Miracle-dz/UniFAR-FTUs huggingface dataset:
The Impact of Capital Structure on Firm’s Performance ( A case of Non-Financial Sector of Pakistan)

This paper tends to investigate the impact of capital structure on the firm performance of the firms from the non-financial sector of Pakistan. Non-financial firms listed on Karachi Stock Exchange are taken as the sample size for the study. For measuring the performance of the firms Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM) and Earning per Share (EPS) are used as proxies. Short Term Debt (STD), Long Term Debt (LTD) and Leverage of the Firm or Total Debt (LEV) are variables for the capital structure. Controlled variables installed in the study are Size of the Firms (SIZE), Sales Growth (SALG), Assets Growth (ASSG) and Assets Turnover or Efficiency of the Firm (ASST). The total firms were 441, due to incomplete data it came down to 380 firms. Ordinary Least Square (OLS) method is used to analyze the performance, data is taken from 2005 to 2011 i.e. 7 years. Short Term Debt (STD), Long Term Debt (LTD) and Leverage of the Firm (LEV) have a negatively affected Return on Assets (ROA). Return on Equity (ROE) has a negative relation with all the capital structure variables but with Long Term Debt (LTD) and Leverage of the Firm (LEV) it was insignificant. In case of Net Profit Margin (NPM) the impact was positive but was insignificant for all the variables i.e. Long Term Debt (LTD), Short Term Debt (STD) and Leverage of the Firm (LEV). All the capital structure variables negatively affected Earning per Share (EPS) and were significant. Assets Turnover affected the performance positively for all proxies except Net Profit Margin (NPM) for which it was positive but insignificant. Size of the firm positively affected the performance overall while Sales Growth (SALG) has a significantly negative impact on Return on Assets. Assets Growth was found to have on impact on the performance of the firms. Keywords: Capital Structure, Firm’s Performance
Online course discussion through Second Life

The Griffith University Virtual Learning Environment was created using the Second Life application in 2007. Now in its third year of development and implementation, the effectiveness of the Second Life environment to support postgraduate online course discussions is compared to the online text chat tool available to the Blackboard Learning Management System. In a study involving two postgraduate courses, each of 14 students, the group using the Second Life environment was found to more effectively support small group online text based discussions through three effects generated by the use of avatars to represent physical presence within the environment. Firstly, participants could automatically telegraph their intention to contribute to discussions through animated typing simulated by their avatar while preparing a contribution. This provided pauses in discussions as participants waited for contributors to present their textual contribution before conversations progressed. This process was not evident in traditional text based chat systems where participant contributions would frequently be included after the discussion had moved on and this limitation was found to be an inhibiting factor to the participation of slower contributors. Secondly, participants were strongly encouraged by the Second Life environment not to multitask during discussions. When the Second Life environment was not the focus of their activity or they left their computer inactive for any significant time, their avatar would animate as asleep. This indicated to all participants that the owner was absenting him or herself from the conversation and provided strong social pressure to remain active or at least attentive to conversations. Finally, the Second Life environment encouraged ancillary conversations between participants to a greater extent than the Blackboard chat system. The Second Life environment enabled participant avatars the ability to cluster and physically move apart from the main group to conduct private or smaller group discussions. The physical separation of avatars within the environment, beyond the distance they send and receive typed messages, provided an effective sense of privacy while retaining the perception of remaining part of a larger group through the retained ability to observe clusters of avatars without receiving or contributing to their conversations. Second Life presents an innovative online course discussion environment but as an emerging technology is subject to significant technical disruption and system requirements. However, the Second Life environment was found to support intuitive processes afforded by the Second Life environment that could not be replicated in a purely text based system. Keyword: innovation, education, virtual environments, second life
ATLAS: A High-cadence All-sky Survey System

