Miracle-dz/UniFAR-FTUs huggingface dataset:
Smart Screened Investments

W -hat is the effect of a firm’s environmental performance on its stock market performance? Opinions are contradlctory. The positive proposition let’s call it the green dividend hypothesis holds that good environmental performance is coincident with factors that produce good stock market performance (for example, good management generally), and that this fact is not adequately recognized by capital markets. The stock of environmentally superior firms is underpriced. Investors loolung for bargains should buy stock in firms with superior environmental performance. The negative proposition let’s call it the green penalty hypothesis holds that superior environmental performance is a drag on stock market performance because investments in pollution control could be more profitably allocated elsewhere in the company. Far from seeking out these stocks, therefore, investors should avoid them. Green dlvidend investors claim that by favorably weighting company environmental performance in addition to evaluating standard investment criteria, they can consistently outperform the market. Green penalty investors claim the opposite, that superior environmental performance of particular companies signals inferior stock market performance in the future. It is difficult, with publicly available data, to evaluate the performance of private asset managers who practice “socially and environmentally responsible” investing, but green penalty believers can at least point, in support of their thesis, to the poor historical returns of publicly traded socially and environmentally screened funds. ’ Mutual funds in general return less than their market benchmarks.2 By some measures, socially and environmentally responsible funds have done even worse; in the five years between October 1, 1991, and September 30, 1996, s i x of nine such equity mutual funds underperformed the average of all funds with sindar investment objectives by as much as 700 basis points (see Exhibit 1). In the one year ending September 30, 1996, environmentally and socially screened funds did somewhat better than their conventional counterparts (see Exhibit 2). Except for the environmental twist, the green dividend and green penalty arguments are like those of any fund manager who claims an ability to beat the market consistently over time. But if information about the future performance of a stock, as a result of superior environmental management, capacity for future earnings, or any reason, is already included in the stock price the efficient markets hypothesis then no strategy will enable an investor to consistently outperform the strategy of buying and hol lng a representative sample of the market.
Excess Cash and Stock Returns

I document a positive relationship between corporate excess cash holdings and future stock returns. The difference in returns of portfolios of high and low excess cash firms amounts to 5% annually or 6% after standard three-factor risk adjustment. Firms with more excess cash have higher market betas and earn lower returns during market downturns. High excess cash companies invest considerably more in the future than do their low cash peers, but do not experience stronger future profitability. On the whole, this evidence is consistent with the notion that excess cash holdings proxy for risky growth options.
Patterns of and Reasons for Infrequent Internet Use: A Qualitative Exploration of Australian Youth

While there is a popular belief that the digital generation is immersed in and adept at using digital media, recent studies point to a large variation among young people in their appropriation of digital technologies. This study examined the patterns of, and reasons for, infrequent use of digital technology among the younger generation, by conducting semi-structured interviews with 19 school-aged Australian youth. Infrequent users focused narrowly on a small number of applications and did not explore the wide range of available activities. This was mainly due to their lack of confidence and the perceived irrelevance of digital technologies to their lives. Most participants in this study had chosen a vocational path where computers and the internet were not integral to their everyday learning experience. This deterred them from improving their digital media literacy. Based on observations, I argue that it is not sufficient merely to provide access to digital media; rather, users need motivation, skills and perceived benefits in order to utilise this technology fully. In the case of school-aged youth, schoolwork as well as their peer group culture influences how they situate themselves in the digital environment that surrounds them.
The Changing Japanese Multinational: Application, Adaptation and Learning in Car Manufacturing and Financial Services*

ABSTRACT The combination of increasingly international operations, the continuing domestic recession, and the gradual opening of the Japanese economy to foreign investment might be expected to change many features of Japanese multinational companies. In particular, the level and mode of central control of overseas units, especially their reliance on expatriate managers, could change as firms become more willing to use foreign subsidiaries as sources of innovation and learning rather than as delivery pipelines for domestically designed and developed products. These changes are more likely in sectors dominated by non‐Japanese firms, such as international financial services. Interviews with managers of 14 Japanese manufacturing and financial service firms in the UK and Japan confirmed substantial differences in their internationalization patterns in the 1990s, both between and within sectors. Car manufacturers in particular invested major resources in transferring significant features of their domestic operations to UK units, usually with expatriate managers, and one was investing in developing an international cadre of managers. In the case of banks and other financial service companies, the continuing banking crisis in Japan and limited profitability of their European operations, had stimulated a variety of responses. While some had simply withdrawn from serving non‐Japanese clients, or withdrawn altogether from Europe, others were trying to develop new skills and approaches to compete effectively with established Anglo‐Saxon firms at the same time as refocusing on Japanese customers to improve profitability. However, the sharply contrasting labour market practices in London and Japan made it difficult for many banks to develop firm specific skills that would enable them to become competitive in markets currently dominated by western banks. This raises general questions about how multinational companies coordinate skills and careers across differently organized skill formation and control systems.
Are Canadian Inner Cities Becoming More Dissimilar? An Analysis of Urban Deprivation Indicators

