Miracle-dz/UniFAR-FTUs huggingface dataset:
Market Reactions Towards the Announcement of Sukuk Issuance: Evidence From Malaysian Market

ABSTRACT Drawing from the significance and implication that investors can use to properly comprehend the trend in market reaction from the new issuance of information, this study aims to investigate the market’s reaction toward the announcement of Islamic bond or sukuk. The Islamic bond market provides not only an avenue for more dynamic capital trades and portfolio diversification but also functions as an engine that accelerates the growth of the Islamic capital market. This study specifically aims to investigate whether the announcements of sukuk issuance that carry any new information can create impact on the market’s reactions. The overall sample time frame for this study is divided into three event windows; before, during and after the financial crisis in order to ascertain any unusual impact on the market’s return during the 2007-2008 financial crises. The stock market return is measured via the FTSE and Bursa Malaysia’s KLCI. In order to offer a more robust finding on the returns, this study re-measured the market return using Bursa Malaysia’s FTSE EMAS Index as it is a better representation of the sample population. The data collected from Bursa Malaysia, Bloomberg and DataStream database will be then analysed using Brown and Warner’s standard event study methodology of Brown and Warner (1985). Based on the 115 sukuk issuances between 2002 and 2013 (a period of 12 years), this study reveals that the effect of the announcement is significantly negative a day before and on the announcement date. On top of that, the result finds that there is a significantly positive reaction 30 days after the announcement of sukuk issuance which indicates that investors take a longer time to absorb the information from the sukuk announcement. The existence of a significantly positive reaction of stock markets during the financial crisis periods could be attributed to the conditions where the Islamic debt issuance might have sent an incredible signal about the financial position of the company, which have helped in solving the financial problem, especially during the economic downturn. However, the EMAS Index shows none of these significant results. The significant findings in this study (i.e., when uses the KLCI) are expecting to contribute clearer evidence and strategies concerning whether the information regarding sukuk can help investors to form a better investment strategy. Keywords: Sukuk; Islamic bond; Islamic finance; market reactions; stock market return
Quantitative Microwave Imaging Method in Lebesgue Spaces With Nonconstant Exponents

An innovative nonlinear inverse scattering approach in variable exponent Lebesgue spaces is proposed for microwave imaging purposes. The main objective of the approach is to overcome one of the main problems associated with reconstruction procedures developed in Lebesgue spaces with constant exponent, i.e., the need for the selection of the optimum Lebesgue-space norm parameter, which is critical for obtaining accurate reconstructions, and no exact rules exist for this choice. The approach proposed in this paper is oriented to tomographic imaging applications at microwave frequencies, for which the adopted inversion procedure is based on a Gauss–Newton method, which has been reformulated in the unconventional variable exponent Lebesgue spaces. The capabilities of the approach are demonstrated by a set of numerical simulations, in which cylindrical dielectric targets are inspected. Moreover, an experimental result is reported.
Unfriendly Creditors: Debt Covenants and Board Independence

We develop and test a theory of the relation between debt nancing and the composition of the board of directors. We argue that, when rms are close to nancial distress, shareholders and creditors can have di¤erent preferences over the degree of board independence from management: shareholders prefer a management-friendly board, while creditors prefer an unfriendly board. Our model shows that the equilibrium board composition is state contingent: in states of low cash ows, creditors use their enhanced control rights to promote the appointment of independent directors. We empirically test this prediction using data on covenant violations and board composition. We nd a net increase in the number of independent directors of roughly two directors in the rst two years following a debt covenant violation. INCOMPLETE VERSION: April 2014. Please look for updated versions before citing this paper. For comments on preliminary versions of this paper, we thank Andres Almazan, Per Axelson, Ilona Babenko, Laurent Bach, Tom Bates, Daniel Carvalho, Geraldo Cerqueiro, Jonathan Cohn, Diego Garcia, Cesare Fracassi, Jay Hartzell, Jarrad Harford, Thomas Hellmann, Leonid Kogan, Kai Li, Laura Lindsey, Walter Novaes, Daniel Metzger, Daniel Paravisini, Alessio Saretto, Stephan Siegel, Laura Starks, Clemens Sialm, and Margarita Tsoutsoura; participants at the European Finance Association meetings and UBC Winter Finance Conference; and seminar participants at Arizona State University, UT at Austin, Cambridge, ESCP, EIEF, LSE, Pompeu Fabra, and Queen Mary University. yLondon School of Economics, CEPR and ECGI. zNova School of Business and Economics and ECGI. xUniversity Carlos III and London School of Economics.
Sharpe Ratios and Alphas in Continuous Time

