Miracle-dz/UniFAR-FTUs huggingface dataset:
Distributive Effects of Israel’s Pension System

This paper examines several aspects of Israel's restructured retirement benefits system, focusing on distributive effects. We characterize 10 stylized representative prototypes of Israeli households, reflecting common demographic, wage and employment profiles. These prototypes are used to examine the joint effects of tax benefits for pensions and the public Old Age Allowances program's contributions and disbursements on the lifetime income distribution, net replacement rates at retirement and lifetime consumption smoothing. We find that the system is neutral in terms of its effect on lifetime income distribution, except for the top income decile which gains somewhat less than the others. We also find that pension savings result in a net loss for many low-income households, unsmooth their consumption and lead to "too high" post-retirement net replacement rates. Furthermore, evidence from a unique dataset point to rational and active behavior of most households with respect to these incentives. These findings suggest that the parameters of the retirement-age benefits system should be adjusted following the introduction of mandatory pensions.
Natural course of alcohol use disorders from adolescence to young adulthood.

OBJECTIVES To examine the course of alcohol use disorder (AUD) and determine the extent to which AUD in adolescence is a risk factor for AUD and other psychopathology in young adulthood. METHOD Nine hundred forty participants from a large community sample in western Oregon were interviewed twice during adolescence (14-18 years of age the first assessment; between 1987 and 1991) and once at age 24 (1993-1999). Between 1995 and 1998, parents were assessed for lifetime AUD. Participants were classified into nonproblematic use (NON), problem drinker (PROB) (symptoms of AUD but no diagnosis), and AUD groups. RESULTS Adolescent AUD significantly predicted AUD, substance use disorder, depression, and elevated levels of antisocial and borderline personality disorder symptoms by age 24. Compared with the NON group, adolescents in the PROB group were at increased risk for AUD, substance use disorder, depression, and antisocial personality disorder symptoms. However, the PROB group had lower rates of future AUD and antisocial personality disorder symptoms than the adolescent AUD group. Gender interactions were nonsignificant. Daily smoking and conduct/oppositional defiant disorders predicted future AUD, when adolescent AUD and other disorders were controlled. Paternal, but not maternal, AUD was associated with greater risk of future AUD. CONCLUSIONS For the majority of adolescents, AUD are not benign conditions that resolve over time. Assessment, treatment, and prevention recommendations are discussed.
Earnings Informativeness and Strategic Disclosure: An Empirical Examination of 'Pro Forma' Earnings

This paper provides evidence on the characteristics of firms that include “pro forma” earnings information in their press releases, whether the usefulness of pro forma earnings to investors varies systematically with these characteristics, and whether the investor response to pro forma earnings is consistent with market efficiency or mispricing. Using a sample of 249 press releases from 1997–99, we find that firms with low GAAP earnings informativeness are more likely to disclose pro forma earnings than other firms. We also find that strategic considerations, measured using the direction of GAAP earnings surprises, are an important determinant of pro forma reporting. In addition, our examination of the relative and incremental information content of pro forma earnings shows that investors find pro forma earnings to be more useful when GAAP earnings informativeness is low or when strategic considerations are absent. Tests of the predictive ability of pro forma earnings for future profitability and returns .
Reconceptualising the welfare state: The rise of a ‘selective welfare state' in the United Kingdom?

This paper seeks to explore the emergence of a ‘selective welfare state’ in the United Kingdom under the prefecture of the current coalition government. It will be argued, that in light of fiscal austerity, the state has been compelled to reconceptualise its traditional role from a ‘full provision welfare providing body’ to a ‘selective welfare providing entity’. Examples of deviation include the Troubled Families Agenda, under the notions of ‘citizens’ empowerment’ and ‘reducing dependencies on the state’. These reforms run parallel to the thicket of mandatory governmental restructuring, evidenced through the Triennial Review and the Red Tape Challenge at the national level. It will be demonstrated that such selective welfare revolution exacerbates an acrimonious struggle between state powers and individual rights, where in turn, the citizens question the legitimacy of the selective welfare concept. Apart from using judicial review, we also seem to be witnessing the rise of non-governmental organisations as the new avenues of social consciousness, used to translate their individual interests into collective and public issues, whose relationship to rights is most precarious, with collective voices through electoral representation as a final forum. Voters decimated the ruling power of the coalition government in the United Kingdom’s local government election in May 2013, a testimony that they do not acquiesce to the selective welfare state agenda. The state is still in search of a plethora of sustainable governance, with the General Election 2015 as a final platform to determine the destiny of the selective welfare state in Britain.
Evaluating a Method of Integrating Generic Skills with Accounting Content Based on a Functional Theory of Meaning

