Miracle-dz/UniFAR-FTUs huggingface dataset:
Monetary Policy Rules and Macroeconomic Stability: Some New Evidence

I revisit the question of indeterminacy in US monetary policy using limited-information identification-robust methods. I find that the conclusions of Clarida, Gali, and Gernter (2000) that policy was inactive before 1979 are robust, but the evidence over the Volcker-Greenspan periods is inconclusive. I show that this is in fact consistent with policy being active over that period. Problems of identification also arise because policy reaction has been more gradual recently. At a methodological level, the paper demonstrates that identification issues should be taken seriously, and that identification-robust methods can be informative even when they produce wide confidence sets. (E31, E32, E52, E65,)
Candida glabrata Drug:H+ Antiporter CgQdr2 Confers Imidazole Drug Resistance, Being Activated by Transcription Factor CgPdr1

ABSTRACT The widespread emergence of antifungal drug resistance poses a severe clinical problem. Though predicted to play a role in this phenomenon, the drug:H+ antiporters (DHA) of the major facilitator superfamily have largely escaped characterization in pathogenic yeasts. This work describes the first DHA from the pathogenic yeast Candida glabrata reported to be involved in antifungal drug resistance, the C. glabrata QDR2 (CgQDR2) gene (ORF CAGL0G08624g). The expression of CgQDR2 in C. glabrata was found to confer resistance to the antifungal drugs miconazole, tioconazole, clotrimazole, and ketoconazole. By use of a green fluorescent protein (GFP) fusion, the CgQdr2 protein was found to be targeted to the plasma membrane in C. glabrata. In agreement with these observations, CgQDR2 expression was found to decrease the intracellular accumulation of radiolabeled clotrimazole in C. glabrata and to play a role in the extrusion of this antifungal from preloaded cells. Interestingly, the functional heterologous expression of CgQDR2 in the model yeast Saccharomyces cerevisiae further confirmed the role of this gene as a multidrug resistance determinant: its expression was able to complement the susceptibility phenotype exhibited by its S. cerevisiae homologue, QDR2, in the presence of imidazoles and of the antimalarial and antiarrhythmic drug quinidine. In contrast to the findings reported for Qdr2, CgQdr2 expression does not contribute to the ability of yeast to grow under K+-limiting conditions. Interestingly, CgQDR2 transcript levels were seen to be upregulated in C. glabrata cells challenged with clotrimazole or quinidine. This upregulation was found to depend directly on the transcription factor CgPdr1, the major regulator of multidrug resistance in this pathogenic yeast, which has also been found to be a determinant of quinidine and clotrimazole resistance in C. glabrata.
Scrip Dividends: the Management's View

This paper examines the motivation underlying the payment of scrip dividends through a questionnaire survey conducted among a sample of companies listed on the London Stock Exchange that offered their shareholders this option, and a control sample of firms that paid only cash dividends. The results show that the overwhelming majority of the respondents from both groups feel that the scrip dividend option is driven by the current and/or potential high irrecoverable advanced corporation tax but the proposition that this option is a substitute for external finance or a cut in cash dividends is strongly rejected. Managers feel that, although the scrip dividend option allows small shareholders to increase their holdings without incurring transaction costs, it is not intended to convey information that will lead to a rise in the share price. Furthermore, the results reveal that the decision between offering this option or paying only cash dividends is substantially affected by shareholders’ pressure, suggesting that firms in the UK are subject to direct shareholder monitoring.
Harmonic Mean as an Approximation for Discounting Intraperiod Cash Flows

We examine the possible errors of various present value approximations that center on the widely used end-of-period convention in cases of intraperiod cash flows. We suggest a new formula for adjusting the end-of-period present value based on the harmonic mean of the end-of-period and beginning-of-period present values. This approximation minimizes the maximum possible error in general. We give useful nomograms for several cash flow patterns to assess and correct for the errors of the different approximation methods. We find that the harmonic approximation has acceptable errors for most of these patterns. The findings are illustrated in a realistic example.
The danger of misinterpreting short-window event study findings in strategic management research: an empirical illustration using horizontal acquisitions