Technology has advanced to the point that it is possible to image the entire sky every night and process the data in real time. The sky is hardly static: many interesting phenomena occur, including variable stationary objects such as stars or QSOs, transient stationary objects such as supernovae or M dwarf flares, and moving objects such as asteroids and the stars themselves. Funded by NASA, we have designed and built a sky survey system for the purpose of finding dangerous near-Earth asteroids (NEAs). This system, the “Asteroid Terrestrial-impact Last Alert System” (ATLAS), has been optimized to produce the best survey capability per unit cost, and therefore is an efficient and competitive system for finding potentially hazardous asteroids (PHAs) but also for tracking variables and finding transients. While carrying out its NASA mission, ATLAS now discovers more bright (m < 19) supernovae candidates than any ground based survey, frequently detecting very young explosions due to its 2 day cadence. ATLAS discovered the afterglow of a gamma-ray burst independent of the high energy trigger and has released a variable star catalog of 5 × 106 sources. This is the first of a series of articles describing ATLAS, devoted to the design and performance of the ATLAS system. Subsequent articles will describe in more detail the software, the survey strategy, ATLAS-derived NEA population statistics, transient detections, and the first data release of variable stars and transient light curves.
Fecundity and Spawning Strategy of Shortfin Squid Illex coindetii (Oegopsida: Ommastrephidae), in the Eastern Mediterranean

Samples of Illex coindetii were collected with bottom trawl net at 150, 350 and 550 m depths in the Aegean Sea (Eastern Mediterranean). Sampling was carried out monthly from May 2008 to April 2009. A total of 1415 I. coindetii individuals (551 males and 688 females and 176 unidentified sex) were collected. The length-weight relationship showed a negative allometry. There was a difference between the sexes in respect to length-weight relationships with females being larger and heavier than males. The smallest mature individual in the Aegean Sea, was observed to be 125 mm ML for females and 117 mm ML for males. The size-at maturity ML50 was calculated separately for males and females, and first maturation was reached at 164.8 mm ML for females and 139.3 mm ML for males. There were two peaks in GSI of females, one in spring and the other in autumn/early winter. Potential fecundities of mature females were between 46500 and 190000 and, there were 3000–7000 ripe eggs in both oviducts. Oocytes size groups distribution in ovary was bimodal at maturing, mature and advanced mature individuals so ovulation pattern was group-synchronous and reproductive strategy was supposed to be intermittent terminal
Stable oxygen isotopes in Irish oaks: potential for reconstructing local and regional climate.

The long Irish oak tree-ring chronology, developed for archaeological dating and radiocarbon calibration, is the longest of any in northwest maritime Europe, spanning most of the Holocene (7,272 years). Unfortunately, the rings’ widths do not carry a strong climate signal and the record has yet to be satisfactorily applied for dendroclimatic reconstruction. This pilot study explores the potential for extracting a climate signal from Irish oaks by comparing the stable oxygen isotopes ratios from ten oak tree cores (Quercus robur and Quercus petraea L.) collected across the Armagh region of NE Ireland with local and regional climatic and stable isotopic data. Statistically significant correlations between isotope ratios and the amount of summer precipitation (r = -0.44) point to the isotopic composition of summer rainfall as the dominant signal. Including the Armagh data into an extended regional oxygen isotope series did not reduce the correlation coefficient with regional precipitation (r = -0.68, p < 0.01). Correlations of this magnitude in dendro-hydroclimatology are typically restricted to trees growing at their ecological limits. This research suggests that there is considerable potential for including living trees and ancient timbers from Ireland into a regional composite to reconstruct the summer hydroclimate of Britain and Ireland.
Quality Evaluation of Kiwi Juice Coagulated Mozzarella Cheese

