Miracle-dz/UniFAR-FTUs huggingface dataset:
An Analysis of the Effect of State Acquisition Laws on Managerial Efficiency: The Case of the Bank Holding Company Acquisitions

THE incentive problems arising from the separation of security ownership from control of the corporation have been extensively discussed in economics and finance. ' One issue that has received considerable attention recently concerns the importance of the markets for corporate control and managerial labor services in the enforcement of the stockholder wealth maximization rule. If managerial labor markets and capital markets operate frictionlessly, the question of the importance of each individual market as a disciplinary device is unimportant, since each market acts as a perfect substitute for the other. On the other hand, if the takeover process is costly, and if the managerial labor market does not operate frictionlessly, the competitive forces in both markets may have an important effect on managerial efficiency. Different assumptions about the significance of imperfections in the corporate control and managerial labor markets may explain the different emphasis placed on these two disciplinary forces in the literature. Henry Manne, for example, emphasizes the importance of the market for corporate control and suggests that control of managerial inefficiencies rests
Lend Global, Fund Local? Price and Funding Cost Margins in Multinational Banking

In a proposed model of a multinational bank, interest margins determine local lending by foreign affiliates and the internal funding by parent banks. We exploit detailed parent-affiliate-level data of all German banks to empirically test our theoretical predictions in pre-crisis times. Local lending by affiliates depends negatively on price margins, the difference between lending and deposit rates in foreign markets. The effect of funding cost margins, the gap between local deposit rates faced by affiliates abroad and the funding costs of their parents, on internal capital market funding is positive but statistically weak. Interest margins are central to explain the interaction between internal capital markets and foreign affiliates lending.
Productivity and innovation spillovers: Micro evidence from Spain

This article analyses the impact that innovation expenditure and intrasectoral and intersectoral externalities have on productivity in Spanish firms. While there is an extensive literature analysing the relationship between innovation and productivity, in this particular area there are far fewer studies that examine the importance of sectoral externalities, especially with the focus on Spain. One novelty of the study, which covers the industrial and service sectors, is that we also consider jointly the technology level of the sector in which the firm operates and the firm size. The database used is the Technological Innovation Panel (PITEC), which includes 12,813 firms for the year 2008 and has been little used in this type of study. The estimation method used is Iteratively Reweighted Least Squares method (IRLS), which is very useful for obtaining robust estimations in the presence of outliers. The results confirm that innovation has a positive effect on productivity, especially in high-tech and large firms. The impact of externalities is more heterogeneous because, while intrasectoral externalities have a positive and significant effect, especially in low-tech firms independently of size, intersectoral externalities have a more ambiguous effect, being clearly significant for advanced industries in which size has a positive effect.
Land Markets in African Cities: The Case of Peri-urban Accra, Ghana

Land markets in African cities are characterised by the co-existence of different modes of supply that originate from the different stages of their development. Customary land tenure remains important in many of these cities, although its future is widely disputed. This paper discusses the implications of the co-existence of customary land tenure and state involvement in the land market in peri-urban Accra, where land is rapidly being converted from agricultural to residential use. The land market is shown to be complex and diverse, characterised by a high level of uncertainty and widespread disputes. The strong sense of cultural identity associated with customary land, and the difficulties of introducing major changes to land markets, however, point towards maintaining a modified form of customary land tenure.
A Spatial Panel Simultaneous-Equations Model of Business Growth, Migration Behavior, Local Public Services and Household Income in Appalachia

In this paper we develop a spatial panel simultaneous-equations model of business growth, migration behavior, local public services and median household income in a partial lag-adjustment growth-equilibrium framework and utilizing a one-way error component model for the disturbances. This model is an extension of the “jobs follow people or people follow jobs” literature and it improved previous models in the growth-equilibrium tradition by: (1) explicitly modeling local government and regional income in the growth process; (2) explicitly modeling gross in-migration and gross out-migration separately in order to spell out the differential effects, which used to be glossed over under net population change in previous studies; (3) explicitly incorporating both spatially lagged dependent variables and spatially lagged error terms to account for spatial spillover effects in the data set; and (4) extending and generalizing the modeling and estimation of simultaneous systems of spatially interrelated cross sectional equations into a panel data setting. To estimate the model, we develop a five-step new estimation strategy by generalizing the Generalized Spatial Three-Stage Least Squares (GS3SLS) approach outlined in Kelejian and Prucha (2004) into a panel data setting. The empirical implementation of the model uses county-level data from the 418 Appalachian counties for 1980-2000. Generally, the results from these model estimations are consistent with the theoretical expectations and empirical findings in the equilibrium growth literature and provide support to the basic hypotheses of this study. First, the estimates show the existence of feedback simultaneities among the endogenous variables of the model. Second, the results also show the existence of conditional convergence with respect to the respective endogenous variable of each equation of the model and the speed of adjustment parameters are generally comparable to those in literature. Third, the results from the parameter estimation of the model indicate the existence of spatial autoregressive lag effects and spatial cross-regressive lag effects with respect to the endogenous variables of the model. One of the key conclusions is that sector specific policies should be integrated and harmonized in order to give the desirable outcome. Besides, regionally focusing resources for development policy may yield greater returns than treating all locations the same.
The Epileptiform Significance of Intermittent Rhythmic Delta Activity in Childhood

