Miracle-dz/UniFAR-FTUs huggingface dataset:
A Risk-Return Paradox: Risk, Performance-Based Pay & Performance

Excerpt] In recent years, strategy researchers have examined the relationship between business risk and performance. The logic underlying this relationship is that organizations facing greater business risk seek to offset it with the prospect of higher financial returns. The research typically involves various financial measures of organization performance regressed on measures of risk. Surprisingly, the findings are contradictory. While some studies report evidence supporting a positive relationship between the risk organizations face and their performance (Aaker & Jacobson, 1987; Fiegenbaum & Thomas, 1988), others reported an inverse relationship (Bowman, 1982, 1984). These different results called into question the basic premise about the form of the risk-return relationship and left a void in understanding why organization decision makers might pursue more risky strategies. Advancing this line of inquiry, Miller and Bromiley (1990) noted that business risk, like financial performance, is multi-dimensional. Several dimensions of business risk emerged from their work including income stream and strategic or financial risk. They suggested that differences reported in the risk-return relationship resulted from different operationalizations of business risk.
A Tractable Framework for Option Pricing with Dynamic Market Maker Inventory and Wealth

We develop a tractable dynamic model of an index option market maker with limited capital. We solve for the variance risk premium and option prices as a function of the asset dynamics and market maker option holdings and wealth. The market maker absorbs end users’ positive demand and requires a more negative variance risk premium when she incurs losses. We estimate the model using returns, options, and inventory and find that it performs well, especially during the financial crisis. The restrictions imposed by nested existing reduced-form stochastic-volatility models are strongly rejected in favor of the model with a market maker.
A near half‐century of temporal change in different facets of avian diversity

Assessments of spatial patterns of biodiversity change are essential to detect a signature of anthropogenic impacts, inform monitoring and conservation programs, and evaluate implications of biodiversity loss to humans. While taxonomic diversity (TD) is the most commonly assessed attribute of biodiversity, it misses the potential functional or phylogenetic implications of species losses or gains for ecosystems. Functional diversity (FD) and phylogenetic diversity (PD) are able to capture these important trait‐based and phylogenetic attributes of species, but their changes have to date only been evaluated over limited spatial and temporal extents. Employing a novel framework for addressing detectability, we here comprehensively assess a near half‐century of changes in local TD, FD, and PD of breeding birds across much of North America to examine levels of congruency in changes among these biodiversity facets and their variation across spatial and environmental gradients. Time‐series analysis showed significant and continuous increases in all three biodiversity attributes until ca. 2000, followed by a slow decline since. Comparison of avian diversity at the beginning and end of the temporal series revealed net increase in TD, FD, and PD, but changes in TD were larger than those in FD and PD, suggesting increasing biotic homogenization of avian assemblages throughout the United States. Changes were greatest at high elevations and latitudes – consistent with purported effects of ongoing climate change on biodiversity. Our findings highlight the potential of combining new types of data with novel statistical models to enable a more integrative monitoring and assessment of the multiple facets of biodiversity.
PENGARUH KARAKTERISTIK PERUSAHAAN TERHADAP PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY (CSR)

This study was test ed the influence of the firm characteristics to the Corporate social responsibility disclosure ( CSRD ) of insurance companies in Indonesia . The purpose of this research is to analyze the effect of company characteristics such as profitability, firm size, leverage and board of commisioners size on the corporate social responsibility disclosure on all insurance companies listed on the Indonesia Stock Exchange in 2009 until 201 2 . This research is an empirical study with purposive sampling techniques in data collection with the following criteria: 1. Insurance companies listed on the Indonesia Stock Exchange in 2009 until 201 2 . 2. Completed annual reports published in 20 09 until 2012 . The data obtained from annual report of Insurance companies listed on the Indonesia Stock Exchange. Data were analyzed by multiple linear regressions to examine the influence of firm characteristics on the CSRD made by the firm. The hypothesis in this research is as follows, 1. Profitability of insurance company affect positively on the CSRD of the company , 2. Leverage of the insurance company affect negatively on the CSRD of the company , 3. Firm size affect positively on the CSRD of the company , 4. Board of commisioners size affect positively on the level of risk disclosure . The results from the test of hypothesis indicated that the firm’s size and company's board of commisioners’ size are significantly influenced on the CSR disclosure. Furthermore, leverage and profitabilityor the company does not significantly influence the level of CSR disclosure. The result of this study provides information for investor about the level of corporate social responsibility disclosure that company could have, and also useful to give information for decision making.
Is Macroeconomic Announcement News Priced?

