Miracle-dz/UniFAR-FTUs huggingface dataset:
Impact of Dividend Policy on Share Price Valuation in Nigerian Banks

This study investigated the impact of dividend policy on share price valuation in Nigerian banks. This was done by utilising data on two banks operating in the Nigerian economy (GTBank and United Bank for Africa). The data used for this study are market price, dividend yield and retention ratio. Market price was the dependent variable while dividend yield and retention ratio were included in the independent variables. In order to accomplish the set out objectives of this study, two research hypotheses (H o1 - H o2 ) were formulated which were tested via a number of analytical techniques. These are the ADF Unit Root Test and the ordinary least squares test. These tests were carried out with the aid of e-views software package. Based on the results gotten, the null forms of both hypotheses were rejected while the alternate forms were accepted. The results revealed that dividend yield had a significantly positive effect on share price while retention ratio was found to have a significantly negative effect on it. The study ended by giving recommendations which include: Banks should ensure that they have an optimal robust dividend policy in place. Regular update of records of shareholders should be made to avoid a deliberate diversion or undue retention of unclaimed dividend warrants. Government should set up a body that will help to manage unclaimed dividends and also ensure that situations that give rise to such are minimized Keywords: Share-price, Dividend Policy, Dividend yield, Retention ratio
Importance of the conserved aromatic residues in the scorpion alpha-like toxin BmK M1: the hydrophobic surface region revisited.

About one-third of the amino acid residues conserved in all scorpion long chain Na+ channel toxins are aromatic residues, some of which constitute the so-called "conserved hydrophobic surface. " At present, in-depth structure-function studies of these aromatic residues using site-directed mutagenesis are still rare. In this study, an effective yeast expression system was used to study the role of seven conserved aromatic residues (Tyr5, Tyr14, Tyr21, Tyr35, Trp38, Tyr42, and Trp47) from the scorpion toxin BmK M1. Using site-directed mutagenesis, all of these aromatic residues were individually substituted with Gly in association with a more conservative substitution of Phe for Tyr5, Tyr14, Tyr35, or Trp47. The mutants, which were expressed in Saccharomyces cerevisiae S-78 cells, were then subjected to a bioassay in mice, electrophysiological characterization on cloned Na+ channels (Nav1.5), and CD analysis. Our results show an eye-catching correlation between the LD50 values in mice and the EC50 values on Nav1.5 channels in oocytes, indicating large mutant-dependent differences that emphasize important specific roles for the conserved aromatic residues in BmK M1. The aromatic side chains of the Tyr5, Tyr35, and Trp47 cluster protruding from the three-stranded beta-sheet seem to be essential for the structure and function of the toxin. Trp38 and Tyr42 (located in the beta2-sheet and in the loop between the beta2- and beta3-sheets, respectively) are most likely involved in the pharmacological function of the toxin.
Assessing Personality Factors in Essential Hypertension with a Brief Self‐Report Instrument*

&NA; A 16‐item self‐report instrument was designed and cross‐validated, comparing essential hypertensives with normotensives. After item selection using two sets of standardization groups, scores obtained from three additional sets of hypertensive and normotensive groups were significantly different. The scores were not significantly related to variables such as age, sex, socioeconomic status, hypochondriasis, social desirability or target organ involvement. The instrument's factorial structure for hypertensives consisted of factors labeled anger arousal, resentment, anxiety, and attention seeking. Hypertensives reported higher levels of hostility and anxiety than normotensives. High and low scoring subgroups on the instrument were examined on the 16 PF, with hypertensive high scorers demonstrating a different profile than low scoring hypertensives. The existence of two psychological types of essential hypertensives was suggested.
Interactions of pyridostigmine bromide, DEET and permethrin alter locomotor behavior of rats.

