Miracle-dz/UniFAR-FTUs huggingface dataset:
The Good, the Bad, and the Ambiguous: The Aggregate Stock Market Dynamics around Macroeconomic News

Using a representative agent model in which the investor is averse to ambiguity (Knightian uncertainty) and sees an ambiguous piece of news about the fundamental value of a risky asset, I show a number of predictions for the dynamics of stocks around news: Stocks respond more strongly to bad news than to good news, respond positively to neutral news, and increase on average through news. In times of high ambiguity, the magnitudes of each effect is larger, and the volatility of stocks around news changes in a predictable manner as well. I provide empirical evidence consistent with the model by analyzing the high-frequency behavior of the aggregate stock market around macroeconomic news announcements from November, 1997 to March, 2014. The model helps to understand features of the data that challenge existing frameworks; e.g., the findings that the stock market reacts especially strongly to bad news versus good news during crisis periods and that about 1/3 of equity returns in the 17 year sample accrues in the 10 minutes around the release of macroeconomic data. In addition to providing evidence for the role of ambiguity in financial markets generally and in how financial assets reflect macroeconomic shocks specifically, the empirical results also have implications for the behavior of investors. Investors treat bad news as more relevant in bad times than in good times but treat good news the same in good and bad times.
Respiratory system reactance as an indicator of the intrathoracic airway response to methacholine in children

The upper airways may contribute to increases in airway resistance in response to a bronchial challenge, and thus decrease the specificity of such challenge tests to diagnose airway hyperresponsiveness when forced oscillation techniques are used to evaluate changes in respiratory system resistance (Rrs). A concomitent decrease in respiratory system reactance (Xrs) may indicate a change in the intrathoracic airways and/or lung parenchyma, provided that extrathoracic airway wall motion is prevented. To test the value of Xrs in the evaluation of bronchial hyperresponsiveness, we studied the respiratory impedance response to methacholine in 38 children with a history of asthma (aged 6–14.5 years), and compared the results to changes in the forced expiratory volume in one second (FEV1). Rrs and Xrs were measured by the forced oscillation technique with pseudorandom (11 subjects) or sinusoidal (27 subjects) pressure variations applied around the child's head to minimize upper airway wall motion. Changes in Rrs and in Xrs at 12 Hz (Rrs12, Xrs12) correlated significantly with changes in FEV1 (P < 0.005). A decrease in FEV1 ≥20% was observed in 23 subjects. When these 23 subjects were compared with the 15 children who did not show significant changes in FEV1, the responding group had larger mean ±SEM changes in Rrs (116.0 ± 13.2% vs 60.4 ± 11.4%;, P < 0.006) and in Xrs (−2.1 ± 0.4 hPa · s/L vs −0.9 ± 0.3 hPa·s/L, P < 0.03) than the nonresponders. The receiver operating characteristics (ROC) curve analysis was used to assess the diagnostic value, i.e., specificity and sensitivity, of different levels of change in Rrs and Xrs, with reference to FEV1. The overall incidence of false results was similar for Rrs and Xrs. The optimum diagnostic value for Rrs was a 70% increase, which corresponded to a sensitivity of 87% and a specificity of 67%. For Xrs the optimum decision level was −1 hPa·s/L, corresponding to a sensitivity of 70% and a specificity of 80%. It is concluded that Xrs may improve the specificity of the forced oscillation technique in interpreting the airway response to methacholine. This may be of particular interest in young children unable to perform forced expirations. Pediatr Pulmonol. 1996;22:7–13. © 1996 Wiley‐Liss, Inc.
Ex Vivo Thrombin Generation in Patients With Venous Thromboembolic Disease or Atrial Fibrillation on Long-Term Oral Anticoagulation

