Miracle-dz/UniFAR-FTUs huggingface dataset:
Three essays on corporate finance: Evidence from Brazil

In this study, we use some relatively unique characteristics of the Brazilian stock market to test corporate governance, capital structure, and payout decisions hypotheses. In Chapter One, we find that a composite index (NM6) that proxy for the main governance practices targeted by Bovespa's voluntary reform is statistically and economically related to higher market valuation. We also find that an investment strategy that bought stocks of better governed firms and sold stocks of poorly governed firms would have earned annual abnormal returns of 10.4 between 2001 and 2005. In Chapter Two, we examine how entrenchment is related to capital structure in a market characterized by closely held firms and significant separation between ownership and control. Our results support the hypothesis that entrenched insiders choose less levered capital structures to reduce the probability of bankruptcy or to elude external monitoring by debtholders. In Chapter Three, we examine the relation between firm characteristics and the choice of payout on equity. In Brazil, firms can distribute earnings to shareholders in the form of dividends or notional interest equity. Whereas dividends are not taxed at the personal level, the net tax effect of interest payments is lower because of their deductibility. Our results are consistent with the use of the notional interest on equity because of its tax deductibility despite the personal tax advantage of dividend payments.
Improving function coverage with munch: a hybrid fuzzing and directed symbolic execution approach

Fuzzing and symbolic execution are popular techniques for finding vulnerabilities and generating test-cases for programs. Fuzzing, a blackbox method that mutates seed input values, is generally incapable of generating diverse inputs that exercise all paths in the program. Due to the path-explosion problem and dependence on SMT solvers, symbolic execution may also not achieve high path coverage. A hybrid technique involving fuzzing and symbolic execution may achieve better function coverage than fuzzing or symbolic execution alone. In this paper, we present Munch, an open-source framework implementing two hybrid techniques based on fuzzing and symbolic execution. We empirically show using nine large open-source programs that overall, Munch achieves higher (in-depth) function coverage than symbolic execution or fuzzing alone. Using metrics based on total analyses time and number of queries issued to the SMT solver, we also show that Munch is more efficient at achieving better function coverage.
Human resource management in multinational enterprises

The multinational enterprise (MNE) is now a significant part of the world economy both in temis of trade and employment. The performance of an MINE is in part dependent on the capability of its human resource. The knowledge and experience of employees is a source of competitive advantage, but whether this is realised or not may depend on having the right human resource policies. Managers therefore seek to implement best practice, and in multinationals there is the potential for intraorganizational learning across national boundaries. The aim of this thesis is to examine a number of questions arising from the proposition that multinational firms are contributing to the development of international norms of best practice in human resource management as a result of a trend towards greater coordination of management practice in MNEs. It is suggested that multinationals are developing mechanisms to encourage the transfer of knowledge and experience across national boundaries, and this is therefore an important aspect of international human resource management (HRM). The thesis contains a review of the literature, firstly on the management of multinationals, secondly on the development of a strategic view of human resource management, and thirdly on HRM in the MINE. From this material, a theoretical framework is developed that links together a number of research questions. These formed the basis for the design and execution of a qualitative research project in which information on strategy, structure and management practice was obtained from twentyfour companies. These represented a cross-section of country ownership, including the UK, other European countries, the USA and Japan. The design of the research project is explained, and this is followed by a presentation of the results. These support the proposition that as a consequence of the globalization of markets, multinationals are tending to adopt a more global perspective in which there is greater cross-national integration of operations, coordination of management practice, and the development of internationally orientated management. The analysis discusses the implications of this for international human resource management, and offers a number of recommendations for HRM in the multinational enterprise. Finally some suggestions are made for future research to build on and extend the findings of this project.
Parameterizing bubble‐mediated air‐sea gas exchange and its effect on ocean ventilation

Bubbles play an important role in the exchange of gases between the atmosphere and ocean, altering both the rate of exchange and the equilibrium gas saturation state. We develop a parameterization of bubble‐mediated gas fluxes for use in Earth system models. The parameterization is derived from a mechanistic model of the oceanic boundary layer that simulates turbulent flows and the size spectrum of bubbles across a range of wind speeds and is compared against other published formulations. Bubble‐induced surface supersaturation increases rapidly with wind speed and is inversely related to temperature at a given wind speed, making the effect of bubbles greatest in regions that ventilate the deep ocean. The bubble‐induced supersaturation in high‐latitude surface waters compensates a substantial fraction of the undersaturation caused by surface cooling. Using a global ocean transport model, we show that this parameterization reproduces observed saturation rate profiles of the noble gas Argon in the deep Atlantic and Pacific Oceans. The abyssal argon supersaturation caused by bubbles varies according to gas solubility, ranging from ∼0.7% for soluble gases like CO2 to ∼1.7% for less soluble gases such as N2. Bubble‐induced supersaturation may be significant for biologically active gases such as oxygen.
Fitness landscape analysis of Bayesian network structure learning

