Miracle-dz/UniFAR-FTUs huggingface dataset:
Exchange rates, prices and their speed of adjustment

This paper addresses the problem of measuring the speed of adjustment of exchange rates and relative prices to purchasing power parity (PPP), in the multivariate context of Vector Autoregressive Processes (VAR). We consider the speed of adjustment of one variable y in response to another variable x, where x, y belong to the VAR. We propose a multivariate measure defined as the forecasting horizon for which the cumulated interim multiplier of x on y surpasses a given fraction p of the corresponding total multiplier. This measure of speed for p = 1/2 coincides with the usual concept of half-life when restricted to univariate processes. We emphasize the importance to separate the concepts of long run e¤ect size and its speed of adjustment, where the latter is unambiguosly defined only when the long run e¤ect is non-zero. We discuss likelihood-based point estimators and confidence sets for this notion of half-life, and reconsider evidence on adjustment to PPP in monthly post-Bretton Woods data for five major industrialized countries against the U.S. dollar. Results show that nominal exchange rates bu¤er the entire adjustment to PPP disequilibrium, wheras relative prices do not adjust either in the short or the long run to PPP deviations. Concluding in such a situation that prices adjust faster than exchange rates is a matter of how one interprets the absence of short run and long run effects.
After the Bubble: Valuation of Telecommunications Companies by Financial Analysts

In this article, we present the results of a series of interviews given by financial analysts specializing in the European telecommunications industry. Our objective is to gain an insight into their approaches to analysis and valuation (information sources, valuation methods, determinants of recommendations, etc.). We also consider whether analysts' approaches have changed since the “high-tech bubble”. We find that today they rely much more on the discounted cash flow analysis method than at the end of the 1990s, when valuation was largely based on multiples. In line with this, analysts have changed their focus from revenue-oriented measures towards an assessment of profitability and cash flow generation. Further, analysts claim to have become more diligent and more critical in their analysis.
Private Sector Participation in Water Supply and Sanitation in Latin America

The publication consists of two chapters. In the first, Options for Private Sector Participation - the main problems of the public sector are analyzed, the rationale for private sector participation (PSP) is explained, and the array of options for PSP is reviewed. In the second chapter - Case Study: The Buenos Aires water supply and sewerage services awarded by the government of Argentina to a private consortium of foreign operators and local investors is presented and analyzed, because it provides an excellent example of the planning and implementation stages that are needed to ensure a successful transition from public to private management. The three primary objectives of the pubic sector with respect to private sector participation are to expand the water supply and sewerage systems in order to increase population coverage, to expand sewage treatment in order to reduce water pollution and public health hazards, and to provide better quality of service. The secondary objectives are to ensure higher operating efficiency and to finance the system without public subsidies or guarantees.
The Impact of Interactivity and Design Sophistication on the Performance of Commercial Websites for Small Businesses

This study of small businesses involved in Internet‐based electronic commerce focuses on the relationship between the design of a website and its performance. Specifically, this study examines the relationships between two design constructs, the level of interactivity and design sophistication, and two performance measures, an overall measure of performance and the number of visitors to the site. Furthermore, the study explores the role of two contingency variables, market turbulence and the age of the website, on these relationships. The results indicate that the level of interactivity of a website is positively associated with overall performance, but not associated with the number of visitors. Furthermore, market turbulence moderates the relationship between interactivity and performance so that the two constructs are positively associated under high levels of market turbulence but not associated under low levels of market turbulence. Results also show that design sophistication is associated with a greater number of visitors but not with overall performance. These findings suggest that the performance of a website is affected differently by different design constructs and that multidimensional measures of performance are necessary to properly evaluate performance.
Interpreting dummy variables and their interaction effects in strategy research

Dummy variables have been employed frequently in strategy research to capture the influence of categorical variables. However, misinterpretation of results may arise, especially when interaction effects between dummy variables and other explanatory variables are involved in a regression. We discuss two approaches of entering dummy variables into a regression and their associated interpretations. We discuss some common mistakes of interpretation and hypothesis testing found in two recently published strategy papers, and highlight the advantages of our recommended approach over the approach usually adopted by management researchers.
Effects of Age and Gender on Sweating Pattern During Exercise

Most research on human thermoregulation has focused on young adult males. Much less information is available regarding females, children and the elderly. The following is a brief review of factors that have impeded research in this field, as well as of the main age- and gender-related differences in sweating responses to the combined stresses of exercise and ambient heat. For more comprehensive reviews, see Drinkwater and Horvath (1975), Kenney (1985; 1995) and Bar-Or (1989; 1996).
Current status and future perspectives of fluorescence-guided surgery for cancer

