Miracle-dz/UniFAR-FTUs huggingface dataset:
Foreign Exchange Options Under Stochastic Volatility And Stochastic Interest Rates

In this paper, we present a stochastic volatility model with stochastic interest rates in a Foreign Exchange (FX) setting. The instantaneous volatility follows a mean-reverting Ornstein–Uhlenbeck process and is correlated with the exchange rate. The domestic and foreign interest rates are modeled by mean-reverting Ornstein–Uhlenbeck processes. The main result is an analytic formula for the price of a European call on the exchange rate. It is derived using martingale methods in arbitrage pricing of contingent claims and Fourier inversion techniques.
The Vicissitudes of Competitive Advantage: Empirical Evidence from Australian Manufacturing SMEs*

The goal of this study is to illustrate the variance pattern of competitive advantage. On the basis of an a priori model drawing on the chumpeterian factors mediating the effects of innovation investment on firm performance, this paper conducts a ultiple ndicator ultiple ause analysis on the intertemporal competitive advantage. The results suggest that the composition of sustainable competitive advantage is a series of short‐term advantages. Either sustaining or creating competitive advantage requires concomitant interaction between innovation and effective market engagement. This paper highlights innovative efficiency of such interaction as an influence on a firm's evolution of market fitness in the marketplace.
Increasing Returns and Social Contagion in Cultural Industries

A formal definition of cultural industries is developed following four distinct features of cultural goods: (a) oversupply, (b) quality uncertainty, (c) network effects and (d) demand reversal. Drawing on economic and socio-psychological notions of ‘network’, increasing returns and social contagion effects are distinguished. Increasing returns may govern the adoption of standards when choices are binary, social contagion explains the diffusion of cultural goods when choices are multiple. Together, the four structural features delineating cultural industries account for curious competitive dynamics prevalent in cultural markets, such as the notorious 10 : 90 proportionality (under which 10% of cultural goods account for 90% of the market), causal ambiguity about the reasons for success, and the formation of fashions. Six managerial recommendations are advanced, focusing on a criticial circulation point triggering self-sustaining diffusion patterns. Finally ‘project-based enterprises’ and ‘network forms of governance’ are identified as the organizational forms most suited to the dynamics of the cultural markets.
Relative valuation: a study of price/earnings and price/book valuation accuracies in Malaysia

This research is motivated by the importance of valuation accuracy when valuing firms or equity. The study specifically focuses on relative valuation as one of the valuation methods commonly used by financial analysts due to its simplistic approach. In addition to being adoptable, in valuation, accuracy is vital because the determination of value is the foundation in making important financial decisions such as acquisitions and investments. Therefore, it is imperative that any valuation method being utilized by practitioners exhibits such attributes. Due to the significance of valuation accuracies, this study attempts to investigate the accuracies of relative valuation method with emphasis on Price/Earning and Price/Book multiples that are commonly used in the method. More specifically, this research also examines the valuation accuracies of the combination of Price/Earning and Price/Book multiples in relative valuation method. In this study, the multiples are combined by applying weights to analyze their impacts on achieving accuracy. The accuracy of relative valuation method for different basis of selection criteria of comparable firms is also evaluated. The selection of comparable firms are defined based on industry category, total assets, return on equity, the combination of industry category with total assets and the combination of industry category with return on equity. The research utilizes secondary data extracted from Bursa Malaysia database to capture financial information of 495 companies listed on the Main Board of Bursa Malaysia. The sample size for studying valuation accuracies is 76 firms, based on their 2007 financial data. These target firms are valued based on the valuations of their comparable companies using the relative valuation method. The results of the research indicate that valuation accuracies improve when weighted average is applied to the combination of Price/Earnings and Price/Book valuation method. The research also finds that the optimal weight that gives greater valuation accuracy is by applying 90% weights to Price/Earnings and 10% weights to Price/Book multiple. The results also suggest that return on equity may be an important selection criterion when selecting comparable companies for valuing target firm.
Inhibition of Src Family Kinases Blocks Epidermal Growth Factor (EGF)-induced Activation of Akt, Phosphorylation of c-Cbl, and Ubiquitination of the EGF Receptor*