This paper documents and evaluates an intervention designed to integrate the learning of selected generic skills, particularly analytical thinking and written communication skills, with the learning of accounting content. The method used was to scaffold practice in analytical thinking skills through specially designed writing activities. Content-focused learning materials adapted from task-types currently used to teach language skills were used to facilitate the analysis and interrelation of accounting concepts, principles and problems in interpersonal communicative contexts typical of actual accounting practice. The materials, in three assignments, were designed to incorporate: (i) selected generic skills, taken from those listed by the professional accounting bodies; (ii) writing, both as communication and as an instrument for analytical thinking and learning; (iii) knowledge of accounting concepts and principles; and (iv) awareness of the interpersonal dimensions of professional communication. Overall, students showed improved learning outcomes, with improvements of 19 percentage points for non-Australian students over the three assignments. We were also able to show significant positive relationships between the assessments of assignments 2 and 3 and performance in the knowledge-based final examination. Improvements in the quality of learning were shown in students' improved ability to assess their own work. Copyright (c) The Authors Journal compilation (c) 2007 AFAANZ.
On the duality between long-run relations and common trends in the i(1) versus(2)model.an application to aggregate money holdings

Long-run relations and common trends are discussed in terms of the multivariate cointegration model given in the autoregressive and the moving average form. The basic results needed for the analysis of I(1) and 1(2)processes are reviewed and the results applied to Danish monetary data. The test procedures reveal that nominal money stock is essentially I(2). Long-run price homogeneity is supported by the data and imposed on the system. It is found that the bond rate is weakly exogenous for the long-run parameters and therefore act as a driving trend. Using the nonstationarity property of the data, “excess money” is estimated and its effect on the other determinants of the system is investigated. In particular, it is found that “excess money” has no effect on price inflation.
Training and the New Minimum Wage

Using the British Household Panel Survey, we estimate the impact of the national minimum wage, introduced in April 1999, on the work-related training of low-wage workers. We use two ‘treatment groups’– those workers who explicitly stated they were affected by the new minimum and those workers whose derived 1998 wages were below the minimum. Using difference-in-differences techniques for the period 1998 to 2000, we find no evidence that the introduction of the minimum wage reduced the training of affected workers and some evidence that it increased it.
Cardiac anxiety in people with and without coronary atherosclerosis

Many studies have shown that cardiac anxiety when occurring in the absence of coronary artery disease is common and quite costly. The Cardiac Anxiety Questionnaire (CAQ) is an 18‐item self‐report measure that assesses anxiety related to cardiac symptoms. To better understand the construct of cardiac anxiety, a factor analysis was conducted on CAQ data from 658 individuals who were self or physician‐referred for electron beam tomographic screening to determine whether clinically significant coronary atherosclerosis was present. A four‐factor solution was judged to provide the best fit with the results reflecting the following factor composition: heart‐focused attention, avoidance of activities that bring on symptoms, worry or fear regarding symptoms, and reassurance‐seeking. Factorial invariance across groups was also assessed to determine whether the factor structure of the CAQ was similar in individuals with and without clear evidence of coronary atherosclerosis. The factor structure of the CAQ did not differ between the two groups. However, the group without coronary atherosclerosis had significantly higher mean scores on their attention and worry/fear factors suggesting that people without a diagnosed cardiac condition pay more attention to and worry more about their cardiac‐related symptoms than those people who have coronary atherosclerosis. Depression and Anxiety 2007. Published 2007 Wiley‐Liss, Inc.
Ownership Differences and Firms' Income Smoothing Behavior

"This paper examines the association between differences in ownership structure and income smoothing behavior in firms. The underlying constructs affecting this association include agency relationships, managerial incentives, information asymmetry, and firm profitability. A logistic regression model is used to test the association between income smoothing and variables related to inside ownership, institutional holdings, leverage, managerial compensation, profitability, and firm size. The evidence suggests that ownership differences, managers' incentive structures, and firm profitability are important in explaining income smoothing behavior in firms. By separating inside ownership and levels of debt into different levels, we are able to show the existence of a non-monotonic relationship between ownership differences and firms' income smoothing behavior. " Copyright Blackwell Publishers Ltd 1997.
Government Size and Output Volatility: Is There a Relationship?