The dominant paradigms in contemporary Canadian inner-city research have been documenting the influx of well-educated professionals into select inner-city neighbourhoods and the distinctiveness of Canadian cities from their US counterparts. These approaches have ignored the role of structural economic change in producing high levels of unemployment as manufacturing jobs have left the inner city. This paper measures the relative strength of these opposing forces within the Canadian urban system by examining changes in inner-city deprivation levels between 1981 and 1991 for the 22 largest cities. The study found evidence of increasing divergence in deprivation levels at the inter-city and intra-city levels but these could not be attributed to structural economic change; instead, local factors appear to be major determinants of overall inner-city conditions.
Immunological milieu in mycosis fungoides and Sézary syndrome

Tumor genesis and development are driven by a combination of intrinsic events such as oncogene activation and tumor‐suppressor gene inactivation, and extrinsic events that are dependent on the interaction with the stroma. Different types of growth factors, cytokines and chemokines secreted by the surrounding stromal cells are thought to play key roles in solid tumor progression. Accumulating evidence indicates that the immunological milieu plays an essential role in tumor development, not only in solid tumors, but also in hematopoietic malignancies. Understanding the interactions between tumor cells and microenvironment in mycosis fungoides (MF) and Sézary syndrome (SS) could provide a basis for the development of new treatments for these diseases that are sometimes resistant to current therapies. This article focuses on the wide variety of cell types and immunological milieus, affecting the characteristic features of MF and SS, such as skin‐homing of tumor cells, T‐helper type 2‐dominant tumor microenvironment, accumulation of dermal dendritic cells, epidermal hyperplasia, angiogenesis and pruritus.
The cost of capital in internationally integrated markets: The case of Nestlé

This paper argues that the cost of capital for firms in small countries should be estimated using the global CAPM rather than a local CAPM. Two related formulas showing the mistake made when using a local CAPM rather than a global CAPM are presented. the global CAPM is implemented for the case of Nestle and the results are compared to the cost of capital estimate one obtains for Nestle using a local CAPM when the global CAPM is appropriate. Copyright Blackwell Publishers Ltd. 1995.
CXCR7 Protein Is Not Expressed on Human or Mouse Leukocytes

Since the discovery that CXCR7 binds to CXCL12/SDF-1α, the role of CXCR7 in CXCL12-mediated biological processes has been under intensive scrutiny. However, there is no consensus in the literature on the expression of CXCR7 protein by peripheral blood cells. In this study we analyzed human and mouse leukocytes and erythrocytes for CXCR7 protein expression, using a competitive CXCL12 binding assay as well as by flow cytometry and immunohistochemistry using multiple CXCR7 Abs. CXCR7−/− mice were used as negative controls. Together, these methods indicate that CXCR7 protein is not expressed by human peripheral blood T cells, B cells, NK cells, or monocytes, or by mouse peripheral blood leukocytes. CXCR7 protein is, however, expressed on mouse primitive erythroid cells, which supply oxygen to the embryo during early stages of development. These studies therefore suggest that, whereas CXCR7 protein is expressed by primitive RBCs during murine embryonic development, in adult mammals CXCR7 protein is not expressed by normal peripheral blood cells.
Tethered galaxies and the expanding spaceparadigm

I examine the counterintuitive claim from Davis et.al. that a stationary or receding galaxy in an expanding universe may exhibit blueshift, even when the universe contains no gravitating matter. I show that with more precise calculations the effect disappears for the empty universe. I also discuss how this is related to the currently popular idea of ‘expanding space’, looking at how this idea arose, and why I think it has serious flaws.
Conglomerates on the Rise Again? A Cross-Regional Study on the Impact of the 2008-2009 Financial Crisis on the Diversi fication Discount

This paper investigates how the 2008-2009 financial crisis affected the value of diversification in different regions of the world, thereby emphasizing the role of the institutional context. We show that the effect of the credit crunch upon the diversification discount varied with the regions' level of capital market maturity and legal environment. In developed Asia Pacific, the British Isles, and North America, we find that the discount on conglomerates fell significantly during the crisis years; however, in Continental Europe - the region possessing the least developed capital markets and lowest legal investor protection - the impact of the financial meltdown upon the relative value of diversified firms was insignificant. Our study provides additional evidence on factors influencing the relative costs and benefits of diversified firms and highlights in particular the importance of accounting for different institutional settings.
OBSERVATIONS ON THE PROTECTIVE EFFECT OF BCG VACCINATION IN A SOUTH INDIAN RURAL POPULATION.