Stimulation of T47D cells with epidermal growth factor (EGF) results in the activation of the intrinsic tyrosine kinases of the receptor and the phosphorylation of multiple cellular proteins including the receptor, scaffold molecules such as c-Cbl, adapter molecules such as Shc, and the serine/threonine protein kinase Akt. We demonstrate that EGF stimulation of T47D cells results in the activation of the Src protein-tyrosine kinase and that the Src kinase inhibitor PP1 blocks the EGF-induced phosphorylation of c-Cbl but not the activation/phosphorylation of the EGF receptor itself. PP1 also blocks EGF-induced ubiquitination of the EGF receptor, which is presumably mediated by phosphorylated c-Cbl. Src is associated with c-Cbl, and we have previously demonstrated that the Src-like kinase Fyn can phosphorylate c-Cbl at a preferred binding site for the p85 subunit of phosphatidylinositol 3′-kinase. PP1 treatment blocks EGF-induced activation of the anti-apoptotic protein kinase Akt suggesting that Src may regulate activation of Akt, perhaps by a Src → c-Cbl → phosphatidylinositol 3′-kinase → Akt pathway.
“The Discounted Joint Distribution of the Surplus Prior to Ruin and the Deficit at Ruin in a Sparre Andersen Model,” Jiandong Ren, July 2007

CHEUNG, ERIC C. K. 2007. Discussion of ‘‘Moments of the Dividend Payments and Related Problems in a Markov-Modulated Risk Model. ’’ North American Actuarial Journal 11(4): 145–48. GERBER, HANS U. , AND ELIAS S. W. SHIU. 1998. On the Time Value of Ruin. North American Actuarial Journal 2(1): 48–72. KO, BANGWON. 2007. Discussion of ‘‘The Discounted Joint Distribution of the Surplus Prior to Ruin and the Deficit at Ruin in a Sparre Andersen Model. ’’ North American Actuarial Journal 11(3): 136–37.
Symmetric cell division of the mouse zygote requires an actin network

Positioning of the cleavage plane is regulated to ensure proper animal development. Most animal cells rely on the astral microtubules to position the mitotic spindle, which in turn specifies the cleavage plane. The mouse zygote lacks discernible astral microtubules but still divides symmetrically. Here, we demonstrate a cloud‐like accumulation of F‐actin surrounds the spindle in zygotes and when this actin network is disassembled, the spindle assumes an off‐center position, and the resulting zygote divides asymmetrically into two unequal size blastomeres. Interestingly, when the spindle is micromanipulated to the subcortical region, the zygote without the actin network is unable to reposition the spindle and cleavage plane at the cell center. This study reveals that an actin network maintains the central spindle position in anastral mitosis, and ensures the first embryonic mitosis is symmetrical. © 2012 Wiley Periodicals, Inc
Ciclos políticos nas funções orçamentárias dos municípios brasileiros: uma análise para o período 1990 - 2005 via dados em painel

The main purpose of the present study is an investigation concerning the possibility of electoral and partisan cycles in the budgetary functions of Brazilian cities over the 1990 - 2005 period. For the first phenomenon, the econometric results provide evidence that health and sanitation, housing and urbanism, social assistance & retirement system and transports are the most susceptible functions to changes in election years. With reference to the partisan cycles, the influence of partisanship heterogeneity on the municipal expenditures is furthermore suggested by the outcomes. Finally, we have found indication of an expenditure composition effect over the time, also influenced by the Brazilian Law of Fiscal Responsibility.
Augmented neuronal death in CA3 hippocampus following hyperventilation early after controlled cortical impact.

