Miracle-dz/UniFAR-FTUs huggingface dataset:
The Demand for Information

I use a new measure of investor attention and measure its affect on the returns of winner and loser portfolios over a holding period of up to 52 weeks. Whilst I do not find any relationship between Stock Information Demand and price momentum, I do find that increases in investor attention affect the demand for stocks, which for ‘winner stocks’ in turn pushes prices up. I find evidence of this effect in a small sample of large, highly traded, and closely followed firms, i.e. the S&P500.My measure of attention is derived from the Google Insights for Search webpage, which allows access to the relative volumes of search criteria submitted to Google each week, since 2004. This measure of attention, which I call the Stock Information Demand (SID) is a more direct measure of market participants’ behaviour than previous studies have used.I evaluate the returns to the S&P500 constituents over five years, and find that stocks with high degrees of Stock Information Demand(SID) that have increased in price over the previous 4 weeks tend to continue to increase in price for a further 4 weeks. Stocks with low levels of SID do not show the same continued price appreciation. Further to this, I also find less robust evidence that stocks which have declined in price over the previous 4 weeks, and have not been subject to high levels of SID show a continued longer term price decline, out to 52 weeks in some cases.I am not able to measure any significant degrees of price reversal, and hence over reaction, or of robust under reaction, so am not able to add further evidence to the two behaviour models provided by K. Daniel, Hirshleifer, & Subrahmanyam (1998) or Barberis, Shleifer, & Vishny (1998). My results support the previous findings of Hong, Lim, & Stein (2000) and of Chan (2003), in that stocks react quickly to good news, and slowly to bad news. My results also support previous studies of attention, such as Barber & Odean (2008), and the related work Barber, Odean, & Zhu (2006), showing that stocks subject to investor’s attention do change in price, and that noise traders are capable of moving market prices.
On Measuring Segregation in Samples With Small Units

Standard indexes of segregation measure a sample's distance from evenness, which occurs when each sample unit (e.g., an occupation) has the population share of both the minority and majority groups. We show that random allocation of individuals to units generates substantial unevenness among small units and hence that standard segregation indexes reflect random allocation as well as systematic group segregation. We then modify two popular indexes so that they measure deviations from random allocation rather than deviations from evenness. An empirical example suggests that these modified indexes provide improved measures of the systematic component of group segregation.
Theorizing the "Third Sphere": A Critique of the Persistence of the "Economistic Fallacy"

As long as social organization runs in its ruts, no individual economic motives need come into play; no shirking of personal effort need be feared; division of labor will automatically be ensured; economic obligations will be duly discharged; and, above all, the material means for an exuberant display of abundance at all public festivals will be provided. In such a community the idea of profit is barred; higgling and haggling is decried; giving freely is acclaimed as a virtue; the supposed propensity to barter, truck, and exchange does not appear. The economic system is, in effect, a mere function of social organization.
Detection of Microembolic Signals in Patients with Neuropsychiatric Lupus erythematosus

The pathogenesis of central nervous system involvement in systemic lupus erythematosus (SLE) is not completely understood. In this study, we investigated the association of microembolic signals (MES) with a variety of neuropsychiatric SLE manifestations and compared our results with those from SLE patients without neuropsychiatric lupus and normal controls. Fifty-three patients with SLE (45 females and 8 males), all fulfilling the revised classification criteria for SLE, and 50 control subjects (44 females and 6 males) were enrolled in this study. All SLE patients were assessed by neuropsychological examination, including various neuropsychiatric tests. Twenty-five patients with SLE were found to have at least one of the neuropsychiatric syndromes defined by The American College of Rheumatology. The mean MES count in patients with neuropsychiatric lupus was significantly higher than those without (5.4 ± 1.1 vs. 0.3 ± 0.8/h; p < 0.005). We found a positive correlation between higher mean MES counts and the presence of neuropsychiatric syndromes in SLE. The mean MES count in the whole group of SLE patients was also significantly higher than that in healthy controls. The mean MES count of SLE patients with antiphospholipid (aPL) antibody positivity was significantly higher than those without aPL antibodies (3.6 ± 1.6 vs. 0.8 ± 0.1/h; p < 0.005). In conclusion, the association of MES with neuropsychiatric lupus may support the possible contribution of MES to the complex pathophysiology of this syndrome. More importantly, detection of MES on transcranial Doppler monitoring might suggest a high risk of involvement of the central nervous system in SLE, and could be used as a diagnostic tool.
Transplantation for hepatocellular carcinoma: The Milan criteria and beyond

