Miracle-dz/UniFAR-FTUs huggingface dataset:
Equity Issuance, CEO Turnover and Corporate Governance

There is substantial evidence on the effect of external market discipline on chief executive turnover decisions in poorly performing companies. In this study we present evidence on the role of institutional monitoring in these decisions through the equity issuance process. We find that firms which undertake equity offerings are associated with an increased rate of forced CEO turnover that is focused on the managers of poorly performing companies. At the same time, equity offerings increase the likelihood of a new CEO being appointed from outside the current management team. We also provide evidence that independent boards are more likely to forcibly remove CEOs from their position, although this is not conditional on poor performance.
Example-Based Reasoning and Fact-Weighting Guidance in Accounting Standards

The provision of examples as implementation guidance is pervasive in accounting standards. Prior research has established that preparers engage in “example-based reasoning,” a tendency to favor the accounting treatment in an example, even when the example does not exactly match the transaction at hand. In this paper, we investigate whether fact-weighting guidance counteracts this tendency. Such guidance, now found in some accounting standards, indicates whether particular transaction facts are more important than others in determining the appropriate accounting treatment. Using an experiment, we find that fact-weighting guidance does reduce preparers’ tendency to favor the accounting treatment in an example. However, results also suggest that some degree of example-based reasoning persists even with fact-weighting guidance, and that preparers are not fully aware of how fact-weighting guidance affects their judgments. Our findings have practical implications. They suggest to standard setters a potential remedy — namely, fact-weighting guidance — for the misuse of accounting examples. They also provide insights to accounting preparers regarding how fact-weighting guidance influences their judgments in ways they may not anticipate.
The hustle: citizenship practice, NGOs and 'policy coalitions' in the European Union - the cases of Auto Oil, drinking water and unit pricing

European citizenship is underdeveloped and requires for its entrenchment a greater range of advocates and evidence of its utility. This article analyses the lobbying undertaken by non-governmental organizations (NGOs) in four case study directives in order to establish whether such organizations can affect policy outcomes and thus serve as credible ambassadors for European Union (EU) citizenship. It argues that such is in fact the case, but that lobbying success depends on membership of fastchanging and issue-specific alliances usually constructed on an ad hoc basis – ‘policy coalitions’. The article sets out a model of the latter, contrasting it with Sabatier’s model of the advocacy coalition which appears unable entirely to encapsulate the entrepreneurial dynamics of EU decision-making.
A note on growth curves for the ostrich ( Struthio camelus )

The Gompertz equation was used to compute growth curves for three groups of ostriches (Struthio camelus), from Oudtshoorn in South Africa, the Namib desert in Namibia and from Zimbabwe. All were reared under typical intensive farm conditions with ad libitum feeding. There were no significant differences in mature mass between regions but the maximum daily weight gain for males occurred later (day 163) for Oudtshoorn birds, compared with day 121 for Namibian and day 92 for Zimbabwean. Oudtshoorn females reached maximum rate of gain on day 175 compared with day 115 for Namibian and day 114 for Zimbabwean. Comparisons might prove important when planning programmes for the genetic improvement of commercial flocks, but possible influences of food composition and environment should be investigated.
TAX EFFICIENCY AND QUALITY/QUANTITY TRADE‐OFFS IN DEFENSE PROCUREMENT

In the defense policy literature, it is widely believed that there is a pronounced bias towards the procurement of a less than optimal number of excessively sophisticated weapons. In this paper, we consider the possibility that this perceived bias is the result of the timing and informational structure of defense procurement decisions, and the interrelationship of this structure with overall fiscal policy. Specifically, this paper presents a model that suggests that tax smoothing considerations of the type first articulated in Barro (1979) could lead social welfare maximizing decision makers to choose a higher level of weapon quality than would be optimal if government revenue could be raised without resort to distortionary taxation. *The authors would like to thank Alan Viard of the Dallas Federal Reserve Bank, participants in the 2005 Ne'eman Institute Seminar in the Economics of National Security at Tel Aviv University, and two anonymous referees for their comments and insights.
The cohesion effect of structural equivalence on global bilateral trade, 1948–2000

This article bridges two important approaches in the study of global trade – social network analysis and the gravity model – and examines how countries’ structural locations in the global trade network influence bilateral trade from 1948 through 2000. The authors identify a cohesion effect of structural equivalence (the degree to which two nodes have similar ties with other nodes in the network) in global trade: two structurally equivalent countries develop more bilateral trade even after controlling for conventional dyadic factors. This is because common trading ties with other countries promote similar sociocultural values, information flows, and converging institutions, thereby boosting bilateral trade. The authors further demonstrate that the cohesion-generating role of structural equivalence has become more salient over time in the increasingly complex global trade network. Overall, this study shows that bilateral trade is embedded within the structural context of the overall global trade network, and this structural effect is historically contingent on the evolving nature of global economic activities.
Knowledge Linkage