UNLABELLED Minimizing secondary injury after severe traumatic brain injury (TBI) is the primary goal of cerebral resuscitation. For more than two decades, hyperventilation has been one of the most often used strategies in the management of TBI. Laboratory and clinical studies, however, have verified a post-TBI state of reduced cerebral perfusion that may increase the brain's vulnerability to secondary injury. In addition, it has been suggested in a clinical study that hyperventilation may worsen outcome after TBI. OBJECT Using the controlled cortical impact model in rats, the authors tested the hypothesis that aggressive hyperventilation applied immediately after TBI would worsen functional outcome, expand the contusion, and promote neuronal death in selectively vulnerable hippocampal neurons. METHODS Twenty-six intubated, mechanically ventilated, isoflurane-anesthetized male Sprague-Dawley rats were subjected to controlled cortical impact (4 m/second, 2.5-mm depth of deformation) and randomized after 10 minutes to either hyperventilation (PaCO2 = 20.3 +/- 0.7 mm Hg) or normal ventilation groups (PaCO2 = 34.9 +/- 0.3 mm Hg) containing 13 rats apiece and were treated for 5 hours. Beam balance and Morris water maze (MWM) performance latencies were measured in eight rats from each group on Days 1 to 5 and 7 to 11, respectively, after controlled cortical impact. The rats were killed at 14 days postinjury, and serial coronal sections of their brains were studied for contusion volume and hippocampal neuron counting (CA1, CA3) by an observer who was blinded to their treatment group. Mortality rates were similar in both groups (two of 13 in the normal ventilation compared with three of 13 in the hyperventilation group, not significant [NS]). There were no differences between the groups in mean arterial blood pressure, brain temperature, and serum glucose concentration. There were no differences between groups in performance latencies for both beam balance and MWM or contusion volume (27.8 +/- 5.1 mm3 compared with 27.8 +/- 3.3 mm3, NS) in the normal ventilation compared with the hyperventilation groups, respectively. In brain sections cut from the center of the contusion, hippocampal neuronal survival in the CA1 region was similar in both groups; however, hyperventilation reduced the number of surviving hippocampal CA3 neurons (29.7 cells/hpf, range 24.2-31.7 in the normal ventilation group compared with 19.9 cells/hpf, range 17-23.7 in the hyperventilation group [25th-75th percentiles]; *p < 0.05, Mann-Whitney rank-sum test). CONCLUSIONS Aggressive hyperventilation early after TBI augments CA3 hippocampal neuronal death; however, it did not impair functional outcome or expand the contusion. These data indicate that CA3 hippocampal neurons are selectively vulnerable to the effects of hyperventilation after TBI. Further studies delineating the mechanisms underlying these effects are needed, because the injudicious application of hyperventilation early after TBI may contribute to secondary neuronal injury.
Leadership strategies for sustainable SME operation

Research has been completed that explored the issues of sustainable enterprise operation for small/medium-size enterprises and also for larger enterprises. The results provide an understanding of how enterprises develop strategies and policies to manage environmental issues and pressures and how this process influences the development of enterprise management systems, functions and culture. To enable small/medium-size enterprises to facilitate the process of developing their management systems and functions for sustainable enterprise operation, the research has developed a profile of core competencies, which would guide them to operate in a sustainable way. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.
What Is Civil War?

The empirical literature on civil war has seen tremendous growth because of the compilation of quantitative data sets, but there is no consensus on the measurement of civil war. This increases the risk of making inferences from unstable empirical results. Without ad hoc rules to code its start and end and differentiate it from other violence, it is difficult, if not impossible, to define and measure civil war. A wide range of variation in parameter estimates makes accurate predictions of war onset difficult, and differences in empirical results are greater with respect to war continuation.
Blind image quality assessment based on natural scene statistics

Blind measurement of visual quality is of fundamental importance in numerous image and video processing applications. Most of the no-reference Image Quality Assessment (NR IQA) methods are distortion-specific and their application domain is limited. Also, almost all distortion-generic NR IQA are computationally complex, making their applicability in real time applications very limited. In this paper fast blind distortion-generic IQA is proposed. This method uses natural scene statistics of normalized luminance coefficients. This would quantify possible losses of `naturalness' that are caused by the presence of distortions. The best relevant sources of distortion are selected and fed to an Artificial Neural Network. The blind method is tested on the “LIVE” dataset. Experimental results show that our blind method correlates highly with subjective quality assessment results. Also this blind method has a very low computational complexity that makes it very appealing for real time applications.
The functional reserve of collaterals supplying long-term chronic total coronary occlusions in patients without prior myocardial infarction.

