Miracle-dz/UniFAR-FTUs huggingface dataset:
Public Information Arrival and Volatility of Intraday Stock Returns

This study employs firm-specific announcements as a proxy for information flows and investigates the information-volatility relation using high-frequency data from the Australian Stock Exchange. Our analysis reveals a positive and significant impact of the arrival rate of the selected news variable on the conditional variance of stock returns, even after controlling for the potential effects of trading volume and high opening volatility. Furthermore, the inclusion of the news variable in the conditional variance equation of the generalized autoregressive conditional heteroscedastic model also reduces volatility persistence, especially with intraday data. Combined with the evidence that news arrivals display a very strong pattern of autocorrelation, our results are consistent with the Mixture of Distribution Hypothesis, which attributes conditional heteroscedasticity of stock returns to time-dependence in the news arrival process.
Time-dependent rundown of GABA response in mammalian cns neuron during experimental anoxia.

Gamma-Aminobirtyric acid (GABA) is one of the major neurotransmitters in the mammalian central nervous system (CNS). The activation of post-synaptic GABAA receptor-chloride channel complex is thought to underlie inhibitory postsynaptic potentials ubiquitously in various CNS regions. GABAA receptors are modulated by convulsant, hypnotic-anticonvulsant, anxiolytic and anxiogenic agents and endogenous agents such as nurosteroids and intracellular calcium, ATP, and cyclic AMP. The function of GABAA receptor in CNS neuron is also affected by some pathophysiological processes, e.g., anoxia. For example, it is currently believed that delayed neuronal death after brain ischemia results from excessive cell excitability and/or loss of inhibition. In the present study, we investigated how the GABA-gated chloride current is affected by anoxic conditions. All experiments were carried out on neurons freshly dissociated from rat CNS by the use of both conventional and nystatin perforated patch recording configurations. The GABA response showed a considerable rundown with time in anoxic condition. The rundown was prevented by adding either ouabain or SPAI-I (Na+-K+ ATPase inhibitor-I), suggesting that the experimental anoxia reduced GABA response by decreasing intracellular ATP synthesis. This result was also confirmed by finding that the direct decrease of intracellular ATP concentration using a conventional whole-cell patch recording mode inhibited the GABA-gated chloride response in mammalian CNS neurons.
The Impact of War on Calorie Food Demand in Bangladesh

Daily per capita calorie intake in Bangladesh averaged almost 2,100 (kilo)calories in the 1960s but fell to 1,840 in 1972 following the war of independence in 1971, and only by 1987 did it reach 2,000 again. This article examines the long-run relationship between per capita income, food prices and per capita calorie intake using aggregate data for Bangladesh for 1962–97 and the recent cointegration procedure of Johansen et al., which permits structural breaks. Results show that a long-run relationship exists and that the war reduced average calorie intake permanently by 10 per cent. Impulse responses show that income Granger-causes calorie intake but not vice versa.
Managing Maturing Government‐Supported Networks: The Shift from Monitoring to Embeddedness Controls

In formal inter‐firm networks backed with significant financial support by policy‐makers, network boards are typically established to monitor network activities and to manage the tension between organizational and collective interests. This approach to network governance, however, builds mainly upon agency logic. We integrate agency with embeddedness theory to offer insights into the effectiveness of monitoring as a governance mechanism as networks mature and member firms become embedded. The analyses focus on two issues: (1) how network board characteristics typically associated with monitoring – board independence, board size and board compensation – influence network performance; and (2) how these effects are moderated by network age. The model is tested with longitudinal data on 53 government‐supported networks. In addition to the direct effects of board characteristics, network board size and board compensation have a stronger positive impact on network performance in younger networks than in more mature networks. This study provides insight into why the instituting of boards may prove successful for network‐level performance in newly formed government‐supported networks, but also explains why the positive effects from network board monitoring may diminish as networks grow older.
Management Forecast Consistency

We posit that management forecasts, which are predictable transformations of realized earnings without random errors, are more informative than unbiased forecasts, which manifest small but unpredictable errors, even if biased forecasts are less accurate. Consistent with this intuition, we find that managers who make consistent forecasting errors have a greater ability to influence investor reactions and analyst revisions, even after controlling for the effect of accuracy. This effect is more economically significant and statistically robust than that of forecast accuracy. More sophisticated investors and experienced analysts are found to have a better understanding of the benefits of consistent management forecasts.
Family Enterprises in the UK: A Special Sector?

