Miracle-dz/UniFAR-FTUs huggingface dataset:
The Value of 'Boutique' Financial Advisors in Mergers and Acquisitions

Between 1995 and 2006 about a quarter of merging firms hired boutique banks as their advisors on mergers and acquisitions (M&A). Boutique advisors, often specialized by industry, are generally smaller and more independent than full-service banks. This paper investigates firms' choice between boutique and full-service advisors and the impact of advisor choice on deal outcomes. We find that both acquirers and targets are more likely to choose boutique advisors in complex deals, suggesting that boutique advisors are chosen for their skill and expertise. After controlling for the endogenous choice of advisors, we find lower deal premiums when acquirers hire boutique advisors. In addition, boutique advisors spend more time, probably on due diligence and negotiation, to complete deals. Overall, our findings suggest that boutique advisors are chosen in more complex deals and they achieve more favorable deal outcomes.
Financial Crisis and Short Selling: Do Regulatory Bans Really Work? Evidence from the Italian Market

The global financial crisis and its effect on stock market volatility seems persuaded the market regulators how destabilising short-selling can be and how it contributes to undermine market’s confidence. Following the decisions of other market regulators, the Italian securities exchange commission (Consob) decided to prohibit the operations of short selling for the domestic trading since the 23th of September 2008, recognizing greater severity to those operations where banks and insurance companies stocks are underlying. The aim of this paper is investigate the impact on volatility and performance for those stocks subject to these restrictions. By analyzing the effect on daily price returns and volatility following the addition of short selling constrains, and using some control procedure able to isolate them from possible crisis induced movements, our results do not indicate a common impact of the restrictions. While the results on the performance change show some difference in the trend of mean performance before and after the short selling constraint that is particularly relevant for those stock without traded options, the results concerning the volatility impact show a general increase of the post-restriction variance the most part of which can be attributable to the short selling bans. This finding appear contrary to the basic belief of market regulators to consider short selling ban as an useful tool able to mitigate volatility and speculative behaviors; new restrictions on short sellers are likely to reduce the amount of information incorporated into stock prices.
Welfare-Improving Privatization Policy in the Telecommunications Industry

This article considers the vertical structure of the telecommunications industry and examines the welfare effects of privatization on the public enterprise, where the public enterprise supplies the essential network service of the upstream market and competes against private, independent firms in a mixed downstream market. It is shown that the cost advantage of the independent rivals improves welfare postprivatization. Several relevant and current policy issues on the process of privatization in the telecommunications industry are also discussed. (JEL "L50, D42)" Copyright 2006 Western Economic Association International.
The Picornavirus Avian Encephalomyelitis Virus Possesses a Hepatitis C Virus-Like Internal Ribosome Entry Site Element

ABSTRACT Avian encephalomyelitis virus (AEV) is a picornavirus that causes disease in poultry worldwide, and flocks must be vaccinated for protection. AEV is currently classified within the hepatovirus genus, since its proteins are most closely related to those of hepatitis A virus (HAV). We now provide evidence that the 494-nucleotide-long 5′ untranslated region of the AEV genome contains an internal ribosome entry site (IRES) element that functions efficiently in vitro and in mammalian cells. Unlike the HAV IRES, the AEV IRES is relatively short and functions in the presence of cleaved eIF4G and it is also resistant to an inhibitor of eIF4A. These properties are reminiscent of the recently discovered class of IRES elements within certain other picornaviruses, such as porcine teschovirus 1 (PTV-1). Like the PTV-1 IRES, the AEV IRES shows significant similarity to the hepatitis C virus (HCV) IRES in sequence, function, and predicted secondary structure. Furthermore, mutational analysis of the predicted pseudoknot structure at the 3′ end of the AEV IRES lends support to the secondary structure we present. AEV is therefore another example of a picornavirus harboring an HCV-like IRES element within its genome, and thus, its classification within the hepatovirus genus may need to be reassessed in light of these findings.
Local economic development in Africa: Global context and research directions

