Miracle-dz/UniFAR-FTUs huggingface dataset:
The Short-Term Persistence of International Mutual Fund Performance

This paper examines the short-term persistence in performance of equity mutual funds around the world between 1990 and 2013. Using a large survivorship bias-free sample of 35 countries, we document strong evidence of persistence in daily mutual fund returns over quarterly measurement periods. We rank countries by abnormal return and estimate the performance of each country for the following quarter. We find statistically and economically significant performance persistence that is more pronounced for the top and bottom countries. The post-ranking abnormal return disappears when performance is examined over longer time periods. Thus, our results confirm that superior performance is a short-lived phenomenon.
Implementing Domestic Violence Gun Confiscation Policy in Rural and Urban Communities: Assessing the Perceived Risk, Benefits, and Barriers

The purpose of this study was to gain a deeper understanding of why communities differing in culture and resources are willing and able to implement gun confiscation as part of a protective order in the absence of a uniform statewide gun law. Specifically, the perceived risk of intimate partner homicide and gun violence, effectiveness of implementing gun confiscation, and the barriers to implementing gun confiscation were assessed. Interviews were conducted with key community professionals (N = 133) who worked in victim services and the justice system in one urban community and four rural, under-resourced communities. Analyses revealed that professionals in the rural communities viewed the risk of intimate partner homicide and gun violence as lower, and the process of implementing gun confiscation as less effective than professionals in the urban community. In addition, urban justice system professionals, in comparison with all other professionals, reported fewer barriers to enforcing the gun confiscation police and were more likely to downplay law enforcement limitations in the community. The results have implications for developing more effective regional strategies in states that lack domestic violence gun laws as a means to increase a community’s ability to enforce gun policies and initiatives.
Capillary morphogenesis during human endothelial cell invasion of three-dimensional collagen matrices

SummaryHere, we describe assay systems that utilize serum-free defined media to evaluate capillary morphogenesis during human endothelial cell (EC) invasion of three-dimensional collagen matrices. ECs invade these matrices over a 1–3-d period to form capillary tubes. Blocking antibodies to the α2β1 integrin interfere with invasion and morphogenesis while other integrin blocking antibodies do not. Interestingly, we observed increased invasion of ECs toward a population of underlying ECs undergoing morphogenesis. In addition, we have developed assays on microscope slides that display the invasion process horizontally, thereby enhancing our ability to image these events. Thus far, we have observed intracellular vacuoles that appear to regulate the formation of capillary lumens, and extensive cell processes that facilitate the interconnection of ECs during morphogenic events. These assays should enable further investigation of the morphologic steps and molecular events controlling human capillary tube formation in three-dimensional extracellular matrices.
What to Put on and What to Keep Off the Table? A Politician's Choice of Which Issues to Address

At the start of their term, politicians often announce which issue they intend to address. To shed light on this agenda setting, we develop a model in which a politician has to decide whether or not to address a public issue. Addressing an issue means that the politician investigates the issue and next chooses for either a major reform or a minor reform. Not addressing an issue means that the status quo is maintained. Politicians differ in their ability to make correct decisions. They want to make good decisions and want to come across as able decision makers. An important characteristic of the model is that politicians and voters have different priors concerning the desirability of a major reform. We show that electoral concerns may lead to anti-pandering. Politicians tend to put issues on their political agenda when voters are relatively pessimistic about a major reform, and keep issues off the table when voters are optimistic about major reform.
Land Policy and Farming Practices in Laos

The government of Laos has identified the eradication of poverty as a priority. Given the primarily agricultural character of the country, it has selected land reform as a core policy to reach this goal. The policy has two major aims: to increase land tenure security in order to encourage farmer involvement in intensive farming, and to eliminate slash-and-burn agriculture to protect the environment in a country still rich in forest resources. State intervention takes the form of land allocation, a process which combines the protection of some areas of village land with the formal recognition of private ownership in authorized farming areas. In a country with different types of geography, the effects of the policy are variable, but the research presented in this article demonstrates that the land laws have shortcomings which allow for differing interpretations depending on the local social relationships. Since local specificities are not taken into account, the reform is proving counterproductive for both forest protection and agricultural modernization, as well as having a negative social impact by marginalizing the poorest farmers.
The public disclosure of environmental performance information—a dual test of media agenda setting theory and legitimacy theory

