Miracle-dz/UniFAR-FTUs huggingface dataset:
Democracy, Values, and Violence: Paradoxes, Tensions, and Comparative Advantages of Liberal Inclusion

Democracies represent an institutional framework and a way of life that is, almost by definition, nonviolent. Contrasting with this ideal are two simultaneous global trends: an extension of democratic regimes and rising levels of violent crime. This article explores this seeming gap between democracy’s ideal and reality. The author identifies comparative advantages and disadvantages for both democracy and autocracy in restraining violent crime. Comparative advantages of two core democratic values—individualism and egalitarianism—are examined with data from a sample of twenty-six countries. Results show that compared to collectivistic and authoritarian patterns, individualistic and egalitarian values reduce levels of violence. Societies with high levels of violent crime are concentrated among autocracies, which mostly have collectivistic and authoritarian values. In contrast, democratic societies are mostly characterized by individualistic and egalitarian values and have lower levels of violent crime. Democratic values have comparative advantages if they are fostered by democratic practices and institutions.
The Term Structures of Coentropy in International Financial Markets

We propose a new entropy-based correlation measure (coentropy) to evaluate the performance of international asset pricing models. Coentropy captures the codependence of two random variables beyond normality. We document that the coentropy of international stochastic discount factors (SDFs) can be decomposed into a series of entropy-based correlations of permanent and transitory components of the SDFs. We employ the cross section of G-10 countries to obtain model-free estimates of all the components of coentropy at various horizons and we show that the generalization of the long-run risk model featuring two predictable components of consumption growth rates, global disasters, and recursive preferences can account for the composition of codependence at all horizons. This paper was accepted by Tomasz Piskorski, finance.
Rate versus level functions for auditory-nerve fibers in cats: tone-burst stimuli.

Average discharge rate of single auditory‐nerve fibers in cats was measured in response to 400‐msec tone bursts. For each fiber, rate versus stimulus‐level functions were constructed for a number of frequencies. For tones at a fiber's characteristic frequency (CF), rate increases rapidly over a range of 20 to 30 dB above threshold. For higher stimulus levels, a range of behaviors is observed. For some fibers, rate saturates completely at higher levels; i.e., there are no further systematic increases in rate when level is increased beyond about 30 dB above threshold. For other units there is a noticeable bend in the rate‐level function at 20 to 30 dB above threshold; however, rate can continue to increase gradually over another 30 to 40 dB. For frequencies above fiber CF, the slope of rate‐level functions measured near the midpoint between maximum and spontaneous rates is a decreasing function of frequency. For frequencies below CF, slope is either approximately constant and equal to the slope at CF or increases to some maximum value as frequency is decreased from the CF. These properties of rate‐level functions are well accounted for by a simple model consisting of a mechanical stage followed by a saturating nonlinearity (transducer stage). The input (pressure) versus output (basilar membrane displacement} functions for the mechanical stage are taken directly from the measurements of Rhode. The input‐output function for the transducer is developed empirically.
Ex‐Day Behavior: Tax or Short‐Term Trading Effects

This study examines the behaviour of share prices around the ex-dividend dates before and after the introduction of the 1988 Income and Corporation Taxes Act (ICTA) that changed substantially the tax differential between dividends and capital gains in the UK. Moreover, after accounting for the settlement day effect, we find that in the pre-1988 period when the differential taxation of dividends and capital gains is high, ex-day returns are positive and significant. In contrast, in the post-1988 period, ex-day returns are, in most cases, negative and insignificant. Further analysis reveals that, while ex-day returns are significantly related to dividend yield and to the length of the settlement period, they are not affected by the commonly used measures of transaction costs, such as the bid-ask spread and trading volume, or by the day of week, month of the year, type of dividend distribution or number of days to the actual receipt of the cash dividend. We conclude that taxation affects significantly ex-day share prices in the UK.
Buccally impacted maxillary canines increase the likelihood of root separation in adjacent first premolars.

OBJECTIVE To investigate the influence of maxillary impacted canines on the root morphology of adjacent premolars in a Chinese population. SUBJECTS AND METHODS A sample of 370 Chinese subjects with maxillary canine impaction and 370 control subjects were collected in this study. CBCT data of all subjects were collected and analyzed. The prevalence of separate-rooted maxillary premolars was compared between subjects with and without impacted canines. Then, the prevalence of separate-rooted maxillary premolars was compared between subjects with buccal canine impaction (BIC) and those with palatal impaction (PIC). RESULTS The prevalence of separate-rooted first premolars was significantly higher in the canine impaction group (P = 0.046), but the prevalence of separate-rooted second premolars was not different (P = 0.780). Furthermore, a significant higher prevalence of first premolar root separation was found on the impacted site in the BIC subgroup (P < 0.001), but not in the PIC subgroup (P = 0.508). Also, the prevalence of separate-rooted first premolars in the BIC subgroup was significantly higher than that of the control group (P = 0.008), but not so for the PIC subgroup (P = 0.097). CONCLUSIONS Buccally impacted maxillary canines are associated with an increased prevalence of root separation in the adjacent maxillary first premolars. This is likely because that buccally impacted canines encroach on the space needed for root development of the first premolars.
Managing integration through cooperation