International normalized ratio (INR) is used to monitor chronic oral anticoagulant (OA) treatment; however, it is poorly understood how this simple test reflects in vivo hemostatic reactions, culminating in thrombin generation and clot formation. We studied the process of thrombin generation using an ex vivo model, where thrombin—antithrombin (TAT) complexes are measured in blood emerging from standardized skin incisions in 55 patients (35 with venous thromboembolism [VTE] and 20 with sustained atrial fibrillation [AF]) treated with acenocoumarol (INR 2.0-3.0). In addition, in venous blood, we measured the activity of factor VIII (FVIII) and vitamin K-dependent coagulation proteins. Chronic anticoagulation led to significant reductions in maximum TAT concentrations as compared to 35 healthy controls, in maximum TAT generation rates, and in mean amount of thrombin generated. Parameters of thrombin generation did not correlate with INR or any coagulation factor measured. International normalized ratio was significantly and independently affected by the decrease in the activity of all vitamin K-dependent coagulation proteins. The strongest influence was shown for FVII. Factor VIII activity was increased in all patients studied independently of the duration of anticoagulation and did not change over time. In conclusion, in patients with VTE and AF on OA, there is no correlation between INR values and parameters of ex vivo thrombin generation. This may indicate an important role of protein C (PC) system and possibly other endothelium-dependent mechanisms in controlling hemostasis. Increased FVIII activity in patients with VTE and AF does not change significantly during anticoagulation and is probably related to the pretreatment prothrombotic state.
Factors Determining the Use of Guaranteed Loans by U.S. Commercial Banks

* Latisha Settlage is Assistant Professor of Economics at the University of Arkansas, Fort Smith; Bruce Dixon and Bruce Ahrendsen are Professor and Associate Professor of Agricultural Economics, University of Arkansas, Fayetteville and the Division of Agriculture; and Steve Koenig is Agricultural Economist, USDA Farm Service Agency. Financial support from IFAFS grant USDA-CSREES 00-52101-9630 is gratefully acknowledged. The assistance of Sheila Oellrich and Diana Danforth is appreciated.
Use of intraoperative indocyanin-green angiography to minimize wound healing complications in abdominal wall reconstruction

Abstract Complication rates following abdominal wall reconstruction (AWR) remain high. Early complications are related to skin necrosis and delayed healing, whereas late complications are related to recurrence. When concomitant body contouring procedures are performed, complication rates can be further increased. It is hypothesised that fluorescent angiography using indocyanin green (ICG) can identify poorly perfused tissues and thus reduce the incidence of delayed healing. A retrospective review was conducted of all patients who underwent AWR with concomitant panniculectomy from 2007–2012. Intraoperative ICG angiography with the SPY system (LifeCell Corp.) was used to determine the amount of resection for body contouring in patients who underwent reconstruction in a cohort of patients. SPY-Q was used to assess relative perfusion of analysed areas. Preoperative, postoperative, and operative details were analyzed. Seventeen patients met inclusion criteria, 12 patients were included in the non-ICG cohort, while five patients were included in the ICG cohorts. Wound-healing complications occurred in 5/12 (42%) patients in the non-ICG cohort vs 1/5 (20%) of the ICG cohorts. A description of the sole patient with complications in the ICG cohort is illustrated. Operative debridement and wound infection development occurred more frequently in the non-ICG cohort compared with the ICG cohort (17%, 17% vs 0%, 0%, respectively). Average time to wound healing was 41.1 days. Intraoperative ICG angiography can accurately detect perfusion abnormalities and can decrease wound healing related complications in complex hernia repair with concomitant panniculectomy. Assessing and ensuring skin viability can decrease the need for operative debridement.
Seed shattering in a wild sorghum is conferred by a locus unrelated to domestication

Suppression of seed shattering was a key step during crop domestication that we have previously suggested to be convergent among independent cereal lineages. Positional, association, expression, and mutant complementation data all implicate a WRKY transcription factor, SpWRKY, in conferring shattering to a wild sorghum relative, Sorghum propinquum. We hypothesize that SpWRKY functions in a manner analogous to Medicago and Arabidopsis homologs that regulate cell wall biosynthesis genes, with low expression toward the end of floral development derepressing downstream cell wall biosynthesis genes to allow deposition of lignin that initiates the abscission zone in the seed–pedicel junction. The recent discovery of a YABBY locus that confers shattering within Sorghum bicolor and other cereals validated our prior hypothesis that some parallel domestication may have been convergent. Ironically, however, the shattering allele of SpWRKY appears to be recently evolved in S. propinquum and illustrates a case in which the genetic control of a trait in a wild relative fails to extrapolate even to closely related crops. Remarkably, the SpWRKY and YABBY loci lie only 300 kb apart and may have appeared to be a single genetic locus in some sorghum populations.
The Futurists of Beijing: Alvin Toffler, Zhao Ziyang, and China's “New Technological Revolution,” 1979–1991