This paper locates local economic development research and practice in Africa in a global context. It provides an overview of the international development of local economic development (LED), of its contested definitions and theoretical status, and of existing scholarship on the topic of LED policy and practice specifically across sub-Saharan Africa. Currently there is much more LED research available for South Africa than for the other sub-Saharan African countries. The paper highlights the need for this imbalance to be redressed.
Planning for a Qatar Without Oil: Tourism and Economic Diversification, a Battle of Perceptions

Abstract Qatar's long-term strategy is to plan for when the country will not be dependent upon oil and gas reserves. The strategy focuses on export diversification through development of service industries, including finance, knowledge-based sectors and tourism. This is a sensible option given the availability of capital and paucity of non-energy resources. To date the success in attracting tourists has been limited. The country faces challenges with its economic diversification strategy through tourism, including the task of creating a strong destination image and assuring personal safety, civil liberty and political stability in a region not noted for these characteristics. It also needs to offer a product sensitive to the religious and cultural traditions of the host population whilst appealing to international tourists. This paper looks at diversification as a development strategy, the rationale for Qatar's diversification strategy, the risk perceptions and appeal of Qatar as a destination and empirically tests whether Qatar fits into a typology of evoked, inert or inept sets of destinations. The results show strong support for the link between export diversification and economic growth but while seen as a safe destination, Qatar lacks appeal and does not fall into the evoked set of destinations for UK visitors.
Vascularized Composite Allograft Donation and Transplantation: A Survey of Public Attitudes in the United States

Vascularized composite allograft (VCA) transplantation has emerged as a groundbreaking surgical intervention to return identity and function following traumatic injury, congenital deformity, or disfigurement. While public attitudes toward traditional organ/tissue donation are favorable, little is known about attitudes toward VCA donation and transplantation. A survey was conducted of 1485 U.S. residents in August 2016 to assess VCA donation attitudes. Participants also completed the Revised Health Care System Distrust Scale. Most respondents were willing to donate hands/forearms (67.4%) and legs (66.8%), and almost half (48.0%) were willing to donate the face. Three‐quarters (74.4%) of women were willing to donate the uterus; 54.4% of men were willing to donate the penis. VCA donation willingness was more likely among whites and Hispanics (p < 0.001), registered organ/tissue donors (p < 0.001), and those with less health care system distrust (p < 0.001) and media exposure to VCA transplantation (p = 0.003). Many who opposed VCA donation expressed concerns about psychological discomfort, mutilation, identity loss, and the reaction of others to seeing familiar body parts on a stranger. Attitudes toward VCA donation are favorable overall, despite limited exposure to VCA messaging and confusion about how VCA donation occurs. These findings may help guide the development and implementation of VCA public education campaigns.
Restaurant tips and service quality: a reply to Lynn

In his ‘Comment’ in this journal on a recent article in Applied Economics by myself and two coauthors (Bodvarsson, Ő. B., Luksetich, W. A. and McDermott, S. (2003), Lynn (forthcoming) makes three criticisms of the study on the relationship between service quality and tips. In one of these criticisms, he reanalyses the data and concludes that the two stage least squares estimate of the marginal effect of service quality on tips is invalid and should be replaced with his own ordinary least squares estimate. The purpose of this ‘Reply’ is to address each criticism and, in particular, to explain why Lynn's ordinary least squares estimate is not valid.
Retinoic Acid-responsive Enhancers Located 3′ of the Hox A and Hox B Homeobox Gene Clusters

