Miracle-dz/UniFAR-FTUs huggingface dataset:
Credit Risk Modeling: Default Probabilities

In this paper, the main objective is to build a quantitative model that estimates the probability that a US issuer will default on public debt within a year, as a function of predictors that include financial ratios and equity market variables. The model is structured to balance timeliness and stability, and also allow companyor industry-level qualitative analysis. The basic output of the model is a 1 year horizon forward estimate of default probability. The model is uses logistic regression to derive the risk of insolvency within a year as a function of financial and market ratios. The steps taken in this paper are as follows: • Determine a logistic regression model • After determining a statisitcally significant model, will show how to estimate probabilities from current data and intepret a logit model. • Discuss the significance and relationship of the variables. • Comparsion of the model with other currently accepted models. • Apply validation techniques. The source language used to compile the model was SAS and Microsoft Excel. Both programs were used for a confirmation of results. Excel was also incorporated so that future usage by other analysts can be easily updated because of the lack of a SAS license. Macros and programs in Excel were created and used in this paper that go along with the SAS results. The goal of this paper was to build a statistical model that incorporate financial balance sheet items, which has been done in the past, but also to seek other market equity related variables. The drive in this direction was mainly due to the recent high volatility in late 2008 of the credit arena. The months in late 2008 has experienced many companies defaulting on loans and disappear from the markets, such as Bear Stearns and Lehman Brothers. Analyzing the market as a whole at this current time at the end of 2008, it is projected that many other companies may follow. As of the date of this paper, General Motors and Chrysler Automotive companies are at headline risk. In this paper, it was found that not all market variables are significant in a logistic regression model. The two main models found that either Market Equity over Total Assets (a measurement of Leverage ), Sales over Total Assets, (a measurement of Competitiveness), Earnings before Income Tax Adjusted over Total Assets (a ratio that measures Profitability), and the last traded price of an issuer (the only market indicator)for that date were significant variables to predicting probabilities of default within a 1 year time horizon. In this paper, the predications of the models are compared to other models that are currently accepted in the financial market as credit risk indicators. Overall, there are high correlations between the statistical models and the models of this paper. The logistic model can be used to predict default rates, however, more technical validation techniques need to me incorporated. Also, depending on availability, more issuers that have defaulted may be added to the model.
The Optimal Number of Response Alternatives for a Scale: A Review

A conceptual framework employing the distinction between stimulus-centered and subject-centered scales is presented as a basis for reviewing 80 years of literature on the optimal number of response alternatives for a scale. Concepts and research from information theory and the absolute judgment paradigm of psychophysics are used. The author reviews the major factors influencing the quality of scaled information, points out areas in particular need of additional research, and makes some recommendations for the applied researcher.
A Critical Comparison of XLPE-and EPR for Use as Electrical Insulation on Underground Power Cables

A summary of previously published technical data is presented with commentary. The purpose is to offer reliable information for use in material selection and cable design in a form which is convenient for reference and use. Since the value of this summary depends upon the quality of the data presented, the most objective sources have been selected. The primary source is the report of EPRI supported work carried out at the IREQ laboratory in Canada [1]. A few results of work by the author are used to fill in for completeness, to facilitate understanding, or when a disagreement exists between other sources [2].
Managing for the Moment : The Role of Real Activity versus Accruals Earnings Management in SEO Valuation

We assess the role of both accruals manipulation (AM) and real activities manipulation (RAM) in inducing overvaluation at the time of a seasoned equity offering (SEO). Our results reveal that earnings management is most closely and predictably linked with post-SEO stock market under-performance when it is driven by RAM. The results suggest that overvaluation at the time of the SEO is more likely when managers actively engage in more opaque channels to overstate earnings; accordingly managers exhibit a greater propensity to engage in RAM at the time of SEOs, even though RAM is more costly in the long run. Thus, the focus in prior research on examining the influence of abnormal accruals on SEO overvaluation appears incomplete at best, since most existing studies do not consider the role of RAM in misleading investors at a time when firms are subject to substantial scrutiny.
The electrical stimulation of the retina by indwelling electrodes

