Miracle-dz/UniFAR-FTUs huggingface dataset:
Is a bond rating downgrade bad news, good news, or no news for stockholders?

We examine the reaction of common stock returns to bond rating changes. While recent studies find a significant negative stock response to downgrades, we argue that this reaction should not be expected for all downgrades because: (1) some rating changes are anticipated by market participants and (2) downgrades because of an anticipated move to transfer wealth from bondholders to stockholders should be good news for stockholders. We find that downgrades associated with deteriorating financial prospects convey new negative information to the capital market, but that downgrades due to changes in firms' leverage do not.
Moving Upward in Global Value Chains: The Innovations of Mobile Phone Developers in China

Purpose - The purpose of this paper is to integrate the global value chain (GVC) perspective with firms’ innovation in emerging economies (EE) and explain why EE firms can improve their innovation capabilities more from their domestic markets by focusing on R&D and marketing than from original equipment manufacturer/original design manufacturer (OEM/ODM) modes in the GVC and how they contribute to the national innovation system (NIS). Design/approach - We first review the literature on GVC and then develop several propositions using the example of the underground mobile phone developers in China by integrating the GVC perspective. Findings - We propose that EE firms, especially firms that have a large underdeveloped domestic market such as China, should focus on R&D and marketing instead of on OEM/ODM in GVC to increase their competitiveness and strengthen their NIS. We also draw implications from their success in the underground markets to advance our knowledge on NIS. Originality/value - EE firms can build and strengthen their innovation capabilities through intense interaction and learning in domestic markets, which, subsequently, moves them upwards in their GVC, although they are accused as counterfeit and copyright infringement ("Shanzhai" in Chinese or “bandit”) in their early years of development. Industrial policy needs to change in order to facilitate such technological entrepreneurship in NIS, regardless whether it is informal or underground.
A synoptic review of the genus Stagmomantis (Mantodea: Mantidae).

Stagmomantis is a remarkable genus within the Mantodea, being relatively species-rich and geographically widespread. Yet, the number of species within the genus remains curiously unresolved. The present synoptic review surveys the literature on Stagmomantis to identify named species for which scientific consensus exists, as well as to summarize basic biological information for each species, including geographic distribution, morphological features, and sex-specific biometric data. The review identifies 23 consensus taxa within Stagmomantis: 22 separate species, with one of these species, S. montana, split into two subspecies (S. m. montana and S. m. sinaloae). The review indicates morphological features that may prove to be diagnostic for a given species, particularly when examined in conjunction with male genitalia. Such features include dark spots on the anterior femur (S. amazonica, S. centralis, S. marginata, S. nahua, S. venusta, S. vicina), spines or denticulations on the anterior coxa (S. colorata, S. montana montana, S. parvidentata, S. theophila), and dark bands on abdominal tergites (S. californica, S. colorata, S. domingensis). Color variation of certain features with respect to body coloration, such as stigma coloration and body and leg markings, requires more attention. Information on life history, reproduction, and ecology are summarized, particularly for temperate populations of S. carolina and S. limbata. While the 23 consensus taxa represent a robust appraisal of the existing literature, some taxonomic uncertainties remain. The status of two species are somewhat unclear (S. marginata and S. tolteca), calling for taxonomic evaluation. Furthermore, proposed within-genus groupings deserve examination, as do possible subdivisions within some species (e.g., S. limbata, S. parvidentata). Information on basic morphology and biometry remains incomplete for nearly all species. Extreme examples are S. amazonica, S. costalis, and S. paraensis, for which females have not been described. Live animal research on life history, behavior, and ecology is needed for all species, with the possible exceptions of S. carolina and S. limbata. By reconciling species assignments and consolidating biological information for the 23 consensus taxa, this synoptic review promises to guide subsequent systematic and phylogenetic investigations of the genus Stagmomantis.
Eupalitin induces apoptosis in prostate carcinoma cells through ROS generation and increase of caspase‐3 activity

Prostate cancer is the second most common malignancy in the human reproductive system. Eupalitin is one of the O‐methylated flavonol‐exhibited enhanced cancer chemopreventive agents. The current study highlights the structural determination of eupalitin and aims to explore the antitumor activity of eupalitin in human prostate cancer cell (PC3) and its underlying mechanism. Eupalitin structure was determined by using FTIR, 1H NMR, and 13C NMR. PC3 cells were treated with increasing concentrations of eupalitin, followed by analysis of the cell viability with an MTT assay. The results demonstrated that eupalitin markedly inhibited the proliferation of PC3 cells in a concentration‐dependent manner. The results from fluorescent microscopic analysis of nuclear condensation and intracellular ROS generation determined that eupalitin significantly induced ROS level lead to nuclear apoptosis. Cell cycle analysis revealed that eupalitin‐induced cell cycle progression as a percentage of cells in G0/G1 phase decreased whereas S phase increased. Caspase‐3 immunofluorescence analysis confirms the efficacy of eupalitin‐inducing apoptotic pathway and cell death. Thus, our study is helpful in understanding the mechanism underlying these effects in prostate cancer and it may provide novel molecular targets for prostate cancer therapy.
Adherence in Internet Interventions for Anxiety and Depression: Systematic Review