We test whether news contained in macroeconomic announcements (MEAs) is priced in the cross-section of stock returns. When including news on a set of widely followed individual macroeconomic fundamentals in the cross-section of stock returns, estimates of their prices of risk are consistent with the explanation that good news on the economy is bad news for stocks during expansions. In contrast, during contractions, good news on the economy is good news for stocks as well. We find, however, that for most macroeconomic news events, their prices of risk are estimated imprecisely due to lack of data.
Significant improvement in synovitis, osteitis, and bone erosion following golimumab and methotrexate combination therapy as compared with methotrexate alone: a magnetic resonance imaging study of 318 methotrexate-naive rheumatoid arthritis patients.

OBJECTIVE To evaluate the effects of golimumab on inflammation/structural damage detected by magnetic resonance imaging (MRI) in patients with rheumatoid arthritis (RA). METHODS Methotrexate (MTX)-naive RA patients (n = 637) were randomized to placebo plus MTX, golimumab 100 mg plus placebo, golimumab 50 mg plus MTX, or golimumab 100 mg plus MTX (subcutaneous golimumab every 4 weeks). Of these, 318 patients participated in an MRI substudy. MRIs (contrast-enhanced; 1.5T) of the wrist and second through fifth metacarpophalangeal joints of the dominant hand were obtained at baseline and weeks 12 and 24. MRIs were scored by 2 independent readers (blinded to image sequence/chronology, patient identity, and treatment group) for synovitis, bone edema/osteitis, and bone erosions using the Rheumatoid Arthritis Magnetic Resonance Imaging Scoring (RAMRIS) system. Radiographs (hands, wrists, forefeet at baseline and week 28) were scored by 2 other readers (blinded as above) using the modified Sharp/van der Heijde (SvdH) scoring system. Changes from baseline were compared between treatment groups (two-sided analysis of variance on van der Waerden normal scores). RESULTS At weeks 12 and 24, combined therapy with golimumab plus MTX versus placebo plus MTX significantly improved RAMRIS scores for synovitis (mean -1.92 versus 0.14 [P < 0.001] at week 12; -2.45 versus -1.04 [P < 0.001] at week 24), osteitis (mean -1.82 versus 0.56 [P < 0.001] at week 12; -2.27 versus -0.32 [P < 0.001] at week 24), and bone erosion (mean -0.40 versus 0.24 [P = 0.016] at week 12; -0.40 versus -0.24 [P = 0.010] at week 24). Results of sensitivity analyses (no missing doses/data and using linear extrapolation) were generally consistent with results of the primary analyses. Changes in SvdH scores among the MRI substudy patients at week 28 showed no significant difference between golimumab plus MTX therapy and placebo plus MTX (mean 0.49 versus 0.92; P = 0.19). Radiographic SvdH scores demonstrated inhibition of structural damage progression by treatment with golimumab plus MTX as compared with placebo plus MTX in the overall study population but required double the number of patients (637 versus 318) and double the length of followup (28 versus 12 weeks) as needed for MRI to demonstrate this. CONCLUSION Improvements in inflammation (synovitis and osteitis) and erosions with golimumab plus MTX therapy exceeded those with placebo plus MTX therapy from week 12 onward, confirming the overall clinical/radiologic findings. MRI was more sensitive than conventional radiography in detecting the progression of erosions.
Nail Patella Syndrome: A Review of 44 Orthopaedic Patients

