Miracle-dz/UniFAR-FTUs huggingface dataset:
Asymmetric Connectedness of Stocks: How Does Bad and Good Volatility Spill over the U.S. Stock Market?

Asymmetries in volatility spillovers are highly relevant to risk valuation and portfolio diversification strategies in financial markets. Yet, the large literature studying information transmission mechanisms ignores the fact that bad and good volatility may spill over at different magnitudes. This paper fills this gap with two contributions. One, we suggest how to quantify asymmetries in volatility spillovers due to bad and good volatility. Two, using high frequency data covering most liquid U.S. stocks in seven sectors, we provide ample evidence of the asymmetric connectedness of stocks. We universally reject the hypothesis of symmetric connectedness at the disaggregate level but in contrast, we document the symmetric transmission of information in an aggregated portfolio. We show that bad and good volatility is transmitted at different magnitudes in different sectors, and the asymmetries sizably change over time. While negative spillovers are often of substantial magnitudes, they do not strictly dominate positive spillovers. We find that the overall intra-market connectedness of U.S. stocks increased substantially with the increased uncertainty of stock market participants during the financial crisis.
The Evolution of Output in Transition Economies; Explaining the Differences

What are the relative roles of macroeconomic variables, structural policies, and initial conditions in explaining the time path of output in transition and the large observed differences in output performance across transition economics? Using a sample of 26 countries, this paper follows a general-to-specific modeling approach that allows for differential effects of policies and initial conditions on the private and state sectors and for time-dependent effects of initial conditions. While showing some fragility to model specification, the results point to the preeminence of structural reforms over both initial conditions and macroeconomic variables in explaining cross-country differences in performance and the timing of the recovery.
Taking the Con Out of Convenience: The True Cost of Transport Modes in Sydney

There has been growing interest internationally in the development of comprehensive estimates of the costs of urban transport, fuelled by concerns over global warming, peak oil, road congestion, tolls and public transport subsidies. This article examines the internal and external costs of major modes in Sydney. In terms of total costs, trains are the cheapest, followed by buses, with cars the most expensive. However, the ‘out-of-pocket costs’ paid by motorists at the time of making a trip are less than one-sixth of total costs. This suggests rational individual travel choices do not add up to rational travel patterns for the city, and that we are paying heavily as a society for the convenience of cars. Governments need to give higher priority for public transport (particularly rail which has the lowest overall costs of any mode) and to change pricing for urban travel, if we are to develop more sustainable cities.
Utilization of radiology services in the United States: levels and trends in modalities, regions, and populations.

PURPOSE To assess the most recent available data for levels and trends in utilization of radiology procedures across populations, modalities, and geographic areas. MATERIALS AND METHODS Aggregated claims data from Medicare enrollees for all radiology procedures and from the Medical Expenditure Panel Survey (MEPS), a nationally representative survey of almost 25 000 Americans, for some radiology procedures, were used to calculate population-based utilization for the relevant age groups. Limited private insurer data also were obtained. All radiology utilization was measured and reported, irrespective of provider specialty. Average levels and percentiles of utilization were measured according to modality, and average annual rates of increase in utilization were compared across modalities, data sources, and regions. Rates of increase in utilization according to modality and state were compared for correlation with state characteristics and initial utilization levels. RESULTS In 2001, 4176 diagnostic and 274 therapeutic radiology procedures were performed per 1000 Medicare non-managed care enrollees. Nearly one-half of diagnostic procedures (n=2057) involved radiography. The other half involved computed tomography (CT) (n=391), magnetic resonance (MR) imaging (n=114), ultrasonography (US) (n=921), interventional radiology (n=215), mammography (n=221), and nuclear medicine (n=249). On average, between 1998 and 2001, utilization per Medicare enrollee increased 16% per year for MR imaging and 7%-15% per year for CT, US, interventional radiology, and nuclear medicine, while that for radiography increased 1% per year. The proportion of diagnostic radiology procedures performed in ambulatory settings increased from 62% in 1992 to 68% in 2001. There was wide variation across states in utilization by Medicare enrollees. State totals for diagnostic radiology were 3038 in the 10th percentile and 4573 in the 90th percentile. In 1999, MEPS reported average utilization in ambulatory settings as follows: 64 MR imaging, 102 US, 73 mammographic, 326 radiographic, and 43 radiation therapy procedures per 1000 persons (all ages) in the U.S. population. CONCLUSION Utilization of high-technology modalities increased rapidly, while that of radiography was relatively stagnant. Variation in utilization among states and census regions was substantial.
STOCK RETURNS-INFLATION RELATION IN INDIA

