Miracle-dz/UniFAR-FTUs huggingface dataset:
Risk Management for Hedge Fund Portfolios

This article applies formal risk management methodologies to optimization of a portfolio of hedge funds (fund of funds). We compare recently developed risk management methodologies: conditional value-at-risk and conditional drawdown-at-risk with more established mean-absolute deviation, maximum loss, and market neutrality approaches. The common property of considered risk management techniques is that they admit the formulation of a portfolio optimization model as a linear programming (LP) problem. LP formulations allow for implementing efficient and robust portfolio allocation algorithms, which can successfully handle optimization problems with thousands of instruments and scenarios. The performance of various risk constraints is investigated and discussed in detail for in-sample and out-of-sample testing of the algorithm. The numerical experiments show that imposing risk constraints may improve the “real” performance of a portfolio rebalancing strategy in out-of-sample runs. It is beneficial to combine several types of risk constraints that control different sources of risk.
MANAGING INSTITUTIONAL COMPLEXITY IN PUBLIC SECTOR REFORM: HYBRIDIZATION IN FRONT‐LINE SERVICE ORGANIZATIONS

In this article, we explore how public front-line service organizations respond to contradictory demands for institutional reform and the types of hybridization this entails. Our research context is a major administrative welfare reform in Norway characterized by a dominant New Public Management (NPM) logic of uniform user service and central administrative control, and a subordinate post-NPM logic of holistic user service and local organizational autonomy. We elucidate four types of responses by the front-line organizations as they have incorporated these contradictory demands: ‘non-hybridity’ (ignoring post-NPM demands), ‘ad hoc hybridity’ (indecisive adherence to both demands), ‘negative hybridity’ (separation of the demands), and ‘positive hybridity’ (integration of both demands). On the basis of these findings, we argue that hybridization and agency are possible in fields of public reform characterized by a highly institutionalized NPM logic and explore the key organizational characteristics that facilitate hybridization in such fields.
Haemopoietic progenitor cells are reduced in aplastic anaemia

Summary We investigated the frequencies of early populations of progenitors in aplastic anaemia (AA) bone marrow, from patients with a range of disease severity, compared with normal. Double‐colour immunofluorescent staining for CD34 and CD33 was carried out on bone marrow mononuclear cells (BMMC) and analysed using fluorescence activated cell sorting (FACS), AA CD34+ cells were reduced by 68% compared to normal. In addition, AA CD33+ cells and the three progenitor subsets (CD34+/CD33–, CD34+/CD33+ and CD34–/CD33+) were reduced by 44–80%. Our data lend further support for an early stem cell deficiency in AA.
Relative Demand and Supply of Skills and Wage Rigidity in the United States, Britain, and Western Germany

Summary I extend a two-skill group model by Katz and Murphy (1992) to estimate relative demand and supply for skills as well as wage rigidity in Germany. Using three data sets for Germany, two for Britain and one for the United States, I simulate the change in relative wage rigidity (wage compression) in all three countries during the early and mid 1990s, this being the period when unemployment increased in Germany but fell in Britain and the US. I show that in this period, Germany experienced wage compression (relative wage rigidity), whereas Britain and the US experienced wage decompression. This evidence is consistent with the Krugman (1994) hypothesis.
Male-Female Wage Differentials in Job Ladders

Much of the male-female wage differential exists because men and women are assigned to different jobs. Within narrow job categories, there is no male-female differential. Only a tortured taste theory of discrimination can reconcile these facts. We argue that differential movement along job ladders entails comparative advantage, so the ability standard for promotion is higher for women. This implies that more able women will be passed over in favor of less able men. Women, assumed to have the same ability distribution as men, earn less. The differential reflects females' lower promotion probability, not within-job discrimination.
Superoxide Dismutase in Diabetic Polymorphonuclear Leukocytes

The level of Superoxide anion was found to be significantly elevated in polymorphonuclear leukocytes (PMNL) from diabetic subjects as compared with those from normal subjects. This elevation was attributed to the significant reduction in the activities of both cytoplasmic and mitochondrial Superoxide dismutase (SOD), the effect being more pronounced in the cytoplasmic fraction. Although the content of copper decreased considerably in the diabetic PMNL, the decrease in the zinc content was less significant, with an insignificant alteration in the content of manganese. PMNL obtained from insulin-treated diabetic patients showed considerable alleviation of SOD levels. The implication of these results are discussed herein.
Income disparity and convergence in China's regional economies

China in the Global Economy focuses on the theme of twin transitions occurring in the Chinese economy: the transition from a centrally planned economic system to a market oriented one, and from an agrarian to a modern industrialised society. Chinaâ€™s exporters face unprecedented competition in the world market and the flow of foreign direct investment has fallen restraining the growth of the domestic economy. These new challenges have fuelled debate on the perspective of the Chinese economy and its role in the global economy.
The influence of sex and age on prevalence rates of comorbid conditions in autism

