Miracle-dz/UniFAR-FTUs huggingface dataset:
Influence of Strategic Orientation on SMEs Access to Finance in Nigeria

The paper examined the influence of EO, MO, LO, and TO on SMEs financial capital accessibility in Nigeria. The purpose of this paper is to establish the role of firm strategic orientation in helping SMEs improve their financial access. A total of 362 questionnaires from SMEs in North Western Nigeria were used in this study. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to test the study hypotheses. Using SmartPLS 3.0 the findings indicates that strategic orientations are important drivers of firm success to finance. The result further suggests that SMEs who configured and utilized their strategic activities are more likely to get more cash flow, profit and retained earnings and will obtain a loan from external sources. To get an adequate financial capital SMEs need to improve their marketing activities, learn more from their experience and environment and lastly produce product with high technological improvement. At the same time they should avoid too much emphasis on taking risky business decision and investments.
Earnings Expectations and the Dispersion Anomaly

Stocks with relatively high dispersion in analyst earnings forecasts are associated with significantly lower future returns. We show that the return predictability of dispersion is concentrated only in quarterly earnings announcement months. Within these months, return predictability is concentrated in the short window around earnings announcement dates. Subsequent tests show that bias in analysts’ earnings expectations explains the relation between dispersion and returns and that return predictability is significant even in recent years. Overall, our findings are consistent with an explanation for the return predictability of dispersion based on errors in earnings expectations. JEL classification: G12, G14, G20
Water Access and Sustainable Rural Livelihoods: A Case of Elementaita Division in Nakuru County, Kenya

This study assessed water factors that impact sustainable rural livelihoods in Elementaita Division, Nakuru County. Problem of water access remains a multi-million challenge for families in rural areas and this had to be explained in scientific research through assessing water issues that affect the livelihoods. Households remain far from water projects despite interventions that governments, NGOs and other agencies have put in place. The study had the following objectives; assess water access factors and its impact on sustainable rural livelihoods, evaluate management of water projects and determine how it impacts on sustainable livelihoods and to determine how socio-economic factors of water impact rural livelihoods in Elementaita Division. The study used sustainable livelihood framework in its analysis and establishing what areas of interventions would be considered for the study. This includes looking at assets, capital, livelihood strategies, institutional processes and vulnerability context. This was a descriptive survey and questionnaires were generated on related areas of study. Sampling for household was carried out through systematic sampling. The study targeted a sample 195 household heads, 1 water users association also a Key Informant Interview (KII) was carried out with District Water Officer (DWO) and District Public Health Officer (DPHO). Data was carried collected using questionnaires, interviews and supplemented through secondary data. Data was analysed using inferential statistics by use of descriptive statistics. The findings were presented in tables using tables. From the findings water availability, quality and affordability determine the level of households assets in the community thereby impact negatively or positively. Over 98% of the respondents reported that children walk long distances or do not attend school in order to fetch water for the households, this impact negatively on their mental and physical development as well as their education. There is need to carry out awareness on the implication of using water of poor quality in the community as it may have adverse health effects on the lives of the community. Increasing awareness levels on rain water harvesting by the community need to be enhanced to improve on quality of water. Parents should also ensure that their children access education and not engage in child labour. The findings and recommendations of the study are important to Ministry of Water, researchers, all stakeholders and the community of Elementaita Division and Nakuru County in enhancing water access and addressing some of the challenges identified.
Bioactive Glass with or without Enamel Matrix Derivative in Class II Furcation Lesions: Histomorphometric Study in Dogs

Background: The aim of this study was to evaluate the influence of bioactive glass (BG), with or without enamel matrix derivative (EMD) in the treatment of class II furcation lesions. Methods: Experimental furcation defects were surgically created on mandibular P2, P3 and P4 of 6 mongrel dogs, and filled with gutta-percha. Four weeks later, the defects were debrided, the roots were planed and notches were placed at bone level. Each tooth was randomly assigned into BG+EMD, BG or internal control group. The animals were sacrificed 12 weeks later. Results: The results for the groups control, BG and EMD+BG were, respectively: extension of new cementum (ENC), 49.55 ± 15.43%, 84.01 ± 7.87%, 91.96 ± 5.69%; epithelium extension (EE), 27.00 ± 23.89%, 4.79 ± 6.98%, 1.89 ± 2.47%; extension of connective tissue (ECT), 23.44 ± 9.09%, 11.20 ± 4.87%, 6.15 ± 5.19%; bone fill area (BFA), 51.15 ± 9.23%, 74.97 ± 9.02%, 76.53 ± 4.48%; mineralised bone (MB), 40.15 ± 9.95%, 31.65 ± 15.61%, 37.64 ± 16.25%; and bone marrow (BM), 11.00 ± 3.91%, 32.05 ± 14.61%, 31.13 ± 15.25%. The area of residual bioactive glass particles in the BG group was 11.28 ± 6.81%, and in the BG+EMD group was 7.76 ± 3.14%. No statistical differences (p > 0.05) were observed in any parameter between BG and BG+EMD groups, and between BG and internal control. However, comparing the BG+EMD group with the internal control group, statistically significant differences were observed concerning ENC and ECT (p < 0.05). Conclusion: Within the limits of the present study, it can be concluded that BG and BG+EMD have the potential to improve periodontal regeneration, and that the association seems to favour the cementum formation.
Financial Stability and Monetary Policy - The case of Brazil