Short-window event studies are popular in the strategic management literature. These studies assume that the market's initial reaction to strategic events reflects their economic impact in an unbiased manner. This assumption may hold in some cases, but when an event has complex ramifications that are difficult to predict, the initial market response may be biased and/or incomplete. Acquisitions are complex events, suggesting that results from short-window event studies of acquisitions may foster incorrect inferences. Using a sample of horizontal acquisitions, this article shows that the positive initial market response to an acquisition announcement is contradicted by negative long-run post-acquisition returns, suggesting that the initial response is incorrect and that the error is rectified later. Our findings imply that short-window event studies may not accurately capture the economic impact of complex strategic actions, for the interpretation and use of event studies.
Directors' remuneration: The need for a geo‐political perspective

There are many ways to construct an incentive program. However, most compensation plans tend to be focused on profitability and profitability‐related accomplishments with little or no incentive for corporate social responsibility. Director's compensation continues to climb with the United States leading and Britain following modestly behind. The question as to where fair pay ends and over‐compensation begins – and what that means for the community – is rarely raised. In order to understand the impact of fair and over‐compensated director's pay on other stakeholders, a geo‐political perspective is proposed that builds on knowledge of existing theories of the firm.
Assessment and international students - black African social work students

This evaluative study focuses on the perceptions of black African (international and home) students on an undergraduate social work programme. In particular this article will consider the more traditional assessment of examinations, where the students perceived that their grades were higher due to a familiarity with the assessment strategy. In contrast, they referred to the bewildering ‗other world‘ of less familiar assessment processes which demanded a deeper level of critical thinking skills for example in assignments. This evaluation aims to consider whether the African students‘ perceptions that their academic grades fared better dependent on the assessment process is in fact a reality compared to other less familiar ones.
Determinants of and disparities in reproductive health service use among adolescent and young adult women in the United States, 2002-2008.

OBJECTIVES We investigated determinants of and disparities in reproductive health service use among young women in the United States from 2002 to 2008. METHODS Using data on 4421 US women aged 15 to 24 years from the National Survey of Family Growth (2002, n = 2157; 2006-2008, n = 2264), we employed descriptive and univariate statistics and multivariate regression models to examine service use across women's sociodemographic and reproductive characteristics and to investigate potential disparate changes in service use over time. RESULTS More than half the sample (59%) had used services in the past year. In regression models, predictors of service use included age, education, birthplace, insurance, religious participation, mother's education, childhood family situation, age at menarche, sexual intercourse experience, recent number of partners, and previous gynecological diagnosis. Although service use decreased by 8% overall from 2002 to 2006-2008 (P < .001), the magnitude of decline was similar across demographic and socioeconomic groups. CONCLUSIONS Inequalities in reproductive health service use exist among women in the United States, particularly among the youngest and socially disadvantaged women, which may translate to poor and disparate reproductive outcomes. Public health and policy strategies are needed to eliminate inequities in reproductive health service.
A Refined Model of Relationship Selling Between Meeting Planners and Suppliers

ABSTRACT This study proposes and tests a newly refined model of relationship selling in the context of meeting planners and suppliers in the Meeting, Incentive, Convention, and Exhibition (MICE) industry. Results showed that newly added variables—social bonds with the supplier and meeting planners' attitudinal intention to maintain relationships with the supplier—had significant positive effects on the relationship selling construct; while both willingness and power of the supplier were neither related to meeting planners' perceived trust nor satisfaction. This refined model could provide research insights and guide future research on key relationship selling constructs between meeting planners and suppliers in the MICE industry.
Tear Film and Serum Prolidase Activity and Oxidative Stress in Patients With Keratoconus

