Miracle-dz/UniFAR-FTUs huggingface dataset:
Corporate Governance and Shareholder Value Maximization: An African Perspective

Abstract: This study looks at corporate governance and its impact on shareholder value maximization in Africa. Data from South Africa, Ghana, Kenya and Nigeria covering the period 1997–2001 were used and analysis done within the panel data framework. Results show that, though highly dispersed, both within and between firms, corporate boards in the selected countries are relatively not independent. The regression result shows that large board sizes enhance corporate performance and shareholder value maximization. Our study also shows that both sector and country-specific effects have an impact on shareholder value maximization. While the mining sector is dominant in maximizing shareholder value, it also suffers from higher taxes and interest payments.
The Incidence of Taxes on Sugar-Sweetened Beverages: The Case of Berkeley, California

Obesity and diet-related chronic disease are increasing problems worldwide. In response, many governments have enacted or are considering taxes on energy-dense foods. Perhaps the most commonly-recommended policy is a tax on sugar-sweetened beverages (SSBs). This paper estimates the extent to which a tax on SSBs is passed through to consumers in the form of higher prices. We examine the first city-level tax on SSBs in the U.S., which was enacted by the voters of Berkeley, California in November, 2014. We collected the prices of various brands and sizes of SSBs and other beverages before and after the implementation of the tax from a near-census of convenience stores and supermarkets in Berkeley, California. We also collected prices from stores in a control city: San Francisco, where in a similar voter referendum failed despite majority support. Estimates from difference-in-differences models indicate that, across all brands and sizes of products examined, 43.1 percent (95 percent confidence interval: 27.7 percent - 58.4 percent) of the Berkeley tax was passed on to consumers. The estimates also are consistent with cross-border shopping. For each mile of distance between the store and the closest store selling untaxed SSBs, pass-through rose 33.3 percent for 2-liter bottles and 25.8 percent for 12-packs of 12-ounce cans.
Longterm clinical and immunological effects of anti-CD20 treatment in patients with refractory systemic lupus erythematosus.

OBJECTIVE To retrospectively evaluate longterm clinical and immunological effects of anti-CD20 treatment in patients with systemic lupus erythematosus (SLE) with active nephritis or autoantibody-mediated cytopenias refractory to conventional immunosuppressive treatment. METHODS Anti-CD20 treatment (rituximab) was added to the ongoing immunosuppressive treatment in 31 SLE patients with active nephritis (n = 17), thrombocytopenia (n = 10), and hemolytic anemia (n = 4) refractory to conventional therapy. Disease activity was evaluated by the SLE Disease Activity Index. The median followup time after anti-CD20 treatment was 22 months (range 1-61 mo). RESULTS Complete B cell depletion was obtained in all patients. In 11 of the 17 lupus nephritis patients complete or partial responses were achieved after 6-12 months. Eight of these patients increased their glomerular filtration rate (GFR) by > 25%. The responders were characterized by having shorter nephritis duration, a baseline GFR > 30 ml/min, and detectable circulating CD19+ B lymphocytes before B cell depletion. Anti-CD20 treatment was highly effective in patients with autoimmune thrombocytopenia, inducing a significant increase of platelet counts after 1 month (p < 0.01). Five of 10 patients achieved complete normalization of their platelet counts within 6 months. The anti-CD20 treatment was followed by a significant reduction of autoantibodies against dsDNA and platelets, in nephritic and in thrombocytopenic patients, respectively. CONCLUSION Addition of anti-CD20 treatment to conventional immunosuppressive therapy may be a beneficial strategy in refractory lupus nephritis and autoimmune cytopenias, possibly by reducing the levels of pathogenic autoantibodies.
Effectiveness of Antimicrobial Guidelines for Community-Acquired Pneumonia in Children

OBJECTIVE: To assess the effectiveness of guidelines and education on empirical therapy for community-acquired pneumonia. METHODS: Administrative records for children with a primary diagnosis of pneumonia from January 2007 to September 2009 were reviewed. Antimicrobial use was measured monthly over 3 periods: (1) before creation of an antimicrobial stewardship task force (ASTF), (2) after ASTF formation but before release of guidelines for antimicrobial use, and (3) after guideline release. Antimicrobial use over time was assessed by using quasi-binomial logistic regression models that incorporated interrupted events, seasonality, and autocorrelation. Allowing calculation of immediate changes due to specific interventions and trends in use over each time period. The primary outcome was use of ampicillin as recommended in the guidelines versus ceftriaxone, the historical standard. Secondary outcomes included other antimicrobial use, length of stay, mortality, and readmission. RESULTS: One thousand two hundred forty-six children met study criteria. Ampicillin use increased from 2% at baseline to 6% after ASTF formation and 44% after guideline release. Ceftriaxone use increased slightly (from 56% to 59%) after ASTF formation but decreased to 28% after guideline release. An immediate change in prescription occurred in the month after guideline publication and remained stable over the following year. CONCLUSIONS: Guidelines and education can have an impact on antimicrobial use in the pediatric setting. Although the optimal strategies for pediatric antimicrobial stewardship programs still are being determined, we believe that our approach offers an inexpensive and low-risk step in the right direction.
Price discrimination in free-entry markets

