Miracle-dz/UniFAR-FTUs huggingface dataset:
Relationship between Indian Spot and Future Crude Oil Prices: A Phasewise Empirical Analysis

The present article explores the dynamic relationship between the spot and future prices of crude oil commodity in Indian context. The prime objective of the study is to check the long-term and cause and effect relationship between the variables selected, that is, spot prices and future prices of crude oil. The objectives of the study are examined by employing Augmented Dickey–Fuller (ADF) test to check the stationarity, Johansen’s co-integration test for examining the long-term relationship and Granger causality test to know the cause and effect relationship between spot and the future prices of crude oil. The daily closing data is taken from 1 May 2005 to 31 December 2012 for the analysis. Since the period of financial crisis is considered, the entire period (May 2005–December 2012) is divided into three sub-periods, namely before crisis period (May 2005–August 2008), during crisis (September 2008–December 2010) and after crisis period (January 2011–December 2012). The findings of the study proved that the series derived from the future prices and cash market prices for crude oil were not stationary in the level form, but there is an evidence of stationarity in the first difference form. Empirical results found that there is unidirectional causality from spot return to futures return for before crisis period. For the during crisis period, there is bi-directional feedback from futures return to spot return and from spot return to futures return. A unidirectional relationship between spot returns and futures return for the period after crisis is also observed.
Polarization Diversity Scheme for BOTDA Sensors Based on a Double Orthogonal Pump Interaction

We introduce a Brillouin optical time-domain analysis (BOTDA) sensor deploying a novel polarization diversity technique based on the use of two orthogonal pump pulses, which simultaneously interact with a phase-modulated probe wave. The orthogonality of the two pump pulses guarantees that two complementary Brillouin interactions take place at each position of the fiber so that polarization independent measurements are performed throughout the fiber even if no averaging is applied. This feature can be exploited in dynamic distributed BOTDA sensors to reduce the measurement time, as no extra averaging is required to compensate the polarization dependence of Brillouin interaction. Proof-of-concept experiments demonstrate the feasibility of the technique by employing a completely passive scheme to generate the orthogonal pump pulses. Furthermore, the technique is stable and easy to implement, making it a perfect candidate for practical sensor implementations.
Diabetes mellitus does not preclude stabilization or improvement of renal function after stent revascularization in patients with kidney insufficiency and renal artery stenosis

Objective: To assess the impact of stent revascularization on the renal function of diabetic and nondiabetic patients with renal insufficiency. Background: Renal artery revascularization has been shown to stabilize or improve renal function in patients with significant renal artery stenosis and impaired renal function. However, some studies have suggested negligible or no benefit of renal function in diabetic patients with the same condition. Methods: We retrospectively compared data from 50 consecutive patients undergoing renal artery stent placement with renal insufficiency (serum creatinine ≥1.5–4.0 mg/dl) and global ischemia (bilateral or solitary [single] kidney renal artery stenosis) There were 17 diabetic (DM) and 33 nondiabetic (NDM) patients. The endpoints included the follow‐up measurements of renal function, blood pressure, and number of antihypertensive medications. Results: After stent placement, at a mean follow‐up of 42 ± 18 months (range: 6–62 months), 79% NDM (N = 26), and 76% DM patients (N = 13) (P = NS) had improvement in the slope of the reciprocal of creatinine (1/SCr), indicating a beneficial effect in renal function in many patients. Conclusion: Renal artery stent placement appears to be equally beneficial in preserving renal function in DM and NDM patients with ischemic nephropathy and global renal ischemia. © 2006 Wiley‐Liss, Inc.
Regularities in the Variation of Skewness in Asset Returns

This paper documents regularities in the comparative skewness characteristics across several classes of assets and over time. We find smaller capitalized stock indices are more negatively skewed than larger stock indices. Over time, the skewness of stock indices follows a business-cycle-related variation. Skewness is more negative during economic upturns and less negative, even positive, during downturns. Three alternative methods for testing the statistical significance of skewness and for making confidence interval estimates of skewness are presented. These include a bootstrap methodology and a test that allows for nonindependent observations.
The economic rationale for option backdating: incentive explanations