This paper questions the effectiveness of economic development policies and programs which fail to differentiate family from non-family enterprises in the UK small and medium-sized firms sector. Published evidence is reviewed and findings from workshops and interviews with 10 Scottish family enterprises demonstrate that family enterprises differ, and in some economically significant ways, from non-family enterprises. It is suggested that the lack of provision for family enterprises hinders their business activity. The aim is to begin an argument for recognition of a “family business sector” in the UK in order to promote business activity in this economically significant group of firms, and to achieve a better payoff for governments from investment in economic development in small and medium-sized enterprises (SMEs).
Capacitated dynamic location problems with opening, closure and reopening of facilities

In this research report three capacitated dynamic location problems with opening, closure and reopening of facilities are formulated and primal-dual heuristics are described that can solve those problems. In the first problem addressed, maximum capacity restrictions are considered and, in the second problem, both maximum and minimum capacity restrictions are considered. The last problem formulated considers the situation where a facility is open (or reopen) with a certain maximum capacity that decreases as clients are assigned to that facility during its operating periods. All problems formulated are NP-hard. Primal-dual heuristics were developed that can calculate admissible solutions for these location problems.
ASSESSMENT OF THE LEVEL OF FINANCIAL LITERACY AND ECONOMIC BEHAVIOUR AMONG COLLEGE STUDENTS IN BOTSWANA

Personal financial literacy is vital to all people from different walks of life. With good personal financial management an individual is able to make appropriate consumption and investment decisions. However, numerous studies have found that most people lack this important skill. This study examined the Botswana tertiary students’ personal assessments of their level of financial management knowledge and practices. The study also investigated students’ level of indebtedness and willingness to have a financial literacy course in their curriculum. The survey method was employed to solicit the views of students; descriptive analyses were made and independent T test was used to test the hypotheses. The findings of this study suggest that tertiary students believe they have above average personal financial management knowledge and business students have better financial knowledge than their non-business counterparts. The results further reflect that students perceive themselves to be moderately engaged in some good economic behaviour. The study also revealed that Botswana students do not have a debt problem but they are happy to have a financial literacy course added to their curricula. These results have implications for students as well as tertiary programme designers who ought to embrace the financial literacy course in the early stages of tertiary education.
Internal Audit Quality and Earnings Management

Internal auditors often perform work that is relevant to their host entities' financial reporting processes, yet little research attention has focused on the effects of internal auditing on companies' external financial reporting. Using a unique and previously unavailable data set, we investigate the relation between internal audit function (IAF) quality and earnings management. We measure IAF quality using a composite measure comprising six individual components of IAF quality based on SAS No. 65, which guides external auditors in assessing the quality of an IAF with respect to its role in financial reporting. Earnings management is measured using two separate proxies, (1) abnormal accruals and (2) the propensity to meet or barely beat analysts' earnings forecasts. We find evidence that IAF quality is associated with a moderation in the level of earnings management as measured by both proxies.
Transparency and Corruption: Evidence from India

Theories of corruption suggest that higher levels of transparency are necessarily associated with lower levels of corruption. Yet in highly hierarchical societies in which the gulf between government officials and the most underprivileged members of society is very wide, this relationship may not hold. In this paper, I test the link between transparency and corruption by means of a field experiment. I ask how effective recourse to a freedom-of-information law is in comparison to bribery for both slum dwellers and middle-class individuals in India as they apply for basic public services. I demonstrate that applicants who make use of the freedom-of-information law attain almost the same rate of success as those who bribe. Recourse to a freedom-of-information law comes close to erasing class differences; that is, it results in comparable processing times for slum dwellers and middle-class individuals.
The Impact of Public Capital Stock on Regional Convergence in Turkey

The effect of public capital on regional output and private sector productivity has been the subject of considerable research in the field of regional development literature. However, there have been only a few studies that develop linkages between public capital and regional economic convergence. This study examines the dynamic effects of public capital and transportation capital stocks on output per capita in terms of regional convergence in Turkey at NUTS 2 level. A conditional convergence model based on per capita gross domestic product and per capita public capital and transportation capital stocks is estimated using the panel data set for the Turkish regions for the time period of 1980–2001. The results reveal that public capital has a positive and significant effect on output per capita and thus on regional convergence in some of the models in the Turkish regions,. However, the transportation component of public capital stock has a negative effect on regional convergence in all models employed in the study. This implies that transportation capital stock leads to larger regional disparities between the Turkish regions.
Inventory Systems with Imperfect Asset Information

