Miracle-dz/UniFAR-FTUs huggingface dataset:
Linear Factor Models and the Estimation of Expected Returns

Linear factor models of asset pricing imply a linear relationship between expected returns of assets and exposures to one or more sources of risk. We show that exploiting this linear relationship leads to statistical gains of up to 31% in variances when estimating expected returns on individual assets over historical averages. When the factors are weakly correlated with assets, i.e. β's are small, and the interest is in estimating expected excess returns, that is risk premiums, on individual assets rather than the prices of risk, the Generalized Method of Moment estimators of risk premiums does lead to reliable inference, i.e. limiting variances suffer from neither lack of identification nor unboundedness. If the factor model is misspecified in the sense of an omitted factor, we show that factor model based estimates may be inconsistent. However, we show that adding an alpha to the model capturing mispricing only leads to consistent estimators in case of traded factors. Moreover, our simulation experiment documents that using the more precise estimates of expected returns based on factor models rather than the historical averages translates into significant improvements in the out-of-sample performances of the optimal portfolios.
Wheat yield estimation using remote sensing and the STICS model in the semiarid Yaqui valley, Mexico

During the 1999/2000 agricultural seasons, an experiment was carried out on winter wheat fields in the semiarid Yaqui Valley (Northwest Mexico). This data set was used to calibrate the evolution of the leaf area index (LAI) simulated by STICS, which was found to be in excellent agreement with estimates obtained from field reflectance measurements. After calibration, STICS was able to simulate satisfactorily the seasonal levels and trends observed in net radiation, soil moisture and evapotranspiration, but the crop temperature was overestimated by about 2.5 °C. On a larger scale, STICS was run on 16 fields with contrasting management practices. The simulations indicate that yield predictability is significantly lower for later sowing dates, consistent with observations. The seasonal variations of field and satellite data (Landsat-ETM+, Terra-MODIS and VEGETATION) NDVI were very close. However, some difficulties were noted: saturation of NDVI at high LAI values and smoothed variability on a 1-km spatial scale, as well as the need for a sound methodology for processing satellite data.
Unions and Profitability: A Meta-Analysis

The effect of unions on profits continues to be an unresolved empirical issue. In this paper, meta-regression analysis is applied to the population of 45 econometric studies that report 532 estimates of the direct effect of unions on profits. We show that unions have a significant negative effect on profits, and that this effect is larger in the US. Separate meta-regression analysis is used to identify the sources of union-profit effects. Meta-analysis of 239 estimates of unions interacted with the hypothesized sources of union rents reveals that neither the market power nor the quasi-rent appropriation theories are supported by the extant studies. Analysis of the between-study heterogeneity reveals that unions have an indirect effect on factor accumulation – they depress physical capital formation and stimulate advertising expenditure. There is a clear need for additional primary research in this area.
[interleukin (IL)-4, IL-12, IL-18, tumor necrosis factor-α (TNF-α), interferon-γ (IFN-γ)] and chemokine expression [IL-8, regulated on activation, normal T cell expressed and secreted (RANTES), monocyte chemoattractant protein-1 (MCP-1) and IFN-γ-inducible protein-10 (IP-10)]. Stool samples from the

