Miracle-dz/UniFAR-FTUs huggingface dataset:
How Performance of Risk-Based Strategies is Modified by Socially Responsible Investment Universe?

Risk-based allocation strategies, also known as Smart Beta allocations, define the weights of assets in portfolios as functions of the individual and common asset risk. In this paper we focus on the Minimum Variance (MV), Maximum Diversification (MD), Equal Risk Contribution (ERC) and Equal-Weight (EW) risk-based allocation strategies. The popularity of risk-based strategy is commonly justified by their good record of out-performing the cap-weighted (CW) allocation strategy. Because of the low-volatility profile of risk-based allocations this is especially true when crises occur. From March 15, 2002 to May 1, 2012 we investigate how using a socially responsible investment universe impacts performance of risk-based allocation strategies. We use different measures of performance, included risk-adjusted one (multi-factor models), and we propose to disentangle the effect of using a SRI universe from the effect of using risk-based allocations. SRI universe only contains firms that have good environmental, social and governance performance. This kind of filtering is increasingly popular among institutional investors. On the estimation period, using European stocks, we find that the use of the SRI universe has a positive contribution to risk-adjusted performance of risk-based allocations. However this contribution is not uniform among all the risk-based allocation strategies and, can represent only a small part of the total alpha that is observed.
Event-Triggered Algorithms for Leader–Follower Consensus of Networked Euler–Lagrange Agents

This paper proposes three different distributed event-triggered control algorithms to achieve leader–follower consensus for a network of Euler–Lagrange agents. We first propose two model-independent algorithms for a subclass of Euler–Lagrange agents without the vector of gravitational potential forces. By model-independent, we mean that each agent can execute its algorithm with no knowledge of the agent self-dynamics. A variable-gain algorithm is employed when the sensing graph is undirected; algorithm parameters are selected in a fully distributed manner with much greater flexibility compared to all previous work studying event-triggered consensus problems. When the sensing graph is directed, a constant-gain algorithm is employed. The control gains must be centrally designed to exceed several lower bounding inequalities, which require limited knowledge of bounds on the matrices describing the agent dynamics, bounds on network topology information, and bounds on the initial conditions. When the Euler–Lagrange agents have dynamics that include the vector of gravitational potential forces, an adaptive algorithm is proposed. This requires more information about the agent dynamics but allows for the estimation of uncertain parameters associated with the agent self-dynamics. For each algorithm, a trigger function is proposed to govern the event update times. The controller is only updated at each event, which ensures that the control input is piecewise constant and thus saves energy resources. We analyze each controller and trigger function to exclude Zeno behavior.
Catecholamines stimulate the synthesis and release of insulin-like growth factor binding protein-1 (IGFBP-1) by fetal sheep liver in vivo.

In fetal sheep, prolonged hypoxia (for 24 h) induced by a reduction in maternal uterine artery blood flow, increases insulin-like growth factor binding protein-1 (IGFBP-1) levels and decreases IGFBP-2 levels in the plasma, with corresponding changes in messenger RNA (mRNA) levels in the liver. Since IGFBP-1 synthesis in liver cells in vitro is stimulated by compounds that increase intracellular cAMP concentrations, we hypothesized that the increased IGFBP-1 synthesis during prolonged hypoxemia may be induced by circulating catecholamines, that are released during hypoxia, and that elevate fetal liver cAMP levels. Our aim was to determine the effect of 24-h catecholamine infusions on the synthesis and release of IGFBP-1 and IGFBP-2 in fetal sheep. Vascular catheters were implanted into fetuses at 110-115 days gestation in 14 pregnant ewes. After a 5-day recovery period, fetuses received a 24-h infusion of either norepinephrine (1 micrograms/kg.min, n = 5), epinephrine (0.25 micrograms/kg.min, n = 5), or vehicle (normal saline, n = 4). Fetal carotid arterial samples were collected at specified intervals throughout the infusion for the determination of blood glucose concentrations, plasma catecholamine concentrations by HPLC, insulin, and glucagon concentrations by RIA, and IGFBP levels by Western ligand blotting. After 24 h, the ewe and fetus were killed and selected fetal tissues (liver and kidney) were collected, and analyzed for IGFBP mRNA levels by northern blotting followed by laser densitometric quantification. Plasma catecholamine concentrations were increased in treated fetuses to levels that may be expected in fetuses subjected to prolonged hypoxia. In epinephrine and norepinephrine infused fetuses, blood glucose and plasma glucagon concentrations were increased significantly, whereas plasma insulin concentrations were decreased significantly. Norepinephrine and epinephrine infusions increased IGFBP-1 levels significantly (2- to 5-fold) in fetal plasma within 8-12 h, and the time course pattern of elevation of plasma IGFBP-1 levels was similar to that observed in prolonged hypoxia. After 24 h of either norepinephrine or epinephrine infusion, IGFBP-1 mRNA levels in the liver of fetuses were increased significantly (5- to 7-fold) compared to those of vehicle infused fetuses. IGFBP-2, -3, and -4 levels in fetal plasma were not affected by either infusion, nor were IGFBP-2 mRNA levels in fetal liver and kidney. (ABSTRACT TRUNCATED AT 400 WORDS)
Induction of centrosome amplification and chromosome instability in p53‐deficient lung cancer cells exposed to benzo[a]pyrene diol epoxide (B[a]PDE)