An inventory stock record is in error when the stock record is not in agreement with the physical stock. Such discrepancies may be introduced due to time lags between flow of information and material, pilferage, incorrect unit of issue, inaccurate physical inventory counts, etc. The primary impact of these errors is that the system fails to order when it should, resulting in “warehouse denials,” i.e., the stock records show a balance sufficient to issue a given material release order, but for which insufficient units of stock can physically be found. The object of this paper is to select the proper frequency and depth of inventory counts, together with modifications to a given stocking policy, so as to minimize the total cost per unit time, subject to the likelihood of a warehouse denial between inventory counts being below a prescribed level. The goal has been to obtain results easily implementable and leads to formulae comparable to those of the classical economic lot-size models. A numerical example is included to illustrate the procedure.
Biotinylated Dextran Amine as a Marker for Fetal Hypothalamic Homografts and Their Efferents

We have explored the use of biotinylated dextran amine (BDA) as a marker for labeling fetal brain grafts and their connections with the host. As a model system we used transplantation of the hamster suprachiasmatic nucleus, the site of an endogenous biological clock governing circadian rhythms. Similar transplants into arrhythmic hosts have been shown to restore behavioral function with a period specific to the donor. For locomotor rhythms, efferent connections are not necessary. For other responses, including endocrine rhythms, efferent connections may be necessary. In order to visualize homografts and their efferents, injections of BDA, an anterograde tracer, were made into the anterior hypothalamic (AH) region containing the SCN or into the dorsal cortex (CTX) of fetal hamster brains. The fetal AH or CTX was microdissected out and stereotaxically implanted into the third ventricle of intact, adult hamsters. After 2, 4, 8, or 12 weeks, hosts were sacrificed and their brains were processed for detection of BDA by either histochemistry or immunofluorescence. BDA intensely labeled graft neurons, their dendrites, and axons with minimal or no spread to the adjacent host brain. Labeled graft axons could be followed for long distances (>1 mm) into the host brain and graft-derived varicosities formed close contacts with host neurons. BDA-labeled graft neurons, located at the perimeter of the graft, also extended dendrite-like processes into the host parenchyma. We conclude that BDA is a useful marker for fetal homografts and their efferents for survival times of less than 2 months.
Comparative in vitro binding characteristics and biodistribution in tumor-bearing athymic mice of anti-ovarian carcinoma monoclonal antibodies.

The interactions of four monoclonal antibodies (OV-TL 3, OV-TL 16, OV-TL 30 and OC 125) with ovarian carcinoma cells (NIH: OVCAR-3) were compared in vitro as well as in a nude mouse model. The affinity constants of the antibodies ranged from 1.0 X 10(9) M-1 (OC 125) to 3 X 10(9) M-1 (OV-TL 30). The cell binding kinetics of the antibodies were studied in vitro: OV-TL 30 associated fastest (50% binding after 25 min), OV-TL 3 and OV-TL 16 associated more slowly (50% binding after 75 min), while the association of OC 125 was slowest (50% binding after 120 min). Dissociation rates of the antibodies also differed: OC 125 displayed the lowest dissociation rate (t1/2 = 360 min). The OV-TL antibodies showed a faster, biphasic dissociation characteristic. The biodistribution of the radioiodinated antibodies in NIH:OV-cAR-3 xenograft-bearing athymic mice, following intravenous injection, was compared. Highest tumor accumulation 48 h p.i. was found with OV-TL 3 (13.3 +/- 2.1% ID/g) and OV-TL 16 (11.0 +/- 2.0% ID/g), while the uptakes of OV-TL 30 and OC 125 were markedly lower (4.9 +/- 0.9% and 6.0 +/- 0.9% ID/g, respectively). The fact that in this experimental model the in vivo tumor accumulation of OV-TL 3 and OV-TL 16 was approximately twice as high as the tumor accumulation of OC 125 could not be fully ascribed to parameters of the antibodies determined in vitro (immunoreactive fraction, affinity constant, antigen density, association and dissociation rate). It is suggested that the antibodies OV-TL 3 and OV-TL 16 are suitable tools for clinical radioimmunodetection of ovarian carcinomas.
Lessons learned from methodological triangulation in management research

– The purpose of this paper is to leverage the lessons learned from three published studies on volume flexibility in the capital goods industry to demonstrate the effective use of methodological triangulation in operations management research. , – The paper uses lessons learned from three published studies to address several issues that researchers encounter when using methodological triangulation. It also develops a coherent framework for developing a research strategy that uses methodological triangulation. , – In demonstrating the use of triangulation, the paper documents several tradeoffs that researchers face including: outlining a triangulation strategy; considering the strengths and weaknesses of different data sources; assessing convergent, complementary divergent and meta inference; and paying attention to errors of inference during the triangulation process. , – As with every research method, methodological triangulation has limitations that can be amplified by method specific issues and assumptions related to across‐method generalization and inference. , – Provides a detailed example of why and how researchers make critical decisions on the appropriate use of methodological triangulation. , – This work will assist future researchers who use triangulation to better position their work and to make informed choices that ultimately lead to more complete theories. This work would also be on interest to practitioners interested in keeping up with academic literature.
ALTERNATIVE FORMS OF EXTERNAL FINANCE: A SURVEY