This article examines former Chinese Premier and General Secretary Zhao Ziyang's policies to respond to a “New Technological Revolution,” which resulted from a most unlikely influence: the prominent American writer Alvin Toffler and other futurists. Drawing on previously unstudied materials and internal Chinese sources, this article demonstrates how Zhao and other senior Chinese officials interpreted and deployed these ideas to advocate for distinctive and influential policies. This policy vision of actionable futurism shaped science and technology policy during the 1980s—especially the major 863 Program to develop advanced technologies—and had great importance in China's economic transformation. In explicating Zhao's role, this account revises the often-repeated Deng Xiaoping–centered story of the 863 Program's origins and reassesses this major initiative, which exemplifies how new expectations about the future, shaped by the transnational movement of ideas, became centrally important to the Chinese leadership's decades-long agenda for China's modernization. This examination also illustrates the distinctiveness of Zhao's policy vision, frequently effaced by official Deng-centered narratives, and the fluidity of conceptions of modernization in this period. The article concludes by suggesting the enduring relevance of these ideas about the future for the current era of Chinese state-led investment in new technologies.
Influence of nutritional and physiological status on behavioral responses of Aedes aegypti (Diptera: Culicidae) to deltamethrin and cypermethrin

ABSTRACT Excito-repellency responses of Aedes aegypti (L.) exposed to deltamethrin and cypermethrin were assessed using an excito-repellency test system. Contact irritancy and non-contact repellency assays compared non-bloodfed (unfed) parous (post-gravid), nulliparous, early blood-fed, late blood-fed, sugar-fed, and unmated female mosquitoes for behavioral responses based on nutritional and physiological conditions at the time of testing. Rates of escape during contact exposure with either compound were most pronounced in parous mosquitoes, followed by unmated mosquitoes, when compared to other conditional states. Significantly higher numbers of parous females also escaped from control chambers compared to other cohorts (P <0.05). Irritability of blood- and sugar-fed mosquitoes was noticeably suppressed. We conclude that nutritional and physiological conditions (including age) of mosquitoes at the time of testing can significantly influence behavioral responses (excito-repellency) to insecticides. The findings indicate that whether due to chronological age, nutrition, physiological state, or innate (circadian) activity patterns, careful consideration must be given to the selection of appropriate conditioned mosquitoes for testing.
Apo- and Cellopentaose-bound Structures of the Bacterial Cellulose Synthase Subunit BcsZ*

Cellulose, a very abundant extracellular polysaccharide, is synthesized in a finely tuned process that involves the activity of glycosyl-transferases and hydrolases. The cellulose microfibril consists of bundles of linear β-1,4-glucan chains that are synthesized inside the cell; however, the mechanism by which these polymers traverse the cell membrane is currently unknown. In Gram-negative bacteria, the cellulose synthase complex forms a trans-envelope complex consisting of at least four subunits. Although three of these subunits account for the synthesis and translocation of the polysaccharide, the fourth subunit, BcsZ, is a periplasmic protein with endo-β-1,4-glucanase activity. BcsZ belongs to family eight of glycosyl-hydrolases, and its activity is required for optimal synthesis and membrane translocation of cellulose. In this study we report two crystal structures of BcsZ from Escherichia coli. One structure shows the wild-type enzyme in its apo form, and the second structure is for a catalytically inactive mutant of BcsZ in complex with the substrate cellopentaose. The structures demonstrate that BcsZ adopts an (α/α)6-barrel fold and that it binds four glucan moieties of cellopentaose via highly conserved residues exclusively on the nonreducing side of its catalytic center. Thus, the BcsZ-cellopentaose structure most likely represents a posthydrolysis state in which the newly formed nonreducing end has already left the substrate binding pocket while the enzyme remains attached to the truncated polysaccharide chain. We further show that BcsZ efficiently degrades β-1,4-glucans in in vitro cellulase assays with carboxymethyl-cellulose as substrate.
Does the Conditional CAPM Explain Asset Pricing Anomalies? Evidence from the Istanbul Stock Exchange