This study contributes to the stock returns-inflation relation literature in developing countries by revisiting the issue with reference to the emerging economy, India. More specifically, it tests whether the Indian stock market provides an effective hedge against inflation using monthly data on real stock return, inflation and real activity from April 1980 to March 2004 and a two-step estimation procedure. Results of the study indicate that (i) the Indian stock market reflects future real activity; (ii) the negative stock returns-inflation relation emerges from the unexpected component of the inflation and (iii) this negative relation vanishes when we control for the inflation-real activity relation, thereby providing a strong support for Fama’s proxy effect hypothesis. The split sample analyses indicate that the Fama hypothesis is valid only in pre reform period. In the post reform period, real stock returns have been independent of inflation, i.e., the Fisher Hypothesis is valid.
How Italian regulatory policy encounters Europe

Improvement of regulatory quality has become one of the most important items on the European Union’s (EU) Lisbon Strategy for Growth and Jobs. In this context, the European Commission has sought to influence the regulatory reform policies of the Member States, focusing on the implementation of better regulation principles and tools. This article explores the interactive nature of Europeanization, viewing domestic institutions as ‘users’ of European policies according to their strategies. The author performs a within-case study based on a bottom–up research design, analysing the impact of EU better regulation on Italy. The results show that the effects of Europeanization relate more to agenda setting than to implementation – the latter is still, prevalently, determined by domestic factors.
How Great is Britain? Power, Responsibility and Britain's Future Global Role

Hedley Bull argued that for a state to be classed as a great power it must be in the first rank in terms of military strength but also recognised by others to have, and conceived by its own leaders and peoples to have, certain special rights and duties. Adopting this approach, this article argues that Britain's great power credentials are far stronger than commonly appreciated and that, while the term is no longer in vogue, within government the idea that Britain is a great power remains an influential factor in determining British foreign and defence policy.
Barriers to autism screening in family medicine practice: a qualitative study

Aim We explored potential barriers to adoption of recommended screening for autism by family physicians at 18- and 24-month well-child visits. Background The American Academy of Pediatrics recommends early detection and intervention of autism through the use of a standardized autism-specific screening tool on all children at the 18- and 24-month well-child visits. However, not all family physicians screen for autism. Methods Three focus groups and six semi-structured interviews were conducted with 15 family physicians in the Kansas City metropolitan area. Verbatim transcripts were inductively coded; data were analyzed using standard text analysis. Findings Participants had differing views on the increased incidence of autism. Most participants attributed the increase to changes in diagnostic criteria. There was no consensus on the benefit of implementing universal screening for autism during the 18- or 24-month visit. Many preferred to identify potential problems through general developmental assessments and observations. No participants used specific screening tools for autism, and only one participant was aware of such a tool (M-CHAT). Lack of adequate training on child development and screening methods as well as limited availability of community-based resources to manage children with autism was seen as major barriers to routine screening. Suggested solutions included working toward a stronger evidence base, improving physician training and continuing education, and making systemic changes in healthcare. In conclusion, universal screening for autism at the 18- and 24-month visits is not widely accepted, nor is it implemented by family physicians.
What Valuation Models Do Analysts Use

This paper adopts a structured positive approach to explaining the valuation practices of financial analysts by studying the valuation methodologies contained in 104 analysts' reports from international investment banks for 26 large U.K.‐listed companies drawn from the beverages, electronics, and pharmaceuticals sectors. We provide a descriptive analysis of the use of alternative valuation models focusing on the value‐relevant attributes that analysts seek to forecast and the methodologies analysts use to convert the forecasts into estimates of firm value. We postulate and test a number of hypotheses relating to how the valuation practices of analysts vary systematically across industrial sectors. We find that: (1) the use of valuation by comparatives is higher in the beverages sector than in electronics or pharmaceuticals; (2) analysts typically choose either a PE model or an explicit multiperiod DCF valuation model as their dominant valuation model; (3) none of the analysts use the price to cash flow as.
The wake structure and thrust performance of a rigid low-aspect-ratio pitching panel

