Miracle-dz/UniFAR-FTUs huggingface dataset:
Growth Option Exercise and Capital Structure

We document that firms decrease their leverage when they convert growth options into tangible assets. We argue that the act of growth option exercise decreases information asymmetry about the firm, which in turn reduces the relative cost of issuing information-sensitive securities such as equity. We show that leverage is negatively correlated with unexpected capital expenditure, our proxy for growth option conversion. The negative relationship becomes stronger when the information environment of a firm deteriorates following a reduction in analyst coverage after a brokerage house merger. Overall, our findings are contrary to standard trade-off and pecking order theories, but are consistent with recent work on signaling and growth options.
Risk of recurrent thrombosis related to antiphospholipid antibodies , soluble CD 40 L and P selectin serum levels in patients with antiphospholipid syndrome secondary to systemic lupus eritematosus

Antiphospholipid antibodies (aPL) are often associated with thrombosis, defining the antiphospholipid syndrome (APS) but it remains unclear why many subjects who are positive for aPL do not develop thrombosis. Experimental observations suggest that the platelet is an important player in the pathogenesis of the APS, and CD62P (P selectin) and soluble CD40L (sCD40L) are independent markers of platelet activation. Objectives: to evaluate the significance of P selectin and sCD40L serum levels for an evolution accompanied with venous and arterial recurrent thrombosis in patients with APS secondary to systemic lupus erythematosus (SLE). The secondary aim was to identify the clinical and serological risk factors for the evolution with recurrent thrombotic events. Methods: 20 patients with APS secondary to SLE, diagnosed according to the revised Sapporo classification for APS criteria, whose mean age was 48 ± 11 years, and of which 16 were women, were evaluated for a history of thrombosis and followed-up 24 month for an evolution with new thrombotic events. Serum IgG or IgM anticardiolipin antibodies (aCL), serum P selectin and sCD40L levels were assessed at baseline (V1) and after 12 months (V2) using standardized ELISA methods (R&D Minneapolis USA). Statistics: t test /ANOVA, logistic regression. Results: APS patients with a history of thrombosis had higher P selectin levels compared to APS patients without a history of thrombosis (256.63 ± 145.79 versus 121.85 ± 101.47ng/dL; p=0.04). V1 P selectin levels were significantly higher in patients with arterial recurrent events compared to patients without a history of arterial thrombosis (256.63 ± 145.79 versus 121.85 ± 101.47 ng/dL; p=0.04). V2 sCD40L levels were significantly higher in patients with venous recurrent events compared to patients without a history of venous thrombosCorresponding author: Claudia Gavris, Faculty of Medicine, Dept. of Internal Medicine, Transilvania University, Bra ov, România, E-mail claudiagavris@yahoo.com 23 Revista Român de Medicin de Laborator Vol. 18, Nr. 3/4, Septembrie 2010 is (13433.2 ± 8249.39 versus 5004.72 ± 3769.62 pg/dL; p=0.015). Conclusions: Platelet activation assessed by P selectin and sCD40L is significantly increased in APS secondary to SLE patients compared to controls. P selectin is significantly increased in patients with a history of recurrent thrombosis.
Three-dimensional modelling of the crustal structure in the contact zone between Antarctic Peninsula and South Pacific from seismic data

During four Polish Geodynamical Expeditions to West Antarctica between 1979 and 1991, seismic measurements were made along 21 deep refraction profiles in the Bransfield Strait and along the coastal area of Antarctic Peninsula using explosion sources. Recordings were made by 16 land stations and 8 ocean bottom seismometers. Good quality recordings were obtained up to about 250 km distance. This allowed a detailed study of the seismic wave field and crustal structure. Three-dimensional tomographic inversion was carried out using first arriv­ als from the complete data set including off-line recordings. As a result, we obtained a 3-D model of the P-wave velocity distribution in the study area. In the area adjacent to the Antarctic Peninsula coast, sedimentary cover of 0.2 to 3 km thickness was found, whereas in the shelf area and in the Bransfield Strait sedimentary basins with thickness from 5 to 8 km were observed. In the Bransfield Strait a high velocity body with Vp > 7.5 km/s was found at 12 km depth. The use of the off-line data allowed for determination of the horizontal extent of the body. The thickness of the crust varies from more than 35-40 km in the coastal area south of the Hero Fracture Zone to 30-35 km in the area of Bransfield Strait and South Shetland Islands and about 12 km in the Pacific Ocean NW of South Shetland Islands.
SOURCES OF GROWTH IN THE MANUSFACTURING SECTOR IN MALAYSIA: EVIDENCE FROM ARDL AND STRUCTURAL DECOMPOSITION ANALYSIS