Research subjects are indicative of problem areas amongst which knowledge traffic occurs and networks form in a scientific community. This article presents a social network analysis of tourism dissertation subjects based on ProQuest Dissertations and Theses–Full Text database (1994-2008). The study suggests an openness and vibrancy of tourism as a domain of knowledge from a social network perspective. Longitudinal examinations revealed a structural change in its knowledge development. Twenty-one subjects were identified as subdomains in this dynamic and interconnected knowledge system. The article also discusses the relationships between subject areas and doctoral program distributions for tourism research at North American institutions. Results of the study contribute to discussions on scientific community and knowledge networks in interdisciplinary tourism studies.
Realising energy-aware communication over fading channels under QoS constraints

There exists a trade-off between energy consumption and spectral efficiency in wireless communication systems under quality of service (QoS) constraints. This paper studies the use of effective capacity theory to characterise the maximum supported channel capacity over fading channels whilst considering both QoS constraints and energy consumption. Moreover, a generalised fading channel model, i.e., the hyper Fox's H fading model, is considered that includes many practical fading channel models as special cases, e.g., Rayleigh, Rician, Weibull and Nakagami-m fading channel models. The results are readily applicable to design energy-aware communication systems over fading channels with QoS constraints, e.g., wireless sensor networks and smart grid communication systems.
The role of investee company managers in business angels' involvement: empirical insights from dyadic data

This article explores the roles that the managing directors (MDs) of investee companies play in influencing the post-investment involvement of their business angels (BAs). Primary data were collected from four matched BA–MD dyads, which were purposefully selected according to the BAs’ level of post-investment involvement. The dyadic parties were interviewed independently from one another on four occasions over the period of one year. Interview questions were loosely structured around involvement and interaction. Coding and extensive iterative cross-case comparisons resulted in the emergence of four key themes relating to MDs' roles in involvement: MDs' responsiveness to involvement; MDs' communication of/feedback on their responses to involvement; MDs' reactions to queries from their BAs; and MDs' roles in initiating involvement activities. The article explores each of these roles by providing insights into the qualitative data in comparison with extant literature surrounding those themes. The article concludes with a number of propositions which suggest that (i) MDs play a ‘gatekeeper’ role which requires them to be responsive if the involvement of the investor in the business is to occur, and for the investor to add value; (ii) BA–MD interactions are affected by the quality of MDs' feedback in case of non-responsiveness, the way in which MDs react to queries from their investors and the MDs' attitudes towards learning from BAs; (iii) BAs expect their involvement to be acknowledged and (iv) MDs can initiate involvement themselves. The study further shows that involvement is not a purely investor-centred concept, which is an insight that needs to be investigated further, on a larger scale and with the help of a conceptual framework.
The Pricing of Oil and Gas: Some Further Results

The Hotelling Valuation Principle (HVP) implies that the unit value of an exhaustible natural resource can be written as a function of its current price, net of extraction costs; other variables such as interest rates have no additional explanatory power. The results of earlier tests using data from 1979-1981 strongly support the HVP. This paper presents a series of follow-up tests using time-series cross-section data covering the period August 1981 to December 1983. Because the variance of petroleum prices in this period was substantially less than in the earlier period, the follow-up sample proved generally noninformative. The sample also contains some observations on oil and gas royalty trusts. Tests of the HVP using these trust data yielded generally satisfactory results, although-given the limited sample size-the results must be viewed with caution. THE PURPOSE OF THIS paper is to present follow-up tests of the Hotelling Valuation Principle (HVP) for exhaustible resources. The HVP and the earlier tests are described in detail in an earlier paper (Miller and Upton [5]), and we will limit ourselves here to a brief summary. The principle that the unit price of an exhaustible natural resource (less the marginal cost of extraction) will tend to rise at the rate of interest was first stated by Harold Hotelling [2]. It follows from intertemporal profit maximization on the part of a price-taking owner of an exhaustible natural resource: if the unit price of resources, net of extraction costs, is expected to rise by less than the rate of interest, why not extract it now; and if it will rise by more, why extract any today? The Hotelling Principle has become the standard paradigm for natural resource economics, although perhaps more from the absence of any viable alternative than from strong empirical validation. Earlier tests of the Hotelling Principle, generally based on time series of resource prices, have yet to provide convincing support.
Human Capital Measurement: A Survey