Homeobox genes control the spatial identity and differentiation of tissues in the developing vertebrate embryo. Retinoids are signaling molecules involved in the regulation of Hox genes. We previously identified a 3′ enhancer called the RAIDR5, which contained a DR5 retinoic acid response element (RARE) and was responsible for the retinoic acid (RA)-associated expression of the murine Hoxa-1 gene in teratocarcinoma cells. We demonstrate that a similar enhancer, which contains a DR5 RARE, is located at a DNase I-hypersensitive site 3′ of the murine Hoxb-1 gene. This enhancer, the Hoxb-1 RAIDR5, regulates the RA responsiveness of the Hoxb-1 gene and is different in location and sequence from the RA-regulated 3′ Hoxb-1 enhancers previously described. Several DNA elements within the murine Hoxa-1 RA-inducible RAIDR5 enhancer, including the DR5 RARE, conserved element (CE) 1, and CE2, are conserved in the murine Hoxb-1 RAIDR5 enhancer, the human homolog of Hoxa-1, and in the chicken Hoxb-1 gene. Gel shifts show that the CE2 sequence TATTTACTCA binds an RA-inducible factor, while UV cross-linking indicates that a 170-kDa protein binds to this sequence. Thus, the Hoxa-1 and Hoxb-1 genes possess 3′ enhancers with similar sequences through which their expression and responsiveness to endogenous retinoids are controlled.
Upregulation of interleukin‐1β/transforming growth factor‐β1 and hypoxia relate to molecular mechanisms underlying immobilization‐induced muscle contracture

Introduction: In this study we investigated the molecular mechanism underlying muscle contracture in rats. Methods: The rats were divided into immobilization and control groups, and soleus muscles of the right and left sides were selected for analyses. Results: The levels of CD11b and α‐SMA protein, IL‐1β, and TGF‐β1 mRNA, and type I and III collagen protein and mRNA were significantly greater in the immobilization group than in the control group at all time‐points. HIF‐1α mRNA levels were significantly higher in the immobilization group at 4 weeks. Moreover, HIF‐1α, α‐SMA, and type I collagen levels were significantly higher at 4 weeks than at 1 and 2 weeks in the immobilization group. Conclusions: In the early stages of immobilization, upregulation of IL‐1β/TGF‐β1 via macrophages may promote fibroblast differentiation that could affect muscle contracture. The soleus muscle became hypoxic in the later stages of immobilization, suggesting that hypoxia influences the progression of muscle contracture. Muscle Nerve 52:419–427, 2015
Economic Explanations of Earnings Distribution Trends in the International Literature and Application to New Zealand

This report, commissioned by the Treasury, reviews the international and New Zealand evidence on trends in the distribution of earnings over the past 20 years. It assesses the international evidence on the strength of the various explanations for changes in the earnings distribution. It concludes with suggestions on how the trends in the earnings distribution in New Zealand might be further analysed. Considerable variation has occurred in trends in the distribution of earnings between industrialised economies, with English speaking countries showing the greatest increases in earnings inequalities, and European countries showing the least. The New Zealand evidence also shows a growth in earnings inequality, and indicates that this has been due to both growth in inequality in wage rates and in weekly hours of work. Trends in earnings inequalities together with changes in the distribution of employment appear to explain much of the movement in income inequality in New Zealand. The international literature has attributed changes in the distribution of earnings to labour supply side factors (eg, education, age, gender), demand side factors (eg, technological change, international trade), and institutional factors (eg, union effects, labour market regulation). The relative importance of these effects differs between countries. In the United States, where the most detailed analysis has taken place, about one third of the increase in overall earnings inequality can be explained by widening earnings differentials between education/experience groups; and another one-third by institutional factors, primarily declines in the value of minimum wages, and declines in union density. Possible (untested) explanations of the remaining increase include increasing returns to unobserved cognitive or inter-personal skills, and changing social norms. The evidence suggests that the growth in inequality between groups of workers with different levels of educational attainment and experience can be best explained by changes in the demand for and supply of skills. Changes in the relative demand for skill categories appear to be mainly explained by technological change.
Defaults and Returns on High-Yield Bonds