Key Concepts: 1 Liver transplantation offers excellent results for selected candidates with hepatocellular carcinoma (HCC). 2 Selection strategies have evolved but are mainly based on size and number of tumors, which are surrogates for vascular invasion. Newer techniques show promise for identifying patients at high risk for recurrence and selecting those with low risk, even though they may exceed currently established tumor size criteria. 3 Evaluation of the effectiveness of liver transplantation for HCC requires an intent‐to‐treat approach that must include an accounting of the dropout rate of patients while waiting. 4 Locoregional pretransplantation adjuvant treatments may have some role for downstaging and/or reducing the dropout rate before transplantation, but their posttransplantation effect on outcome remains undetermined. 5 Liver allocation for HCC candidates in the context of increasing HCC prevalence requires better and evidence‐based prioritization policies. Liver Transpl 12:S8–S13, 2006. © 2006 AASLD.
Water Resources and Regional Land Cover Change in Costa Rica: Impacts and Economics

This paper evaluates the relationships between sediment production, economic losses and land cover change in Costa Rica. Results suggest that the relationship between sediment production and the deterioration of land resources in Costa Rica is less understood than expected, and that new sediment monitoring systems must be implemented in order to be able to detect the overall impact of tropical deforestation and habitat fragmentation on sediment production. The results also indicate that the correlation between economic losses due to flooding and landscape fragmentation can be counteracted by promoting 'payment for environmental services' initiatives; a new concept that takes into consideration the role that tropical ecosystems play in protecting the environment.
Index-number tests and the common-scaling social cost-of-living index

For a change in prices, the common-scaling social cost-of-living index is the equal scaling of each individual’s expenditure level needed to restore the level of social welfare to its pre-change value. This index does not, in general, satisfy two standard index-number tests. The reversal test requires the index value for the reverse change to be the reciprocal of the original index. And the circular test requires the product of index values for successive price changes to be equal to the index value for the whole change. We show that both tests are satisfied if and only if the Bergson–Samuelson indirect social-welfare function is homothetic in prices, a condition which does not require individual preferences to be homothetic. If individual preferences are homothetic, however, stronger conditions on the Bergson–Samuelson indirect must be satisfied. Given these results, we ask whether the restrictions are empirically reasonable and find, in the case that individual preferences are not homothetic, that they make little difference to estimates of the index.
Management of aggression, agitation, and psychosis in dementia: Focus on atypical antipsychotics

The behavioral and psychological symptoms of dementia (BPSD), such as psychosis, agitation, or aggression have a considerable negative impact on the quality of life of both patients and their caregivers. Multiple studies have demonstrated that atypical antipsychotics are efficacious in the treatment of the aggressive and psychotic symptom clusters, and here we review their use in this indication. Because of the safety concerns associated with the use of atypical antipsychotics in this population, these drugs must be usedjudiciously. For patients with severe BPSD such as psychosis, agitation, or aggression, for whom there are few options, atypical antipsychotics, particularly risperidone and olanzapine, should be considered.
Time-Varying Risk Premiums and the Output Gap

The output gap, a production-based macroeconomic variable, is a strong predictor of U.S. stock returns. It is a prime business cycle indicator that does not include the level of market prices, thus removing any suspicion that returns are forecastable due to a "fad" in prices being washed away. The output gap forecasts returns both in-sample and out-of-sample, and it is robust to a host of checks. We show that the output gap also has predictive power for excess stock returns in other G7 countries and U.S. excess bond returns. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.
An Investigation of Marketing Capabilities and Social Enterprise Performance in the UK and Japan

The purpose of this article is to extend the existing research on the relationship between eight different types of marketing capability and social enterprise performance. More specifically, we examine third–sector organizations that have transformed their traditional business model to become more business–like social enterprises and how these marketing capabilities influence the success of this transformation in both the UK and Japan. We identify, among other things, that not all marketing capabilities are positively associated with social enterprise performance. These findings challenge the conventional wisdom that market–driven organizations must develop all types of marketing capability. We suggest that social entrepreneurs should develop their marketing capabilities selectively according to their specific performance objectives.
Relational capabilities in market orientation to improvement of performance outcomes in SMEs

This paper analysed the intermediary effect of market orientation as a variable that can change the business performance of some markets especially SMEs. Market orientation which plays a significant role in marketing and give rise to the organisation's competitive advantage and success and relational capabilities with the ability to collaborate with diverse organisations have been identified as crucial. We contacted 260 industrial companies in developing provinces in Iran; data were analysed using principal component analysis and structural equation modelling procedures. The results showed a significant positive correlation between market orientation and relational capabilities. Also the findings explained that an interventional effect of market orientation will improve the company's performance. The results of this study provide new insights into the role of relational capabilities as well as important theoretical and managerial implications.
Motion opponency and transparency in the human middle temporal area

