Miracle-dz/UniFAR-FTUs huggingface dataset:
Compression and Expansion of the Market P/E Ratio

Compression and expansion of the average market P/E ratio significantly affected U.S. equity returns in both the bear market of 1969–1981 and the bull market of 1982–1999. We compare two models of the market P/E ratio to determine which paradigm is most useful for financial analysts and portfolio strategists as they anticipate the future direction of the market P/E. We find that the “Fed Model” where investors benchmark the earnings yield on stocks to the 10-year T-note yield—provides a better description of how the market P/E ratio changes over time than the mean-reverting model posited by Campbell and Shiller [1998, 2001]. These results suggest that, as long as inflation and interest rates remain low, high market P/E ratios and the low expected return on equities that accompany high-P/E environments could persist for an extended period
Tax Reform and Debt Sustainability in Germany: An Assessment Using the Global Fiscal Model

In 2005, the German government announced a far-reaching fiscal adjustment program. This paper uses the IMF's Global Fiscal Model to study its impact and explores options for addressing long-term pressures from population aging. The growth effects of the planned VAT increase are likely modest, largely owing to the stimulating effect of other tax reductions. The reform will improve the long-term debt path but achieving fiscal sustainability requires further adjustment over the medium term. An additional package of expenditure restraint, entitlement reform, and tax-base broadening compares favorably to other adjustment options. Spillover effects to trading partners of these policies are modest.
Shedding of Tumor Necrosis Factor Receptor 1 Induced by Protein A Decreases Tumor Necrosis Factor Alpha Availability and Inflammation during Systemic Staphylococcus aureus Infection

ABSTRACT Staphylococcus aureus infections are an important public health concern due to their increasing incidence and high rates of mortality. The success of S. aureus as a pathogen is highly related to its enormous capacity to evade the host immune response. The critical role of tumor necrosis factor alpha (TNF-α) in the initial host defense against systemic staphylococcal infection has been demonstrated in experimental models and may partially explain the lack of significant benefits observed in clinical trials attempting to neutralize this cytokine in septic patients. S. aureus protein A plays a key role in regulating inflammation through its ability to bind and signal through the TNF-α receptor 1 (TNFR1). In this study, we demonstrate that S. aureus, via protein A-mediated signaling, induces early shedding of TNFR1, which precedes the secretion of TNF-α in vitro and in vivo. The results obtained using a protein A-deficient mutant and tnfr1 −/− mice strongly suggest that the increased levels of soluble TNFR1 present during experimental S. aureus infection may neutralize circulating TNF-α and impair the host inflammatory response. Early shedding of TNFR1 induced by protein A may constitute a novel mechanism by which S. aureus subverts the host immune response.
Adjuvant intraperitoneal chemotherapy with carbon-adsorbed mitomycin in patients with gastric cancer: results of a randomized multicenter trial of the Austrian Working Group for Surgical Oncology.

PURPOSE Previous studies have demonstrated a beneficial effect of intraperitoneally applied mitomycin bound to activated carbon particles (M-CH) in preventing intraabdominal recurrence following curative surgery for gastric cancer. The Austrian Working Group for Stomach Cancer, a subgroup of the Austrian Working Group for Surgical Oncology, initiated a multicentric phase III trial to evaluate the safety and efficacy of this treatment regimen. PATIENTS AND METHODS A total of 91 patients with a radically resected gastric cancer infiltrating the serosal surface were randomly assigned to receive either 50 mg mitomycin bound to a solution of 375 mg carbo adsorbens intraperitoneally before closure of the abdominal wound (n = 46) or served as a surgical control group (n = 45). Postoperative complications and recurrence-free and overall survival were evaluated to analyze the risks and benefits of this treatment. RESULTS After a median observation period of 597 days (range, 72 to 1,096), a significantly higher postoperative complication rate was observed in the M-CH group (35%) compared with the control group (16%) (P < .02). In accordance with this finding, the postoperative (60 days) mortality rate was also significantly elevated in the M-CH group (11% v 2% in the control group). Since analysis of overall and recurrence-free survival failed to show any beneficial effect of M-CH therapy, the protocol committee decided to stop further recruitment of patients onto this study. CONCLUSION Adjuvant intraperitoneal therapy of gastric cancer by mitomycin bound to activated carbon particles is associated with an increased rate of postoperative complications. However, no benefit for prognosis following radical resection of locally advanced tumors was observed in this multicenter phase III trial.
Specific secondary genetic alterations in mantle cell lymphoma provide prognostic information independent of the gene expression-based proliferation signature.

