Miracle-dz/UniFAR-FTUs huggingface dataset:
Determinants of the Development of Corporate Bond Markets in Argentina: One Size Does Not Fit All

Conventional theory leads to expect bonds to be a financing vehicle for large firms because of economies of scale and contracting costs. We find both in our econometric evidence for firms quoted on Latin American stock exchanges, and in our survey results for Argentina, that size of assets is a robust determinant of the use of bond finance. This result, together with the fact that there are few firms that are large in terms of market value, can help understand why Argentina, as well as Latin America, has small bond markets in terms of the ratio of the stock of bonds to GDP. Since firm value represents the present value of the cash flows against which the firm borrows, the outstanding stock of corporate bonds is as small as the size of Argentine firms.
Evaluation of Thrombolytic Activity of Zingiber cassumunar Roxb. and Thai Herbal Prasaplai Formula

The propose of this study was to investigate in vitro thrombolytic activity of Zingiber cassumunar Roxb. and Prasaplai, a Thai herbal formulation of Z. cassumunar Roxb. Herbs were extracted with boiling water and concentrated by lyophilization. To observe their thrombolytic potential, an in vitro clot lysis method was applied where streptokinase and sterile distilled water were used as positive and negative controls, respectively. Crude aqueous extracts from Z. cassumunar Roxb. and Prasaplai formula showed significant thrombolytic activity by clot lysis of 17.90% and 25.21%, respectively, compared to the negative control water (5.16%) while the standard streptokinase revealed 64.78% clot lysis. These findings suggest that Z. cassumunar Roxb. exhibits moderate thrombolytic activity and cloud play an important role in the thrombolytic properties of Prasaplai formula. However, further study should be done to observe in vivo clot dissolving potential and to isolate active component(s) of these extracts. Keywords—Aqueous extract, prasaplai formula, thrombolytic activity, Zingiber cassumunar Roxb.
Optimizing the Timing of M&A Decisions—An Analysis of Pro- and Anticyclical M&A Behavior in Germany

If one looks at the market for corporate control from a research perspective, it is especially interesting to analyze whether the decision-makers in the companies take advantage of phases with low asset prices to buy out other companies (behaving anticyclically), or whether they tend to buy during phases with high asset prices—buying procyclically. The aim of this article is to test whether there is a correlation between a company’s M&A behavior and the situation in the capital market. Whether M&A success can be seen as dependent on different market valuations and whether differences in terms of the various factors which influence pro- and anticyclical M&A transactions can be determined. The analysis is done with regard to the development of the DAX, the German stock exchange market index. 78 transactions by German purchasing companies during the period 1998 to 2009 were analyzed. The results show that M&A behavior is a procyclical phenomenon and that anticyclical transactions are more successful than procyclical ones in the long term.
Barley Starch Molecular Structure and Properties

This thesis examined barley amylopectin structure and looked for correlations between the structure and physical properties of starch. The structure of amylopectin and gelatinisation and retrogradation of starch were studied in 10 different barley cultivars/breeding lines with differing genetic background. Amylopectin is built up of thousands of chains of glucose monomers, organised into clusters. The detailed fine structure of amylopectin was studied by isolating clusters of amylopectin and their building blocks, which are the tightly branched units building up the clusters. Barley cultivars/breeding lines possessing the amo1 mutation had fewer long chains of DP≥38 in amylopectin and more large building blocks. The structure of building blocks was rather conserved between the different barley cultivars/breeding lines studied and was categorized into different size groups. These different building blocks were shown to be randomly distributed in the amylopectin molecule. The Cchains in amylopectin can be of any length and are a category of chains different from the B-chains. The backbone in amylopectin consists of a special type of B-chains which, when cleaved by α-amylase, become chains of a similar type to C-chains. Gelatinisation and retrogradation (recrystallisation of gelatinised starch) of barley starch was studied by differential scanning calorimetry. The amo1 mutation resulted in a broader gelatinisation temperature range and a higher enthalpy of retrogradation. Other structural features were also found to influence the physical properties of starch. Small clusters and denser structure of the building blocks resulted in higher gelatinisation temperature. Fast retrogradation was observed in barley which had amylopectin with shorter chains and many large building blocks consisting of many chains. Amylopectin structure was also studied in developing barley kernels. Three barley cultivars/breeding lines were grown in a phytotron and kernels were harvested at 9, 12 and 24 days after flowering. The results showed that amylopectin synthesized at later stages of development had a more tightly branched structure. Expression of the enzymes involved in starch biosynthesis is also known to change during endosperm development.
The Genus Callianassa (Crustacea, Decapoda, Thalassinidea) from the West Coast of South Africa, with a Key to the South African Species