The manufacturing industry has been an important sector in the Malaysian economy for the past three decades. The important role of this industry to the Malaysian economy today is not only because Malaysia depends substantially on manufacturing for its foreign exchange earnings, but also because Malaysia is the main exporter of electrical and electronic products. This study examines the structural changes in the Malaysian economy by utilising two economics tools, namely, the econometric approach using the Autoregressive Distributed Lag (ARDL) model and the input-output approach using Structural Decomposition Analysis (SDA). These two approaches are used to analyse the sources of growth in the manufacturing sector in Malaysia. From both economic approaches, ARDL and IO, the results agreed on the importance of the domestic consumption effect as a source of growth in the economy. The empirical results from this study are very useful guide to the manufacturing industry for the need to generate more domestically oriented products.
Loan loss provisioning in the commercial banking system of Barbados: practices and determinants

The purpose of this paper is to investigate the process of loan loss provisioning within the commercial banking system of Barbados. It uses questionnaires and interviews to ascertain how banks set their provisional standards and levels. In addition, the results from this approach reveal, for the first time in Barbados, the individual banks‟ procedures for loan loss provisioning. An evaluation of the impact of macroeconomic and bank specific factors on commercial banks‟ provisions utilising panel dynamic ordinary least squares is also undertaken. Both sets of factors are found to influence the level of provisions. In particular, loan loss provisions are heavily dependent upon the performance of the real economy and competition in international markets is shown to have serious implications for the banking sector in both the short and long run. Moreover, this study asserts that larger banks in Barbados are better able to screen loans and avoid defaults.
Proposed codal provisions for design and detailing of beam-column joints in seismic regions

Beam-column joint is an important part of a reinforced concrete moment resisting frame subjected to earthquake loading. Design and detailing provisions on beam-column joints in IS 13920 : 1993 do not adequately address prevention of anchorage and shear failure in this region during severe earthquake shaking. In view of these limitations, this paper proposes new provisions for inclusion in IS 13920 : 1993. The paper also gives a clause-by-clause commentary on these recommended provisions and includes one solved example to illustrate the same.
The influence of prekindergarten teacher education level on early reading instruction beliefs

Research indicates early reading ability influences later academic achievement. The literature remains mixed, however, with regard to the best way to implement early literacy instruction in the classroom, and whether to employ a phonics-based, whole language-based, or balanced approach. This study seeks to examine the relationship between a teacher’s educational level and his or her endorsement of beliefs for specific literacy practices. It was hypothesized that a higher level of education would be connected with beliefs about a balanced approach to early literacy practices. Fifty-seven prekindergarten teachers and paraprofessionals completed the Teacher and Paraprofessional Information Form; specific questions were used to determine both highest level of education and endorsement of a particular early literacy instructional approach. Results indicated that differences do exist between education levels, yet no significant relationship was reported between employing balanced approaches and higher degree attainment. Future research should examine student outcomes in relation to these findings. INDEX WORDS: Prekindergarten, Early literacy, Phonics, Whole language, Teacher education THE INFLUENCE OF PREKINDERGARTEN TEACHER EDUCATION LEVEL ON EARLY READING INSTRUCTION BELIEFS
Composition of the board of directors and pay-performance sensitivity