Individuals with ASD frequently experience one or more comorbid conditions. Here, we investigate the influence of sex and age—two important, yet understudied factors—on ten common comorbid conditions in ASD, using cross‐sectional data from 4790 individuals with ASD and 1,842,575 individuals without ASD. Epilepsy, ADHD, and CNS/cranial anomalies showed exceptionally large proportions in both male (>19%) and female (>15%), children/adolescents with ASD. Notably, these prevalence rates decreased drastically with age in both males and females. In contrast, the prevalence of schizophrenia increased with age affecting a disproportionately large number of older (≥35 year) adult males (25%), compared to females (7.7%), with ASD. Bowel disorders showed a complex U‐pattern accompanied by changes in sex disparity with age. These results highlight crucial differences between cross‐sectional comorbidity patterns and their interactions with sex and age, which may aid in the development of effective sex‐ and age‐specific diagnostic/treatment strategies for ASD and comorbid conditions. Autism Res 2017, 10: 778–789. © 2017 International Society for Autism Research, Wiley Periodicals, Inc.
A study of the Baldrige Award framework using the applicant scoring data

The purpose of this research is to take an in-depth look at the Baldrige Award framework by analysing the nature and strength of relationships between the Baldrige criteria. This study facilitates the prominent role that quality awards such as the Baldrige play in the implementation of total quality management (TQM) systems. We aim to fill a gap in the literature by utilising the original independent review scores of the Baldrige Award applicants obtained from the National Institute of Standards and Technology. In addition, canonical correlation analysis is applied in order to evaluate the Baldrige Award framework from a new perspective. The findings confirm previous research that there is a strong relationship between all the Baldrige criteria. This paper specifically stresses the strong role of leadership in the Baldrige framework and provides managers with useful implications regarding the implementation of TQM practices. Companies need to bear in mind that concentrating on specific sections of the model is not adequate to attain excellence; instead a systematic approach that includes all elements of the framework should be adopted.
Leadership and cooperation in public goods experiments

Leadership is important for the well-functioning of organizations. We examine the effects of leadership on contributions in public goods experiments. Leadership by example is implemented by letting one group member contribute to the public good before followers do. Such leadership increases contributions in comparison to the standard voluntary contribution mechanism, especially so when it goes along with authority, which we implement by granting the leader ostracism power. Whether leadership is fixed or rotating among group members has no significant influence on contributions. Only a minority of groups succeeds in endogenously installing a leader, even though groups with leaders are much more efficient than groups without a leader.
Public Investment: Another (Different) Look

Using a structural Vector Autoregression approach, this paper compares the macroeconomic effects of the three main government spending tools: government investment, consumption, and transfers to households, both in terms of the size and the speed of their effects on GDP and its components. Contrary to a common opinion, there is no evidence that government investment shocks are more effective than government consumption shocks in boosting GDP: this is true both in the short and, perhaps more surprisingly, in the long run. In fact, government investment appears to crowd out private investment, especially in dwelling and in machinery and equipment. There is no evidence that government investment “pays for itself” in the long run, as proponents of the “Golden Rule” implicitly or explicitly argue. The positive effects of government consumption itself are rather limited, and defense purchases have even smaller (or negative) effects on GDP and private investment. There is also no evidence that government transfers are more effective than government consumption in stimulating demand.
Coarse bifurcation analysis of kinetic Monte Carlo simulations: A lattice-gas model with lateral interactions

We present a computer-assisted study of “coarse” stability/bifurcation calculations for kinetic Monte Carlo simulators using the so-called coarse timestepper approach presented in A. G. Makeev, D. Maroudas, and I. G. Kevrekidis, J. Chem. Phys. 116, 10083 (2002). Our illustrative example is a model of a heterogeneous catalytic surface reaction with repulsive adsorbate–adsorbate interactions and fast diffusion. Through numerical continuation and stability analysis, we construct one- and two-parameter coarse bifurcation diagrams. We also discuss several computational issues that arise in the process, the most important of which is the “lifting” of coarse, macroscopic initial conditions (moments of adsorbate distributions) to fine, microscopic initial conditions (distributions conditioned on these moments).
Cross-border sentiment: an empirical analysis on EU stock markets