Drug interactions have been suggested as a cause of Gulf War Syndrome. Pyridostigmine bromide (PB), a prophylactic treatment against potential nerve gas attack, the insect repellent DEET, and permethrin (PERM) impregnated in soldiers' uniforms may have interacted and caused greater than expected toxicity. We tested those 3 drugs singly and in combinations on male and female Sprague-Dawley rats in open field arenas to find the effects on rate of locomotion and thigmotaxis. Administration rates were 10 mg PB/kg; 50, 200, or 500 mg DEET/kg; 15, 30, or 60 mg PERM/kg; 5 mg PB/kg + 100 mg DEET/kg; 5 mg PB/kg + 15 mg PERM/kg; 100 mg DEET/kg + 15 mg PERM/kg; or vehicle by gavage and i.p. injection. Locomotor behavior was quantified by video-computer analysis for 2 h post-treatment. Female rats were tested in either pro- or metestrus. Drug interactions were determined by the isobolographic method. Blood serum drug concentrations were estimated by high performance liquid chromatography or gas chromatography-mass spectrometry. Single drug effects were very limited within the ranges tested. Double-drug administrations at half the single-drug rates resulted in statistically significant interactions in male rats for both locomotion rate and thigmotaxis. Combination of PB + PERM and DEET + PERM significantly affected speed, whereas only the combination of DEET + PERM significantly affected thigmotaxis. Female rats did not show significant interactions. Our data suggest that serum concentrations of PB and DEET may have been higher in females than males. Administration of PB + DEET may have reduced the serum concentration of DEET, and administration of PB + PERM may have increased the serum concentration of PERM.
The prevalence of and risk factors for hypertension in adults living in Istanbul

The prevalence of and risk factors for hypertension were determined among habitants in the European side of Istanbul who are 25 years and older. Eight administrative districts were selected with the method of simple random sampling. The participants were selected through systematic calling from address lists. Between 17 and 22 June 2002, the questionnaires were applied to the participants in a face‐to‐face interview; then arterial blood pressures, body weights and heights of the participants were measured. Of 423 adults participating in the study, 35.5% were hypertensive; 35.9% were obese, 27.9% were overweight and 2.1% were underweight. Risk factors for hypertension such as age, gender, educational status, social security, family history of hypertension and cardiovascular disease, medical history of diabetes and congestive heart failure, smoking and alcohol use, and body mass index in the hypertensive and non‐hypertensive groups were investigated by means of logistic regression analysis. Age [odds ratio (OR): 5.20, 95% confidence interval (CI): 2.18–12.40], body mass index (OR: 2.22, 95% CI: 1.57–3.16) and smoking (OR: 0.72, 95% CI: 0.55–0.95) were found to be correlated with hypertension. The results showed that the prevalence of hypertension was high in Istanbul, and obesity, being overweight and advanced age were the risk factors for hypertension.
CHANGES IN THE STOCK PRICE REACTION OF SMALL FIRMS TO COMMON INFORMATION

We hypothesize that changes in the technological and regulatory environment result in a more rapid response to marketwide information by small firms. We find that the correlations between small‐firm returns and lagged large‐firm returns decline over time, which suggests an increase in the efficiency of capital markets. Similar lead‐lag patterns are found in the returns of portfolios sorted by dollar trading volume. The price response of low‐volume stocks improves over time in much the same way as that of small‐capitalization stocks.
Finding the best location for pumping stations in the Galovica drainage area of Serbia: the AHP approach for sustainable development

The paper proposes a new approach for sustainability appraisal in development projects in Serbia by using the analytic hierarchy process as a group decision-making framework. Selection of the most acceptable location for pumping stations in the Galovica drainage area is chosen for the case study. Three experts (an ecologist, a hydro-engineer and a local authority representative) evaluated three alternative locations regarding technical, economical, environmental and social criteria. Sensitivity analysis shows that the group decision will remain stable unless the importance weight of the hydro-engineer is set to 0.9 or higher. Copyright © 2007 John Wiley & Sons, Ltd and ERP Environment.
DYNAMIC RELATIONSHIP BETWEEN SECTOR-SPECIFIC INDICES AND MACROECONOMIC FUNDAMENTALS