Abstract This paper proposes modified versions of the Sharpe ratio and Jensen's alpha, which are appropriate in a simple continuous-time model. Both are derived from optimal portfolio selection. The modified Sharpe ratio equals the ordinary Sharpe ratio plus half of the volatility of the fund. The modified alpha also differs from the ordinary alpha by a second-moment adjustment. The modified and the ordinary Sharpe ratios may rank funds differently. In particular, if two funds have the same ordinary Sharpe ratio, then the one with the higher volatility will rank higher according to the modified Sharpe ratio. This is justified by the underlying dynamic portfolio theory. Unlike their discrete-time versions, the continuous-time performance measures take into account that it is optimal for investors to change the fractions of their wealth held in the fund vs. the riskless asset over time.
Effects of growth-promoting factors on proliferation of mouse spermatogonial stem cells (SSCs) in vitro

The proliferation, cultivation and identification of spermatogonial stem cells (SSCs) in vitro are critical to our understanding of male infertility, genetic resources and endangered species conservation. To investigate the effects of growth-promoting factors, epidermal growth factor (EGF), insulin-like growth factor-1 (IGF-1) and basic fibroblast growth factor (bFGF) on the proliferation of mouse (SSCs) in vitro , three culture schemes (single factor, double factor combinations and triple factor combinations) were designed to culture mouse SSCs in vitro . The optimal proliferation rate of SSCs cultivation in vitro among single factor groups, double factor combinations and triple factor combinations was 41.60, 61.00 and 56.60%, respectively. The results of the proliferation rates of SSCs cultivation in vitro indicated that 10 ng/ml EGF based on pre-treatment with 30 ng/ml 10% follicle stimulating hormone (FSH) was able to greatly enhance the proliferation of mouse SSCs in vitro. The 20 ng/ml EGF and 20 ng/ml IGF-1 combination based on post-treatment with 30 ng/ml 10% FSH, and the 20 ng/ml EGF, 20 ng/ml IGF-1 and 10 ng/ml bFGF combination based on post-treatment with 30 ng/ml 10% FSH were a preferable combination to the proliferation of SSCs cultivation, respectively. In conclusion, it was apparent that 20 ng/ml EGF and 20 ng/ml IGF-1 was the optimal combination which could stimulate the proliferation of mouse SSCs in vitro . Key words : Growth-promoting factors, mouse spermatogonial stem cells (SSCs), proliferation.
Problematic Video Game Use among Teenagers in Sfax, Tunisia

Playing video games is now a major leisurely pursuit among adolescents in many parts of the world [1-3]. Initially, playing is not pathological but it becomes so for some individuals when the activity becomes dysfunctional. Internet gaming disorder has been included in the emerging measures and models section of the fifth edition of the Diagnostic Statistical Manual [4,5] as a subject of further empirical enquiry. The terms used to describe problematic video game use (PVU) vary across the research literature [5]. Data from various countries around the world suggest that between 0.2% to 15.5% of the adolescents are engaged in PVU [6-10]. A summary of prevalence studies found that there was a higher prevalence of problematic video gaming in East Asian populations, compared to Western European, North American and Australian populations [11].
Emergent frameworks of research teaching and learning in a cohort-based doctoral programme