The present study examined the relationship between cytokine and chemokine expression and the clinical presentation of hand, foot and mouth disease (HFMD), which is currently unclear. The present study involved 28 patients with mild HFMD, 44 patients with severe HFMD and 26 healthy children. Venous blood was tested for cytokine [interleukin (IL)-4, IL-12, IL-18, tumor necrosis factor-α (TNF-α), interferon-γ (IFN-γ)] and chemokine expression [IL-8, regulated on activation, normal T cell expressed and secreted (RANTES), monocyte chemoattractant protein-1 (MCP-1) and IFN-γ-inducible protein-10 (IP-10)]. Stool samples from the patients were tested for enterovirus 71 (EV71) RNA using reverse transcription-polymerase chain reaction. The results indicated that all cytokine/chemokine levels were increased in patients with severe HFMD compared with in patients with mild HFMD or control subjects. In addition, RANTES, MCP-1, IL-4, IL-12 and IL-18 levels were higher in mild HFMD patients than in the controls. In patients with severe HFMD, all expression levels (with the exception of IL-8 and IL-4) were increased in patients with encephalitis plus pulmonary edema compared with those with encephalitis alone. Furthermore, all levels (with the exception of IL-8) were increased in EV71-positive patients compared with EV71-negative patients. In mild HFMD, all levels (with the exception of IL-8 and IL-4) were increased in EV71-positive patients compared with EV71-negative patients. However, in severe HFMD, only RANTES, IP-10 and IFN-γ levels were increased in EV71-positive patients compared with EV71-negative patients. In the EV71-negative group, all levels were increased in severe HFMD compared with mild HFMD. In the EV71-positive group, all levels (with the exception of IL-8) were increased in severe HFMD compared with mild HFMD. These results indicated that cytokines and chemokines participate in HFMD pathogenesis, and may be useful to monitor disease progression and predict prognosis.
Governance and the Corporate Life-Cycle

Purpose – The purpose of this research is to examine whether corporate governance changes along the corporate life-cycle. Design/methodology/approach – In a sample of 205 firms from 21 emerging market countries and using a life-cycle proxy from the dividends literature, we use a governance-prediction model which examines whether corporate governance differs along the corporate life-cycle. Findings – Mature firms tend to practice better overall corporate governance. Discipline and independence improve as firms mature. Firms tend to be most transparent and accountable when they are young. These findings suggest that the resource/strategy and monitoring/control governance functions are relevant but at different life-cycle stages. Research limitations/implications – In the absence of longitudinal governance data with sufficient coverage to track within-firm changes in corporate governance along the corporate life-cycle, we analyze differences in corporate governance between-firms at different life-cycle stages. Originality/value – We use an alternative, yet new measure from the dividends literature to account for the firm’s position along the corporate life-cycle. With this new measure, our findings are in line with the predictions of Filatotchev et al. (2006).
The impact of trade openness on economic growth: The case of Cote d’Ivoire

Abstract The relationship between trade openness and economic growth has been extensively investigated yielding to mixed and inconclusive results. This might be attributed to the omission of the role of capital stock and labor in the trade-growth nexus. This paper examines the impact of trade openness on economic growth for Cote d’Ivoire over the period 1965–2014 in a multivariate framework including capital stock, labor and trade openness as regressors. It uses the Autoregressive Distributed Lag bounds test to cointegration and the Toda and Yamamoto Granger causality tests. The results show that trade openness has positive effects on economic growth both in the short and long run. Furthermore, they reveal a positive and strong complementary relationship between trade openness and capital formation in promoting economic growth.
Non-Linearity between Inflation Rate and GDP Growth in Malaysia

This study analyses the relationship between inflation rate and economic growth rate in the period 1970-2005 in Malaysia. A specific question that is addressed in this study is what the threshold inflation rate for Malaysia. The findings suggest that there is one inflation threshold value exist for Malaysia. This evidence strongly supports the view that the relationship between inflation rate and economic growth is nonlinear. The estimated threshold regression model suggests 3.89% as the threshold value of inflation rate above which inflation significantly retards growth rate of GDP. In addition, below the threshold level, there is statistical significant positive relationship between inflation rate and growth. Bank Negara (central bank of Malaysia) should pay attention to inflation phenomena and substantial gain can be achieved in low-inflation environment while conducting the new monetary policy.
The role of low-level clouds in the West African monsoon system