In profiles of Nokia, BP, OgilvyOne, and Royal Bank of Scotland, all high-performing companies, the author shows how the executive team in each company believed the capacity to work cooperatively across borders was one key to the success of its company. Cooperative working within teams and across internal and external boundaries of a company provides much of the value-creation opportunities within an organization. © 2005 Wiley Periodicals, Inc.
Non-Informative Tests of the Unbiased Forward Exchange Rate

Abstract This paper reexamines a familiar but unsettling result in the foreign exchange literature: that the forward rate is not an unbiased predictor of the future spot rate. The paper outlines why some frequently used tests of unbiasedness are non-informative in the sense that they are incapable of correctly testing the hypothesis. Specifically, many of these tests are based on regressions that suffer from simultaneity bias, resulting in biased and inconsistent estimators. This is true whether the tests are conducted using stationary or non-stationary data. We demonstrate this point both analytically and with simulations. Tests of co-integration, which are not subject to the critique presented in the paper, generally fail to reject unbiasedness.
Trichostrongylus colubriformis Nematode Infections in Humans, France

To the Editor: In April 2009, a 47-year-old woman in Saint-Jeannet in southern France reported stomach aches, abdominal bloating, and occasional diarrhea. Blood analyses found an increased eosinophil level (8,800 cells/mm3), which represented 52% of 16,900 leukocytes/mm3.
The internationalisation of production systems: embeddedness, openness and governance

The paper explores the process of production internationalisation of local production systems with a special concern for the tension between embeddedness and openness, and with the governance structure of international networking. Local production systems are prompted to look beyond their local borders by the need to access knowledge, competences, as well as goods and services. Beyond a concern with territory, the possibility of multinational networks has been conceptualised as a mesh of local production systems cemented by production and socioeconomic relations. Drawing on the conceptual hypothesis of multinational networks, the paper proceeds to analyse the process of international outsourcing of Italian industrial districts as an application. The opening up of districts has taken place at the same time as a process of internal hierarchisation due to the emergence of leading groups. The paper reflects on how industrial districts have tended to generate abroad similar forms of agglomerations replicating the industrial district model, as well as presenting some preliminary considerations on the link between the governance of the local production system and the governance of its external networks.
Geographical concentration and the dynamics of countries' specialization in technologies

This paper examines the empirical dynamics of countries' technological specialization in six technology fields using distribution dynamics. In all technology fields innovation activities are performed by relatively few countries and the degree of concentration is fairly stable in time. Intra-distribution dynamics is characterized by persistence of within field countries' specialization levels around or below the mean, while high specialization levels revert towards lower values. This strengthens the case for absorptive capacity. Electronics show some distinctive properties: they have the highest degree of geographical concentration and numerous small countries among those specialized; they also are the least mobile technology field. In a Schumpeterian perspective, this is in line with "creative accumulation".
Combining Revealed and Stated Preference Methods to Value Environmental Amenities at Residential Locations

This paper combines an established revealed-preference method, discrete-choice hedonic analysis, and a relatively new stated-reference method, choice-based conjoint analysis, in order to estimate more accurately the aesthetic benefits generated by the presence and quality of environmental amenities associated with residential locations. It applies the combined approach to the housing market of Fairfield, Connecticut, which contains several environmental amenities and is experiencing an improvement in the quality of its coastal wetlands due to active restoration efforts. (JEL Q26)
Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks

We find that the underperformance of IPO stocks relative to the market over a three-year holding period is less severe for IPOs handled by more prestigious underwriters. Consistent with prior studies, we also find that IPOs managed by more reputable underwriters are associated with less short-run underpricing. Among the various existing proxies for underwriter reputation, the Carter-Manaster measure is the most significant in the context of initial returns and also in the context of the three-year performance of IPOs. The study also provides an updated list of the Carter-Manaster measure for various underwriters. Copyright The American Finance Association 1998.
From Negotiations to Accession: Lessons from the 2007 Enlargement