This paper investigates the effects of monetary policy over banks' loans growth and non-performing loans for the recent period in Brazil. We contribute to the literature on bank lending and risk taking channel by showing that during periods of loosening/tightening monetary policy, banks increase/decrease their loans. Moreover, our results illustrate that large, well-capitalized and liquid banks absorb better the effects of monetary policy shocks. We also find that low interest rates lead to an increase in credit risk exposure, supporting the existence of a risk-taking channel. Finally, we show that the impact of monetary policy differs across state-owned, foreign and private domestic banks. These results are important for developing and conducting monetary policy.
Intermediaries as Quality Assessors: Tour Operators in the Travel Industry

Intermediaries often arise in order to facilitate trade in markets characterized by asymmetric information. In the travel industry, policymakers have tried to address information asymmetries by providing hotel ratings. We show that those ratings are noisy indicators of quality because of the use of nonuniform standards across countries and limited information available to policymakers. Tour operators use their specialized knowledge to produce better ratings which are useful for comparing hotels within a country, as well as across countries. Intermediation by tour operators provides a better matching of quality with price and leads to a more efficient market outcome.
A Sources-of-Error Model for Acoustic/Infrasonic Yield Estimation for Above-Ground Single-Point Explosions

Acoustic/infrasonic measurements contain physical information enabling an estimate of the yield of a single-point explosion that is on or above ground. A variety of semi-empirical and numerical models have been developed for estimating the yield based on the amplitude of a recorded acoustic signal. This paper utilizes existing semi-empirical models-suitable for timely yield estimation—and develops the mathematical framework to properly account for uncertainties in these models, in addition to measurement uncertainties. The inclusion of calibration parameters into our mathematical model allows for the correction of constant path specific effects that are not captured in existing semi-empirical models. The calibrated model provides a yield estimate and associated error bounds that correctly partitions total error into model error and background noise. Yield estimation with the models is demonstrated with single-point, above ground chemical explosions at Los Alamos National Laboratory (LANL) experimental testing facilities.
Comparative Studies on Growth and Development of Heat-Tolerant and Non Heat-Tolerant Tomato Plants Grown at Different Root-Zone Temperatures

Comparative studies on growth and development of young heat-tolerant tomato (Lycopersicon esculentum Mill. cv. Shuki) and non heat-tolerant one (cv. Sataan) grown under four root-zone temperatures (RZT) were carried out. Growth rates were measured at RZT of 15°, 20°, 25°, and 30°C. Plants in study 1, were grown for 10 days (21 to 31 days after sowing) and in study 2, 21 days (21 to 42 days after sowing). Optimum growth in both cultivars occurred at 30°C in plants grown for 10 days and at 25°30°C in plants grown for 21 days. Cultivar 'Shuki' had greater shoot fresh and dry weight, greater root dry weight and greater leaf area than 'Sataan' at all RZT. Cultivar 'Shuki. had greater NAR compared to 'Sataan' at all RZT. Significant and possitive correlations existed among growth parameters at all RZT in both cultivars. Biomass or carbohydrate production between the two cultivars at the end of 21 days was significantly different at RZT of 20°C and 25°C. The results indicate that the heat-tolerant cultivar, 'Shuki', is a better biomass or carbohydrate producer than the non heat-tolerant cultivar, 'Sataan'.
Share-based remuneration: Per-director disclosure practices of selected listed South African companies

