Miracle-dz/UniFAR-FTUs huggingface dataset:
An Empirical Analysis of the Role of the Medium of Exchange in Mergers

In empirical studies of differences between firms which are acquired and those which are not, researchers typically divide firms into two groups-acquired and nonacquired. In this paper, we argue that cash takeovers may be sufficiently different from noncash acquisitions that failure to distinguish between them may lead to inappropriate generalizations. We provide evidence from the mid 1970s that three categories of firms can be distinguished: nonacquired, acquired in a cash takeover, and acquired in an exchange of securities. THERE IS A SUBSTANTIAL empirical literature exploring the differences between firms which are acquired and those which are not. Typically these studies divide firms into two groups-acquired and nonacquired-and analyze the differences in the characteristics of the two groups using binary dependent variable techniques such as discriminant analysis or probit analysis. A fundamental shortcoming of these studies is that no distinctions are made concerning the nature of the merger or the acquiring firm. That is, it is assumed that acquired firms fall into a single category that is distinguishable from nonacquired firms. In fact, individual acquisitions may be motivated by quite different features suggesting that more than a single category of acquired firms should be analyzed. In this paper, we argue that cash takeovers may be sufficiently different from noncash acquisitions that modeling the events as being the same (i.e., just mergers) may be inappropriate. We then provide evidence using data for the mid 1970s that three types of firms can be distinguished: nonacquired, acquired in a cash takeover, and acquired in an exchange of securities. The paper is organized as follows. In the next section, we suggest why firms acquired for cash may be quite different from firms acquired by an exchange of securities. Section II describes the empirical techniques which are used and
Molecular Constants of the A 1 Σ u + and B 1 Π u States of Na 2

Laser-induced fluorescence spectra of the AΣu − XΣg and BΠu − XΣg systems of Na2 were excited in the gas phase by Ar+ laser lines at 4880 and 4765 Å and Kr+ laser lines at 6471 and 4762 Å. The resulting spectra have been studied in [1 5] using high-resolution Fourier transform spectroscopy. In that study, 28 series of fluorescence have been analyzed and identified. The strongest series contain, in addition to the main P(J +1) and R(J−1) doublets, rotational relaxation lines covering a wide range. The observation of these lines provides important information about the upper states and also increases the data of the lower state. This analysis led to the determination of the molecular constants of the ground state XΣg with high precision comparable to that already available in [6]. From these constants, the Rydberg-Klein-Rees (RKR) potential curve of the XΣu state was obtained for vibrational levels ν up to the dissociation limit (ν = 62) [1, 2]. In the present paper, the molecular constants of the upper AΣu and BΠu states are reported. This calculation completes the work by O. Babaky and K. Hussein [1]. Figure 1 shows the states involved in this work.
Expansion, Diversification, and Hybridization in Korean Public Housing

The emphasis in European contexts has been on the residualization and market orientation of social housing agencies. South Korea has, however, experienced an extension of public housing and greater sector diversification around different forms of provision that serve the needs of various types of household. On the one hand, a permanent public rental housing sector has been developed serving the needs of very low-income or vulnerable households. On the other hand, more diverse types of fixed-term rental have been produced for a broader range of income categories. This paper examines how and why these differentiated approaches to public housing provision and management have emerged. A particular focus is the changing demands on and roles of housing organizations, as well as the relationships between government, market, and civil sector organizations. The analysis identifies a particular hybridity in South Korean public housing in contrast to typologies developed in European contexts.
A randomized controlled trial of romiplostim in patients with low- or intermediate-risk myelodysplastic syndrome receiving decitabine

Abstract Patients with myelodysplastic syndrome (MDS) receiving hypomethylating agents commonly develop thrombocytopenia. This double-blind study evaluated the efficacy and safety of romiplostim, a peptibody protein that increases platelets, in patients with MDS receiving decitabine. Patients received romiplostim 750 μg (n = 15) or placebo (n = 14) and decitabine. Median platelet counts at the beginning of each decitabine cycle trended lower in placebo-treated than in romiplostim-treated patients. Bleeding events occurred in 43% of placebo-treated and 27% of romiplostim-treated patients, and platelet transfusions were administered to 57% of placebo-treated and 47% of romiplostim-treated patients. Overall clinical therapeutic response was achieved by 21% of placebo-treated and 33% of romiplostim-treated patients. Treatment was generally well tolerated. Progression to acute myeloid leukemia (AML) occurred in one patient per group. Adding romiplostim to decitabine treatment is well tolerated and may be beneficial, as indicated by trends toward higher platelet counts at the beginning of each treatment cycle and lower platelet transfusion rates and percentages of patients with bleeding events.
A psychological jurisprudence model of public opinion and international prosecution

