Miracle-dz/UniFAR-FTUs huggingface dataset:
Estimating banks’ equity duration: a panel cointegration approach

Using panel unit root and cointegration analyses, we estimate the equity duration for banks covering the countries of Australia, US, Canada and the UK for the period 1986 to 2003. Our results show that banks in the UK had the highest duration followed by those in Australia, Canada and then the US. These results have important implications for policymakers particularly because banks, among others, act as conduit of monetary policy. Since duration is a measure of sensitivity to interest rates, these results imply that banks in the UK would be the most affected by monetary policy changes while those in the US would be the least affected. These results are also of importance to investors. Since duration also measures the speed by which cash flows come back, these results indicate that investors in US banks recover their investment faster than the investors in banks of Australia, Canada and the UK. This contention is supported by the fact that among the four countries, banks in the US are the most profitable while those in the UK are the least.
Assessing the institutional choice process of student-athletes.

The primary purpose of this investigation was to determine the relative importance of the attributes that student-athletes use when determining their choice of a university. A second purpose was to compare previous athletic institutional choice studies with the results of this study to determine if the most important attributes were similar and to compare and contrast methodologies. Six hundred five Division I student-athletes (344 baseball players and 261 softball players) from all eight national geographic regions of the NCAA participated in this study. The experimental procedure was based on Information Integration Theory and a 2(10) fractional factorial design that resulted in 32 "choice sets. " These choice sets were composed of universities described by 10 attributes. This framework required that the student-athletes choose from among three university profiles, thereby realistically simulating the decision process. The results for the aggregate sample show that the "Amount of Scholarship" attribute was the most important factor in the institutional choice process. Many demographic variables were analyzed (sex, race, amount of scholarship received as a freshman, amount of perceived financial need, self-reported grade-point average, questionnaire completion procedures, in-state/out-of-state status, NCAA region, and rank in high school) in conjunction with the choice set data in a post-hoc framework. The results for a subset of these variables are reported in this paper; differences (in the order of importance of the attributes) were found among groups. A primary finding of this study is that a student-athlete's perceived financial need has a critical impact on the institutional choice process. (ABSTRACT TRUNCATED AT 250 WORDS)
CAPITAL MOBILITY AND ADJUSTMENT OF THE CURRENT ACCOUNT IMBALANCES: A BOUNDS TESTING APPROACH TO COINTEGRATION IN 12 COUNTRIES (1880-2001)

The saving-investment correlation in the long run may be interpreted as an indicator of the respect of the nation's intertemporal budget constraint. In the context of the single equation method, the existence of such a long-run relationship implies that the levels of the variables as regressors must be cointegrated. Using the new approach to cointegration developed by Pesaran et al. (2001), the paper attempts to ascertain the existence of a long-run relationship between the domestic saving and investment rates in industrialized countries over the period 1880-2001 when it is not known if the variables under consideration are stationary in levels or in differences. Inferences are drawn concerning international capital mobility. Copyright © 2004 John Wiley & Sons, Ltd.
Corporate yield curves as predictors of future economic and financial indicators

The government yield curve is known for its ability to predict the future growth rate of the economy. Later studies showed that credit spreads can assist in predicting macroeconomic behaviour as well. We extend this notion by utilizing corporate yield curves and demonstrating that corporate yield curve spreads can predict future economic growth, the future state of the economy and stock market behaviour. In addition, our sample covers the most recent data available, and it also includes the crash year of 2008 and the recovery period following it. Our results reveal a trade-off effect between the government yield curve, which is a better predictor for long-term forecasting, and the corporate yield curves, which are better predictors for short-term predictions. In addition, we show that both the government and corporate yield curves are more effective in predicting negative rather than positive economic changes.
The owner/manager's mentality and the financial performance of SMEs

Purpose – Despite the fact that the mentality of owner/managers is an important aspect of their personality characteristics no prior study has made any attempt to examine its possible impact on enterprise performance during various stages of growth. Therefore, based on a questionnaire survey conducted in Sri Lanka, this study attempts to examine this aspect of small to medium enterprises (SMEs). Design/methodology/approach – Based on a review of the literature, a conceptual model was constructed as the initial step in this research for visualising and testing the relationship between owner/managers' personality styles, operational approaches and financial performance. The model was then extended to reflect the relationship between owner/manager's mentality styles and financial performance over all stages of enterprise growth.Findings – The results of the study show that there is a strong relationship between owner/managers' mentality and financial performance of their enterprises. Moreover, when owner/mana.
Entry into Banking Markets and the Early-Mover Advantage