Abstract. Realistically simulating the West African monsoon system still poses a substantial challenge to state-of-the-art weather and climate models. One particular issue is the representation of the extensive and persistent low-level clouds over southern West Africa (SWA) during boreal summer. These clouds are important in regulating the amount of solar radiation reaching the surface, but their role in the local energy balance and the overall monsoon system has never been assessed. Based on sensitivity experiments using the ICON model for July 2006, we show for the first time that rainfall over SWA depends logarithmically on the optical thickness of low clouds, as these control the diurnal evolution of the planetary boundary layer, vertical stability and finally convection. In our experiments, the increased precipitation over SWA has a small direct effect on the downstream Sahel, as higher temperatures due to increased surface radiation are accompanied by decreases in low-level moisture due to changes in advection, leading to almost unchanged equivalent potential temperatures in the Sahel. A systematic comparison of simulations with and without convective parameterization reveals agreement in the direction of the precipitation signal but larger sensitivity for explicit convection. For parameterized convection the main rainband is too far south and the diurnal cycle shows signs of unrealistic vertical mixing, leading to a positive feedback on low clouds. The results demonstrate that relatively minor errors, variations or trends in low-level cloudiness over SWA can have substantial impacts on precipitation. Similarly, they suggest that the dimming likely associated with an increase in anthropogenic emissions in the future would lead to a decrease in summer rainfall in the densely populated Guinea coastal area. Future work should investigate longer-term effects of the misrepresentation of low clouds in climate models, e.g. moderated through effects on rainfall, soil moisture and evaporation.
VoIP Security: Improving Quality of Service through the Analysis of Secured Transmission

VoIP as a packet switched system is clearly one of the most important evolving trends in computing and telecommunications. However, just like many other new Information technology trends, VoIP introduces both security risks and opportunities for the IT world, viable solutions of which are required. The use of publically verified cryptographic algorithms to ensure confidentiality of VoIP traffic transmitted over insecure public networks as the Internet cannot be overemphasized. Nonetheless, the uses of cryptographic algorithms yet imposes a delay overhead and packet size overhead on VoIP, which is unconnected to the processing time required to encrypt/decrypt bits or blocks of data and the increase in packet size due the block size of the encryption algorithm. This delay levied is dependent on the mode of operation of the cryptographic algorithms. Mindful of the fact that other components like voice codecs and network bandwidth also contributed delay capabilities on VoIP traffic, and additions of security overheads, there exists a threshold point where an increase in call volume exerts a negative effect on pre-established calls with respect to time and the rate of packet loss. This study sought to determine the combination of cryptographic algorithms, cipher mode and voice codec that holds the uppermost threshold point, before the latency and rate of packet loss of active calls goes past ITU acceptable standards; for one way latency in both plain and encrypted VoIP traffic of 150ms and 200ms respectively and 5% packet loss rate. Through simulation of appropriate scenarios, results indicates that each of the encryption algorithms (AES, DES and 3DES) append additional overhead on the e2e delay and rate of packet loss during VoIP transmission. Also revealing that VoIP-supported codecs are faster and have a higher threshold in terms of the number of calls before the e2e delay and the rate of packet loss exceeds the acceptable limit for encrypted and plain VoIP e2e delay and packet loss rate.
Field and numerical study of river confluence flow structures

The confluence zone of two moderate size rivers (mean discharge around 50 m 3 /s each) in Hungary was chosen to investigate three-dimensional flow structures typical to such zones. Two field survey campaigns were carried out using up-to-date ADCP technology. Measurements were done by ap- plying two methods: moving boat with systematic, continuous crossings on one hand, and in stationary mode in selected verticals, on the other hand. The former offered an overall, though locally instantaneous, spatial velocity field, whereas the latter resulted in local time-averaged velocity profiles. Helical flow structures of the confluence zone were shown by representing secondary current strengths and orientation in a vector form. In parallel, first a three-dimensional RANS flow model was also used to reproduce the essential of the spatial flow structure. Model validation was accomplished by comparing calculated veloc- ity fields with measured ones, moreover, the above mentioned vectors quantifying the secondary currents were also looked at. Besides steady-state RANS modeling, attempts were made to capture the space-time behavior also on a LES modeling-basis, focusing on the reasonable reproduction of the rather complex vortical motion in the post-confluence channel reach, as a possible combination of vortex shedding at the blunt tip of the confluence and shear layer instabilities turning to Kelvin-Helmholtz type of vortex forma- tion at the interface zone of the two rivers, all this besides the developing helical flow components.
Fitness problem in shift workers while adjusting in ever changing working schedule