Doubts have been raised on theoretical grounds concerning the effect of BCG in tropical countries, where in most places a large proportion of the population have a naturally acquired tuberculin allergy of low strength and unknown (but almost certainly non-specific) origin. Furthermore, vaccinations in the tropics may be less efficient if the BCG vaccine used has deteriorated from exposure to heat or light. The BCG trial reported here is relevant to these two problems.A series of epidemiological studies in South India, begun in 1950 and still in progress, included a BCG trial in which half of the tuberculin-negative persons, randomly selected, were vaccinated. In a first report in 1960, preliminary data indicated that the vaccination had conferred no protection against tuberculosis; however, the total number of cases of tuberculosis involved was extremely small. Since then, further follow-up has added a considerable number of cases, and a statistically significant protection from the BCG vaccination is now demonstrated. The number of cases is still too small to show the precise degree of protection.As this is the first controlled trial on BCG undertaken in an Asiatic population, the present report is of special interest.
Functional brain networks: Linking thalamic atrophy to clinical disability in multiple sclerosis, a multimodal fMRI and MEG Study

Thalamic atrophy is known to be one of the most important predictors for clinical dysfunction in multiple sclerosis (MS). As the thalamus is highly connected to many cortical areas, this suggests that thalamic atrophy is associated with disruption of cortical functional networks. We investigated this thalamo‐cortical system to explain the presence of physical and cognitive problems in MS. Functional magnetic resonance imaging (fMRI) and magnetoencephalography (MEG) were performed in 86 MS patients and 21 healthy subjects. We computed cortical functional networks for fMRI and MEG by respectively the Pearson's correlation coefficient and the phase lag index using the same automated anatomical labeling atlas for both modalities. Thalamo‐cortical functional connectivity was only estimated using fMRI. We computed conventional network metrics such as clustering coefficient and path length and analyzed the minimum spanning tree (MST), a subnetwork and backbone of the original network. MS patients showed reduced thalamic volumes and increased thalamo‐cortical connectivity. MEG cortical functional networks showed a lower level of integration in MS in terms of the MST, whereas fMRI cortical networks did not differ between groups. Lower integration of MEG cortical functional networks was both related to thalamic atrophy as well as to increased thalamo‐cortical functional connectivity in fMRI and to worse cognitive and clinical status. This study demonstrated for the first time that thalamic atrophy is associated with global disruption of cortical functional networks in MS and this global disruption of network activity was related to worse cognitive and clinical function in MS. Hum Brain Mapp 36:603–618, 2015. © 2014 Wiley Periodicals, Inc.
Sources and Uses of Equity Extracted from Homes

In this paper, we present estimates of the disposition of the free cash generated by home equity extraction to finance consumer spending, outlays for home improvements, debt repayment, acquisition of assets, and other uses. We estimate free cash as cash available net of closing costs and repayment of other mortgage debt. We also have extended the quarterly data series for gross equity extraction, presented in our earlier paper, back to 1968.
Correction for Scattered Radiation in a Ring Detector Positron Camera by Integral Transformation of the Projections

A “deconvolution” algorithm for the determination of the scatter contribution in positron emission tomography is described. The projected distributions of scattered radiation measured with a line source at different positions in water phantoms are described analytically. It is shown that an integral transformation of the observed projections with a slightly modified analytical function gives an adequate description of the scattered radiation. The scatter distribution from any composite object can thus be calculated and subsequently subtracted. The algorithm is tested on different objects. The result shows that the level of scattered radiation can be reduced from 25 to 1% of the total count rate in the center of the projection from a homogeneous phantom.
Predistortion of Radio Over Fiber Links: Algorithms, Implementation, and Measurements

Distributed antenna systems (DASs) have been proposed for use in high-data-rate wireless communications. Connecting the central unit to remote antenna units, radio over fiber (RoF) links become essential parts of the DAS. One of the major problems in the RoF links is the nonlinear distortion experienced in its optoelectronic devices. This paper considers the adaptive compensation of the nonlinear RoF link. In particular, we present an extension to the conventional least-mean-square algorithm for memory-polynomial-based predistortion. In addition, we study different combinations of the algorithms for the predistortion. Moreover, we implement the adaptive predistorter in hardware, build a real RoF link, and verify the performance by measurements. The results demonstrate that distortion of the RoF link can be considerably diminished with a low complexity design.
Corporate Governance Practices in Flemish Family Businesses

