Miracle-dz/UniFAR-FTUs huggingface dataset:
Does the financial crisis influence the random walk behaviour of international stock markets?

In this note, we use several modern multiple variance ratio tests (VR tests) to investigate whether the financial crisis has an impact on the random walk behaviour of international stock markets. Grouping a pre-crisis- and a crisis-panel in developed, emerging and frontier markets, respectively, and using daily returns of selected Morgan Stanley Capital International (MSCI) International Equity Indices we find that markets classified as developed or emerging mostly follow a random walk whereas we find the opposite for frontier markets. Frontier markets show a higher proportion of countries that experience changes in the random walk behaviour and changes from random walk to nonrandom walk are more frequent. We also find that the choice of multiple VR test does not matter for this kind of analysis.
How corporate visual identity supports reputation

Purpose – Corporate visual identity (CVI) comprises all the symbols and graphical elements that express the essence of an organisation. Although it is by far the most visible and tangible asset in the armoury of tools used by the majority of organisations in their interaction with the outside world, the role of CVI is scarcely mentioned in studies on corporate reputation. Despite the growing interest in measuring reputation and brand values, little is known about the role of CVI. This article aims to explore the relationship between CVI and five general dimensions of reputation: visibility, distinctiveness, authenticity, transparency, and consistency.Design/methodology/approach – This paper explores the relationship between corporate visual identity and reputation. In which ways and to what extent can CVI support a corporate reputation? This exposition of the relationship between reputation and CVI is based on the framework established by Fombrun and Van Riel and the reputation model they present, which c.
CD72 Down-Modulates BCR-Induced Signal Transduction and Diminishes Survival in Primary Mature B Lymphocytes1

CD72, a 45-kDa type II transmembrane glycoprotein carrying an ITIM motif, is believed to be an inhibitory coreceptor of the BCR. Mature B cells lacking CD72 show enhanced Ca2+ mobilization and are hyperproliferative in response to BCR ligation. However, the signal transduction pathways downstream of BCR signaling that transmit the inhibitory effect of CD72 in mature B cells remain unknown. To address this question, we used hen egg lysozyme-specific BCR transgenic mice to elucidate the differential cell signaling between wild-type and CD72-deficient B cells in response to hen egg lysozyme Ag stimulation. Our results demonstrate that CD72 predominantly down-regulates the major signal transduction pathways downstream of the BCR, including NF-AT, NF-κB, ERK, JNK, p38-MAPK, and PI3K/Akt in mature B cells. CD72 ligation with anti-CD72 Ab (K10.6), which mimics the binding of CD100 (a natural ligand for CD72) to release the inhibitory function of CD72, augments cell proliferation, Ca2+ flux, IκBα activation, and ERK MAPK activity upon Ag stimulation in wild-type B cells. In addition, we show direct evidence that CD72 promotes cell cycle arrest and apoptosis after Ag stimulation in mature B cells. Taken together, our findings conclude that CD72 plays a dominant role as a negative regulator of BCR signaling in primary mature B lymphocytes.
Reference effect and inventory constraint on optimal pricing for daily perishable products

This paper considers a discount pricing problem for a monopolist firm which sells daily perishable products. The products are marked down at the end of day when they are likely to be unsold in order to increase the day's revenue of the firm. The discount sale, however, drops consumers' reference prices, with which the consumers judge if the selling price of the product is a gain or a loss. The declined reference price reduces the future demand for the products sold at a regular price, which is called the reference effect on demand. This paper formulates the discount pricing problem taking both reference effects and an inventory constraint into account in order to derive an optimal pricing computed by dynamic programming. Numerical experiments illustrate that the amount of predicted unsold products significantly influences the optimal pricing policy.
Trading activity in stock index futures markets: The evidence of emerging markets

This study investigates the trading activity of the Taiwan Futures Exchange (TAIFEX) and Singapore Exchange Derivatives Trading Limited (SGX‐DT) Taiwan Stock Index Futures markets by analyzing the intraday patterns of volume and volatility. In addition, the market closure theory, which may explain such patterns, is examined. Overall, the trading pattern appears to be U‐shaped for the TAIFEX futures and U+W‐shaped for the SGX‐DT. For the SGX‐DT futures, volatility follows the same pattern as that of the number of price changes. For the TAIFEX futures, however, after the peak at the close of the spot market, the volatility in the TAIFEX futures drops consistently until the end of the day while volatility in the SGX‐DT still reaches a smaller peak at the close of the futures market. In addition, a visual inspection of the intraday patterns of these two markets shows that the market closure theory can effectively explain the intraday patterns of these two markets. The empirical results support the market closure theory in that liquidity demand from traders rebalancing their portfolios before and after market closures creates larger volume and volatility at both the open and close. © 2002 Wiley Periodicals, Inc. Jrl Fut Mark 22:983–1003, 2002
Accruals, Investment, and the Accrual Anomaly

