Miracle-dz/UniFAR-FTUs huggingface dataset:
Determinants of expected rate of return on pension assets: evidence from the UK

This study explores whether UK managers behaved opportunistically when determining the expected rate of return on pension assets (ERRs) during an extended period of major changes in pension accounting rules (1998–2002), and whether this behaviour changed with the transitional adoption of FRS 17. The empirical results support the contracting hypothesis that UK firms with tightening debt covenants inflated their reported ERRs over this period. The contracting cost incentive underlying reported ERRs appears to be stronger during the FRS 17 transitional adoption period, and ERRs were used jointly with salary growth rate to manage balance sheet leverage. One important implication of our findings is that the IASB's 2011 revision to IAS 19, Employee Benefits, which removed the flexibility that firms could exercise in selection of ERR assumptions, potentially improves the reliability of reported pension cost components.
Silver Lining on a Dark Cloud: The Impact of 9/11 on a Regional Tourist Destination

Visitor counts at a regional tourist destination display an initial effect that is opposite that of nationally and internationally known destinations. They rise rather than fall after the 9/11 terrorist attacks in the United States. The impact is temporary. It gradually subsides over several months, similar to findings of the gradual resumption of visitor counts to the more widely known destinations. These results emerge from two econometric models of daily visitor counts over a five-year period. An interaction term and an auto-regressive term assess the trend's rate of decline.
Macrophage development: II. Early ontogeny of macrophage populations in brain, liver, and lungs of rat embryos as revealed by a lectin marker

Earliest origins of macrophage populations in the central nervous system, the liver, and the lungs were studied in rat embryos aged between 10.5–11 days and 14 days of gestation, based on light and electron microscopic identification of macrophages using peroxidase‐coupled isolectin B4 of Griffonia simplicifolia (GSA I‐B4), which recognizes alpha‐D‐galactose groups on the cell membrane. During embryonic life macrophages and their precursors are GSA I‐B4‐positive and generally bereft of peroxidase‐positive granules. At 10.5 days the yolk sac and embryonic circulations have just become joined, the brain has five vesicles but nerve cells are little differentiated, the liver exists as a diverticulum of the gut with fingerlike extensions of hepatocytes, and the lungs as a laryngotracheal groove. Macrophages and/or their precursors occurred in small numbers in embryonic mesenchyme and blood vessels but showed no special affinity for either liver or lung rudiments. The developing brain was the first organ to be colonized, beginning on prenatal day 12. The liver followed between days 12 and 13 and was succeeded by the lungs, beginning between days 13 and 14. Dividing macrophages were present in these organs at the outset of colonization and throughout the duration of the embryo series, indicating that from the beginning, replication of resident cells contributes to growth of the local population. Granulocyte precursors were first apparent in the liver around day 13; they are also GSA‐positive but are distinguished from macrophages by their content of peroxidase‐positive granules. Organ cultures of 13‐day liver and lungs, and 14‐day brain tissue, indicate that whereas isolated liver fragments support the formation of both granulocytes and macrophages, only the latter develop in brain or lung cultures. A resident population of macrophages evidently is set up very early in these organs, well before white cells colonize the spleen, bone marrow, and other future blood forming regions. The events outlined are seen as stages in an embryo‐wide process that leads to establishment of macrophage populations in various organs.
Combining Protection of Different Anti-G Techniques to +12 Gz: A Computer Simulation Study

The aim of this study is to investigate the upper limit of protection afforded by various protective equipment and techniques that used in combination and used individually. A multi-element, nonlinear mathematical model, which was previously used to produce cardiovascular response to +Gz stress and protection afforded by anti-G suits, was modified by incorporating pulmonary-respiration model, as well as detailed vessel models of abdomen and lower extremities into previous model. Using the model, hemodynamic responses of cardiovascular system to +Gz and to different combination of protection measures were simulated. Simulation results indicate that when appropriate counter-pressure is exerted to lower body, the combination of extended coverage anti-G suit with appropriate positive pressure breathing could provide effortless protection around +9Gz. For higher no-staining protection to +12 Gz, tilt-back seat with angles greater than 55deg should be used. It also suggests that for anti-G techniques that enhance +Gz tolerance by means of elevating intrathoracic pressure or increasing blood volume, such as ECGS, PBG, and AGSM, their combined protection may be expressed as an additive sum of their individual effects. However, the combined protection of tilt-back seat with other anti-G techniques is higher than the simple addition
Replication of mouse hepatitis virus: negative-stranded RNA and replicative form RNA are of genome length