This study focuses on the issue of long-run and short-run relationships between sector-specific indices of Bursa Malaysia and macroeconomic variables. The traditional variable under observation in analyzing stock market performance has been an aggregate stock market index. However, the application of an aggregate index could lead to misleading interpretation on the actual performance of each sector in Bursa Malaysia. Therefore, the main objective of this study is to analyze the dynamic properties of the relationship between sector-specific indices of Bursa Malaysia and macroeconomic variations. The sectoral indices of Bursa Malaysia selected for this study are namely, Construction, Plantation, Consumer Product, Finance, Industrial Product, Mining, Hotel, Property and Trading and Services. The macroeconomic variables are represented by real economic activity, interest rate, inflation rate, money supply and exchange rate. The monthly data series of the macroeconomic variables and stock market indices are obtained for the period from 1993 to 2006. This study has identified various trends of responses among the sector-specific indices towards the innovation in macroeconomic variables. The results suggest that unanticipated changes in macroeconomic variables could lead to similar patterns in some of the sector-specific indices with the effects differing mainly in terms of speed of adjustments towards equilibrium level in the long-run.
Workplace partnership and professional workers: ‘about as useful as a chocolate teapot’?

The labour processes and employment relations that characterise the working conditions of many professional workers might be expected to generate the high-trust environment required for cooperative, partnership-style management–union relations. However, few studies have focused on partnership in ‘professional’ and ‘expert labour’ employment sectors. This paper assesses the efficacy of partnership through the lens of manager, union and employee attitudes at three cases studies notable for employing high numbers of staff in the professions and ‘marginal professions’. The analysis focuses on the nature of the cooperative relationship between union representatives and management (categorised as either ‘nurtured’ or ‘coerced partnership’), whether unions in these settings are able to expand the range and scope of their influence, and whether professional workers themselves display positive attitudes to cooperative union forms. The study finds that in all three cases the ‘partnership’ union is seen by its members as a weak, insubordinate entity in terms of collective influence over management policy though in the two ‘nurturing’ cases they see it to be more effective for individual member representation.
Applying water soft path analysis in small urban areas: four Canadian case studies

Water soft paths begin from the vision that future water management has more to gain from reducing demand than from increasing supply. This article reviews three case studies of water soft path analysis in small urban areas in Canada, and one study of an urban planning process incorporating soft path concepts. The analytical studies indicate how communities can avoid the need for expansion of water infrastructure with negligible impacts on lifestyles or livelihoods. The planning study demonstrates that it is possible to introduce water soft paths early in a review, and that this will stimulate more ecologically sensitive thinking among citizens, officials and political leaders. Similar conclusions can be expected from soft path studies in urban areas elsewhere in the developed world.
Comparative activities of 13 beta-lactam antibiotics

An agar dilution method was used to measure the minimal inhibitory concentrations of 13 beta-lactam antibiotics against 868 recent human clinical isolates. Most members of the Enterobacteriaceae were susceptible to cefoperazone, ceftazidime, moxalactam, N-formimidoyl thienamycin, ceftriaxone, and ceftizoxime. Cephalothin was the most active antibiotic against Staphylococcus aureus. Most strains of Pseudomonas aeruginosa were inhibited by ceftazidime, N-formimidoyl thienamycin, and cefsulodin. N-Formimidoyl thienamycin was active against all of the species tested.
Global multifunctional agriculture: transitional convergence between North and South or zero-sum game?

There is much debate about the ‘exportability’ of theories developed in advanced economies to developing countries. This issue is assuming particular importance for debates on the exportability of the notion of ‘multifunctional’ agriculture. By focusing on recent conceptualizations of multifunctionality that see it as a normative concept ranging from weak to strong multifunctionality, this paper argues that, with some modifications, the notion of multifunctional agriculture can be applied to both the developed and developing world. Based on these concepts, the paper investigates whether and how multifunctionality pathways differ between the developed and developing world, to what extent strong multifunctionality pathways in one area may be predicated on weak multifunctionality in another (global agricultural multifunctionality as a zero-sum game or as a win-win situation), and how the global transition towards strong multifunctionality could best be managed and by whom.
Risk of serious adverse events associated with biologic and nonbiologic psoriasis systemic therapy: patients ineligible vs eligible for randomized controlled trials.