Using a sample for 1972-2002 with over 8,000 bank entries into local markets, we find a market share advantage for earlier entrants. In particular, the earlier a bank enters, the larger is its market share relative to other banks, controlling for firm, market and time effects, with a market share advantage for early movers between 8 and 12 percentage points, depending on the order of entry. This magnitude also varies according to the entry method used, being attenuated for banks that enter through mergers, as opposed to opening a branch or through a de novo charter. Branded entrants suffer a lower disadvantage relative to unbranded entrants. The market share advantage is diminished in markets with high population growth, presumably as new consumers in the market have yet to be locked in with a bank and face no switching costs. The results are stable over the period.
Interest rate pass‐through in Kenya

Purpose - This study aims to quantitatively measure the size and speed of monetary policy interest rate transmission to long-term interest rates in Kenya. Design/methodology/approach - The study uses autoregressive distributed lag specification re-parameterized as an error correction model and mean adjustment lag methods. Findings - The study finds incomplete pass-through of policy rates both in the short and the long run. The study also shows that it takes approximately between 11 months to two years for policy interest rate to be fully transmitted to long-term rates. Originality/value - The study is novel as it is the first attempt the authors are aware of that empirically investigates the interest rate pass-through in Kenya using high-frequency data. Measuring the speed and size of interest rate pass-through provides policy makers with insights on how long it takes for a particular policy action to yield desired results on the real economy. The findings of this study will therefore inform policy makers of the effectiveness of their policy decisions and facilitate timely monetary policy actions.
Associations of Age, Gender, and Subtypes With ADHD Symptoms and Related Comorbidity in a Danish Sample of Clinically Referred Adults

Objective: The aim was to examine associations of age and gender with ADHD subtypes and subsequently to examine associations of age, gender, and subtypes with comorbid psychiatric disorders. Method: Odds ratios were calculated and logistic regression performed using information from a clinical sample of 155 ADHD adults referred to a Danish specialized ADHD unit from 2010 to 2011. Results: A majority of men (65%) was found in the sample. Most patients were subtyped ADHD combined (78%), followed by ADHD inattentive (18%), and ADHD hyperactive-impulsive (4%). No significant differences were found in gender and age across subtypes. Current comorbid disorders were found in 57% of the ADHD patients. Significantly more comorbidity was found in the ADHD combined type and in patients ≥25 years. Significantly more men had substance use disorders and significantly more women had personality disorders. Conclusion: When assessing adult ADHD patients’ age, gender, subtype, and related comorbid symptom profiles should be taken into account.
Existence and extent of impact of individual stock derivatives on spot market volatility in India

This article first examines the existence of a change in the structure of conditional volatility of stock returns around the time when trading in individual stock derivatives is introduced. Thereafter, it analyses the extent of the structural change between the pre- and post-derivatives regimes, after allowing for asymmetric response to ‘good’ and ‘bad’ news, following the Generalized Autoregressive Conditional Heteroscedastic (GARCH) family of models. Since the exact point of regime change is known for each stock analysed, the article specifies alternative switching asymmetric GARCH (Exponential GARCH (EGARCH), Periodic GARCH (PGARCH) and Glosten–Jagannathan–Runkle GARCH (GJR GARCH)) models for each stock. The final choice of model is made on the basis of the news impact curve. The main finding of this study is that although derivatives seem to enhance the quantity of information transmitted to the spot market, the quality of such information is doubtful, resulting in delayed incorporation of such information into price. This, the article argues, may be because trading volumes in the Indian derivatives market are dominated by retail investors who lack access to information relevant for trading in the short run. The article then builds a case for introducing longer term derivative instruments for more meaningful retail participation.
Oral Fluids as a Live-Animal Sample Source for Evaluating Cross-Reactivity and Cross-Protection following Intranasal Influenza A Virus Vaccination in Pigs

ABSTRACT In North American swine, there are numerous antigenically distinct H1 influenza A virus (IAV) variants currently circulating, making vaccine development difficult due to the inability to formulate a vaccine that provides broad cross-protection. Experimentally, live-attenuated influenza virus (LAIV) vaccines demonstrate increased cross-protection compared to inactivated vaccines. However, there is no standardized assay to predict cross-protection following LAIV vaccination. Hemagglutination-inhibiting (HI) antibody in serum is the gold standard correlate of protection following IAV vaccination. LAIV vaccination does not induce a robust serum HI antibody titer; however, a local mucosal antibody response is elicited. Thus, a live-animal sample source that could be used to evaluate LAIV immunogenicity and cross-protection is needed. Here, we evaluated the use of oral fluids (OF) and nasal wash (NW) collected after IAV inoculation as a live-animal sample source in an enzyme-linked immunosorbent assay (ELISA) to predict cross-protection in comparison to traditional serology. Both live-virus exposure and LAIV vaccination provided heterologous protection, though protection was greatest against more closely phylogenetically related viruses. IAV-specific IgA was detected in NW and OF samples and was cross-reactive to representative IAV from each H1 cluster. Endpoint titers of cross-reactive IgA in OF from pigs exposed to live virus was associated with heterologous protection. While LAIV vaccination provided significant protection, LAIV immunogenicity was reduced compared to live-virus exposure. These data suggest that OF from pigs inoculated with wild-type IAV, with surface genes that match the LAIV seed strain, could be used in an ELISA to assess cross-protection and the antigenic relatedness of circulating and emerging IAV in swine.
Purchasing Power Parity and Black Markets

