Miracle-dz/UniFAR-FTUs huggingface dataset:
Environmental Policy and Competitiveness: The Porter Hypothesis and the Composition of Capital

The Porter hypothesis suggests a double dividend in the sense that environmental policy improves both environment and competitiveness. The suggestion received strong criticism from economists mainly driven by the idea that if opportunities for higher competitiveness exist firms do not have to be triggered by an extra cost. Therefore, the trade-off for the government between environmental and other targets remains. In this paper a model is developed which confirms the last point but which also draws the attention to some general mechanisms that relax the trade-off considerably. Downsizing and especially modernization of firms subject to environmental policy will increase average productivity and will have positive effects on the marginal decrease of profits and environmental damage. Concluding, a double dividend can generally not be expected but the trade-off is not so grim as is often suggested.
Measuring mutual fund performance with characteristic-based benchmarks

This article develops and applies new measures of portfolio performance which use benchmarks based on the characteristics of stocks held by the portfolios that are evaluated. Specifically, the benchmarks are constructed from the returns of 125 passive portfolios that are matched with stocks held in the evaluated portfolio on the basis of the marked capitalization, book-to-market, and prior-year return characteristics of those stocks. Based on these benchmarks, 'Characteristic Timing' and 'Characteristic Selectivity' measures are developed that detect, respectively, whether portfolio managers successfully time their portfolio weightings on these characteristics and whether managers can select stocks that outperform the average stock having the same characteristics. The authors apply these measures to a new database of mutual fund holdings covering over 2500 equity funds from 1975 to 1994. Their results show that mutual funds, particularly aggressive-growth funds, exhibit some selectivity ability, but that funds exhibit no characteristic timing ability. Coauthors are Mark Grinblatt, Sheridan Titman, and Russ Wermers. Copyright 1997 by American Finance Association.
Spatial resolution of the tendency-oriented perimetry algorithm.

PURPOSE Tendency-oriented perimetry (TOP) is a new strategy designed to estimate the sensitivity of the visual field quickly, by using linear interpolation between test locations. This study determined the spatial resolution characteristics of TOP. METHODS A Monte-Carlo technique was used to simulate visual fields, and incorporated realistic amounts of subject response variability as well as variability in the average sensitivity of the field. Visual field defects of various depths, ranging from a single point through to 18 contiguous points, were added to the simulated fields. An estimate of the visual field was made using the TOP algorithm. Global indices (mean deviation [MD] and loss variance [LV]) were calculated for both the true visual field and the TOP estimate. RESULTS For small defects of one or two points, the TOP algorithm typically overestimated sensitivity. Sensitivity estimates tended to stratify into one of two possible values, with the lower value being dependent on the absolute position of the defect within the visual field. Although MD was satisfactorily predicted by TOP, LV was underestimated and reached a plateau when defects were deep, especially with smaller defects. For relatively large defects of nine contiguous points, both defect depth and LV was predicted with reasonable accuracy by TOP. The TOP sensitivity estimate for normal locations surrounding a defect was systematically reduced. CONCLUSIONS The TOP procedure has a number of unusual spatial characteristics that prevent it from accurately estimating the spatial extent and absolute sensitivity of visual field defects.
Competitive Action in the Diffusion of Internet Technology Products in Emerging Markets: Implications for Global Marketing Managers

This research explores the extent to which competitive actions of multinational corporations (MNCs) and local vendors of Internet technology products shape the diffusion of their respective products in emerging markets. Drawing on competitive technology diffusion, the Austrian perspective on firms’ market processes, and resource advantage theory, the authors develop a set of hypotheses regarding the characteristics of the competitive actions of MNCs and local vendors. They validate the hypotheses with longitudinal field data from two pairs of competing Internet technology products in search engine and consumer-to-consumer electronic markets. The findings indicate that specific market-oriented actions of local vendors and MNCs influence the diffusion of technology products. In particular, global marketing managers should concentrate on a few key actions and take new actions that differ from those of local vendors in emerging markets. This study provides a wealth of knowledge in high-technology product diffusion and demonstrates how competition between local vendors and MNCs in emerging markets differs from typical within-industry competition. In addition, this study conveys important implications to the theory of international business.
Expert reports in Australian takeovers: fees and quality

Target firms in Australian takeovers are required to commission the preparation of an independent expert report in circumstances where there is a perceived conflict of interest with the bidder. As approximately half of these reports are prepared by firms with which the target has other business dealings, concern has been expressed over the quality of these reports due to the suggestion that such reports are provided at lower fees. We examine the 191 independent expert reports provided in all 649 Australian takeover bids initiated in the period 1990 to 2000 inclusive. Using an expert-fee model, we find that the fees for reports by experts with other business dealings with the target are not lower than those of unrelated experts. In addition, the results indicate that experts with other dealings with the target provide reports with a significantly smaller valuation range, consistent with these reports being of higher, rather than lower, quality. Our findings are inconsistent with the U.S. and New Zealand experience of prohibiting audit firms from providing valuation advice in takeovers.
Guiding Newcomers’ Information Seeking in Wikipedia

