Miracle-dz/UniFAR-FTUs huggingface dataset:
Overconfidence and Active Management: An Empirical Study across Swiss Pension Plans

Pension plans in Switzerland favor active management over indexing to implement their strategic asset allocation. Empirical surveys show, however, that their success has been below expectations, as the median performance of Swiss pension plans in domestic and international equities is below market indices even gross of fees. The results of this paper's survey across decisionmakers of Swiss pension plans sheds some light on why active management is still so popular across Swiss pension plans. On average the participants in the sample are prone to the better-than-average-effect. A majority expects their managers and their overall pension plan to outperform the other survey participants in the future. The subjective perceptions of the own skill level relative to the competitors can explain the popularity of active management across Swiss pension plans.
Transcranial Magnetic Stimulation Reveals Executive Control Dissociation in the Rostral Prefrontal Cortex

Although previous studies have shown that the rostral prefrontal cortex (rPFC) plays a crucial role in executive tasks, the various functions of the rPFC in the humans are still understudied. Here we used transcranial magnetic stimulation (TMS) with continuous theta burst stimulation (cTBS) to interfere with the executive control functions of the right rostrolateral PFC (RLPFC) or the right rostromedial PFC (RMPFC). Subjects performed a task-switching paradigm, which included spatial detection (SD), prospective memory (PM) and working memory (WM) tasks, after cTBS. The performance of 18 healthy volunteers was evaluated on different days after cTBS over the right RLPFC, the right RMPFC, and the vertex (serving as a control site). The application of cTBS over the RLPFC significantly increased the switching costs (SCs) of the error rates (ERs) when switching to the PM task, while RMPFC-cTBS decreased SCs of ERs when switching to the WM task, compared with the control vertex site. These findings provide evidence for a differential role of the RLPFC and the RMPFC in executive functions, with a specific involvement of the RLPFC and the RMPFC in PM, and WM, respectively.
Ultrasonic Sensor Triangulation for Accurate 3D Relative Positioning of Humanoid Robot Feet

A simple measurement system with a set of six ultrasonic piezoelectric transducers is presented for direct 3D positioning of humanoid robot limbs. A configuration with three emitters and three receivers leads to millimetric estimation of the distances. Millimetric resolution achievement over 70 cm range is aimed with high angular tolerance in order to mount the sensor on a humanoid robot. Sampling frequency up to 60 Hz is obtained. The sensor is then used to estimate relative positions and orientations in the space of each foot of the robot with regard to the pelvis. The principle and experimental performances of the sensor are presented in the first part with uncertainty estimations and discussions. In the second phase, the sensor has been setup on the ROBIAN humanoid robot to illustrate an application case and test the performances.
Methotrexate in refractory Crohn's disease.

BACKGROUND Recent trials suggested that methotrexate may be effective in refractory Crohn's disease (CD). We analyzed the data of 20 patients treated with methotrexate because of corticodependent or refractory CD. METHODS Between January 1995 and June 1997, 20 azathioprine-resistant or -intolerant patients with active CD requiring continuous glucocorticosteroid treatment were treated with parenteral methotrexate. Clinical response was assessed by the Harvey-Bradshaw clinical activity index. Concomitant steroid use and steroid withdrawal rates were recorded. Patients were assessed at 12 weeks, 6 months, 9 months, and 12 months after the start of methotrexate therapy. RESULTS At 12 weeks, a clinical response was obtained in 14/20 patients (70%). These response rates decreased to 10/20 patients at 6 months, 8/17 patients at 9 months, and 4/14 evaluable patients at 12 months. In initial responders (n = 14), maintenance of remission was observed in 9/14, 6/11, and 3/9 patients at 6, 9, and 12 months, respectively. Methotrexate allowed corticosteroid tapering in 85% of patients and discontinuation in 60% of patients at 6 months. Side effects were rather frequent but usually mild and prompted discontinuation in two patients. CONCLUSIONS In this retrospective study, parenteral methotrexate appeared to be effective in inducing a clinical response in 70% of azathioprine-resistant or -intolerant CD patients and often permitted corticosteroid tapering, with an acceptable short-term toxicity. The potential of methotrexate to maintain long-term remission in refractory patients, however, appears less convincing.
The Family Business Map: Framework, Selective Survey, and Evidence from Chinese Family Firm Succession

This paper analyzes the causes and consequences of founding family engagement in firm ownership and management. We hypothesize that families manage their firms because they are able to make contributions that non-family managers cannot provide. However, roadblocks arising from within the family, from markets, and from surrounding institutions challenge family ownership. We propose a new framework for organizing these assets and roadblocks, called the family business map; this framework is useful for categorizing the papers presented in this Special Issue. We support the predictions of the framework with evidence from Chinese family firm succession, and conclude that family firm organization is an adaptation to environmental opportunities and constraints. We end the paper with suggestions for future research.
Global start-ups: Entrepreneurs on a worldwide stage