Theories abound as to why states consent to international courts, but little research has examined how individuals decide which justice options—local trials, international trials or other transitional justice options—are the preferred venue for settling violations of international law. We demonstrate that not only do individuals hold organized and fairly sophisticated beliefs on these topics, but we can also successfully import a psychological jurisprudence model used principally in analyses of individual values regarding domestic laws to explain these beliefs. We develop a multinominal logit model of individual choices regarding their preferred justice option based on their views concerning the morality of war, the extent of their victimization and the perceived competency of international institutions.
PGC-1α Coordinates Mitochondrial Respiratory Capacity and Muscular Fatty Acid Uptake via Regulation of VEGF-B

Vascular endothelial growth factor (VEGF) B belongs to the VEGF family, but in contrast to VEGF-A, VEGF-B does not regulate blood vessel growth. Instead, VEGF-B controls endothelial fatty acid (FA) uptake and was identified as a target for the treatment of type 2 diabetes. The regulatory mechanisms controlling Vegfb expression have remained unidentified. We show that peroxisome proliferator–activated receptor γ coactivator 1α (PGC-1α) together with estrogen-related receptor α (ERR-α) regulates expression of Vegfb. Mice overexpressing PGC-1α under the muscle creatine kinase promoter (MPGC-1αTG mice) displayed increased Vegfb expression, and this was accompanied by increased muscular lipid accumulation. Ablation of Vegfb in MPGC-1αTG mice fed a high-fat diet (HFD) normalized glucose intolerance, insulin resistance, and dyslipidemia. We suggest that VEGF-B is the missing link between PGC-1α overexpression and the development of the diabetes-like phenotype in HFD-fed MPGC-1αTG mice. The findings identify Vegfb as a novel gene regulated by the PGC-1α/ERR-α signaling pathway. Furthermore, the study highlights the role of PGC-1α as a master metabolic sensor that by regulating the expression levels of Vegfa and Vegfb coordinates blood vessel growth and FA uptake with mitochondrial FA oxidation.
Protection of minority interest and the development of security markets

While excessive regulation is an obstacle to the development of financial markets, we argue that lack of basic rules or poorly enforced regulation may explain the relative importance across countries of banking and security markets in financing firms. A selective or arbitrary enforcement transforms legal rules into an exclusionary good; arm's length market exchanges become unreliable. As a result, transactions tend to become intermediated through institutions or concentrated among agents bound by some form of private enforcement. Provision of funding shifts from risk capital to debt, and from markets to institutions with long term relations. Securities, as standardized arm's length contractual relationships, are most vulnerable to poor enforcement. We show that when small investors' rights are poorly protected, the ability of firms to raise equity capital is impaired, and as a result, profitable new ventures will be forsaken. This suggests a conflict of interest over regulatory standards between the controlling shareholders in listed firms and new entrepreneurs. More generally, fewer firms will be financed with outside equity, resulting in a low capitalization relative to GNP and a predominance of internal (unlisted) equity and bank lending over traded securities. We present some supporting evidence on the correlation between investor protection and development of security markets. We rely on a price measure, the premium on voting stock, which is related to the control premium. In countries where this premium is large, corporate financing is dominated by bank lending and equity markets are much smaller. Although the sample size is limited, the correlation is quite strong. © 1997 John Wiley & Sons, Ltd.
The global survey of physicists: A collaborative effort illuminates the situation of women in physics

The results of the Global Survey of Physicists draw attention to the need to focus on factors other than representation when discussing the situation of women in physics. Previous studies of women in physics have mostly focused on the lack of women in the field. This study goes beyond the obvious shortage of women and shows that there are much deeper issues. For the first time, a multinational study was conducted with approximately 15,000 respondents from 130 countries, showing that problems for women in physics transcend national borders. Across all countries, women have fewer resources and opportunities and are more affected by cultural expectations concerning child care. We show that limited resources and opportunities hurt career progress, and because women have fewer opportunities and resources, their careers progress more slowly. We also show the disproportionate effects of children on women physicists' careers. Cultural expectations about home and family are difficult to change. However, for women to have successful outcomes and advance in physics, they must have equal access to resources and opportunities.The results of the Global Survey of Physicists draw attention to the need to focus on factors other than representation when discussing the situation of women in physics. Previous studies of women in physics have mostly focused on the lack of women in the field. This study goes beyond the obvious shortage of women and shows that there are much deeper issues. For the first time, a multinational study was conducted with approximately 15,000 respondents from 130 countries, showing that problems for women in physics transcend national borders. Across all countries, women have fewer resources and opportunities and are more affected by cultural expectations concerning child care. We show that limited resources and opportunities hurt career progress, and because women have fewer opportunities and resources, their careers progress more slowly. We also show the disproportionate effects of children on women physicists' careers. Cultural expectations about home and family are difficult to change. However, for women .
Tightening Environmental Standards: The Benefit-Cost or the No-Cost Paradigm?