Standardized milk having casein: fat ratio 0.92 was used and the processes were optimized for the manufacture of cheeses. The samples were analyzed for physico-chemical properties (moisture, total solid, fat, protein, ash, calcium, fat retention, protein retention, yield) and functional properties such as meltability, stretchability, baking quality and shreddability were also analyzed. Significant differences (p<0.05) were found in calcium content of the cheese, color and overall sensory properties. Stretchability and shreddability in relation to functional properties were also found to be significantly different. The yield for mozzarella cheese made using rennet was higher than that of cheese made using kiwi juice as milk coagulant and also it was superior in terms of overall functional properties. It was deemed that a good quality mozzarella cheese with variant characteristics can be prepared by using kiwi juice as milk coagulant.
Is investing in Islamic stocks profitable? Evidence from the Dow Jones Islamic market indexes

We examine whether the market for Islamic stocks is efficient and whether Islamic indices perform better than the market benchmark, after adjusting for volatility. To test the Efficient Market Hypothesis (EMH) we apply a series of unit root tests, including unit root tests that accommodate structural breaks and heteroskedasticity, to the Dow Jones Islamic Market Index (DJIMI) family of Islamic indices and the Dow Jones Industrial Average (DJIA), which we use as the market benchmark. We find that the EMH is supported for most of the Islamic indices. However, depending on the decision rule for choosing between unit root tests, between one and five Islamic indices were found to be mean reverting. We also find that the EMH is supported for the market benchmark. Based on the annualised Sharpe ratio for Islamic indices, we conclude that Islamic indices do not outperform the market benchmark after adjusting for risk. The one proviso to this conclusion is when the market as a whole is in a large downswing, we find that some Sharia compliant stocks do outperform the market as a whole. Finally, we implement a contrarian trading strategy, for trading horizons at one, three, six and 12 months and find that mean-reverting stocks outperform non-mean reverting stocks for trading horizons of three months or higher.
ESTIMATION OF THE CZECH REPUBLIC SACRIFICE RA- TIO FOR THE TRANSITION PERIOD

Estimation of the costs of disinflation policy is usually done using the sacrifice ratio (SR) coefficient. This paper provides two alternative estimates of SR for the Czech economy. The estimates are based on relatively simple, but transparent and verified models, i.e. their vector autoregression and vector moving average representations. When we analysze our estimates of the Czech SR from the accuracy point of view, we see that the results are very sensitive to the way of definition of monetary shocks. Even though the individual estimates of the SR are generally not accurate enough for monetary policy decision making, there is a good probability that the Czech SR was negative during the transition period analysed, with relatively low absolute value. We may therefore assume that if the Czech National Bank decides to incur monetary restriction, such action would not have long-term significant negative impact on output.
VALUE-CHAIN CLUSTERING AS AN ALTERNATIVE STRATEGY FOR SMALL-SCALE AND MICRO FIRMS

Small-scale and micro industries (SSMIs) have received considerable attention in development strategies and policies. On the other hand, the past decade, industrial clusters have emerged as critical forces in economic development strategic planning. The debate of clustering as alternative strategy for SSMI development has dominated many discussions in economic literature. The main objective of the present paper is to explore the motives of SSMIs producing Upholstered Furniture that lead to the creation of a value chain cluster. It examines goals, objectives and investments in relevance with the existing problems and the business leaders' mentality, in order to determine the needs and mix of attitudes necessary to create a promising value chain cluster that enchances productivity and overall performance. Empirical data was acquired through a recent study of 50 Greek micro and small firms, involved in the Upholstered Furniture industry and localised in the area of Attiki. Regression analyses examine the correlation between these firms' problems, expected goals and investment objectives and the commitment to the creation of a value chain cluster. The survey findings provide empirical evidence of current status in Greek Furniture firms. The lack of specialized personell, economic instability and bureaucracy are the most important problems that strenghten the decision of clustering. Becoming more competitive through promotion actions and New Products Development appear to be the most powerful expected goals, while the investment priority decisions tend to be Quality and Productivity improvements and Marketing development. The study creates new options and leads to guidelines able to justify the creation of successful clusters in regional or national policies.
A new physical interpretation of optical and infrared variability in quasars