INTRODUCTION When two species of Callianassa submitted to the South African Museum for identification proved to be problematic, it was decided to re-examine all the available mud-shrimp material from the west coast. As a result of this investigation, where previously three species were recorded from the area, five are now known, two of which have proved to be undescribed. In the accompanying figures, all dimensions are in millimetres.
Borate-Treated Strand Board from Southern Wood Species: Resistance Against Decay and Mold Fungi

Combined decay and mold resistance of zinc borate-(ZB) and calcium borate-(CB) treated oriented strand board (OSB) from southern mixed hardwood (MHW) and southern yellow pine (SYP) was investigated. Tests were done with a brown-rot fungus, Gloeophyllum trabeum, and a white-rot fungus, Trametes versicolor, for 8 and 12 weeks, respectively. Wood species and fungus type had significant influence on the decay resistance. Decay caused by the brown-rot fungus was evident for all untreated SYP and mixed MHW controls. White-rot fungus did not cause significant sample weight loss for either species group. In the SYP OSB control inoculated with G. trabeum, the hyphae were abundant in wood rays and cell walls where they primarily penetrated through bordered and simple pits. The incorporation of ZB and CB into OSB provided significant protection against the fungi with no significant weight loss observed in the treated OSB. Microscopic analysis showed distinct evidence of fungal colonization and a thinning pattern of cell wall material. Untreated OSB samples from MHW and commercial OSBs were most susceptible to mold growth after 6 weeks. The borate-modified OSB from MHW and SYP effectively prevented the mold growth.
Multi-level seismic rehabilitation of existing frame systems and subassemblies using FRP composites

The feasibility and efficiency of a retrofit intervention on gravity load-designed frame systems using externally bonded FRP composites is herein presented, through both analytical and experimental investigations. A multi-level retrofit strategy is proposed to achieve the desired performance, based on hierarchy of strength considerations. The expected sequence of events can be visualized through demand-capacity curves within M-N Performance-Domains. An analytical procedure able to predict the enhanced non-linear behaviour of the panel zone region, due to the application of CFRP laminates, in terms of shear strength (principal stresses) vs. shear deformation, is developed and proposed as a fundamental step for the definition of a proper retrofit strategy. The experimental results from quasi-static tests on 2/3 scaled beam-column subassemblies (either interior and exterior) in as-built and retrofitted configuration, provided very satisfactory confirmations of the viability and reliability of the retrofit solution adopted as well as of the proposed analytical procedure. scaled, will be presented. Extremely satisfactory performance of the retrofitted specimens was observed: the desired hierarchy of strength and sequence of events, according to the proposed multi-level design strategy, were achieved as targeted and wellpredicted by the analytical methods. 2 SEISMIC RESPONSE OF EXISTING POORLY DETAILED BUILDINGS 2.1 Experimental results The first phase of the research project involved the assessment, through analytical and experimental investigations, of the seismic vulnerability of existing reinforced concrete frame systems, primarily designed for gravity-loads as typical of the period between 1950s&1970s, before the introduction of modern seismic design provisions in the mid-1970s. The experimental program, part of a cocoordinated national project, comprised of quasistatic tests carried out at the Laboratory of the Department of Structural Mechanics of the University of Pavia on six, 2/3 scaled, beam-column joint subassemblies (two exterior knee-joints, two exterior Tee-joints and two interior joints, Fig. 1) as well as on a three-storey three bays frame system. Particular attention was given to the vulnerability of the panel zone region. An overview of the results will be herein given while more details can be found in Pampanin et al. (2002) and Calvi et al. (2002b).
The Possible Shapes of Recoveries in Markov-Switching Models