Purpose - – The purpose of this paper is to provide evidence in support of incentive and retention-based explanations for backdating. Design/methodology/approach - – The authors use matching-firm techniques and the bivariate logistic model. Findings - – Backdating firms tend to be younger and faster growing – the characteristics of firms with growing demand for skilled labor. Further, rather than experiencing poor performance, backdating firms tend to outperform matching firms in both prior- and post-backdating years. Originality/value - – The results suggest that backdating reflects a firm's demand for valuable employees rather than strictly a manifestation of agency problems, as evidenced by previous study.
What helps forecast U.S. Inflation?- Mind the Gap!

The Phillips curve, which posits a relationship between inflation and domestic economic activity, introduces a crucial trade-off between real and nominal objectives for the central bank. Atkeson and Ohanian (2001), among others, present evidence that forecasts of U.S. inflation from Phillips curve-based models tend to underperform relative to naive forecasts. We propose that globalization can be an important factor in explaining the poor performance of forecasts under a closed-economy Phillips curve. To illustrate that, we empirically evaluate the performance of open-economy Phillips curve-based forecasts constructed with global variables, such as G7 credit growth, G7 money supply growth, terms of trade, and the real effective exchange rate. These global variables perform significantly better than domestic variables, and serve as proxies for poorly-measured indicators of global slack. Moreover, we show that forecasts using simulated data from a workhorse open-economy New Keynesian model support our empirical findings on the open economy Phillips curve and also suggest that better monetary policy and aspects of the Great Moderation have improved the forecast accuracy of open-economy models.
High-precision measurements of 17O/16O and 18O/16O ratios in CO2.

RATIONALE Measurements of δ(17)O and δ(18)O values of tropospheric CO(2) are of great importance. However, to be useful, such measurements must be an order of magnitude more precise than in current published literature. With this purpose we developed a new method for high-precision mass spectrometric measurements of (17)O/(16)O and (18)O/(16)O ratios in CO(2), which is presented in this study. METHODS The method is based on isotopic exchange equilibration between H(2)O and CO(2) in sealed glass ampoules followed by water fluorination to produce O(2). Dual inlet isotope ratio mass spectrometric (IRMS) measurements of the δ(17)O and δ(18)O values of this O(2) allow δ(17)O values of CO(2) to be obtained with very high precision (0.01 to 0.03 ‰). This method requires about 70 µmol of CO(2). RESULTS Measurements of standard CO(2) gas and atmospheric CO(2) yield reproducibility of 0.01 to 0.03 ‰ for both δ(17)O and δ(18)O values, and 5 per meg for (17)O(excess). Fractionation factors (17)α and (18)α were determined in the H(2)O-CO(2) equilibrium at 25 °C as 1.021254 ± 0.00004 and 1.041036 ± 0.00008, respectively, and the ratio ln(17)α/ln(18)α as 0.5229 ± 0.0001. CONCLUSIONS The results demonstrate that the new method is the most accurate analytical procedure ever presented for measurements of (17)O(excess) of CO(2) gas. It is suitable for measurements of CO(2) extracted from relatively small samples of air (~5 L), and is thus useful for monitoring the (17)O(excess) of CO(2) on a broad global scale.
Dispersion of Expectations and Trading Volume

Motivated in large measure by the work of Edward Miller (1977), a number of recent studies have investigated the impact of divergent expectations on security risk and return (see Bart and Masse, 1981; Friend, Westerfield and Granito,1978; and Peterson and Peterson, 1982). In addition, some theoretical work has been done on the impact of divergent expectations on trading volume (see Copeland, 1976; Verrecchia, 1981; and Karpoff, 1984). However, to date no empirical studies have been conducted to test the hypothesized positive relationship between the dispersion of expectations and trading volume. Providing such a test is the objective of this paper.
From a Small to a Large Minority Women in Scandinavian Politics

