Miracle-dz/UniFAR-FTUs huggingface dataset:
Sustain and Deliver: Capturing the Valuation Effects of Corporate Sustainability

This paper identifies a select few indicators from a large set of environmental, social and governance (ESG) factors; and introduces a corporate sustainability measure. Sustainable part of corporate social performance completely explains its well-documented relation with firm values even after controlling for endogeneity. In parallel, those ESG initiatives that are irrelevant to sustainability have no effect on firm values. Moreover, sustainability-based hedge portfolios could have generated abnormal returns of over 4% per year in the sample period. Together, these results imply that only the sustainable aspects of ESG are associated with superior financial performance in terms of both accounting- and market-based value.
Re/thinking the Zone of Proximal Development (Symmetrically)

The notion of zone of proximal development has come to be used widely to theorize learning and learning opportunities. Unfortunately, following a simplified reading of its original definition and primary sense in the quote that opens this text, the concept tends to be thought of in terms of the opposition of individuals. One of these individuals, a teacher or peer, is more capable than another individual, the learner. Somehow they engage in an “inter-mental” or “inter-psychological” plane from where the learner constructs knowledge from himor herself on an “intra-mental” or “intrapsychological” plane. That is, such conceptualizations convey a substantialist approach that thinks learning as knowledge assimilation and collectivity in terms of ensembles of individual actors interacting unproblematically. Their interaction is thematized through the dubious prism of the differences of what happens within the individual consciousness and what happens in collective consciousness—as if they could exist separately. Speaking is reduced to the individual, subjective intention of the speaker, who, in speaking, is considered to externalize ideas that have previously formed on the inside. The approach is substantialist in that it takes some prior situation, including the institutional positions of the participants in an interaction (i.e., teacher, student), and uses it to make causal attribution about the events that ensue. But such approaches are unsatisfactory given that there is insufficient attention to the co-constitutive nature of subjective consciousness and collective consciousness. More so, such approaches convey notions of verbal expressions
Credit Risk, Capital Structure and Lending Decisions of Banks In Ghana

Risk management is a very important concept for any business as most financial decisions revolve around the corporate cost of holding risk. This issue is particularly important to banks since risk constitutes their core business processes. This paper examines how credit risk affects a bank’s capital structure, profitability and lending decisions. The study employs panel regression analysis to investigate the relationship between credit risk exposure and bank capital structure, profitability and lending decisions. The results indicate that less than 1% of Ghanaian banks are exposed to credit risk, and that more than 86% of their assets are financed by debts. The banks’ average lending rate is around 28%. The results also show that capital structure (equity to total assets) of banks is positively related to banks’ credit risk, profitability and risk and negatively related to banks’ size, liquid assets and lending.
State-of-the-Art Review : Increased Activated Protein C: Protein C Inhibitor Complex and Decreased Protein C Inhibitor Levels in Patients with Chronic Renal Failure on Maintenance Hemodialysis

Hemostatic abnormalities were examined in 55 pa tients during maintenance hemodialysis (HD). Before HD, plasma protein C and protein S antigens were almost within the normal range, while plasma thrombin-antithrombin III complex (TAT III) and plasmin-plasmin inhibitor complex (PPIC) levels in HD patients were increased slightly, and plasminogen acti vator inhibitor 1 level was significantly increased, compared to that in normal volunteers. Plasma activated protein C (APC) and protein C inhibitor (PCI) complex and APC α1 antitrypsin (α1AT) complex were not detected in normal volunteers; how ever, plasma APC-PCI complex was increased in 36 of the patients and plasma APC-α1AT complex was increased in 25 patients. Plasma PCI levels in these patients before HD were significantly decreased. Plasma TAT, PPIC, and tissue type plasminogen activator levels were significantly higher before HD than after 1 hour HD and at the end of HD, while the changes in plasma protein C antigen, protein S antigen, PCI antigen, APC-PCI complex, and APC-α1AT complex were not significant after 1 hour of HD or at the end of HD compared to levels before HD. Plasma PCI levels were correlated with APC- PCI complex, suggesting that decreased PCI levels might be caused by the activation of protein C.
How Media Coverage of Corporate Social Irresponsibility Increases Financial Risk