PURPOSE To compare the genetic relationship between cyclin D1-positive and cyclin D1-negative mantle cell lymphomas (MCLs) and to determine whether specific genetic alterations may add prognostic information to survival prediction based on the proliferation signature of MCLs. PATIENTS AND METHODS Seventy-one cyclin D1-positive and six cyclin D1-negative MCLs previously characterized by gene expression profiling were examined by comparative genomic hybridization (CGH). RESULTS Cyclin D1-negative MCLs were genetically characterized by gains of 3q, 8q, and 15q, and losses of 1p, 8p23-pter, 9p21-pter, 11q21-q23, and 13q that were also the most common alterations in conventional MCLs. Parallel analysis of CGH aberrations and locus-specific gene expression profiles in cyclin D1-positive patients showed that chromosomal imbalances had a substantial impact on the expression levels of the genes located in the altered regions. The analysis of prognostic factors revealed that the proliferation signature, the number of chromosomal aberrations, gains of 3q, and losses of 8p, 9p, and 9q predicted survival of MCL patients. A multivariate analysis showed that the gene expression-based proliferation signature was the strongest predictor for shorter survival. However, 3q gains and 9q losses provided prognostic information that was independent of the proliferative activity. CONCLUSION Cyclin D1-positive and -negative MCLs share the same secondary genetic aberrations, supporting the concept that they correspond to the same genetic entity. The integration of genetic information on chromosome 3q and 9q alterations into a proliferation signature-based model may improve the ability to predict survival in patients with MCL.
Special Education: Educators' Attitudes Toward Inciusion and Its Effects on Collaboration

What does it take for the idea of inclusion to be successful in a special education ii program? The educators are key factors in the success of inclusion and special education. It is important for the principals, general educators and special educators to work in a collaborative manner. Collaboration is affected by the attitudes each participant holds toward special education. The purpose of this study was to examine the attitudes that the principal and general! special education teachers have towards inclusionlmainstreaming and how their attitudes affect collaboration in a special education program. A comprehensive literature review was conducted and conclusions and recommendations were reported. The review focused on the roles of the principals, general education teachers, and special education teachers and their attitudes toward inclusion of students with disabilities. It also included an examination of the literature on collaboration and its effect on successful inclusion. The Graduate School University of Wisconsin Stout Menomonie, WI Acknowledgments III Wow, if you would have asked me my junior year of college ifI were ever going to write a thesis paper, I would have told you, "No way"! Well, now, here I am doing the thing I never thought I would do. At this time, I would like to take this opportunity to thank my parents for their support throughout my life and bearing with me through these last few months as I wrote my paper. Another group of people I would like to thank are my friends; especially Jac1yn and Rachel for taking the time toread through my paper and give their honest feedback, as well as, Charlie for his effort in helping me work out a title! Last, but not least, I would like to thank my research advisor, Renee. Her support and positive attitude helped me through this whole process.
Institutions and Voluntary Compliance: The Disclosure of Individual Executive Pay in Germany

Manuscript Type: Empirical Research Question/Issue: This study seeks to understand why the disclosure of individual executive compensation, as recommended by the German Code of Corporate Governance, met with resistance in some firms while being a welcome innovation for others. Employing the theoretical perspective of institutional inertia and change, this paper identifies the characteristics of a firm likely to embrace or resist a management practice imported from an Anglo-American system of corporate governance. Research Findings/Results: Using data on large German firms for the years 2002 through 2005, the study shows that institutional ownership, dispersed ownership, state ownership, prior adoption of shareholder value-oriented practices, and firm size are positively and significantly associated with the disclosure of individual executive compensation. On the other hand, the size of the supervisory board and firm age are negatively and significantly associated with individual disclosure of executive compensation. Theoretical Implications: This study provides empirical support for the institutional inertia or change perspective at the national level for the adoption of contested management practices, taken from the Anglo-American system and translated to the German model. As such, it adds to the argument on convergence/divergence in comparative corporate governance literature, as well as support for the neo-institutional perspective in helping to further understand institutional change. Practical Implications: This study offers insights to policy makers who aim to create an institutional environment that accepts corporate governance practices translated or negotiated from a different variety of capitalism. In addition, it provides a useful synthesis of the relevance and effectiveness of codes of corporate governance, thus helping policy makers to recommend continuation with the current elements of the code or to make such provisions compulsory.
Networks, Migration and Investment: Insiders and Outsiders in Tirupur's Production Cluster

This paper studies the effects of social network based lending. This is a pervasive phenomenon in most of the developing world. Access to such network capital has an obvious influence on investment. It also influences the pattern of migration since, ceteris paribus, migrants would prefer to be in locations where they have access to their community's lending network. We show that under reasonable conditions such lending will generate a rather specific pattern of migration and investment. In particular, migrants to locations where they do not have access to their community's lending networks will tend to have higher ability than the traditional residents of that location, but will invest less relative to their ability. Under some conditions this generates the possibility that migrants have higher ability but invest less in absolute terms than the local people. We test this implication using data from the knitted garment industry in the South Indian town of Tirupur. Comparing the growth rate of output (which, we argue, proxies well for ability) with investment between garment firms owned by migrants to Tirupur and local people, we find that local people have slower output growth but invest substantially more at all levels of experience. We also find a positive correlation between investment and growth within any single community, consistent with the view that capital access does not vary within each group.
Institutions and Multinational Ownership Strategy