Corporate governance practices in family businesses (FB) remain a research domain with many unsolved questions. Nonetheless, researchers agree that corporate governance practices are important for family-backed companies. Different family ownership structures and different family generations influence the governance structures installed. So far, no research has been conducted on corporate governance characteristics among Flemish family companies. This study explores the relationships between ownership structure, board and management practices to find out where Flemish family businesses differ from non-family businesses (NFB). Additionally, this research investigates to what extent differences can be found within the group of family businesses based on family ownership and family generation. Copyright Blackwell Publishers Ltd 2002.
Mandatory retirement age and age discrimination

This article considers the issues raised by the proposed abolition of the mandatory retirement age as a result of the Equal Treatment Directive, 2000/78/EC, and of proposed Age Discrimination in Employment Regulations. It argues that there are a number of distinctive retirement ages, namely, the contractual retirement age, the pensionable retirement age and the actual or normal retirement age. These may coincide or they may occur at different times, but it is only the contractual retirement age that is likely to be abolished by the Regulations. Their effect upon the retirement age will therefore be limited. As part of the research for this article a number of TUC affiliated trade unions were interviewed in order to gain an employee perspective of the issues surrounding the abolition of mandatory retirement ages.
Half-Life Estimation under the Taylor Rule ∗

This paper addresses two perennial problems in the existing Purchasing Power Parity (PPP) literature, namely, unreasonably long half-life estimates of PPP deviations (Rogoff, 1996) and extremely wide confidence intervals for half-life point estimates (Murray and Papell, 2002). One answer to these problems can be found in the work of Kim, Ogaki, and Yang (2003), who used a system method and estimated much shorter half-lives than Rogoff’s “Remarkable Consensus” of 3 to 5 year half life, though with limited efficiency improvements. Rather than following these authors in using a money demand function, we incorporated a forward-looking version of the Taylor Rule into a system of exchange rates and inflation. In so doing, we obtained a substantial improvement in efficiency, as well as reasonably short half-lives for PPP deviations. Our model also indicates that real exchange rate dynamics may differ greatly, depending on the pattern of systematic central bank responses to the inflation rate.
The Multiple Streams Framework and the problem broker

John Kingdon's Multiple Streams Framework (MSF) constitutes a powerful tool for understanding the policy process, and more specifically, agenda-setting, through three separate streams: problems, policies and politics. This article argues that the MSF would benefit from further development of the problem stream. It introduces a clearer conception of agency into the problem stream by suggesting the inclusion of the problem broker. The problem broker is a role in which actors frame conditions as public problems and work to make policy makers accept these frames. The problem broker makes use of knowledge, values and emotions in the framing of problems. The use of these three elements is seen as a prerequisite for successful problem brokering – that is, for establishing a frame in the policy sphere. Other important factors are: persistence, access to policy makers, credibility and willingness. Problem brokers also need to know who to talk to, how and when in order to make an impact. The context, in terms of, for example, audience and national mood, is also crucial. The inclusion of the problem broker into the MSF strengthens the analytical separation between streams. According to Kingdon, policies can be developed independently from problems. The MSF, therefore, enables a study of policy generation. The inclusion of the problem broker, in the same sense, makes it possible to investigate problem framing as a separate process and enables a study of actors that frame problems without making policy suggestions. The MSF is, in its current form, not able to capture what these actors do. The main argument of this article is that it is crucial to study these actors as problem framing affects the work of policy entrepreneurs and, thereby, agenda-setting and decision making.
Intergenerational Transfers and Savings

In recent years the role of intergenerational transfers in the process of wealth accumulation has been the subject of substantial empirical and theoretical analysis. The key question stimulating this research is what is the main explanation for savings? Is it primarily accumulation for retirement as claimed by Albert Ando, Richard Brumberg, and Franco Modigliani in their celebrated Life Cycle Model of Savings? Is it primarily intentional accumulation for intergenerational transfers? Or is it primarily precautionary savings, much of which may be bequeathed because of imperfections in annuity markets? This paper examines a range of findings on the importance of intergenerational transfers. The strong conclusion that emerges from this evidence is that intergenerational transfers play a very important, if not a key, role in aggregate wealth accumulation. While intergenerational transfers figure very large in savings, the precise motivation for such transfers is unclear. Intergenerational altruism might appear the most likely candidate, but at least sane stylized facts, such as the equal allocation of bequests among children, are strongly at adds with the altruism model. Other explanations involving imperfect insurance arrangements or payments for child services do not appear capable of explaining the substantial amounts of transfers actually observed. Sorting cut the relative contributions of different models to intergenerational transfers and the precise role of intergenerational transfers in the process of wealth accumulation remains an intriguing and exciting enterprise.