Miracle-dz/UniFAR-FTUs huggingface dataset:
The corporate governance model of the shipping firms: financial performance implications

The corporate governance model of the shipping firms is under extensive dynamic adjustment. Core reasons for that include the corporate transformation of the shipping firms from private and family run into publicly listed and multi-shareholder entities and a number of strict stock market listing requirements, related to corporate governance in particular. Despite these profound shifts, relevant empirical research in this field remains thin. This study undertakes an updated empirical investigation to assess the impact of key corporate governance mechanisms on the financial performance of the shipping firms, namely: (1) the presence of managerial executives (CEOs) related to the founding family; (2) the ownership concentration (shares held) by Board of Directors members; and (3) the participation of independent members in the Board of Directors. A carefully selected sample of Greek shipping companies listed on US equity markets is employed as a case study. We conclude that shipping firms follow their own corporate governance model that has idiosyncratic divergences from conventional governance approaches. A comparison between Greek and Scandinavian shipping firms indicates some differing financial performance response to common corporate governance practices.
‘When the Going Gets Tough’: Recession and the Resilience of Workplace Partnership

Drawing on longitudinal research in an engineering multinational corporation, this article considers the resilience of workplace partnership under conditions of retrenchment. In line with extant literature, the twin influences of trade union power and competitive strategy are seen to significantly shape the durability of partnership. Beyond these determinants, trust and managerial skill and political sensitivity are deemed important moderators. The findings nonetheless suggest that the favourable alignment of these factors may not represent a sufficient bulwark in those situations where the axis of partnership is local, within the context of otherwise centrally coordinated industrial relations.
The development of foreign‐owned manufacturing subsidiaries: some empirical evidence

The development of multinational subsidiaries is of interest to academics, policy‐makers and the business community. Although there is a considerable literature on subsidiary typologies, there is a dearth of empirical investigation to accompany this. This article reports on a field‐work survey which was undertaken to analyse the nature of subsidiary development in the UK economy. A large sample of companies were asked to provide details of their value‐added activities and degree of strategic autonomy granted by their parent organisations. These data were collected in respect of their entry to the UK and at the time of the survey so that a comparison would yield conclusions about subsidiary development. The analysis of the data reveals that subsidiary development is associated with the ownership (i.e. geographical location) of the parent company, as well as the entry mode which the parent company chooses to enter the host economy. The precise nature of these relationships is complex and the article concludes by suggesting some future research agendas in this area.
Measuring and Explaining Changes in REIT Liquidity: Moving Beyond the Bid/Ask Spread

This paper investigates changes in REIT liquidity since the REIT boom of 1993. We use trade-by-trade data for REITs traded on the major U.S. exchanges to estimate and compare Kyle's (1985) measure of inverse liquidity for the 1993 and 1996 time periods. For our full sample of equity REITs, there is a significant increase in REIT liquidity in terms of the median price impact of trades. The increasing importance of the self-advised, self-managed organizational structure is found to be a major factor driving increased REIT liquidity. Our results imply a decline in the asymmetric information faced by market-makers. Our investigation of the changes in the size distribution and resulting price impacts of REIT trades over the 1993-1996 period yields evidence of increased importance of informed traders to REIT price dynamics. Our findings of increased liquidity indicate that the increase in adverse-selection costs due to the presence of more informed traders is more than offset by the increase in market thickness as a result of an increase in the number of uninformed (liquidity) traders. Copyright American Real Estate and Urban Economics Association.
Revisiting Education for Sustainable Development (ESD): Examining Anthropocentric Bias Through the Transition of Environmental Education to ESD

ABSTRACT Environmental education scholars have hailed the emergence of the discourse of education for sustainable development (ESD) as a progressive transition in the field. The author argues that there are some salient aspects present in sustainability discourse that present ethical paradoxes as well as empirical dilemmas. Discourse on sustainable development singles out economic development, which might have created the current ecological problems in the first place, as part of the solution. It is empirically questionable whether the industrial production necessary to expand the ‘economic pie’ to include the most dispossessed, is possible without further degrading the environment. In an educational context, ESD replaces a problem orientation associated with environmental education and shifts the focus to the inclusion of social issues and economic development. ESD masks its anthropocentric agenda and may in fact be counterproductive to the efficacy of environmental education in fostering a citizenry that is prepared to address the anthropogenic causes of environmental problems. Copyright © 2011 John Wiley & Sons, Ltd and ERP Environment
International Capital Mobility in African Countries: Do the legal origins matter?