Executive Overview If the mouse connected to your personal computer is made by Logitech, Inc.—and there's a good chance it is—then you're plugged into the growing phenomenon of global start-ups. Most people expect new ventures to begin domestically and for their international operations to evolve slowly, but global start-ups are international at inception. Logitech was founded in 1982 by a Swiss and two Italians who had global aspirations from the beginning. The venture was headquartered in both California and Switzerland. The firm's R&D and manufacturing were also split between California and Switzerland, and then quickly spread to Taiwan and Ireland. By 1989, it had revenues of $140 million and 30 percent of the worldwide market for those ubiquitous computer rodents. Was the Logitech experience unique, or might there be a pattern underlying the creation dynamics and success characteristics of global start-ups? To answer these questions, we analyzed twelve such start-ups, and personally interviewed sever.
The Influences Of Macroeconomic Forces On The Value-Momentum Spread Of Global Equities

We extend our prior research on the determinants of the value-momentum spread of global equities to investigate the macroeconomic influences on this spread. The common arbitrage pricing theory (APT) macroeconomic forces identified by Chen, Roll and Ross (1986) are employed in a univariate test. Two significant variables extracted from the univariate test include the growth in the industrial production of advanced economies and the U.S. dollar strength relative to the currencies of developed economies. When these two variables are included in a two-factor regression, it is found that the industrial production growth is negatively correlated with the value-momentum spread, while the U.S. dollar strength is positively correlated with the value-momentum spread. Due to the fact that the value-momentum spread declines near the market peak and increases when the market crashes, the growth in industrial production could be regarded as an expansionary indicator and the U.S. dollar strength could be regarded as a contractionary indicator for future economic trends.
On Distributor Commitment in Marketing Channels for Industrial Products: Contrast between the United States and Japan

Previous studies have highlighted task environmental factors as the sole drivers of a distributor's commitment to its supplier and have found positive consequences of distributor commitment. The authors propose institutional factors as another motive for distributor commitment in channel relationships. Specifically, the authors suggest that long-term orientation is an essential institutional environment to consider for a comparative study of distributor commitment. The authors hypothesize that distributor commitment is driven by both task environmental factors and institutional factors. The authors conduct national surveys of industrial distributors in the United States and Japan to test the hypotheses. The hypothesis test results indicate that task environmental factors are related significantly to distributor commitment regardless of the channel contexts and that the effect of an institutional factor varies across the channel contexts.
Interference by antiarrhythmic agents with function of electrical cardiac devices.

The possible interference of drugs with the function of implanted electrical cardiac devices in two patients is described, and the literature on the interaction between these drugs and devices is reviewed. A 59-year-old woman had a permanent pacemaker implanted after diagnosis of tachycardia-bradycardia syndrome, and her drug regimen of digoxin, verapamil, and warfarin was supplemented with flecainide to prevent paroxysmal atrial fibrillation. A Holter monitor recording performed after five days of flecainide therapy showed the pacemaker was sensing and pacing normally. Approximately three weeks after pacemaker implantation and initiation of flecainide therapy, a Holter monitor recording showed high-grade atrioventricular block and failure of the pacemaker to capture. A chest roentgenogram showed that the pacemaker lead was properly placed. The pacemaker's pulse amplitude and pulse width were increased, and the device again functioned reliably. Six months later the pacing threshold was noted to have returned to normal. A 64-year-old man had a history of aborted sudden cardiac death from ventricular tachyarrhythmias. The patient received an automatic implanted cardioverter-defibrillator (AICD); at that time, a 15-J discharge was required to terminate induced ventricular fibrillation (VF). Three years later, the AICD was replaced; the energy required for VF termination with the new unit was 16 J. Seven months after implantation of the new unit, the patient had several episodes of ventricular tachycardia (VT). Moricizine therapy was initiated. An electrophysiologic study (EPS) three days later showed that a larger shock (28 J) was required to terminate VF and that the pacing threshold had increased. (ABSTRACT TRUNCATED AT 250 WORDS)
Analyst Following of Initial Public Offerings

The authors examine data on analyst following for a sample of initial public offerings completed between 1975 and 1987 to see how they related to three well-documented initial public offering (IPO) anomalies. They find that higher underpricing leads to increased analyst following. Analysts are overoptimistic about the earnings potential and long-term growth prospects of recent IPOs. More firms complete IPOs when analysts are particularly optimistic about the growth prospects of recent IPOs. In the long run, IPOs have better stock performance when analysts ascribe low growth potential rather than high growth potential. These results suggest that the anomalies may be partially driven by overoptimism. Copyright 1997 by American Finance Association.
Labor Market Conditions and Wage Determination: The Job-Loss Augmented Wage Curve