There are seven virus-specific mRNA species in mouse hepatitis virus-infected cells (Lai et al., J. Virol. 39:823-834, 1981). In this study, we examined virus-specific negative-stranded RNA to determine whether there are corresponding multiple negative-stranded RNAs. Intracellular RNA from mouse hepatitis virus-infected cells was separated by agarose gel electrophoresis, transferred to nitrocellulose membranes, and hybridized to positive-stranded genomic 60S [32P]RNA. Only a single RNA species of genomic size was detected under these conditions. This RNA was negative stranded. No negative-stranded subgenomic RNA was detected. We also studied double-stranded replicative-form RNA in the infected cells. Only one replicative-form of genomic size was detected. When the double-stranded RNA isolated without RNase treatment was analyzed, again only one RNA species of genomic size was detectable. Furthermore, most of the virus-specific mRNAs could be released from this RNA species upon heating. These results suggest that all of the mouse hepatitis virus-specific RNAs are transcribed from a single species of negative-stranded RNA template of genomic size.
Application of multilocus enzyme electrophoresis and restriction fragment length polymorphism analysis to the typing of Listeria monocytogenes strains isolated from raw milk, nondairy foods, and clinical and veterinary sources

The powerful discriminatory typing capabilities of multilocus enzyme electrophoresis and restriction fragment length polymorphism analysis were applied to Listeria monocytogenes strains from raw milk, nondairy foods, and clinical and veterinary sources. The raw milk and nondairy food strains were sequential isolates obtained over a year-long period from a number of different producers and manufacturers. Results obtained by the two typing methods were in substantial agreement and showed that both raw milk and nondairy foods frequently contain recurrent L. monocytogenes strains, thus suggesting that the presence of these organisms in such commodities often arises because of contamination from within their respective processing environments. Most recurrent strains were serogroup 1/2, with only one instance of recurrent serogroup 4 strains. Some recurrent L. monocytogenes strains, including the serogroup 4 strains, were found by analysis of multilocus enzyme electrophoresis results to be closely related to clinical and veterinary strains, thus suggesting that strains adapted for survival in the food-processing environment retain their potential for pathogenicity.
Real exchange rate trends in transitional countries

The paper presents an analysis of the determinants of the real exchange rate with emphasis on its long-term aspects and searching for the equilibrium paths. It introduces the behavioural models of exchange rates (especially the BEER and the NATREX), that are alternatives to the often-used fundamental models of the FEER type. Authors constructed the theoretical and econometric behavioural model, which could analyse the medium-term and long-term dynamics of the real exchange rate. This paper also introduces real exchange rate as an indicator of convergence for transitional countries to EU countries and analyses the link between real exchange rate and double speed economy or deindustrialisation, respectively. This analysis is relevant almost for all transitional countries now. The paper explains the appreciation trend of real exchange rates in transitional economies. It is identifying the set of factors that let to sustainable real appreciation of the Czech Koruna and also the set of factors that possibly caused unsustainable real depreciation in the past. There is also a set of arguments against any other rapid real appreciation of the Czech Koruna. The paper also tried to fuel these arguments by an econometric analysis, which used our behavioural model of the equilibrium real exchange rate. It was shown that the Czech real exchange rate was especially determined by real fundamental factors: productivity, terms of trade and world interest rates and foreign direct investment.
Managing the Asian Financial Crisis: Tourist Attractions in Singapore

This article considers tourist attractions in Singapore and the consequences of the Asian financial crisis for operators within the context of crisis management theory. The range of visitor attractions in Singapore is identified, and the period of economic turmoil that began in the late 1990s is summarized together with an account of its impact on tourist activity. The results of a survey of leading attractions indicate the effect of the crisis on business, responses to it, and the application of crisis management planning. The analysis suggests both an absence of formal planning and the need for it given the nature of travel and tourism and its exposure to uncertainty, risk, and disaster. The study thus provides an insight into how attractions’ managers deal with a crisis, but its limitations are also recognized with the need for more thorough analysis conducted during a longer period of time as the crisis continues to develop.
Heterogeneous Expectations, Restrictions on Short Sales, and Equilibrium Asset Prices