Abstract This paper documents the results of an empirical study undertaken within Australia of the relationship between the print media coverage given to various industries' environmental effects, and the levels of annual report environmental disclosures made by a sample of firms within those industries. The paper draws upon previous studies in media agenda setting theory and legitimacy theory to develop two testable hypotheses. Nine industries are reviewed across the period from 1981–1994. Drawing upon two theories, it is argued that the media can be particularly effective in driving the community's concern about the environmental performance of particular organisations (from media agenda setting theory). Where such concern is raised, organisations will respond by increasing the extent of disclosure of environmental information within the annual report (from legitimacy theory). The results indicate that for the majority of the industries studied, higher levels of media attention (as determined by a revie.
Violator Avoidance Activities and Self‐Reporting in Optimal Law Enforcement

Laws often encourage violators to self-report their behavior. This article studies self-reporting enforcement regimes when violators can engage in "avoidance" activities--activities which lower an offender's risk of apprehension and punishment. Avoidance activities impart two advantages to self-reporting enforcement regimes over and above advantages identified in prior work. First, self-reporters do not engage in the costly avoidance activities that they would otherwise undertake. Second, by avoiding avoidance, self-reporting can sometimes permit the government to deter offenses with less enforcement effort. Copyright 2001 by Oxford University Press.
The Adaptive Significance of Provisioning and Foraging Coordination between Breeding Partners

Sexual conflict over parental care relies on the fundamental assumption that parents do not share the cost of their partner’s effort on future reproduction. However, this is unlikely to be true whenever partners breed together more than once. In that case, individuals should try to optimize the cost and benefits for the pair, rather than only for themselves. Here we seek to establish whether the synchronization of parents’ provisioning visits to the nest could fulfill this function. We conducted a brood-size manipulation experiment on wild zebra finches to test whether nest visit synchrony was flexible and beneficial for nestlings’ growth, while controlling for the confounding effects of pair “quality” and synchrony away from the nest during foraging. Using a network of readers to track parents at nests and feeding stations, we found that nest visit synchrony responded directly to the brood manipulation and increased with brood size. Synchrony at the nest and while foraging were correlated, but the latter better predicted nestling mass, possibly because it was associated with more regular provisioning patterns. Our findings suggest that parental coordination could indeed play an important role in partners’ investment decisions, underpinning the evolution of the most prominent mating system in birds.
Managing paradoxes in strategic decision-making

Although there has been a considerable amount of prescriptive research in the strategic management field, top executives are still faced with several key concerns when formulating strategies for their organisations. Three such dimensions â€“ management as an art or science, strategic emphasis on consistency or flexibility and strategy as a top-down or a bottom-up approach â€“ appear to require difficult choices or compromises between polar extremes. This paper reports on the development of scales to test for predispositions along these dimensions. Results suggest that managers do not necessarily view the polar extremes as mutually exclusive. Implications for managers and future research are discussed.
Campus Cultism in Nigeria’s Higher Education Institutions: Origins, Development and Suggestions for Control

This study situates the incidence of campus cultism in Nigerian HEIs in the broader area of higher education student activism. Starting with examination of commonly known forms of student activism, the study contrasts the cults in Nigeria’s HEIs with traditional student activist organizations. It notes that the cults are not only unlike traditional student activist organizations but present serious threats for the wellbeing of their members, institutions and society. Thus, it examines the origins and development of the cults to explain why and how they attract and maintain their membership. It concludes that campus cultism is due to social, economic, educational and political grievances, adding that cults attract students because the students have needs that predispose them to affiliate with activist organizations. The study identifies these needs before arguing that, to be effective, efforts to control cultism must address the needs that attract students to the cults. Keywords: Campus cultism; Education management; Legal control
Altered Common Stock Offerings

This study examines share price behavior when firms alter the size of their primary common stock offerings subsequent to the announcement date. The empirical evidence supports the theory that, given asymmetric information between management and investors, equity issuance is a function of prior stock returns. Average prediction errors in the announcement and post-announcement intervals, taken together or separately, have relative magnitudes that may be logically related to subsequent management decisions concerning these issues. Logistic regressions document significant relationships between the announcement and post-announcement excess returns and managerial decisions. Copyright 1992 by MIT Press.
IFRS and the Use of Accounting-Based Performance Measures in Executive Pay

We examine the effect of IFRS (International Financial Reporting Standards) on the type of performance measures firms use to evaluate and reward their managers. We show that post-IFRS firms decrease the weight of Earnings-per-Share (EPS)-based performance measures in CEO pay contracts. We argue that IFRS add “noise” to accounting numbers which, based on optimal contracting theory, makes reported earnings less useful for evaluating managerial performance. Our findings suggest that while under IFRS accounting earnings could be more informative for valuation purposes, this might be achieved at the expense of other purposes that accounting serves, i.e., stewardship/performance contracting.
Heparanase expression is an independent prognostic factor in patients with invasive cervical cancer.