Purchasing Power Parity (PPP) is one of the oldest and most enduring doctrines in international finance. ' While PPP has been examined predominantly in an academic setting, it also has many practical applications for international financial managers. It may, for example, be viewed as a simple and inexpensive way to forecast long-run exchange rates. For the heavily traded currencies, of course, PPP represents only one among many available approaches. However, for some of the less traded currencies, both the number and reliability of alternative forecasting methods is greatly reduced. Therefore, the importance of PPP as a forecasting method is increased. PPP is also very im-
Testing the Tourism-Led Growth hypothesis: The case of Malta

Tourism-Led Growth (TLG) hypothesis results are inconclusive for Mediterranean countries in the relevant literature. This study contributes to the literature by employing the bounds test for co-integration and Granger causality tests to investigate level relationship and the direction of causality between international tourism and economic growth in the case of Malta. Results reveal that a long-run equilibrium relationship exists between international tourism and economic growth in the case of Malta. On the other hand, Granger causality test results suggest that both the Tourism-Led Growth and output-driven tourism hypotheses can be inferred for Malta since there is bidirectional causation between international tourism and economic growth.
Risk, Return, and Equilibrium: A Revisit

This paper reports the results of tests of the major implications of the two-parameter capital asset pricing model. The findings indicate that the relationship between stock returns and systematic risk contains important nonlinearities during 1935-82. These nonlinearities cannot be ascribed to previously documented anomalies related to firm size or January seasonality. Moreover, the test results appear to be sensitive to the choice of the proxy for the market portfolio.
Individual or group antenatal education for childbirth or parenthood, or both.

BACKGROUND Structured antenatal education programs for childbirth or parenthood, or both, are commonly recommended for pregnant women and their partners by healthcare professionals in many parts of the world. Such programs are usually offered to groups but may be offered to individuals. OBJECTIVES To assess the effects of this education on knowledge acquisition, anxiety, sense of control, pain, labour and birth support, breastfeeding, infant-care abilities, and psychological and social adjustment. SEARCH STRATEGY We searched the Cochrane Pregnancy and Childbirth Group's Trials Register (April 2006), CINAHL (1982 to April 2006), ERIC (1984 to April 2006), EMBASE (1980 to April 2006) and PsycINFO (1988 to April 2006). We handsearched the Journal of Psychosomatic Research from 1956 to April 2006 and reviewed the reference lists of retrieved studies. SELECTION CRITERIA Randomized controlled trials of any structured educational program provided during pregnancy by an educator to either parent that included information related to pregnancy, birth or parenthood. The educational interventions could have been provided on an individual or group basis. Educational interventions directed exclusively to either increasing breastfeeding success, knowledge of and coping skills concerning postpartum depression, improving maternal psycho-social health including anxiety, depression and self-esteem or reducing smoking were excluded. DATA COLLECTION AND ANALYSIS Both authors assessed trial quality and extracted data from published reports. MAIN RESULTS Nine trials, involving 2284 women, were included. Thirty-seven studies were excluded. Educational interventions were the focus of eight of the studies (combined n = 1009). Details of the randomization procedure, allocation concealment, and/or participant accrual or loss for these trials were not reported. No consistent results were found. Sample sizes were very small to moderate, ranging from 10 to 318. No data were reported concerning anxiety, breastfeeding success, or general social support. Knowledge acquisition, sense of control, factors related to infant-care competencies, and some labour and birth outcomes were measured. The largest of the included studies (n = 1275) examined an educational and social support intervention to increase vaginal birth after caesarean section. This high-quality study showed similar rates of vaginal birth after caesarean section in 'verbal' and 'document' groups (relative risk 1.08, 95% confidence interval 0.97 to 1.21). AUTHORS' CONCLUSIONS The effects of general antenatal education for childbirth or parenthood, or both, remain largely unknown. Individualized prenatal education directed toward avoidance of a repeat caesarean birth does not increase the rate of vaginal birth after caesarean section.
Expatriates and the impact of cross-cultural training

