Miracle-dz/UniFAR-FTUs huggingface dataset:
Multiple Testing Techniques in Growth Econometrics

This paper discusses two longstanding questions in growth econometrics which involve multiple hypothesis testing. In cross sectional GDP growth regressions many variables are simultaneously tested for significance. Similarly, when investigating pairwise convergence of output for $n$ countries, $n(n-1)/2$ tests are performed. We propose to control the false discovery rate (FDR) so as not to erroneously declare variables significant in these multiple testing situations only because of the large number of tests performed. Doing so, we provide a simple new way to robustly select variables in economic growth models. We find that few other variables beyond the initial GDP level are needed to explain growth. We also show that convergence of per capita output using a time series definition with the necessary condition of no unit root in the log per-capita output gap of two economies does not appear to hold
Personal Networks and Postrevolutionary State Building: Soviet Russia Reexamined

The article contends that personal networks may facilitate state-building efforts under postrevolutionary conditions. With the breakdown of formal political structures, personal networks provide an informal social structure along which information may be exchanged, resources may be allocated, and collaborative activities may be planned. To demonstrate this argument, the article returns to the case of Soviet Russia. Using newly available archival sources, the case study shows how informal personal networks intersected with formal political organizations to develop a capacity for territorial administration in the decade following the civil war. The article concludes by suggesting answers to larger questions concerning the success of Soviet state building, the subsequent collapse of the Soviet state, and the implications for comparative state-building theory.
The dynamics of possible selves in old age.

Future-oriented motives are thought to be cast off in old age. Transcripts of the hopes and fears of participants in the 4-year longitudinal sample of the Berlin Aging Study (N = 206, 70-100+ years) were coded for central domains and motives (e.g., gain, maintenance, avoiding loss) and evaluated for the amount and direction of change. Domains of personal characteristics, health, and social relationships predominated together with gain motives. Over time, 72% of participants added new domains of hopes and 53% added new fears. Individual differences in stability and change in matched hopes and fears about health and personal identity were associated with changes in physical and functional health. People who added matched possible selves about health, focused on maintenance, and added few new domains of hopes declined in life satisfaction. Overall, these findings indicate that possible selves are a dynamic system during old age.
Regulation, Asymmetric Information, and Auditing

This article analyzes a model of a regulated firm that is better informed about its cost function than is the regulator. By auditing at a cost, however, the regulator is assumed to be able to observe the realized cost of the firm. If the regulator 'finds" that the firm had misrepresented its costs at the time at which prices were set, he can order a refund to consumers. In the optimal policy the regulator audits when the firm reports for pricing purposes that its costs will be high and orders a refund when the auditfinds that realized costs are lower than anticipated, given the original report. A separation result that obtains for an important case indicates that the initial pricing decision is independent of the auditing decision. The auditing decision, however, depends on the price that was initially set. The optimal auditing strategy is characterized and the nature of the welfare gains are identified. The methodology used in the analysis involves the characterization of an equilibrium of a revelation game with an ex post observable.
The efficiency of the stock market in the CARICOM sub-region: an empirical study

The objective of this article is to determine whether the stock exchanges of Barbados, Jamaica, Trinidad and Tobago and the virtual Caribbean Community and Common Market (CARICOM) Regional Stock Exchange (CRSE), as well as the banking, conglomerate, financial and manufacturing sectors of these exchanges, are weak-form efficient or not. Three sets of tests are used: two parametric and one nonparametric. There are lot of similarities in the evidence provided by the two parametric approaches: a traditional Box–Jenkins-type ‘correlation’ analysis to test the random-walk hypothesis and the Lo–MacKinlay's heteroscedasticity-robust and nonrobust variance-ratio tests. However, a nonparametric variant of the Lo–MacKinlay test due to Wright, based on ranks and signs, generally provides quite different results, particularly the sign test. A recommendation is made to use Wright's tests in preference to the others when examining efficiency in the CARICOM and similar exchanges. This leads to the conclusion that all exchanges and their sectors are inefficient although the Box–Jenkins and Lo–MacKinlay parametric variance ratio tests suggest that the Barbados Stock Exchange (BSE) and some of the sectors in this and the Jamaica Stock Exchange (JSE) function efficiently.
Post-Earnings Announcement Drift in Spain and Behavioural Finance Models