For much of the midto late-1990s, economists have wondered at the simultaneously low unemployment and inflation rates in the United States. Since the fourth quarter of 1991, the Consumer Price Index has barely risen above three percent annually, falling below two percent for all of 1998. Further, while wage inflation has increased slightly throughout the 1990s, it remained below four percent for 1998. This despite the fact that the civilian unemployment rate in the US has fallen steadily from a high of 7.8 percent in June 1992 to 4.3 at the end of 1998. This combination of a tight labor market with modest wage inflation and almost non-existent price inflation has led many to the conclusion that the Non-Accelerating Inflation Rate of Unemployment (NAIRU – alternatively known as the natural rate of unemployment) has fallen, allowing a permanent inward shift of the Phillips and wage-Phillips curves. A number of possible explanations for this shift have been suggested, including the increased use of temporary workers and increased price competition resulting from the abundance of information now available on the Internet. Each of these surely has some merit, but this paper
The Prisoners` Dilemma and city-centre traffic

Such problems as inner-city traffic congestion and pollution are often asserted to be examples of the n-person Prisoners' Dilemma Game (PD), but there is a dearth of empirical research that tests this assertion. 551 car owners in Oxford responded to three pairs of alternatives designed as traffic versions of the four outcomes of the PD, by stating which alternative in each pair they preferred. Only 2% of respondents showed the full set of preferences which fit the PD. Four sets of preferences were common and accounted for 93% of responses suggesting that no single canonical game structure represents the traffic problem. The most common set of preferences, shown by 48% of respondents, fitted an 'Assurance Game'. The results imply that the current city-centre traffic problem may be in substantial part due to lack of assurance and trust rather than raw self-interest. The public policy implications of the results are discussed. Copyright 2005, Oxford University Press.
Malaysia's Political Economy: Politics, Patronage and Profits

1. Defining the parameters 2. The colonial legacy 3. The new economic policy 4. Privatising state assets 5. The 'new rich' 6. Liberalisation after 1990? 7. Politics, policies and patronage Afterword: from economic to political crisis.
An Empirical Analysis of the Impact of Government Tax and Auditing Policies on the Size of the Underground Economy: The Case of the United States, 1973-94

This study empirically examines the impact of federal income tax rates, IRS penalties on unpaid tax liabilities, and audit rates by the Internal Revenue Service on the size of the underground economy in the United States. Recent data generated by Edgar Feige are used to measure the size of the underground econ­omy. Based on ordinary least squares estimates, it is found that the maximum marginal personal income tax rate raises the size of the underground economy. In addition, the size of the underground economy is found to be a decreasing function of both the percentage of tax returns audited and the penalties imposed by the IRS on unpaid taxes.
Early EEG Grade and Outcome at 5 Years After Mild Neonatal Hypoxic Ischemic Encephalopathy

OBJECTIVE: More than half of all infants with neonatal hypoxic ischemic encephalopathy (HIE) are graded as mild and do not meet current criteria for therapeutic hypothermia. These infants are often not enrolled in follow-up, and hence our knowledge of their long-term outcome is sparse. We wished to compare 5-year outcomes in a group of infants with mild, moderate, and severe HIE, graded with both early EEG and clinical assessment, none of whom were treated with therapeutic hypothermia. METHODS: Term infants with HIE and a healthy comparison group were recruited at birth. Both groups had early continuous EEG recordings. Cognitive and motor outcome was assessed at 5 years. RESULTS: Outcome was available in 53 infants with HIE and 30 infants in the comparison group at 5 years. Infants with mild HIE at birth (n = 22) had significantly lower full-scale IQ, verbal IQ, and performance IQ than comparison infants (n = 30) at 5 years (P = .001, .001, and 0.004, respectively). No difference in cognitive measures was seen between infants with mild and moderate grades HIE. Intact survival at 5 years varied across EEG grade HIE at 6 hours after birth; 75% in mild, 46% in moderate, 43% in major abnormalities, and 0% with inactive EEGs, compared with 97% in the comparison group. CONCLUSIONS: Survivors of mild HIE, graded clinically or by early EEG, have higher rates of disability than their peers and have cognitive outcomes similar to that of children with moderate encephalopathy in an uncooled HIE cohort.
Adenosine transporter antagonism in humans augments vasodilator responsiveness to adenosine, but not exercise, in both adenosine responders and non‐responders