ocularen Druck, Klin. Monatsbl. Augenheilkd. 110: 595, 1944. 4. Radn6t, M. : Mannliche Gonaden und intraocularen Druck, Ophtlialmologica 107: 282, 1944. 5. Radn6t, M. : Beitrag zur Entstehung der durch Kastration erzeugten Hypotonie, Klin. Monatsbl. Augenheilkd. 115: 524, 1949. 6. Radn6t, M. : Effects of testicular extirpation upon intraocular pressure, Ann. N.Y. Acad. Sci. 117: 614, 1964. 7. van den Pol, A. : Asymmetrical nuclear size difference in neurons in magnocellular part of paraventricular nucleus following unilateral castration in rat, Neurosci Abstracts 1: 456, 1975. 8. Engeland, W. C, and Dallman, M. F. : Compensatory adrenal growth is neurally mediated, Neuroendocrinology 19: 352, 1975.
A new genus, filobasidiella, the perfect state of Cryptococcus neoformans.

In 1966, Shadomy and Utz (2) reported hyphal formation in a few strains of Cryptococcus neoformans, a pathogenic yeast. Shadomy (1) later observed clamplike connections in the hyphae-forming isolates similar to those produced in basidiomycetes. On the basis of such observations and the fact that all basidiomycetous yeasts belong to heterobasidiomycetes, she has proposed that C. neoformans be placed in the genus Leucosporidium of the Ustilaginaceae. Recently I have cultured 15 strains of C. neoformans isolated from different clinical specimens on malt extract and sporulation agar (3) in various pairs. A basidiomycetous state was found in four pairs after a total of 3 wk of incubation, 1 wk at 25 C, and 2 wk at 15 C. Sexual reproduction was initiated by conjugation of two yeast cells which was followed by the formation of hyphae with clamp connections. A group of long basidia (FIG. 1) each having a subglobose to flask-shaped apex with sessile basidiospores was produced terminally or laterally from the hyphae. In contrast to Leucosporidium, teliospores were lacking; the basidia were never septate and produced terminal basidiospores. Basidial structures of C. neoformans showed a close relationship with Filobasidium Olive (4) in the monogeneric family Filobasidiaceae Olive (3) of the Ustilaginales. However, there are enough differences in the manner of basidiospore formation to warrant description of a new genus. Formation of basidiospores in species of Filobasidium is not repetitious, whereas the new basidiomycete forms basidiospores in basipetal chains by repetitious budding. 1197
Implications of Mental and Substance Use Disorders: A Comparison of Single and Dual Diagnosis Patients

To understand better the implications of co-occurring mental and substance use disorders, we examined DSM-III-R diagnoses and life problems among a representative sample of 314 patients admitted to either a psychiatric hospital or a residential substance abuse treatment program from the same inner-city catchment area. Based upon the Structured Clinical Interview for DSM-III-R, the patients were divided into four groups. The first two groups had dual diagnoses, either: a) a primary axis I mental disorder (MD) and a comorbid psychoactive substance use disorder (PSUD); or b) a PSUD-related mental disorder and a PSUD, but no primary axis I MD. The third and fourth groups had a single diagnosis, either: c) a primary axis I MD, but no lifetime PSUD; or d) a PSUD, but no lifetime primary axis I MD. As expected, the two dual disorder groups had more cumulative problems than did cither of the single disorder groups. Dually disordered patients with PSUD-related MD most resembled singlediagnosis PSUD patients in terms of substance use profile and life problems. Dually disordered patients with primary MD more resembled single-diagnosis MD patients, but had more severe life problems. Presence of a PSUD was associated with male gender, antisocial personality disorder, and more severe legal problems. Presence of a primary mental disorder was associated with more extensive prior hospitalizations and greater psychiatric severity.
No association between polymorphisms in the serotonin transporter gene and susceptibility to cocaine dependence among African-American individuals