This paper takes issue with the Porter-van der Linde claim that traditional benefit-cost analysis is a fundamental misrepresentation of the environmental problem. They contend that stringent environmental measures induce innovative efforts leading to improvements in abatement and production technologies that offset the costs of the regulations. Drawing both on basic economic theory and existing data on control costs, the authors argue that such offsets are special cases. The data indicate offsets are minuscule relative to control costs. There is no free lunch here: environmental programs must justify their costs by the benefits that improved environmental quality provides to society.
What Has Happened to Gustav von Schmoller in English?

In 1954 the American Economic Association held its first session on “The International Flow of Economic Ideas. ” As a discussant, the great scholar of Walras, William Jafft said, “The Iron and Bamboo Curtains of today were preceded three-quarters of a century ago by nationalistic, linguistic, and other curtains–all impending the free flow of ideas in the learned world,” (1955, 38–9). A.W. Coats later added some other obstacles, “…the unavailability of modern information retrieval methods, or perhaps a plain ornery human unwillingness to cooperate or personal dislike, all have at times been impediments to the progress of knowledge,” (1987, 66).
A European true and fair view

After a brief historical introduction, the paper examines the true and fair view (TFV) requirement in the Fourth Directive, and in the corresponding company legislation in UK, France and Germany. Differences and nuances are explore from a language and translation viewpoint and also related to pre-Fourth Directive requirements and culture. The extent of true harmonization is questionable. Recent experience and usage of TFV in the UK is critically described and related to the broader European context. The general drift of the argument is that countries are tending to interpret TFV in the context of national culture, national accounting tradition and national GAAP. From a properly European perspective there is a need for changes in attitude from all concerned. TFV and GAAP are living and dynamic concepts. They are affected by the cultures within which they are used. Homogeneous attitudes to such concepts imply homogeneous cultural contexts, and this raises questions of a most fundamental nature.
Production Flexibility, Product Markets, and Capital Structure Decisions

We examine how production flexibility affects financial leverage. A worldwide sample of energy utilities allows us to apply direct measures for production flexibility based on their power plants. We find that production flexibility increases financial leverage. For identification, we exploit privatizations and deregulations of electricity markets, geographical variations in natural resources, the technological evolution of gas-fired power plants, and differences in electricity prices and recapitalization cost across regions. Production flexibility affects financial leverage via the channels of reduced expected cost of financial distress and higher present value of tax shields. The relative importance of these channels depends on firms' profitability.
Theoretical and Empirical Considerations of Guests’ Perceptions of Biometric Systems in Hotels

This study extended the technology acceptance model (TAM) by applying it to the context of biometric systems in the hotel industry and by introducing a consumer-oriented construct, perceived innovativeness, as an antecedent of perceived ease of use. Using data collected from hotel guests who traveled during a 12-month period prior to the study, the model explained 79% of the variability in guests’ intentions to use biometric systems in hotels. The results showed that the TAM is an appropriate theoretical framework for the examination of adoption of biometrics in hotels, and that hotel guests are ready to adopt biometric systems, especially if they are perceived as useful.
World Cities of Scientific Knowledge: Systems, Networks and Potential Dynamics. An Analysis Based on Bibliometric Indicators

This paper is based on identification of the pattern of the upper level of the world city network of knowledge as published in a series of earlier papers. It is our aim to update the findings and relate to the general world city discussion. The structure of the world cities of knowledge network has changed over the past decade in favour of south-east Asian and south European cities and in disfavour of the traditional centres of North America and north-western Europe. The analysis is based on bibliometric data on the world’s 100 largest cities measured in terms of research output. The level of co-authorship between researchers in different cities is an indicator of links and respect, and the number of citations of papers produced by researchers located in each city is an indicator of respect. Finally, one research discipline is selected for an experiment in forecasting future hot spots of research.
Information technology (IT) productivity paradox in the 21st century

Purpose - – Since the 1970s productivity growth in most economies slowed, while information and communication technology expenditures increased: the “information technology (IT) productivity paradox. ” Some researchers reported an end to the paradox, but this is most likely due to IT industry growth approaching the Year 2000 phenomenon. The purpose of this paper is to update IT productivity paradox research. Design/methodology/approach - – For comparability this research replicates methods employed by previous studies but employs a two-level approach: first macroeconomic indicators; second labor and multi-factor productivity. Findings - – Findings suggest IT investment has high positive correlation with gross domestic product growth, but not labor or multi-factor productivity. This ambiguity suggests the paradox is still poorly understood. Research limitations/implications - – The findings are not conclusive; the authors cannot confirm or reject the existence of the productivity paradox. The global recession and banking crisis makes it prudent to wait until recovery before analyzing data from that period. Practical implications - – Lack of convincing evidence supporting positive effects from IT investment suggests some firms benefit from IT investment, but not others, and that IT investment has questionable returns. Social implications - – Firm level studies might find IT investment benefits some firms, but lack of convincing macroeconomic level evidence of positive effects of IT investment suggests the paradox still exists. Originality/value - – This research updates the IT productivity paradox demonstrating the phenomenon is still poorly understood and thus worthy of further study, questioning the benefits of IT investment for industry and national economies.
Why Did Semiconductor Price Indexes Fall So Fast in the 1990s? A Decomposition