This paper explores the various shapes the recoveries may exhibit within a Markov- Switching model. It relies on the bounce-back effects first analyzed by Kim, Morley and Piger (2005) and extends the methodology by proposing i) a more flexible bounce-back model, ii) explicit tests to select the appropriate bounce-back function, if any, and iii) a suitable measure of the permanent impact of recessions. This approach is then applied to post-WWII quarterly growth rates of US, UK and French real GDPs.
The Shadow Price of Intermediary Constraints

Abstract Limits to the risk-taking activities of financial intermediaries are important for understanding market stability as well as asset prices, yet they remain difficult to pin down. We propose a novel measure of intermediary risk constraints called the interdealer broker (IDB) ratio, which is the percent of total trade volume conducted between dealers using an IDB. Theoretically, when aggregate risk constraints tighten, dealers will use IDBs more in order to redistribute idiosyncratic risk. Empirically, we test our measure in the U.S. Treasury market, where we find that the IDB ratio has a 0.72 correlation with interest rate risk, as proxied by Value-atRisk. Furthermore, a one standard deviation increase in the IDB ratio forecasts a 1.8 percentage point higher annual excess return on a five-year bond. This return predictability holds across different fixed income classes, over varying maturities, as well as out-of-sample. ∗Weiling Liu (Job Market Paper) can be reached at wliu@hbs.edu and Chris Anderson at chanderson@hbs.edu. Harvard University. For helpful feedback we thank Malcolm Baker, John Campbell, Lauren Cohen, Richard Crump, Matteo Maggiori, Chris Malloy, Michael Fleming, Robin Greenwood, Sam Hanson, Derek Kaufman, Frank Keane, David Lucca, Or Shachar, Jeremy Stein, Adi Sunderam, Jonathan Wright, Zack Yan, as well as the participants in the HBS Finance Lunch Seminar, the LBS Transatlantic Student Conference, and the Federal Reserve Bank of New York’s Research and Markets Group Seminars.
Young rift kinematics in the Tadjoura rift, western Gulf of Aden, Republic of Djibouti

The Tadjoura rift forms the westernmost edge of the westerly propagating Sheba ridge, between Arabia and Somalia, as it enters into the Afar depression. From structural and remote sensing data sets, the Tadjoura rift is interpreted as an asymmetrical south facing half‐graben, about 40 km wide, dominated by a large boundary fault zone to the north. It is partially filled up by the 1–3 Myr old Gulf Basalts which onlapped the older Somali Basalts along its shallower southern flexural margin. The major and trace element analysis of 78 young onshore lavas allows us to distinguish and map four distinct basaltic types, namely the Gulf, Somali, Goumarre, and Hayyabley Basalts. These results, together with radiometric age data, lead us to propose a revised volcano‐stratigraphic sketch of the two exposed Tadjoura rift margins and to discriminate and date several distinct fault networks of this oblique rift. Morphological and statistical analyses of onshore extensional fault populations show marked changes in structural styles along‐strike, in a direction parallel to the rift axis. These major fault disturbances are assigned to the arrest of axial fault tip propagation against preexisting discontinuities in the NS‐oriented Arta transverse zone. According to our model, the sinistral jump of rifting into the Asal‐Ghoubbet rift segment results from structural inheritance, in contrast with the en échelon or transform mechanism of propagation that prevailed along the entire length of the Gulf of Aden extensional system.
Craspedostauros alatus sp. nov., a new diatom (Bacillariophyta) species found on museum sea turtle specimens