This article argues that alternate models of doctoral research teaching and learning pedagogy could address the challenge of under-productivity of doctoral graduands in the South African higher education system. Present literature tends not to focus on the models of research teaching and learning as a form of pedagogy. The article presents a case study of a doctoral cohort model programme where attention to both quantity and quality of doctoral “production” are engaged in the curriculum design and methodological approaches employed. In this alternate to the traditional “master-apprenticeship”, epistemologies that the programme creates are influenced by its pedagogical methodologies. This reflective theoretical exploration draws on the experiences of supervisors, staff and students as co-producers of knowledge involved in the research pedagogical process. The doctoral graduands that emerge are able to embrace the roles and responsibilities as researchers and knowledge makers. Rather than the PhD being about individualistic learning, the programme attempts to infuse multi- and interdisciplinary notions of responsiveness to knowledge production in community. It concludes with emergent frameworks for doctoral pedagogies –“democratic teaching/learning participation”, “structured scaffolding”, “Ubuntu” and “serendipity”– as useful explanatory shaping influences which underpin and frame the model promoting a contextually relevant and appropriate doctoral research teaching and learning pedagogy.
Explaining the Ambiguity of Object Detection and 6D Pose From Visual Data

3D object detection and pose estimation from a single image are two inherently ambiguous problems. Oftentimes, objects appear similar from different viewpoints due to shape symmetries, occlusion and repetitive textures. This ambiguity in both detection and pose estimation means that an object instance can be perfectly described by several different poses and even classes. In this work we propose to explicitly deal with these ambiguities. For each object instance we predict multiple 6D pose outcomes to estimate the specific pose distribution generated by symmetries and repetitive textures. The distribution collapses to a single outcome when the visual appearance uniquely identifies just one valid pose. We show the benefits of our approach which provides not only a better explanation for pose ambiguity, but also a higher accuracy in terms of pose estimation.
Reply to Bastien et

TO THE EDITOR—We thank Bastien et al for their comments on our recent article [1]. However, we completely disagree with them since our findings concerning the presence of Leishmania in the feces of wild gorillas represent a major point of concern for public health in Cameroon. The application of modern diagnostic tools can determine information about emerging pathogens and can document spatial changes in the distribution of these agents and theirs hosts and vectors. Before responding scientifically to the comments from Bastien et al, we need to highlight some points. First, our work underwent extensive peer review before it was accepted and published as an article containing original research findings. Moreover, our laboratory is considered one of the pioneering laboratories in the world, providing advanced diagnostic laboratory services (with >400 000 polymerase chain reaction [PCR] analyses/ year). Additionally, it is a reference laboratory for many of the world’s emerging and neglected infectious diseases. We are confident in the PCR results from our article [1]because we performed 3 different PCR analyses on 3 different sequences of Leishmania organisms (18S ribosomal DNA, internal transcribed spacer region, and Cytb gene), in addition to the first screening of the stool samples via real-time PCR. Furthermore, we excluded the possibility of contamination of these fecal samples by Leishmania DNA from our laboratory, as we did not use any positive control during the PCR procedure, and until recently, we had never performed PCR on this organism. Moreover, feces from gorillas have previously been shown to contain other bloodborne pathogens, such as Plasmodium falciparum [2], Rickettsia felis [3], and human immunodeficiency virus [4]. For these reasons, it is also possible that these great apes may be reservoirs for Leishmania organisms, which is how other neglected or emerging human pathogens spread in Africa. Finally, both Leishmania-positive and Leishmanianegative stool samples from gorillas, as well as DNA, were sent to Switzerland for external, blind molecular validation by Dr G. Greub (a coauthor on this reply). His laboratory results are in agreement with our findings. Indeed, in his laboratory, using their accredited Leishmania-specific PCR used for diagnostic purposes (ie, a PCR adapted from Mary et al [5]), he amplified all 5 native samples blindly submitted, with high parasite load of about 500–18 000 copies/5 μL. These positive results are unlikely due to PCR contamination, since in the setting of the diagnostic laboratory of Lausanne’s university hospital, which processes >25 000
Marine diversity: the paradigms in patterns of species richness examined*