AIMS Chronic total coronary occlusions (CTOs) with angiographically well-developed collaterals may be considered to provide sufficient blood supply to the occluded segment, and the indication for revascularization may be questioned. Therefore, the collateral function and functional reserve in patients with a CTO without a prior Q-wave myocardial infarction (MI) were assessed. METHODS AND RESULTS Invasive assessment of collateral function was done during successful percutaneous coronary intervention in 107 patients with a CTO and no prior Q-wave MI. Intracoronary Doppler flow velocity and pressure recordings were obtained distal to the occlusion before the first balloon inflation and collateral function indexes calculated. In 62 patients, additional pharmacological stress testing was done by intravenous adenosine (140 microg/kg/min) to assess the collateral flow reserve. Patients with normal and impaired regional dysfunction were compared. Collateral function was similar in patients with and without regional left ventricular (LV) dysfunction. In both groups, 78% collaterals provided a collateral pressure index at baseline > 0.3, sufficient to prevent ischaemia during a balloon occlusion, with a minimum of 0.2 in those with preserved LV function. A Doppler-derived function index showed a wider variation due to the high prevalence of microvascular dysfunction in CTOs. Only 7% of patients had an increase in collateral flow reserve > 2.0 during pharmacological stress, whereas coronary steal occurred in one-third independent of regional LV function. CONCLUSION A limited increase in collateral flow and the high prevalence of coronary steal during stress underscore the functional limitation of collaterals in CTOs without prior Q-wave MI. Even presumably 'well-collateralized' CTOs may benefit from a revascularization.
Phenotypic variation of Plasmodium falciparum merozoite proteins directs receptor targeting for invasion of human erythrocytes

The members of the phylum Apicomplexa parasitize a wide range of eukaryotic host cells. Plasmodium falciparum, responsible for the most virulent form of malaria, invades human erythrocytes using several specific and high affinity ligand–receptor interactions that define invasion pathways. We find that members of the P.falciparum reticulocyte‐binding homolog protein family, PfRh2a and PfRh2b, are expressed variantly in different lines. Targeted gene disruption shows that PfRh2b mediates a novel invasion pathway and that it functions independently of other related proteins. Phenotypic variation of the PfRh protein family allows P.falciparum to exploit different patterns of receptors on the erythrocyte surface and thereby respond to polymorphisms in erythrocyte receptors and to evade the host immune system.
The Influence of Socio-economic Development on Soil Heavy Metals Accumulation in a Typical Region of Yangtze River Delta

Apply approach of time-space transfer and take soil covered in different years as a carrier, this paper constructed the historical record of soil heavy metals (HMs) content during 1950 to 2006 in Yixing city, an area with rapid socio-economic development in Yangtze River Delta of China, and discussed the impact of socio-economic development on soil HMs content and pollution indexes with gray correlative analysis model. Results are summarized as follows: (1) Variation in Cu, Ni, Pb, and Zn content showed a shape of stretched “U”, which inflexion point is the late 1970s or the early 1980s; The content of As appeared declining, by contrast, there was a notable accumulation of Cd; Co and Cr content showed comparatively stable oscillation. (2) Each index of socio-economy has a high and stable gray correlation degree with soil HMs content. Total population, usage amount of chemical fertilizer and total cultivated area are the three most important impact factors of soil HMs content, conversely, total freight volume, GDP and value of industry output in rural area have the weakest impact on soil HMs content. (3) Soil HMs pollution indexes showed the same trends as temporal variation in Cu, Ni, Pb, and Zn content. Usage amount of chemical fertilizer, total population and total grain yield are the three most important socio-economic factors that contribute to soil HMs pollution, enterprise amount, total cultivated area, gross value of farming, forestry, animal husbandry and fishery product as well as total freight amount have less impact on soil HMs pollution, last and least impact factors are GDP and value of industry output in rural area.
The appraisal of equity investments by Nigerian investors