Abstract Although overshadowed by the ‘big bang’ enlargement of 2004, the accession of Bulgaria and Romania to the EU in 2007 was more than simply a ‘coda’ enlargement. It had its own distinctive features and provides important insights into how the EU's handling of enlargement is evolving. It established a number of interesting and potentially significant precedents and provided timely reminders of how important political and public opinion can be for ratification. Examination of the period from negotiating the terms of membership to the actual accession of the two applicants underlines the dynamic and increasingly uncertain nature of the EU enlargement process.
PhD student satisfaction with course experience and supervision in two Australian Research-intensive Universities

Over the past decade, Australian universities have experienced a dramatic expansion in PhD enrolments and in the proportion of female PhD candidates. This article assesses how well two major research-intensive universities have coped with these changes, looking particularly at student course experience. Of particular concern are relatively low satisfaction ratings given by PhD students to their overall course experience, which appeared to stem largely from dissatisfaction with supervision. Females were decidedly more dissatisfied than males with both course experience and supervision. In turn, dissatisfaction with supervision by both male and female students appears to have stemmed from various factors, but particularly important were lack of easy access by students to supervisors because of high workloads, and weaknesses in supervision practice. Many younger PhD students had distinctively negative attitudes towards universities and academic careers at a time of declining government funding per student unit.
The Temporal and Spatial Dimensions of Price Search: Insights from Matching Household Survey and Purchase Data

Price promotions are pervasive in grocery markets. A household can respond to price promotions by effectively cherry-picking through (1) spatial price search across stores and (2) temporal price search across time. However, extant research has analyzed these two dimensions of price search only separately and therefore underestimates both the consumer response to price promotions and the impact of promotions on retail profit. In this article, the authors introduce an integrated analysis of spatial and temporal price search. They seek answers to three questions: First, what are the predictors of household decisions to perform either spatial or temporal price search? Second, how effective are the temporal, spatial, and spatiotemporal price search strategies in obtaining lower prices? and Third, what is the impact of alternative price search strategies on retailer profit? The authors use a unique data collection approach that combines household surveys with observed purchase data to address these questions. Their key results are as follows: Geography (the spatial configuration of store and household locations) and opportunity costs are useful predictors of a household's price search pattern. Households that claim to search spatiotemporally avail approximately three-quarters of the available savings on average. Households that search only temporally save about the same as those that search only spatially. The negative effect of cherry-picking on retailer profits is not as high as is typically believed.
THE YIELD SPREAD ON NEW ISSUES OF CORPORATE BONDS

OVER THE PAST DECADE there have often been sizable differences between the offering yields on new issues of corporate bonds and the market yields on bonds of similar quality of the secondary market. In the latter half of the 1960's, this yield spread was consistently positive and at times quite large. For instance, in 1967, 1968, and 1969 Moody's average of offering yields on new Aa public utility issues exceeded Moody's series for seasoned utility issues with the same rating by an average of 40 basis points. In late 1970 and early 1971, the yield spread declined as interest rates fell, and in a number of instances negative yield spreads were observed. This paper examines the reasons for this yield spread and its fluctuations over time. Three hypotheses are presented and the evidence of past studies in support of each is analyzed; then the results of a study of the yield spread on corporate bonds issued competitively during the period January 1, 1964 through February 28, 1971 are reported.
Adenosine decreases both presynaptic calcium currents and neurotransmitter release at the mouse neuromuscular junction

A controversy currently exists as to the mechanism of action by which adenosine, an endogenous mediator of neurotransmitter depression, reduces the evoked release of the neurotransmitter acetylcholine (ACh) at the skelelal neuromuscular junction. Specifically, it is uncertain whether adenosine inhibits ACh release from mammalian motor nerve endings by reducing Ca2+ calcium entry through voltage‐gated calcium channels or, as is the case at amphibian motor nerve endings, by an effect downstream of Ca2+ entry. In an attempt to address this controversy, the effects of adenosine on membrane ionic currents and neurotransmitter release were studied at neuromuscular junctions in adult mouse phrenic nerve hemidiaphragm preparations. In wild‐type mice, adenosine (500 μm–1 mm) reduced prejunctional Ca2+ currents simultaneously with a reduction in evoked ACh release. In Rab3A knockout mice, which have been shown to have an increased sensitivity to adenosine, the simultaneous reduction in Ca2+ currents and ACh secretion occurred at significantly lower adenosine concentrations (≤ 50 μm). Measurements of nerve terminal Na+ and K+ currents made simultaneously with evoked ACh release demonstrated that the decreases in Ca2+ currents were not attributable to changes in cation entry through voltage‐gated Na+ or K+ channels. Furthermore, no effects of adenosine on residual ionic currents were observed when P/Q‐type calcium channels were blocked by Cd2+ or ω‐agatoxin‐IVA. The results demonstrate that inhibition of evoked neurotransmitter secretion by adenosine is associated with a reduction in Ca2+ calcium entry through voltage‐gated P/Q Ca2+ channels at the mouse neuromuscular junction. Whilst it may be that adenosine inhibits ACh release by different mechanisms at amphibia and mammalian neuromuscular junctions, it is also possible that the secretory apparatus is more intimately coupled to the Ca2+ channels in the mouse such that an effect on the secretory machinery is reflected as changes in Ca2+ currents.
Dividend yields and stock returns in Hong Kong