Thrust performance and wake structure were investigated for a rigid rectangular panel pitching about its leading edge in a free stream. For ReC = O(104), thrust coefficient was found to depend primarily on Strouhal number St and the aspect ratio of the panel AR. Propulsive efficiency was sensitive to aspect ratio only for AR less than 0.83; however, the magnitude of the peak efficiency of a given panel with variation in Strouhal number varied inversely with the amplitude to span ratio A/S, while the Strouhal number of optimum efficiency increased with increasing A/S. Peak efficiencies between 9% and 21% were measured. Wake structures corresponding to a subset of the thrust measurements were investigated using dye visualization and digital particle image velocimetry. In general, the wakes divided into two oblique jets; however, when operating at or near peak efficiency, the near wake in many cases represented a Kármán vortex street with the signs of the vortices reversed. The three-dimensional structure of the wakes was investigated in detail for AR = 0.54, A/S = 0.31 and ReC = 640. Three distinct wake structures were observed with variation in Strouhal number. For approximately 0.20 < St < 0.25, the main constituent of the wake was a horseshoe vortex shed by the tips and trailing edge of the panel. Streamwise variation in the circulation of the streamwise horseshoe legs was consistent with a spanwise shear layer bridging them. For St > 0.25, a reorganization of some of the spanwise vorticity yielded a bifurcating wake formed by trains of vortex rings connected to the tips of the horseshoes. For St > 0.5, an additional structure formed from a perturbation of the streamwise leg which caused a spanwise expansion. The wake model paradigm established here is robust with variation in Reynolds number and is consistent with structures observed for a wide variety of unsteady flows. Movies are available with the online version of the paper.
Innovation as mediator between entrepreneurial orientation and spin-off venture performance

A fundamental challenge in entrepreneurship is how to predict firm performance particularly for high technology sectors. In previous empirical research on high technology ventures the concepts of entrepreneurial orientation and entrepreneurial behaviour have been found to be able to differentiate between successful and unsuccessful entrepreneurs. The aim of this paper is to discuss why entrepreneurial orientation and in particular risk taking behaviour and proactivity is of particular importance in the context of high-technology venture success. Furthermore, we argue that innovativeness as a central entrepreneurial object mediates between the motivation and the success of entrepreneurs. Therefore we assume a mediation model between motivation, innovativeness and success. Regarding this model the entrepreneurial orientation of the founders influences new venture performance through its generation of innovativeness. To test the mediation we analyse data from 165 high technology spin-off companies in Germany with structural equation modelling. The results suggest that especially in high technology sectors and in fast growing markets, such as biotechnology, healthcare, information technology and optics where innovation is necessary to endure a pronounced entrepreneurial orientation is important.
Rural residents’ attitudes to tourism and the moderating effects of social capital

Scholars have rarely considered the role of social capital in shaping residents’ reactions to tourism development. A theoretical model integrating research on residents’ attitudes, community development, and social capital was developed and tested on a sample of 556 Korean rural residents using structural equation modeling. Multi-group analysis was used to test the moderating effects of social capital on each path relationships proposed in the model. Results indicated that perceived environmental impacts of tourism influenced community satisfaction, which in turn predicted support for tourism. Residents’ perceptions of the socioeconomic impacts of tourism influenced their support for rural tourism. Social capital shaped the ways in which residents responded to tourism development. Interestingly, our results suggest that a high level of social capital among community members is not always desirable as it does not foster pro-tourism attitudes. The lesson to be drawn is that only if the negative consequences of social capital are recognized and managed can communities be built in ways that contribute to sustainable rural tourism development.
Intraday Lead/Lag Relationships between the Futures and Spot Market

This study investigates whether spot and futures markets are playing an important role in the assimilation of information and price discovery in the Indian stock market. For accomplishing this purpose, high frequency price data of 31 individual securities, observed at five minutes interval for the time period of April 2010 to March 2011 have been used. The present study applies the Johansen’s cointegration and Engle and Granger’s residual based approach to determine the long-run equilibrium between the two markets. Besides this, Granger causality test and VECM (Vector Error Correction Model) have been applied to determine the direction of causality and the leading market. The results of the study depict that there is a bi-directional information flows or feedback between the spot and futures markets in case of 30 securities and one security i.e. Wipro is showing unilateral relationship from spot to futures. As far as price discovery role of spot and futures markets is concerned, both markets are playing an important role implying that futures (spot) prices may contain useful information about spot (futures) prices. Besides this it is also evidenced that futures market is leading the spot market in case of 12 securities whereas 19 securities are being led by the spot market.
Modifications of cardiac function in cirrhotic patients treated with transjugular intrahepatic portosystemic shunt (TIPS)

OBJECTIVE:The implantation of a transjugular intrahepatic portosystemic shunt (TIPS) has been shown to exacerbate the hyperdynamic circulation and might induce a significant cardiac overload. We investigated cardiac function before and 1, 3, 6, and 12 months after the TIPS procedure in cirrhotic patients.METHODS:Eleven patients with nonalcoholic cirrhosis were evaluated. Cardiovascular parameters were assessed by two-dimensional Doppler echocardiography.RESULTS:After TIPS, the left ventricular diastolic diameter increased from 26.5 ± 1.8 mm (basal) to 30.0 ± 2.8 mm (6 months) (p < 0.05), whereas the ejection fraction showed a slight increase (basal, 64.5 ± 3.3; 6 months, 68.1 ± 3.2). The left ventricular pre-ejection period and the isovolumetric relaxation time decreased transiently at 1 month (p < 0.05). An increased velocity in all of the components of pulmonary venous flow (systolic, diastolic, and atrial) documented the accelerated fluxes induced by the procedure. The estimated pulmonary systolic arterial pressure also increased at 1 month (29.5 ± 1.4 vs 44.1 ± 1.4 mm Hg, p < 0.05). All of these modifications reverted after 6 months.CONCLUSIONS:Our study demonstrates that nonalcoholic cirrhotic patients, without cardiovascular pathologies, show transient modifications in cardiac dimension and function for 3–6 months after TIPS caused by the increased volume load shunted to the heart.
Reasons for going green in serviced accommodation establishments