Research in offline and online communities has identified feedback from existing members as an important factor in encouraging participation by new members. However, many online communities suffer from a lack of interaction among newcomers and existing members. There has been less research on how this interaction can be encouraged and facilitated. We hypothesize that the lack of knowledge about others in the community contributes to the lack of interaction. In this position paper, we discuss our suggested solution to increase this interaction by providing recommendations to newcomers about who they can contact to learn more about how the community functions.
Options Trading and the Bid-Ask Spread of the Underlying Stocks

This study shows that options listing significantly affects the spreads on the underlying stock. The authors identify a trade-off between the benefits of increased liquidity and the cost of informational externalities. Highly liquid stocks tend to have spread increases, while illiquid stocks experience spread decreases. The effect occurs in concert with nonlisting volatility changes. The spread changes do not appear to be caused by shifts in liquidity between the stock and options market. Often, spread changes are large enough to affect significantly the cost of equity capital. Copyright 1992 by University of Chicago Press.
Morphological alterations in the prostate stroma of rats submitted to chronic nicotine treatment

The stroma plays a fundamental role in the function of different glandular systems. In the prostate, the stroma is responsible for the development and maintenance of the differentiated state of the epithelium. Nicotine induces tobacco dependence and promotes morphological alterations in the epithelial compartment. However, its effects on the prostate stroma are unclear. The objective of this study was to evaluate the morphology of the stromal microenvironment in the ventral prostate lobe of rats submitted to chronic nicotine administration. Twenty rats (Rattus norvegicus) were divided into two groups: 10 animals received subcutaneous nicotine and 10 animals received physiological saline by the same route. After treatment, samples were collected from the ventral prostate lobe, processed and submitted to histology, histochemistry, and ultrastructural analysis by transmission and scanning electron microscopy. The level of circulating testosterone was also analyzed. The results showed a significant increase in the density of type I collagen (56.3% to 85.9%, P < 0.01) and a decrease in the density of type III collagen (43.7% to 14.1%, P < 0.01). In addition, there was a qualitative increase in elastic fibers and in the number of smooth muscle cells with a secretory phenotype. Circulating testosterone levels were significantly reduced (898.3 to 363.1 ng/mL, P < 0.01). The results showed that nicotine modifies different components of the prostate stroma, suggesting that this drug is a risk factor for morphofunctional alterations in the prostate gland. Microsc. Res. Tech. 2012. © 2011 Wiley Periodicals, Inc.
Too much of a good thing: sea ice extent may have forced emperor penguins into refugia during the last glacial maximum

The relationship between population structure and demographic history is critical to understanding microevolution and for predicting the resilience of species to environmental change. Using mitochondrial DNA from extant colonies and radiocarbon‐dated subfossils, we present the first microevolutionary analysis of emperor penguins (Aptenodytes forsteri) and show their population trends throughout the last glacial maximum (LGM, 19.5–16 kya) and during the subsequent period of warming and sea ice retreat. We found evidence for three mitochondrial clades within emperor penguins, suggesting that they were isolated within three glacial refugia during the LGM. One of these clades has remained largely isolated within the Ross Sea, while the two other clades have intermixed around the coast of Antarctica from Adélie Land to the Weddell Sea. The differentiation of the Ross Sea population has been preserved despite rapid population growth and opportunities for migration. Low effective population sizes during the LGM, followed by a rapid expansion around the beginning of the Holocene, suggest that an optimum set of sea ice conditions exist for emperor penguins, corresponding to available foraging area.
Balanced Scorecard Implementation in a Local Government Authority: Issues and Challenges

Over the last decade the balanced scorecard (BSC) has emerged as a popular strategic performance measurement and control system within various public sector organisations as it assists in effectively implementing strategy and in measuring performance. This article investigates whether the implementation of a BSC has been of value to a large Local Government Authority (LGA) within Australia. The research takes a thematic approach to identify the issues, challenges and lessons learnt in relation to the design and implementation of the BSC, which is accomplished through a review of annual reports, published relevant documents and semi-structured interviews with 13 senior managers of various programs and divisions within the LGA. Future research opportunities are also identified in this area.
Dividend Policy of Indian Corporate Sector: A Study of Select Companies during the Post-liberalisation Regime