Motion transparency is the perception of multiple, moving surfaces within the same retinal location (for example, a ripple on the surface of a drifting stream), and is an interesting challenge to motion models because multiple velocities must be represented within the same region of space. When these motion vectors are in opposite directions, brief in duration and spatially constrained within a very local region, the result is little or no perceived motion (motion opponency). Both motion transparency and motion opponency inhibit the firing rate of single middle temporal area (MT) neurons as compared with the preferred direction alone, but neither generally influences the firing rate of primary visual cortex neurons. Surprisingly, neuroimaging studies of human middle temporal area (hMT+) have found less activation due only to motion opponency and an increase in neural responses for motion transparency. Here we parametrically manipulate the local balance between competing motion vectors and find an interaction between motion opponency and transparency in the population blood oxygen level‐dependent (BOLD) response. We find reduced BOLD amplitude for motion opponency throughout visual cortex, but weakened responses due to perceptual transparency that is most apparent only within the hMT+. We interpret our results as evidence for two distinct mechanisms mediating opponency and transparency.
A strategic review of “supply networks”

This review aims to provide researchers and managers interested in supply networks with a strategic review of this rapidly expanding field. It does not attempt a comprehensive review of the enormous and fast growing literature but does present the breadth and depth of research and practice in the area. The central aspect of the paper is to suggest that the field can be viewed from four perspectives which all researchers and managers implicitly or explicitly use: upstream, as purchaser; downstream, as supplier; static network, as an auditor of position within its supply network, typically comprising several supply chains, providing a static and comparative view; and dynamic network, as strategist, seeking opportunities to improve the firm's position in an existing network or creating a new network, providing a strategic, dynamic and long‐term view.
The Fallacy of Free Trade

The purpose of this paper is to explode the myth of free trade. Productivity and real wages in the U.S. rose sharply between 1950 and 1972, but since then real earnings have been falling in spite of a continuous rise in productivity. It turns out that America was more or less a closed economy until 1972, as its trade/GNP ratio was close to 10 percent; but since then it has become an open economy. The theoretical model shows how real wages may fall in an open economy, but not in a closed economy, in spite of rising productivity. Copyright 1992 by Blackwell Publishing Ltd.
Proprietary Information, Financial Intermediation, and Research Incentives

Abstract We contrast equilibria in loan markets with bilateral bank-borrower ties, in which proprietary technological knowledge of borrowers is not revealed to product market competitors, with equilibria under multilateral financing in which such knowledge may be shared among competing borrowing firms. Using each of these two institutional arrangements, we examine the conditions for existence of equilibrium, its ex ante optimality, and borrowing firms′ incentives to engage in private costly research. Also explored is the potential for lending banks to coordinate postinvention collusion in product markets by multiple inventing firms. Journal of Economic Literature Classification Numbers: 310, 312, 314.
Trade Treaties and Patent Policy: Searching for a Balanced Approach

Patents were originally designed to encourage technological innovation, which would not otherwise occur, and which create spillover benefits. Careful design is needed to ensure patents do not provide windfall benefits to inventions which would take place absent patents. Further, for the grant of a patent to be economically rational the patented invention must have a reasonable probability of providing spillover (dynamic growth) benefits that exceed monopoly (static inefficiency) losses. This paper draws on the substantial empirical research on industrial innovation and how patent systems work in practice to develop a first-best set of policy parameters for a balanced (parsimonious) patent system. That is, it attempts to design a set of parameters which maximise dynamic growth benefits while minimising static efficiency losses, thus complying with TRIPS Article 7. These parameters are compared with TRIPS and with the TRIPS-Plus elements which the USA is seeking from bi-lateral and regional trade treaties. The resulting schema allows a clearer view of the cost of patent policy provisions in "trade" treaties.
An Analysis of Educational Mismatch and Labor Mobility in the Hospitality Industry

The aims of this article are to analyze the determinants of educational mismatch and worker mobility across occupations and firms in the hospitality industry. The educational mismatch is measured comparing the worker's maximum level of attained education and the educational level needed to perform his or her job. A representative survey of 3,314 employees and 302 employers in 181 hotels and 121 restaurants with 8 employees or more was utilized to this end. The econometric analyses suggest that workers can compensate for their shortfall in education with greater amounts of working experience; however, surplus education cannot substitute for tenure and on-the-job training. Likewise, educational mismatch has no impact on labor mobility. However, other factors influence internal and external turnover.
Space-time block codes: ML detection for unknown channels and unstructured interference