SUMMARY: The two central paradigms of marine diversity are that there is a latitudinal cline of increasing species richness from poles to tropics and that species richness increases with depth to a maximum around 2,000 m and thereafter decreases. However, these paradigms were based on data collected in the late 1950’s and early 1960’s. Here I show that the 1960’s data, are not representative and thus the paradigms need re-examination. New data from coastal areas in the northern hemisphere record species richness as high as the highest recorded in the deep-sea. Whilst this suggests that the cline of increasing diversity from shallow to deep-sea does not exist, however, the database for the deep sea is not sufficient to draw such a conclusion. The basic problem with the data from the 1960s is that samples were taken on ecological scales and yet they are used to answer evolutionary questions. The questions that such data were to answer were why do the tropics have higher species richness than polar regions or why do deep-sea sediments have more species than coastal sediments? Evolutionary questions need data from much larger spatial areas. Recently, data representative of large scales have been collected from coastal areas in the northern hemisphere and show that there is a cline of increasing species richness from the Arctic to the tropics, but there does not yet seem to be a similar cline in the southern hemisphere. A number of hypotheses have been proposed for the observed patterns in biodiversity. In terrestrial ecology the energy-productivity hypothesis has gained wide acceptance as an explanation for the latitudinal gradient. Here I examine this and other hypotheses critically. Finally an analysis of research priorities is made. Assessment is urgently needed of the spatial scales and dynamics of species richness from point samples to assemblages, habitats and landscapes, especially in coastal areas and in the tropics, where the threats to biodiversity are greatest. New technologies are available, such as side-scan sonar, acoustics, and under-water digital video cameras but as yet have been relatively little used. Conservation of marine biodiversity must be based on sound theory, yet marine diversity studies lag well behind those of terrestrial habitats.
Unfair trade? : the increasing gap between world and domestic prices in commodity markets during the past 25 years

The early literature on international trade has debated extensively the constraints facing exporting countries in the major commodity markets. This article goes one step further by suggesting that the final demand for these products can not have increased because the declines in world commodity prices were not transmitted or were transmitted imperfectly to domestic consumer prices. In contrast, upward movements in world prices were clearly passed on to domestic prices. As a result, the spread between world and domestic prices almost doubled in all major commodity markets during 1975-94. This asymmetry, seldom discussed in the literature, does not seem to be caused, at least systematically, by changes in trade and tax policies or factors such as transport, processing, and marketing costs. This article argues, therefore, that a special effort should be made to better understand the transmission from world to domestic prices, especially the role of large international trading companies that may have the capability to influence such spreads through one or several stages of processing in most major commodity markets.
Extraction of Estuarine/Coastal Environmental Bodies from Satellite Data through Image Segmentation Techniques