The effects of liberalisation in India have led to the companies to operate in a new economic environment. The entry of foreign companies has widened the opportunity of opening new avenues for the investors. So the companies found themselves in a complex situation. On the one hand, companies have to play a defensive role in the area of dividend payment to retain money to face any downtrend in the market conditions. On the other hand, they have to follow an aggressive dividend policy to attract investors who have greater choices for making investment in the post-liberalisation period. Therefore, it is high time to seek answers to some of the important questions that may arise here. The questions that may mainly be raised here are—‘How do finance managers of Indian companies adapt themselves to the changed circumstances in the post-liberalisation period? ’, ‘What factors do they consider at the time of designing an appropriate dividend policy? ’ and ‘How much importance do they pay to these factors while making their dividend decisions? ’ In this backdrop, the present study seeks to analyse the factors that influence the dividend policy of selected companies in the Indian corporate sector during the period 1998–1999 to 2007–2008 and also to examine whether its findings conform to the theoretical argument.
The Changing Metabolism of Cities

Data from urban metabolism studies from eight metropolitan regions across five continents, conducted in various years since 1965, are assembled in consistent units and compared. Together with studies of water, materials, energy, and nutrient flows from additional cities, the comparison provides insights into the changing metabolism of cities. Most cities studied exhibit increasing per capita metabolism with respect to water, wastewater, energy, and materials, although one city showed increasing efficiency for energy and water over the 1990s. Changes in solid waste streams and air pollutant emissions are mixed.
Financing of small and medium enterprises (SMEs): Determinants of bank loan application

The main focus of this paper is to answer the question, ‘what are the factors that determine a SME to apply for a bank loan? ’ Four elements namely human capital, firm, business strategy and information asymmetry underlie this study’s theoretical framework. The main objective of the paper is to develop a bank loan model based on applicability. The model was developed using quantitative method coupled with a hypothetical-deductive testing approach, applied on primary data on loan applications gathered from the questionnaires. The logistic regression tests indicate that the business experience of a firm’s owner does not have a significant relation with the firm’s tendency to apply for a bank loan. The educational background of the firm’s owner, the firm’s size, collaterals and loans with interest were found to be negatively related to its tendency to apply for bank loans. However, the firm’s business plans and start-up relationship with bankers were found to be positively related to the firm’s applying bank loans. Key words: SME bank loan application, education and experiences, firm size, business plan, collaterals, loan with interest, Libya.
Decentralization, Incentive Contracts and the Effect of Distortions in Performance Measures

A model endogenizing authority over decisions and incentive contracts is developed. In addition to motivating the agent to exert effort, the principal is concerned about some non-contractible decision that is chosen simultaneously with the agent's effort. The choice of this decision affects both the performance measure and the principal's objective. We consider two allocations of authority to make this decision; principal and agent authority. The choice of authority structure affects the incentive contract, which together with authority structure, affects the agent's effort. We determine the optimal authority structure and incentive contract and how they are affected by different factors.
Mortality in a cohort of tannery workers.

OBJECTIVES: To evaluate the mortality of a group of tannery workers. METHODS: The cohort consisted of 1244 workers (870 men and 374 women) employed at a chrome tannery between 1955 and 1988. A total of 36414 person-years of follow up was calculated (369 people had died). National and regional mortalities were used to estimate the expected numbers. RESULTS: All cause mortality was similar to that of the general population. The most remarkable excess was for bladder cancer (observed 10, standardised mortality ratio (SMR) 242, 95% confidence interval (95% CI) 116 to 446). An excess of colorectal cancer (observed 17, SMR 180, 95% CI 105 to 288) was also found, based on an increased risk of both colon (SMR 166) and rectal cancer (SMR 206). No recognisable patterns emerged from the analyses by years since first employment, calendar year of hire, or lagging exposures. CONCLUSIONS: The increased mortality from bladder cancer is likely due to exposure to benzidine based leather dyes. If the apparent excess of colorectal cancer is real, its causes are as yet unknown.
Pursuing the Debate on Active Currency Management

This article investigates the performance of active currency programs either as an asset class or as an overlay. The authors find that managed currency funds have produced positive returns over the years that are mainly due to the presence of trends in the foreign exchange markets. An active currency overlay program has the potential to beat both hedged and unhedged benchmarks in terms of absolute and risk-adjusted returns
A Theory of Takeovers and Disinvestment

We present a real-options model of takeovers and disinvestment in declining industries. As product demand declines, a first-best closure level is reached, where overall value is maximized by shutting down the . rm and releasing its capital to investors. Absent takeovers, managers of unlevered firms always abandon the firm's business too late. We model the managers' payout policy absent takeovers and consider the effects of golden parachutes and leverage on managers' shut-down decisions. We analyze the effects of takeovers of under-leveraged firms. Takeovers by raiders enforce first-best closure. Hostile takeovers by other firms occur either at the first-best closure point or too early. We also consider management buyouts and mergers of equals and show that in both cases closure happens inefficiently late.
Holders of the Purse Strings: Governance and Performance of Public Retirement Systems