This paper tests whether the conditional CAPM can explain size, book-to-market, momentum and illiquidity effects utilizing data from the Istanbul Stock Exchange (ISE). The conditional CAPM mostly fails for these standard asset pricing anomalies with statistically significant risk-adjusted portfolio returns remaining after we allow betas to vary over time. Although market betas do vary significantly, the intertemporal variation is not nearly large enough to explain the asset pricing anomalies considered.
GSTM1 and GSTT1 Polymorphism in Egyptian Sickle Cell Anemia Patients

Glutathione S-transferase gene deletions are known detoxification agents and cause oxidative damage. In different studies, variations in null allele frequency have been observed. We have investigated the prevalence of the GSTM1 and GSTT1 null genotypes in sickle cell disease (SCD) patients. Thirty-seven sickle cell anemia and forty controls were evaluated to determine the frequency of Glutathione S-transferase (GST) gene deletions. Complete blood counts were performed by an automated cell analyzer. Hemoglobin F, hemoglobin A, hemoglobin A2 and hemoglobin S were measured and diagnosis of patients was achieved by high performance liquid chromatography. The GST null genotype was determined using polymerase chain reaction (PCR) method. The prevalence of GSTM1-null genotype in SCD was 37.8%, compared to 55.0% in the control group (OR= 0.9, 95% CI= 0.3-2.8, p= 0.24). The frequency of individuals carrying GSTT1 null genotype was higher among SCA patients (64.9%) compared to controls (42.5%) (Odds Ratio, OR= 2.5, 95% Confidence Interval, CI= 1.8-4.2, p= 0.015). Present results showed that the frequency of combined polymorphism GSTT1/M1 null genotypes were not statistically significant. GSTT1 and GSTM1 showed no statistical significance between patients and control group in relation to both clinical and laboratory findings. We have observed that GSTT1 null genotypes were high among Egyptian sickle cell anemia patients and both GSTT1 and GSTM1 null genotypes were not related to both clinical and laboratory findings in SCD patients.
Why Do Firms with Larger Boards Have Lower Market Values? Evidence from the Investment Behavior of Japanese Firms

We show that large boards are detrimental to the performance of Japanese firms. Unlike in the US, this effect is concealed by the fact that Japanese firms that have performed well are more likely to increase the size of their boards. Using an instrumental variable approach to address this endogeneity problem, we find that larger boards result in both lower market values and operating profits. One explanation for the negative effect on firm performance is that larger boards exhibit a greater propensity to overinvest and expand the firm’s balance sheet beyond its optimal scale. The evidence also shows that larger boards are less willing to undertake divestitures despite the potential value they might be able to extract from the sale of underutilized assets. Overall, board size appears to affect the firm’s ability to manage its assets in the most effective way. The adoption of US-style officers does not mitigate the negative board size-firm performance relationship.
R&D COOPERATION BETWEEN FIRMS AND UNIVERSITIES. SOME EVIDENCE IN FIVE EUROPEAN COUNTRIES

This paper utilizes the Efige data (2007-2009) to identify the determinants of university-industry cooperation in five European countries (France, Germany, Italy, Spain, UK). We use a probit model for firm level data which incorporates variables of innovation activities and traditional determinants of R&D cooperation. The results of analysis support the view that the relationships between firms and universities have a high degree of heterogeneity. Traditionally evaluated firm variables, such as age, exporting, belonging to a sector, process innovation, are significant in only some countries. There are also common patterns: the probability of cooperating with universities increases for innovative firms and firms with R&D capacity in almost all countries. Policies in support of R&D and size are also an important factor.
Evolution of Ownership and Control in Italian IPO Firms