‘It takes a critical mass of women, e.g. 30 percent, to make a difference in polities’ This statement is common today, even among women politicians themselves. However, the theory of the importance of the relative size of the minority has not been sufficiently developed in political science. Based on the experience of women in Scandinavian politics (today being a minority of about 30 percent), the article discusses six areas for which an increase in the proportion of the minority might lead to changes in for instance the political culture, the political discourse or the reaction to women as politicians. The article suggests that the concept of a critical mass is replaced by one of critical acts, which would seem to be more relevant when studying human beings.
Increased foreign bank presence, privatisation and competition in the Zambian banking sector

Purpose - This study aims to evaluate the degree of competition in the Zambian banking sector in the wake of dynamic market shifts induced by entry of new foreign banks and privatisation of the state-owned bank. Design/methodology/approach - Competition is measured using the Panzar-Rosse Findings - Results from the Research limitations/implications - Due to data unavailability prior to 1998, the study does not establish whether or not the level of competition has changed since 1992 when financial sector reforms were initiated. Practical implications - The main policy lesson drawn from the analysis is that competitive conditions could be further enhanced by easing regulatory impediments and, in the long run, allowing more foreign bank participation could spur competitive conduct in the industry. Originality/value - To the author's knowledge, estimates of the time varying bank-specific Lerner index provide initial empirical evidence on competitive conduct of Zambian banks and how it has evolved over time.
Knowledge, Context and Learning in the Small Business

JEFF DALLEY HAS BEEN OWNER-MANAGER OF several small businesses and is currently associated with a boutique winery near Christchurch, New Zealand. Bob Hamilton is Professor of Management at the University of Canterbury, Christchurch, New Zealand. The first objective of this paper is to elaborate what is meant by small business 'context' It then seeks to demonstrate how the constructs of 'knowledge', 'context', and 'learning' operate as key determinants of the effectiveness of small business education and training. The supply of education and training to potential business founders and those already running their own businesses is itself a worldwide growth industry. This is happening even though much of what is provided is known to be ineffective and there is evidence that those on the receiving end are resistant to education and training. One criticism of the current situation is that the offerings are essentially supply-determined and lack any appreciation of the special context within which a small business exists. If this context is neglected or, worse, contradicted by the suppliers, then no effective learning will occur. Only disappointment and increased suspicion will result
Pareto optimization of serial-batching scheduling problems on two agents

This paper studies the two-agent scheduling on an unbounded serial-batching machine. In the problem, there are two agents A and B each having their respective job sets. The jobs of different agent cannot be processed in a common batch. Moreover, each agent has an objective function to be minimized. The objective function of agent A is the makespan of his jobs and the objective function of agent B is maximum lateness of his jobs. The target is to find all Pareto optimal solutions for the two agents. We present a polynomial-time algorithm for finding all Pareto optimal solutions of this two-agent serial-batching scheduling problem.
Lipid Peroxidation Product 4-Hydroxy-trans-2-nonenal Causes Endothelial Activation by Inducing Endoplasmic Reticulum Stress*