After a short history of the concept of human capital (henceforth HC) in economic thought ( Section 1 ), this study presents the two main methods for estimating the value of the stock of HC - the retrospective and prospective one - with a review of the models proposed ( Section 2 ). These methods are linked both to the theory of HC investment as a rational choice ( Section 3 ), the literature analysing the contribution of HC investment to economic growth and the HC estimating method through educational attainment ( Section 4 ). The more recent literature on HC as a latent variable is also assessed ( Section 5 ) and a new method of estimation where HC is seen both as an unknown function of formative indicators and as a 'latent effect' underlying earned income is proposed ( Section 6 ). Section 7 concludes. Copyright © 2010 Blackwell Publishing Ltd.
MIMO Transmission Using a Single RF Source: Theory and Antenna Design

An approach for transmitting multiple signals using a single switched parasitic antenna (SPA) has been recently reported. The idea there is to map the signals to be transmitted onto a set of basis functions that serve as “virtual antennas” in the beamspace (i.e., wavevector) domain. In this paper, we generalize the derivation of the antenna pattern basis functions regarding a three-element SPA of arbitrary radiating elements, within a symmetric array topology, for multiplexing signals in the wavevector domain (using different beampatterns) rather than in the hardware antenna domain with multiple feeding ports. A fully operational antenna system example is modeled, optimized regarding its return loss and the power imbalance between the basis functions, and finally realized. The measurements of the SPA show good agreement with the simulated target values, revealing an accurate design approach to be adopted as a fast SPA prototyping methodology. The SPA has been successfully employed for multiplexing two binary phase-shift-keying (BPSK) datastreams over-the-air, thus paving the way for practically compact and highly efficient MIMO transceiver designs.
A retrospective study of ampullary adenocarcinomas: overall survival and responsiveness to fluoropyrimidine-based chemotherapy.

BACKGROUND Whether carcinomas of the ampulla of Vater should be classified with biliary tract tumors and treated in a similar manner remains unknown. We sought to compare the outcomes of similarly staged periampullary adenocarcinomas (AAs) and analyze the chemotherapy responsiveness of AAs. PATIENTS AND METHODS A total of 905 patients with resected periampullary adenocarcinomas were identified from a prospective surgical registry from 1988 to 2010. A second cohort of 64 metastatic AA patients from 1992 to 2009 who received either front-line fluoropyrimidine-based or gemcitabine-based chemotherapy was also identified. RESULTS Overall survival (OS) for AAs was similar to survival with duodenal adenocarcinomas, but was significantly different from both extrahepatic biliary and pancreatic adenocarcinomas (P < 0.001 for each comparison). In multivariate analysis, AAs had a significantly improved OS in comparison with extrahepatic biliary adenocarcinomas (HR = 1.97, P = 0.006). Fluoropyrimidine-based as opposed to gemcitabine-based chemotherapy for metastatic AAs resulted in a significant improvement in time to progression (P = 0.001) but only a trend toward benefit for OS (P = 0.07) in multivariate analysis. CONCLUSIONS Differences in the natural history of ampullary and extrahepatic biliary adenocarcinomas exist. Analyses of metastatic ampullary adenocarcinomas suggest that fluoropyrimidine-based chemotherapy may represent a more appropriate front-line chemotherapy approach.
Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs

This paper investigates the impact of the asymmetric shocks within a currency union in a framework that takes account of the zero bound constraint on policy rates, and also allows for constraints on fiscal policy. In this environment, we document that the usual optimal currency argument showing that the effects of shocks are mitigated to the extent that they are common across member states can be reversed. Countries can be worse off when their neighbors experience similar shocks, including policy-driven reductions in government spending.
Perspectives for the textiles and clothing industry in Greece: Past experience, outlook and policy implications

The liberalization of trade in Textiles and Clothing (T&C) had substantial adverse effects on the Greek T&C industry. The elimination of export quotas affected production levels, exports, prices and employment in the sector. Using past research results we explore how the MultiFiber Agreement (MFA) and the, subsequent, Agreement on Textiles and Clothing (ATC) regime affected producers’ welfare in Greece. Given the recent developments, after the 2005 termination of the ATC, we explore the applicability of a policy model. Innovations adopted in the production process, new cost-efficient technologies and workers’ training are the keystone factors in establishing a competitive industry for the future.
Is the Ak Model Still Alive? The Long-Run Relation between Growth and Investment Re-Examined

To explore the empirical validity of -type endogenous growth models, the long-run relation between growth and investment is examined. Contrary to Jones's (1995) findings, the broadly measured rate of investment exerts a long-run positive effect on the growth rate. This result is supported by evidence from twenty-four OECD countries, 1950-92, and five major industrialized countries, 1870-1987. The panel-data evidence from OECD countries also supports an extended model based on the Uzawa (1965) / Lucas (1988) two-sector model with transitional dynamics. These findings suggest that the long-run relation between growth and investment is consistent the model.
Effect of prolonged gelling time on the intrinsic properties of barium alginate microcapsules and its biocompatibility