Research summary: This article explores the relationship between corporate social irresponsibility (CSI) and financial risk. We posit that media coverage of CSI generates risk by providing conditions that increase the potential for stakeholder sanctions. Through analyzing an international panel of 539 firms during 2008–2013, we find that firms receiving higher CSI coverage face higher financial risk. We show that the reach of the reporting media outlet is a critical condition for this relationship. Once the outlet has a high reach, the severity of CSI coverage is a boundary condition that further reinforces the effect. Our findings complement existing theory about the risk-mitigating effect of corporate social responsibility by illuminating the risk-generating effect of CSI coverage. For executives, these insights suggest complementary strategies for corporate risk management. Managerial summary: This article examines the effect of negative news on financial risk. It shows that negative media articles regarding environmental, social, and governance (ESG) issues increase a firm's credit risk. It also provides a detailed analysis of the impact of an article's reach and severity, i.e., how many readers are exposed to the article and how harshly it criticizes the firm. The results allow to quantitatively assess the risk that emanates from negative ESG news. For executives, three strategies are derived for limiting a firm's exposure to this risk: balancing corporate social responsibility programs with operational safety programs, reporting suboptimal environmental and social performance transparently and proactively, and avoiding acquisition targets and markets with a legacy of negative news. Copyright © 2017 John Wiley & Sons, Ltd.
Decomposing the Value Effects of Sustainable Investment: International Evidence

We provide the first systematic, international decomposition of possible financial benefits of sustainable real estate investment on corporate performance metrics across the two leading country-markets in terms of sustainable property certifications. In the UK, where a baseline level of environmental reporting is mandatory, listed property companies benefit somewhat from investments in sustainability-certified properties through higher cash flow and valuation outcomes. In the US, which features no requisite reporting, the benefits of sustainable investment are stronger and comprise distinct cash flow, risk, information and corporate valuation effects. Our results suggest benefits of improved transparency and benchmarking from environmental performance reporting.
Supply chain reactions to the rise of the internet of things

This study applies technology adoption and strategic orientation theories to investigate the reseller adoption of smart microgrids (SMGs). These intelligent power generation solutions, operating on the Internet of Things (IoT) technology, rely on sustainable energy sources to supply small-scale loads. Using data from 100 power system resellers in North America, the study reveals that resellers’ performance expectancy and vendors’ innovation orientation foster reseller adoption of SMG solutions, while adoption is not driven by resellers’ effort expectancy. Furthermore, supply chain members play a crucial role in IoT technology diffusion, but the existing research lacks comprehensive models to help illuminate reseller adoption.
Why do mothers use nipple shields and how does this influence duration of exclusive breastfeeding?

The present study addressed the contentious discussions about the benefits and risks of nipple shield use. The objective was to explore self-reported reasons for using a nipple shield and examine associations pertaining to the mother, the infant and duration of breastfeeding. Data were collected from 4815 Danish mothers (68%) who filled out a self-administered questionnaire with open and closed question. Data were analyzed by content and statistical descriptive and multivariable analysis. Results showed that 22% of the mothers used nipple shields in the beginning and 7% used it the entire breastfeeding period. Primiparae used nipple shields more often than multiparae, and early breastfeeding problems as well as background factors like lower age, education and higher body mass index were associated with a higher likelihood of using nipple shields. Characteristics of infants associated with introducing nipple shields were lower- gestational age and birthweight. The use of nipple shields was furthermore found to be associated with a threefold increased risk of earlier cessation of exclusive breastfeeding: among primiparae odds ratio = 3.80 (confidence interval 2.61-5.53); among multiparae odds ratio = 3.33 (confidence interval 1.88-5.93). Mothers' own descriptions underlined how various early breastfeeding problems led to the use of nipple shields. Some mothers were helped through a difficult period; others described the use creating a kind of dependence. The results highlight how nipple shields may help breastfeeding mothers in the early period but is not necessarily a supportive solution to the inexperienced mother who needs extra support in the early process of learning to breastfeed.
Employer Branding and Talent Management in the Digital Age

In the digital age, organizations need to reinvent themselves at a structural level and to become agiler. Digital maturity of human resources management implies a shift from traditional paradigm on workplace towards engagement, learning and development of employees and search for talent. This paper focuses on identifying the major trends and strategies concerning talent management programs and development of digital skills for employees and managers. The study reveals that in an open talent economy, employer brand is very important in recruiting and retention of high potential employees and must be focused on learning & leadership development, mobility, rewards and competency systems. At present, in order to obtain a business value, one of the major challenges that HR needs to face is the development of digital skills for managers and employees.
The effects of stress–tension on depression and anxiety symptoms: evidence from a novel twin modelling analysis

Background Negative mood states are composed of symptoms of depression and anxiety, and by a third factor related to stress, tension and irritability. We sought to clarify the nature of the relationships between the factors by studying twin pairs. Method A total of 503 monozygotic twin pairs completed the Depression Anxiety Stress Scales (DASS), an instrument that assesses symptoms of depression, anxiety and stress–tension. We applied a recently developed twin regression methodology – Inference about Causation from Examination of FAmiliaL CONfounding (ICE FALCON) – to test for evidence consistent with the existence of ‘causal’ influences between the DASS factors. Results There was evidence consistent with the stress–tension factor having a causal influence on both the depression (p < 0.0001) and anxiety factors (p = 0.001), and for the depression factor having a causal influence on the anxiety factor (p < 0.001). Conclusions Our findings suggest a critical role for stress–tension in the structure of negative mood states, and that interventions that target it may be particularly effective in reducing depression and anxiety symptoms.
THE CAPITAL STRUCTURE OF VENTURE CAPITAL FIRMS IN INDONESIA