Several populations of a new Craspedostauros species were observed on museum specimens of juvenile green turtle and Kemp’s ridleys collected from Long Island Beach, New York, USA. The new taxon, Craspedostauros alatus Majewska & Ashworth sp. nov., exhibits a distinctive set of morphological features typical of the genus, including cribrate areolae, a stauros narrower than the fascia, multiple doubly perforated girdle bands, and two fore and aft chloroplasts, but clearly differs from all known Craspedostauros species in possessing partially fused proximal helictoglossae forming an internal thickening with a shallow central cavity, distinctive external wing-like silica flaps near the apices, and a combination of valve dimensions and stria density not observed in other taxa. The same taxon was identified in the NCMA culture collection (strain CCMP120), isolated in 1967 from a sample collected from the equatorial upwelling zone in the Pacific Ocean. Nine samples from three sea turtle species were collected from the same location (Long Island Beach). Statistical analyses suggested that the epizoic diatom flora composition was not affected by the collection season but differed among sea turtle species. The most significant difference was observed between the samples with and without C. alatus. Samples with C. alatus were always dominated by Achnanthes elongata and Berkeleya cf. rutilans, while those lacking the new taxon were characterized by remarkably higher contributions of epizoic Poulinea species. This observation suggests that the microhabitat provided by each sea turtle differs among specimens, which may be related to the different stages of biofilm development on the host sea turtle. Additionally, the value of zoological museum collections for epizoic diatom surveys is briefly discussed.
Effect of water extract of plants containing tannin on in vitro methagonesis and fermentation characteristics of the grass Pennisetum purpureophoides.

This experiment was conducted to evaluate the effect of extract of plants containing tannin on invitro CH4 production, fermentation characteristics and nutrient degradability. Six of plant leaves i.e.Gliricidia sepium, Acacia mangium, Leucaena leucocephala, Desmodium intortum, Camellia sinensis,Calliandra calothyrsus and seed of Areca catechu were extracted by using water. Experimentaltreatments consisted of P. purpureophoides (300±5 mg) incubated alone or added with 1.2 mL of plantextracts. The in vitro neutral detergent fibre (NDF) degradability was determined using the first stagetechnique of Tilley and Terry. The results showed that total tannin concentration of plant extract rangedfrom 34 to 95 g/kg DM, and was lowest in D. intortum and highest in A. mangium. Methane productionwas significantly (P<0.001) lower with addition of A. mangium, L. leucocephala, A. catechu, C. sinensisand C. calothyrsus extracts compared to control. Total tannin had a close relationship with CH4production (r=-0.79). There was strong correlation between CH4 production and NDF degradability(r=0.61). It was concluded that water extracts of A. mangium, L. leucocephala, A. catechu, C. sinensisand C. calothyrsus have potential to be used as rumen manipulator in order to reduce CH4 production inruminants.
Laser-to-radar sensing redundancy for resilient perception in adverse environmental conditions

This paper presents an approach to promote the integrity of perception systems for outdoor unmanned ground vehicles (UGV) operating in challenging environmental conditions (presence of dust or smoke). The proposed technique automatically evaluates the consistency of the data provided by two sensing modalities: a 2D laser range finder and a millimetre-wave radar, allowing for perceptual failure mitigation. Experimental results, obtained with a UGV operating in rural environments, and an error analysis validate the approach.
Critical analysis of the current approaches to modelling educational effectiveness: The importance of establishing a dynamic model

Researchers in the area of educational effectiveness should attempt to develop a new theoretical framework. A critical analysis of the current models of educational effectiveness research is provided and reveals that a dynamic model of effectiveness must: (a) be multilevel in nature, (b) be based on the assumption that the relation of some effectiveness factors with achievement may be curvilinear, (c) illustrate the dimensions upon which the measurement of each effectiveness factor should be based, and (d) define relations among the effectiveness factors. In principle, each factor that refers to the classroom, school, and system, can be measured by taking into account five dimensions: frequency, focus, stage, quality, and differentiation. Examples of measuring effectiveness factors operating at different levels using these 5 dimensions are given. More attention in describing in detail factors associated with teacher behaviour in the classroom is given, since this is seen as the starting point for the development and the testing of the dynamic model. Finally, suggestions for the next steps in the development of other parts of the model are provided.
Subgridding Boundary Conditions to Model Arbitrarily Dispersive Thin Planar Materials