Nail patella syndrome is a rare dysplasia with characteristic findings of finger nail abnormalities, hypoplastic patellas, radial head dislocations, and iliac horns. We reviewed the problems and treatment of 44 patients with this syndrome from 13 Shriners Hospital units. The inheritance pattern is autosomal dominant, with foot abnormalities as the chief presenting complaint. All patients were ambulatory. Twenty of the patients underwent knee operations, and 24 underwent operations to correct foot and ankle deformities. Knee extensor realignments and foot posteromedial releases had overall good results. Knee flexion contractures required full posterior capsular releases. Elbow reconstructive procedures were rarely indicated.
Auditor Switches by Failing Firms

This study examines the motivations for failing firms to change auditors. Some of the factors that could influence auditor switching include audit qualifications, reporting disputes, management changes, audit fees, and insurance needs. Annual reports, 10-Ks, and proxy statements were used to gather data for a sample of 132 failing (bankrupt) firms and a matched-pair sample of nonfailing firms. The investigation's findings strongly supported our prior expectations that failing firms have a greater tendency to switch auditors than do healthier firms. Other findings revealed that neither audit qualifications nor management changes were statistically associated with auditor displacement in failing firms. Failing firms that changed auditors did display a preference to move to a different class of CPA firms. Also, size did not appear to matter with respect to the observed auditor switching among the failing firms, although it appeared to have some effect among control firms. Overall, our study's major findings suggest a definite need to control for the presence of financial distress in studies on auditor switching. INTEREST among both academics and practitioners in the phenomenon of auditor switching has grown in recent years. This topic has broad implications for understanding the dynamics of the market for audit services and the degree of competition in the auditing profession. The Securities and Exchange Commission (SEC) has expressed concern over auditor switching in a number of Accounting Series Releases (e.g., SEC ASR No. 165 [1974]; No. 194 [1976]; No. 247 [19781), which required increased disclosure as a means for discouraging corporate management from changing CPA firms to obtain an unqualified audit opinion or more favorable accounting treatment. These increased disclosure requirements are intended to create a reporting environment in which auditors are better able to exercise their independence and, if necessary, take positions that are not in accordance with client preferences. A variety of reasons for switching auditors have been suggested, but empirical evidence in this area has been both limited and inconclusive. Changes in corporate management, the need for additional auditing services, disagreements over reporting matters, and conflict over audit fees have frequently been cited as motivating firms to initiate a search for a new CPA [Burton and Roberts, 1967; Carpenter and Strawser, 1971; Bedingfield and Loeb, 1974; Macchiaverna, 1981; Chow and Rice, 1982; DeAngelo, 1982; and Eichenseher and Shields, 1983]. This study considers the additional factor of financial distress as a variable influencing auditor switching. Recent The authors gratefully acknowledge the comments of an anonymous reviewer. Helpful comments were also provided by the participants in the Boston University Accounting Research Forum. Kenneth B. Schwartz and Krishnagopal Menon are Assistant Professors of Accounting at Boston University. Manuscript received April 1984. Revisions received July and October 1984. Accepted November 1984.
Social Media and its Impact on Consumers Behavior

Technology gives consumer the power to investigate products to label them and criticize them in equal measure, and more. Therefore many companies today have pages on social networks to complement the information held about products, held by the feedback of consumers about products and tend to relate more to a company after reading various reviews. The paper is related to the impact of social media on consumer behavior, therefore it has been made a quantitative research. The sample counted 116 respondents and from the statistical perspective, the conclusions were established in terms of the univariate and bivariate analysis. Following the analysis of the research variables we can make a consumer profile that uses social networks. Likewise, after doing the complex statistical analysis using SPSS and the analysis offered by the online platform the host of questionnaire, it can be seen how much it is influenced and the real impact of social media reflected in the behavior changes.
Examining the Determinants of Foreign Direct Investment