Curative cancer surgery is dependent on the removal of all primary tumor and metastatic cancer cells. Preoperative imaging, intraoperative inspection and palpation, as well as pathological margin confirmation aid the surgeon, but these methods are lacking in sensitivity and can be highly subjective. Techniques in fluorescence-guided surgery (FGS) are emerging that selectively illuminate cancer cells, enhancing the distinction between tumors and surrounding tissues with the potential for single-cell sensitivity. FGS enhances tumor detection, surgical navigation, margin confirmation, and in some cases can be combined with therapeutic techniques to eliminate microscopic disease. In this review, we describe the preclinical developments and currently-used techniques for FGS.
Absorptive Capacity in a Non-Market Environment

Abstract Improved performance by public sector organizations is a political imperative in numerous countries. There are particular challenges in turnaround of poorly performing organizations. Theoretical explanations of the performance trajectories of public organizations, and especially the causes of failure, highlight the importance of knowledge processes, often from an organizational learning perspective. Absorptive capacity provides an alternative way of theorizing the relationships between organizational performance and knowledge processes, derived from the resource-based view of the firm and the broader concept of dynamic capabilities. The article reviews the conceptual, theoretical, and methodological implications of applying absorptive capacity to the performance of public organizations. It concludes that the approach has value and presents a number of propositions to be tested through empirical study, alongside some more general challenges for researchers who wish to study the concept further. The high political salience of public organizations' performance, and the costs of failure, mandates a major research effort on these issues.
Quantitative analysis of ribbons, vesicles, and cisterns at the cat inner hair cell synapse: Correlations with spontaneous rate

Cochlear hair cells form ribbon synapses with terminals of the cochlear nerve. To test the hypothesis that one function of the ribbon is to create synaptic vesicles from the cisternal structures that are abundant at the base of hair cells, we analyzed the distribution of vesicles and cisterns around ribbons from serial sections of inner hair cells in the cat, and compared data from low and high spontaneous rate (SR) synapses. Consistent with the hypothesis, we identified a “sphere of influence” of 350 nm around the ribbon, with fewer cisterns and many more synaptic vesicles. Although high‐ and low‐SR ribbons tended to be longer and thinner than high‐SR ribbons, the total volume of the two ribbon types was similar. There were almost as many vesicles docked at the active zone as attached to the ribbon. The major SR‐related difference was that low‐SR ribbons had more synaptic vesicles intimately associated with them. Our data suggest a trend in which low‐SR synapses had more vesicles attached to the ribbon (51.3 vs. 42.8), more docked between the ribbon and the membrane (12 vs. 8.2), more docked at the active zone (56.9 vs. 44.2), and more vesicles within the “sphere of influence” (218 vs. 166). These data suggest that the structural differences between high‐ and low‐SR synapses may be more a consequence, than a determinant, of the physiological differences. J. Comp. Neurol. J. Comp. Neurol. 521:3260–3271, 2013. © 2013 Wiley Periodicals, Inc.
China's State Energy Investment during 1991–2007: Investment Analysis and Policy Issues

Bo H. , Zhang B. , Oughton C. , Yuan X. and Ma J. China's state energy investment during 1991–2007: investment analysis and policy issues, Regional Studies. This article examines China's state energy investment during 1991–2007 using provincial-level panel data. The analysis shows that China's state energy investment is (1) driven by demand for energy, (2) mostly unrelated to energy efficiency, (3) undertaken with the consideration of reducing negative externalities associated with energy production, (4) used by central government to subsidize some local governments, and (5) directed to heavy industries. Policy impacts (4) and (5) are more profound in provinces in which the state's ownership of the provincial industry is high. In addition, results (4) and (5) are stronger at the earlier stage of China's domestic reform and before China's entry into the World Trade Organization (WTO), which suggests that these policy impacts weaken along with the progress of China's market transition. In sum, China's state energy investment responds to demand signals, but state ownership enables the government to implement its policy objectives, possibly at the cost of economic efficiency.
Adjusting total body iron for inflammation: Biomarkers Reflecting Inflammation and Nutritional Determinants of Anemia (BRINDA) project