Our study examines whether behavioural theories can explain post-earnings announcement drift (i.e. earnings momentum) in the Spanish market. In particular, we test models proposed by Barberis et al. (Journal of Financial Economics, 49, pp. 307–343, 1998), Daniel et al. ( Journal of Finance, 53(6), pp. 1839–1885, 1998) and Hong and Stein (Journal of Finance, 54(6), pp. 2143–2184, 1999). Each of these behavioural models draws on two premises – cognitive biases and limits to arbitrage – that we assume will vary with a given country's cultural and institutional features. Therefore, we must exercise caution when extrapolating the favourable results observed in the US market to markets outside of the USA. Our results provide little evidence in support of the hypothesis used to test whether these models can indeed explain the earnings momentum anomaly in the Spanish market. We believe some characteristics of the Spanish market, such as its lower score on the Individualism Index, lower levels of investor protection and code-law-based legal system, may explain why our results differ from those obtained in the USA.
Efficiency and Futures Trading-Price Nexus in Indian Commodity Futures Markets

Trading in commodity derivatives on exchange platforms is an instrument to achieve price discovery, better price risk management, besides helping macroeconomy with better resource allocation. Though the volume of commodity futures trade increased exponentially after the withdrawal of prohibition in 2003, the functioning of futures markets came under scrutiny during 2006–07 due to price rise and the government has proposed to impose transaction tax by 0.017 per cent on trading volume in the 2008–09 budget. In this context, we examine the efficiency and futures trading-price nexus for five top selected commodities namely gold, copper, petroleum crude, soya oil, and chana (chickpea) in commodity futures markets in India. Our results suggest that the commodity futures market is efficient for all five commodities. Further, we do not have sufficient evidence to support that futures market leads to higher inflation.
The determinants influencing the extent of CSR disclosure

Purpose – The aim of this study is to investigate the potential effects of corporate governance and financial characteristics on the extent of corporate social responsibility (CSR) disclosure focusing on the US companies. Design/methodology/approach – The sample consists of 366 companies from the Fortune 500 list for 2011. The environmental, social and governance disclosure score calculated by Bloomberg is used as a proxy for the extent of CSR disclosure. Multiple regression analysis was developed to identify factors that affect the extent of CSR disclosure. Findings – Results show that company and board size is significantly and positively related to the extent of CSR disclosure, and companies with Chief Executive Officer (CEO) duality characteristics publish less information on their CSR disclosure, while there are significant differences between different industries and the extent of CSR disclosure. Research limitations/implications – The research is based only on the presence or the absence of CSR dis.
After Structure Planning: The New Sub-regional Planning in England

Abstract The reformed planning system introduced in England in 2004 weakens the position of counties and unitary authorities. Regional bodies and central government have a larger say on the future shape of localities under these arrangements. In particular sub-regional strategies have a much bigger role within the new Regional Spatial Strategies. This paper examines the prospects for the influence of this new tier of planning, based on government guidance about sub-regional planning and on the evidence on emerging practice, particularly in the southern regions of England. The balance of influence of different actors is changing, both between government tiers and in wider governance relations. The prospects for integrated action in spatial terms are changing, as are the relationships to implementation.
High-performance liquid chromatography analysis of mycolic acids as an aid in laboratory identification of Rhodococcus and Nocardia species