BACKGROUND Endoglycosidic heparanase degrades heparan sulfate glycosaminoglycans, and may be important in cancer invasion and metastasis, although its expression in human cervical cancer has not been characterized. MATERIALS AND METHODS Heparanase association with clinicopathological features related to prognostic significance was examined in patients presenting with invasive cervical cancer. Gene expression of heparanase was assessed by RT-PCR in 10 normal cervix and 92 invasive cervical cancer samples. RESULTS Heparanase mRNA expression was not detected in any of the normal cervix specimens, but was significantly higher in advanced-stage tumors (P = 0.026). In cases treated with radical hysterectomy and pelvic lymphadenectomy, heparanase mRNA expression was significantly higher in tumors exhibiting lymph-vascular space invasion (P = 0.01). A significant relationship was found between microvessel counts and heparanase mRNA expression (P = 0.035). The disease-free and overall survival rates of patients exhibiting heparanase mRNA expression were significantly lower than those of patients lacking heparanase mRNA expression (P = 0.019 and 0.017, respectively). Furthermore, multivariate analysis showed that heparanase mRNA expression was an independent prognostic factor for both disease-free and overall survival. CONCLUSIONS These findings provide evidence that heparanase expression can serve as an indicator of aggressive potential and poor prognosis in cervical cancer. Consequently, heparanase inhibitor will be a novel candidate for therapeutic intervention in this disease.
Supervised semi-automatic detection of slow waves in non-anaesthetized mice with the use of neural network approach

Slow waves (SWs) are EEG or local field potential (LFP) events that are present preferentially during slow-wave sleep and reflect periods of synchronized hyperpolarization followed by depolarization of many cortical neurons. We developed a new algorithm of supervised semi-automatic SW detection based on pattern recognition of the original signal with artificial neural network. The method enabled fast analysis of long-lasting recordings in non-anaesthetized freely behaving mice. It allowed finding tens of thousands of SW in 24-hour period of recording with their density in the order of 1.3 SW per second during slow-wave sleep and 0.03 SW per second during waking state. Occasional SWs were also found in REM sleep. The proposed algorithm can be used for off-line and on-line detection of SW
Sooner or Later: An Analysis of the Delays in Insider Trading Reporting

Until October 2004, corporate insiders in Germany were required to report trades in the shares of their firm 'without delay'. Yet in practice, substantial reporting delays were common. We show that the delays are related systematically to the characteristics of the firm. Delays are longer in firms with dispersed ownership and in firms using German accounting standards. This suggests that managers of these firms are less responsive to the informational requirements of the capital market. We further find that abnormal returns after the reporting date of an insider trade are independent of the reporting delay. This implies that prices are distorted in the period between the insider trading and the reporting date. This is a strong point in favour of regulations that require and enforce the immediate disclosure of insider trades. Copyright (c) 2009 The Authors Journal compilation (c) 2009 Blackwell Publishing Ltd.
Management of clinical fractures of the scaphoid: results of an audit and literature review