ABSTRACT This article investigates, in the Brazilian capital market, the effect of the composition of the board of directors on executive compensation sensitivity to market performance, known as pay-performance sensitivity (PPS). Due to potential agency conflicts between controlling and minority shareholders and between shareholders and managers, members of the board of directors of the executive board or those appointed by the controlling shareholder might have less independence, something which may compromise monitoring effectiveness and, consequently, reduce the PPS. The purpose is contributing to understand the agency conflicts that have taken place in the Brazilian capital market and to define the configuration of the monitoring and compensation mechanisms that minimize total agency costs, maximizing shareholders’ wealth. The research results have implications for understanding the agency relations and for corporate governance in the Brazilian capital market. It is concluded that the relation between the monitoring exercised by the board of directors and executive compensation is a condition for its effectiveness as a governance mechanism in the Brazilian capital market. Data within the period 2013-2015 from 92 companies that participate in the Brazil 100 Index (IBRX 100) of the São Paulo Stock, Mercantile & Futures Exchange (BM&FBOVESPA) were analyzed. In addition to tests of difference between mean values and correlation, estimates were processed through feasible generalized least squares modeling. The independence of the board of directors vis-à-vis the controlling shareholder and the executive board may work as a corporate governance mechanism supplementing executive compensation. The results of this study indicate that the proportion of executives and independent members in the board of directors reduces the PPS, a measurement for executive compensation effectiveness made operational by the contemporary relation between increased managers’ compensation and increased company’s market value.
Ectohydrolase activity in surface waters of the Hudson River and western Long Island Sound estuaries

Variability in hydrolytic ectoenzyme activity was investigated at 3 stations along the salinity gradient of the Hudson River estuary and at 1 station in western Long Island Sound between October 1996 and October 1998. Activities of aminopeptidase, β-glucosidase, chitinase, lipase and alkaline phosphatase were estimated at each station using fluorogenic substrate analogs (methyl- umbelliferyl (MUF)- and methylcoumarinylamide (MCA)-labeled). Potential hydrolysis rate con- stants for these ectohydrolases varied widely over time and among stations; from < 0.01 to 90% d -1 . Most rate constants were highest in July and August. However, temperature only weakly correlated with activities of 4 of the 5 ectohydrolases in the Hudson River (r = 0.35 - 0.58, x = 0.42) and was not significantly correlated with activity of any ectohydrolase in Long Island Sound. Activities of most ectohydrolases varied independently of dissolved and particulate organic carbon, bacterial abun- dance, chlorophyll a and primary production. Aminopeptidase activity was strongly correlated with bacterial production (r = 0.78-0.89; p < 0.0001; n = 46) and negatively with total inorganic nitrogen concentration (r = -0.57; p < 0.0001; n = 47) among all stations. However, each station had distinct enzyme activity profiles, suggesting acclimation of bacterial communities to different nutritional regimes. For example, alkaline phosphatase and aminopeptidase activity dominated the oligohaline station, while at the marine station, activity was more evenly divided among all ectohydrolases but lipase. Activities of aminopeptidase, β-glucosidase and chitinase were highly correlated with turnover of 3 H-leucine, 14 C-glucose and 14 C-acetate, suggesting a close coupling between hydrolysis of polymeric source materials and consumption of a variety of monomeric products.
A climate game based on a Multi-Actor Dynamic Integrated Assessment Model (MADIAM)