High-performance liquid chromatography analysis of the p-bromophenacyl esters of mycolic acids from whole organisms gave chromatographic patterns that were useful in differentiation of Rhodococcus and Nocardia species. Rhodococcus equi, R. erythropolis, and R. rhodochrous contained more-polar mycolic acids and were easily separated from the less-polar mycolic acid-containing species of R. sputi, R. bronchialis, R. corallinus, R. rubropertinctus, and R. terrae. The less-polar mycolic acid-containing Rhodococcus species showed chromatographic patterns that partially overlapped (in elution times) the patterns of Nocardia asteroides, N. otitidiscaviarum, and N. brasiliensis, but the larger number of peaks in the last species made separation between the genera possible. Distinct chromatographic patterns were found for most species, except for R. equi strains that showed two different patterns. Strains of R. rubropertinctus and R. terrae appeared identical. N. asteroides and N. otitidiscaviarum showed similar mycolic acid patterns.
The Size Distribution of Innovating Firms in the UK: 1945-1983

A survey of 4,378 significant innovations shows that firms with fewer than 1,000 employees commercialized a much larger share than is indicated by their share of R and D expenditures. Innovations per employee have been consistently above average in firms with more than 10,000 employees, and have become so in firms with fewer than 1,000. Intersectoral variation in the size distribution of innovating firms can be explained as a function of R and D-based technological opportunities, and of "technological ease of entry" by user firms with principal activities outside the sector. Copyright 1987 by Blackwell Publishing Ltd.
Thermo-electric characterization of APCVD PolySi/sub 0.7/Ge/sub 0.3/ for IC-compatible fabrication of integrated lateral Peltier elements

The performance of poly-Si/sub 0.7/Ge/sub 0.3/ as a thermo-electric material that is process compatible with IC fabrication in silicon has been analyzed and fully characterized using on-chip MEMS-based test structures. The application is in on-chip thermal stabilization of a micromachined platform in silicon containing a reference component. A CMOS process has been adapted to include SiGe thermo-electric elements. The results are a Seebeck coefficient /spl alpha//sub n/=-179 /spl mu/V/K and /spl alpha//sub p/=131 /spl mu/V/K at 295 K with a TC of 0.2 /spl mu/V/K/sup 2/, and -0.1 /spl mu/V/K/sup 2/, respectively. High-dose implantation and appropriate anneal have been used to achieve an electrical resistivity of 28.9 /spl mu//spl Omega//spl middot/m for p-doped material and 29.2 /spl mu//spl Omega//spl middot/m for n-doped material. Thermal conductivity was measured /spl lambda/=5 Wm/sup -1//spl middot/K/sup -1/, which is close to the theoretical minimum. The contact resistance is identified as an important performance limiting parameter. The resulting figure of merit z/sub dev/=168/spl times/10/sup -6/K/sup -1/, which would enable a temperature difference for Peltier cooling of /spl Delta/T/sub max/=7.3 K. Parasitic thermal conductance limits /spl Delta/T/sub max/ to 2.1 K in this work. Peltier heating and cooling offers superior dynamic performance of temperature control close to ambient temperature, as compared to passive cooling. A response time /spl tau/=2 ms has been found.
Risk Management Lessons from Long-Term Capital Management

The 1998 failure of Long‐Term Capital Management (LTCM) is said to have nearly blown up the world’s financial system. For such a near‐catastrophic event, the finance profession has precious little information to draw from. By piecing together publicly available information, this paper draws risk management lessons from LTCM. LTCM’s strategies are analysed in terms of the fund’s Value at Risk (VAR) and the amount of capital necessary to support its risk profile. The paper shows that LTCM had severely underestimated its risk due to its reliance on short‐term history and risk concentration. LTCM also provides a good example of risk management taken to the extreme. Using the same covariance matrix to measure risk and to optimize positions inevitably leads to biases in the measurement of risk. This approach also induces the strategy to take positions that appear to generate ‘arbitrage’ profits based on recent history but also represent bets on extreme events, like selling options. Overall, LTCM’s strategy exploited the intrinsic weaknesses of its risk management system.
How to Change 5000 Schools: A Practical and Positive Approach for Leading Change at Every Level