Intermittent rhythmic delta activity is reported in various disorders and is classified as a nonspecific abnormal electroencephalographic pattern. We have investigated its clinical and electroencephalographic features in childhood. Intermittent rhythmic delta activity was identified in 54 children over a period of 48 months. Epilepsy was present in 81%, 4% had only a single generalized tonic-clonic seizure, and 15% had no seizures. Generalized seizures were more common than partial seizures (83% versus 13%; 4% were mixed). The largest group of patients had idiopathic epilepsy. Epileptiform features were present in 70%. No patient identified prospectively has had a space-occupying lesion. Intermittent rhythmic delta activity should be considered an epileptiform pattern in children, most commonly occurring as an interictal pattern in primary generalized epilepsy. (J Child Neurol 1992; 7:156-160).
Design and fabrication of bimorph transducer for optimal vibration energy harvesting

High energy density piezoelectric composition corresponding to 0.9Pb(Zr<sub>0.56</sub>Ti<sub>0.44</sub>)O<sub>3</sub>-0.1Pb[(Zn<sub>0.8/3</sub>Ni<sub>0.2/3</sub>) Nb<sub>2/3</sub>]O<sub>3</sub> + 2 mol% MnO<sub>2</sub> (PZTZNN) and 0.8[Pb(Zr<sub>0.52</sub>Ti<sub>0.48</sub>) O<sub>3</sub>]-0.2[Pb(Zn<sub>1/3</sub>Nb<sub>2/3</sub>)O<sub>3</sub>] (PZTPZN) were synthesized by conventional ceramic processing technique using three different sintering profiles. Plates of the sintered samples were used to fabricate the piezoelectric bimorphs with optimized dimensions to exhibit resonance in the loaded condition in the range of ~200 Hz. An analytical model for energy harvesting from bimorph transducer was developed which was confirmed by experimental measurements. The results of this study clearly show that power density of bimorph transducer can be enhanced by increasing the magnitude of product (d · g), where d is the piezoelectric strain constant and g is the piezoelectric voltage constant.
Forecasting Volatility in Asian Stock Markets: Contributions of Local, Regional, and Global Factors

This paper examines volatility forecasting for the broad market indices of 12 Asian stock markets. After considering the long memory in volatility and volatility jumps, the paper incorporates local, regional, and global factors into a heterogeneous autoregressive model for volatility forecasting. Compared to several existing studies, the model produces smaller forecasting errors. The empirical findings shed new light on the spillover effect from regional and global factors to local market volatility. Despite the common perception of increased globalization, the paper finds that volatility in Asia is primarily driven by local factors. During the period January 2005 to April 2010, regional and global factors explain 2%–3% of the volatility in the next 10 days for Asian emerging markets, and 3%–6% for Asian developed markets. There was no significant increase in the contribution of global factors to local market volatility.
Essays in industrial organisation

This thesis consists of three independent chapters: In the first chapter, we consider a Hotelling model of price competition where firms may acquire information regarding the preferences (i.e. “location”) of customers. By purchasing additional information, a firm has a finer partition regarding customer preferences, and its pricing decisions must be measurable with respect to this partition. If information acquisition decisions are common knowledge at the point where firms compete via prices, we show that a pure strategy subgame perfect equilibrium exists, and that there is “excess information acquisition” from the point of view of the firms. If information acquisition decisions are private information, a pure strategy equilibrium fails to exist. We compute a mixed strategy equilibrium for a range of parameter values. The second chapter investigates a case of national versus regional pricing. Competition authorities frequently view price discrimination by firms as detrimental to consumers. In the case of the UK supermarket industry they suggested a move to uniform pricing. Yet theoretical predictions are ambiguous about whether third degree price discrimination is beneficial or detrimental to consumers, and in general there will be some consumers who benefit while other lose out. In this chapter, we estimate the impact that the move from regional to uniform pricing had on Tesco’s profits and consumer's surplus. We estimate an AIDS model of consumer expenditure in the eggs market in a multi-stage budgeting framework allowing for very flexible substitution patterns between products at the bottom level. We use data on farm gate prices to instrument price in the demand equation. Our results suggest that switching to a regional pricing policy can potentially increase Tesco’s profit on eggs by 37%. However, while there are winners and losers, the overall effect on consumer welfare is not significant. In the third chapter, we study the kidney market in Iran. The most effective treatment for end-stage renal disease is a kidney transplant. While the supply of cadaveric kidneys is limited, the debate has been focused on the effects of the existence of a free market for human organs. Economists as well as medical and legal researchers are divided over the issue. Iran has a unique kidney market which has been in place for over 20 years, frequently reporting surprising success in reducing the waiting list for kidneys. This paper demonstrates how the Iranian system works and estimates the welfare effect of this system.
Randomized clinical trial of surgery versus conservative therapy for carpal tunnel syndrome [ ISRCTN 84286481 ]