Algorithms for learning the structure of Bayesian Networks (BN) from data are the focus of intense research interest. Search-and-score algorithms using nature-inspired metaheuristics are an important strand of this research; however performance is variable and strongly problem-dependent. In this paper we use fitness landscape analysis to explain empirically-observed performance differences between particular search-and-score algorithms on two well-studied benchmark problems. We investigate the average landscape discovered by random walks around optimal points in the space of BN node orderings. Differences in algorithm performance are explained in terms of these landscapes, which in turn are related to properties of the BN structures. These initial findings suggest that fitness landscape analysis is a promising approach for explaining existing empirical performance comparisons with further potential for understanding the relative difficulty of benchmark problems and the robustness of particular algorithms.
Globalization of R&D: Leveraging Offshoring for Innovative Capability and Organizational Flexibility

textabstractWithin the realm of globalization of R&D, offshoring is a relatively recent and still emerging phenomenon. Rooted in the notion of comparative advantage, offshoring of R&D involves disaggregation and global distribution of the firm’s R&D value chain activities to leverage innovation capacity of low-cost countries. Characteristically different from market- and technology-seeking globalization of R&D, offshoring is motivated by the intertwining competitive needs to gain efficiency and access knowledge resources. This study represents a systematic, grounds-up attempt to explore the terrain of the phenomenon of offshoring of R&D and its influence on the competitive advantage of firms. Specifically, going beyond structural cost savings, the research examines the link between offshoring of R&D and the firm’s innovative capability and organizational flexibility—the two most important organizational capabilities of high technology firms. Employing an interpretive approach, the research includes multiple case studies of intra-firm and inter-firm offshoring of software R&D across a range of industries. The study demonstrates that by strategically organizing and managing offshoring of R&D, firms can significantly enhance their innovative capability and organizational flexibility. The findings suggest that offshoring of R&D is a new global organizational form that not only serves as an adaptive device but also allows firms to achieve ambidexterity.
Women and financial services

As a result of recent social and economic changes women have become an important market segment for financial institutions. Documents the differences which exist in the financial service consumption patterns between men and women. Considers a range of factors which might explain the variations in consumer behaviour namely: the gender schema and financial services; changes in household relations and household form; economic activity rates; sexual discrimination; and the advertising strategies of financial institutions. Finally, considers ways in which financial institutions might market themselves more effectively to women.
Involvement of HSP10 during the ovarian follicular development of polycystic ovary syndrome: Study in both human ovaries and cultured mouse follicles

Objective. To study the possible roles of HSP10 in the follicular development. Methods. In this study, we examined the expression of HSP10 during the follicular development in human ovaries and cultured mouse follicles as well as its functional relevance with PCOS. Ovary tissues from normal adults (n = 3) were obtained with consents. Mouse early antral follicles (diameter: 220–250 μm) were cultured for 3 days in vitro. Western Blot and immunohistochemistry were used to determine the HSP10 expression and localisation during follicular development in vivo and in vitro. Results. HSP10 protein was detected only in oocytes from human preantral follicles, whereas in antral follicles, it was localised in oocytes, granulosa cells, theca cells and stroma cells. Furthermore, in cultured mouse antral follicles, a similar trend of HSP10 expression during follicle development was observed. Conclusion. HSP10 expression was increased as larger area and higher level of density during follicular development both in human and mouse follicles cultured in vitro. Our previous studies showed that HSP10 was highly expressed in normal ovaries compared with those from PCOS. The mouse early antral follicle culture approach may help to understand the role of HSP10 in pathophysiological development of PCOS.
Inside Directors, Managerial Competition, and the Asymmetric Information Problem

We posit that placing insiders on the board facilitates information flows to outside directors, mitigates the CEO's role as information gatekeeper, and allows managers to be more independent of the CEO. We find that inside directors are more prevalent in environments of greater information asymmetry. Further tests indicate that the percentage of insiders is associated with lower CEO pay, lower CEO influence, and higher use of accounting-based performance measures. However, these counterbalancing effects are diminishing in the number of insiders on the board. We conclude that insiders improve information flow to the board, foster managerial competition, and enhance board power.
Knowledge management and contract professionals: A study of contingent employment and knowledge sharing in organisations