The present study was aimed to assess the diurnal variations in few physiological processes in rotational shift workers suffering irregular life styles due tohaving regular and/or irregular workload during night shift. The diurnal variations in restactivity was monitored, using wrist actigraphy, in cohorts of 14 shift workers (SWs) employed in the Sponge Iron Manufacturing Industry (SIMI) and 20 shift workers (SWs) of the Chhattisgarh State Electricity Board (CSEB). The former organization adopts regular rotational shift system and the latter an irregular rotational shift pattern. SWs of both organizations worked in a counterclockwise 3-shift system. All SWs were provided an actiwatch around the clock covering all three shifts to monitor their sleep-wake activity pattern. One-minute epoch length was chosen for collection of wrist actigraphy data. Data were analyzed using computations of dichotomy index (I<O) and autocorrelation coefficient (r24). The irregular rotational SWs from CSEB took rest/ nap/ sleep in the night shift while on duty. Therefore, the activity pattern of these subjects was somewhat similar to that of the day workers. Results of the present study showed that autocorrelation coefficient was significantly (p < 0.05) lower in irregular rotational shift workers as compared to regular rotational shift workers only during the morning shift. There are no statistically significant differences between the means of r24 obtained for the morning, afternoon, and night shifts, when values were compared separately for each organization. Further, the regular rotational SWs exhibited significantly lower dichotomy index during night shift as compared to morning shift.
Vasoactive mediators in congenital heart diseases with shunt lesions and pulmonary hypertension

2: high). The acyanotic group was further divided into subgroups based on pulmonary artery mean pressure values. Vascular endothelial growth factor, interleukin 6, interleukin 8, fibroblast growth factor, and endothelin levels were determined in systemic arterial, pulmonary artery, and venous blood samples. Results: All vascular endothelial growth factor levels were significantly elevated in the high pulmonary resistance group. Arterial and venous endothelin levels were significantly elevated in the cyanotic group and high pulmonary resistance group. Positive correlations were found between vascular endothelial growth factor and interleukin 6, interleukin 8, and pulmonary artery systolic pressures. Conclusion: Vascular endothelial growth factors play an important role in the development of irreversible pulmonary hypertension; therefore, evaluation of vascular endothelial growth factor levels could guide the management of treatment.
DESTRUCTION AND DECHLORINATION OF AROCLOR1254 IN REAL WASTE TRANSFORMER OIL USING MICROWAVE RRADIATION, MICROWAVE ABSORBENT AND REACTIVE MATERIALS

glycol (PEG) (1.5-7.5 g), zero valent iron powder (0.3-1.5 g), NaOH (0.3-1.5 g) and H2O (0.4-2 ml) were surveyed on the decomposition efficiency of PCBs. Results: The results specified that polyethylene glycol and NaOH, as reactants, greatly influenced the decomposition of PCBs. Nevertheless, zero valent iron had no effect, and H2O decreased the decomposition efficiency of PCBs. Furthermore, experimental results showed that at the optimum amounts of variables (PEG = 5.34g, NaOH= 1.17g, Fe= 0.6g, H2O= 0.8 ml, microwave power 800 w), 93% of PCBs were decomposed over the reaction duration of 6 min. Therefore, PCBs degradation efficiency without water rose up to 99.99% under the MW at 6 min. Conclusion: The results indicated that MW, PEG and NaOH were important variables on PCBs degradation from real waste transformer oil. It is therefore suggested that microwave radiation with the assistance of PEG and alkali can be introduced as a potential technology for PCBs removal from real waste PCB-contaminated oil.
ANALYZING THE INFLUENCE OF PRICE AND PRODUCT QUALITY ON BUYING DECISION HONDA MATIC MOTORCYLES IN MANADO