Increasing numbers of United Kingdom (UK) nationals have been embarking on international assignments in recent years. It is now widely accepted, by both academic researchers and human resources (HR) practitioners, that pre-move training and cross-cultural briefings can help expatriate staff (and their families) adapt to living and working in new environments. This article explores how these helped the adaptation of [a] large group of UK employees and their dependants who embarked on international assignments in 1995 and 1996. It also looks at how they rated the efficacy of the training and support provided by their companies. The evidence presented shows that pre-move training and briefings do have beneficial effects for most employees and their dependants. However, dependants were more likely to rate cross-cultural briefings negatively. We explore the implications of these findings and conclude by suggesting ways that UK companies can improve pre-move training and cross-cultural briefings in the future.
‘Shelter-in-place’ vs. evacuation in flash floods

This paper examines the circumstances in which a ‘shelter-in-place’ strategy may be a viable alternative to evacuation during flash floods. While evacuation remains the dominant strategy for a range of hazards, a review of the literature suggests growing awareness of the dangers associated with late evacuations and some limited consideration of shelter-in-place options. This study examines the feasibility of a shelter-in-place strategy for flash floods in Australia through: a review of literatures on evacuation, ‘sheltering-in-place’ and flood fatalities; an analysis of Australian flash flood fatalities and injuries; and interviews with flood and emergency managers. The results demonstrate that the majority of flash flood fatalities (75.7 per cent) have occurred outside when people have entered flood waters in a vehicle or on foot for a range of reasons, including to continue their intended travel, engage in recreational pursuits, continue their work, and evacuate or carry out a rescue. Interviews with emergency managers confirm that while shelter-in-place may not be the preferred option, the strategy may need to be implemented for flash floods when, due to the limited warning times, evacuation is not possible.
Privatization and Enterprise Wage Structures During Transition: Evidence from Rural Industry in China

Wage structures in transition economies usually diverge significantly from their centrally-planned predecessors. Using a matched sample of employees and enterprises, we examine the effects of privatization on wage structures in rural industry in two provinces of China. We find that privatization was associated with increased wage and earnings inequality. We report increased returns to education, increased returns to experience for mid-age workers, and increases in gender wage discrimination. We find these aspects of wage structures are similar in different types of private ownership emerging from the reform process.
Effects of breed type, silage harvest date and pattern of offering concentrates on intake, performance and carcass traits of finishing steers

The objective of this experiment was to investigate the effects and interactions of breed type, silage harvest date and pattern of offering concentrates on intake, performance and carcass traits of finishing steers. Seventy-two steers (36 Friesian and 36 beef cross) were blocked on weight within breed type and assigned to a pre-experimental slaughter group or to one of 4 dietary treatments in a 2 (breed type) × 2 (earlyor latecut silage) × 2 (flat rate or varied pattern of offering concentrates) factorial arrangement of treatments. The flat-rate feeding pattern was silage ad libitum plus 5 kg concentrates per head daily to slaughter. The varied feeding pattern was silage only for 79 days followed by concentrates ad libitum to slaughter. All animals were slaughtered together after 164 days when the groups on the two feeding patterns had consumed the same total quantity of concentrates. Friesians had a higher (P < 0.001) silage dry matter (DM) intake and a higher (P < 0.01) total DM intake than the beef crosses. Live-weight gain was similar for both breed types but the beef-cross animals had a higher (P < 0.001) kill-out proportion, higher (P < 0.01) carcass gain, and better (P < 0.001) carcass conformation than the Friesians. The beef-cross type also had a higher (P < 0.001) proportion of muscle and a lower (P < 0.001) proportion of bone in the carcass. Silage harvest date had no effect on silage or total DM intakes but the early-cut silage did result in higher (P < 0.01) carcass gain. Animals on the varied feeding pattern consumed less (P < 0.01) silage DM and less (P < 0.001) total DM than those on the flat rate feeding pattern. Live-weight gain and carcass gain were similar for the two feeding patterns. It is concluded that Friesians had a higher intake, but had lower carcass gain Irish Journal of Agricultural and Food Research 46: 149–168, 2007
“Time series momentum” in commodity markets

Purpose – The purpose of this paper is to contain an empirical application of the concept of “time series momentum” – as developed by Moskowitz et al. (2012) – to commodity markets with daily data during 1995-2012. Design/methodology/approach – The paper applies the new concept of “time series momentum” to the sphere of commodity markets. Findings – The paper extends the results previously obtained by Moskowitz et al. (2012) to a second category labeled “breakout strategy. ” Research limitations/implications – Further management strategies can be elaborated for investment management purposes, based on the suggested inclusion of the “time series momentum” in commodities. Practical implications – The empirical evidence gathered in this paper bears practical significance for portfolio managers and commodity tradings advisors relying on trend following strategies. Originality/value – Commodity markets are quickly developing to an alternative asset class for investors. Discovering their properties and character.