Using a spatial model of monopolistic competition, we investigate price discrimination in free-entry, zero-profit markets. We show that when brands are heterogeneous, competition does not prevent discrimination. The power to earn economic profits is not necessary for a firm to maintain discriminatory prices. Our model treats formally the fact that consumers differ not only in the utility they derive from a good, but also in how strongly they prefer one brand over all others. In markets where firms are very competitive, sorting consumers on the strength on brand preference produces larger price differentials between groups than sorting on the basis of consumers' reservation prices for the good. When firms sort customers on the basis of strength of brand preference, however, we find that the output and welfare effects are generally less favorable than when sorting is more closely related to consumers' reservation prices.
Corporate Dividend Policy: The Views of British Financial Managers

Using a survey approach, this paper examines the importance and relevance of the various theories of dividend policy for UK companies. Further, it evaluates the extent to which corporate characteristics such as size and industry influence managerial responses to the survey. In general, the results support dividend hypotheses relating to signalling and ownership structure, in preference to those about capital structure and investment decisions and agency issues. At a more detailed level, the cross sectional analysis reveals important differences between managers' responses, based on company size, industry sector, growth opportunities, ownership structure and information asymmetry. Copyright Blackwell Publishers Ltd, 2005.
The Effects of Forecast Type and Performance-Based Incentives on the Quality of Management Forecasts

Understanding forecasts is important because of their pervasiveness in business decisions such as budgeting, production, and financial reporting. In this study we use an abstract experiment to examine how the preparation of disaggregated forecasts interacts with performance-based incentives to influence the accuracy and optimism of forecasts. We manipulate two factors between subjects at two levels each: forecast type (disaggregated or aggregated) and performance-based incentives (present or absent). Consistent with our predictions, we find that (1) preparing disaggregated forecasts leads to greater improvements in forecast accuracy (compared to preparing aggregated forecasts) in the absence of performance-based incentives than in the presence of performance-based incentives, and (2) preparing disaggregated forecasts leads to greater increases in forecast optimism (compared to preparing aggregated forecasts) in the presence of performance-based incentives than in the absence of performance-based incentives. Our study contributes to our understanding of unintentional biases in the forecasting process. Our results have important practical implications for designers of management control systems who elicit internal forecasts from managers. Finally, our results also have important practical implications for those who either prepare or use external management forecasts.
Equity Volatility and Corporate Bond Yields

This paper explores the effect of equity volatility on corporate bond yields. Panel data for the late 1990's show that idiosyncratic firm-level volatility can explain as much cross-sectional variation in yields as can credit ratings. This finding, together with the upward trend in idiosyncratic equity volatility documented by Campbell, Lettau, Malkiel, and Xu (2001), helps to explain recent increases in corporate bond yields.
The Influence of Interests and Beliefs on the Use of Environmental Cost–Benefit Analysis in Water Policy: The case of German policy‐makers

In recent decades cost–benefit analysis (CBA) and environmental benefit valuation have been assigned a significant role for environmental policy-making and have been integrated as economic tools into the EC Water Framework Directive. The primary aim of the study is to explore the role that interests of bureaucratic actors as well as their beliefs might play in the application of environmental CBA. The paper draws on different analytical approaches derived from a political economy and a policy science perspective to explain the apparent reluctance to use the results of CBA and benefit estimates in policy-making. The empirical findings of a qualitative survey among German water policy-makers reveal that the self-interested behaviour of bureaucratic actors impedes the use of CBA, but also suggest a considerable influence of beliefs that shape actors’ perception of the suitability of economic valuation approaches for environmental policy-making. A differentiated view on these restraints might contribute to a reasonable use of procedural economic instruments in order to achieve environmental objectives. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment
An Economy with Personal Currency: Theory and Evidence

Is personal currency issued by participants sufficient to operate an economy efficiently, with no outside or government money? Sahi and Yao (1989) and Sorin (1996) constructed a strategic market game to prove that this is possible. We conduct an experimental game in which each agent issues her personal IOUs, and a costless efficient clearinghouse adjusts the exchange rates among them so the markets always clear. The results suggest that if the information system and clearing are so good as to preclude moral hazard, any form of information asymmetry, and need for trust, the economy operates efficiently at any price level without government money. These conditions cannot reasonably be expected to hold in natural settings. In a second set of treatments when agents have the option of not delivering on their promises, a high enough penalty for non-delivery is necessary to ensure an efficient market; a lower penalty leads to inefficient, even collapsing, markets due to moral hazard.
Is Comprehensive Income Value Relevant and Does Location Matter? A European Study