Genetic research of cocaine abuse has been relatively limited among the African-American population. Since the serotonin transporter (5HTT) may be involved in modulating effects of cocaine, we investigated whether allelic variants of the 5HTT gene may confer susceptibility to cocaine dependence among African-American individuals. One hundred and fifty-six cocaine-dependent subjects and 82 controls were studied. Polymerase chain reaction-based genotyping of a variable-number-tandem-repeat (VNTR) marker yielded three alleles designated 12, 10 and 9. Genotype and allele frequencies were compared using chi-square analyses. We found no differences between subjects and controls with respect to genotype distribution (cocaine: 12/12 = 50%, 10/12 = 35.3%, 10/10 = 13.5%, 9/12 = 1.3%; controls: 12/12 = 42.7%, 10/12 = 39.0%, 10/10 = 17.1%, 9/12 = 1.2%). Similarly, allele frequencies of the VNTR marker did not differ between the two groups (cocaine: 12 = 68.3%, 10 = 31.1%, 9 = 0.6%; controls: 12 = 62.8%, 10 = 36.6%, 9 = 0.6%). Our findings do not seem to support a relationship between VNTR polymorphisms and cocaine dependence among African-American patients. Further studies involving larger samples are required to confirm our results.
Upper gastrointestinal Dieulafoy's lesions and endoscopic treatment: First report from a Mexican centre

The aim was to evaluate the initial success, rebleeding rate, need for emergent surgery, and mortality rates of patients with Dieulafoy's lesion (DL) and endoscopic treatment (ET). Patients with DL from a tertiary center were included. We included 20 patients with follow-up of 90 (60—550) days. The lesser curvature was the most common localization. Initial success, rebleeding, and emergent surgery requirement were observed in 90%, 10%, and 15%, respectively. No objective variables were related with response to ET. In conclusion, ET is secure and useful in patients with DL and it must be considered as the first-line treatment modality.
Hong Kong Construction - Safety Management and the Law

contract law, commercial law, planning law, employment law and tort. Construction law covers a wide range of legal issues including contract, negligence, bonds and bonding, guarantees and sureties, liens and other security interests, tendering, construction claims, and related consultancy contracts. Construction law affects many participants in Hong Kong: Construction & Engineering Law 2018. The ICLG to: Construction & Engineering Laws and Regulations covers common issues in construction and engineering laws and regulations – including making construction projects, supervising construction contracts, common issues on construction contracts and dispute resolution – in 28 jurisdictions. Published: 02/07/2018. Employers in Hong Kong usually engage consultants to undertake the design of construction projects. Design-only contracts are therefore common in Hong Kong. We do have management contracting arrangements in Hong Kong, although this is not common. In recent years, such arrangements are common in nearby Macau for casino projects.  File Download
Navigating in a hypercompetitive environment: the roles of action aggressiveness and TMT integration

Recognizing that both the hypercompetition and competitive dynamics research streams rely on Austrian economics and its idea of temporary advantage as an intellectual cornerstone, the present study merges these related, but thus far, disparate perspectives. It develops hypotheses that relate the intensity of the hypercompetitive environment and a firm's TMT dynamics to its action aggressiveness, or the volume and speed with which a firm engages its rivals. Using a survey-based sample of 104 Taiwanese firms, this study's findings show that the hypercompetitive environment and TMT sociobehavioral integration have direct and interacting effects on firms' action aggressiveness. Moreover, action aggressiveness is an important mediator between TMT integration and firm performance, particularly under hypercompetitive conditions. As such, the study contributes to our understanding of temporary advantage by revealing TMT integration and action aggressiveness as two essential organizational mechanisms for navigating in the hypercompetitive context. Finally, reflective of temporary advantage as a defining feature of hypercompetition, our findings show that performance variation is greater within this context. The article contributes to hypercompetition and competitive dynamics research by providing an integrated perspective of competitive behavior within the broad context of hypercompetitive environment, TMT dynamics, and firm performance. Copyright © 2010 John Wiley & Sons, Ltd.
On a Generalized Laguerre Operational Matrix of Fractional Integration