Public sector pension plans are managed in diverse ways, with governance policies distinguished according to their board composition and size, how the trustees structure their investment decisions, what restrictions are placed on their investments, and whether they have independent performance evaluations. We examine how these governance policies affect pension investment strategies, and how those strategies in turn affect the funds' financial performance. Methods. Drawing on two national surveys of state and local public retirement systems in 1992 and 1993, we ask if pension governance policies affect whether they (1) invest tactically in response to changing conditions; (2) allocate assets between equities and fixed-income holdings; (3) contract for external asset management; and (4) invest outside the U.S. Results. Empirical analysis reveals that government policies - especially independent performance evaluations - predict investment decisions in all four areas. These investment strategies are found in turn to affect subsequent fund performance: preferential investing in equities and abroad increased annual returns on their asets by as much as one to two percentage points. Conclusions. The ways that public pensions are governed have a direct bearing on how they invest their assets, and the investment strategies in turn directly affect the financial performance of their holdings.
Economics Without Money; Sex Without Gender: A Critique of Philipson and Posner's "Private Choices and Public Health: The AIDS Epidemic in an Economic Perspective"

''Economics Without Money; Sex Without Gender'' critiques Tomas Philipson and Richard Posner's neoclassically-based model of sexual ''trades'', which argues that ''market'' mechanisms will be largely sufficient to control the AIDS epidemic. As feminist economists have pointed out, such neoclassically-based models rest upon strong assumptions regarding the availability of information, the partners' egotism, the absence of extra-economic coercion, and the ability of all parties to exit the market. In so doing, these models ignore the ways in which political, social, and cultural inequalities (e.g., race, gender, class, and nationality) may systematically bias market negotiations, including those over safe sex. The paper critiques the model's neoclassical assumptions and its prescriptions for public policy in the areas of epidemiology, HIV testing, and public subsidies for HIV/AIDS education and AIDS-related medical research. Finally, it discusses the impact of these inequalities on safe-sex negotiations in the case of the US low-income bi/heterosexual women, especially women of color, for whom AIDS is now the leading cause of death.
Decreased macrophage release of TGF-β and TIMP-1 in chronic obstructive pulmonary disease

The present study tested the hypothesis that alveolar macrophages (AM) from patients with chronic obstructive pulmonary disease (COPD) release more pro-inflammatory and/or less anti-inflammatory mediators than those from smokers with normal lung function and never-smokers. AM were sorted by flow cytometry from bronchoalveolar lavage fluid in 13 patients with COPD (mean±SEM 67±2 yrs, forced expiratory volume in one second (FEV1) 61±4% reference), 16 smokers with normal lung function (55±2 yrs, FEV1 97±4% reference) and seven never-smokers (67±7 yrs, FEV1 94±4% reference). After sorting, AM were cultured (with and without lipopolysaccharide stimulation) after 4 h and 24 h, and the concentrations of leukotriene B4 (LTB4), transforming growth factor (TGF)-β1 and tissue inhibitor of metalloproteinase (TIMP)-1 were quantified in the supernatant by ELISA. The production of reactive oxygen intermediates (ROI) in freshly isolated AM was determined by flow cytometry. LTB4 secretion and ROI production were not different between groups. In contrast, AM from COPD patients released significantly less TGF-β1 and TIMP-1 than those from smokers with normal lung function and nonsmokers. In conclusion, these observations are compatible with reduced anti-inflammatory and anti-elastolytic capacity in chronic obstructive pulmonary disease, which is likely to contribute to the pathogenesis of the disease.
Dye coupling does not explain functional crosstalk within dorsal root ganglia

Abstract Most primary sensory neurons in rat dorsal root ganglia (DRGs) are depolarized during repetitive impulse activity in neighboring neurons that share the same ganglion. We wondered whether this functional crosstalk might be mediated by a network of cytoplasmic bridges (gap junctions) between neighboring neurons and their satellite glia. Neurobiotin was injected intracellularly in whole excised DRGs. Some of the animals were intact, and others underwent transection of the ipsilateral sciatic nerve 7 to 21 days prior to injection. A total of 44 directly injected neurons were recovered histologically. There was little or no evidence of dye spread to neighboring satellite cells or neurons that would have indicated the presence of cytoplasmic bridges, certainly not enough to account for the nearly universal functional coupling that occurs among these neurons. Functional crosstalk within DRGs must therefore employ a different mechanism.