Background Open access websites which deliver cognitive and behavioral interventions for anxiety and depression are characterised by poor adherence. We need to understand more about adherence in order to maximize the impact of Internet-based interventions on the disease burden associated with common mental disorders. Objective The aims of this paper are to review briefly the adherence literature with respect to Internet interventions and to investigate the rates of dropout and compliance in randomized controlled trials of anxiety and depression Web studies. Methods A systematic review of randomized controlled trials using Internet interventions for anxiety and depression was conducted, and data was collected on dropout and adherence, predictors of adherence, and reasons for dropout. Results Relative to reported rates of dropout from open access sites, the present study found that the rates of attrition in randomized controlled trials were lower, ranging from approximately 1 - 50%. Predictors of adherence included disease severity, treatment length, and chronicity. Very few studies formally examined reasons for dropout, and most studies failed to use appropriate statistical techniques to analyze missing data. Conclusions Dropout rates from randomized controlled trials of Web interventions are low relative to dropout from open access websites. The development of theoretical models of adherence is as important in the area of Internet intervention research as it is in the behavioral health literature. Disease-based factors in anxiety and depression need further investigation.
Ratings Hardwiring and Asset Prices

This paper discusses the asset pricing implications of ratings hardwiring. The latter is defined as the mechanical response of trading decisions to changes in ratings. This issue is studied within a noisy rational expectations framework of asset pricing under asymmetric information in which traders specialize in different driving factors of asset payoffs and interact with others who mechanically link their asset supply to ratings. We show that ratings hardwiring leads to predictable supply shocks and induces informed traders to overreact to new information, thus creating a channel through which shocks are amplified and prices become less informative and more volatile.
Comparing geographical genetic differentiation between candidate and noncandidate loci for adaptation strengthens support for parallel ecological divergence in the marine snail Littorina saxatilis

The Galician sympatric ecotypes of Littorina saxatilis have been proposed as a model system for studying parallel ecological speciation. Such a model system makes a clear prediction: candidate loci (for divergent adaptation) should present a higher level of geographical differentiation than noncandidate (neutral) loci. We used 2356 amplified fragment length polymorphisms (AFLPs) and four microsatellite loci to identify candidate loci for ecological adaptation using the FST outlier method. Three per cent of the studied AFLP loci were identified as candidate loci associated with adaptation, after multitest adjustments, thus contributing to ecotype differentiation (candidate loci were not detected within ecotypes). Candidate and noncandidate loci were analysed separately at four different FST partitions: differences between ecotypes (overall and local), differences between localities and micro‐geographical differences within ecotypes. The magnitude of FST differed between candidate and noncandidate loci for all partitions except in the case of microgeographical differentiation within ecotypes, and the microsatellites (putatively neutral) showed an identical pattern to noncandidate loci. Thus, variation in candidate loci is determined partially independent by divergent natural selection (in addition to stochastic forces) at each locality, while noncandidate loci are exclusively driven by stochastic forces. These results support the evolutionary history described for these particular populations, considered to be a clear example of incomplete sympatric ecological speciation.
Protective effect of aminoguanidine against cyclophosphamide-induced oxidative stress and renal damage in rats

Abstract Background Cyclophosphamide (CP) is widely used in the treatment of tumors and B-cell malignant disease, such as lymphoma, myeloma, chronic lymphocytic leukemia, and Waldenstrom's macroglobulinemia. Renal damage is one of the dose-limiting side effects of CP. Oxidative stress is reported to play important roles in CP-induced renal damage. Aim To find out whether aminoguanidine (AG) protects against CP-induced oxidative stress and renal damage. Method Renal damage was induced in the rats by administration of a single injection of CP at a dose of 150 mg/kg body weight intraperitoneally. For the AG pretreatment studies, the rats were injected intraperitoneally with AG at a dose of 200 mg/kg body weight 1 hour before administration of CP. The control rats received AG or saline alone. All the rats were killed 16 hours after the administration of CP or saline. The kidneys were used for histological examination by light microscopy and biochemical assays — malondialdehyde, protein carbonyl content, reduced glutathione (GSH), and the activities of antioxidant enzymes including glutathione peroxidase (GPx), glutathione S transferase (GSTase), catalase, glutathione reductase, and myeloperoxidase (MPO), a marker of neutrophil infiltration. Results Pretreatment with AG attenuated CP-induced renal damage histologically. Pretreatment with AG prevented CP-induced lipid peroxidation, protein oxidation, depletion of reduced GSH, and loss of activities of the antioxidant enzymes including GPx, catalase, and GSTase and also MPO activity. Conclusion The results of the present study reveal that AG can prevent CP-induced renal damage by inhibiting oxidative stress. Thus, AG may be useful for prevention of the nephrotoxicity of CP.
Social Services and the State: The Public Appropriation of Private Charity