A new operational matrix of fractional integration of arbitrary order for generalized Laguerre polynomials is derived. The fractional integration is described in the Riemann-Liouville sense. This operational matrix is applied together with generalized Laguerre tau method for solving general linear multiterm fractional differential equations (FDEs). The method has the advantage of obtaining the solution in terms of the generalized Laguerre parameter. In addition, only a small dimension of generalized Laguerre operational matrix is needed to obtain a satisfactory result. Illustrative examples reveal that the proposed method is very effective and convenient for linear multiterm FDEs on a semi-infinite interval.
Ownership Structure and Innovative Behavior: Testing the Mediatory Role of Board Composition

The primary objective of the present study was to expand understanding of the determinants of adoption innovation in SME context by empirically examine the effect of corporate governance structure on manager’s innovative behavior. This was done through exploring whether ownership structure affects managers’ innovative behavior and if so, whether the effect is mediated by board composition. Using a sample of 197 managers within Tunisian SMEs, the study finds that ownership structure is significantly associated with manager’s innovative behavior. Further analysis arising from introducing outsiders’ representation on the board as a mediating variable reveals that the relationship is fully mediated by this variable. Research and practical implications are discussed.
Money Laundering as a Financial Sector Crime - A New Approach to Measurement, with an Application to Italy

Anti-money laundering regulations have been centred on the 'Know-Your-Customer' rule so far, overlooking the fact that criminal proceedings that need to be laundered are usually represented by cash. This is the first study aimed at providing an answer to the question of how much of cash deposited via an official financial institution can be traced back to criminal activities. The paper develops a new approach to measure money laundering and then proposes an application to Italy, a country where cash is still widely used in transactions and criminal activities generate significant proceeds to be laundered. In particular, we define a model of cash in-flows on current accounts and proxy money laundering with two indicators for the diffusion of criminal activities related to both illegal trafficking and extortion, controlling also for structural (legal) motivations to deposit cash, as well as the need to conceal proceeds from tax evasion. Using a panel of 91 Italian provinces observed over the period 2005-2008, we find that the amount of cash laundered is sizable, around 7% of GDP, 3/4 of which is due to illegal trafficking, while 1/4 is attributable to extortions. Furthermore, the incidence of 'dirty money' coming from illegal trafficking is higher in the Centre-North than in the South, while the inverse is true for extortions. Results are useful to discuss policy initiatives to combat money laundering.
Creating Conducive Environments for Learning and Entrepreneurship

The paper argues that there is a need to move away from the conventional focus of entrepreneurship education on new venture management, business plans and growth and innovation, to a broader concept based on an understanding of the way entrepreneurs live and learn. Seven challenges are proposed in this respect: (1) that of creating the ‘way of life’ of the entrepreneur; (2) the sharing of culture and values; (3) supporting the development of behaviours, attributes and skills; (4) designing the entrepreneurial organization; (5) developing the learning to learn capacity; (6) being sensitive to the demands of different contexts; and (7) adding value to existing ways of learning. The paper concludes that meeting these challenges cannot easily be achieved within the existing structure, values and beliefs of business schools, and that new organizations are needed within a university context.
Brand credibility in cause‐related marketing: the moderating role of consumer values

Purpose – The main purpose of this paper is to analyse the moderating effect of consumer altruistic values upon two drivers of brand credibility in cause‐related marketing (CrM): cause‐brand fit and consumer attribution of altruistic brand motivations.Design/methodology/approach – This is a quantitative study. Data have been collected through personal interviews at households using the random route sampling technique. The sample is formed by consumers of insurance and personal hygiene products, using different brand‐social cause combinations. Data have been analysed through structural equation modelling and multigroup analysis to test the moderation hypotheses.Findings – Findings show that altruistic consumers use mainly altruistic attribution to form their judgement on brand credibility in CrM messages, whereas non altruistic consumers base their assessment on cause‐brand fit.Research limitations/implications – Real brands have been used in the empirical study and thus further research should replicate t.
Redefining Short Sales Constraints