Purpose: To determine and compare the serum and tear film prolidase activity (PA) between patients with keratoconus and healthy subjects. Also, we aimed to evaluate the serum oxidative stress level and the correlation with serum PA in patients with keratoconus. Methods: This prospective, comparative clinical study included 31 patients with keratoconus and 33 age-matched and sex-matched control subjects. All participants underwent a detailed ophthalmologic examination. Serum and tear samples were obtained from all participants. Tears and serum PA and serum oxidative stress markers were measured. Results: No significant differences in demographic characteristics were detected between groups (P > 0.05). The serum PA was significantly lower in the keratoconus group than in the control group (895.6 ± 198.7 vs. 1145.9 ± 285.4 U/L, P < 0.001). A tear film comparison showed that PA was lower in the keratoconus group than in the control group; however, this difference was not significant (3075.4 ± 672.2 vs. 3225.8 ± 903.2 U·L−1·g−1 protein, P = 0.45). Oxidative stress markers, such as total oxidant status and oxidative stress index, were found to be significantly higher in the keratoconus group (P < 0.001). Conclusions: The serum PA was found to be lower in patients with keratoconus than in the controls. Additionally, serum oxidative stress markers were found to be higher than those of the controls. Thus, prolidase and systemic oxidative stress may have a role in the pathogenesis of keratoconus.
Arginine vasopressin reduces intestinal oxygen supply and mucosal tissue oxygen tension.

We investigated intestinal oxygen supply and mucosal tissue PO2 during administration of increasing dosages of continuously infused arginine vasopressin (AVP) in an autoperfused, innervated jejunal segments in anesthetized pigs. Mucosal tissue PO2 was measured by employing two Clark-type surface oxygen electrodes. Oxygen saturation of jejunal microvascular hemoglobin was determined by tissue reflectance spectrophotometry. Microvascular blood flow was assessed by laser-Doppler velocimetry. Systemic hemodynamic variables, mesenteric venous and systemic acid-base and blood gas variables, and lactate measurements were recorded. Measurements were performed at baseline and at 20-min intervals during incremental AVP infusion (n = 8; 0.007, 0.014, 0.029, 0.057, 0.114, and 0.229 IU.kg(-1). h(-1), respectively) or infusion of saline (n=8). AVP infusion led to a significant (P < .05), dose-dependent decrease in cardiac index (from 121 +/- 31 to 77 +/- 27 ml.kg(-1). min(-1) at 0.229 IU.kg(-1). h(-1)) and systemic oxygen delivery (from 14 +/- 3 to 9 +/- 3 ml.kg(-1). min(-1) at 0.229 IU.kg(-1). h(-1)) concomitant with an increase in systemic oxygen extraction ratio (from 31 +/- 4 to 48 +/- 10%). AVP decreased microvascular blood flow (from 133 +/- 47 to 82 +/- 35 perfusion units at 0.114 IU.kg(-1). h(-1)), mucosal tissue PO2 (from 26 +/- 7 to 7 +/- 2 mmHg at 0.229 IU.kg(-1). h(-1)), and microvascular hemoglobin oxygen saturation (from 51 +/- 9 to 26 +/- 12% at 0.229 IU.kg(-1). h(-1)) without a significant increase in mesenteric venous lactate concentration (2.3 +/- 0.8 vs. 3.4 +/- 0.7 mmol/l). We conclude that continuously infused AVP decreases intestinal oxygen supply and mucosal tissue PO2 due to a reduction in microvascular blood flow and due to the special vascular supply in the jejunal mucosa in a dose-dependent manner in pigs.
The Effects of Antitakeover Amendments on Takeover Activity: Some Direct Evidence

A NTITAKEOVER amendments change the structure of the corporate charter and ostensibly increase the bargaining power of management when confronted with a hostile outside contest for control of the corporation. Recent evidence shows that, as of December 1986, over 40 percent of the Fortune 500 had adopted some form of "shark repellent" amendment,1 that over 700 New York Stock Exchange (NYSE) corporations have adopted one or more such amendments since the NYSE began keeping an informal log in the late 1960s,2 and that over 650 nationally listed corporations have adopted antitakeover amendments since 1980.3 Three types of antitakeover amendments are most prevalent among major corporations. The most common, in terms of the number of recent adoptions, is the so-called fair price amendment, which requires that an equal price be paid for each share in a merger.4 A second type of amendment is the simple supermajority requirement, which generally sets the
Foreign Takeover Activity in the U.S. and Wealth Effects for Target Firm Shareholders

