Miracle-dz/UniFAR-FTUs huggingface dataset:
Algorithmic Trading and the Market for Liquidity

Abstract We examine the role of algorithmic traders (ATs) in liquidity supply and demand in the 30 Deutscher Aktien Index stocks on the Deutsche Boerse in Jan. 2008. ATs represent 52% of market order volume and 64% of nonmarketable limit order volume. ATs more actively monitor market liquidity than human traders. ATs consume liquidity when it is cheap (i.e., when the bid-ask quotes are narrow) and supply liquidity when it is expensive. When spreads are narrow ATs are less likely to submit new orders, less likely to cancel their orders, and more likely to initiate trades. ATs react more quickly to events and even more so when spreads are wide.
Contextual influences on multinational teams: empirical evidence from an Austrian company

This study aims to explore the impact of context on multinational teams (MNTs). We are driven by the following research question: 'How do society and organisation, as a set of contextual factors, impact on MNTs? ' In contrast to many previous studies of MNTs, we investigate MNT dynamics within their real organisational context. The results show the impact of societal-level culture, corporate culture, structure and strategy on MNTs. A corporate culture based on task achievement enhances MNT members' ability to meet the needs of the changing external environment. In a matrix structure, MNT performance depends on the effectiveness of human resource management. MNTs also contribute to the global strategy development of companies by facilitating the exploitation and exploration of knowledge. The study draws the attention of scholars and practitioners towards the importance of various 'layers' of context when trying to understand MNTs and provides an explanation for the many inconsistencies in current MNT literature.
Changes in demand for tourism with climate change: a case study of visitation patterns to six ski resorts in Australia

Tourism in ski resorts depends on snow cover which is expected to decline with climate change. This paper explores hypotheses about demand side responses to climatic change by analyzing patterns of visitation in recent years with differing snow cover. Snow cover and visitation patterns to six resorts which differ in altitude and size in Victoria, Australia, were compared between a slightly warm and much drier year (2006, +0.6°C and −50% precipitation to longer-term averages) to a more typical year (2007) and to nine earlier years. Snowmaking partly offset declines in natural snow cover in 2006, although there were still fewer days with snow on the ground. The number of visitor days was much lower in 2006 than the previous nine years for the three lowest-altitude resorts (−69%), while it actually increased (+10%) in the highest altitude resort where there were fewer visitors (−17%), but they stayed longer. Snowmaking is already critical for ski resorts in low snow years. With warmer conditions, lower-altitude resorts may not receive enough income due to reduced visitation to offset snowmaking costs, while higher-altitude resorts may have a short-term gain, but become uneconomical in the longer term.
Incommensurability and Monetary Valuation

At the very heart of environmental cost-benefit analysis (CBA) is the claim that benefits and costs can be expressed in terms of money and hence made comparable. In particular, CBA puts all benefits and costs on a cardinal, monetary scale: it assumes monetary commensurability. A significant literature in ethics and political philosophy has arisen which doubts this assumption, but has so far had little impact on the theory or practice of CBA. In light of this, the paper assesses the defense of monetary commensurability offered by cost-benefit analysts and the wider economics literature. (JEL Q51)
Second-Generation HTS Conductor Design and Engineering for Electrical Power Applications

Besides critical current and conductor length, thermal stability, mechanical properties and ac loss characteristics of second-generation (2G) HTS wire are very important performance parameters to electric power device applications. Each application sets specific technical requirements on conductors. The properties of the practical 2G HTS wire manufactured at SuperPower, Inc. have enabled satisfactory performance in a number of demonstration devices including cable, high-field magnetic coil and fault current limiter. Yet, effort is being made to develop new conductor structures and configurations toward further enhanced performance in order to extend the potential of 2G HTS wire over a wider application range. This paper describes a variety of newly developed configurations: striation, narrow width, low-resistance joints and high quality insulation. The performance of wire with new configurations will promote the wide use of 2G HTS wire.
Understanding 3G Mobile Service Acceptance in Ho Chi Minh City, Vietnam

The rapid development of telecommunication and Internet services enables smartphone users to access online services faster and create more demand for using high-speed data services. The third generation (3G) mobile services have become the pioneer for the trend of high speed data transmission for years. This study aims to explore the factors that affect behavioral intention of adopting 3G mobile telecommunications. After implementing a structural equation modeling to analyze the data collection of 223 self-administered correspondents, we found that perceived factors, including ease of use, usefulness and enjoyment have a significantly positive relationship with attitude and while the attitude is positively associated with behavioral intention to use 3G. Based on the results, the research enables us to propose several practical recommendations to 3G providers in Vietnam such as 3G providers should provide more interesting and entertaining contents in their 3G applications and services, which charge appropriate fees and are easy to use for customers. In addition, 3G providers should focus on customers’ attitude by listening and receiving customers’ feedbacks to improve 3G technological solutions and value-added services.
Inflation hedging and protection characteristics of infrastructure and real estate assets