Under heterogeneous expectations, the mean-variance model of capital market equilibrium is employed to determine the effect restricting short sales has on equilibrium asset prices. Two equivalent markets differing only with respect to short sale restrictions are compared. It is shown that, in general, risky asset prices can either rise or fall due to short sale constraints. However, under a homogeneity of beliefs for the covariance matrix of future prices, short sale constraints will only increase risky asset prices. UNRESTRICTED SHORT SALES WITH full use of the proceeds is a crucial assumption underlying both arbitrage and equilibrium models of capital asset prices. In the U.S. equity markets, this assumption is only a rough approximation. Short sales are allowed, but only when the current price is higher than the price of the previous trade (an uptick), or when the current price is unchanged from the previous trade but higher than that of the last trade at a different price (zero-plus tick). This prohibits short sales when the stock price has fallen continuously over an interval of time. In addition, the proceeds from a short sale are normally not available for use by the investor. The security broker will hold the proceeds from a short sale in escrow, paying no interest. Any subsequent price rise requires additional deposits to cover the loss. This procedure increases the costs of shortselling, inhibiting its use. On the micro side, these restrictions can affect an investor's portfolio decision. Under homogeneous beliefs, using the capital asset pricing model (CAPM), it has been shown by Sharpe [9], Lintner [3], and Ross [7] that these restrictions are nonbinding, and the market portfolio is efficient. The traditional form of the CAPM holds. However, the assumption of homogeneous beliefs is strong, and under heterogeneous beliefs, these restrictions will affect an investor's portfolio strategy. In fact, it is known that if an investor is constrained by the short selling restrictions, then the market portfolio is in general inefficient, and the standard form of the CAPM does not go through. On the macro side, short sale restrictions could also affect equilibrium asset prices in a systematic fashion. A recent paper by Miller [5] argues that short selling restrictions increase the price of risky assets above those which would occur in a world with no restrictions. He argues that an increase in aggregate
Parametric and semiparametric estimation of sample selection models: an empirical application to the female labour force in Portugal

This paper applies both parametric and semiparametric methods to the estimation of wage and participation equations for married women in Portugal. The semiparametric estimators considered are the two-stage estimators proposed by Newey (1991) and Andrews and Schafgans (1998). The selection equation results are compared using the specification tests proposed by Horowitz (1993), Horowitz and Hardle (1994), and the wage equation results are compared using a Hausman test. Significant differences between the two approaches indicate the inappropriateness of the standard parametric methods to the estimation of the model and for the purpose of policy simulations. The greater departure seems to occur in the range of the low values of the index corresponding to a specific group of women. Copyright © 2001 John Wiley & Sons, Ltd.
Does the behaviour of the asset tell us anything about the option price formula? A cautionary tale

If Y = (Y 1,…,Y N) are the log-returns of an asset on succeeding days, then under the assumptions of the Black-Scholes option pricing formula, these are independent normal random variables with common mean and variance in the risk-neutral measure. If we can show empirically that Y does not have these properties in the realworld measure, does this mean that the Black-Scholes option pricing formula fails? It does not; as we show in this note, so long as the joint distribution of Y in the realworld measure has a strictly positive density, then the Black-Scholes option price formula may still be correct. We conclude that attempts to argue that the Black-Scholes formula must fail because observed log returns appear to be fat-tailed, or appear to have nonconstant volatility, or appear to have serial correlation are fallacious.
The Domestic Performance of UK Multinational Firms

This paper analyses the domestic performance of UK multinational firms from two perspectives: (i) their productivity relative to foreign multinationals, domestic exporters and non-exporters, and (ii) their ability to benefit newly acquired affiliates. Nonparametric analysis shows that the productivity distribution of UK multinationals is dominated by their foreign counterparts (especially US firms), and quantile regressions reveal that the performance disadvantage of UK multinationals is more pronounced at the higher end of the productivity distribution. Using a difference-in-differences methodology, it is found that, unlike foreign acquisitions, take-overs of domestic non-exporting firms by UK multinationals do not appear to lead to any productivity improvements.
Value recovery with customer dissatisfaction: A study of restaurant services in Pakistan

The present study was carried out to investigate the relationship between value recovery and customer satisfaction in restaurant settings of Pakistan through three justice components, ie distributive, interactional, and procedural justice. Primary data was gathered through a five-point likert scale questionnaire from 200 customers of different casual dining restaurants located in Rawalpindi and Islamabad, Pakistan. Correlation and regression analysis was carried out to check the effect of value recovery on customer satisfaction. Study findings suggest that value recovery through its three dimensions, namely, procedural, interactional and distributive justice significantly and positively effect customer satisfaction in the restaurant setting. Implications for casual dining restaurant managers are to provide training to restaurant serving staff with regard to customer dealing, customer complain handling, and the ways in which service failure could be avoided. Furthermore, restaurant serving staff should be given adequate remunerations for increasing their work motivation.
Online Surveys as Data Collection Instruments in Education Research: A Feasible Option?