The year 2002 was remarkably difficult on many fronts for most financial markets. For the high-yield bond market, it was again a year of record amounts of defaults ($97.9 billion), which contributed to low recovery rates and slightly negative absolute returns. The default rate registered a record 12.8%, based on $757 billion outstanding. Despite these record default totals and rates, the market's decline was orderly, with little panic, and the year actually ended with reduced defaults and highly positive returns in the fourth quarter—a harbinger of a broad-based comeback in the high—yield bond and defaulted debt markets in 2003.
How and when the effect of ethical leadership occurs? A multilevel analysis in the Chinese hospitality industry

Purpose – This study aims to examine the mechanism of action of ethical leadership by testing the direct and indirect effects of ethical leadership on employee work outcomes (i.e. individual job satisfaction, work engagement and customer-oriented behavior) and the moderating effects of group job satisfaction on the relationship between ethical leadership and its consequences. Design/methodology/approach – A hierarchical linear model is used. The valid sample is composed of 285 front-line service personnel in 56 work groups from five hotels and five golf clubs in South China. Findings – Results indicate that group job satisfaction has a significant moderating effect on the relationship between ethical leadership and employee work engagement. That is, compared with that in groups with high job satisfaction, the relationship between ethical leadership and employee work engagement is significantly more positive in groups with low job satisfaction. Employee work attitudes (including individual job satisfaction.
Potentiation of interferon activity by mixed preparations of fibroblast and immune interferon

Mixed preparations of fibroblast and immune interferons interacted with cells synergistically to cause the development of a much greater level of protection than expected on the basis of their separate activities. This increased level of protection was 5- to 20-fold greater than expected on the basis of a simple additive effect of the interferons. The potentiating factor copurified with both fibroblast interferon and immune interferon as they were partially purified. The potentiation was not an artifact of a more rapid development of immune interferon-induced antiviral resistance in the presence of fibroblast interferon. The results were consistent with the hypothesis that fibroblast and immune interferons mutually potentiate each other, thus supporting the supposition that they have different modes of action.
University—industry interactions in an immature system of innovation: Evidence from Minas Gerais, Brazil

This paper evaluates interactions between firms and universities in Minas Gerais, one of the Brazilian states. The heterogeneity in Minas Gerais replicates the heterogeneity that exists in Brazil as a whole. This paper adapts the pioneering Yale and Carnegie Mellon surveys (USA) to an immature national system of innovation. We found that, in immature systems of innovation, beyond their traditional functions, universities perform a dual role in their interactions with firms: they substitute for and complement the research and development done by the firms themselves. In addition, contrary to conventional wisdom, even in the so-called low-tech and medium-tech sectors, universities matter. Copyright , Beech Tree Publishing.
Transabdominal ultrasonography in preoperative staging of gastric cancer.

AIM To investigate the value of transabdominal ultrasonography (US) in the preoperative staging of gastric cancer. METHODS A total of 198 patients with gastric cancer underwent preoperatively transabdominal US, depth of tumor infiltration was assessed in 125 patients, and lymph node metastasis was assessed in 106 patients. RESULTS The staging accuracy of transabdominal US was 55.6%, 75.0%, 87.3% and 71.1% in T1, T2, T3 and T4 carcinomas, respectively. The overall accuracy was 77.6%. The detection rate for pancreatic invasion and liver invasion was 77.4%, 71.4%, respectively. The sensitivity, specificity, accuracy of transabdominal US in assessment of lymph node metastasis were 77.6%, 64.1%, 72.6%, respectively. Various shapes such as round, ovoid, spindle were encountered in benign and malignant lymph nodes. Majority of both benign and malignant lymph nodes were hyperechoic and had a distinct border. Benign lymph nodes were smaller than malignant lymph nodes in length and width (P = 0.000, 0.005). Irregular shape, fusional shape, infiltrative signs, inhomogenous echo were seen mainly in malignant lymph nodes (P = 0.045, 0.006, 0.027, 0.006). CONCLUSION Transabdominal US is useful for preoperative staging in gastric cancer, although it is difficult to differentiate benign from malignant lymph nodes.
RNA-Binding Protein HuR Is Required for Stabilization of SLC11A1 mRNA and SLC11A1 Protein Expression