Background: Total body iron (TBI) that is calculated from ferritin and soluble transferrin receptor (sTfR) allows for the evaluation of the full range of iron status from deficiency to excess. However, both ferritin and sTfR are affected by inflammation and malaria, which may require a statistical adjustment. TBI has been used to assess iron status in the United States, but its use worldwide and in settings with inflammation has been limited. Objective: We examine whether inflammation-adjusted ferritin and sTfR concentrations affect TBI values and the prevalence of low TBI (<0 mg/kg) in preschool children (PSC) (age range: 6–59 mo) and women of reproductive age (WRA) (age range: 15–49 y). Design: Cross-sectional data for PSC (8 surveys; n = 8413) and WRA (4 surveys; n = 4258) from the Biomarkers Reflecting the Inflammation and Nutritional Determinants of Anemia (BRINDA) project were analyzed individually and combined. TBI and the prevalence of low TBI were compared following 3 adjustment approaches for ferritin and sTfR: 1) the exclusion of individuals with inflammation (C-reactive protein concentration >5 mg/L or α-1-acid glycoprotein concentration >1 g/L), 2) the application of arithmetic correction factors, and 3) the use of regression correction. Results: Regardless of the method that was used to adjust ferritin and sTfR for inflammation, the adjusted mean TBI decreased in both PSC and WRA compared with unadjusted values. Subsequently, inflammation-adjusted TBI increased the prevalence of low TBI by a median of 4–14 percentage points (pps) in PSC and 1–3 pps in WRA compared with unadjusted TBI. The regression approach resulted in a greater median increase than was achieved with the exclusion or correction-factor approaches, and accounting for malaria in addition to inflammation did not have an added effect on the prevalence estimates. Conclusion: The prevalence of low TBI is underestimated if it is not adjusted by inflammation, particularly in children living in areas with a high prevalence of inflammation.
Policy Changes and the Labour Force Participation of Older Workers: Evidence from Six Countries*

ABSTRACT In response to the anticipated pressures of population aging, national governments and supranational bodies such as the Organisation for Economic Co-operation and Development (OECD) and the European Union (EU) have promoted policies to encourage the labour force participation of older workers. The recent elimination of mandatory retirement in Ontario is an example of such a policy, and others include changes to national pension systems and changes to disability and employment insurance programs, active labour-market policies, and the promotion of phased or gradual retirement. This paper reviews the different policy approaches taken in the six countries included in the Workforce Aging in the New Economy (WANE) project, placing Canadian policy approaches in relation to those taken in Australia, Germany, the Netherlands, the United Kingdom, and the United States. From the life course perspective, the policy approaches discussed here do not consider the heterogeneity of older workers' life courses or the related domains of health and family. As well, the changes made thus far do not appear likely to lead to increased labour force participation by older workers, and some may leave older workers at greater risk of low income and low-wage work. RÉSUMÉ En réponse aux pressions bientôt exercées par le vieillissement de la population, des gouvernements nationaux et des organismes supranationaux comme l'Organisation de coopération et de développement économiques (OCDE) et l'Union européenne (UE) ont préconisé l'adoption de politiques visant à encourager les travailleurs âgés à demeurer ou à revenir sur le marché du travail. L'élimination récente de l'obligation à la retraite en Ontario en est un exemple, et certaines autres politiques comportent des modifications aux régimes nationaux de pension ainsi qu'aux programmes d'assurance-invalidité et d'assurance-emploi, des politiques d'intervention active sur le marché du travail et la promotion de la retraite graduelle. Le présent article examine les différentes approches politiques prises par les six pays participant au projet Workforce Aging in the New Economy (WANE), un projet sur le vieillissement de la population active face à la nouvelle économie qui place les approches politiques canadiennes en relation avec celles de l'Australie, de l'Allemagne, des Pays-Bas, du Royaume-Uni et des États-unis. Les approches politiques faisant l'objet de discussion ici ne tiennent pas compte de l'hétérogénéité du cours de la vie des travailleurs âgés ou des domaines connexes de la santé et de la famille. De même, les modifications apportées jusqu'à maintenant ne semblent pas vouloir mener à une participation accrue des travailleurs âgés au marché du travail, et certaines peuvent entraîner, pour les travailleurs âgés, un plus grand risque de trouver seulement un emploi moins bien rémunéré.
The Black Youth Employment Crisis

In recent years, the earnings of young blacks have risen substantially relative to those of young whites, but their rates of joblessness have also risen to crisis levels. The papers in this volume, drawing on the results of a groundbreaking survey conducted by the National Bureau of Economic Research, analyze the history, causes, and features of this crisis. The findings they report and conclusions they reach revise accepted explanations of black youth unemployment. The contributors identify primary determinants on both the demand and supply sides of the market and provide new information on important aspects of the problem, such as drug use, crime, economic incentives, and attitudes among the unemployed. Their studies reveal that, contrary to popular assumptions, no single factor is the predominant cause of black youth employment problems. They show, among other significant factors, that where female employment is high, black youth employment is low; that even in areas where there are many jobs, black youths get relatively few of them; that the perceived risks and rewards of crime affect decisions to work or to engage in illegal activity; and that churchgoing and aspirations affect the success of black youths in finding employment. Altogether, these papers illuminate a broad range of economic and social factors which must be understood by policymakers before the black youth employment crisis can be successfully addressed.
Integrating Producers at the Base of the Pyramid with Global Markets: A Market Learning Approach