This paper investigates two competing hypotheses for the accrual anomaly: investment/growth and persistence. Both investment/growth and persistence information in accruals are likely to vary cross‐sectionally, depending on a firm's business model, a fact that generates different cross‐sectional implications for the accrual anomaly. I find that the magnitude of the accrual anomaly monotonically increases with the investment information contained in accruals, as measured by the co‐variation between accruals and employee growth. In industries/firms in which accruals co‐vary with employee growth, accruals show strong predictive power for future stock returns. In industries/firms in which accruals show little correlations with employee growth, the accrual anomaly is much weaker. In contrast, the evidence from the cross‐sectional analysis is inconsistent with the persistence argument. From the earnings perspective, the evidence on one‐year‐ahead earnings growth is inconclusive, but the results on longer‐term ea.
Some Direct Evidence on the Dividend Clientele Phenomenon

dividends-irrelevance proposition of Miller and Modigliani [28], and the more recent empirical investigations by Friend and Puckett [14], Diamond [7], and Black and Scholes [1], the dispute as to a dividend effect has continued. Although the issue would appear even yet not to be fully resolved, the character of the debate was modified substantially by the Miller-Modigliani demonstration that, in a perfect capital market, dividend policy cannot matter-given an established investment policy. Since then, the emphasis of conjectures that dividends nonetheless may still matter in practice has shifted to a concern primarily with market imperfections as an underlying cause. We offer here some evidence which bears on the potential role of one of the key such imperfections commonly cited: differences in the rates of tax paid by different investors on their dividend receipts. In particular, we shall address the question as to whether a tax-induced "'clientele" effect seems present in fact in the equities marketplace. Since treatments of the other side of the dividend coin-the acceptability criteria for investment projects financed by retained earnings-have also generally contended that investor tax rates bear on the problem [3][12][23], there are a number of ramifications for managerial decisions if a clientele array can be discerned.
The Ethics of Tax Evasion: A Comparative Study of Guangzhou (Southern China) and Macau Opinion

The ethics of tax evasion has been discussed sporadically in the theological and philosophical literature for at least 500 years. Martin Crowe wrote a doctoral thesis that reviewed much of that literature in 1944. The debate revolved around about 15 issues. Over the centuries, three main views evolved on the topic. But the business ethics literature has paid scant attention to this issue, perhaps because of the belief that tax evasion is always unethical. This paper reports the results of a survey of students in Guangzhou, a city in Southern China, and Macau. The arguments that have been made over the centuries to justify tax evasion were ranked to determine which arguments are strongest and which are weakest. Male scores and female scores were not significantly different. However, Guangzhou and Macau scores were significantly different in five of fifteen cases.
Stuttering characteristics of German–English bilingual speakers

The purpose of this study was to examine stuttering behavior in German–English bilingual people who stutter (PWS), with particular reference to the frequency of stuttering on content and function words. Fifteen bilingual PWS were sampled who spoke German as the first language (L1) and English as a second language (L2). Conversational speech was sampled in each language and analyzed for the percentage of overall stuttering-like disfluencies and distribution of stuttering on content and function words. Significantly more stuttering was found to occur in L2 compared to L1. Stuttering occurred significantly more often on content words compared to function words in L1. No significant difference between stuttering on function and content words was observed in L2. Examination across L1 and L2 found a significantly greater percentage of stuttering on function words in L2 compared to L1, and a significantly lower percentage of stuttering on content words in L2 compared to L1. The characteristics of stuttering in L2 could not be differentiated on the basis of an L2 proficiency measure. The differences observed in the amount of stuttering between L1 and L2 suggest that stuttering in bilingual speakers is closely related to language dominance, with features of stuttering in L2 indicative of a less developed language system.
ISU ReD: Research and eData ISU ReD: Research and eData

There is a large body of literature on the benefits of established lending relationships with banks, which is an intermediated debt market. We extend the literature by testing for benefits from direct lending relationships in the commercial paper market, which is a public debt market. Diamond (1991) suggests that firms access public debt markets when they have enough reputation to no longer require the close monitoring by banks. Using daily rate data for dealer-placed and directly placed commercial paper, we find that the year-end liquidity squeeze is less pronounced in the directly placed commercial paper than in the dealer-placed commercial paper, consistent with the existence of benefits from direct lending relationships in this public debt market.
Increase in the proportion of granulated CD56+ T cells in patients with malignancy