Abstract This paper investigates the relative and the incremental value relevance of Comprehensive Income (CI) and Other Comprehensive Income (OCI) across European countries after the mandatory adoption of the International Accounting Standards Board (IASB) standards. This topic, which has already been analysed in other countries, drew the attention of academics and practitioners in Europe after the issuance of International Accounting Standard 1-revised, which requires entities to prepare a statement of comprehensive income (SOCI) in which both CI and OCI components are disclosed. The investigation of the value relevance of accounting amounts is important in order to evaluate their usefulness, because it highlights whether they reflect information investors use in making economic decisions. This study analyses a sample made of all the European listed entities of countries belonging to the EU at the date of issuance of EU Regulation 1606/2002. Our analysis involves a period from 2006 to 2011 and includes 16,511 firm-year observations. Our results show that Net Income (NI) is more value-relevant than CI, even though the total OCI of the period adds relevant information to those already disclosed in other accounting items such as NI and Book Value. In this regard, we found that the coefficient of the total OCI of the period is lower than that of NI, a result to be expected because of its transitory nature. Our findings also suggest that the requirement to issue an SOCI has not produced a significant change in the value relevance of both CI and the total OCI of the period leading to the conclusion that its location does not affect the value relevance of these items. Finally, we found significant differences in the incremental value relevance of the total OCI of the period across European countries, differences that seem to be caused by the countries' characteristics, such as the source of funds (credit/equity and insider/outsider) and the legal systems.
Effects of low-level laser therapy (LLLT) in the development of exercise-induced skeletal muscle fatigue and changes in biochemical markers related to postexercise recovery.

STUDY DESIGN Randomized crossover double-blinded placebo-controlled trial. OBJECTIVE To investigate if low-level laser therapy (LLLT) can affect biceps muscle performance, fatigue development, and biochemical markers of postexercise recovery. BACKGROUND Cell and animal studies have suggested that LLLT can reduce oxidative stress and inflammatory responses in muscle tissue. But it remains uncertain whether these findings can translate into humans in sport and exercise situations. METHODS Nine healthy male volleyball players participated in the study. They received either active LLLT (cluster probe with 5 laser diodes; lambda = 810 nm; 200 mW power output; 30 seconds of irradiation, applied in 2 locations over the biceps of the nondominant arm; 60 J of total energy) or placebo LLLT using an identical cluster probe. The intervention or placebo were applied 3 minutes before the performance of exercise. All subjects performed voluntary elbow flexion repetitions with a workload of 75% of their maximal voluntary contraction force until exhaustion. RESULTS Active LLLT increased the number of repetitions by 14.5% (mean +/- SD, 39.6 +/- 4.3 versus 34.6 +/- 5.6; P = .037) and the elapsed time before exhaustion by 8.0% (P = .034), when compared to the placebo treatment. The biochemical markers also indicated that recovery may be positively affected by LLLT, as indicated by postexercise blood lactate levels (P<.01), creatine kinase activity (P = .017), and C-reactive protein levels (P = .047), showing a faster recovery with LLLT application prior to the exercise. CONCLUSION We conclude that pre-exercise irradiation of the biceps with an LLLT dose of 6 J per application location, applied in 2 locations, increased endurance for repeated elbow flexion against resistance and decreased postexercise levels of blood lactate, creatine kinase, and C-reactiveprotein. LEVEL OF EVIDENCE Performance enhancement, level 1b.
Macroeconomic Consequences of Accounting: The Effect of Accounting Conservatism on Macroeconomic Indicators and the Money Supply

ABSTRACT: This study investigates the macroeconomic consequences of firm-level accounting conservatism. Consistent with conditional conservatism extending to the aggregate level, I demonstrate that annual estimates of aggregate corporate profits and gross domestic product compiled by the U.S. Bureau of Economic Analysis are more sensitive to negative aggregate news than to positive aggregate news. Next, I estimate the dollar value impact of conservatism on measurements of macroeconomic fundamentals. Finally, I show that incorporating the dollar value impact of conservatism increases the explanatory power of a monetary policy reaction function that describes U.S. Federal Reserve interest rate decision behavior. These results suggest that accounting can impact social welfare by altering the measurement attributes of key macroeconomic indicators and by shaping monetary policy decisions that regulate the money supply. JEL Classifications: M41; E43; E52.
Linking organizational identification and employee performance in teams: the moderating role of team-member exchange