An organisation’s knowledge base is a valuable asset that serves as a source of sustainable competitive advantage for the firm. Organisations have become increasingly reliant on the application of knowledge work and the contributions of professionals to the creation of valued organisational knowledge. Implicitly, the literature has assumed permanency in the employment relationship between professionals and organisations and focused on issues such as organisational identification and commitment, and extra-role behaviours of professionals as impacting on their knowledge sharing behaviours. However, the nature of professional or expert employment has become more transient. There has been a marked increase in the use of professionals in contractual roles where the association with the organisation is often temporary and contingent. But the organisational implications of such practices remain largely unexplored. In particular, there is a dearth of research examining the impact of contract professionals on knowledge flows within the firm and on their motivations to participate in knowledge sharing within organisations. This dissertation addresses this gap in the literature. This study examines the knowledge sharing practices of contract professionals in contemporary organisations. Conceptualising knowledge as socially situated and constructed, this qualitative study examines professionals employed as contractors in two large organisations: a large bank and an insurance company; and, based on in-depth semi-structured interviews with contractors and managers, considers why and how professionals engaged as contractors choose to share what they know with the contracting organisation. Engaging with research literatures from knowledge management, professional identity, newer career forms, and psychological contracts, the study generates a typology of contract professionals that suggest distinct knowledge sharing orientations. The study constructs three categories of contractors: Free Agents, Specialists and Consultants, identifies factors that influence and inhibit the knowledge sharing motivations of these categories of contractors and provides recommendations for a more holistic knowledge management strategy for organisations utilising contract professionals. The findings from this doctoral research show how identity work can have practical implications for knowledge management. For example, by exploring the dynamics of professional identity and image construction, the research shows how identity and image influences both the contractor’s knowledge sharing behaviours and the organisation’s knowledge management strategies. Exploring new areas of professional contingent work, this research aims to make a significant contribution to the understanding of knowledge sharing, professional identity and the management of contract professionals within organisations.
Prime‐boost vaccination strategy in women with high‐grade, noncervical anogenital intraepithelial neoplasia: clinical results from a multicenter phase II trial

The objective of this study was to determine the clinical effectiveness of a prime-boost human papillomavirus (HPV) vaccine regimen. A nonrandomized phase II prime-boost vaccine trial was conducted. Women with biopsy-proven anogenital intraepithelial neoplasia (AGIN) 3 were vaccinated with three doses of a recombinant fusion protein comprising HPV 16, E6/E7/L2 (TA-CIN) followed by one dose of a recombinant vaccinia virus encoding HPV 16 and 18 E6/E7 (TA-HPV). Clinical responses were evaluated by serial photographs, symptomatology, and biopsies before and after vaccination. Twenty-nine women were vaccinated; 27 with vulval intraepithelial neoplasia 3 and 2 with vaginal intraepithelial neoplasia grade 3. Clinical responses were seen in five women (17%), with one complete and five partial responses. Fifteen women (62%) had symptomatic improvement. No serious adverse effects were recorded. This is the first trial of a prime-boost vaccination regimen using heterologous HPV vaccines (TA-CIN followed by TA-HPV) in the management of AGIN. Since the prime-boost approach in this cohort offered no significant advantages over single TA-HPV vaccination, there are no further studies planned using this protocol. Future studies are warranted to define responders to immunotherapy.
Practical role-play as an extension to theoretical audit education : a conceptualising aid

The South African Institute of Chartered Accountants (SAICA) released a new Competency Framework in 2009 requiring that students should be empowered to apply theoretical knowledge to visualised practical business environments. Students are introduced to the notion of the audit process for the first time during their undergraduate studies and many of them do not have practical experience at this stage. This contributes to the difficulty students experience in visualising the applicable business environment. Against this background, three different role-play activities were developed at appropriate academic levels for each of the three undergraduate years for the Bachelors of Accounting degree at Stellenbosch University. The purpose of the practical role-play activities was to assist students with the externalisation and conceptualisation of different theoretical concepts. The primary objective of this research was to determine whether practical role-play contributes to students' learning, particularly since they are unfamiliar with audit aspects. A questionnaire was developed that investigated students' perceptions of skills developed, benefits and constraints associated with role-playing activities, and their prior exposure to the real business world. The respondents felt that the role-play activity helped them to gain insight into the theoretical concepts, since the role-play scenarios gave them real world context and practical applications for the theoretical concepts.
Segmenting socially responsible mutual fund investors

Purpose – The purpose of this paper is to address reasons for consumer investment in socially responsible investment (SRI) profiled mutual funds. Specifically, the paper deals with the relative influence of financial return and social responsibility on the decision to invest in SRI profiled mutual funds.Design/methodology/approach – A cluster analytic approach was used where 563 SR‐investors were classified into different segments based on their perception of importance of financial return and social responsibility. Furthermore, discriminant analysis and chi2 tests were used to profile the segments.Findings – Three segments of SR‐investors were formed. The “primarily concerned about profit” SR‐investors value financial return over social responsibility. The “primarily concerned about social responsibility” value social responsibility over financial return. The “socially responsible and return driven” SR‐investors value both return and social responsibility when deciding to invest in SRI. The segments disp.
Interactive Effects of Seasonal Temperature and Low pH on Resting Oxygen Uptake and Swimming Performance of Adult Brown Trout Salmo Trutta