Evidence is presented for the existence of a unique T cell population which expressed one of the natural killer (NK) markers, CD56 antigen, in humans. Although such 0056+ T cells were a minor population in the peripheral blood (< 10%). They were abundant in the liver (up to 50%). which was recently demonstrated to be a major organ for extrathymic T cell differentiation in mice. As in the case of extrathymic T cells in mice, these CD56+ T cells in humans contained a higher proportion of γδ cells than did CD56− T cells, contained double‐negative CD4−8 cells, and had the morphology of large granular lymphocytes. This unique population of CD56+ T cells tended to be elevated in the blood and among tumour‐infiltrating lymphocytes in patients with colorectal cancer, especially in advanced cases. These results raise the possibility that, as in mice, CD56+ T cells with extrathymic T cell properties may also be associated with tumour immunity in humans.
The Hazards of Correcting Myths About Health Care Reform

Context:Misperceptions are a major problem in debates about health care reform and other controversial health issues. Methods:We conducted an experiment to determine if more aggressive media fact-checking could correct the false belief that the Affordable Care Act would create “death panels. ” Participants from an opt-in Internet panel were randomly assigned to either a control group in which they read an article on Sarah Palin’s claims about “death panels” or an intervention group in which the article also contained corrective information refuting Palin. Findings:The correction reduced belief in death panels and strong opposition to the reform bill among those who view Palin unfavorably and those who view her favorably but have low political knowledge. However, it backfired among politically knowledgeable Palin supporters, who were more likely to believe in death panels and to strongly oppose reform if they received the correction. Conclusions:These results underscore the difficulty of reducing misperceptions about health care reform among individuals with the motivation and sophistication to reject corrective information.
China´s Integration in Foreign Trade : Revealed Comparative Advantage Analysis for Sweden in Relation with China

This paper aims to evaluate the interaction between China’s and Sweden’s revealed comparative advantages (in available sectors, coded according to sni92, from 111 to 9302) within the product cycle theory framework. Revealed comparative advantage (RCA) of China is investigated as a RCA of Sweden with an expected negative dynamic relationship over time due to the shift of production during the stages of product cycle theory, with the other variables like capital intensity and R&D to sales ratio. A part of China’s achievement in trade performance is tried to be explained within product cycle theory by linking it to the flying geese pattern of development. The industrial trade data is tested for the period of 1990 to 2000 with OLS and XTFEVD estimation.
The efficiency of incomplete contracts: an empirical analysis of air force engine procurement

This article examines the incentives of contractual parties to design agreements that are left intentionally incomplete with regard to future duties or contingencies. More complete contracts mitigate ex post opportunism and the associated distortions in unobservable investment, but at the cost of additional resources expended in ex ante design. The optimal degree of contractual incompleteness involves a tradeoff between these opposing forces, the magnitudes of which may be predicted based on observable characteristics of the transactors and of the exchange environment. The resulting hypotheses are tested using panel data on the pricing procedures using in Air Force engine procurement contracts. We conclude that the degree of contractual completeness chosen in practice reflects a desire by the parties to minimize the economic costs associated with contractual exchange.
Adapting Tropical Production Forests to Global Climate Change: Risk Perceptions and Actions

SUMMARY As sustainable forest management is threatened by climate change, adaptation measures may be needed to maintain the productive capacity of tropical forests. Yet the extent to which foresters across the tropics implement adaptation actions in anticipation to climate change impacts remains largely unexplored. In this paper, an assessment of the perceptions of climate risks and the implementation of adaptation actions by forest managers and decision makers dealing with natural and planted tropical forests destined for production purposes is presented. An electronic questionnaire was disseminated globally during 2009, and 152 responses were received from Africa, the Americas, and Asia and the Pacific. Respondents perceived that natural and planted forests are at risk from being affected by climate change. However, they seemed ambivalent when asked if investing in adaptation was currently justified. The results of this survey provide initial insights into how climate considerations are being anticipated in tropical forest management and planning yet further examination at the national and local levels is warranted on how foresters, including those from the tropics, perceive climate change risks and handle current uncertainties in order to take action. The fact that climate change ranked below other threats to forests such as commercial agriculture and unplanned logging nevertheless suggests that long-term forest planning and management is not perceived by respondents as viable given other major drivers of forest loss and degradation.
Do venture capitalists add value? A comparative study between Singapore and US