Interactions between climate and the socioeconomic system are investigated with a Multi-Actor Dynamic Integrated Assessement Model (MADIAM) obtained by coupling a nonlinear impulse response model of the climate sub-system (NICCS) to a multi-actor dynamic economic model (MADEM). The core of MADEM describes an economy driven by the opposing forces of business, striving to increase profits by investments in human and physical capital, and the erosion of profits through business competition, enhanced by labour wage pressure. The principal driver of economic growth is the increase in labour productivity (or human capital) generated by endogeneous technological change. In the presence of climate change, these basic interactions are modified by government taxes on CO2 emissions, which are recycled into the economy as various subsidies, by climate-related changes in consumer preferences, and by modified business investment decisions in response to these actions. The combined effect of the climate-response strategies of the different actors determine the form of the induced technological change that ultimately governs the evolution of the coupled climate-socioeconomic system. To clarify the individual roles of the actors, the model is set up in a systems-analytical way, with prescribed control algorithms for the different actors, rather than in the traditional single-actor cost/benefit optimization mode. In the reference ’moderate mitigation’ scenario, business investments in energy and carbon efficiency, induced by government CO2 taxes, yield the largest contribution to emissions reduction. Direct government mitigation actions through carbon taxes are more effective with regard to both emission reductions and economic growth if a significant fraction of carbon taxes are recycled into investments in energy and carbon efficiency, i.e. into induced technological change. The influence of consumer preferences, often neglected in integrated assessment analyses, can also be effective in guiding business investments. The chosen examples are intended as illustrations rather than to provide quantitative predictions.
Immunohistochemical Localization of Hyperpolarization Activated Current Channel Subunits in Rat Suprachiasmatic Nucleus

Background: The hyperpolarization-activated current (Ih) is a mixed Na+/K+ inward current that is believed to regulate a wide variety of physiological function in both the central nervous system (CNS) and in the heart. The mammalian Ih is encoded by four members of the Hyperpolarization-activated and Cyclic Nucleotide-gated nonselective cation channel (HCN) gene family (HCN1-4). There was a conflict in previous reports regarding the fraction of suprachiasmatic nucleus (SCN) neurons that exhibited Ih. We first tested the hypothesis that channel subunits are found within the SCN. Methods: Using immunohistochemistry, the distribution of HCN1, HCN2, and HCN4 in the SCN was studied. Both HCN1 and HCN2 subunits were present in the SCN but with different patterns of localization. HCN4 was not detected in the SCN. Ih was also recorded from SCN neurons using whole cell voltage clamp. Results: The results show that Ih is functionally well expressed in SCN neurons. 84% of SCN neurons exhibited Ih. Ih recorded had the activation constant (τ) of 236±2 ms and amplitude of 25±1 pA at -40 mV step. At -60 mV step, τ was significantly reduced to 167±3 ms (p<0.5) while the current amplitude was significantly increased to 34±2 pA (p<0.01). In conclusion, Ih channel subunits are abundant in the SCN; the kinetic properties of the recorded Ih resemble those of HCN2 homomers. Conclusion: Our results show that Ih plays a major role in the SCN excitability and therefore may regulate its circadian function.
Demographic Differences in Inflation Expectations: What Do They Really Mean?

It has often been reported that different demographic groups show persistent differences in their inflation expectations. Some reasonable explanations have been suggested, but most have failed to fully explain these apparent differences. We argue that the demographic differences have been overstated by using the mean to describe differences across demographic groups. When we use the median to describe inflation expectations, we find little meaningful difference across demographic groups.
Do Windfall Gains Affect Labour Supply ? Evidence from the European Household Panel

We investigate whether workers adjust hours worked in response to windfall gains using data from the European Household Panel. The results suggest that unexpected variation in income has a negative (although small) effect on working hours. In particular, after receiving an unanticipated windfall gain, individuals are more likely to drop out of the labour force and the effects become larger as the size of windfall increases. Furthermore , the empirical findings show that the impact of windfall gains on labour supply: (i) is more important for young and old individuals, (ii) is most ly negative for married individuals with young children, (iii) but can be positive for single individuals at the age of around 40 years.
Self-potential monitoring of a salt plume

Nonintrusively monitoring the spread of contaminants in real time with a geophysical method is an important task in hydrogeophysics. We have developed a sandbox experiment showing that the self-potential method can locate both the source of leakage and the front of a contaminant plume. We monitored the leakage of a plume of salty water from a hole at the bottom of a small tank located at the top of a main sandbox. Initially, the sand was saturated by tap water. At a given time, a hole was opened at the bottom of the tank, allowing the salty water to migrate by diffusion and buoyancy-driven flow in the main sandbox. The bottom of the sandbox contained a network of 32 nonpolarizing silver-silver chloride electrodes with amplifiers, connected to a multichannel voltmeter. The self-potential response associated withthe migration of the salt plume in the sandbox was recorded over time. A self-potential anomaly was observed with amplitude varying from a few millivolts at the start of the leak to a few tens of mi.
Hot and Cold Tensile Behavior of Al 6061 Produced By Equal Channel Angular Pressing and Subsequent Cold Rolling