This paper reports on the preliminary findings of an exploratory study on environmental decision making in the context of largely small serviced accommodation establishments. It focuses on the motivations of owner‐managers for becoming environmentally involved and their reasons for joining an environmental accreditation scheme. The study was conducted in Scotland using face‐to‐face in‐depth interviews with members of the Green Tourism Business Scheme, an environmental accreditation scheme for tourism businesses. Initial analysis suggests that involvement in environmental activities may be driven by economic as well as ethical considerations. The results point to the role played by personal values and beliefs in small firms’ decision making and the need to gain a greater understanding of the complexity of motives that drive the small hospitality business owner.
Government Bond Seigniorage

Recent studies have indicated that government bonds are an imperfect substitute for money in providing transaction services. Based on these studies, this article develops a theoretical framework showing that, as with money seigniorage, the government can gain an interest benefit from issuing government bonds. The article terms this interest benefit as 'government bond seigniorage'. Further, the article estimates government bond seigniorage in comparison with money seigniorage for five countries (Australia, Canada, France, Italy and the United States) during the period 1959-2001. It is found that government bond seigniorage accounts for a larger percentage of Gross Domestic Product than money seigniorage, but also experiences greater fluctuations for all sample countries. Copyright 2006 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research.
The identification of QTLs associated with the in vitro response of rye (Secale cereale L.)

This study was conducted in order to identify quantitative trait loci (QTLs) for the in vitro culture response of winter rye (Secale cereale L.) immature embryos and immature inflorescences. A genetic linkage map comprising 67 SSRs, 9 ISSRs, 13 SAMPLs, 7 RAPDs, 2 SCARs and one EST marker was created based on the analyses of 102 recombinant inbred lines from the cross between lines L318 (which has a good response in tissue cultures) and L9 (which is unable to regenerate plants from somatic tissues and anthers). The map spans 979.2 cM, and the average distance between markers is 9.9 cM. Two characteristics were evaluated: callus induction (CI) and somatic embryogenesis ability (SE). They were expressed as the percentage of immature embryos/inflorescences producing callus (designated ECI/ICI) and the percentage of explants producing somatic embryos (ESE/ISE). All the analysed traits showed continuous variation in the mapping population but a non-normal frequency distribution. We identified nine putative QTLs controlling the tissue culture response of rye, explaining up to 41.6% of the total phenotypic variation: two QTLs for ECI — eci-1, eci-2; 4 for ESE — ece-1, ese-2, ese-3, ese-4; 2 for ICI — ici-1, ici2; and 1 for ISE — ise-1. They were detected on chromosomes 1R, 4R, 5R, 6R and 7R.
Employer‐supported volunteering benefits: Gift exchange among employers, employees, and volunteer organizations

Using gift exchange theory to explain the growing trend of employers offering employer-supported volunteering (ESV) benefits, this article discusses the creation of exchange relationships between the employer and employee and between the volunteer organization and employee. Hypotheses derived from the employee's perspective are tested with a nationally representative sample of volunteers (n=3,658). Findings suggest that ESV benefits are positively related to hours volunteered by the employee. Volunteer hours predict employee perceptions of skill acquisition, and such perceptions are positively related to perceptions of job success and employer recognition. We discuss the implications of these findings for business, employees, and volunteer organizations, with an emphasis on human resource management policy and practice.
How Open Source Software Works: 'Free' User-to-User Assistance?

Research into free and open source software development projects has so far largely focused on how the major tasks of software development are organized and motivated. But a complete project requires the execution of “mundane but necessary” tasks as well. In this paper, we explore how the mundane but necessary task of field support is organized in the case of Apache web server software, and why some project participants are motivated to provide this service gratis to others. We find that the Apache field support system functions effectively. We also find that, when we partition the help system into its component tasks, 98% of the effort expended by information providers in fact returns direct learning benefits to those providers. This finding considerably reduces the puzzle of why information providers are willing to perform this task “for free. ” Implications are discussed. © 2002 Elsevier Science B.V. All rights reserved.