This paper investigates the Feldstein-Horioka coefficients and legal origins for 37 African countries using the recently developed panel cointegration techniques. The empirical findings reported in the paper reveal that savings and investment are nonstationary and cointegrated series. The estimated coefficients using DOLS is 0.58 for the sample as a whole for the period 1970-2006. However, there are marked differences in retentions ratios in each country group with ratio lowest in common law countries (0.34) compared to French civil law countries (0.85). These results imply that in the countries with strong legal protections of investors, capital tends to be mobile internationally than in countries with worse protection.
Involvement of Polyamine Oxidase in Wound Healing12[W]

Hydrogen peroxide (H2O2) is involved in plant defense responses that follow mechanical damage, such as those that occur during herbivore or insect attacks, as well as pathogen attack. H2O2 accumulation is induced during wound healing processes as well as by treatment with the wound signal jasmonic acid. Plant polyamine oxidases (PAOs) are H2O2 producing enzymes supposedly involved in cell wall differentiation processes and defense responses. Maize (Zea mays) PAO (ZmPAO) is a developmentally regulated flavoprotein abundant in primary and secondary cell walls of several tissues. In this study, we investigated the effect of wounding on ZmPAO gene expression in the outer tissues of the maize mesocotyl and provide evidence that ZmPAO enzyme activity, protein, and mRNA levels increased in response to wounding as well as jasmonic acid treatment. Histochemically detected ZmPAO activity especially intensified in the epidermis and in the wound periderm, suggesting a tissue-specific involvement of ZmPAO in wound healing. The role played by ZmPAO-derived H2O2 production in peroxidase-mediated wall stiffening events was further investigated by exploiting the in vivo use of N-prenylagmatine (G3), a selective and powerful ZmPAO inhibitor, representing a reliable diagnostic tool in discriminating ZmPAO-mediated H2O2 production from that generated by peroxidase, oxalate oxidase, or by NADPH oxidase activity. Here, we demonstrate that G3 inhibits wound-induced H2O2 production and strongly reduces lignin and suberin polyphenolic domain deposition along the wound, while it is ineffective in inhibiting the deposition of suberin aliphatic domain. Moreover, ZmPAO ectopic expression in the cell wall of transgenic tobacco (Nicotiana tabacum) plants strongly enhanced lignosuberization along the wound periderm, providing evidence for a causal relationship between PAO and peroxidase-mediated events during wound healing.
R&D, Imperfect Competition and Growth with Human Capital Accumulation

This paper studies the long-run consequences of imperfect competition on growth and the sectoral distribution of skills within an R&D-based growth model with human capital accumulation. We find that steady-state growth is driven only by incentives to accumulate skills. In the model imperfect competition has a positive growth effect, while influencing the allocation of human capital to the different economic activities employing this factor input. Contrary to general wisdom, the share of resources invested in R&D turns out not to be monotonically increasing in the product market power and its correlation with the equilibrium output growth rate is not unambiguous.
A detailed study of the radio-FIR correlation in NGC 6946 with Herschel-PACS/SPIRE from KINGFISH

We derive the distribution of the synchrotron spectral index across NGC 6946 and investigate the correlation between the radio continuum (synchrotron) and far-infrared (FIR) emission using the KINGFISH Herschel-PACS and SPIRE data. The radio-FIR correlation is studied as a function of star formation rate, magnetic field strength, radiation field strength, and the total gas surface density. The synchrotron emission follows both star-forming regions and the so-called magnetic arms present in the inter-arm regions. The synchrotron spectral index is steepest along the magnetic arms (α_n ~ 1), while it is flat in places of giant Hii regions and in the center of the galaxy (α_n ~ 0.6−0.7). The map of α_n provides observational evidence for aging and energy loss of cosmic ray electrons (CREs) propagating in the disk of the galaxy. Variations in the synchrotron-FIR correlation across the galaxy are shown to be a function of both star formation and magnetic field strength. We find that the synchrotron emission correlates better with cold rather than with warm dust emission, when the diffuse interstellar radiation field is the main heating source of dust. The synchrotron-FIR correlation suggests a coupling between the magnetic field and the gas density. NGC 6946 shows a power-law behavior between the total (turbulent) magnetic field strength B and the star formation rate surface density Σ_(SFR) with an index of 0.14 (0.16) ± 0.01. This indicates an efficient production of the turbulent magnetic field with the increasing gas turbulence expected in actively star forming regions. Moreover, it is suggested that the B-Σ_(SFR) power law index is similar for the turbulent and the total fields in normal galaxies. On the other hand, for galaxies interacting with the cluster environment this index is steeper for turbulent magnetic fields than it is for the total magnetic fields. The scale-by-scale analysis of the synchrotron-FIR correlation indicates that the ISM affects the propagation of old/diffused CREs, resulting in a diffusion coefficient of D_0 = 4.6 × 10^(28) cm^2 s^(-1) for 2.2 GeV CREs.
Assessment of trigeminal somatosensory evoked potentials in burning mouth syndrome.