This study examined the influence of organizational identification on employee performance in teams. Drawing on social identity theory and self-verification theory, we predicted that organizational identification would have positive effects on employee in-role and organizational citizenship behavior (OCB) performance. Building on social exchange theory, the study further theorized that the quality of team-member exchange (TMX) would amplify the impacts of organizational identification on both types of performance. Using data from automotive dealer employees in China, we found positive relationships between organizational identification and both types of performance. In addition, TMX altered the impact of organizational identification on OCB.
Solving multi-objective optimization problems using differential evolution and a maximin selection criterion

In this paper, we propose a new selection operator (based on a maximin scheme and a clustering technique), which is incorporated into a differential evolution algorithm to solve multi-objective optimization problems. The resulting algorithm is called Maximin-Clustering Differential Evolution (MCDE) and, is validated using standard test problems and performance measures taken from the specialized literature. Our preliminary results indicate that MCDE is able to outperform NSGA-II and that is competitive with a hypervolume-based approach (SMS-EMOA), but at a significantly lower computational cost.
Evidence for age-related differences in human fibrinogen

Fibrinogen has previously been demonstrated to exist in a ‘fetal’ form, in cord blood of term infants, with increased sialic acid content compared to adult fibrinogen. The functional implications of these differences are reflected in prolonged thrombin clotting times in newborns as well as differences in polymerization of fibrin from ‘fetal’ fibrinogen. Despite numerous studies of fibrinogen structure and function, the age at which ‘fetal’ fibrinogen reverts to the adult form, as well as the physiological significance of this phenomenon remains unknown. This study was designed to determine whether the difference between the ‘fetal’ and the ‘adult’ fibrinogen molecule persists in a ‘childhood’ form throughout progression from infancy to adulthood. The results demonstrate that although the concentration of fibrinogen from day 1 neonates is decreased compared to adult fibrinogen, functional activity of this protein is comparable in both age groups. In addition, despite there being quantitatively less fibrinogen in day 3 and 11–16-year age groups, this protein is functionally more active compared to adult fibrinogen. In addition, the molecular weight of the Aα fibrinogen chain was consistently higher by up to 1500 Da in neonates and children compared to adults, suggesting age-specific differences in posttranslational modification of this chain of the protein.These age-related differences in fibrinogen could provide a protective mechanism against excessive polymerization and proteolysis of this protein, providing a possible explanation of the thromboprotective mechanism that is functioning in neonates and children.
Capital Structure Decisions Under Classical and Imputation Tax Systems: A Natural Test for Tax Effects in Australia

The paper investigates determinants of capital structure, focusing on tax incentives for debt. The paper makes use of a panel of Australian firms in two tax regimes: a classical regime, and a dividend imputation regime. An important feature is the identification of the economic model using Bayesian selection methods. This methodology offers a new way of examining and assessing interactions between variables where there are competing explanations, noisy data and no unifying theory. As hypothesized, the results demonstrate a significant tax coefficient during the classical era and an insignificant tax coefficient in the imputation era. Risk and signalling variables, represented by firm size, Z-score, operating risk and asset base are also found to help explain capital structure choice.
Intellectual Property Protection and Firm Innovation

This paper studies the question of whether and how an employee innovator should commercialize an innovation, when doing so within the firm is less costly than pursuing an outside venture, but risks expropriation by the firm. We show that a weaker chance of expropriation, interpreted as the firm`s ability to protect internally developed intellectual property, can facilitate commercialization of innovations.
Experience with pegvisomant treatment in acromegaly in a single Brazilian tertiary reference center: efficacy, safety and predictors of response

ABSTRACT Objective To describe the safety and efficacy of pegvisomant therapy and the predictors of treatment response in acromegaly patients at a single tertiary reference center in Brazil. Materials and methods We retrospectively reviewed the clinical, hormonal and radiological data of acromegaly patients treated with pegvisomant in our center. We also evaluated the presence of the d3 isoform of the growth hormone receptor (d3GHR). Results Twenty-seven patients were included (17 women). Pegvisomant was used in combination with octreotide LAR in 20 patients (74%), in combination with cabergoline in one (4%) and as monotherapy in six (22%). IGF-I normalization was achieved in 23 patients (85%). Mild and transitory elevation of liver enzymes was observed in two patients (7.4%), tumor growth in one (3.4%) and lipodystrophy in two (7.4%). One patient stopped the drug due to headaches. The GHR isoforms were evaluated in 14 patients, and the presence of at least one d3GHR allele was observed in 43% of them, but it was not a predictor of treatment response. Only pre-treatment IGF-I level was a predictor of treatment response. Conclusion Pegvisomant treatment was highly effective and safe in our series of Brazilian patients. A better chance of disease control can be expected in those with lower pre-pegvisomant IGF-I levels.