The analysis of satellite imagery of natural scenes presents many unique problems, and it differs from the analysis and segmentation of urban, commercial, or agricultural areas. Natural scenes are not structured and cannot be represented easily by regular rules or grammars. The appearance of natural objects can vary greatly based on the geographic area, the season, the current weather conditions, or the past weather conditions (Soh & Tsatsoulis, 1999). Segmentation is defined as the process that partitions an image into regions that are homogeneous according to given criteria (Gonzalez & Woods, 2008). Image segmentation is typically used to locate objects and identify boundaries. A number of problems in remote sensing require the segmentation of natural spectral classes such as water bodies, clouds or forested areas (Lira, 2006). A wide variety of image segmentation methods may be found in the literature (Cheng et al., 2001; Pal & Pal, 1993). The most popular techniques are those based on gray level thresholding, including global thresholding (e.g. Otsu’s method) or using local information (e.g. co-occurrence matrix). Another class of methods comprise segmentation obtained through the detection of edges, including those based on parallel differential operators (e.g. Sobel gradient) and the Canny’s method (Canny, 1986). There are also methods that are based on finding the regions directly on the image domain (pixel values), where the region growing and region split-and-merge approaches are some of the available procedures (Gonzalez & Woods, 2008). The segmentation using morphological watershed is another approach, based on the feature space (the watershed transform of the image), and it is particularly attractive because it combine positive attributes of the methods previous referred (Gonzalez & Woods, 2008). The coastal areas are zones of primary importance from human and ecological points of view. More than half of the world population lives at less than 100 km from a coast, which express the importance of coastal areas from the human point of view. The same occurs from the ecological point of view, since coastal zones are areas of strong interactions between the biosphere, atmosphere, and hydrosphere. An estuary is a partially enclosed body of water, where freshwater from rivers and streams flows into the oceans, mixing with the seawater. Estuaries and the lands surrounding them are places of transition from land to
Organizing Construction Practices in Different Cultural Contexts

This paper presents in-depth case studies of construction practices with a specific focus on understanding the emergent and dynamic nature of construction management in different cultural contexts. The cases are based on actual working-experiences by the author as an assistant project manager participating in the construction management on site working for three different contractors in different cultural contexts: (1) Construir Futuro S.A. in Quito, Ecuador; (2) Anker Hansen & co. A/S in Copenhagen, Denmark; and (3) E. Pihl & Soen A/S in Stockholm, Sweden. Based on these explorative case studies a number of characteristics and challenges related to the cultural context have been identified highlighting a central issue in existing and future construction practices due to the globalization and thereby increasing importance of cultural understanding in project-based organizing. The empirical findings emphasize a significant influence of the cultural context on construction practices and suggest a general need to recognize the diversity rather than suppressing it. Lack of cultural understanding and recognition of its diversity may lead to considerable managerial challenges in construction practices.
Haematology of the west African dwarf sheep under two different management systems in Nigeria

The haematological parameters of the West African Dwarf (WAD) sheep under intensive and extensive management systems in Nigeria were determined. The intensively reared animals showed higher (P<0.001) Packed Cell Volume haemoglobin concentration and mean corpuscular volume (P<0.01) than those under extensive management. Both groups of animals however had similar mean corpuscular haemoglobin, mean corpuscular haemoglobin concenration; Red blood cell, Total white blood cell, Iymphocyte, neutrophil, eosinophil and monocyte counts. Keywords : - Haematology, West African Dwarf Sheep, Intensive, Extensive, Management
Activation Function Optimizations for Capsule Networks

Classical Convolutional Neural Networks, or ConvNets, have been the benchmarks for most object classification and face recognition tasks despite suffering from major limitations such as the inability to capture spatial co-locality between data points and favoring invariance over equivariance. Hence, a hierarchical routing layered architecture called Capsule Networks was proposed to overcome shortcomings of ConvNets. Capsules replace average or max pooling techniques of ConvNets with dynamic routing abilities between lower level and higher level neural units which better capture hierarchical relationships within the data and introduced reconstruction regularization mechanisms which deals with equivariance properties. By overcoming existing limitations, Capsules have proven themselves to be potential benchmarks in object segmentation, detection and reconstruction. Capsules have achieved state of the art results on the fundamental MNIST (Modified National Institute of Standards and Technology) handwritten digit dataset by reducing the ConvNets test error benchmark of 0.39% to 0.25%. In order to further augment this distinction, we experimented with five activation units such as sigmoid, e-Swish, Swish, variants of Rectified Linear Units (ReLU) like Parametric ReLU (PReLU), leaky ReLU (lReLU) and Scaled Exponential Linear Units (SELU), on two fundamental datasets - MNIST and cifar10. Based on these experimental results, we establish that e-Swish, and ReLU variants better optimize the Capsule architecture as compared to the currently used ReLU activation function.