In a previous work, we presented a hybrid implicit–explicit Crank–Nicolson finite-difference time-domain method for treating multilayered lossy thin slabs. The main advantage of this method was its capability to overcome certain late-time stability issues of the conventional surface impedance boundary condition approaches. In this communication, we extend this method to deal with thin slabs having arbitrarily dispersive profiles. This approach is validated with the analysis of a spherical shell made of a metallic wire mesh whose macroscopic equivalent constitutive parameters are derived from its microscopic structure. The results for the electric field inside the sphere are compared against the analytical data and show good agreement with them.
Selection of a Hele-Shaw Bubble via Exponential Asymptotics

The well-studied selection problems involving Saffman-Taylor fingers or Taylor-Saffman bubbles in a Hele-Shaw channel are prototype examples of pattern selection. Exact solutions to the corresponding zero-surface-tension problems exist for an arbitrary finger or bubble speed, but the addition of surface tension leads to a discrete set of solution branches, all of which approach a single solution in the limit the surface tension vanishes. In this sense, the surface tension selects a single physically meaningful solution from the continuum of zero-surface-tension solutions. Recently, we provided numerical evidence to suggest the selection problem for a bubble propagating in an unbounded Hele-Shaw cell behaves in an analogous way to other finger and bubble problems in a Hele-Shaw channel; however, the selection of the ratio of bubble speeds to background velocity appears to follow a very different surface tension scaling to the channel cases. Here we apply techniques in exponential asymptotics to solve the selection problem analytically, confirming the numerical results, including the predicted surface tension scaling laws. Further, our analysis sheds light on the multiple tips in the shape of the bubbles along solution branches, which appear to be caused by switching on and off exponentially small wavelike contributions across Stokes lines in a conformally mapped plane. These results have ramifications for exotic-shaped Saffman-Taylor fingers as well as for the time-dependent evolution of bubbles propagating in Hele-Shaw cells.
Assessment of genotoxic and haematological consequence of triclosan in the fish, Oreochromis niloticus (Linnaeus, 1758)

Triclosan, an antiseptic agent, ubiquitous in the pharmaceuticals and personal care products have the ability to enter into the aquatic ecosystems that pose a great threat to the dwelling organisms. The present study was aimed to assess the genotoxic and haematological consequence of triclosan in the fish, Oreochromis niloticus. Fish was exposed to triclosan at one-fifth (562 μg/ L) and one-tenth (281 μg/ L) of LC50 concentrations for 24, 72 and 96 h maintaining the control group. Triclosan treatment at sublethal concentrations significantly reduced the serum protein and this may be due to increased proteolytic activity and decreased anabolic activity of protein. Exposure to triclosan at both concentrations decreased RBC and haemoglobin and this could be due to haemolysing capacity of triclosan and rapid oxidation of haemoglobin to methaemoglobin. However, WBC content was significantly increased owing to leucocyte mobilization, as the defensive mechanism of fish to overcome treatment-related stress. Genotoxic effects of triclosan are revealed by the nuclear abnormalities as formation of micronucleus, and also lobed, blebbed, notched, irregular and apoptotic nucleus. The present observation was the first study to prove that triclosan induces genotoxicity and also influenced the haematological changes in the fish, Oreochromis niloticus.
Tax Motivated Income Shifting and Korean Business Groups (Chaebol)

This paper examines tax-induced income shifting behavior among affiliated firms in Korean business groups (chaebols). Korean corporate income tax law does not require consolidated tax returns, and business groups with a large number of affiliated member firms have incentives to shift income across member firms to reduce the overall taxes of the group. For a large number of Korean companies that are subject to external audits, we perform univariate and multivariate regression analyses on the income shifting behavior of chaebol firms compared with non-chaebol control firms. Our evidence suggests that tax-motivated income shifting activities exist among chaebol firms, and that the extent of income shifting is found to depend on its effect on non-tax cost factors such as the earnings, leverage, and cash flow rights of the controlling shareholders. We also find that income shifting is more pronounced in chaebol firms where the control-cash flow divergence is relatively large, suggesting that income shifting is affected by the controlling shareholders' opportunism. Our study provides some insights on the intra-group income shifting activities where research is limited. Copyright (c) 2009 The Authors Journal compilation (c) 2009 Blackwell Publishing Ltd.