Miracle-dz/UniFAR-FTUs huggingface dataset:
Recruiting outside board members in the small family business: an ideological challenge

The focus of this paper is to explore how contrasting ideologies influence the selection process of outside directors in the small family business. Small family businesses donot just represent smallscale economic activity but they are the outcome of entrepreneurial ambition and family involvement. This means that willpower and emotional commitment blend with calculative considerations. As emotional as well as cognitive constructs the family, management and entrepreneurship each represent an ideology: paternalism, managerialism and entrepreneurialism. The proposed ideological framework is positioned against alternative approaches to the study of board selection processes. Two sets of data are presented. A piloting survey of 12 family businesses is used to substantiate the theoretical assumption that entrepreneurial firms avoid having outside directors and managerial firms welcome outside directors, leaving paternalistically-run family businesses ambivalent. Repeated in-depth interviews in two family businesses, one founder-managed and entrepreneurial, the other established and traditional, reveal how the professionalization of the board enforces managerialism, challenging thus far dominating ideologies, entrepreneurialism and paternalism. The outcome of this ideological contest, if properly orchestrated, is an energized and more competitive family business.
Action characteristics as predictors of competitive responses

A central question in competitive dynamics is whether a competitive response can be predicted. This study links various characteristics of actions with the total number and the time lag of competitors' responses. The hypothesized relationships were tested with a sample of competitive moves among U.S. airlines. The results suggested that responses are influenced by the characteristics of the actions that evoked them. Specifically, the total number of competitors affected by an action and the importance to these competitors of the markets under attack by the action increase the number of competitive responses. Strategic, as opposed to tactical, actions or actions which require substantial implementation efforts reduce the number and delay the timing of rivals' counteractions. Finally, contrary to prediction, competitors who have a high stake in the markets under attack by a competitive move react slowly.
Commons Sense: Common Property Rights, Efficiency, and Institutional Change

Common property rights were widespread in English agriculture for at least 600 years. Since privatizing common fields allegedly produced huge profits in the eighteenth century, common land owners seemingly squandered 15 percent of potential income for generations. Ingenious explanations have been produced for this market failure. This article argues for a simple, brutal resolution. Common fields survived because enclosure was generally unprofitable before 1750, when changing relative prices made private property rights marginally more efficient. Then people responded quickly to modest profits. The rich gains from enclosure existed only in the imaginings of wild-eyed eighteenth century agrarian reformers.
Accrual Accounting, Modified Cash Basis of Accounting and the Loan Decision: An Experiment in Functional Fixation

The paper presents the results of an empirical study in which bank loan officers evaluated a loan application which were accompanied by financial statements based on either accrual accounting or modified cash basis of accounting (MCBOA). The loan officers first decided whether to grant the loan and determined an interest rale. Second, they evaluated the financial statements information on the basis of three quality attributes: Overall reliability, freedom from clerical errors and freedom from the effects of fraud. The results verified a functional fixation hypothesis by showing that the loan officers examining the financial statements of the same company using either accrual information or MCBOA showed clear preference for the company when faced with accrual information. A conditioning factor is used to explain the results.
Do audit delays affect client retention

Purpose - The purpose of this study is to examine whether lengthy audit delays lead to auditor changes in the subsequent year. The paper hypothesizes that a lengthy interaction between clients and their auditors reflects high audit risk factors relating to management integrity, internal controls, and the financial reporting process. It argues that auditors are more likely to drop clients with long audit delays because they would like to avoid these types of audit risks. Design/methodology/approach - Using logistic regressions, the paper first tests whether a lengthy audit delay leads to an auditor change. It then examines whether as audit delays increase, auditor changes are more likely to be downward than lateral. Findings - The results support the hypothesis that Big N auditor-client realignments occur following long audit delays. Further, as the length of the delay increases, the paper finds that there are more downward changes. Research limitations/implications - An implication of our study is that a long audit delay represents a publicly observed proxy for the presence of audit risk factors that lead to an auditor change. Practical implications - This study suggests that all else constant, investors should consider a lengthy audit delay as indicating that there has been deterioration in the quality of the client-auditor interaction. An audit delay also presents an observable proxy for successor auditors to consider while evaluating risks associated with a new client. Originality/value - The results of our study increase our understanding of how Big N auditors manage their client portfolios to mitigate their exposure to risk factors.
Knowledge management, organisational communication and job satisfaction: an empirical test of a five-star hotel in Turkey