OBJECTIVE The measurement of pain threshold (PT) and the assessment of trigeminal somatosensory evoked potentials (TSEPs) were performed. These experiments indicated the pathological conditions of nerve afferent and efferent pathways in patients with burning mouth syndrome (BMS). This study also explored the probable pathophysiological mechanisms in BMS. MATERIALS AND METHODS The dorsum linguae of 38 samples in 19 subjects (22 BMS with pain, 10 BMS with numbness, and 6 controls) were stimulated by electroneuromyography. PT was measured as the lowest stimulation intensity the subjects could detect. N3, P4 latency, and spike potential latency of TSEP were recorded by stimulating the lingual nerve. RESULTS Pain thresholds were significantly lower, N3, P4 latencies were significantly shorter, and the spike potential appeared earlier in the BMS with pain group (P < 0.01). The opposite tendency of these values presented in the BMS with numbness group (P > 0.05). CONCLUSIONS The results indicated that the nerve sensitivity was elevated in the BMS with pain group, and that these patients were easily affected by etiological factors. In the BMS with numbness group, partial or complete nerve blockage may have been indicated. This study suggested that selfreports of BMS pain appeared to be of value, and that there were pathological conditions in nerve transmission. It supported the theory that peripheral or central nervous system involvement might play an important role in BMS. It was possible to show the pathogenesis of BMS. All of these objectively explain the clinical understanding of BMS, and may be of assistance in the treatment of BMS.
Bilateral spontaneous internal carotid artery dissection with both early and very late recanalization: A case report

Spontaneous bilateral internal carotid artery dissection has frequently been described in the literature as a cause of stroke. In more than half of the patients with internal carotid artery dissection, recanalization occurs early after the event and is unusual later than 6 months after onset of the dissection. We describe a patient with ischemic stroke due to left internal carotid artery occlusion in the extracranial segment. The patient was treated with anticoagulants and early vessel recanalization did not occur. Ten months later, he developed contralateral internal carotid occlusion in the intracranial tract, which was followed by early complete recanalization. Anticoagulation therapy was continued and, 16 months after the initial event, the left internal carotid artery unexpectedly also reopened. © 2010 Wiley Periodicals, Inc. J Clin Ultrasound, 2011
Voice or Exit? Independent Director Decisions in an Emerging Economy

We examine the certification and resignation decisions of independent directors in China, and provide evidence on the relative influence that social, political and reputational factors have on the decisions of independent directors in the presence of private information about future adverse outcomes. Using a hand collected sample of independent director opinions and resignations in China over the period 2005 to 2009, the paper documents that some independent directors in China are fulfilling their mandatory governance role by conveying negative information to minority shareholders in a timely manner. However, many more independent directors are avoiding their governance and monitoring responsibilities to escape the social costs of dissention and/or to minimize the reputation costs by either remaining silent or by voluntarily departing the firm in advance of adverse events. The results confirm anecdotal evidence that the decisions of independent directors in China do not uniformly reflect the intent of CSRC regulations; instead, their decisions reflect a tradeoff of social, political and reputational factors that shape the incentives of each independent director.
The Dynamics of Credit Spreads and Ratings Migrations

Abstract There is a large and growing literature on how to model the dynamics of the default-free term structure to fit the observed historical data. Much less is known about how best to model the dynamics of defaultable yield curves. This paper develops a class of defaultable term structure models that is tractable enough to be empirically implemented and flexible enough to capture some important behaviors of the credit spreads in the data. We compare two non-nested models within this class using a Bayesian estimation technique, which helps to solve the problem of latent state variables. The Bayesian approach also enables us to test the two non-nested models on the basis of the Bayes factor. The results strongly suggest that models with constant transition probabilities will not be able to fit the observed dynamics of inter-rating spreads.
Has Weak Lending and Activity in the United Kingdom Been Driven by Credit Supply Shocks?