The main purpose of this paper is to survey the existing literature on alternative finance (AF) and indicate the major research gaps. In this way, the survey may help to identify the factors influencing the flow of AF; provide analytical, and empirically supported underpinnings for policy work; and assess the amounts likely to be available. The focus of this survey is on aspects of country risks related to AF and the dispute settlement of international claims, domestic incentive schemes to attract foreign financing, the intermediation role of multinational firms and banks, and the supply side of AF.The survey thus investigates the incentives for individuals and firms, and, where necessary, takes into account the aggregate implications. The paper provides some descriptive statistics of AF and makes a comparison with traditional finance (TF). It identifies the key characteristics in which AF differs from TF and briefly reviews the factors motivating capital flows. The paper identifies the extent to which TF and AF differ in the factors motivating capital flows and to what extent the implications of these differences have been explored in the literature to date.
Corrupção nas organizações privadas: análise da percepção moral segundo gênero, idade e grau de instrução

Corruption in organizations is a well-studied systemic phenomenon that may be approached in different ways. One of these is through the perspective adopted in compliance literature, understood as a reflection about the causes and the mitigation of corruption, as well the tools to promote an ethical environment. The basis of compliance is the moral perception of the person when exposed to ethical dilemmas. The purpose of this work is determine the relative relevance of education, age, and gender in the moral perception of businesses. Our statistical analysis is based on secondary data provided by ICTS Global, an international company specializing in the reduction of risks involving human life, business goals, assets, information, and reputation. We carried out an exploratory statistical analysis on data concerning variable indicators of the index of analyses of adherence to enterprise ethics (AAEE) from ICTS Global. Our research was based on a non-probabilistic by convenience sample composed of interviews carried out between 2004 and 2008 with employees and candidates from 74 Brazilian private enterprises. The final number of people interviewed totaled 7,574. The results indicate that the education variable exerts more influence on the moral perception indicators: the lower the level of education, the lower the perception of wrongdoing. On the other hand, more detailed analyses of the indicators of moral perception show interesting differences related to the profile of the professionals as well as the variables analyzed (gender, age, and education).
The economic value of Trinity River water

The Trinity River, largest tributary of the Klamath River, has its headwaters in the Trinity Alps of north-central California. After the construction of Trinity Dam in 1963, 90% of the Trinity River flow at Lewiston was moved to the Sacramento River via the Clear Creek Tunnel, a manmade conduit. Hydropower is produced at four installations along the route of Trinity River water that is diverted to the Sacramento River, and power production at three of these installations would diminish if no Trinity River water were diverted to the Sacramento River. After Trinity River water reaches the Sacramento River, it flows toward the Sacramento-San Joaquin Delta and San Francisco Bay. Trinity River water is pumped via Bureau of Reclamation canals and pumps to the northern San Joaquin Valley, where it is used for irrigated agriculture. The social cost of putting more water down the Trinity River is the sum of the value of the foregone consumer surplus from hydropower production as well as the value of the foregone i.
Optimal Portfolio Rebalancing with Transaction Costs

Research has proven the optimality of a no-trade region around an investor's desired asset proportions to assure that trading occurs only when asset proportions drift outside this region, and then only to bring proportions back to the boundary of the no-trade region, not to the target proportions. Because current solution methods are complex, managers typically rely on ad hoc heuristics that are either calendar-based or volatility-based and whose performance against an optimal strategy is unknown. The authors characterize the size and shape of the no-trade region as a function of key problem parameters and compare the performance of different rebalancing strategies. The analysis suggests that extraction of key features associ-ated with optimal rebalancing allows development of more tractable rebalancing heuristics that enhance the effectiveness of optimal rebalancing.
Negative Images of the United States as Expressed by Tour Operators From Other Countries

Images of a travel destination affect the choice of someone selecting a visitation site. Potential travelers to the United States perceive personal safety as a major problem, followed by costs and availability of information to foreign visitors. Virginia is cited as having promotional efforts which are effective in overcoming negative images of potential foreign visitors, and suggestions are made to increase the attractiveness of the U.S. as a travel destination.