The purpose of this study is to examine the relationships among knowledge management, organisational communication, and job satisfaction in Turkey's hospitality industry. A survey was administered to 154 employees of a five-star hotel in the Antalya Region in Turkey. Structural equation modelling was used to test the hypotheses. Although, the literature supports relationships among knowledge management, job satisfaction, and organisational communication, empirical linkages among these constructs were not found. The lack of support for hypotheses suggests that relationships among knowledge management, job satisfaction, and organisational communication may not be as strong as expected.
Optimization of magnetic field for maximum output power of a 42 GHz CW/Long pulse Gyrotron

A starting current analysis has been carried out to optimize the magnetic field of a 42 GHz Gyrotron. The simulated output power at the optimized magnetic field of 1.62 T is above 200 kW. At an operating mode of TE03, the strong mode competition has been analyzed through coupling coefficient and starting current.
Stimulus encoding within the barn owl optic tectum using gamma oscillations vs. spike rate: A modeling approach

The optic tectum of the barn owl is a multimodal structure with multiple layers, with each layer topographically organized according to spatial receptive field. The response of a site to a stimulus can be measured as either spike rate or local field potential (LFP) gamma (25–90 Hz) power; within superficial layers, spike rate and gamma power spatial tuning curves are narrow and contrast-response functions rise slowly. Within deeper layers, however, spike rate tuning curves broaden and gamma power contrast-response functions sharpen. In this work, we employ a computational model to describe the inputs required to generate these transformations from superficial to deep layers and show that gamma power and spike rate can act as parallel information processing streams.
Value of people's participation for good governance in developing countries

Purpose – The objective of this research is to find out the barriers to people's participation for good governance in developing countries. The specific objective is to explore the attitude of stakeholders responsible for ensuring people's engagement with local development programs.Design/methodology/approach – Two rural development projects in each of three local government institutions in Bangladesh were selected for this research study. Qualitative methods were used to investigate how actors related to these projects valued people's participation while implementing and using outcomes of these projects.Findings – The findings showed that the meaning of the notion of good governance through effective people's participation that has been imported from the developed democratic economies through international aid agencies remains somewhat unclear and ambiguous in a country such as Bangladesh.Practical implications – This study has revealed that one of the major barriers to people's participation in local go.
An examination of return and volatility patterns on the Irish equity market

This study examines the pattern of returns and volatility on Irish equity markets, over a period when the markets were deregulated. GARCH and GARCH-IN-MEAN models are applied to data from three study periods. Volatility spillovers from the London stock market are considered, providing a test for evidence of a change in the degree of this influence. Within sample results show that GARCH models do provide a useful description of Irish equity returns. Furthermore, the inclusion of external volatility improves the model fit. There is no evidence that deregulation coincides with an alteration in the impact of external volatility. Forecast results indicate some evidence that the inclusion of external volatility spillovers does improve the forecast accuracy of GARCH models. Tests indicate that a GARCH-IN-MEAN specification does not suit Irish equity data.
A New Approach for the Dynamics of Ultra-High-Frequency Data: The Model with Uncertainty Zones

In this paper, we provide a model which accommodates the assumption of a continuous efficient price with the inherent properties of ultra-high-frequency transaction data (price discreteness, irregular temporal spacing, diurnal patterns.). Our approach consists in designing a stochastic mechanism for deriving the transaction prices from the latent efficient price. The main idea behind the model is that, if a transaction occurs at some value on the tick grid and leads to a price change, then the efficient price has been close enough to this value shortly before the transaction. We call uncertainty zones the bands around the mid-tick grid where the efficient price is too far from the tick grid to trigger a price change. In our setting, the width of these uncertainty zones quantifies the aversion to price changes of the market participants. Furthermore, this model enables us to derive approximated values of the efficient price at some random times, which is particularly useful for building statistical procedures. Convincing results are obtained through a simulation study and the use of the model over 10 representative stocks. Copyright The Author 2010. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.
The ‘British Plan’ as a Pace-Setter: The Europeanization of Banking Rescue Plans in the EU?