Charitable choice is another milestone in the transformation of the social services sector into a deliberate instrument of public policy, building on intentional federal appropriation of private social service capacity and skill that began in earnest during the Kennedy and Johnson presidencies. With private social services now predominantly financed by government, benefits accrue in part because public policy is more likely than private charity to ensure well‐financed, equitable, efficiently administered, and uniformly available social services. But voluntary social service agencies may find that sustaining the distinctive normative climates that ensure uniqueness and selectivity is increasingly difficult.
Seasonal Patterns of Variation in Steroid Plasma Levels and Immune Parameters in Anurans from Brazilian Semiarid Area

Elevated androgens and glucocorticoids displayed by males during the reproductive season have been proposed to mediate a possible trade-off between reproduction and immunocompetence. Anurans living in arid and semiarid environments display a strong seasonal reproduction, which could accentuate the variation in physiological, immunological, and behavioral parameters. We studied covariation between steroid plasma levels, morphometric variables associated with body condition and immunity, leukocyte profile, parasite load, and response to an immunological challenge across different phases of the annual life-history cycle of three anuran species from a Brazilian semiarid area. Our results showed a seasonal pattern of covariation among leukocyte parameters, kidney mass, and steroid plasma levels, with higher values measured during the reproductive season, particularly when males were sampled during calling activity. Moreover, these anurans showed a stronger response to an immunological challenge during the reproductive period. The immunosuppression during the dry period was particularly evident for the species that aestivate, indicating that the availability of energetic resources might be an important factor determining seasonal variation in inflammatory response. Intensity of the helminth infection was associated with eosinophil count but showed a more complex pattern with regard to androgens levels. These data emphasize that variations in the intensity of helminth infection might be more closely related to specific aspects of the immune response than to the general seasonal patterns of variation in steroid plasma levels, total circulating leukocytes, and inflammatory response.
Impact of Recent Seizures on Cerebral Blood Flow in Patients With Sturge-Weber Syndrome: Study of 2 Cases

Patients with refractory seizures, including those with Sturge-Weber syndrome, undergo functional studies in preparation for surgery. Perfusion studies in Sturge-Weber syndrome by single photon emission computed tomography and positron emission tomography generally demonstrate hypoperfusion in the diseased tissue. We report perfusion-weighted magnetic resonance imaging results in 2 cases of Sturge-Weber syndrome with recent seizures. The affected cerebral tissue showed increased relative cerebral blood flow and volume with prolonged mean transit time and time to peak. Elevated relative cerebral blood flow could be attributed to seizures, whereas increased relative cerebral blood volume might have resulted from vasodilation due to seizure activity or chronic ischemia. These findings point to the variable results of functional studies in Sturge-Weber syndrome that might lead to miscalculations of the lesion area before surgery.
What Risks Do Corporate Bond Put Features Insure Against?

Corporate bond prices are known to be influenced by default and term structure risk in addition to non-default risks such as illiquidity. Putable corporate bonds allow investors to sell their holdings back to the issuer and may thus provide insurance against all of these risks. We first document empirically that embedded put option values are related to proxies for all three. In a second step, we develop a valuation model that simultaneously captures default and interest rate risk. We use this model to disentangle the reduction in yield spread enjoyed by putable bonds that can be attributed to each risk. Perhaps surprisingly, the most important reduction is due to mitigated default or spread risk, followed by term structure risk. The reduction in the non-default component is present but rather small.
FREEDOM AND HAPPINESS A comparative study in 46 nations in the early 1990's 1

Freedom in nations can affect the happiness of citizens both positively and negatively. This study takes stock of the balance of effects. It considers 1) whether there is a positive net-effect at all, 2) which freedom variants contribute most to happiness 3) in what conditions. Freedom is conceived as chance to choose, requiring 'opportunity' to choose, and 'capability' to choose. Opportunity to choose is measured by absence of restrictions in economic, political and personal life. Capability to choose is measured by information and inclination to go one's own way. Happiness is conceived as the overall appreciation of ones life as a whole. Average happiness in nations is measured by responses to questions on the matter in representative surveys. Data on both freedom and happiness is available for 46 nations in the early 1990's. Analysis shows first of all positive correlations between freedom and happiness. Yet closer analysis reveals that freedom and happiness do not always concur. Freedom is positively related to happiness among rich nations, but not among poor nations. Apparently freedom does not pay in poverty. Further, freedom is related to happiness only when 'opportunity' and 'capability' coincide. A notable exception is economic freedom. Opportunity for free trade is positively related to happiness in poor nations, but not in rich nations. Similarly, the relation between economic freedom and happiness is strongest in nations where capability to choose is lowest.
The relation between unemployment and interest rate