Orientation: The Johannesburg Stock Exchange (JSE), the Companies Act of 2008 (the Act) and the third King Report on Corporate Governance (King III) require disclosure on the share-based remuneration of directors of listed South African companies on a per-director basis. Research purpose: The first objective was to determine the disclosure practices of JSE-listed companies relating to share-based remuneration on a per-director basis, to examine whether the disclosure practices comply with regulatory requirements and whether share-based remuneration was disclosed consistently. Comparisons were made between companies in the three largest industries on the JSE (financial, industrial and basic materials industries) as well as between small, medium and large companies. The second objective was to develop a best-practice disclosure example that complies with the JSE listing requirements, the Act and the latest King Report (King IV). Motivation for the study: Previous research has hinted that share-based remuneration is poorly disclosed in South African annual reports, but it has not specifically been studied. Research approach, design and method: Data on disclosure practices were collected from annual reports. The collected data were analysed against the regulatory requirements to evaluate compliance and compared between companies to evaluate consistency. Main findings: Some companies failed to comply with regulatory requirements (did not disclose the value of share-based remuneration and the number of instruments employed). Large companies were more likely than small companies to comply with regulatory requirements. Between-company inconsistency was noted when comparing the value of share-based remuneration disclosed by companies in the sample. Practical/managerial implications: Non-compliance with regulatory requirements regarding the disclosure of per-director share-based remuneration was noted in the sample, which could lead to stakeholders having insufficient information for decision-making purposes. Inconsistent disclosure practices, leading to incomparability between similar companies, could hamper effective investment decisions. Contribution/value-add: A best-practice disclosure example was developed to assist companies seeking to comply with disclosure requirements and enhance comparability between JSE-listed companies in future.
Cruise tourism: a hedonic pricing approach

Purpose The purpose of this paper is to examine the effect on price of different cruise industry characteristics from the point of view of actual prices. The analysis is carried out from the supply side but taking into account the real prices paid by customers. Design/methodology/approach This paper uses the hedonic price methodology. To develop this research, a database of more than 36,000 prices paid by cruise passengers and different characteristics of ships in 2013 was built. To obtain the results, ten models have been developed with significant adjusted R2 of between 0.85 and 0.93 making the models and results robust. Findings The results show that the main attributes affecting prices are the number of nights of the itinerary, the departure date, the number of days before departure the booking is made, the accommodation type and some facilities, such as casinos, cinemas and swimming pools. The results also yield a ranking of ship companies based on price and quality dimensions. Finally, the authors suggest some implications for management and new research. Originality/value This paper offers a new approach in the academic literature of the cruise industry in two respects. First, in its use of a broad database of actual prices paid by passengers – more than 36,000 observations. Second, in the application of the hedonic pricing methodology, widely used in the tourism sector (see the Methodology and Database section) but until now not in the cruising segment.
Effect of physical exercise on cortisol concentration and neutrophil oxygen metabolism in peripheral blood of horses

Abstract The aim of the study was to evaluate the effect of regular physical exercise on cortisol concentration and oxygen-dependent bactericidal activity of neutrophils in peripheral blood in recreational and competitive sport horses (racehorses - Ra, trotters - T, jumping horses - J, driving horses - D). The study was conducted on 55 clinically healthy horses. Blood samples were collected from the external jugular vein three times: before exercise, immediately after exercise, and after 30-min rest. Blood samples were subjected to haematological examination, cortisol concentration was determined by radioimmunoassay (RIA) and neutrophil oxygen metabolism of neutrophils was determined using a chemiluminescence method. The analysis showed that cortisol concentration was significantly higher (P<0.05) post-exercise only in the blood of sport horses. This finding, along with a significant correlation (P<0.00005) with the heart and respiratory rates, suggests that the magnitude of cortisol secretion is associated with the intensity and duration of exercise. The relatively small post-exercise increase in cortisol concentration during different exercises of horses resulted in a transient increase of chemiluminescence activity of neutrophils, mainly in D (P<0.00001) and J horses (P<0.01). In the studied groups analysis of the correlation between cortisol concentration and other parameters showed significant correlation only in the case of the CL total in T (P<0.02) and D horses (P<0.004). It is therefore apparent that in a limited concentration, this hormone may stimulate the activity of these cells, although the effect of other neurohormonal factors cannot be excluded. This result confirms that regular and moderate training loads have a beneficial effect on the immunological status of horses.
Physical Characteristics of the Chief Executive Officer and Firm Accounting and Market-Based Performance

Despite the key role of the Chief Executive Officer (CEO), extant literature pays little attention to the physical characteristics of the CEO. Therefore, this paper investigates certain physical characteristics - such as age, gender, ethnicity and nationality of the CEO in relation to accounting (ROE) and market-based (market value) firm performance. The paper applies OLS with robust standard errors to a panel composed of 1600 firm-year observations of non-financial Malaysian listed companies between 2010 and 2014. The results reveal that the ethnicity (Chinese) and nationality (foreign) of a CEO have a significant positive association with both proxies of firm performance, while the age of the CEO has no significant effect. Moreover, a female CEO has an insignificant and significant positive relation with ROE and firm market value, respectively. Alongside contributing to the limited literature that exists in relation to the subject, the paper provides important insights for regulators, shareholders, investors, banks, corporate boards and financial institutions in regards to the evaluation of firms and the allocation of economic resources.
Global Business Cycles Interdependence: Dynamics and Determinants ∗