Most of the behaviour finance literature studies investor sentiment at its aggregate level. However, we argue that with the progress of economic integration and globalization, it is important to differentiate investor sentiment only confined within the market from sentiment across international markets as we have witnessed how the panic spread during the August 2007 financial crisis. Focusing on eight main EU stock market indices from March 1994 to February 2011, this article investigates different aspects of investor sentiment impact by differentiating the scope of influence of the sentiment. We find that sentiment especially developed and emerging EU stock market regional sentiments have significant impact on sample market excess returns and volatility. Since the start of the crisis, there are heterogeneous increases in different sentiment impacts. US sentiment is important in these EU markets but far from being the dominant one. Further analysis shows that regional sentiments can be transmitted across the border via interbank lending networks. In a VAR framework, we find mixed evidence regarding the predictive power of different sentiment indices on return but consistent evidence supporting the reverse relationship. Furthermore, sentiments are contagious according to the strong evidence of Granger causality between the sentiment indices.
Lorenz Dominance and Welfare: Changes in the U.S. Distribution of Income, 1967-1986

This paper examines income inequality in the Untied States over the period 1967-86 using recently developed tests for differences in Lorenz curves. The authors are able to rank eighteen of nineteen annual comparisons. In contrast, standard techniques are able to rank only twelve. These results suggest that the Lorenz dominance principle is more empirically relevant than previously thought. The tests reveal a sharp rise in U.S. inequality between 1978 and 1982, as well as a shift toward greater inequality over the entire period. The authors also examine changes in economic welfare using the joint mean-Lorenz dominance principle. Copyright 1991 by MIT Press.
A model for determining whether a firm should exercise multiple real options individually or simultaneously

We develop a model for determining whether a firm should exercise two real options individually or simultaneously. The simultaneous exercise of both options has positive synergy, such as economies of scale, scope, and networks, while separate exercise of each option benefits from project flexibility. This tradeoff determines the optimal exercise policy. We investigate the static and dynamic management of multiple real options. A firm under static management determines the type of exercise of real options ex ante; on the other hand, a firm under dynamic management makes the decision at the time of exercise. The analysis reveals the gap between the two styles of managing. Most importantly, we highlight the advantage of dynamic management over static management, particularly for weakly correlated markets. We also explain empirical implications regarding a firm fs entry into several countries and regions in Asia.
Evaluation of Hamamatsu H13974 Large Sensitive Area Flat Panel PMT Array for Use in Small Animal Imaging and Scintimammography

In this paper, we report for the first time on the performance of the Hamamatsu H13974 flat panel photomultiplier tube (PMT) array. This new photodetector is based on four Hamamatsu H12700A position sensitive PMTs in a <inline-formula> <tex-math notation="LaTeX">$ 2 \times 2$ </tex-math></inline-formula> arrangement providing large sensitive area (<inline-formula> <tex-math notation="LaTeX">$ {100\times 100}$ </tex-math></inline-formula> mm<sup>2</sup>) for use in scintimammography or/and medium size mammals imaging. We acquired raw images from three pixellated scintillators for possible positron emission tomography and single photon emission computed tomography applications (BGO with <inline-formula> <tex-math notation="LaTeX">$ {2\times 2\times 6}$ </tex-math></inline-formula> mm<sup>3</sup>, CsI:Tl with <inline-formula> <tex-math notation="LaTeX">$ {2\times 2\times 4}$ </tex-math></inline-formula> mm<sup>3</sup>, and CsI:Na with <inline-formula> <tex-math notation="LaTeX">$ {1.45\times 1.45\times 6}$ </tex-math></inline-formula> mm<sup>3</sup> pixel sizes) irradiated with 511 keV (<sup>68</sup>Ga) and 140 keV (<sup>99<italic>m</italic></sup>Tc), respectively. Different coupling schemes involving optical grease and optical glasses of different thicknesses were used in order to find the scheme that better resolves the crystal elements of the scintillators especially in the dead areas of the flat panel PMT array. We present the results of investigating the basic properties, including energy resolution, intrinsic spatial resolution, detection efficiency, and sensitivity uniformity. The scintillation material, the coupling scheme and the analog readout circuits are the main factors that affect the performance of the detector. The proper combination of these factors should be carefully chosen so as to build a high performance imaging system.
Perceptions of Corporate Entrepreneurship in Air Force Organizations: Antecedents and Outcomes

Abstract Air Force senior leaders have called for its members to take an entrepreneurial approach in an effort to transform and improve. This study investigated the extent to which key organizational factors related to perceptions of corporate entrepreneurship and subsequent outcomes associated with these perceptions. From data collected using an electronic questionnaire, results indicated that appropriate rewards, management support, a supportive organizational structure, and belief in risk-taking and failure tolerance were key antecedents that were positively related to corporate entrepreneurship. In addition, corporate entrepreneurship was related positively to increased levels of job satisfaction, perceived organizational contribution, organizational commitment, memory orientation, and overall organizational performance.
CORPORATE GOVERNANCE AND CORPORATE PERFORMANCE: A COMPARISON OF GERMANY, JAPAN, AND THE U.S