Adult brown trout were acclimated for 2–4 weeks to artificial, soft water (Ca 2+ 25μmoll −1 ) at neutral pH and at summer (15°C) or winter (5°C) temperatures. During this period they swam against a current of approximately 0.25 ms −1 . They were then exposed to neutral or sublethal pH for 4 days in still water. For fish with their dorsal aorta catheterized, sublethal pH was 4 at 5°C and 4.5 at 15°C. After 4 days of exposure to sublethal pH, resting oxygen uptake (M o 2 w a s 40 % higher than that at neutral pH for fish held at 15°C and 38 % higher for fish held at 5°C. Critical swimming speeds ( U crit ), in contrast, were 35% and 31% lower, respectively. These two phenomena may be related in as much as the ‘metabolic cost’ of exposure to low pH may increase as swimming speed increases, thus reducing the scope for activity. Another important factor could be an impairment of oxygen delivery to the red muscle fibres. Although arterial O 2 concentrations and heart rate are both similar for fish at U crit in neutral and acid water, there are signs of haemoconcentration in fish exposed to low pH, and the consequent increase in blood viscosity could disrupt the local circulation in the red fibres. Whatever its causes, an impairment of swimming activity resulting from exposure to acid water may have severe consequences for active fish such as salmonids. Exposure to sublethal pH caused significant reductions in plasma Na + and Cl − concentrations at both temperatures, although these were more substantial at 5°C than at 15°C. Swimming at U crit had no significant effect on plasma concentrations of Na + , K + and Cl − except at sublethal pH at 5°C, when there were significant reductions in all three. Seasonal temperature had significant but small effects on resting M O 2 and U crit , and these are discussed in terms of the possible effects of low temperature and continued swimming activity (training) on hypertrophy of skeletal and cardiac muscles and on the aerobic capacity of the ‘red’ muscle fibres.
Allergens in celery and zucchini

The aim of this study was to confirm allergy to celery tuber and to zucchini, for the first time, by DBPCFC, and to identify the allergens recognized by IgE from DBPCFC‐positive patients. Therefore, raw vegetables were hidden in a broccoli drink, and a DBPCFC‐procedure was developed that consisted of a spit and swallow protocol, making sure that the procedure was safe for the patients and that reactions strictly localized to the oral cavity as well as systemic reactions could be reproduced by DBPCFC. The allergens in celery and zucchini extract were identified by immunoblot inhibition using allergen extracts, recombinant allergens and purified N‐glycans as inhibitors. Celery allergy was confirmed in 69% (22/32) of subjects with a positive case history. Four subjects with a history of allergic reactions to zucchini had a positive DBPCFC to this vegetable. During DBPCFC, systemic reactions were provoked in 50% (11/22) of the patients to celery, and in 3/4 of the zucchini‐allergic patients. The Bet v 1‐related major celery allergen was detected by IgE of 59% (13/22) of the patients. Cross‐reactive carbohydrate epitopes (CCD) bound IgE of 55% (12/22) of the celery‐allergic patients and in 2/4 of the subjects with zucchini allergy. Profilin was a food allergen in celery in 23% (5/22) and in zucchini in 2/4 of the cases. A zucchini‐specific allergen was detected by IgE from one patient. We conclude that ubiquitous cross‐reactive structures are important in allergy to both, celery and zucchini, and that a specific association to birch pollen allergy exists in allergy to celery (mediated by Api g 1), but not in zucchini allergy.
ANALISIS VARIABEL-VARIABEL YANG MEMPENGARUHI UNDERPRICING PADA SAAT IPO DI BURSA EFEK INDONESIA PERIODE 2008-2010

This study aims to examine the variables that influence underpricing when initial public offering at the Indonesia Stock Exchange 2008-2010 period. The variables examined include underwriter reputation, type of industry, the growth of total assets, industry age, the percentage of offers, offers time period, return on equity, and debt to equity ratio. The research was carried out by multiple regression analysis, data collection tools used were observational studies and literature study with purposive sampling method. Sample of 38 companies from a population of 55 companies. The results: The first underwriter reputation influence the underpricing is not proven. The second type of industry did not prove to influence the underpricing, the third the growth of total assets shown to influence the underpricing, the fourth age of the company did not prove to influence the underpricing, the five percent offers no proven influence the underpricing, the sixth time period offers no proven influence the underpricing, the seventh return on equity shown to influence the underpricing, the eighth proven debt to equity ratio influence the underpricing.