This paper examines the impact of institutions on a multinational firm's ownership strategy. We develop an international joint venture (IJV) model in which a multinational firm and its local partner both can undertake costly ex post actions to increase their revenue share specified by the ex ante IJV contract. The model captures the effects of two institutional features on the optimal IJV ownership structure: contract enforceability and cronyism. We introduce the IJV model into an industry equilibrium framework to analyze the impact of institutions on a multinational firm's choice between forming an IJV or setting up a wholly-owned subsidiary. Ce papier examine l'impact des institutions sur la strategie de propriete d'une entreprise multinationale. Nous developpons un modele de coentreprise internationale dans lequel une entreprise etrangere et son partenaire local peuvent ex post entreprendre des actions couteuses pour augmenter leur part de revenus indiquee dans le contrat de coentreprise. Le modele analyse les impacts de deux caracteristiques institutionnelles sur la structure de propriete optimale : le renforcement du contrat et le copinage. Nous introduisons le modele de coentreprise dans un modele d'equilibre general pour analyser l'impact des institutions sur le mode d'entree des entreprises multinationales.
Health status of working and non-working school children in Ibadan, Nigeria

Abstract Child labour continues to pose a challenge to national and international agencies. This study compares the health status of working and non-working school children in Ibadan, Nigeria. Altogether, 223 working and 230 non-working children were interviewed. Their ages ranged between 8 and 15 years. Fifty-nine (13%) reported fever, 36 (8%) visual problems, 28 (6%) skin lesions, 17 (4%) muscular and joint pains and 5 (1%) diarrhoea. Schistosoma ova were observed in 25 (6%) children. There was no difference in the occurrence of diseases between working and non-working children. Twenty-seven per cent of the children were underweight and 30% were stunted. Malnutrition was more prevalent among working children as 74 (33%) were underweight (p =0.001) and 76 (34%) were stunted. Public enlightenment about the effect of child labour might discourage parents from engaging their school-age children in work. Governments should address the socio-economic factors that promote child labour.
Quality enhancement in teacher education : Tanzanian teacher educators’ conceptions and experiences

The overall aim of this study was to investigate and examine teacher educators’ conceptions and experiences of quality of teacher education. The research interest therefore was two-fold: a) to deepen understanding of the concept quality and b) scrutinize experiences of teacher educators of quality enhancement. To achieve this ambition the study was conducted in the context of a newly established university college-based teacher education in Tanzania. Two research questions guided the study. The first focused on investigating how teacher educators conceived quality in the domain of teacher education and the second intended to explore teacher educators’ experiences of quality enhancement. The theoretical framework of the study centered on the concepts of teacher education, quality, and criteria for quality enhancement. Phenomenographic and phenomenological approaches under the main umbrella of qualitative research design were selected. Twenty five teacher educators participated in the study. Interviews were used for the collection of the data. The results of the first research question, in brief, indicate that teacher educators’ conceptions of quality are expressed in two main categories, namely, outstanding academic scholarship and adequate professional scholarship. Quality as outstanding academic scholarship was illustrated by two subcategories: excellence and positive transformation. While the former was composed of two aspects, the latter was demonstrated by three aspects. Quality as adequate professional scholarship was described in three sub-categories. The first was improved teaching competency, consisting of two aspects. The second was conscious research orientation, which is displayed by three aspects, and the last was enhancing the ability to reflect, represented by two aspects. The results of the second research question, which focused on exploring teacher educators’ experience of quality enhancement, were classified into two main categories of description: insufficient programs of teacher education and unsatisfactory professional development of teacher educators. From the two categories, the strengths, weaknesses, opportunities and challenges related to programs of educating teachers, particularly curriculum development and implementation, and the professional development of educators, were exposed. Since the ambition of conducting the study was to deepen the understanding by producing insight that would act as a platform for appraising and enhancing the quality of teacher education, the results hopefully can be used for the development of the quality of teacher education in Tanzania.
"Vertical relations and local competition: an empirical approach"

The analysis of vertical industry relations forms an essential element in the field of industrial organization. This paper tests hypotheses derived from transaction cost theory and the principal-agent problem in Chile’s petrol market. It shows that local competition plays an important role in the choice of a “disintegrated” vertical structure, and that low levels of service investment have the same effect. Conversely, the number of own-brand outlets and a high level of investment in services reduce the probability of disintegration. The paper demonstrates that vertical disintegration has a null effect on wholesale petrol prices and a positive effect on retail petrol prices of between 1.6 and 7 per cent, depending on fuel type. JEL classification: L11, L22, L42
Optimal Capital Income Taxation with Incomplete Markets, Borrowing Constraints, and Constant Discounting