Benzo[a]pyrene diol epoxide (B[a]PDE), the ultimate carcinogenic metabolite of benzo[a] pyrene, has been implicated in the mutagenesis of the p53 gene involved in smoking‐associated lung cancer. To further understand the role of B[a]PDE in lung tumour progression, we investigated its effect on the numerical integrity of centrosomes and chromosome stability in lung cancer cells lacking p53. Exposure of p53‐deficient H1299 lung cancer cells to B[a]PDE resulted in S‐phase arrest, leading to abnormal centrosome amplification. Analysis of H1299 cells stably expressing fluorescence‐tagged centrin (a known centriolar marker) revealed that the centrosome amplification was primarily attributable to excessive centrosome duplication rather than to centriole splitting. Forced expression of POLK DNA polymerase, which has the ability to bypass B[a]PDE–guanine lesions in an error‐free manner, suppressed the B[a]PDE‐induced centrosome amplification. Fluorescence in situ hybridization analyses with probes specific for chromosomes 2, 3, and 16 revealed that B[a]PDE exposure also led to chromosome instability, which was likely to have resulted from centrosome amplification. We extended these findings to primary lung carcinomas containing non‐functional p53, and found a strong association between centrosome amplification and a high level of B[a]PDE–DNA accumulation. Therefore B[a]PDE contributes to neoplasia by inducing centrosome amplification and consequent chromosome destabilization as well as its mutagenic activity. Copyright © 2008 Pathological Society of Great Britain and Ireland. Published by John Wiley & Sons, Ltd.
Local Economic Instability and Business Location: The Case of Maine

This paper investigates the effects of local economic instability on business location in Maine. Instability is represented by the quarterly, six-month, and annual persistence of employment in Maine municipalities, and seasonal spikes in local employment. Regression results suggest that businesses are attracted to areas with high short-term and seasonal stability, but that annual fluctuations in local employment are not a significant deterrent to new business activity. Services businesses are particularly sensitive to local employment fluctuations, presumably because they are often highly integrated into the economy. Findings suggest that policymakers can jointly pursue the objectives of local economic growth and stability. (JEL R11)
The Agrobacterium tumefaciens virulence gene chvE is part of a putative ABC-type sugar transport operon

The Agrobacterium tumefaciens virulence determinant ChvE is a periplasmic binding protein which participates in chemotaxis and virulence gene induction in response to monosaccharides which occur in the plant wound environment. The region downstream of the A. tumefaciens chvE gene was cloned and sequenced for nucleotide and expression analysis. Three open reading frames transcribed in the same direction as chvE were revealed. The first two, together with chvE, encode putative proteins of a periplasmic binding protein-dependent sugar uptake system, or ABC-type (ATP binding cassette) transporter. The third open reading frame encodes a protein of unknown function. The deduced transporter gene products are related on the amino acid level to bacterial sugar transporters and probably function in glucose and galactose uptake. We have named these genes gguA, -B, and -C, for glucose galactose uptake. Mutations in gguA, gguB, or gguC do not affect virulence of A. tumefaciens on Kalanchoe diagremontiana; growth on 1 mM galactose, glucose, xylose, ribose, arabinose, fucose, or sucrose; or chemotaxis toward glucose, galactose, xylose, or arabinose.
CAG repeat polymorphisms in KCNN3 (HSKCa3) and PPP2R2B show no association or linkage to schizophrenia

The purpose of this study was to determine whether genetic linkage or association could be observed between schizophrenia (SZ) and the CAG repeat polymorphisms within the genes KCNN3 (known previously as hSKCa3) and PPP2R2B (linked to Spino‐Cerebellar Atrophy 12) in the Xhosa population in South Africa. Neither locus has been studied previously in African populations. The polymorphisms were genotyped in 589 individuals to form samples for Transmission Disequilibrium Test (TDT) analysis (176 unrelated probands, 145 with both parents and 30 with one parent genotyped), linkage analysis (49 families with 54 independent affected sib pairs [ASPs]), and case‐control analyses (67 familial cases with a first‐degree SZ relative, 101 sporadic cases with no affected first‐ or second‐degree relative, and 90 control cases). No significant differences were found among familial cases, sporadic cases and controls in allele sizes (Kruskal‐Wallis tests) or the numbers of alleles with sizes above and below the mean size for each polymorphism. Allele size was not correlated with age of onset (Spearman correlation). No significant evidence for association was observed using TDT analyses for all triads and separately for the familial triads. No significant evidence for linkage was observed for either locus with affected sib pair analysis using the possible triangle method or with Non‐Parametric Linkage (NPL) analysis of the multiplex families. In conclusion, no significant evidence for linkage or association with SZ was observed for either polymorphism in this population. © 2002 Wiley‐Liss, Inc.
The effect of FAAH, MAGL, and Dual FAAH/MAGL inhibition on inflammatory and colorectal distension‐induced visceral pain models in Rodents