This article examines to what extent the British banking rescue plan announced in late 2008 set the pace for the adoption of similar banking rescue plans across the European Union. This case study can be seen a ‘horizontal’ type of Europeanization, whereby a (perceived successful) policy template adopted in one country is subsequently implicitly endorsed (hence, ‘uploaded’) at the EU level and then adopted (hence, ‘downloaded’) in other countries, albeit with considerable national variations. The two main caveats are that the British plan was not particularly innovative – it provided a functional solution to the problem at hand – and the adoption of similar measures across Europe was politically feasible because this did not envisage any substantial EU-level intervention as it proposed parallel national solutions to a common problem.
EU cohesion policy, horizontal partnership and the patterns of sub-national governance: Insights from Central and Eastern Europe

This article draws on the concept of Europeanization to assess the EU cohesion policy’s capacity to promote inclusive regional governance and cooperation in regional development initiatives in Central and Eastern European countries. EU cohesion policy is often credited with improving cooperation and coordination in the delivery of the regional development policy through the application of multi-level governance enshrined in the partnership principle. By imposing a close partnership among a variety of actors, cohesion policy has the capacity to alter domestic relations between the centre and the periphery, and to create a broader scope for regional and bottom-up involvement in economic development policy. However, a lack of tradition of decentralization and collaborative policy-making, as well as a limited capacity of sub-national actors, can result in uneven outcomes of the application of the partnership principle across countries and regions. This raises questions about the transferability of the partnership approach to new Member States characterized by weak sub-national institutions, a legacy of centralized policy-making and limited civic involvement. This paper addresses this issue by comparing horizontal partnership arrangements put in place for the purpose of cohesion policy implementation and examining their impacts on the patterns of sub-national governance. The horizontal partnership arrangements are compared across three regions in countries with differentiated systems of territorial administration: Poland, the Czech Republic and Hungary.
LM Tests for a Unit Root in the Presence of Deterministic Trends

This paper provides a new unit root test based on an alternative parameterization which has previously been considered by Bhargava (1986). This parameterization allows for trend under both the null and the alternative, without introducing any parameters that are irrelevant under either. This is not so in the Dickey-Fuller parameterizations. The new test is extracted from the score or LM principle under the assumption that the errors are iid N(0, sigma squared (epsilon)), but our asymptotics hold under more general assumptions about the errors. Two forms of the test (a coefficient test and at t-test) are derived.
Public capital and productivity: a nonstationary panel analysis

This article applies a method of Mark and Sul (2003) to deal with one of potential endogeneity issues that accompany estimation of a log-linear Cobb–Douglas production function with public capital. We show that if nonstationarity in data is admitted, the panel cointegration approach is useful for obtaining more precise estimates of the output elasticity of public capital.
Introduction: Supranational governance and European Union security after the Lisbon Treaty - Exogenous shocks, policy entrepreneurs and 11 September 2001

The EU has been making strong inroads into the realm of security over the last few years. This is a remarkable development, since security matters used to be the preserve of states. The articles presented in this special issue all testify to the breadth of the EU security agenda, as they all try to capture some aspects of the EU’s fast-changing security policies following the entry into force of the Lisbon Treaty on 1 December 2009. In parallel with a broadening of the EU’s security agenda, an increase in supranational security governance in the EU can also be observed. The transition to supranational governance is reached in two ways. First, cross-border security threats generate demand for EU laws, which supranational organisations then supply. Reasons for changes in the EU polity are exogenous shocks, the fact that rule innovations are endogenous to politics, the diffusion of organisational behaviour and models of action, and policy entrepreneurship, whereby institutional entrepreneurs construct and revise ‘policy frames’, which engage other actors and define new relationships between them and chart courses of action. As the articles in this special issue demonstrate, 11 September 2001 provided such a major exogenous shock required for a change in the EU polity, which EU institutions exploited by providing increasing EU legislation, and even, as a by-product, stabilising a European legal order.
Information, Diversification, and Cost of Capital

We investigate the effects of information and diversification on cost of capital in a noisy rational expectations model. Assuming a factor structure for risky asset payoffs and two classes of investors, informed and uninformed, we show that in large economies the APT (Ross, 1976) holds and i) information from private signals about idiosyncratic shocks has no effect on cost of capital and ii) information from private signals about systematic factors affects cost of capital only through factor risk premiums; there is no effect on factor loadings. These results imply that there are no cross-sectional effects of information on cost of capital within large economies.
Global Warming: Forecasts by Scientists Versus Scientific Forecasts