Purpose - – The positive relationship between dividend yield and risk-adjusted return, which is called the dividend yield effect, is well documented in the US market. Yet, the drivers of the yield effect are unclear. Some argue this evidence is consistent with the prediction that the investor-level tax burden is capitalized in stock prices, also known as the tax capitalization hypothesis. Still others contend that nontax omitted factors drive the yield effect. The purpose of this paper is to contribute to the debate by exploring if the yield effect occurs in Hong Kong market where no taxes exist on either dividend income or capital gain. Design/methodology/approach - – The authors use two main approaches to detect the dividend yield effect. The first approach groups stocks into portfolios based on dividend yields and tests for the presence of a yield effect at the portfolio level. The second approach employs the Fama-MacBeth methodology at the firm level and tests if a yield effect is existent after controlling for firm characteristics known to explain stock returns. Findings - – The paper documents a robust dividend yield effect in the Hong Kong market and suggests that nontax reasons help to explain the yield effect. Originality/value - – Tax capitalization is a long-standing question in financial economics and the research evidence is mixed. The findings do not completely rule out the tax capitalization hypothesis. The main contribution is to illustrate the difficulty of conducting a powerful test of this hypothesis in practice and to urge caution in interpreting the dividend yield effect as evidence in support of this hypothesis.
An Asymptotic Analysis of an Optimal Hedging Model for Option Pricing with Transaction Costs

Davis, Panas, and Zariphopoulou (1993) and Hodges and Neuberger (1989) have presented a very appealing model for pricing European options in the presence of rehedging transaction costs. In their papers the ‘maximization of utility’ leads to a hedging strategy and an option value. The latter is different from the Black–Scholes fair value and is given by the solution of a three–dimensional free boundary problem. This problem is computationally very time–consuming. In this paper we analyze this problem in the realistic case of small transaction costs, applying simple ideas of asymptotic analysis. The problem is then reduced to an inhomogeneous diffusion equation in only two independent variables, the asset price and time. The advantages of this approach are to increase the speed at which the optimal hedging strategy is calculated and to add insight generally. Indeed, we find a very simple analytical expression for the hedging strategy involving the option's gamma.
Family Business in Thailand: Its Management, Governance, and Future Challenges

This article examines family businesses in post-crisis Thailand. The analysis focuses on their corporate management and governance restructuring. The findings indicate that family business still strongly persists and can be categorized into four groups, namely, closed family businesses, specialized family businesses, authoritarian family conglomerates, and modern family conglomerates. Given the falling trade barriers and the increasing globalization, the local family firms will face a challenge in capital market and the pressure of ICT development.
Cost-effectiveness of laparoscopic gastric banding and bypass for morbid obesity.

OBJECTIVE To assess the cost-effectiveness of laparoscopic adjustable gastric banding (LAGB) and laparoscopic Roux-en-Y gastric bypass (LRYGB) as treatment for morbid obesity. STUDY DESIGN A Markov model was developed to simulate weight loss, health consequences, and costs for surgical treatment of morbid obesity. The model was used to estimate incremental cost-effectiveness ratios (ICERs) in terms of cost per quality-adjusted life-year (QALY) gained. METHODS Estimates of procedure effectiveness were derived from published results of a head-to-head randomized controlled trial. Other model parameters, including complication rates, costs of treatment, adverse events and obesity, mortality rates, and utilities, were estimated from published literature and publicly available databases. Costs (2006 US dollars) and QALYs were discounted by 3% per annum. RESULTS Under conservative assumptions, both LAGB and LRYGB improved health outcomes, at a higher cost, compared with no treatment. ICERs for both LAGB and LRYGB versus no treatment were below $25,000 per QALY gained. ICERs were lower for individuals with higher initial body mass index and higher for older individuals. ICERs for men were generally higher than those of women. Sensitivity analyses showed these results to be robust to reasonable variation in model parameters and overall parameter uncertainty. Base-case ICERs for LRYGB versus LAGB were below $25,000 per QALY gained, but were highly sensitive to model assumptions. CONCLUSION Both LAGB and LRYGB provide significant weight loss and are cost-effective compared with no treatment at conventionally accepted thresholds for medical interventions.