Purpose - – Similar to real estate, infrastructure investments are regarded as providing a good inflation hedge and inflation protection. However, the empirical literature on infrastructure and inflation is scarce. Therefore, the purpose of this paper is to investigate the short- and long-term inflation-hedging characteristics, as well as the inflation protection associated with infrastructure and real estate assets. Design/methodology/approach - – Based on a unique data set for direct infrastructure performance, a listed infrastructure index, common direct and listed real estate indices, the authors test for short- and long-term inflation-hedging characteristics of these assets in the USA from 1991-2013. The authors employ the traditional Fama and Schwert (1977) framework, as well as Engle and Granger (1987) co-integration tests. Granger causality tests are further conducted, so as to gain insight into the short-run dynamics. Finally, shortfall risk measures are applied to investigate the inflation protection characteristics of the different assets over increasingly long investment horizons. Findings - – The empirical results indicate that in the short run, only direct infrastructure provides a partial hedge against inflation. However, co-integration tests suggest that all series have a long-run co-movement with inflation, implying a long-term hedge. The causality tests reveal reverse unidirectional causality – while real estate asset returns are Granger-caused by inflation, infrastructure asset returns seem to cause inflation. These findings further confirm that both assets represent a distinct asset class. Ultimately, direct infrastructure investments exhibit the most desirable inflation protection characteristics among the set of assets. Research limitations/implications - – This study only presents results based on a composite direct infrastructure index, as no sub-indices for sub-sectors are available yet. Practical implications - – Investors seeking assets that are sensitive to inflation and mitigate inflation risk should consider direct infrastructure investments in their asset allocation strategy. Originality/value - – This is the first study to examine the ability of direct infrastructure to assess inflation risk.
The Usefulness of Book-to-Market and ROE Expectations for Explaining UK Stock Returns

The fundamental valuation perspective on stock returns suggests that book-to-market will be positively related to returns if market value of equity equals future expected cash flows discounted at the expected return and book value proxies for future cash flows. Building on this perspective, we develop a log linear model which includes expectations of future BM and ROE in addition to current BM as explanatory variables for future stock returns. We show that these three variables explain a significant part of UK cross-sectional stock returns and that they remain highly statistically significant after including additional risk proxy variables. This supports relevance of fundamental valuation based firm characteristics for explaining stock returns and indicates their potential usefulness for predicting future stock returns.
GOLBALIZATION, CORPORATE FINANCE, AND THE COST OF CAPITAL

International financial markets are progressively becoming one huge, integrated, global capital market—a development that is contributing to higher stock prices in developed as well as developing economies. For companies that are large and visible enough to attract global investors, having a global shareholder base means having a lower cost of capital and hence a greater equity value for two main reasons: First, because the risks of equity are shared among more investors with different portfolio exposures and hence a different “appetite” for bearing certain risks, equity market risk premiums should fall for all companies in countries with access to global markets. Although the largest reductions in cost of capital resulting from globalization will be experienced by companies in liberalizing economies that are gaining access to the global markets for the first time, risk premiums can also be expected to fall for firms in long‐integrated markets as well. Second, when firms in countries with less‐developed capital markets raise capital in the public markets of countries (like the U.S.) with highly developed markets, they get more than lower‐cost capital; they also import at least aspects of the corporate governance systems that prevail in those markets. For companies accustomed to less‐developed markets, raising capital overseas is likely to mean that more sophisticated investors, armed with more advanced technologies, will participate in monitoring their performance and management. And, in a virtuous cycle, more effective monitoring increases investor confidence in the future performance of those companies and so improves the terms on which they raise capital. Besides reducing market risk premiums and improving corporate governance, globalization also affects the systematic risk, or “beta,” of individual companies. In global markets, the beta of a firm's equity depends on how the stock contributes to the volatility not of the home market portfolio, but of the world market portfolio. For companies with access to global capital markets whose profitability is tied more closely to the local than to the global economy, use of the traditional Capital Asset Pricing Model (CAPM) will overstate the cost of capital because risks that are not diversifiable within a national economy can be diversified by holding a global portfolio. Thus, to reflect the new reality of a globally determined cost of capital, all companies with access to global markets should consider using a global CAPM that views a company as part of the global portfolio of stocks. In making this argument, the article reviews the growing body of academic studies that provide evidence of the predictive power of the global CAPM as well as the reduction in world risk premiums.
The Relationship between Lower Body Power and Sprinting Ability in Recreationally Trained College