This study provides a comprehensive overview of venture capital (VC) funds in Singapore. By examining the effects on their public listed investees, a profile of VC-backed listed companies in Singapore is analysed. It is found that value added of VCs to their investees can be attributed in several aspects: their equity stake taking, board seat, and especially in their timing of initial public offerings (IPOs) to market heights. The findings in the paper have several implications. Although the role of VC firms in Singapore is important in creating public companies, their participation with respect to their investees still lags behind their counterparts in the US. Their value added in management functions needs to be emphasized so that they can contribute more to the investees and thus, enhance their own returns. For companies seeking VC support or already preparing IPO with VC support, they should know what VCs can and cannot provide. For instance, they can expect the VCs to help in the timing of IPOs, but in management support, the help provided by the VCs in Singapore is limited compared to their US counterparts.
Private Equity Funds

Private equity funds are businesses that draw upon capital and debt in the international financial system to acquire stakes in companies that are intended to be sold for profit after a number of years. Unlike hedge funds, which are mostly short-term traders, private equity funds take ownership and management control of corporations. This is a key reason why they have leapt into public consciousness in recent years as concerns have risen over labour retrenchment, unsustainable debt, low rates of taxation and the compensation levels of fund managers. Private equity funds assumed a more prominent role this decade with the value of their buyouts reaching over $2.5 trillion from 2001 to 2007 (Lerner and Gurung 2008). During this period, private equity managers were regularly referred to as ‘Masters of the Universe’ and as one journalist remarked then: ‘$5 billion companies are being bought and sold every day that people have never heard of’ (Berman 2007). Now, only a few short years later, private equity is frequently characterised as one of the pariahs of the failed financial system of the 1990s and 2000s. This is a mistaken and US-centric conclusion. Private equity has expanded beyond its founding market, the US. It migrated to Europe in the 1990s and it is establishing deeper roots in emerging economies today. Moreover, unlike the carnage suffered by hedge funds and investment banks, private equity funds continue to manage record sums of capital and, more importantly, hold a capital surplus in an economic downturn. The history of private equity suggests that some of its most profitable investments take place during recessions. This Global Monitor explains the private equity concept and charts its development since the 1980s. It makes several arguments. First, the private equity model itself, which is consistent with neoliberal precepts, is spreading across the world. While the backlash against foreign ownership in the global economy is real – note any number of examples from the current crisis, from automobile production in Europe to Coca-Cola’s presence in China – private equity is still being imported into foreign settings, often by newly formed domestic private equity funds that are less politically controversial. The financial activities occurring in Mumbai or New Political Economy, Vol. 14, No. 4, December 2009
Madumo, A Man Bewitched

Adam Ashforth, an Australian who has spent many years in Soweto, finds his longtime friend Madumo in dire circumstances: his family has accused him of using witchcraft to kill his mother and has thrown him out on the street. Convinced that his life is cursed, Madumo seeks help among Soweto's bewildering array of healers and prophets. An inyanga, or traditional healer, confirms that he has indeed been bewitched. Ashforth, skeptical yet supportive, remains by Madumo's side as he embarks upon a physically grueling treatment regimen that he follows religiously - almost to the point of death. Asforth's beautifully written account of Madumo's struggle shows that the problem of witchcraft is not simply superstition but a complex response to spiritual insecurity in a troubling time of political and economic upheaval. Through Madumo's story, Ashforth opens up a world that few have seen, a deeply unsettling place where the question, "Do you believe in witchcraft? " is not a simple one at all. The insights that emerge as Ashforth accompanies his friend on an odyssey through Soweto's supernatural perils have profound implications even for those of us who live in worlds without witches.
Retaking in High Stakes Exams: Is Less More?

Placement, both in university and in the civil service, according to performance in competitive exams is the norm in much of the world. Repeat taking of such exams is common despite the private and social costs it imposes. We develop and estimate a structural model of exam retaking using data from Turkey`s university placement exam. Limiting retaking results in all agents gaining ex-ante, and most gaining expost. This result comes from a general equilibrium effect: retakers crowd the market and impose negative spillovers on others by raising acceptance cutoffs.
Competing frames in the European Commission - the case of the defence industry and equipment issue

It is argued that frame competition plays an important part in EU policymaking, especially within the European Commission. The case of a cross-pillar issue, the issue of defence industry and equipment, shows how two frames – market and defence – compete on the legal and political approaches to this issue. Frame competition is something more than just conflicts of interests. It also functions as an important identity-building and sense-making process in multi-organizations, which are typified more by ambiguity and inconsistency than by clarity and consistency. By approaching the European Commission from a multi-organizational perspective, the frame competition process is regarded as an essential component in the cohesion process. The empirical analysis shows that framing is not static, but that frames can change and result in a reframing. By reframing the defence industry and equipment issue, the Commission has managed the conflict between the market and defence frames.