Background: Conservative treatment remains the standard of care for treating mild to moderate carpal tunnel syndrome despite a small number of well-controlled studies and limited objective evidence to support current treatment options. There is an increasing interest in the usefulness of wrist magnetic resonance imaging could play in predicting who will benefit for various treatments. Method and design: Two hundred patients with mild to moderate symptoms will be recruited over 3 1/2 years from neurological surgery, primary care, electrodiagnostic clinics. We will exclude patients with clinical or electrodiagnostic evidence of denervation or thenar muscle atrophy. We will randomly assign patients to either a well-defined conservative care protocol or surgery. The conservative care treatment will include visits with a hand therapist, exercises, a self-care booklet, work modification/ activity restriction, B6 therapy, ultrasound and possible steroid injections. The surgical care would be left up to the surgeon (endoscopic vs. open) with usual and customary follow-up. All patients will receive a wrist MRI at baseline. Patients will be contacted at 3, 6, 9 and 12 months after randomization to complete the Carpal Tunnel Syndrome Assessment Questionnaire (CTSAQ). In addition, we will compare disability (activity and work days lost) and general well being as measured by the SF-36 version II. We will control for demographics and use psychological measures (SCL-90 somatization and depression scales) as well as EDS and MRI predictors of outcomes. Discussion: We have designed a randomized controlled trial which will assess the effectiveness of surgery for patients with mild to moderate carpal tunnel syndrome. An important secondary goal is to study the ability of MRI to predict patient outcomes. Published: 18 January 2005 BMC Musculoskeletal Disorders 2005, 6:2 doi:10.1186/1471-2474-6-2 Received: 09 November 2004 Accepted: 18 January 2005 This article is available from: http://www.biomedcentral. com/1471-2474/6/2 © 2005 Martin et al; licensee BioMed Central Ltd. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/2.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Cost-effectiveness analysis of a universal vaccination programme with the 7-valent pneumococcal conjugate vaccine (PCV-7) in Sweden

The 7-valent pneumococcal conjugate vaccine (PCV-7) has proved to be highly effective against invasive pneumococcal disease and has also provided some protection against all-cause pneumonia and acute otitis media. The objective of this study was to evaluate the projected health benefits, costs and cost-effectiveness of vaccination with the 7-valent conjugated pneumococcal vaccine compared with no vaccination, in all infants in Sweden, taking herd immunity into account. A Markov model was used and a hypothetical birth cohort was simulated for a lifelong perspective. The results show that vaccination of 1 cohort could potentially prevent 9 cases of pneumococcal meningitis, 22 cases of pneumococcal septicaemia, 509 cases of hospitalized pneumonia, 7812 cases of acute otitis media, and 2.7 fatalities, among children 0–4 y of age and 6 episodes of pneumococcal meningitis and 167 cases of pneumococcal septicaemia among adults. The incremental cost per QALY and LY gained was estimated to €29,200 and €51,400, respectively. When herd immunity was accounted for, the cost per QALY and LY gained was estimated to €5500 and €6600, respectively. Thus, the health benefits of a national vaccination programmeme can be achieved within a ‘moderate’ or ‘low’ cost per QALY gained.
Labor Turnover Costs and Average Labor Demand

Labor turnover costs may or may not decrease average employment in a partial equilibrium model of labor demand, depending on the form of the revenue function, on the rates of discount and of labor attrition, and on the relative size of hiring and firing costs. If discount and attrition rates are strictly positive, firing costs may well increase average employment even when hiring costs reduce it.
Predicting Stock Returns in an Efficient Market

An intertemporal general equilibrium model relates financial asset returns to movements in aggregate output. The model is a standard neoclassical growth model with serial correlation in aggregate output. Changes in aggregate output lead to attempts by agents to smooth consumption, which affects the required rate of return on financial assets. Since aggregate output is serially correlated and, hence, predictable, the theory suggests that stock returns can be predicted based on rational forecasts of output. The empirical results confirm that stock returns are a predictable function of aggregate output and also support the accompanying implications of the model. Copyright 1990 by American Finance Association.
Public service motivation and job performance of public sector employees in the Netherlands