This article examines the evolution of ownership of cash flow rights and control of voting rights of firms that went public in Italy over the period 1985-2005. Italian firms use to go public with high levels of control. At the IPO, the ownership structure does not evolve towards a dispersed one. Even 10 years after the flotation, the initial ultimate shareholder retains the majority of voting rights. Though control is valuable, original owners do not systematically set up structures that dissociate cash flow from voting rights. Beginning with early '90s, the practice to create pyramidal structures or to issue non-voting shares is greatly reduced. Family-controlled firms value control most and are less inclined to give up the majority of votes. When that happens, the control stake is sold to another blockholder on a friendly basis. Families that preserves majority control also re-enter the capital market via a seasoned equity offering with less frequency.
Recovery of attention with renewal

One experiment determined the relationship between renewed associative strength and attention. Following cue1–outcome pairings in Context A, cue1 was extinguished in Context B while cue2 was conditioned. On test cue2 was chosen as a predictor of the outcome in Context B. Both cues were chosen equally often as predictors in Context A. Consistent with attributing attention to effective associative strength (as noted in a previous study), participants could locate only cue2 in Context B while both were located in Context A, regardless of having been chosen as a predictor. Attention varied as a function of both cues’ associative strengths across contexts.
OFDM Chirp Waveform Diversity Design With Correlation Interference Suppression for MIMO Radar

The orthogonal frequency-division multiplexing (OFDM) chirp waveform has attracted much attention due to its high range resolution, low peak-to-average ratio, and large time-bandwidth product. In its application to multiple-input multiple-output radar, the correlation property of multiple OFDM chirp waveforms should be considered primarily for good detection performance. The simulation results show that high sidelobes exist in correlation functions of the conventional waveforms. In this letter, the reason for high correlation sidelobes is explored first, which is the equal subchirp durations and the same subcarrier bandwidth. Second, two new OFDM chirp waveform diversity design schemes are proposed to suppress the correlation interference. Via designing the various subchirp durations or subcarrier bandwidths specially, the high sidelobes are depressed and the correlation property is improved. Both simulation results and comparisons verify the effectiveness of the proposed methods.
The cyclophilin inhibitor alisporivir prevents hepatitis C virus–mediated mitochondrial dysfunction

Alisporivir (Debio‐025) is an analogue of cyclosporine A and represents the prototype of a new class of non‐immunosuppressive cyclophilin inhibitors. In vitro and in vivo studies have shown that alisporivir inhibits hepatitis C virus (HCV) replication, and ongoing clinical trials are exploring its therapeutic potential in patients with chronic hepatitis C. Recent data suggest that the antiviral effect is mediated by inhibition of cyclophilin A, which is an essential host factor in the HCV life cycle. However, alisporivir also inhibits mitochondrial permeability transition by binding to cyclophilin D. Because HCV is known to affect mitochondrial function, we explored the effect of alisporivir on HCV protein‐mediated mitochondrial dysfunction. Through the use of inducible cell lines, which allow to investigate the effects of HCV polyprotein expression independent from viral RNA replication and which recapitulate the major alterations of mitochondrial bioenergetics observed in infectious cell systems, we show that alisporivir prevents HCV protein‐mediated decrease of cell respiration, collapse of mitochondrial membrane potential, overproduction of reactive oxygen species and mitochondrial calcium overload. Strikingly, some of the HCV‐mediated mitochondrial dysfunctions could even be rescued by alisporivir. Conclusion: These observations provide new insights into the pathogenesis of HCV‐related liver disease and reveal an additional mechanism of action of alisporivir that is likely beneficial in the treatment of chronic hepatitis C. (HEPATOLOGY 2012)
Stock Option Plans in Italy: Does Earnings Management Matter?

Many studies carried out on employee stock option plans state that the favourable accounting treatment, even if not declared, is often one of the main reasons for this form of compensation. This paper aims at determining whether there is an association between the granting of employee stock option plans and the adoption of earnings management practices aimed at improving the profit during the years when plans are issued. Our investigation uses the modified Jones model on a sample of Italian listed companies to study earnings management behaviour. This analysis can make a preliminary contribution to assess whether recognition required by IFRS 2 will imply a future reduction in the granting of stock options as incentive means. In fact, this accounting standard not only gives rise to a change in earnings figures and corporate disclosure, but could also force entities to revise their employee incentive policies. In such a perspective, it is reasonable to assume that the shift to IFRS 2 will lead companies that in the past issued stock option plans essentially for earnings management reasons to lessen the use of employee stock options.