Venture capital (VC) is an important fund source for small and medium enterprises (SMEs) and start up, particularly to deliver its main product of equity participation. Therefore, capital structure and factors that affect it are very crucial. This study aims to analyze the capital structure of VC firms in Indonesia using econometric model of panel data regression. This study utilizes secondary data of six years period (2009-2014) monthly financial statements of 27 samples out of 58 VC firms to form 1,944 observations. The study reveals that capital structure of VC firms in Indonesia is dominated by debt/loan rather than capital with DER on average is 136.95%. In addition, the research confirms that VC firms' capital structure is affected simultaneously by financial aspects which are asset size, profitability, liquidity, asset/investment quality, and earning asset structure. The attentions to financial aspects that affect the VC firms' capital structure as well as other initiatives related to capital increases are necessary so that the VC firms could carry out its role effectively.
E-government services in developing countries: A success adoption model from employees perspective

In government organizations, e-government services have become invaluable tools through the information they offer in a timely and effective manner. More specifically, ICTs have become invaluable in enhancing staff abilities to achieve effective and efficient tasks. In contrast to developed countries that encounter only limited issues in adopting e-government services, developing nations face numerous adoption issues from the viewpoint of stakeholder groups. One aspect of e-government relating to government units and their workers is government-to-employee (G2E). In the present work, the researcher determined the factors enhancing e-government adoption in a developing nation. These factors include website quality, awareness, computer self-efficacy, capability of IT workforce, and training incorporated in UTAUT-a model that has been expansively employed by studies in literature. A survey for this study was conducted and analysis was performed on the responses received from 42 Iraqi employees. The obtained data was analyzed with the help of Smart PLS 2.0 software. This study’s proposed model was confirmed and validated by using data gathered from respondents who are experienced in the use of e-government services. The analysis findings showed that the proposed relationships were all significant and supported. The study provided limitations and recommendations for future studies.
Iceland's Capital Controls and the Resolution of its Problematic Bank Legacy

Iceland’s capital controls were imposed in October 2008 in order to prevent massive capital flight and a complete collapse of the exchange rate. The controls were in place for more than eight years, primarily because of the risk of large outflows of domestic holdings of the failed Icelandic banks. As argued in a precursor to this paper (Baldursson and Portes, 2014), significant restructuring of domestic holdings of foreign creditors of the banks was required before the controls could be lifted. Such a restructuring was finally accomplished in January 2016. Broadly in line with the recommendations of Baldursson and Portes (2014), the resolution involved a voluntary – in much the same sense as the Greek debt restructuring was voluntary – restructuring of the banks’ debt, under which most of the Icelandic krona assets of the banks were relinquished to the state or tied up in Iceland. An attempt at resolving so-called ‘offshore kronas’ – the remains of the carry trade into Iceland in the years before the 2008 crisis – failed resulting in a dispute with international investors. We model the strategic interaction between Iceland and creditors on the resolution of the failed banks as well as the interaction between Iceland and investors on the resolution of the offshore krona holdings. The model explains why the bank resolution was successful and why the offshore krona auction was not. Resolution of the old banks will cut Iceland’s public debt, but it will still be substantially higher than before the crisis. The net international investment position of Iceland has, however, turned positive and is stronger than it has been in decades. In March 2017, the capital controls were removed in practice, albeit not by statute. Inflow measures remain.
The Effect of Low Dose Nylestriol–Levonorgestrel Replacement Therapy on Bone Mineral Density in Women with Postmenopausal Osteoporosis