In bierens (1987) a granger casual relation was found between unemployment and the interest rate for the netherlands. In the present paper we will investigate whether there exists a similar granger casual relation between unemployment and interest rate for a number of other countries. It appears that, with our ARMAX modeling approach, this relationship is not confined to the netherlands, but also holds for the USA, Canada, Japan, Germany, the UK and France. For these countries the interest rate is the main explanatory variable, together with industrial production (the latter with one exception), whereas for most countries the wage rate is of minor or no importance as a determinant of unemployment. A number of economic theories can explain these phenomena of which the revenue maximization theory of baumol (1959) augmented with a flexible labor effort rate seems quite realistic
Teachers' professional development needs in data handling and probability : original research

Poor Trends in International Mathematics and Science Study (TIMMS) results and widespread disappointing mathematics results in South Africa necessitate research-based and more efficient professional development for in-service mathematics teachers. This article reports on the profiling of mathematics teachers' statistical knowledge, beliefs and confidence in order to inform the development of in-service teacher education programmes in statistics for Grade 8 and Grade 9 teachers. Ninety mathematics teachers from schools with culturally diverse learner populations in an urban region in South Africa were profiled using an adapted profiling instrument (Watson, 2001). Although statistics formed part of quite a number of these teachers' initial teacher education and about half of them were involved in professional development in statistics education, they still teach traditionally, rather than using a more data driven approach. Teachers indicated high levels of confidence in teaching most statistics topics but showed low levels of statistical thinking when they had to apply their knowledge of concepts, such as sample and average in social contexts including newspaper articles and research reports.
Corporate governance and bank performance in China

This paper examines the effects of corporate governance on bank performance in China over the period 1995–2008. Bank performance has improved significantly and the mean profit efficiency level is estimated at 61%. The results suggest that differences in corporate governance have significant impacts on bank performance: banks with majority foreign ownership are most profitable while banks with majority state ownership are most unprofitable. We find no evidence that foreign minority ownership in domestic banks improves performance. Banks with more dispersed ownership are found to be more profit efficient.
Trust-building in international business ventures

Purpose – The purpose of this paper is to investigate collaboration and coordination practices in the organisation whose members come from two countries that differ dramatically in generalised trust: Poland and the USA. Design/methodology/approach – A qualitative field study conducted in Silicon Valley-based American-Polish start-up joint venture. Findings – There are three mechanisms can facilitate collaboration in organisations that differ in generalised trust: frequent interaction that may form a basis for knowledge-based trust, professional cultures that provide common platform for communication, and presence of intermediaries that possess understanding and ability to communicate of both cultures. Practical implications – The findings can be applied in the context of offshoring projects in knowledge intensive industries. Originality/value – Research presented in this paper investigates collaboration of parties from low-trust and high-trust cultures within one business venture.
Information Transmission and the Bounds to Growth

Abstract This paper studies the long run growth implications of the presence of information acquisition and transmission costs. We assume that vertical innovation requires researchers to be informed on the current version of the product they want to improve upon; and we also assume that quasi-fixed managerial inputs are required for production in the manufacturing sector. Despite the fact the increases in total factor productivity cause R&D and managerial quasi-fixed labor costs to decrease in the same way as variable labor costs, the presence of these costs is sufficient to rule out the strong scale effect at all levels of the intertemporal returns to ideas. More importantly, the upper bound of long run growth rates crucially depends on information transmission costs.
Precarious production: Globalisation and artisan labour in the Third World

This article provides an overview of recent literature and studies of Third World artisans in the context of economic globalisation. Drawing upon recently published research conducted in various countries in Central America, Asia and Africa, it demonstrates that globalisation has intensified the precarious existence of artisan communities through increasing global competition, the mass production of craft goods, and shifting trends in fashion, cultural taste and aesthetics. Both government and non-government efforts at supporting artisans are criticised for providing limited and ineffectual programmes and policies. Moreover, recent consumer trends like 'fair-trade' shopping are likewise only piecemeal and limited in terms of the long-term support they can give to struggling artisan communities. When artisans survive, they do so mainly on the periphery of both global and local capitalist economies; this is a situation that has rarely changed over the decades. In various ways, and in specific regional contexts, the globalisation of production exacerbates, rather than diminishes, the marginal status of artisan communities.