This paper introduces a new taxonomy that classifies short-sales constraints into tangible and intangible categories. It includes the development of a theoretical framework relating overpricing and implementation drag to empirically estimate the four tangible constraints. The literature underestimates these constraints with taxes representing the largest drag on short selling, followed by direct trading costs, the lending fee and dividend repayments. The commonly used lending fee is a poor proxy for short-selling constraints both in magnitude and variance. Overpricing is positively related to lagged market returns and generally exceeds the implementation drag from tangible short-sales constraints except during periods of rapid price contraction.
Competitive Dynamics Of Interfirm Rivalry

In this study, we examined how firm-specific competitive conditions influence firms' patterns of market entry and exit, focusing on two features of firms' competitive conditions: market domain overlap, which measures the potential for competition, and multimarket contact, which measures the potential for mutual forbearance. A dynamic analysis of California commuter airlines from 1979 through 1984 showed that increases in market domain overlap raised airlines rates of market entry and exit, but increases in multimarket contact lowered them, especially in markets clearly dominated by a single airline. Thus, paradoxically, close competitors are not the most intense rivals: airlines that meet in multiple markets are less aggressive toward each other than those that meet in one or a few markets.
Members of the Plant CRK Superfamily Are Capable of Trans- and Autophosphorylation of Tyrosine Residues*

Background: Protein kinases that catalyze Tyr phosphorylation in plants in vivo are largely unknown. Results: CDPK/CPK-related protein kinases (CRKs) that auto/trans-phosphorylate Tyr residues and six substrates of these were identified. CRK knock-out mutants show reduced Tyr phosphorylation of β-tubulin proteins. Conclusion: CRKs can phosphorylate Tyr residues of β-tubulin and certain transcription factors. Significance: CRKs might be responsible for much of the protein Tyr phosphorylation in vivo. Protein phosphorylation on Tyr residues is a key post-translational modification in mammals. In plants, recent studies have identified Tyr-specific protein phosphatase and Tyr-phosphorylated proteins in Arabidopsis by phosphoproteomic screenings, implying that plants have a Tyr phosphorylation signal pathway. However, little is known about the protein kinases (PKs) involved in Tyr phosphorylation in plants. Here, we demonstrate that Arabidopsis calcium-dependent protein kinase (CDPK/CPK)-related PKs (CRKs) have high Tyr-autophosphorylation activity and that they can phosphorylate Tyr residue(s) on substrate proteins in Arabidopsis. To identify PKs for Tyr phosphorylation, we examined the autophosphorylation activity of 759 PKs using an Arabidopsis protein array based on a wheat cell-free system. In total, we identified 38 PKs with Tyr-autophosphorylation activity. The CRK family was a major protein family identified. A cell-free substrate screening revealed that these CRKs phosphorylate β-tubulin (TBB) 2, TBB7, and certain transcription factors (TFs) such as ethylene response factor 13 (ERF13). All five CRKs tested showed Tyr-auto/trans-phosphorylation activity and especially two CRKs, CRK2 and CRK3, showed a high ERF13 Tyr-phosphorylation activity. A cell-based transient expression assay revealed that Tyr16/Tyr207 sites in ERF13 were phosphorylated by CRK3 and that Tyr phosphorylation of endogenous TBBs occurs in CRK2 overexpressing cells. Furthermore, crk2 and crk3 mutants showed a decrease in the Tyr phosphorylation level of TBBs. These results suggest that CRKs have Tyr kinase activity, and these might be one of the major PKs responsible for protein Tyr phosphorylation in Arabidopsis plants.
The Effect of Early versus Normal Calf Weaning on Feedlot Performance and Herd Management: A Northern Plains Case Study

A two-year study of early vs. normal weaning of steer calves was conducted in the western Dakotas in 2003-04. The analysis concludes that early weaning improves feedlot production efficiency and reduces per-day and per-pound feedlot production costs. However, early weaned steers are lighter at slaughter; therefore, early weaning lowers carcass revenue relative to normal weaning. The early weaning effect on the profitability of retaining calves through the feedlot stage was not statistically significant. However, the analysis indicates that early weaning does have a positive effect on cow health, pasture utilization rates, and that it therefore has the potential to be an effective drought management tool for grazing cattle during periods of inadequate precipitation