In "How to Change 5000 Schools," Ben Levin, former deputy minister of education for the province of Ontario, draws on his experience overseeing major systemwide education reforms in Canada and England to set forth a refreshingly positive, pragmatic, and optimistic approach to leading educational change at all levels. Not long ago, public education in Ontario, Canada, was in deep trouble. Student achievement was stagnating, labor disruptions were rampant, and public satisfaction with the schools was low. In 2003, a new provincial government initiated a series of reforms that embodied a positive, outcome-focused agenda for public education. Today, student outcomes have improved, labor disruption has vanished, and teacher morale is high.
Analysing Room Rates and Terms and Conditions for the Online Booking of Hotel Rooms

Online hotel bookings have recently become popular in both direct and indirect distribution channels. Although prior studies have stated that attempting to find the lowest price is a major factor for customers in choosing a website for booking, the existing literature contains virtually no articles that examine the terms and conditions (T&C) offered on online reservation channels. The study reported herein investigated the importance of the room rates and T&C on six major websites for the 97 hotels on the member list of the Hong Kong Hotels Association (HKHA). The findings of this study are expected to provide a better understanding of the T&C for online bookers of hotels via different online distribution channels.
The dual-tranche offer mechanism in Hong Kong and the characteristics of IPO subscription demand and initial return levels

Prior Hong Kong-based studies have dealt predominantly with Initial Public Offerings (IPOs) configured in a single-tranche offer form (see McGuinness (1992); Cheng et al. (2004); Fung et al. (2004); Vong (2006) for the main board; and Vong and Zhao (2008) for the Growth Enterprise Market (GEM)). This study revisits the issue by examining a recent set of IPOs utlizing a dual-tranche offer form, in which a local retail offer is accompanied by a book-built placing. This mechanism utilizes a number of features (‘claw-backs’, adjustable offer prices and over-allotment options) which allow for important supply and demand adjustments during the offer period. The absence of such features within the single-tranche offer form, which prevailed right up to the end of the 1990s, suggests radically different pricing characteristics across single- and dual-tranche regimes. Assessment is first made of ex-ante type variables, constructed using publicly available data prior to the close in retail applications. Average retail subscription rates on issues immediately prior to a given offering, the clustering of IPOs and the performance of the overall Hong Kong secondary market in the period surrounding the retail application window all serve as significant factors in explaining both IPO returns and excess subscription demand. Mainland PRC-incorporation (H-share issuers), advising sponsorship quality, an issuer's propensity to disclose a forecast of earnings and price-to-earnings levels also appear significant. In terms of ex-post variables, both IPO underpricing and subscription demand were positively related to over-allotment option exercise and the SD of post-listing returns. Significantly, there is no evidence to support the notion that the incidence and/or size of subsequent seasoned equity issues helps to promote IPO underpricing. This is investigated by examining equity capital-raising activities over a 36-month post-listing period. Given the mixed evidence to date (across markets and studies) on this issue, the results documented in this study provide an additional important data point to suggest that seasoned equity issuance is of second-order importance in relation to IPO underpricing. Finally, a measurement form for excess demand was also developed to reflect the idiosyncratic nature of the dual-tranche allotment mechanism. Subscription numbers were evaluated in relation to retail tranche supply adjustments, arising from ‘claw-backs’ and employee share allotments. Consistent with Vong's (2006) earlier work on simple IPO subscription rates, after-market volatility appeared much more strongly tied to excess demand than to initial return levels. A number of analogues of excess demand, notably over-allotment option exercise and the proportion of shares allotted to retail applicants subscribing at the minimum order level, were significant in explaining initial returns. Finally, and consistent with Hanley (1993), higher initial return levels were apparent in issues priced towards the upper end of the offer price range.
Fault-tolerant scheduling for data collection in wireless sensor networks