Competition are currently make the company tight competition. Prices and product quality was a thing would influence the buying decision. This study aims to determine the influence of price and product quality on buying decision honda matic motorcyles in Manado. Where the independent variables are price, and the product quality influence the buying decision as the dependent variable. This research used quantitative method. The analytical method used was multiple linear regression analysis. The data used in this research is primary data obtain through the questionnaire. The population in this study is the owner of the Honda motorcycle. Samples are taken from 100 respondents using purposive sampling technique. The results of the study variables price and product quality variables simultaneously against influential buying decision. Companies should improve the image of Honda. Although Honda Matic affordable, but not a cheap bike, so the selling price in the market is maintained. This relates to the market assumptions regarding post-sale price of motorcycles in the market. The company should be able to maintain or even increase quality of the product. Keywords : purchase decision, price, product quality
Mobile money and household food security in Uganda

Despite the fact that the use of mobile money technology has been spreading rapidly in developing countries, empirical studies on the broader welfare effects of the technology on rural households are still limited. Using household survey data, we analyse the effect of mobile money on household food security in Uganda. Unlike previous studies that rely on a single measure of food security, we measure food security using two indicators – a food insecurity index and food expenditures. To account for selection bias in mobile money use, we estimate treatment effects and instrumental variables regressions. Our results indicate that the use of mobile money per se as well as the volumes transferred are associated with a reduction in food insecurity. Furthermore, the use, frequency of use, and volumes of mobile money transferred are associated with increases in food expenditures. Policy interventions and strategies aiming to improve household food security should consider the promotion of mobile money among rural households in Uganda and other developing countries as a promising instrument.
Loss Allocation in a Distribution System with Distributed Generation Units

— In Denmark, a large part of the electricity is produced by wind turbines and combined heat and power plants (CHPs). Most of them are connected to the network through distribution systems. This paper presents a new algorithm for allocation of the losses in a distribution system with distributed generation. The algorithm is based on a reduced impedance matrix of the network and current injections from loads and production units. With the algorithm, the effect of the covariance between production and consumption can be evaluated. To verify the theoretical results, a model of the distribution system in Brønderslev in Northern Jutland, including measurement data, has been studied.
Economic risk and the structural characteristics of farm businesses

This study uses farm‐level data from the Illinois Farm Business Farm Management Association to determine whether the variability of net farm income is significantly influenced by farm size, financial structure, and other structural characteristics of farm businesses. The econometric results indicate that under a cross‐sectional model the relative variability of real net farm income is not significantly influenced by farm size, measured either by acreage or value of farm production. However, under a time‐series/cross‐section model, periodic variations in farm size, along with differences in the relative crop price received, crop yield, degree of enterprise diversification, and geographic location, can significantly influence changes in farm income variability.
Molecular characterization of norovirus from acute gastroenteritis patients in Malaysia

Rotavirus and recently norovirus have been described as important and most common cause of acute gastroenteritis in children. The mode of transmission is fecal-oral. Diagnosis of both of these viruses can be made by rapid antigen detection of the viruses in stool specimens and strains can be further characterized by enzyme immunoassay or reverse transcriptase polymerase chain reaction. Stool specimens collected from various hospitals in Malaysia were examined for norovirus by both immunochromatography and reverse-transcription polymerase chain reaction techniques. Rotavirus antigen was screened by a commercially available latex agglutination test kit. Altogether, 168 stool samples were collected for both norovirus and rotavirus screening. Out of these, 77/168 (45.8%) were examined for rotavirus with 17/77 (22%) rotavirus antigen positive. Due to very small amount of fecal materials obtained in some cases, only 151/168 (89.8%) were sufficient for norovirus and 14/151 (9.3%) were positive for norovirus genogroup II (GII). This study highlights that rotavirus remains the main agent for acute gastroenteritis and identification for emerging norovirus among the children is becoming important for proper patient management. Key words: Norovirus, rotavirus, immunochromatography, latex agglutination, RT-PCR, phylogenetic analysis.