Space-time coding (STC) schemes for communication systems employing multiple transmit and receive antennas have been attracting increased attention. The so-called linear space-time block codes (STBC) have been of particular interest due to their good performance and low decoding complexity. In this paper we take a systematic maximum-likelihood (ML) approach to the decoding of STBC for unknown propagation channels and unknown noise and interference conditions. We derive a low-complexity ML decoding algorithm based on cyclic maximization of the likelihood function. Furthermore, we discuss the design of optimal training sequences and optimal information transfer to an outer decoder. Numerical examples demonstrate the performance of our algorithm.
The Relative Effects of a Health-Based versus an Appearance-Based Intervention Designed to Increase Sunscreen Use

As the incidence of all types of skin cancer continues to rise, 1 it is important to attempt to increase our arsenal of effective messages for convincing individuals to protect themselves against the primary risk factor for skin cancer: excessive exposure to ultraviolet radiation. 2 Most educational messages, and most research, regarding "safe-sun" practices have focused on the risk of developing skin cancer) However, repeated sun exposure is also responsible for photoaging--premature aging of the skin in the form of wrinkles and age spots. The primary purpose of this experiment was to determine whether focusing on the appearance-based consequences (i.e., the prevention of photoaging) might be an effective technique for getting individuals to use sunscreen more frequently. Emphasizing the prevention of photoaging might be at least as effective for getting individuals to use sunscreen as emphasizing the prevention of skin cancer because (1) individuals may feel relatively more vulnerable to developing wrinkles and age spots because they are more common and more easily noticed4,5; (2) the motivation to get and maintain a tan has been demonstrated to be appearance-based4,6; thus, emphasizing the negative effects of sun exposure on appearance may be important for motivating protective measures; and (3) it may have more impact because the information is likely to be more novel. This study also sought to determine whether individu-
Organised versus Unorganised Manufacturing Performance in the Post-Reform Period

This paper analyses the productivity performance of both the organised and unorganised segments of the Indian manufacturing sector using unit level data. Both partial and total factor productivity measures are employed. Our analysis reveals that labour productivity has increased for the organised sector over time, whereas both labour productivity and capital intensity growth have slowed down in the unorganised sector during the period between 2000-01 and 2004-05. The improvement in TFP growth in organised manufacturing in the post-2000 period as compared to the second half of the 1990s across most states in India is heartening as also the fact that output growth was mostly productivity-driven in the post-reform period. However, the declining TFP and the increasing capital intensity of the unorganised sector are causes of worry and raise several important questions.
Bertrand Competition in a Mixed Duopoly Market

We present a simple Bertrand competition model with a Hotelling (Economic Journal, Vol. 39 (1929), pp. 41–57) type spatial competition by incorporating the framework of partial privatization developed by Bos (Privatization: A Theoretical Treatment, Oxford, Clarendon Press, 1991). We investigate simultaneous price choice and sequential price choice with respect to fixed locations of firms and show how the degree of privatization of a public firm influences social welfare in a mixed duopoly market. We also analyse sequential price competition with respect to the location choice of firms.
Why Some Companies Seek Shareholder Ratification on Auditor Selection

Federal and state laws do not currently require companies to seek ratification from shareholders on auditor selection, but some companies do so. Previous studies document the determinants of voting behavior when such voting is solicited by the management, but do not examine why some companies seek shareholder approval on auditor selection while others do not. We examine whether companies avoid seeking ratification when they are likely to face nonratification. We find no strong evidence that this is the case. In fact, companies that pay higher total fees to auditors are more likely to ask shareholders to vote on auditor selection. Andersen clients are less likely to seek ratification, which we attribute to the fact that our sample time period coincides with the Enron‐Andersen crisis. The only other indication that companies may shy away from shareholder ratification is a negative association between shareholder dissatisfaction with the board and the likelihood of seeking ratification. Finally, we find that.
Can Culture Explain Culture?

This article argues that cultural explanations can help explain local policy choices. Drawing on the New Political Culture theory, the article combines three models of cultural change to explain the level of spending on cultural policies in Norwegian municipalities. In total, 430 municipalities are studied, and the results show that cultural change variables improve the understanding of local policy choices. The finding here indicates that some elements of the New Political Culture, like women’s participation, seem to be able to travel without losing their content. However, to fully be able to comprehend the level of cultural change in the Nordic context, better measures are needed.