OBJECTIVE To describe the use of systemic therapy for psoriasis (biologic and nonbiologic [classic] drugs) in patients not adequately represented in randomized controlled trials (RCTs) and the risk of serious adverse events (SAEs) in these patients. DESIGN A registry inception cohort was used. SETTING Thirteen dermatology departments in Spain participated. PATIENTS A consecutive sample of patients treated with biologics and a systematic sample of patients treated with classic systemic therapy were evaluated. A total of 1042 patients (2179 person-years) were included. EXPOSURE Inadequate representation in trials was defined as the presence of any of the following factors: elderly age (>70 years); type of psoriasis other than chronic plaque psoriasis; history of infection caused by hepatitis B, hepatitis C, or human immunodeficiency virus; history of cancer (excluding nonmelanoma skin cancer); and chronic renal or hepatic disease. MAIN OUTCOME MEASURES Serious adverse events as defined by the International Conference on Harmonization were evaluated. RESULTS In all, 29.8% of patients receiving systemic therapy for psoriasis would not have been eligible for RCTs. These individuals had an increased risk of SAEs (incidence rate ratio, 2.7; 95% CI, 1.5-4.7). Patients exposed to biologics had an adjusted increased risk of SAEs (incidence rate ratio, 2.3; 95% CI, 1.1-4.8) that was similar in patients eligible and ineligible for RCTs. CONCLUSIONS Patients ineligible for RCTs are an important proportion (30%) of those receiving systemic therapy for psoriasis. These patients have a higher risk of SAEs and should be closely monitored. Patients exposed to biologics (whether these patients are eligible for RCTs or ineligible) are susceptible to the same increase in risk of SAEs, but biologics add to a higher baseline risk in patients who are ineligible for RCTs. The risk-benefit ratio in ineligible patients receiving biologics might be different from the ratio in eligible patients.
R&D Capitalization and Reputation-Driven Real Earnings Management

Prior research finds that mandatory expensing induces underinvestment in research and development (R&D). The current study investigates whether capitalization can also create R&D investment problems. Abandoning a capitalized project requires asset impairment, a negative reporting effect which could damage managers’ reputations. In an experiment utilizing MBA student participants, I find that managers responsible for initiating an R&D project are more likely to overinvest when R&D is capitalized. I show that high self-monitors (those most likely to alter their behaviors to convey a positive image) are most likely to overinvest, suggesting that reputation concerns contribute to this behavior. A follow-up survey reveals that, when R&D is capitalized, experienced executives anticipate overinvestment and expect project abandonment to have a stronger negative impact on the responsible manager’s reputation and future prospects at their firm. The results suggest that managers are held responsible for the external reporting consequences of their projects, such that mandating R&D capitalization may not reduce real earnings management.NOTE: The survey section of this paper has been partially retracted as part of the large number of retractions related to data collected by James Hunton. I have replicated this data in Seybert (2015) which is available on SSRN at http://ssrn.com/abstract=2616810 Seybert (2010) can still be referenced and cited as usual but the conclusions drawn should be confined to the experimental results. Conclusions based on the survey results should instead reference Seybert (2015).
Portfolio management with transaction costs

It is known that the optimal trading strategy for a certain portfolio problem featuring fixed transaction costs is obtained from the solution of a free boundary problem. The latter can only be solved with numerical methods, and computations become formidable when the number of available securities is larger than three or four. This paper shows how a transformation of the free boundary problem together with an asymptotic analysis (performed about the solution when the transaction cost is zero) leads to solutions which are shown to be good approximations for cases which can be solved by numerical methods. These approximately optimal trading strategies are easy to compute, even when there are many risky securities, as is illustrated for the case of the 30 Dow Jones Industrials.
Effects of Soft Loans and Credit Guarantees on Performance of Supported Firms: Evidence from the Czech Public Programme START