This paper investigates the role of credit demand and supply shocks in driving the weakness in UK banks’ lending and economic activity during both the recent financial crisis and the various UK financial crises since 1966. It uses a structural vector autoregression analysis to identify separate credit demand and supply shocks in addition to the standard macroeconomic shocks that are typically analysed in this framework. It finds that credit supply shocks can account for most of the weakness in bank lending since the onset of the crisis and between a third and a half of the fall in GDP relative to its historic trend. It also finds that credit supply shocks appear to behave more like aggregate supply shocks than aggregate demand shocks because they cause output and inflation to move in opposite directions. This may be because credit supply shocks affect potential supply in the economy or because they have a significant exchange rate effect. The results appear robust to different identifying assumptions. The main sensitivity appears to be when spreads are treated as a non-stationary variable and long-run restrictions are placed on the model.
Management of cervical cerclage and preterm premature rupture of the membranes: should the stitch be removed?

OBJECTIVE Our aim was to determine whether retention of cerclage after preterm premature rupture of the membranes occurring before 34 completed weeks' gestation influences pregnancy outcome. STUDY DESIGN Singleton pregnancies with cerclage and premature rupture of the membranes between 24.0 and 34.9 weeks were reviewed. Women were excluded if they were first seen in labor, had chorioamnionitis, or were delivered within 48 hours. Control subjects consisted of women with premature rupture of the membranes without cerclage. RESULTS Eighty-one cases of cerclage with premature rupture of the membranes met criteria for inclusion: 30 women (37%) had their cerclage removed at presentation, and 51 (63%) retained the cerclage until delivery. Cases were similar in terms of gestational age at placement and gestational age at premature rupture of the membranes. There was no significant difference between the retained, removed, or control groups in terms of latency, gestational age at delivery, chorioamnionitis, or neonatal morbidity and mortality. CONCLUSIONS Retention of cervical cerclage after premature rupture of the membranes occurring before 34 completed weeks' gestation is associated with comparable clinical outcomes with respect to latency and perinatal outcome, when compared with removal of the cerclage.
Employee Perceptions of the Effectiveness of Diversity Management in the Australian Public Service

The changing demographics of Australian society and its workforce have propelled Australian Public Service (APS) organizations to proactively engage in diversity management (DM). Despite this growing imperative for DM in the APS, there has been little inquiry into the effectiveness of such programs. The aim was to investigate how an APS agency was transforming its commitment to DM into action. The findings revealed that a significant gap exists between the rhetoric of what the DM policy seeks to achieve and the reality experienced by employees in the areas of targeted recruitment, employee retention, and employee development. The practical implications of findings for wider stakeholders responsible for designing and implementing DM are discussed and limitations are noted together with recommendations for future research.
Social sciences and research ethics in developing countries: The perspective from Nigeria

This study seeks to show how social science-related disciplines in Nigerian universities understand and incorporate ethical principles in research settings within the framework of general institutional practices. We used the University of Uyo, Nigeria, to specifically and empirically explore these issues among academic staff and postgraduate students. We used in-depth discussions and interviews, in addition to analysis of secondary record to collect necessary data. Findings show that individual ethical knowledge and consideration in a research setting is not optimal. At institutional level, ethical principles and norms are only weakly observed in teaching and administrative settings and hardly internalised in research settings. A lack of institutional capacity to evolve functional mechanisms for ethical discipline was observed and blamed on the society-wide poor commitment to moral values and the development of the education system in Nigeria. Given the exploratory nature of the study, there is need for more research.
Developmental Dyslexia – Recurrence Risk Estimates from a German Bi-Center Study Using the Single Proband Sib Pair Design

Objective: Several studies have demonstrated a genetic component for dyslexia. However, both segregation and linkage analyses show contradictory results pointing at the necessity of an optimal ascertainment scheme for molecular genetic studies. Previously, we have argued that the single proband sib pair design (SPSP) would be optimal. The aims of this paper therefore are to demonstrate the practicability of the SPSP design and the estimation of recurrence risks for reading and writing. Methods: We assessed spelling and reading in a family sample ascertained through the SPSP design. 287 families with at least two siblings and their parents were recruited. At least one child was affected with spelling disorder according to a one standard deviation (1SD) discrepancy criterion. Results: Mean values for probands and their siblings were different for both the spelling and the reading phenotype. For the probands, variances of the phenotype spelling were smaller. These effects became stronger with more extreme selection criteria. Both siblings fulfilled the 1SD criterion for spelling and reading in 60.3 and 28.9% of the families, respectively, indicating a low cost efficiency of the double proband sib pair approach. A recurrence risk of 4.52 (CI: 4.07–4.93) was obtained for spelling when the 1SD criterion was applied to both siblings. Recurrence risk estimates were similar for reading. Conclusion: The study demonstrates the suitability of the SPSP design for genetic analysis of dyslexia. The recurrence risk estimates may be used for determining sample sizes in gene mapping studies.