Background: Oxidized lipids cause endothelial activation. Results: Endothelial activation by the lipid peroxidation product, 4-hydroxy-trans-2-nonenal, was associated with ER stress and was prevented by chaperones of protein folding. Conclusion: ER stress regulates endothelial activation by oxidized lipids. Significance: Vascular inflammation caused by oxidized lipids could be attenuated by decreasing ER stress. Lipid peroxidation products, such as 4-hydroxy-trans-2-nonenal (HNE), cause endothelial activation, and they increase the adhesion of the endothelium to circulating leukocytes. Nevertheless, the mechanisms underlying these effects remain unclear. We observed that in HNE-treated human umbilical vein endothelial cells, some of the protein-HNE adducts colocalize with the endoplasmic reticulum (ER) and that HNE forms covalent adducts with several ER chaperones that assist in protein folding. We also found that at concentrations that did not induce apoptosis or necrosis, HNE activated the unfolded protein response, leading to an increase in XBP-1 splicing, phosphorylation of protein kinase-like ER kinase and eukaryotic translation initiation factor 2α, and the induction of ATF3 and ATF4. This increase in eukaryotic translation initiation factor 2α phosphorylation was prevented by transfection with protein kinase-like ER kinase siRNA. Treatment with HNE increased the expression of the ER chaperones, GRP78 and HERP. Exposure to HNE led to a depletion of reduced glutathione and an increase in the production of reactive oxygen species (ROS); however, glutathione depletion and ROS production by tert-butyl-hydroperoxide did not trigger the unfolded protein response. Pretreatment with a chemical chaperone, phenylbutyric acid, or adenoviral transfection with ATF6 attenuated HNE-induced monocyte adhesion and IL-8 induction. Moreover, phenylbutyric acid and taurine-conjugated ursodeoxycholic acid attenuated HNE-induced leukocyte rolling and their firm adhesion to the endothelium in rat cremaster muscle. These data suggest that endothelial activation by HNE is mediated in part by ER stress, induced by mechanisms independent of ROS production or glutathione depletion. The induction of ER stress may be a significant cause of vascular inflammation induced by products of oxidized lipids.
Ownership Structure as a Determinant of Firm Value: Evidence from Newly Privatized Czech Firms

Using a sample of 988 newly privatized Czech firms, with part of the ownership structure exogenously determined prior to voucher privatization, we find that share values are positively related with the ownership stakes of foreigners, insiders, and restituents. While the findings for foreigners and insiders can be attributed to their superior ability to identify more profitable firms, we interpret the findings on restituents as evidence of the beneficial effect of blockholdings. On the other hand, we find that the ownership of the fund with the largest stake is not significantly related with share value, suggesting that the value of external blocks depends on the identity of the owner. However, when the fund is also the largest blockholder in the firm, it has an adverse effect on share value. The negative effect of the dominant block owned by a fund is mitigated when a bank sponsors the fund. Although funds are legally separated from their sponsoring institutions, bank-sponsored funds may nevertheless have inherited a better access to the innards of these firms, and may be in a better position to monitor them. Copyright 2000 by MIT Press.
Discovery and Comparative Analysis of a Novel Satellite, EC137, in Horses and Other Equids

Centromeres are the sites of kinetochore assembly and spindle fiber attachment and consist of protein-DNA complexes in which the DNA component is typically characterized by the presence of extended arrays of tandem repeats called satellite DNA. Here, we describe the isolation and characterization of a 137-bp-long new satellite DNA sequence from the horse genome (EC137), which is also present, even if less abundant, in the domestic donkey, the Grevy's zebra and the Burchelli's zebra. We investigated the chromosomal distribution of the EC137 sequence in these 4 species. Moreover, we analyzed its architectural organization by high-resolution FISH. The position of this sequence with respect to the primary constriction and in relation to the 2 major horse satellite tandem repeats (37cen and 2PI) on horse chromosomes suggests that the new centromeric equine satellite is an accessory DNA element, presumably contributing to the organization of pericentromeric chromatin. FISH on combed DNA fibers reveals that the EC137 satellite is organized in relatively short stretches (2-8 kb) which are strictly intermingled within 37cen or 2PI arrays. This arrangement suggests that interchanges between satellite families are a frequent occurrence in the horse genome.
The human hair follicle immune system: cellular composition and immune privilege