Changing-look quasars are a recently identified class of active galaxies in which the strong UV continuum and/or broad optical hydrogen emission lines associated with unobscured quasars either appear or disappear on time-scales of months to years. The physical processes responsible for this behaviour are still debated, but changes in the black hole accretion rate or accretion disc structure appear more likely than changes in obscuration. Here, we report on four epochs of spectroscopy of SDSS J110057.70−005304.5, a quasar at a redshift of z = 0.378 whose UV continuum and broad hydrogen emission lines have faded, and then returned over the past ≈20 yr. The change in this quasar was initially identified in the infrared, and an archival spectrum from 2010 shows an intermediate phase of the transition during which the flux below rest frame ≈3400 A has decreased by close to an order of magnitude. This combination is unique compared to previously published examples of changing-look quasars, and is best explained by dramatic changes in the innermost regions of the accretion disc. The optical continuum has been rising since mid-2016, leading to a prediction of a rise in hydrogen emission-line flux in the next year. Increases in the infrared flux are beginning to follow, delayed by a ∼3 yr observed time-scale. If our model is confirmed, the physics of changing-look quasars are governed by processes at the innermost stable circular orbit around the black hole, and the structure of the innermost disc. The easily identifiable and monitored changing-look quasars would then provide a new probe and laboratory of the nuclear central engine.
Variability in the Natural Termite Resistance of Plantation Teak Wood and Its Relations with Wood Extractive Content and Color Properties

Property of natural termite resistance of teak ( T ec tona g r an d i s ) wood signifies one of its most important characteristics. With the purpose of understanding the variation in such resistance, four teak trees in the form of trunk (stem) from Randublatung , Central Java were randomly selected, and each wood portion sampled in radial and axial direction. Extractive content and color properties of the teak wood were also measured and correlated with properties of its natural termite resistance. Bioassay test was conducted by no-choice feeding method using R e t ic u l i t e r m e s spe r a tus Kolbe termites. The extractive contents were determined by successive extraction using n -hexane, ethyl acetate, and methanol, respectively. Color properties were measured with the CIELAB system. Results showed that antitermitic activity of the teak wood was affected by radial and axial position in the corresponding tree. The wood from middle part of the trees in axial direction exhibited the most resistant to termites (mean mass loss = 1- 4 mg ), while in radial direction the sapwood exhibited the least resistance ( greatest mass loss), and moving inward to the near-pith heartwood the resistance tended to decrease somewhat (slight increase of mass loss). Heartwood and sapwood part differed significantly in ethyl acetate and methanol- soluble extractive contents. Apparently, the greater the ethyl-acetate-soluble extractives (EEC) then the higher the termite resistant (lower mass loss), and conversely the greater the methanol- soluble extractive (MEC) then the lower the termite resistant ( greater mass loss). The brightness index (L*) and redness index (a*) varied significantly in radial direction, however, no significant variation was found in color properties within the heartwood. No strong degree correlation was measured between the mass loss due to termite activity and extractive content parameters. In both heartwood and sapwood, a significant negative correlation ( r = -0.50) was found between the mass loss and redness (a*), while correspondingly a significant positive correlation ( r = +0.54) occurred between brightness and mass loss. These occurring phenomena strongly suggested that the red colored teak wood was brought about by the moderately polar EEC (e.g. tannin, quinone, and other polyphenol) that inflicted teak-wood resistance against termite (lower mass loss), while the bright-colored teak wood was due to the highly polar MEC (e.g sugar and other soluble carbohydrate) which were conversely responsible for lowering termite resistance ( greater mass loss).
Recent Developments in Applied Probability and Statistics - ReadingSample