This paper provides some further tests for the proposition that a larger public sector leads to smaller output volatility. Both Gali and Fatas & Mihov have provided some evidence which appears to support this proposition. Their evidence is, however, based on a relatively small sample of countries. In this study, we go beyond the OECD sample and focus on a much larger World Bank data set covering up to 208 countries for the period 1960-2002.We also seek to utilise some time series aspects of the material by using pooled cross-section time series data. Tests with different models and measures clearly indicate that the original results are not very robust and the relationship between government size and output volatility is either nonexistent or very weak at best. Key words: government, fiscal policy, automatic stabilisers JEL classification numbers: E62, H30, E32
Finance and Politics: The Wealth Effects of Special Interest Group Influence During the Nationalization and Privatization of Conrail

Conrail, nationalised in 1976 and privatised in 1987, was the most significant nationalisation and privatisation by the US government in recent years. It was created from six bankrupt railroads under the pressure of interest groups, formed by customers, existing claimants, employees and related companies. We document the gains and losses to these special interest groups at key points in the nationalised and privatised time periods. Over this period, the US government had outlays of $6.59 billion, and cash inflow of $6.15 billion, and internal return of - 6.4%. The paper provides evidence that a state-owned firm with good governance could deliver superior performance. Copyright 2007, Oxford University Press.
The Temporal Evolution of Proactiveness in Family Firms

We extend prior work on proactiveness in family firms by examining the relationship between firm age and proactiveness. Specifically, we propose an S-shaped effect of aging of family firms on proactiveness. Additionally, we provide a contingency perspective by considering the moderating role of the dispersion of managerial control among family members. Using a sample of Swiss family firms, we find that proactiveness first declines, then increases, and finally decreases again as the family firm ages, and that this relationship is steeper when the managerial control is dispersed among multiple family members.
Sex and Migration: Who is the Tied Mover?

We study the effects of interregional migration on two-earner household gross earnings as well as on the relative income between married and cohabiting couples. In particular, we examine the link between education level and income gains. The empirical analysis is based on longitudinal data from Sweden as well as on functional regional labour markets that operate as regional entities. Using difference-in-differences propensity score matching, we find that migration increases total gross household earnings and has no significant impact on the male/female earnings gap. We find that pre-migration education level is a key determinant of migration and economic outcomes and is also a determinant of the effect of migration on income distribution within the household. The positive average effect on household earnings is largely explained by income gains among highly-educated males. Females generally experience no significant income gain from migration in absolute terms. Females gain significantly in relative income only if they are highly educated and married or cohabitating with a lower-educated male.
The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the United States and Europe

Bureau of Economic Research Volume Title: NBER International Seminar on Macroeconomics 2011 Volume Author/Editor: Jeffrey Frankel and Christopher Pissarides, organizers Volume Publisher: University of Chicago Press Volume ISBN: 0-226-26035-6; 978-0-226-26034-1 (cloth); 978-0-226-26035-8 (paper) Volume URL: http://www.nber. org/books/fran11-1 Conference Date: June 17-18, 2011 Publication Date: May 2012
A critical review of the causes of death among post-mortem toxicological investigations: analysis of 34 buprenorphine-associated and 35 methadone-associated deaths.

AIMS To assess the trends in the number, mortality and the nature of forensic cases involving toxicological detection of buprenorphine or methadone among toxicological investigations performed in Paris from June 1997 to June 2002. DESIGN Retrospective, 5 year study with review of premortem data, autopsy, police reports, hospital data, and post-mortem toxicological analyses. SETTING AND PARTICIPANTS 34 forensic cases of buprenorphine and 35 forensic cases of methadone detection among 1600 toxicological investigations performed at the Laboratory of Toxicology in the Medical Examiner's Office in Paris. MEASUREMENTS AND RESULTS Therapeutic, toxic or lethal drug concentrations were defined based upon the results of blood analyses and the published literature. Drug concentrations were cross-referenced with other available ante- and post-mortem data. Subsequently, we classified a 'clear responsibility', 'possible responsibility' or 'not causative' role for buprenorphine or methadone in the death process, or 'no explanation of death'. Buprenorphine and methadone can be regarded as being directly implicated in, respectively, four of 34 death cases (12%) and three of 35 death cases (9%), and their participation in the lethal process is strongly plausible in eight (buprenorphine) and 11 (methadone) additional deaths. CONCLUSIONS Analysis of causes of death reveals the difficulties in determining the role of substitution drugs in the death process, as many other factors may be involved, including circumstances surrounding death, past history, differential selection of subjects into either substitution modality and concomitant intake of other drugs (especially benzodiazepines and neuroleptics). The potential for synergistic or additive actions by other isolated molecules-particularly opioids, benzodiazepines, other psychotropes and alcohol-must be also considered.
The Relationship between Capital Structure and Ownership Structure: New Evidence from Jordanian Panel Data