Contrary to assertions that there are fundamental differences in the efficiency of “market‐based” and “relationship‐oriented” corporate governance systems, this article presents evidence that the German, Japanese, and American systems appear about equally effective in disciplining poor managerial performance. For example, both the job security and total compensation of German and Japanese managers appear to be tied to stock performance and current cash flows‐ measures that some would refer to as “short‐term”‐to roughly the same extent as those of U.S. managers. Furthermore, the punishments and rewards for German and Japanese managers are not more sensitive to sales growth‐a measure some would refer to as “long‐term”‐than those of their U.S. counterparts. But, if there is no clear difference between the three governance systems in responding to poor stock and earnings performance, there is one important difference: the U.S. system is more effective than the German and Japanese systems in discouraging successful companies from overinvest‐ing. One reason for this is the fact that U.S. managers hold much larger equity positions than managers in Japan and Germany. Another important factor, however, is the difficulty faced by Japanese companies in returning capital to their shareholders. Dividends are minimal; and, until 1995, it was illegal for a Japanese company to repurchase its stock.
Trade, foreign direct investments (FDI) and income inequality: Empirical evidence from transition countries

The aim of the article is to verify whether trade and inward foreign direct investments (FDI) may affect income distribution in a sample of 17 Transition Countries (TCs) over the period 1990–2006. In line with most of the previous literature, FDI do not have significant effects on income inequalities, whereas trade, especially when occurs with developed countries, seems to be more relevant. Different results are found when we take into consideration the educational system which represents an important channel through which FDI and trade may affect inequality.
AUDITOR-GOVERNMENT ASSOCIATIONS AND AUDITOR INDEPENDENCE IN CHINA☆☆☆

Abstract Chinese CPA firms were established and initially owned by government bodies. This situation has caused much concern regarding auditor independence in China. A program to disaffiliate CPA firms from their sponsoring body began in 1997, and the purpose of this paper is to investigate whether auditor independence has subsequently improved. We use the number and percentage of non-standard opinions in audit reports as a measure of auditor independence. We found that the number and percentage of non-standard opinions has increased dramatically since 1997. After considering other possible explanations, we attribute the cause for such a change to the disaffiliation program. These results are consistent with the notion that disaffiliated CPA firms face a higher degree of market risk than affiliated firms, and therefore act more independently. Our results thus provide support and justification for the disaffiliation program.
Interest Rates, Inflation, and the Aggregate Consumption Function

This paper reports on an empirical study of the effects of interest rates and inflation on aggregate consumption in the United States. Empirical evidence, based on quarterly U.S. data from the postwar period, is first presented in support of the hypothesis that the real rate of interest varies inversely with the rate of inflation, at least in the short run. Regression estimates of an aggregate consumption function for the United States, also based on quarterly data from the postwar period, are then presented. These estimates indicate that the propensity to consume varies inversely with interest rates and directly with the rate of inflation.
Leadership, professionalism and unionism : a case study of six teacher leaders.

The arrival of democracy in 1994 saw the departure of certain policies and an education system that was congruent with an autocratic, apartheid South Africa. One of the many policy changes was the introduction of the Norms and Standards for Educators (2000) which suggests that teachers fulfil the seven roles as laid down in this policy, amongst them being the role of leader and manager. Prior to this, these roles remained exclusively for those holding formal management positions. Since this study adopted the stance that teachers are leaders, it was worked from the premise that all teachers have the potential to enact selfinitiated, voluntary roles, and to lead from different levels within the organisation. Thus an organisation needs both leadership and management, with teachers conducting themselves as professionals. Against the backdrop of the National teacher strike of 2010, I became interested in understanding the leadership roles teachers, either post level one teachers or SMT members enact, especially in relation to their professionalism. As a consequence, I designed my research as a case study of six teacher leaders. The core question aimed to investigate how teachers can lead schools better to ensure that they are professional places of teaching and learning. The first subsidiary question involved an inquiry into how professionalism was understood by teachers. The second subsidiary question was about identifying the factors which enhanced and inhibited professionalism in schools. The duration of the study was approximately two months, and data were collected using semi-structured individual interviews, a focus group interview and a questionnaire. Data were analysed using thematic content analysis. The main findings of the study revealed that although the primary participants faced many challenges, they worked collaboratively as members of teams. This was made possible as a result of the support and encouragement from the principal and SMT members, together with there being a collegial school culture. Their innate goodness, love for their learners, and passion for teaching saw them lead in various social justice projects. This uplifted the plight of many learners who experienced financial, academic and emotional challenges. These teacher leaders were aware of the code of ethics as espoused by SACE, and conducted themselves accordingly. Some of the primary participants argued that, at times, the call of the union clashed with their role as professionals. This was evident when teachers were called out during the school day to attend union meetings. Since leadership and management roles did not lie exclusively with the principal and SMT, level one teachers also led in activities.