ research outputs, analyst and market efficiency with respect to information, effects of analysts’ economic incentives on their research outputs, effects of the institutional and regulatory environment (including cross-country comparisons), and the limitations of databases and various research paradigms.
Patterns of Urban Consolidation in Melbourne: Planning Policy and the Growth of Medium Density Housing

This article describes the changing nature and extent of urban consolidation in Melbourne in the context of government policy. It also compares, for two periods, 1997–98 and 2002–2003, the amount of medium density development categorised by development size, approved in four municipalities (Boroondara, Stonnington, Port Phillip and Yarra) and its location particularly in relation to public transport. The article draws conclusions from these trends for the operation of medium density codes in Melbourne, and for the new metropolitan strategy.