The purpose of this paper is to identify the principal determinants of foreign direct investment on a crosscountry basis. Using a large sample of both developed and developing countries, we find that traditional variables relating to the size and scale of economic activity in the host country are most significant in explaining foreign direct investment flows, while variables such as economic freedom, tax incentives and human capital are not at all significant. These findings are in line with similar research that shows market size, economic openness and quality of infrastructure to be key drivers of foreign direct investment, but are at variance with research that shows human capital and tax incentives to be key drivers.
Social housing: The causes and consequences of short-termism for outsourced maintenance.

The study sought to identify the possible impact of short-term duration contracts on stakeholders engaged in a sector of the FM market place. Its focus is on the trading relationships between private sector “Suppliers” and public sector “Buyers” providing Repairs and Maintenance (R&M) services to the Social housing market sector. Outsourcing is a feature of this market, with notices being published on OJEU. In 2010 the value of these contracted services was in excess of £10.0bn. The context of the study relates to my appointment as an Interim Operations Director for a FM service provider. Analysis of its contracts by duration identified a disparity in performance for all stakeholders. Contracts of less than 48 months were challenging in terms of service capacity, returned poorer gross and net margins, and had lower customer satisfaction and staff satisfaction survey results, particularly when TUPE was involved. The longer term contracts had differing problems but were on target for operational and financial budgets, which was also reflected within higher customer satisfaction scores. Given this dichotomy why were the R&M contracts for such short durations? Was this a feature of this market or outsourced FM contracts in general? The study focuses on the causes for short duration trading and the consequences for the stakeholders that potentially arise out of short-term contracts. A pragmatic approach to the research methodology was adopted that used both quantitative and qualitative methods within a triangulated process. Semi-structured interviews, Ethnography and document analysis were utilised to gather data. The findings from the research demonstrated that EU procurement regulations coupled with traditional working practices within the value network and supported by the standard forms of contract introduced excessive transaction costs, impeded innovation, investment and, inhibited service quality and the creation of value for all stakeholders.
In vivo release and gene upregulation of brain prolactin in response to physiological stimuli

Although prolactin (PRL) actions and expression in the brain have been shown, dynamic changes in its intracerebral release and gene expression have still not been demonstrated. Using push‐pull perfusion, the in vivo release of PRL was monitored within the paraventricular nucleus (PVN) and medial preoptic area (MPOA) of virgin female, lactating and male rats in response to various stimuli. Perfusion with a depolarizing medium (56 mm K+) increased local release of PRL within both the PVN (P < 0.05) and MPOA (P < 0.05) of urethane‐anaesthetized rats, indicating release from excitable neuronal structures. The PRL in perfusates was verified by radioimmunoassay, Nb2 cell bioassays and western blot. Systemic osmotic stimulation (3 m NaCl i.p., 8 mL/kg b.w.) raised PRL concentration in plasma (P < 0.01) but not within the PVN, suggesting independent release from the pituitary and in distinct brain regions. Immobilization for 30 min increased PRL release within the PVN (P < 0.05) and the MPOA (P < 0.01) of virgin female and male (P < 0.05 each) rats and increased hypothalamic PRL mRNA expression (P = 0.008) after 30 and 90 min as revealed by real‐time polymerase chain reaction. This indicates a stress‐induced activation of both PRL release from and synthesis in hypothalamic neurons. Additionally, PRL was significantly released within, but not outside, the PVN (P < 0.01) and the MPOA (P < 0.05) of lactating rats during suckling and this was accompanied by a significant increase of PRL mRNA (P < 0.05) in the hypothalamus 60 min after suckling. This is the first demonstration of stimulus‐induced, locally restricted release and gene upregulation of PRL within the brain, emphasizing the involvement of this ‘novel’ neuropeptide in various brain functions.
Stock volatility and asset pricing in the Hong Kong stock market