Recent studies showed that the pharmacological inhibition of endocannabinoid degrading enzymes such as fatty acid amide hydrolase (FAAH) and monoacyl glycerol lipase (MAGL) elicit promising analgesic effects in a variety of nociceptive models without serious side effects. However, the full spectrum of activities is not observed upon inhibition of either FAAH or MAGL enzymes alone and thus dual FAAH and MAGL inhibitors have been described. Visceral pain is strongly associated with inflammation and distension of the gut. Thus, we explored the comparable effects of FAAH, MAGL, and dual FAAH/MAGL inhibitors on inflammatory and mechanically evoked visceral pain models.
Politics, Economics, and Defense Spending in South Korea

With the recent North Korean nuclear crisis, along with President Roh Moo Hyun’s emphasis on a self-reliance defense policy, the level of defense spending in South Korea has increased in recent years. Due to the sluggish economy, these increases in defense spending have been a cause for public concern. By developing a multilink defense-growth model based on macroeconomic theories while still accounting for political factors (such as transition from authoritarian rule to democratic government), the authors test the direct and indirect effects of defense spending on economic growth in South Korea via investment and unemployment from 1963 to 2001. The authors find that the overall impact of defense spending on economic performance is not harmful. One reason for this finding might be that high interest rates help maintain high rates of domestic savings, which prevents private investment decline. This experience may provide an important lesson to other countries
Wage Determination in South Africa: What Do We Know?

Introduction Wages play an important role in the broader economy from both efficiency and equity perspectives. This article considers the state of knowledge on wage determination in South Africa. It asks the following questions:  Is wage setting appropriate for South Africas development needs? Are wages determined in alignment with employment and growth needs to achieve full employment? Do they underpin incomes (for labour replacement)? Are they responsive to industrial competitiveness requirements?  Are wages set within a competitive framework? What constrains competition in the labour market? How important are racial and gender discrimination? What impact do high skill wage increases have on economic growth? What impact would competition have?  What are the roles of institutions such as unions and bargaining councils, and of minimum wages, on efficiency and equity?
Technical and Financial Feasibility Analysis of Distributed Bioprocessing Using Regional Biomass Pre-Processing Centers

Research indicates that large biorefineries capable of handling 5000-10000MT of biomass per day are necessary to achieve process economies. However, such large biorefineries also entail increased costs of biomass transportation and storage, high transaction costs of contracting with a large number of farmers for biomass supply, potential market power issues, and local environmental impacts. We propose a network of regional biomass preprocessing centers (RBPC) that form an extended biomass supply chain feeding into a biorefinery, as a way to address these issues. The RBPC, in its mature form, is conceptualized as a flexible processing facility capable of pre-treating and converting biomass into appropriate feedstocks for a variety of final products such as fuels, chemicals, electricity, and animal feeds. We evaluate the technical and financial feasibility of a simple RBPC that uses ammonia fiber expansion pretreatment process and produces animal feed along with biorefinery feedstock.
Policy Implications of 'A New View of Economic Growth.'

'A New View of Economic Growth' is a perhaps dauntingly long book. I therefore welcome this opportunity of singling out the main novel aspects of it which are relevant to public policy, and presenting them succinctly to a wide audience. Readers must forgive me if some of the explanations and justifications are unduly compressed, but I will have succeeded if their interest is sufficiently aroused to pursue the various references I give. All references are to the book unless otherwise stated.
MANAGERIAL OWNERSHIP, TAKEOVER DEFENSES, AND DEBT FINANCING

We examine the effect of agency conflicts on debt financing and show that managerial ownership and its interaction with takeover defenses affect these decisions. We find that (1) the relation between leverage and takeover defenses becomes insignificant when we control for the interaction of these defenses with managerial ownership, and (2) firms with large managerial ownership operate at high debt levels unless they have a large number of takeover defenses. Therefore, a two-dimensional aspect of governance that includes the interaction between managerial ownership and takeover defenses is useful in understanding the effect of agency conflicts on firms' debt financing decisions. (c) 2008 The Southern Finance Association and the Southwestern Finance Association.
Can independent directors improve internal control quality in China?