Purpose - The purpose of this paper is to examine how investors and stockbrokers in Nigeria value shares and whether their approach to share valuation differs from that documented in other countries. In particular, the paper investigates whether the investors and stockbrokers use fundamental, technical and/or risk analysis differently to appraise investments. The information which investors and stockbrokers employ for share valuation purposes is also considered to see whether differences from developed market countries exist. Design/methodology/approach - A series of semi-structured interviews was conducted with eight stockbrokers and ten investors from Nigeria. Findings - The main approach to share valuation employed by the Nigerian interviewees was fundamental analysis; investors and brokers forecast earnings for a company and multiplied this prediction by a P/E ratio to estimate the intrinsic worth of a share. This intrinsic value was then compared with the current share price to see if the equity was under- or over-valued. Thus, Nigerian investors are similar to their counterparts in other countries in terms of the main approach to share valuation employed. Other company fundamentals considered in the valuation process included cash flows and dividend information. Technical and risk analyses were also undertaken to supplement any initial conclusions reached. Indeed, the findings suggest that there was a greater use of risk analysis by Nigerian investors in comparison to the results documented for other countries. Company financial statements and stockbroker reports were the main sources of information used by investors although qualitative information, such as that obtained from meetings with company executives, was also important. However, access to senior executives was not uniform across all interviewees. Practical implications - Investors and stockbrokers in Nigeria behave in a similar fashion to their counterparts in developed countries. However, political risk assumes a greater prominence in the equity valuation process within Nigeria; a reduction in this risk might help Nigerian equity values to increase. Originality/value - The paper reports the views of senior stockbrokers and investors in Nigeria. To date, most work in this area has focused on developed markets; the current paper considers the case for an emerging market which is important in Africa. This market plays an important role in furthering the economic aims of the Government via their privitisation programmes. In addition, the market is attracting the attention of foreign investors who wish to invest in Nigerian equities.
Emergence of Klebsiella pneumoniae Carbapenemase-Producing Bacteria

Klebsiella pneumoniae carbapenemase (KPC)-producing bacteria are a group of emerging highly drug-resistant Gram-negative bacilli causing infections associated with significant morbidity and mortality. Once confined to outbreaks in the northeastern United States (US), they have spread throughout the US and most of the world. KPCs are an important mechanism of resistance for an increasingly wide range of Gram-negative bacteria and are no longer limited to K pneumoniae. KPC-producing bacteria are often misidentified by routine microbiological susceptibility testing and incorrectly reported as sensitive to carbapenems; however, resistance to the carbapenem antibiotic ertapenem is common and a better indicator of the presence of KPCs. Carbapenem antibiotics are generally not effective against KPC-producing organisms. The best therapeutic approach to KPC-producing organisms has yet to be defined; however, common treatments based on in vitro susceptibility testing are the polymyxins, tigecycline, and less frequently, aminoglycoside antibiotics. The purpose of this review is to identify the various challenges that KPC-producing bacteria present to clinicians. These include the need for special techniques for microbiological detection, the potential for nosocomial transmission, and therapeutic challenges related to limited, relatively unproven antimicrobial treatment options.
The impact of foreign equity investment flows on global linkages of the Asian emerging equity markets

Evidence of the impact of foreign equity investment flows on the global linkages of the Asian emerging equity markets is provided. Findings confirm that there is a general trend towards greater integration and this process appears to be influenced by the increasing volumes of foreign equity portfolio investment flows. The results support the widely-held view that foreign investors are return chasers and their trading behaviour is based on information drawn from recent returns available in the emerging markets. The results also confirm the price-pressure hypothesis which suggests that foreign equity investors are mainly responsible for the increases in the stock market valuations in the Asian emerging markets. In view of the findings, the Asian emerging markets may become more vulnerable to the changes in foreign investment flows and turn more volatile in future.