ABSTRACT The solute carrier family 11 member 1 (SLC11A1, formerly NRAMP1) gene is associated with infectious and autoimmune diseases and plays an important role in macrophage activation. Human SLC11A1 mRNA contains an AU-rich element (ARE) within the 3′ untranslated region; however, its role in the regulation of SLC11A1 gene expression has not been elucidated. Here we analyze the expression of SLC11A1 in human monocytes and HL-60 cells and then use HL-60 cells as a model to determine whether RNA-binding protein HuR is associated with the ARE and involved in SLC11A1 mRNA turnover. Our results demonstrate a binding of HuR to the SLC11A1 ARE in phorbol myristate acetate (PMA)-differentiated cells dramatically increased compared to that in undifferentiated cells. Interestingly, PMA-induced accumulation of cytoplasmic HuR occurs in parallel with an increase in the binding of HuR to SLC11A1 ARE and with an increase in the SLC11A1 mRNA level. This suggests that HuR's cytoplasmic localization plays an important role in the regulation of SLC11A1 expression. We also observe that down-regulation of HuR expression by RNA interference (RNAi) results in a decrease in SLC11A1 expression which can be restored by the addition of recombinant HuR protein to the RNAi-treated cells. Finally, we show that HuR overexpression in HL-60 cells significantly increases the SLC11A1 mRNA stability. Taken together, our data demonstrate that HuR is a key mediator of posttranscriptional regulation and expression of the SLC11A1 gene.
Affectual trust in the workplace

While trust is increasingly recognized as central to the functioning of relationships in general and to business relationships in particular, there has been very little attention paid to the nature of the experience of trust – as distinct from its antecedents and outcomes. When the nature of trust is considered, it is most often presented as a rational calculus of cost and benefit. This ignores the emotional content of trust that, we argue, is central to the understanding of the phenomenon. An understanding of these emotions and the way they combine with the cognitive elements of trust allows a clearer view of why differing conditions lead to different manifestations of trust, and how these in turn lead to different relational benefits. This paper presents an affect-based framework for trust consisting of cognitive and emotional elements. This is used to consider in-depth interviews with service providers talking about their jobs and their employer. The affect-based framework allows us to understand the distancing that has occurred between employer and employee and to consider the reasons for this distance. Suggestions for the remedying of this situation are proposed.
Stimulus with a past : memory task performance affected by frequency and probability of intentional acts involving the stimulus.

versus Episodic Representations In accordance with the instance theory of memory (Logan, 1988), the present work assumes that each encounter with a stimulus is encoded and stored as a separate instance. Intention is instrumental in the formation of instances because intention as goal-orientedness requires attention. And attention has been suggested to be a sufficient condition for binding co-occurring elements into instances (Logan & Etherton, 1994). Building on previous studies on repetition priming (Franks et al., 2000; Thompson-Schill & Gabrieli, 1999; Vriezen et al., 1995; Xiong et al., 2003), recognition (Bransford et al., 1979; Morris et al., 1977), and recall (Tulving, 1979; Tulving & Thomson, 1973), the present work inferred that intention is an inherent part of memory instance, and theorized that stimulus representation should include a collection of intention-specific instances.
Factors affecting the demand for insurance in China

China, the largest developing country in the world, has achieved rapid development of insurance market since the reform and opening up, and the demand for insurance has significantly increased in recent years. Using the provincial data between 2000 and 2012, this article attempts to examine the factors that affect the demand for overall insurance, life insurance and nonlife insurance in China. Empirical results indicate that level of income, development of insurance market and level of marketization are the common factors; level of education, development of social security pension, children dependency ratio and elderly dependency ratio mainly affect the demand for life insurance; and inflation mainly affects the demand for nonlife insurance. Furthermore, we particularly investigate the regional differences in the effects of affecting factors between Eastern China, Central China and Western China.