In this article we give a review of regression-based Monte Carlo methods for pricing American options. The methods require in a first step that the generally in continuous time formulated pricing problem is approximated by a problem in discrete time, i.e., the number of exercising times of the considered option is assumed to be finite. Then the problem can be formulated as an optimal stopping problem in discrete time, where the optimal stopping time can be expressed by the aid of so-called continuation values. These continuation values represent the price of the option given that the option is exercised after time t conditioned on the value of the price process at time t . The continuation values can be expressed as regression functions, and regression-based Monte Carlo methods apply regression estimates to data generated by the aid of artificial generated paths of the price process in order to approximate these conditional expectations. In this article we describe various methods and corresponding results for estimation of these regression functions. 1 Pricing of American Options as Optimal Stopping Problem In many financial contracts it is allowed to exercise the contract early before expiry. E.g., many exchange traded options are of American type and allow the holder any exercise date before expiry, mortgages have often embedded prepayment options such that the mortgage can be amortized or repayed, or life insurance contracts allow often for early surrender. In this article we are interested in pricing of options with early exercise features. It is well-known that in complete and arbitrage free markets the price of a derivative security can be represented as an expected value with respect to the so called martingale measure, see for instance Karatzas and Shreve (1998). Furthermore, the Michael Kohler, Department of Mathematics, Technische Universität Darmstadt, Schloßgartenstraße 7, 64289 Darmstadt, Germany e-mail: kohler@mathematik.tu-darmstadt.de L. Devroye et al. (eds.), Recent Developments in Applied Probability and Statistics, DOI 10.1007/978-3-7908-2598-5_2, c © Springer-Verlag Berlin Heidelberg 2010
Genetic structure and diversity of the neem germplasm bank from Brazil Northeast

Neem (Azadirachta indica A. Juss) is a tree species with known value to agriculture. Our aim was to evaluate, using random amplified polymorphic DNA (RAPD) markers, the genetic diversity of 54 accessions from Germplasm Bank (GBN) of Embrapa Coastal Tablelands (Sergipe, Brazil). The accessions were analyzed using a model-based Bayesian procedure (Structure), molecular variance analysis (AMOVA) and Jaccard coefficient was estimated. The marker data indicated that GBN have three independent genetic groups, confirmed by genetic structure and genetic variability, enabling the formulation of appropriate strategies for management and use of GBN. Keywords : Azadirachta indica, Azadirachta excelsa, genetic resource, variability African Journal of Biotechnology Vol. 12(20), pp. 2822-2829
Anti-Salmonella activity of a flavonone from Butea frondosa bark in mice

1 Division of Microbiology, Department of Pharmaceutical Technology, Jadavpur University, Calcutta 700 032, India; 2 Department of Laboratory Animal Medicine, College of Veterinary Medicine, Seoul National University, San 56-1, Sillim-Dong, Gwanak-Gu, Seoul 151-742, Republic of Korea; 3 Department of Microbiology and Immunology, College of Medicine, Seoul National University, 28 Yongon-Dong, Jongno-Gu, Seoul 110-799, Republic of Korea; 4 Gupta College of Technological Sciences, Asansol, West Bengal, India
Spatial distributions of tree species in a subtropical forest of China

The spatial dispersion of individuals in a species is an important pattern that is controlled by many mechanisms. In this study we analyzed spatial distributions of tree species in a large-scale (20 ha) stem-mapping plot in a species-rich subtropical forest of China. 0-ring statistic was used to measure spatial patterns of species with abundance > 10. Ω 0-10 , the mean conspecific density within 10 m of a tree, was used as a measure of the intensity of aggregation of a species. Our results showed: (1) aggregated distribution was the dominant pattern in the plot. The percentage of aggregated species decreased with increased spatial scale. (2) The percentages of significantly aggregated species decreased from abundant to intermediate and to rare species. Rare species was more strongly aggregated than common species. Aggregation was weaker in larger diameter classes. (3) Seed traits determined the spatial patterns of trees. Seed dispersal mode can influence spatial patterns of species, with species dispersed by both modes being less clumped than species dispersed by animal or wind, respectively. Considering these results, we concluded that seed dispersal limitation, self-thinning and habitat heterogeneity primarily contributed to spatial patterns and species coexistence in the forest.