This study provides a comprehensive investigation into the role of both total volatility (TV) and idiosyncratic volatility (IV) in asset pricing in the Hong Kong stock market over the period 1980 to 2007. Total volatility is measured by the standard deviation of past daily returns and idiosyncratic volatility is measured by the standard deviation of residuals from the Fama-French (1993) model following Ang et al. (2006, 2009). This study relates 1-month lagged idiosyncratic volatility (total volatility) to the current month’s portfolio return. First, results suggest that the equal-weighted average idiosyncratic volatility (total volatility) of Hong Kong stocks increased over our study period but market volatility declined. However, if the whole sample period is divided into two sub-periods, preand post-Asian financial crisis, TV and IV both trend downward in both sub-periods. The reason is that the HK stock market had a structural change after the Asian financial crisis. Second, the average equaland value-weighted firm-level idiosyncratic volatility (total volatility) cannot predict one-month ahead excess market returns. Third, this study documents a strong positive relationship between idiosyncratic volatility (total volatility) and abnormal returns, similar to the findings of Malkiel & Xu (2006) and Fu (2009) in US stock markets, and Brockman et al.’s (2010) findings in the Hong Kong stock market. More importantly, we also find that investors could generate higher portfolio returns by using IV to sort portfolios rather than using TV. Our results are robust to controls for size, value, momentum, short-term reversal, dividend yield, price-earnings ratio, turnover ratio, AltmanZ ratio, number of zero volume, and number of zero returns, and are also robust in sub-period analysis. Moreover, the significant positive IV effect in the HK stock market is also robust to the use of weekly data in computing IV. The results imply that: 1) the correlation among stocks in the Hong Kong market has declined over time, which means an increase in the benefits from diversification; 2) firm-level measures of idiosyncratic volatility cannot be used to predict market returns; 3) that investors in the Hong Kong stock market can systematically increase their portfolio returns by going long on stocks with high IV and short on stocks with low IV.
The effect of culture on the leadership behavior of Australian expatriate managers in Thailand

One of the basic reasons for studying cross-cultural leadership is the question of the extent to which leadership behaviors or styles can be influenced by culture. In this regard, one researcher may suggest that certain leadership behaviors are likely to be unique to a given culture, while another argues that there should be certain structures or behaviors that leaders must perform to be effective, regardless of cultures. In the current study, the investigation was conducted to determine: (a) the cultural values of Thai subordinates working with Australian expatriate managers, (b) the leadership behaviors of Australian expatriate managers in Thailand, and (c) the possible relationships between the two variables. Forty-seven Australian expatriates and ninety-one Thai subordinates responded on the instruments called the Multifactor Leadership Questionnaire (MLQ) and the Value Survey Module (VSM).
The Genesis and Growth of Tumors. II. Effects of Caloric Restriction per se

In a previous communication (7) it was shown that the restriction of food intake of experimental groups of mice resulted in the formation of far fewer tumors than were formed in the corresponding control groups which were fed ad libitum. Moreover, thc tumors of the restricted animals appeared at a later time. This inhibition of tumor formation was obtained with all types of tumors studied: spontaneous tumors of breast and lung, and carcinomas and sarcomas induced by a carcinogenic hydrocarbon. The dict given to the cxperimental groups was restricted in caloric value and correspondingly in all components. Yet the underfed animals maintained their gcncral health, did not revcal any clinical manifestation of nutritional deficicncies, and lived longer than the controls. Deficiencies in vitamins and minerals are not the factors rcsponsible for this observed inhibition of tumor formation; experiments (7) in which the restricted diet was supplemented with vitamins and minerals to the approximate level present in the control diet resulted in the same inhibition. For these rcasons, it was stated that the inhibition of tumor formation was "probably due to caloric restriction. " At that time decisive experiments to test this deduction were begun. The studies reported in this paper indicatc that caloric restriction per se is the principal factor in the observed inhibition of tumor formation.