This article contributes in three ways to our understanding of public service motivation (PSM) and its effects. In the first place, it applies an abridged version of Perry's measurement scale in the Dutch public sector. Although the results of the analysis show that PSM is a valid concept in this context, doubts arise as to whether one should use the same four dimensions as in the USA. Second, the analysis shows that — contrary to expectations — PSM is of equal importance in the segments of the Dutch public sector that were investigated. Third, the effect of PSM on three performance-related behavioural outcome variables (commitment, willingness to exert effort and perceived job performance) is analysed. In addition to PSM, a measurement of PSM fit is included. The hypothesis that PSM fit mediates the relationship between PSM and the outcome variables is rejected. In practice, it appears that both PSM and PSM fit have independent effects on these outcome variables. Points for practitioners Public organizations have to attract people who are motivated to work for the sector. In the Netherlands, the Ministry of the Interior is running a recruitment campaign to achieve this. This article shows the value of this strategy as workers with such a motivation (`public service motivation' or PSM) are more committed to the organization, more willing to exert effort and have a higher perception of their performance. Probably this will reflect in better public service delivery. However, the article also shows that recruiting PSM-oriented workers is not enough. It is also important that workers will be able to really `use' their PSM in their work. If not, they will become frustrated, which in the end will have adverse effects for the quality of public service delivery.
Participation in the development of inter-organizational systems involving users outside the organization

User participation is usually discussed in the context of internal systems. This study places participation in an inter-organizational context where the intended users are outside the sponsoring organization. This paper uses case evidence to investigate whether factors identified in the user participation literature as contingency factors for participation are also associated with participation in the development of inter-organizational systems. It was found that previously identified factors are not predictors of participation or non-participation in the inter-organizational context. Instead, the case evidence suggests that the underlying reason for development of such systems was associated with participation or non-participation by intended users from outside the sponsoring organization.
Returns, Trading Volume and Volatility in the Stock Market of Mauritius

This paper examines the trading volume and return and volatility relationship on the Stock Exchange of Mauritius (SEM). Thirty-six stocks, six constructed indices and the SEMDEX has been used to test the validity of the Mixture of Distributions Hypothesis where volume is taken as a proxy for the rate of informal arrival. To achieve our objectives several versions of the Autoregressive Conditional Heteroscedasticity (hereafter ARCH) family is adopted namely the simple ARCH model, GARCH and GJR-TGARCH. Analysis has also been done to include a risk component in the models by using ARCH-in-mean models. Further, two conditional mean equations, the random walk and the AR (1) have been employed. Very weak evidence of a positive relationship between trading volume and volatility has been found, therefore support of the Mixture-of-Distributions hypothesis and the Sequential Information Arrival hypothesis cannot be found on the SEM.
Values and Volunteers: Axiology of Altruism in a Crisis Center

The present study examined the values of volunteers for a crisis center “hotline” telephone service. The volunteers (19 males, 23 females) were compared to an aggregately sex-matched control group of 42 evening college students at a major urban regional university. Both groups completed a Rokeach Value Survey. A total of 12 values discriminated between the volunteer and control groups. Results suggest that, in contrast to control subjects, volunteers for crisis-intervention centers are demonstrably more altruistic, with more highly developed interests in social activity and an increased need for inner-direction. A subsequent value comparison of the 23 volunteers who remained for at least 2 mo. beyond the training period with 19 who dropped out disclosed only 2 minor differences. Value differences appear to be critical in volunteer selection but are generally unrelated to retention.
The electronic and optical properties of the sulvanite compounds: a many-body perturbation and time-dependent density functional theory study

We have studied, by means of first-principles calculations, the electronic and optical properties of the sulvanite family: Cu3MX4 (M = V, Nb, Ta and X = S, Se), which, due to its broad range of gaps and chemical stability, have emerged as promising materials for technological applications such as photovoltaics and transparent conductivity. To address the reliability of those properties we have used semi-local and hybrid functionals (PBEsol, HSE06), many-body perturbation theory (G0W0 approximation and Bethe–Salpeter equation), and time-dependent density functional theory (revised bootstrap kernel) to calculate the quasi-particle dispersion relation, band gaps, the imaginary part of the macroscopic dielectric function and the absorption coefficient. The calculated valence band maximum and the conduction band minimum are located at the R and X-points, respectively. The calculated gaps using PBEsol are between 0.81 and 1.88 eV, with HSE06 into 1.73 and 2.94 eV, whereas the G0W0 values fall into the 1.91–3.19 eV range. The calculated dielectric functions and absorption coefficients show that all these compounds present continuous excitonic features when the Bethe–Salpeter equation is used. Contrarily, the revised bootstrap kernel is incapable of describing the excitonic spectra. The calculated optical spectra show that Cu3VS4 and Cu3MSe4 have good absorption in the visible, whereas Cu3NbS4 and Cu3TaS4 have it on the near ultraviolet.