International marketing literature suggests that through market learning, businesses develop market-valued capabilities that are the basis of their performance. Therefore, market learning is also of importance to producers at the base of the pyramid (BoP), whose ability to climb out of poverty often depends on the purchasing power of those in export markets. However, the ways in which BoP-producer-based export chains learn from foreign users of their products and incorporate these insights into their decisions are not yet clear. Using case studies from Benin, the authors examine how market learning processes function in supply chains at the BoP. A cross-case comparison suggests that market connections are established when export market information is generated by formal-sector organizations and when such organizations establish formal ways of sharing information with BoP producers. The access to export markets becomes sustainable if formal institutions also support the use of information. The study has implications for procurement by exporters and for pro-poor development.
Financial characteristics of Australian initial public offerings from 1994 to 1999

A variety of financial characteristics of Australian initial public offerings (IPOs) for the period 1994–1999 are explored. A number of previous Australian studies have investigated the initial day underpricing and longer term underperformance of IPOs and this study updates those papers. This paper partitions the IPO data into no liability/limited liability; share option/no share option; underwriter option/no underwriter option and dividend reinvestment/no dividend reinvestment characteristics to better understand the types of IPOs that list on the Australian Stock Exchange. The data supports the findings of previous studies in that IPOs are underpriced at the time of listing and underperform the market in the first year following their listing.
Empowering patients with diabetes: a qualitative primary care study focusing on South Asians in Leicester, UK.

OBJECTIVES We aimed to explore the experience and attitudes of primary care patients with diabetes living in a UK community with a high proportion of South Asian patients of Indian origin, with particular reference to patient empowerment. METHODS Semi-structured interviews were conducted with patients with diabetes attending two general practices in Leicester, UK. Patients were interviewed in English, Gujarati or Punjabi and interviews were transcribed with translation into English where necessary. Broad themes were identified and Framework charting was used to organise data for analysis. RESULTS Interviews were conducted with 15 South Asian and 5 white patients. We identified both similar and culturally specific elements within the experience, attitudes and barriers in the two ethnic groups. High regard for education, particularly in South Asians, was associated with a positive attitude to empowerment through knowledge, but also sometimes led to low motivation to become partners in diabetes management. High prevalence of diabetes and strong family networks meant that families were an important source of knowledge for South Asians and that these patients generally had good emotional support. Practical considerations such as the need for a convenient venue for educational initiatives were common to both ethnic groups, but some cultural preferences were also identified, for example for appropriate language provision and separate gender sessions. CONCLUSIONS Educational initiatives aimed at promoting self-management in chronic diseases such as diabetes need to be designed with an awareness of the complexity of social and cultural experiences and attitudes in target communities.
Intensified neoadjuvant chemotherapy in early-responding breast cancer: phase III randomized GeparTrio study.

BACKGROUND Patients with an early response to neoadjuvant chemotherapy have chemosensitive tumors and a high probability for a pathological complete response at surgery. The relationship between extended chemotherapy and pathological complete response at surgery was investigated in a clinical trial. METHODS Untreated breast cancer patients received two 3-week cycles of docetaxel at 75 mg/m(2), doxorubicin at 50 mg/m(2), and cyclophosphamide at 500 mg/m(2) (TAC). Those whose tumor size decreased by 50% or more by sonographic measurement (ie, reduction in the product of the two largest perpendicular diameters by at least 50%) were classified as responders and randomly assigned to receive four or six more cycles of TAC, for a total of six or eight TAC cycles. The primary aim was to increase the rate of a pathological complete response (defined as no invasive or in situ residual tumor masses in the breast and lymph nodes) from 20% to 26%. Sonographic response rates and rates of breast-conserving surgery and adverse effects were also assessed. All statistical tests were two-sided. RESULTS Of the 2090 patients in the GeparTrio trial, 1390 (66.5%) were randomly assigned as responders after two initial TAC cycles to receive an additional four (n = 704) or six (n = 686) TAC cycles. Rates of pathological complete response were not statistically significantly different between the arms (21.0% with six TAC cycles and 23.5% with eight TAC cycles; difference = 2.5%, 95% confidence interval [CI] = -1.8% to 6.8%; P = .27). More clinical (48.2% vs 52.9%, difference = 4.7%; 95% CI = -0.55% to 9.95%; P = .08) and sonographic (22.6% vs 27.6%, difference = 5%; 95% CI = 0.45% to 9.55%; P = .033) complete responses at surgery were observed with eight TAC cycles than with six TAC cycles. The rate of breast-conserving surgery was similar in both arms (67.5% vs 68.5%, respectively, P = .68). Grade 3 or 4 leukopenia and edema and various grade 1 or 2 adverse events were more frequent in patients receiving eight TAC cycles than in those receiving six cycles. CONCLUSION Patients receiving eight TAC cycles had statistically significantly higher sonographic response rates but not pathological complete response rates than those receiving six TAC cycles. However, they also had more toxic effects. So far, eight cycles of TAC cannot be recommended for the whole group of patients responding to two initial cycles of TAC.