Objectives: Two to 5% of scaphoid fractures are missed on initial presentation. The failure of early recognition and treatment are considered to contribute to delayed union and non-union. Despite advances in diagnostic imaging, a dogmatic approach has persisted in the management of patients with clinical suspicion but no radiographic evidence of scaphoid fracture. A critical analysis of the current treatment protocol of indiscriminate cast immobilization and serial clinical and radiographic follow-up is presented. Methods: A prospective study involving 90 patients with clinical signs suggestive of scaphoid injury, followed up until a definite boney injury was demonstrated or the patient was discharged. A review of the literature was conducted to question the need for immobilization in these patients and the potential use of other forms of diagnostic imaging in screening for occult scaphoid fractures. Results: The incidence of true fractures of the scaphoid was 6.66% (5/75). Ten patients (13.33%) had other injuries around the wrist unrelated to the scaphoid. Eighty per cent of the patients had no definite boney injury and were needlessly immobilized, and followed up. A total of 128 scaphoid casts, 135 sets of scaphoid X-rays, 135 clinic appointments and a cumulative 148 weeks of cast immobilization involved patients with normal wrists. Conclusion: The incidence of radiologically inapparent fractures of the scaphoid is low. The use of a tender anatomical snuff box as the only clinical sign in the diagnosis of scaphoid injury is unsatisfactory. Other injuries around the wrist must be carefully excluded. There is insufficient evidence to support immobilizing all patients with clinical scaphoid fractures. For suspected fractures with no radiological evidence, symptomatic treatment is probably sufficient. Most occult fractures are visible at 2 weeks. Both magnetic resonance imaging and bone scintigraphy are accurate and cost effective and should be performed earlier rather than later.
RECENT EVIDENCE ON THE DISTRIBUTION OF AIR POLLUTION EFFECTS

This study associates levels of exposure to ozone and fine particulate matter in the South Coast Air Basin of California with resident income, race, age and education. A Regional Human Exposure Model provides the basis for estimating exposure not only on location or residence, but also on mobility within the Basin and time spent in various activities indoors and outdoors. The results are consonant with earlier research in most respects, except that population density is negatively related to exposure. Ethnic minorities and children receive the greatest exposure levels. The highest income group exhibits a strongly negative association with exposure. Copyright 1992 Western Economic Association International.
The symptoms of and consequences to selection errors in recruitment decisions

The ability to select effective human capital has long been viewed as the bedrock of the human resource function and a driver of organisational success. There is a plethora of literature available on recruitment and selection methodologies but little empirical evidence of the consequences to selection errors. Data was gathered on 393 incidents of selection errors across a wide range of industries. The symptoms and attribution of, and the wide-ranging consequences to, these selection errors were documented. Methods to rectify the selection error and the outcome of those attempts were also explored. Recommendations based on these empirical findings are offered.
Shifts of Reference Points for Framing of Strategic Decisions and Changing Risk-Return Associations

Previous results on nonlinear risk-return associations, predicted by prospect theory, are replicated with mean quadratic differences instead of variance as a measure of risk. In contrast to assumptions of these studies, results with a sample from the COMPUSTAT-database provide evidence that at least a minority of firms shift to individual reference levels, which are represented here through levels of minimal risk. Further, changes of environmental conditions as an alternative explanation for switching risk-return relationships are tested against prospect theory predictions. It is shown that risk-return relationships remain stable as long as the relative position to the individual reference level is stable. This explains switching risk-return relationships better than changing environmental conditions.
Occupational Status: Why Do Some Workers Miss Out?

The difference in socioeconomic status between the "haves" and "have-nots" is widening in the Australian labour market. This is reflected in the data on both earnings and occupational status. This paper assesses the factors contributing to differences in the occupational attainment of workers with a marginal attachment to the labour market and workers who are part of mainstream Australia. Overall, 94 per cent of the occupational status differential is attributable to the inferior endowments possessed by workers with a marginal attachment to the labour market. Until the disadvantaged workers improve their skills they will not be able to gain access to high status occupations. Copyright 2001 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia
Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations

Using data for the G7 countries, I estimate conditional correlations of employment and productivity, based on a decomposition of the two series into technology and non-technology components. The picture that emerges is hard to reconcile with the predictions of the standard Real Business Cycle model. For a majority of countries the following results stand out: (a) technology shocks appear to induce a negative comovement between productivity and employment, counterbalanced by a positive comovement generated by demand shocks, (b) the impulse responses show a persistent decline of employment in response to a positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More generally, the pattern of economic fluctuations attributed to technology shocks seems to be largely unrelated to major postwar cyclical episodes. A simple model with monopolistic competition, sticky prices, and variable effort is shown to be able to account for the empirical findings.
Optimal execution with non-linear transient market impact

We study the problem of the optimal execution of a large trade in the propagator model with non-linear transient impact. From brute force numerical optimization of the cost functional, we find that the optimal solution for a buy programme typically features a few short intense buying periods separated by long periods of weak selling. Indeed, in some cases, we find negative expected cost. We show that this undesirable characteristic of the non-linear transient impact model may be mitigated either by introducing a bid–ask spread cost or by imposing convexity of the instantaneous market impact function for large trading rates; the objective in each case is to robustify the solution in a parsimonious and natural way.