College aged males who participate in competitive sports at a recreational level have very unique physical skills and abilities that lead them to compete in untraditional sports such as Ultimate Frisbee. This study examine the relationship between jumping ability and sprinting ability among 22 recreationally trained males who participate on a regionally competitive, club level Ultimate team. The subjects’ mean (± SD) age, height, weight, body fat percentage and fat free mass were 21.1±2.26 years, 179.88± 6.53 cm, 73.57± 7.38 kg, 11.26 ± 3.92 percent and 63.62± 12.44 kg respectively. To examine the relationship between jumping and sprinting, researchers measured the members of the Ultimate Frisbee team for 40 yard sprint (with a 10 yard split time recorded), standing broad jump (BJ), and vertical jump (VJ). Researchers used the results to calculate acceleration at 10 yards (10A), velocity at 40 yards (40V), horizontal sprinting power at 10 (10HSP) and 40 yards (40P), vertical jump power (VJP), and power relative to body weight (10bw, 40bw, VJbw), and fat free mass(10ffm, 40ffm, VJffm) for both sprinting power and vertical jump power. Testing took place over three days the week prior to the Regional Tournament and all participants signed a university approved IRB informed consent form before any testing was conducted. Pearson Product Correlations were run to examine the relationships between the variables. Level of significance was set to p<0.05. There was a
Firm innovation and institutional investment: the role of the Sarbanes–Oxley Act

This paper investigates the effect of the Sarbanes–Oxley Act (SOX) on the relation between institutional ownership (IO) and firm innovation. We find that US firms investing in innovation attract more institutional capital post-SOX. Prior literature identifies two SOX effects on the average US firm that could drive this relation, that is, a decreased level of information asymmetry (direct effect) and the consequent increased market liquidity (indirect effect). Our findings overwhelmingly support the direct effect. In particular, we find that the positive relation between IO and innovation post-SOX is mainly driven by passive and dedicated institutional investors. These investors benefit greatly from a reduction in the firm's information asymmetry but receive little gain from improvements in market liquidity, given their long-term trading horizon. Our results are robust to different model specifications, including difference-in-differences tests, which alleviate concerns about the impact of confounding effects on our conclusions. Taken together, our findings indicate an important policy effect of SOX, namely, the strengthening of institutional investor support for firm innovation.
Irrational analysts' expectations as a cause of excess volatility in stock prices

This paper investigates whether excess stock price volatility may be due in part to a failure of the market to form rational expectations. Using data on analysts' expectations of long run earnings growth for individual companies, we report a number of interelated results which lend support to this hypothesis. First we show that there is no statistically significant relationship between analysts' long run forecasts and subsequent earnings growth, suggesting that analysts' earnings expectations are excessively dispersed. Secondly, we provide evidence that analysts' expectations are reflected in market prices. These two results together imply that the cross-section of stock prices will also be excessively dispersed, so that stocks with low earnings expectations are underpriced and stocks with high earnings expectations are overpriced. As analysts' forecasts errors become apparent, stock prices should adjust accordingly and so excess returns should accrue. We demonstrate that analysts' forecasts are indeed negatively correlated with subsequent excess returns. All hypothesis testing uses panel regression techniques, and to circumvent the problem of cross-sectional dependence in the data we use a generalised method of moments estimator of the parameter covariance matrix.
Private Foreign Investment and Capital Formation in Developing Countries

There is a growing body of theoretical and empirical literature on the effects of capital inflows on aggregate investment and saving in developing countries. The new consensus is that in most situations such inflows help finance both current consumption and current investment and that current saving, as conventionally measured against income exclusive of capital inflows, therefore tends to decline. ' These findings raise doubt on the ability of developed lender-donor countries to contribute significantly to output growth in the developing world, and they point to more serious future debt-servicing problems than had previously been anticipated. The published research focuses on total real resource inflows, defined as the current account deficit in the balance of payments, or on official foreign borrowing (occasionally with the inclusion of aid grants). Little interest has been paid to the effects of private foreign investment, even though they may often be equally important from the standpoint of development planning, and in this era of stagnating official aid flows and increasing multinational corporate activity, direct foreign investment and other private capital flows deserve more attention. Papanek acknowledges this and included private foreign investment as a separate independent variable in his cross-country regressions of saving (and output growth); however, he considers his results unconvincing in this respect.2 Massell, Pearson, and Fitch measured the effects of private capital inflows (and other sources of foreign exchange) directly on domestic investment, but
Epidemic Entertainments: Disease and Popular Culture in Early-Twentieth-Century America