The full annealing AA6061 aluminum alloy was subjected to severe plastic deformation via the combination of equal channel angular pressing (ECAP) and cold rolling (CR) in order to refine its microstructure and to improve its mechanical properties. According to the results of hot and cold tensile tests, the combination of ECAP and CR significantly affected the final strength and ductility of studied AA6061. Four passes of ECAP followed by 90% reduction in rolling led to about 5.4 and 3.15 times increase in the yield and ultimate tensile strengths, respectively. In addition, the hot ductility and strain rate sensitivity were increased by applying ECAP plus CR. The changes in mechanical properties were attributed to the enhanced dislocation density and to the reduced grain size. The results show that a decrease in grains/subgrains size (0.37 µm) and an increase in the fraction of high angle grain boundaries, exhibited significant effect on the hot ductility of higher severe plastic deformed sample.
Applying Scruffy Methods to Enable Work-integrated Learning

This contribution introduces the concept of work-integrated learning which distinguishes itself from traditional eLearning in that it provides learning support (1) during work task execution and tightly contextualized to the work context, (2) within the work environment, and (3) utilizes knowledge artefacts available within the organizational memory for learning. We argue that in order to achieve this highly flexible learning support we need to turn to ‘scruffy’ methods (such as associative retrieval, genetic algorithms, Bayesian and other probabilistic methods) which can provide good results in the presence of uncertainty and the absence of fine-granular models. Hybrid approaches to user context determination, user profile management, and learning material identification are discussed and first results are reported.
Time-dependent probabilistic seismic hazard assessment and its application to Hualien City, Taiwan

Abstract. Here, we propose a time-dependent probabilistic seismic hazard assessment and apply it to Hualien City, Taiwan. A declustering catalog from 1940 to 2005 was used to build up a long-term seismicity rate model using a smoothing Kernel function. We also evaluated short-term seismicity rate perturbations according to the rate-and-state friction model, and the Coulomb stress changes imparted by earthquakes from 2006 to 2010. We assessed both long-term and short-term probabilistic seismic hazards by considering ground motion prediction equations for crustal and subduction earthquakes. The long-term seismic hazard in Hualien City gave a PGA (peak ground acceleration) of 0.46 g for the 2.1‰ annual exceedance probability. The result is similar to the levels determined in previous studies. Seismic hazards were significantly elevated following the 2007 ML =5.8 earthquake that occurred approximately 10 km from Hualien City. This work presents an assessment of a suitable mechanism for time-dependent probabilistic seismic hazard determinations using an updated earthquake catalog. Using minor model assumptions, our approach provides a suitable basis for rapid re-evaluations and will benefit decision-makers and public officials regarding seismic hazard mitigation.
Mantle flow and melting underneath oblique and ultraslow mid‐ocean ridges

Mid‐ocean ridge morphology correlates strongly with spreading rate. As the spreading rate decreases, conductive cooling becomes more important in controlling ridge thermal structure and the axial lithosphere thickens. At ultraslow spreading rates, the ridge axis becomes sufficiently cold that peridotite blocks are emplaced directly at the seafloor and volcanism is limited to localized volcanic centers widely spaced along the ridge axis. Some slow‐spreading ridges adopt an ultraslow morphology when their axis is oblique to the spreading direction. We present an analytical solution for mantle flow beneath an oblique ridge and demonstrate that the thermal structure and crustal thickness are controlled by the effective spreading rate (product of the plate separation velocity and the cosine of obliquity). A global compilation of oblique ridges reveals that ultraslow morphology corresponds to effective half rates less than 6.5 mm/yr, resulting in lithosphere that is thicker than ∼30 km. We conclude that the transition from slow to ultraslow spreading is not related to a change of melt productivity but rather in the efficiency of vertical melt extraction.