Price deflators for semiconductors fell rapidly over the 1990s, pulled down by steep declines in the deflator for the microprocessor (MPU) segment that accelerated around 1995. A decomposition of a price index for Intel's MPUs suggests that virtually all of the declines in the price index--and the acceleration--can be attributed to quality increases associated with product innovation, rather than declines in the cost per chip. The sizable decline in Intel's margins from 1993--99 only accounted for about 6 percentage points of the average 24% decline per quarter in the price index and cannot explain the acceleration. (JEL D42, L63, O47) Copyright 2006, Oxford University Press.
Modeling, fabrication, and characterization of large aperture two-dimensional antiguided vertical-cavity surface-emitting laser arrays

We have investigated the modal behavior of two-dimensional (up to 400 elements) active-photonic-lattice-based antiguided vertical-cavity surface-emitting laser (VCSEL) arrays by both modeling and device characterization. A two-dimensional (2-D) model based on the effective index method has been constructed to analyze 2-D resonance and calculate array mode frequencies in rectangular geometry arrays. A more comprehensive three-dimensional bi-directional beam propagation code has also been developed to theoretically describe 2-D antiguided arrays with the VCSEL structure in the primary wave propagation direction. Gain spatial hole burning (GSHB) effects above laser threshold are applied to find conditions favorable for in-phase mode lasing and high intermodal discrimination. Three rectangular geometry array structures based on different interelement loss mechanisms have been designed and fabricated. Both far-field and spectral characterization were conducted on the devices to make detailed comparison with theoretical results. We found that introducing higher loss within the interelement region can allow the in-phase mode to exhibit the lowest threshold gain for a wide range of interelement widths around the in-phase resonance condition. A detailed spectral study of 5/spl times/5 arrays with the highest interelement loss design has demonstrated suppression of competing guided array modes and higher order leaky array modes at drive currents up to 10 times threshold.
High‐resolution MRI Enhances Identification of Lesions Amenable to Surgical Therapy in Children with Intractable Epilepsy

Summary: Purpose: Many children with refractory epilepsy can achieve better seizure control with surgical therapy. An abnormality on magnetic resonance imaging (MRI), along with corroborating localization by other modalities, markedly increases chances of successful surgical outcome. We studied the impact of high‐resolution MRI on the surgical outcome of intractable epilepsy.
The effects of alloxan and histamine on the permeability of the pulmonary alveolocapillary barrier to albumin

1. [131I]albumin transport from alveolus to perfusion fluid was evaluated in an isolated dog lung lobe preparation perfused at constant pressure with homologous plasma. The alveoli were filled with a 1:1 mixture of Ringer—Tyrode solution and plasma.
Playing to their Strengths? Evidence that Specialization in the Private Equity Industry Confers Competitive Advantage

The paper examines whether Private Equity (PE)-backed buyouts have higher post-buyout operating profitability than comparable companies ("The Jensen hypothesis") and whether relative investment specialisation provides the PE firm with a competitive advantage over its peers ("The advantage-to-specialization hypothesis"). A sample of 122 UK buyouts over the period 1995-2000 and a matched sample of non-PE-backed UK companies are constructed to test the first hypothesis. Applying a new measure of relative PE firm specialization that identifies buyout-specialized and industry-specialised PE firms we test the second hypothesis on the subsample of PE-backed companies. We find that over the first 3 post-buyout years (i) operating profits of companies backed by PE firms are greater than those of comparable non-buyout companies by 4.5%, confirming the Jensen hypothesis; (ii) industry specialization of PE firms adds 8.5% to this profitability advantage, confirming the advantage-to-specialization hypothesis; (iii) buyout specialization has no effect on profitability but may provide a spur to growth. Finally, results show that profitability of the PE-backed company in the buyout year plays a major role in post-buyout profitability, suggesting that skill in investment selection and financial engineering techniques may play a more important role than managerial incentives in raising performance.Published as: Cressy, R. , Malipiero, A. , Munari, F. (2007), “Playing to their strengths. Evidence that specialization in the Private Equity industry confers competitive advantage”, Journal of Corporate Finance, Special Issue on “Private equity, Legeraged Buyout and Corporate Governance”,13(4): 647-669.