This study conceptualises the monitoring power of independent directors (IDs) as consisting of specialist expertise or competence, incentives, balancing power and diligence. It then empirically investigates the influence of IDs’ monitoring power on internal control quality (ICQ), which is proxied by the voluntary disclosure of auditors’ reports on internal control and financial restatements released by China's A-share firms during 2006–2010. We find that the combined ID monitoring power index has a positive and significant effect on ICQ, which is robust to different proxies for ICQ, and that its components are also positively and significantly associated with either or (in most cases) both measures of ICQ. Overall, our evidence indicates that IDs’ monitoring power plays a positive role in improving ICQ in China.
Understanding the Effects of Antiprofiling Policies

Many police agencies have enacted measures designed to reduce racial profiling, yet little empirical evidence exists regarding the effects of such programs. This article uses the occurrence of a racial profiling scandal in New Jersey to quantify the effect of a move toward race‐neutral policing. The scandal and subsequent reforms led to an estimated 16–33 percent decrease in annual arrests of minorities for motor vehicle theft. I also present evidence that, as policing against minorities decreased, motor vehicle theft increased in areas populated by minorities. My implied elasticities do not suggest that minorities respond to policing intensity differently than the general population. New Jersey data generate little strong evidence of additional adverse responses by minorities to lessened police scrutiny. The findings are robust to a number of specification checks, and similar patterns are observable in Maryland, a state that experienced a profiling scandal several years before New Jersey.
Virulence plasmid (pYV)‐associated susceptibility of Yersinia enterocolitica to chlorine and heavy metals

This study was aimed at elucidating the role of virulence plasmid (pYV) in the susceptibility of Yersinia enterocolitica to bactericidal agents such as chlorine and heavy metals. Plasmid‐bearing (pYV+) Y. enterocolitica was less susceptible to the antimicrobial action of chlorine and heavy metals compared with the isogenic plasmidless (pYV–) derivative. This difference was, however, observed only with bacteria cultured at 25 °C. pYV‐associated susceptibility apart, cells cultured at 37 °C were also found to be less susceptible to the antimicrobial action of these agents. The results indicate that the susceptibility of Y. enterocolitica to these agents was influenced both by the presence of the virulence plasmid and the temperature at which the cells were cultured.
The effect of magnetic nanoparticle dispersion on temperature distribution in a spherical tissue in magnetic fluid hyperthermia using the lattice Boltzmann method

In clinical applications of magnetic fluid hyperthermia (MFH) for cancer treatment it is very important to ensure maximum damage to the tumour while protecting the normal tissue. The resultant heating pattern by magnetic nanoparticles (MNPs) in the tumour is closely related to the dispersion of MNPs. In this study the effect of MNPs dispersion on temperature distribution in a tumour and surrounding healthy tissue, during MFH, has been investigated. Accordingly, the Pennes bio-heat equation (BHE) in a spherical tissue with Neumann curved boundary condition has been resolved. The effects of blood perfusion, metabolism heat generation as well as MNPs heat dissipation in an alternating magnetic field as source term, have been considered. To solve the Pennes BHE, the three dimensional lattice Boltzmann method (LBM) has been used. To show the accuracy of the model, simulations have been compared with analytical, experimental and numerical results, reported in the literature. Then, temperature distribution within tissue has been investigated in two cases, homogeneous distribution and Gaussian distribution of specific absorption rate (SAR). Results showed that for the studied cases, unlike homogeneous distribution, Gaussian distribution of SAR is able to raise the temperature of tumour cells above the treatment temperature.
The Relation between Price Changes and Trading Volume: A Survey

Abstract This paper reviews previous and current research on the relation between price changes and trading volume in financial markets, and makes four contributions. First, two empirical relations are established: volume is positively related to the magnitude of the price change and, in equity markets, to the price change per se. Second, previous theoretical research on the price-volume relation is summarized and critiqued, and major insights are emphasized. Third, a simple model of the price-volume relation is proposed that is consistent with several seemingly unrelated or contradictory observations. And fourth, several directions for future research are identified.
Sparse and Stable Portfolio Selection With Parameter Uncertainty

A number of alternative mean-variance portfolio strategies have been recently proposed to improve the empirical performance of the classic Markowitz mean-variance framework. Designed as remedies for parameter uncertainty and estimation errors in portfolio selection problems, these alternative portfolio strategies deliver substantially better out-of-sample performance. In this article, we first show how to solve a general portfolio selection problem in a linear regression framework. Then we propose to reduce the estimation risk of expected returns and the variance-covariance matrix of asset returns by imposing additional constraints on the portfolio weights. With results from linear regression models, we show that portfolio weights derived from new approaches enjoy two favorable properties: sparsity and stability. Moreover, we present insights into these new approaches as well as their connections to alternative strategies in literature. Four empirical studies show that the proposed strategies have better out-of-sample performance and lower turnover than many other strategies, especially when the estimation risk is large.