Wireless sensor networks are expected to be used in many different applications such as disaster relief, environmental control, and intelligent buildings. In this paper, we focus on a sensor network that collects environment data from all sensor nodes periodically. To gather the sensing data quickly and reliably, the scheduling algorithm should be able to coordinate the data transmissions in the network and react to node/link failures effectively. In this paper, we present an innovative scheduling algorithm, Fault-Tolerant Scheduling for data collection (FTS), that leads to short data collection time and high fault tolerance. Our experimental results show that FTS outperforms the DCSB algorithm and exhibits strong fault-tolerant capabilities.
An Explanation for Public Provision of Schooling: The Importance of Indoctrination

* This article was completed while I was a National Fellow at the Hoover Institution and represents the unpublished theory and cross-country empirical sections from my 1984 University of California, Los Angeles, dissertation. Armen Alchian, Harold Demsetz, Gertrud Fremling, David Friedman, Robert Hansen, Ben Klein, Ed Lazear, Russell Roberts, Finis Welch, E. G. West, an unusually helpful anonymous referee from this Journal, and the participants in seminars at Auburn University, the University of California at Los Angeles and at Davis, California State University at Hayward and Northridge, the Hoover Institution, George Mason University, the University of Houston, Southern Methodist University, the U.S. Department of Education, Texas A&M University, and the 1987 Public Choice meetings in Tucson, Arizona, provided valuable discussions. I would like to thank Maury Pearl for very helpful research assistance. Any remaining errors are, of course, my responsibility.
An Empirical Examination of the Existence of a Signaling Value Function for Dividends

The purpose of this study is to address the reliability of dividend signals. To determine if dividend signals are followed by change in earnings in a direction consistent with the signal, the dividend-earning relationship is examined using both Granger tests of causality and nonparametric test. Results are consistent with the hypothesis that dividend signals are followed by unanticipated changes in earnigns in the subsequent two quarters.
Who supports tax limitations: Evidence from massachusetts' proposition 2½

The vote on Massachusetts' Proposition 2½-and by extension the votes to restrain or roll back taxes in other states as well-should not be interpreted simply as expressions of the narrowly defined self-interest of the voters. This study shows that other characteristics such as sex, race, religion, occupation, educational background, and political orientation also have an important influence on voting behavior. These characteristics combine with self-interest measures such as public sector employment and voters' likely gains from tax reduction to push individual voters in different directions on the issue of tax limitation. Consequently, we find little polarization in the electorate along demographic lines.
Evaluation of nutritional indices as prognostic indicators in the cancer patient

The nutritional and immunological status of 140 malnourished cancer patients who were to receive intravenous hyperalimentation (IVH) were evaluated prior to treatment with IVH and chemotherapy (CMX), surgery or radiation therapy (XRT). Subsequently, these indices were correlated with responses to treatment. Cell‐mediated immunocompetent (CMI+) patients (41%) had lost an average weight of 20 ± 2.2 lbs. , while cell‐mediated immunoincompetent (CMI‐) patients (59%) had lost an average weight of 31 ± 2.5 lbs. (p < 0.05). Total lymphocyte count (TLC) averaged 1290 ± 250 cells/mm3 in CMI+ patients and 900 ± 140 cells/mm3 in CMI‐ patients (p < 0.05). Serum albumin concentration (SA) was 3.6 ± 0.06 g/dl in CMI+ patients and 3.3 ± 0.05 g/dl in CMI‐ patients (p < 0.05). In the CMI+ group, 49% had a positive response to CMX, whereas only 27% of the CMI‐group responded to CMX (p < 0.01). In the surgery group, 88% of the CMI+ patients, but only 65% of CMI‐ patients, had uncomplicated postoperative recovery periods. Although nutritional repletion with IVH was undertaken in all patients, those patients with initial CMI‐ responses had greater body weight loss, lower SA and TLC and either a decreased response to CMX or an increase in postoperative morbidity and mortality when compared with patients who initially had CMI+ responses. Cancer 43:925–931, 1979.