This study examines the wealth effects to U.S. target firms observed at the announcement of acquisition bids made by foreign and U.S. bidders. We hypothesize that if the market expects foreign bidders to produce superior takeover gains, the announcement-related excess returns of the targets will reflect these gains when competition forces the foreign bidder to share them with the target. We proxy foreign competition by the relative volume of foreign takeovers in the industry of each target, and find evidence in support of this hypothesis. The evidence supports theories that attribute asset value enhancement to corporate multinationality and increased target benefits from competition in the corporate acquisitions market.
The influence of organisational context on training success in the restaurant industry

Training plays a basic role in restaurants' success by improving the service quality provided by employees. The aim of this paper is to analyse how contextual factors, such as supervisors' support, resources' availability, opportunity to use training content, and organisational learning culture, influence training success. To that end, an empirical study was conducted on 137 restaurants. Results show that training success depends on the trainee's opportunities to use training content. Those opportunities are influenced by the resources' availability, as well as by the supervisors' support. The organisational learning culture influences training success through the resources' availability and supervisors' support.
Accounting for Real Exchange Rate Changes in East Asia

This study measures the proportion of real exchange rate movements that can be accounted for by movements in the relative price of non-traded goods among 21 bilateral Asian-Pacific real exchange rates. Following Engel (1999), the decomposition is done at all possible horizons that the data allow - from one month up to 25 years. Evidence presented here is consistent with that from OECD countries. In particular, relative prices of non-traded goods appear to account for virtually none of the movement of Pacific-Rim real exchange rates. This pattern appears unaffected by the cross-sectional variation in either income level, or the degree of openness present among these Pacific-Rim economies. The only exception to these findings occurs when we examine fixed (or semi-fixed) exchange rate regimes separately. However, the one exception (the Hong Kong dollar) is anomalous compared to other managed currencies within the sample, and to the recent findings of Mendoza (2000).
Cystatin C Does Not Detect Acute Changes in Glomerular Filtration Rate in Early Diabetic Nephropathy

Background. The measurement of renal functional reserve (acute change in glomerular filtration rate [GFR] after protein load) allows the detection of sub-clinical renal dysfunction and has prognostic implications in diabetes. Our aim was to test cystatin C as an index of GFR and renal functional reserve. Methods. GFR was measured by CSinistrin at baseline and after protein load in 28 diabetic patients with serum creatinine <1.2 mg/dL. The CSinistrin was compared with cystatin C, serum creatinine, creatinine clearance, and Cockcroft-Gault formula. Results. Baseline CSinistrin ranged from 67–172 mL/min. Regression analysis showed an overall low relationship between CSinistrin and the indirect markers of GFR. The highest correlation with CSinistrin was obtained for cystatin C clearance (R2 = 0.58, r = 0.76, p < 0.001), the 1/serum cystatin C (R2 = 0.58, r = 0.76, p < 0.001), and serum cystatin C (R2 = 0.52, r = 0.72, p < 0.001). Renal functional reserve was preserved in 6 of 28 patients. There was no significant change in cystatin C in response to protein load. Conclusion. Wide variation in baseline GFR emphasizes the need for the early detection of renal dysfunction. Cystatin C correlated best with CSinistrin at baseline, but did not detect renal functional reserve.
A General Equilibrium Model of Housing, Taxes, and Portfolio Choice

We describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household is constrained to consume the same amount of owner housing that it has in its investment portfolio. At each iteration in the search for an equilibrium, we determine the new taxable income for each of 3,578 households (from the Survey of Consumer Finances), and we use statutory schedules to find the marginal rate and tax paid. Equilibrium net rates of return are major determinants of the amount of owner housing, but a logit model indicates that demographic factors are the main determinants of ownership rates. In our simulation, taxes on owner housing would raise welfare not only by reallocating capital but also by the government's taking part of the risk from individual properties and diversifying it away. Measures to disallow property tax or mortgage interest deductions do not help share this risk. Simulations of the 1986 tax reform indicate a small shift from rental to owner housing and welfare gains from reallocating risk.
Primary and Secondary School Quality and Intergenerational Earnings Mobility