For a wide class of infinitely lived agent models, Chamley has shown that the optimal capital income tax rate is zero in the long run. Lucas has argued that for the U.S. economy, there is a significant welfare gain from switching to this policy. This paper shows that for the Bewley class of models with incomplete insurance markets and borrowing constraints, the optimal tax rate on capital income is positive, even in the long run. Therefore, cutting the capital income tax to zero may well lead to welfare losses.
Constitutive autophagy contributes to resistance to TP53-mediated apoptosis in Epstein-Barr virus-positive latency III B-cell lymphoproliferations

The Epstein-Barr virus (EBV) is associated with various lymphoproliferative disorders and lymphomas. We have previously demonstrated that treating wild-type TP53-expressing B cell lines with the TP53 pathway activator nutlin-3 induced apoptosis in EBV-negative and EBV-positive latency I cells whereas EBV-positive latency III cells remained much more apoptosis-resistant. Here, we report a constitutively high level of autophagy in these resistant cells which express high levels of the proautophagic protein BECN1/Beclin 1 based, at least in part, on the activation of the NFKB signaling pathway by the viral protein LMP1. Following treatment with nutlin-3, several autophagy-stimulating genes were upregulated both in EBV-negative and EBV-positive latency III cells. However the process of autophagy was only triggered in the latter and was associated with an upregulation of SESN1/sestrin 1 and inhibition of MTOR more rapid than in EBV-negative cells. A treatment with chloroquine, an inhibitor of autophagy, potentiated the apoptotic effect of nutlin-3, particularly in those EBV-positive cells which were resistant to apoptosis induced by nutlin-3 alone, thereby showing that autophagy participates in this resistant phenotype. Finally, using immunohistochemical staining, clinical samples from various B cell lymphoproliferations with the EBV-positive latency II or III phenotype were found to harbor a constitutively active autophagy.
Comparative Corporate Governance: A Chinese Perspective

In marked contrast to other regimes that have, virtually overnight, abandoned state control of enterprises and espoused Western models of corporate governance, China has pursued a gradual transition suited to its own unique traditions, culture, and customs. Although this new corporate system is still evolving, it is clear that China is now ready for a nation-wide movement of corporatisation and reform. "Comparative Corporate Governance" draws on the entire corpus of corporate governance theory, both East and West, and also on the experience of many countries since the 1930s, to develop a coherent model appropriate for China. In the process the author shows how various corporate mechanisms have been tentatively introduced into China's state-owned enterprises and how such experimentation has, piece by piece, provided a firm basis for a modern enterprise system. How to build an efficient and culturally appropriate governance system, both in law and in practice, on this foundation is the focus of this book. The analysis is notable for its insistence that, for a corporate governance system to work, the principles and practicalities of that system must be derived from customary cultural norms. Experience shows that imported models, although they may be enshrined in law, lead to economic stagnation unless actual practice is monitored and reformed and the laws change to reflect these necessary adjustments. Thus the model proposed here begins with the Company Law of 1994, and proceeds to show how practical experience is already providing valuable data for the task of improving the law. This process, by which law and business practice continue to "regulate" each other, is, in the author's view, the essential ingredient of a successful corporate system. The author's approach is fundamentally comparative. He discusses and analyses models that have either created globally powerful corporate economies or carried out reforms that have brought new insights to corporate development. In this connection he examines the law and experience of the UK, the USA, Germany, and Japan, as well as Chinese communities overseas and some former British Commonwealth countries.
How do elite ski jumpers handle the dynamic conditions in imitation jumps?

ABSTRACT We examined the effect of boundary conditions in imitation ski jumping on movement dynamics and coordination. We compared imitation ski jumps with – and without – the possibility to generate shear propulsion forces. Six elite ski jumpers performed imitation jumps by jumping from a fixed surface and from a rolling platform. The ground reaction force vector, kinematics of body segments, and EMG of eight lower limb muscles were recorded. Net joint dynamics were calculated using inverse dynamics. The two imitation jumps differed considerably from each other with regard to the dynamics (moments, forces), whereas the kinematics were very similar. Knee power was higher and hip power was lower on the rolling platform than on the fixed surface. Mean EMG levels were very similar for both conditions, but differences in the development of muscle activity were indicated for seven of eight muscles. These differences are reflected in a subtle difference of the alignment of ground reaction force with centre of mass: the ground reaction force runs continuously close to but behind the centre of mass on the rolling platform and fluctuates around it on the fixed surface. This likely reflects a different strategy for controlling angular momentum.