Pericapsular fibrotic overgrowth (PFO) may be attributed to an immune response against microcapsules themselves or to antigen shedding through microcapsule pores from encapsulated islet tissue. Modification of microcapsules aimed at reducing pore size should prevent PFO and improve graft survival. This study investigated the effect of increased gelling time (20 vs. 2 min) in barium chloride on intrinsic properties of alginate microcapsules and tested their biocompatibility in vivo. Prolonged gelling time affected neither permeability nor size of the microcapsules. However, prolonged gelling time for 20 min produced brittle microcapsules compared to 2 min during compression test. Encapsulation of human islets in both types of microcapsules affected neither islet viability nor function. The presence of PFO when transplanted into a large animal model such as baboon and its absence in small animal models such as rodents suggest that the host immune response towards alginate microcapsules is species rather than alginate specific.
Organizational Diversity Climate: Review of Models and Measurement

As organizational climate represents the culture of an organization, similarly diversity climate represents the ‘culture’ of diversity and inclusion of an organization. Every best practice in diversity management and diversity initiatives and programs are essentially implemented in order to improve the overall organizational diversity climate. Various models exist in literature which illustrates how diversity climate of a company impacts various employee and organizational measures. Over the years, several measurement scales have been developed in order to capture the true picture of an organization’s diversity climate. An attempt has been made in this paper to capture some of these models as well as measurement scales.
FOREIGN DIRECT INVESTMENT IN CHINA: IT'S SECTORAL AND AGGREGATE IMPACT ON ECONOMIC GROWTH.

This study focuses on the impact of foreign Direct Investment (FDI) on the economic growth of China via selected sector of the economy. The time frame used is from 1995 to 2010. Times series data drawn from the primary, secondary and tertiary sectors of the economy are used for the analyses. Ordinary least Square multiple linear regression Econometrics models are specified and estimated using E-views statistical software (version7). The Kwiatkowski-Philips-Schmidt-Shin (SPSS) unit root tests for stationary indicates that the variables are stationary at level. The result indicate that there is a negative relationship between FDI and Economic Growth in the primary sector but show a positive relationship in both the secondary and tertiary sectors. However, the aggregate FDI and economic growth shows a positive relationship. We recommend (1) FDI attracting economic policies with greater attention to the secondary and tertiary sectors of the economy; (2) FDI attracting economic policies should pay more emphasis on the secondary sector at the early stage of such policies as this sector exerts growth enhancing spillover effects on other sectors and industries is the economy; (3) Economic policies that de-emphasise FDI into the primary sector as this may exert negative influence on economics growth; (4) Human resource capacity building economic policies that would take advantage of technology transfers and managerial skills acquisition occasioned by such FDI, moreso that some corporations technically deprive the host economies ready access to their advance technologies.
Effects of processing sorghum grain on dairy calf performance

Two trials evaluated the effect of processing sorghum grain on performance of young dairy calves. In trial 1, newborn Holstein calves (49 heifers and 27 bulls) were blocked by age and sex and assigned randomly to each of three calf starters containing either raw, roasted (Jet-Pro®) at 280 degrees F, or con-glomerated (Jet-Pro®) sorghum grain. The conglomeration process consisted of grinding the grain, adding water, and pelleting the mixture, then roasting it. Raw and roasted sorghum grains were ground through a . 125-inch screen and included in complete pellet starters, whereas conglomerated sorghum grain pellets were mixed with the other ingredients of the starter, which were pelleted. Starters were offered ad libitum from birth to 8 wk of age. The raw sorghum grain starter was palatable and supported acceptable growth rates, but processing did not further enhance calf performance. In trial 2, roasted and conglomerated sorghum grains were ground through a . 125-inch screen and included in pelleted starters fed ad libitum to Holstein calves (21 heifers and 28 bulls) from birth to 8 wk of age. Feed consumption and body weight gain were not affected by method of grain processing. However, 22% of calves on the conglomerated sorghum grain starter bloated sometime during the post-weaning period, which may have resulted in reducing feed intake. Measures to ensure maintenance of the rumen environment may be necessary, if a potential benefit of conglomerating sorghum grain for young dairy calves is to be realized.
Capacity-Constrained Collusive Price Discrimination in the Informal Rural Credit Markets of Nepal

The author tests two alternative models of price determination in informal rural credit markets, using LSMS data from Nepal. Strong support is found for a capacity-constrained collusive oligopoly model, where lenders have full information about actual borrowers and charge heterogeneous interest rates. Only marginal support is found for a competitive cost-pricing model with imperfect information. Interest rates vary with the observable characteristics of caste, installment period, and geographical region; and they decrease as village lending capacity increases up to a certain level. Interest rates do not depend on risk related variables such as land value and loan size.