The immunology of the hair follicle, its relationship with the ‘skin immune system’ and its role in hair diseases remain biologically intriguing and clinically important. In this study, we analysed the immunoreactivity patterns of 15 immunodermatological markers to determine the cellular composition and immune privilege of the human hair follicle immune system in anagen VI (growth phase). The most prominent cells located in or around the hair follicle were Langerhans cells, CD4+ or CD8+ T cells, macrophages and mast cells, whereas B cells, natural killer cells and γδ T cells were found very rarely. Langerhans cells (CD1a+, major histocompatibility complex, MHC class II+), and T cells (CD4+ or CD8+) were predominantly distributed in the distal hair follicle epithelium, whereas macrophages (CD68+, MHC class II+) and mast cells (Giemsa+) were located in the perifollicular connective tissue sheath. Transmission electron microscopy confirmed low numbers of immune cells in the proximal hair follicle epithelium, and very few macrophages and Langerhans cells were seen in the dermal papilla. Melanophages were observed in the connective tissue sheath and dermal papilla. MHC class I (HLA‐A, ‐B, ‐C) and β2‐microglobulin immunoreactivity was found on most skin cells, but was substantially reduced on isthmus keratinocytes and virtually absent in the proximal hair follicle epithelium. Apart from the absence of Fas ligand immunoreactivity, the sharply reduced numbers of T cells and Langerhans cells, and the virtual absence of MHC class I expression all suggest that the anagen proximal hair follicle constitutes an area of immune privilege within the hair follicle immune system, whose collapse may be crucial for the pathogenesis of alopecia areata.
The co-movement between output and prices in the EU15 countries: an empirical investigation

The paper studies the co-movement between output and prices in the EU15 countries. Following Den Haan, the correlations of VAR forecast errors at different horizons are used to analyse the dynamics in the output-price relationship. The empirical results show that ten countries display a significant negative co-movement between output and prices in the ‘long run’ whereas this is positive in the ‘short run’ only for three countries. Finally, four countries do not exhibit any significant co-movement.
Myopic policies for some inventory models with uncertain demand distributions

The majority of papers on stochastic inventory theory make the assumption that the distribution of consumer demand in each time period is known with certainty. While this assumption is unsupported in many applied contexts, it is conventionally held that more realistic models are more difficult to solve and will not yield simple operational policies. This paper shows that a simple inventory policy based upon a critical fractile can be optimal or near-optimal in some inventory models with parameter adaptive demand processes. In these, some parameter of the demand distribution is not known with certainty, and estimates of the parameter are updated in a statistical fashion as demand is observed through time. Examples include exponentially smoothed forecasts and Bayesian updating of parameter estimates. Bounds on the value loss relative to optimal cost, when using the critical fractile policy, can be calculated directly from the problem data. Some numerical examples illustrate the technique.
AN ESTIMATED DSGE MODEL WITH A DEFLATION STEADY STATE

Benhabib et al. [(2001) Journal of Economic Theory 96, 40–69] argue that there exists a deflation steady state when the zero lower bound on the nominal interest rate is considered in a Taylor-type monetary policy rule. This paper estimates a medium-scale DSGE model with a deflation steady state for the Japanese economy during the period from 1999 to 2013, when the Bank of Japan conducted a zero interest rate policy and the inflation rate was almost always negative. Although the model exhibits equilibrium indeterminacy around the deflation steady state, a set of specific equilibria is selected by Bayesian methods. According to the estimated model, positive shocks to households’ preferences and wage markup, and a negative shock to monetary policy do not necessarily have an inflationary effect, in contrast to a standard model with a targeted-inflation steady state. An economy in the deflation equilibrium could experience unexpected volatility because of sunspot fluctuations, but it turns out that sunspot shocks have a limited effect on Japan’s output fluctuations and rather contribute to stabilizing the economy after the global financial crisis.
The veil of experimental currency units

It is common practice to have subjects make decisions which pay out in a fictitious experimental currency. Earnings in the experimental currency are then converted to cash at the end of the experiment. Like many practices in experimental economics, however, these procedural choices seems to be driven more by habit or tradition than by empirical evidence that more desirable outcomes are produced. In this paper, we report the results of an induced value experiment in which we manipulated the exchange rate between the experimental currency and cash. We find virtually no relationship between a stronger/weaker experimental currency and the ability of theory to predict observed outcomes. The only significant effect that was generated relates to the comparison of the cash-only condition to the 1-to-1 exchange condition, with the latter producing greater behavioral deviations from theoretical predictions. The results suggest that experimenters might be able to spread scarce research dollars over more subjects by using weaker experimental currency but using a 1-to-1 conversion between the experimental currency and cash might, in the words of Davis and Holt (1993), "create an artificial 'game-board' sense of speculative competitiveness. "