In this paper, we examine the time-varying interdependence among the business cycles of the major world economies and assess the main drivers of this interdependence. We provide a comprehensive analysis of the propagation of business cycle shocks among developed and developing countries from synchronization, clustering, and network perspectives. We then evaluate the ability of several potential factors to explain business cycle interdependence by using a bayesian model averaging approach to account for model uncertainty. The results document a structural increase in global business cycle interdependence in the early 2000s and four clusters of countries that are relatively stable over time: the Euro area, the Asian tigers, the Anglo-Saxon, and the emerging markets clusters. We also find that the most robust determinants of business cycle interdependence tend to be financial openness, specialization, bilateral trade, inflation, consumption share, and human capital. However, these determinants vary across time.
Bottom-up Representation of Industrial Energy Efficiency Technologies in Integrated Assessment Models for the Cement Sector

Adoption of efficient end-use technologies is one of the key measures for reducing greenhouse gas (GHG) emissions. How to effectively analyze and manage the costs associated with GHG reductions becomes extremely important for the industry and policy makers around the world. Energy-climate (EC) models are often used for analyzing the costs of reducing GHG emissions for various emission-reduction measures, because an accurate estimation of these costs is critical for identifying and choosing optimal emission reduction measures, and for developing related policy options to accelerate market adoption and technology implementation. However, accuracies of assessing of GHG-emission reduction costs by taking into account the adoption of energy efficiency technologies will depend on how well these end-use technologies are represented in integrated assessment models (IAM) and other energy-climate models.
Chemoembolization Dosage and Tumor Burden: A Predictive of Post-TACE Fever in Hepatocellular Carcinoma Patients

Background: Fever is common sequelae after transcatheter arterial chemoembolization (TACE). Although there are studies showing that the a tumor necrosis is the main cause of post-TACE fever, the actual causes of fever is an individual patient often raises concerns by the attending physician, leading to extensive septic workup and initiation of antibiotic treatment. The aim of this study was to assess the causes of and the factors predicting fever after TACE. Methods: Twenty-one patients with inoperable HCC underwent 40 sessions of TACE treatment. Data was collected and analyzed on demographic patterns, potential predictive factors for post TACE fever, correlations between post-TACE fever and chemoembolization dosage or tumor size, and incidence of post-procedural infection. Results: Post-TACE fever occurred in 85% of the study population, with the mean duration of 3 ± 2.4 day. The mean tumor size was 6.1 ± 4.2 cm, the mean chemoembolization dosage 46 ± 13 mg/mL, and 42% considered as effective treatment by revised RECIST criteria. Usage of gelfoam embolization (OR16, 95%CI 1.87136.70, p = 0.011), a larger tumor size (8.0 ± 4.7 vs. 4.4 ± 1.4 cm, p = 0.001) and a higher total dose delivery of chemoembolizing agents (47 vs. 38 mg/mL, p = 0.002) were the predictive factors of post-TACE fever. Tumor volume, chemoembolizing dosage, and elevation of serum AST, ALT after TACE appeared to correlate with the duration of fever (p < 0.007, 0.056, 0.022, 0.034 respectively) but not so strongly (r = 0.457, 0.331, 0.456, 0.417 respectively). No evidence of infection was found in any study patient, and no useful of pre-TACE biochemistry test can predict the occurrence of post-TACE fever in this study. Conclusion: Fever after TACE was common. The predictive factors of post-TACE fever were the usage of gel foam embolization, higher chemoembolization dosage and larger tumor size. Infectious complications were not observed.
A Study of the Teaching of ESL Writing in Colleges in China

In China, ESL teaching constitutes an important part of higher education and ESL writing is a required skill for non-English majors in colleges and universities. However, the teaching of college English writing is unsatisfactory and problematic. The author did a survey on the teaching of ESL writing in five universities in China by using the methods of questionnaire, interview and sample collection. The results of the survey indicate that the students’ deficiency in English writing is due to personal and instructional reasons, such as ineffective teaching, students’ lack of interest in writing, students’ poor linguistic competence, students’ lack of the cultural knowledge of the target language and so on. In the teaching of college English Writing, the teacher should boost students’ motivation, integrate reading with writing, and provide effective feedback to the students.