In 2007, the Intergovernmental Panel on Climate Change's Working Group One, a panel of experts established by the World Meteorological Organization and the United Nations Environment Programme, issued its Fourth Assessment Report. The Report included predictions of dramatic increases in average world temperatures over the next 92 years and serious harm resulting from the predicted temperature increases. Using forecasting principles as our guide we asked: Are these forecasts a good basis for developing public policy? Our answer is “no”. To provide forecasts of climate change that are useful for policy-making, one would need to forecast (1) global temperature, (2) the effects of any temperature changes, and (3) the effects of feasible alternative policies. Proper forecasts of all three are necessary for rational policy making. The IPCC WG1 Report was regarded as providing the most credible long-term forecasts of global average temperatures by 31 of the 51 scientists and others involved in forecasting climate change who responded to our survey. We found no references in the 1056-page Report to the primary sources of information on forecasting methods despite the fact these are conveniently available in books, articles, and websites. We audited the forecasting processes described in Chapter 8 of the IPCC's WG1 Report to assess the extent to which they complied with forecasting principles. We found enough information to make judgments on 89 out of a total of 140 forecasting principles. The forecasting procedures that were described violated 72 principles. Many of the violations were, by themselves, critical. The forecasts in the Report were not the outcome of scientific procedures. In effect, they were the opinions of scientists transformed by mathematics and obscured by complex writing. Research on forecasting has shown that experts' predictions are not useful in situations involving uncertainly and complexity. We have been unable to identify any scientific forecasts of global warming. Claims that the Earth will get warmer have no more credence than saying that it will get colder.
The Instability of the Money Demand Function: An I(2) Interpretation

Some studies have suggested that although money and prices appear to be I(2) processes, real money balances are I(1) and this transformation preserves an important long-run relationship between money and prices. In this paper we present evidence indicating that the success of such a nominal-to-real transformation depends upon the particular monetary aggregate under consideration. It turns out that imposing long-run price homogeneity does not remove all I(2) components from a model of aggregate broad UK M4, but it does prove successful in the case of sectoral components of M4. Since recent research on money demand functions finds more stable relationships between sectoral components of M4 and aggregate demand, our analysis seems to point to a direct link between the existence of I(2) components and the stability of different money demand functions.Copyright 2001 by Blackwell Publishing Ltd
Occludin is regulated by epidermal growth factor receptor activation in brain endothelial cells and brains of mice with acute liver failure

Mechanisms of brain edema in acute liver failure (ALF) are not completely understood. We recently demonstrated that matrix metalloproteinase 9 (MMP‐9) induces significant alterations to occludin in brain endothelial cells in vitro and in brains of mice with experimental ALF (Hepatology 2009;50:1914). In this study we show that MMP‐9‐induced transactivation of epidermal growth factor receptor (EGFR) and p38 MAPK/NFκB (mitogen‐activated protein kinase/nuclear factor‐kappa B) signals participate in regulating brain endothelial occludin level. Mouse brain endothelial bEnd3 cells were exposed to MMP‐9 or p38 MAPK up‐regulation in the presence and absence of EGFR inhibitor, p38 MAPK inhibitor, NFκB inhibitor, and/or appropriate small interfering RNA. Reverse‐transcription polymerase chain reaction (RT‐PCR) and western blotting were used for messenger RNA and protein expression analyses. Immunohistochemical staining and confocal microscopy were used to demonstrate cellular EGFR activation. Intraperitoneal azoxymethane was use to induce ALF in mice. Brains of comatose ALF mice were processed for histological and biochemical analyses. When bEnd3 cells were exposed to MMP‐9, EGFR was significantly transactivated, followed by p38 MAPK activation, I‐kappa B alpha (IκBα) degradation, NFκB activation, and suppression of occludin synthesis and expression. Similar EGFR activation and p38 MAPK/NFκB activation were found in the brains of ALF mice, and these changes were attenuated with GM6001 treatment. Conclusion: EGFR activation with p38 MAPK/NFκB signaling contributes to the regulation of tight junction integrity in ALF. EGFR activation may thus play an important role in vasogenic brain edema in ALF. (HEPATOLOGY 2011;)
Returns to costly pre‐bargaining claims: taking a principled stand

We construct a 'divide the dollar' bargaining game which formalizes Schelling's notion of a 'qualitative commitment'. This requires a substantial capitulation cost to be incurred -- discontinuously -- if and only if a player accepts a share of an asset below his pre-announced 'claim' on it, no matter how little below. The 'commitment game' opens with an 'announcement round' in which the two players simultaneously announce their claims on the asset, and is followed by a Rubinstein alternating-offers 'negotiation subgame'. We determine the unique subgame-perfect, stationary, pure-strategy equilibrium outcome of the commitment game and find it to be efficient. The main feature of the model is that gains, relative to the game without commitment, do result to the first-mover provided the capitulation cost is above a certain threshold. The more the capitulation cost exceeds the threshold, the greater is the gain. The higher the impatience level of the players, the higher the stakes need to be.