The purpose of this article was to conduct an empirical evaluation of the Czech public programme START, which was funded from the European Regional Development Fund. The programme lasted from 2007–2011, and supported new entrepreneurs through the zero interest soft loans and credit guarantees. The counterfactual analysis (using three matching techniques: propensity score, nearest neighbour, and kernel) was conducted on the firm level and investigated the changes in financial performance (net profits, return on assets (ROA), return on equity (ROE), sales, assets turnover, and debt ratio) of the supported firms four years after the end of intervention. The obtained findings could not support the hypothesis assuming a positive impact of the programme on the firm’s performance. On the contrary, supported companies reported on average lower sales and lower return on assets, when compared to the control group. The remaining variables could not prove any statistically significant impact of the programme. Indicators measuring firm’s profitability (net profit, return on assets, and return on equity) suggested a negative influence of the programme and the variable representing debt ratio further indicated that firms that were supported by the programme reported on average higher debt ratio in comparison with the control group. Several policy implications are discussed in the study.
'Big Bang' Deregulation and Japanese Corporate Governance: A Survey of the Issues

In November 1996, Japanese Prime Minister Hashimoto announced a Big Bang policy to deregulate Japanese financial markets. Following a period of planning, implementation of the Big Bang began in April 1998 when all remaining restrictions on foreign exchange transactions were removed. It is scheduled to continue through March 2001. A listing of the deregulation agenda is dominated by measures to remove restrictions on how banks and securities firms do business and allow cross-entry of banks, securities firms, and insurers into each others’ businesses (Table 12.1).
Exchange Rate Dynamics and Fundamental Equilibrium Exchange Rates

The paper investigates if the most popular alternative to the purchasing parity power approach (PPP) to estimate equilibrium exchange rates, the fundamental equilibrium exchange rate (FEER) influences exchange rate dynamics in the long run. For a large panel of industrialized and emerging countries and on the period 1982-2007, we detect the presence of unit roots in the series of real effective exchange rates and in the series of FEERs. We find and estimate a cointegration relationship between real effective exchange rates and FEERs. The results show that the FEER has a positive and significant influence on exchange rate dynamics in the long run.
An investigation of associations between alcohol use disorder and polymorphisms on ALDH2, BDNF, 5‐HTTLPR, and MTHFR genes in older Korean men

This study aimed to investigate the association of alcohol use disorder (AUD) with four candidate genes in older Korean men: aldehyde dehydrogenase 2 (ALDH2, 1/2), brain‐derived neurotrophic factor (BDNF, val66met), serotonin transporter gene linked polymorphic region (5‐HTTLPR, s/l), and methylenetetrahydrofolate reductase (MTHFR, c.677C > T).
Properties of the Most Diversified Portfolio

This article expands upon “Toward Maximum Diversification” by Choueifaty and Coignard [2008]. We present new mathematical properties of the Diversification Ratio and Most Diversified Portfolio (MDP), and investigate the optimality of the MDP in a mean-variance framework. We also introduce a set of “Portfolio Invariance Properties,” providing the basic rules an unbiased portfolio construction process should respect. The MDP is then compared in light of these rules to popular methodologies (equal weights, equal risk contribution, minimum variance), and their performance is investigated over the past decade, using the MSCI World as reference universe. We believe that the results obtained in this article show that the MDP is a strong candidate for being the un-diversifiable portfolio, and as such delivers investors with the full benefit of the equity premium.
Peacock and Wiseman's displacement hypothesis: some new long-run evidence for the UK

This article presents new evidence on the ability of Peacock and Wiseman's displacement hypothesis to explain temporal increases in the ratio of government expenditure to Gross Domestic Product (GDP) in the UK. Using univariate modelling techniques that are robust to structural changes in the underlying data generating process and a data set extending back to 1836, we find four instances where the ratio of expenditure to GDP displays an evidence of a structural break. Two of these breaks coincide with major social upheavals as predicted by the displacement hypothesis.