Using online surveys for research purposes appears to have gained international recognition as a convenient and cost-effective data collection method. The problem is that the extant literature documenting the feasibility of this method in an education research context seems to be deficient. The question that emerges is: 'How feasible are Internet-based online surveys used as data collection instruments for educational research? ' In the hope of expanding the scholarship, this article reflects critically on the successes and challenges encountered during the planning, design and activation phases of an online survey. The survey was used to collect data for a large-scale exploratory study with school governance and leadership as its overarching theme. Despite implementation of salient methodological considerations, the relatively low response rate alerts educational researchers to use online surveys as data collection instruments circumspectly.
Natural resources and the dynamics of civil war duration and outcome

How do natural resources influence the duration of civil wars? Previous studies argue that resource wealth increases rebels’ motivation for private gain (motivation mechanism) and provides rebel leaders with sufficient funding opportunities to continue their insurrectionary activities (feasibility mechanism), thereby increasing the likelihood of prolonged conflict. While these two mechanisms are very important arguments for explaining the role of natural resources in the continuation of civil wars, there are not enough existing studies that analyze these two mechanisms separately. To examine the two mechanisms, this article introduces three important factors to the analysis: the lootability of natural resources, types of conflict termination, and power balance between government and rebels. Empirically, this article examines the effect of natural resources on conflict duration for the period of 1946–2003, using a competing risk modeling approach. Findings from the quantitative analysis reveal that lootable resources (onshore oil production) are negatively related to the duration of a civil war that ends in rebel victory and positively related to the duration of a civil war that ends in peace agreement when rebels have enough military capability. On the other hand, empirical analysis shows that non-lootable resources (offshore oil production) tend to reduce the duration of a civil war that ends in government victory.
Unveiling strategy in SMEs through balanced scorecard implementation: A circular methodology

The analysis of the studies on performance measurement systems (PMSs) for small- and medium-sized enterprises (SMEs) shows an important contradiction: on the one hand, we often find evidence that such enterprises have a hard time rationalising their operational practices and strategic processes, and consider strategy as mainly emerging; on the other hand, scholarly literature offers methodologies for the implementation of a PMS that are based upon a top-down approach and that aim at translating strategy into action, with little consideration to the tendency of small enterprises not to give much importance to the formalisation of their strategic choices. To contribute to this research gap, the authors identify a circular methodology to implement a strategically aligned PMS in SMEs. The proposed methodology is based on the balanced scorecard model and features four main phases: (1) the analysis of current ‘individual dashboards’ to actually show the performances that are kept under control; (2) the clarification of the key success factors (critical success factors (CSFs)) underlying the measures under control; (3) the definition of the desired strategy map as a result of the comparison between CSFs that are currently under control and the desired strategy; (4) the translation of the desired strategy map into a dashboard of indicators necessary for the implementation of the strategy. The identified implementation process features key aspects, connecting the actual strategy with the intentional strategy and engaging SMEs in a process of observation and clarification of their future vision.
Community Attitudes Toward Physician Assisted Suicide

Attitudes toward physician-assisted suicide (PAS) were assessed in a sample of 400 community adults, stratified as to gender and socioeconomic class, using a 12-item psychometric scale rather than the more typical survey question. The results indicate that the Domino scale, currently the only psychometric instrument of attitudes toward PAS, is factorially homogeneous and shows considerable internal stability. There were no gender differences, but significant socioeconomic class differences were obtained with better educated, upper class individuals more favorable in attitude than semi-skilled and unskilled poorly educated lower social class individuals. The majority of respondents support physician assisted suicide, but such support is inversely related to age.
FINANCIAL INCLUSION AND HUMAN DEVELOPMENT: A STATE-WISE ANALYSIS FROM INDIA

This paper analyzes the extent of financial inclusion across the 28 states and the 6 regions of India. As the inclusiveness of a financial system depends on various criteria, an Index for Financial Inclusion (IFI) has been constructed using a multidimensional approach. Using the data for three dimensions i.e. penetration, availability and usage of banking services, IFI has been computed for various states and regions of India. It is found that the states of Goa, Punjab and Kerala are the most financially inclusive states of India. Further, the relationship between financial inclusion and human development has been investigated for 21 major Indian states. The empirical results show that the index of financial inclusion and human development index are positively correlated with each other. It is observed that although various measures have been implemented to increase financial inclusion, a large population of India does not have access to formal financial system. Thus, the promotion of financial inclusion should be a policy priority in India to achieve the central goals of inclusive growth, human and economic development.