Purpose - The study aims to investigate the comparatively under-researched relationship between ownership structure and capital structure in an emerging market. It is also one of the first studies to apply both single and reduced-form equation methods using a panel data approach. Findings - The results demonstrate that Jordanian firms follow the same determinants of capital structure as occur in developed markets, namely: profitability, firm size, growth rate, market-to-book ratio, asset structure and liquidity. In addition, institutional ownership structure is found to be determined by: assets structure, business risk (BR), growth opportunities and firm size. Finally, the results reveal that assets tangibility, firm size, growth opportunities and BR are considered to be joint determinants of ownership structure and capital structure. Practical implications - The practical implication of the study is that investors and managers should consider both capital structure and ownership structure when they take their investment decisions. Originality/value - This is the first study of the interaction between institutional ownership and capital structure in Jordan where there are differences, as regards institutional and financial structures, relative to those in developed markets.
Stromal expression of invasion‐promoting, matrix‐degrading proteases MMP‐1 and ‐9 and the Ets 1 transcription factor in HNPCC carcinomas and sporadic colorectal cancers

Hereditary nonpolyposis colorectal cancers (HNPCCs) are an important subgroup of colorectal carcinomas. Compared to sporadic variants, they present several particular features, the most important of which are less invasive and metastatic properties linked to a more favorable prognosis. This contrasts to the generally poor differentiation of the epithelial tumor component. Since matrix‐degrading proteases secreted by stromal fibroblasts contribute significantly to tumor invasion, we analyzed the stromal expression of 2 matrix metalloproteinases (MMP‐1 and ‐9) and of one of their regulators, the Ets 1 transcription factor, by both immunohistochemistry and in situ hybridization in sporadic colorectal carcinomas and HNPCC tumors. We found that MMP‐1 and ‐9 as well as Ets 1 are upregulated in the fibroblastic stroma during the development from sporadic adenomas to invasive carcinomas. HNPCC tumors exhibited a significantly lower expression of Ets 1, MMP‐1 and ‐9. These findings on the basis of lower matrix‐degrading properties of the fibroblastic tumor stroma in HNPCC tumors might help to explain why, in spite of their less differentiated phenotype, HNPCC tumors have a less invasive and metastatic potential compared to sporadic cancers. © 2003 Wiley‐Liss, Inc.
Serial entrepreneur and entrepreneurial learning – a case study from Finland

This study provides insights into the characteristics and behaviour of serial entrepreneurs. The study emphasises the role of experience in serial entrepreneurship. The main focus is to illustrate how serial entrepreneurs can use their previous entrepreneurial experiences in their entrepreneurial career. The case introduced in this paper is that of a young Finnish serial entrepreneur. His story fits to some of the earlier findings in the field, but it also offer new insights into earlier results. Results show that the serial entrepreneur in question firmly and continuously exploited entrepreneurial learning and experiences in his entrepreneurial career. When moving to new business in a new industry, the serial entrepreneur may be capable of thinking 'outside the box', and hence to innovate. Findings also suggest that a new generation of entrepreneurs, with less risk-averse approaches to entrepreneurship, may enhance more positive attitudes about entrepreneurship in general.
Translocation Breakpoints Preferentially Occur in Euchromatin and Acrocentric Chromosomes

Chromosomal translocations drive the development of many hematological and some solid cancers. Several factors have been identified to explain the non-random occurrence of translocation breakpoints in the genome. These include chromatin density, gene density and CCCTC-binding factor (CTCF)/cohesin binding site density. However, such factors are at least partially interdependent. Using 13,844 and 1563 karyotypes from human blood and solid cancers, respectively, our multiple regression analysis only identified chromatin density as the primary statistically significant predictor. Specifically, translocation breakpoints preferentially occur in open chromatin. Also, blood and solid tumors show markedly distinct translocation signatures. Strikingly, translocation breakpoints occur significantly more frequently in acrocentric chromosomes than in non-acrocentric chromosomes. Thus, translocations are probably often generated around nucleoli in the inner nucleoplasm, away from the nuclear envelope. Importantly, our findings remain true both in multivariate analyses and after removal of highly recurrent translocations. Finally, we applied pairwise probabilistic co-occurrence modeling. In addition to well-known highly prevalent translocations, such as those resulting in BCR-ABL1 (BCR-ABL) and RUNX1-RUNX1T1 (AML1-ETO) fusion genes, we identified significantly underrepresented translocations with putative fusion genes, which are probably subject to strong negative selection during tumor evolution. Taken together, our findings provide novel insights into the generation and selection of translocations during cancer development.
Retail Investors and the Idiosyncratic Volatility Puzzle: Evidence from the Korean Stock Market

If the trading of noise traders is highly correlated and arbitrage risk exists, stock prices can deviate from their fundamental value. In particular, due to the short-selling impediments, stock prices tend to be overpriced. We hypothesize that the idiosyncratic volatility (IVOL) puzzle is due to this overpricing caused by noise traders that can be proxied by retail traders, and provide evidence supporting it. Our empirical findings are as follows. First, the IVOL puzzle is more prominent among stocks with a high retail trading proportion (RTP). Second, the negative relation between IVOL and stock returns is stronger following high retail sentiment. Finally, return reversals for stocks with high RTP and high IVOL are observed.