Over the last 20 years, “killer germs” and “superbugs” have become familiar features of American popular culture. Against the backdrop of a global AIDS pandemic that has claimed almost 14 million lives, the news media and entertainment industries have used the specter of real and imagined plagues to promote a wide variety of cultural products, from nonfiction tomes to made-forTV movies. Through their efforts, Americans have become familiar with a host of frightening new ailments, including AIDS, Ebola, flesh-eating streptococcus, and the West Nile virus. Since September 11, what once seemed implausible scenarios involving bioterrorists and international conspiracies have taken on chilling new believability. With memories fresh in mind of airplanes used as bombs and anthrax sent through the mails, Americans seem headed for another “epidemic of signification,” to use Paula Treichler’s phrase, in which books, television specials, and movies explore the theme of disease apocalypse (1). The events of September 11 make the purpose of this special issue more complex and urgent. As Priscilla Wald writes in the introduction, this issue aims to provide “a richer and more nuanced understanding of the multifaceted relationships among culture and contagion. ” Responding to the various plague scenarios being circulated in media and policy circles today requires engagement with a larger crisis in what sociologist Ulrich Beck has termed our modern “risk society,” that is, a culture increasingly aware of its potential for self-annihilation through nuclear war, environmental degradation, and pandemics of deadly disease. Since the end of the Cold War, widening disparities between the economic resources and ideological outlooks of the developed and developing worlds, coupled with the greater ease with which people and ideas move about the globe, have seemingly expanded the potential for
Advanced treatments in non-clear renal cell carcinoma.

PURPOSE To focus on the use of targeted therapies against the non-clear histologic subtypes of renal cell carcinoma (RCC); papillary I and II, chromophobe, and collecting duct. The unique genetic and molecular profiles of each distinct non-clear kidney cancer subtype will be described, as these differences are integral to the development and effectiveness of the novel agents used to treat them. MATERIALS AND METHODS On the basis of MEDLINE database searches, we assessed all aspects of targeted therapy in non-clear cell RCC between 2000 and 2010. Trials focusing on non-clear RCC or those that treated clear cell tumors along with significant numbers of non-clear subtypes will be discussed. The role of cytoreductive nephrectomy and the use of neoadjuvant and adjuvant targeted therapy will be reviewed. Lastly, areas of future research will be highlighted. RESULTS The majority of clinical trials testing novel targeted therapies have excluded non-clear subtypes, providing limited therapeutic options for patients with these diagnoses and their oncologists. CONCLUSION Patients presenting with advanced non-clear pathology should undergo a thorough metastatic evaluation and, if appropriate, surgical evaluation to determine if nephrectomy, lymphadenectomy, and/or metastectomy are warranted. Aggressive surgical extirpation is often recommended. Sunitinib also is adequately tolerated and oncologically active in subjects with non-clear histology.
A Model of Imperfect Competition with Keynesian Features

The recent literature on â€œthe reappraisal of Keynesâ€ has viewed Keynesian equilibria as arising when prices are fixed and effective demands and supplies are equilibrated through the adjustment of quantities. One problem with this approach is that it lacks a theory of price determinationâ€â€in particular, of why prices are fixed. In the present paper, we show that a number of Keynesian features arise in a model in which prices are fully flexible, but where agents have some monopoly power. One advantage of this approach is that it provides a theory of the determination of both prices and quantities.
Managing Operating Efficiencies of Publicly Owned Universities: American University Stochastic Frontier Estimates Using Panel Data

This paper investigates the extent of operating cost inefficiencies in the public provision of American higher education. The analysis employs panel data on American research and doctoral granting universities spanning four academic years, 2005-06 through 2008-09. Translog cost frontiers are estimated under two alternative efficiency models whereby institutional specific environmental factors affect university operating inefficiencies on the one hand and cost frontiers on the other. Results support the notion that inefficiency effects are not to be ignored in modeling the cost structure of American universities. Moreover environmental factors affect university operating efficiencies. University operating inefficiencies are found to have increased over time, but the rate of growth slowed substantially in the 2008-09 academic year. That could be an early managerial response toÂ budget cuts driven by the financial crisis. Rankings based on individual university performance indicate fairly wide inefficiency variability and some flagship universities residing among the more inefficient institutions. With growing interest in public management reform, the paper should be of interest from both perspectives of public policy and managerial decision-making.