Objective. Recently our studies have shown that nylestriol in combination with levonorgestrel prevented bone loss, decreased bone turnover rate and increased the maximal loading of bone without obvious side effects in retinoic acid (RA) induced osteoporotic rats. In addition to the animal experiments, we evaluate the effect of Compound Nylestriol Tablet (CNT) on bone mineral density (BMD) in women with postmenopausal osteoporosis. Compound Nylestriol Tablet, which contains 0.5 mg of nylestriol (cyclopentylethinyl estriol) and 0.15 mg of levonorgestrel per tablet, was authorized as a new anti‐osteoporotic agent for clinical trial in postmenopausal osteoporosis. Methods. One year's clinical observation was performed in 191 eligible patients who were randomly divided into two groups (A and B). In group A, 119 patients were treated for one year with CNT (one tablet per week) and in group B, 72 patients with placebo. Bone mineral density of lumbar antero‐posterior spine (L1–L4), lateral spine, total hip and total forearm positions including radius + ulna at the ultra distal areas, mid areas, and one‐third areas, were measured before and after treatment. Biochemical parameters and effects of CNT on uterus, and breast were observed. Results. We found that patients treated with CNT had a significant decrease of bone loss in total forearm, including radius + ulna at the ultra distal, mid, and 1/3 areas compared with control subjects (all P < 0.05). An improved BMD tendency could be seen at the lumbar spine. There were no differences in the observed biochemical variables. No side‐effects on uterus, or mammary glands were observed. None of the patients had uterine bleeding or vertebral fractures during one year's CNT treatment. Conclusion. These data suggested that CNT is effective, safe and convenient in treating postmenopausal osteoporosis.
Product Differentiation, Benchmarking, and Corporate Fraud

We find that firms with less product market differentiation exhibit significantly lower rates of fraudulent activity. This relationship is more pronounced for complex firms and is robust to controlling for various measures of competition and industry heterogeneity. Exploiting IPOs by product-market rivals as a shock to a firm’s information environment, we find that more publicly available information from comparable firms facilitates the detection of fraud. Moreover, this effect is stronger for firms with ex ante less similar public rivals. These findings suggest that greater product market overlap with rivals disciplines firms by providing benchmarks for auditors, regulators, and investors. _____________________________ We thank Umit Gurun, Joerg Picard, and Gerard Hoberg, as well as seminar participants at Clemson University, Southern Methodist University, Universidad de los Andes, University of Nevada Las Vegas, and the U.S. Securities and Exchange Commission for helpful comments. †Texas Christian University, ‡Michigan State University, §U.S. Securities and Exchange Commission. The Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner. This article expresses the authors’ views and does not necessarily reflect those of the Commission, the Commissioners, or other members of the staff.
Determination of MIC Breakpoints for Second-Line Drugs Associated with Clinical Outcomes in Multidrug-Resistant Tuberculosis Treatment in China

ABSTRACT Our study aims to identify the clinical breakpoints (CBPs) of second-line drugs (SLDs) above which standard therapy fails in order to improve multidrug-resistant tuberculosis (MDR-TB) treatment. MICs of SLDs were determined for M. tuberculosis isolates cultured from 207 MDR-TB patients in a prospective cohort study in China between January 2010 and December 2012. Classification and regression tree (CART) analysis was used to identify the CBPs predictive of treatment outcome. Of the 207 MDR-TB isolates included in the present study, the proportion of isolates above the critical concentration recommended by WHO ranged from 5.3% in pyrazinamide to 62.8% in amikacin. By selecting pyrazinamide as the primary node (CBP, 18.75 mg/liter), 72.1% of sputum culture conversions at month four could be predicted. As for treatment outcome, pyrazinamide (CBP, 37.5 mg/liter) was selected as the primary node to predict 89% of the treatment success, followed by ofloxacin (CBP, 3 mg/liter), improving the predictive capacity of the primary node by 10.6%. Adjusted by identified confounders, the CART-derived pyrazinamide CBP remained the strongest predictor in the model of treatment outcome. Our findings indicate that the critical breakpoints of some second-line drugs and PZA need to be reconsidered in order to better indicate MDR-TB treatment outcome.
An evaluation of property valuation practice in Sub-Saharan Africa

Real estate markets in Sub-Saharan Africa (SSA) are beginning to mature partly due to increased business and investment activities in the last decade and partly due to initiatives to improve transparency in market operations. Professional and ethical property valuation services are vital to the sustenance of the current real estate business and investment activities in the region as they promote transparency and support efficient operation of property markets. Serious concerns However, there are serious concerns over the standard of property valuations produced in the region. These concerns relate to valuation errors, in particular, wide variation in valuations. Ghana is one country in the region where real estate business and investment activities continue to increase, and there are growing concerns over high variation in valuations expressed both among real estate valuers/valuation surveyors and within the wider real estate sector. Like the rest of the Sub-Saharan Africa (SSA) region, these concerns are largely based on anecdotal evidence, and speculation that paucity of property market data is one of the main causes. Using empirical evidence from Accra, Ghana, as a case study, the aim of the research was to evaluate property valuation practice in SSA. It sought specifically to: ◾estimate the extent of variations in valuations undertaken by Ghanaian valuers/valuation surveyors ◾identify appropriate property market data sources in Ghana ◾develop a property data collection template to support property market data collection for valuations ◾outline guidelines for effective property market data collection to improve valuation practice