We previously demonstrated a bimodal distribution of forearm vasodilator responsiveness to adenosine (ADO) infusion in the brachial arteries of human subjects. We also demonstrated that ADO receptor antagonism blunted exercise hyperaemia during heavy rhythmic handgripping, but vasodilator responses to exogenous ADO were only blunted in ADO responders. In this study, we continued investigating the contribution of ADO to exercise hyperaemia and possible differences between responders and non‐responders. We hypothesized that ADO transporter antagonism would increase vasodilatation in response to exogenous ADO in responders only, but not effect exercise‐mediated vasodilation. To test this hypothesis, we compared forearm vascular conductance (FVC) during infusion of ADO to FVC during handgripping before and after infusion of dipyridamole (DIP) in 20 subjects. In ADO responders, change in FVC above baseline (ml min−1 (100 mmHg)−1) for low, medium and high doses of ADO, respectively, was 58 ± 8, 121 ± 22 and 184 ± 38, and after DIP was 192 ± 32, 238 ± 50 and 310 ± 79. For non‐responders, these values were 23 ± 2, 43 ± 5 and 66 ± 9, respectively, before DIP (P < 0.01 versus responders). Contrary to our hypothesis, these values were increased by DIP in non‐responders (P < 0.001) and therefore not different from responders (P > 0.20). We found that ADO transporter blockade had no effect on exercise hyperaemia in either subgroup. We conclude that there may be increased ADO transporter activity in non‐responders resulting in reduced ADO‐mediated vasodilatation. The failure of DIP to augment exercise hyperemia under these conditions suggests that ADO concentrations may not rise enough during rhythmic handgripping to have a major impact on these responses.
Entrepreneurial learning in the context of portfolio entrepreneurship

Purpose – Previous research has predominantly focused on the meaning of prior entrepreneurial experience in the context of habitual entrepreneurship. To date, however, little is known about how previous experience affects the way in which several firms can be managed simultaneously. The purpose of this study is to examine entrepreneurial learning in the context of portfolio entrepreneurship and clarify how it is possible to manage several firms at the same time.Design/methodology/approach – An exploratory study using a case method was conducted (Eisenhardt; Yin) by focusing on one portfolio entrepreneur. In this study, the case can be considered as unusual thus being suitable for a single‐case study. Data were collected through interviews and the entrepreneur also provided the researchers with a written description of the development and present situation of his entrepreneurial career.Findings – This study proposes that failures may develop entrepreneurial knowledge as well as founding experiences. Develo.
The effective human resource management system in transitional China: a hybrid of commitment and control practices

The content and effectiveness of a human resource management system needs to be understood in a certain management context. However, research on strategic human resource management in China has largely ignored the local realities. In response, we develop and test a model of China based effective HRM system rooted in the local management context. Results show that the China based effective HRM system is a ‘hybrid system’ consisting of both commitment and control HR practices, and has much more significant positive effects on firm performance compared with American-style high-commitment and high-involvement work practices.
Relative Wage Variation and Industry Location

Relative wages vary considerably across regions of the United Kingdom, with skill-abundant regions exhibiting lower skill premia than skill-scarce regions. This paper shows that the location of economic activity is correlated with the variation in relative wages. U.K. regions with low skill premia produce different sets of manufacturing industries than regions with high skill premia. Relative wages are also linked to subsequent economic development: over time, increases in the employment share of skill-intensive industries are greater in regions with lower initial skill premia. Both results suggest firms adjust production across and within regions in response to relative wage differences.
A TEST FOR ENVIRONMENTAL EFFECTS ON BEHAVIORAL ISOLATION IN TWO SPECIES OF KILLIFISH

Behavioral isolation is a common and potent mechanism of reproductive isolation. Determining the extent to which behavioral isolation varies with environmental conditions is critical to understanding speciation and the maintenance of species boundaries. Here, we tested the effect of salinity on behavioral isolation (female species recognition, male–male competition, and male species recognition) between two closely related killifish (Lucania goodei and L. parva) that differ in salinity tolerance. We performed no‐choice assays and behavioral trials where males could compete and court females in fresh water (0 ppt) and brackish water (15 ppt). We found high levels of behavioral isolation that did not vary as a function of salinity. In behavioral trials, male species recognition of females was strong and asymmetric between the two species. Lucania goodei males preferred conspecifics and rarely courted or mated with L. parva females. Lucania parva males preferred conspecifics but readily courted and mated with L. goodei females. This asymmetry matches previously documented asymmetries in hybrid offspring fitness. Crosses between L. parva males and L. goodei females produce fully viable/fertile hybrids, but crosses between L. goodei males and L. parva females produce males with reduced fertility. Hence, behavioral isolation may have evolved in part due to reinforcement.
Rethinking factional alliances and union renewal: Inter-union collaboration in the 21st century

In the past two decades, trade unions have sought to counter membership decline, initially through a focus on organizing. More recently the union renewal project has prompted a re-examination of whether unions can use different types of inter-union collaboration to build power for workers and the movement. This article examines two examples of such inter-union collaboration, the Transport Unions Federation and the Australian Workers’ Union–Maritime Union of Australia Offshore Alliance. The development of these organizational relationships is important to the trade union movement in Australia and internationally as examples of new forms of external solidarity.