While theory suggests that public expenditures on education may affect intergenerational earnings mobility, the direction of the effect hinges on whether such outlays substitute for or complement private human capital investments. Analysis of U.S. census data, 1940–2000, shows that state-cohorts with low pupil-to-teacher ratios enjoy less intergenerational mobility: a two-standard-deviation reduction in the pupil-to-teacher ratio increases earnings persistence by 40 percent. These results are robust to controls for the average pupil-to-teacher ratio in the state in years the son was not in school, a result contrary to simple endogeneity stories.
Ultrasound Molecular Imaging of E-Selectin in Tumor Vessels Using Poly n-Butyl Cyanoacrylate Microbubbles Covalently Coupled to a Short Targeting Peptide

ObjectivesThe purposes of this study were the development and preclinical evaluation of clinically translatable E-selectin–specific ultrasound contrast agents based on a peptide ligand with the recognition sequence IELLQAR. Materials and MethodsThe E-selectin–specific peptide was synthesized through solid phase peptide synthesis and covalently attached to poly n-butylcyanoacrylate–stabilized microbubbles with an air core. Quantification of the microbubble surface coverage with peptides was performed through flow cytometry. Targeted adhesion of peptide-coated microbubbles was investigated in vitro using parallel plate flow chamber assays on tumor necrosis factor-&agr;–stimulated human umbilical vein endothelial cells. In vivo imaging was performed in nude mice bearing human ovarian carcinoma xenografts (MLS), followed by ex vivo immunohistochemistry validation of E-selectin expression. ResultsSuccess of peptide synthesis was validated through preparative reverse phase high-pressure liquid chromatography and electronspray ionization-mass spectrometry. Results of the flow cytometry revealed approximately 4000 E-selectin–specific peptides/microbubble surface. Results of the in vitro experiments demonstrated the specificity of peptide-coated microbubbles to E-selectin (1.10 ± 0.48 vs 0.19 ± 0.09 bound microbubbles per cell, before and after competition respectively; P < 0.01). The in vivo imaging enabled specific assessment of E-selectin expression in MLS carcinoma xenografts (5.21 ± 3.41 vs 1.37 ± 0.67 contrast intensity before and after competition, respectively; P < 0.05). ConclusionsClinically translatable microbubbles that were covalently coupled to the short E-selectin–specific peptide (IELLQAR) enabled specific imaging of the E-selectin expression in tumor vessels in vivo.
A credibility-based Erlang mixture model for pricing crop reinsurance

Purpose - – The purpose of this paper is to address some of the fundamental issues surrounding crop insurance ratemaking, from the perspective of the reinsurer, through the development of a scientific pricing framework. Design/methodology/approach - – The generating process of the historical loss cost ratio's (LCR's) are reviewed, and the Erlang mixture distribution is proposed. A modified credibility approach is developed based on the Erlang mixture distribution and the liability weighted LCR, and information from the observed data of the individual region/province is integrated with the collective experience of the entire crop reinsurance program in Canada. Findings - – A comprehensive data set representing the entire crop insurance sector in Canada is used to show that the Erlang mixture distribution captures the tails of the data more accurately compared to conventional distributions. Further, the heterogeneous credibility premium based on the liability weighted LCR's is more conservative, and provides a more scientific approach to enhance the reinsurance pricing. Research limitations/implications - – Credibility models are in the early stages of application in the area of agriculture insurance, therefore, the credibility models presented in this paper could be verified with data from other geographical regions. Practical implications - – The credibility-based Erlang mixture model proposed in this paper should be useful for crop insurers and reinsurers to enhance their ratemaking frameworks. Originality/value - – This is the first paper to introduce the Erlang mixture model in the context of agricultural risk modeling. Two modified versions of the Buhlmann-Straub credibility model are also presented based on the liability weighted LCR to enhance the reinsurance pricing framework.