Miracle-dz/UniFAR-FTUs huggingface dataset:
The effect of cross-border and domestic acquisitions on shareholder wealth: evidence from BRICS acquirers

The topic devoted to cross-border M&A performance has received wide attention in academic literature. Most existing studies examine wealth effects of international M&As in developed countries. We contribute to existing research by examining the market reaction to the announcements of M&As initiated by companies from BRICS countries over 2000-2012. We assess the long-term performance of M&A deals along with the short-term one and provide a copmarative analysis of company wealth gains in cross-border and domestic M&As. Based on the sample of 117 cross-border deals and 247 domestic M&As we find that foreign acquisitions outperform the domestic ones in the long run. We also find that main determinants of M&A performance are the acquirer’s FCFF, percentage change in the acquiring country's exchange rate against the target country currency during the acquisition year, and the level of international diversification of acquirers.
Qualified Audit Reports: Their Impact on Investment Decisions

The research involved measuring the information content of qualified audit reports on published accounts. The market model was used to measure the abnormal returns associated with various 'types" of qualification. It was found that some types of audit qualification had a significant impact on investment decisions while others had very little. There was found to be no relationship between the accounting firm qualifying the accounts and the abnormal returns. The findings suggest that more information on the nature of the audit qualifications should be given. D URING the mid-1970s, there has been a dramatic growth in the number of qualified audit reports in the United Kingdom. The purpose of this paper is to look at these qualifications and examine what impact they have had on investment decisions. Specifically, we will examine the behavior of share prices on the release of the audit qualifi-
Retinoids counteract insulin resistance and liver steatosis: What's the potential mechanism?

We read with great interest a recent article published in this journal by Tsuchiya et al. In this study the authors investigated all-trans-retinoic acid (ATRA) effects in different mouse models to explore its anti-insulin resistance activities and inspected mechanisms engaged in this condition and associated hepato-metabolic disorders. Tsuchiya et al. found that ATRA improved insulin sensitivity and activated the leptin signaling pathway in C57BL/6J mice fed a high-fat, high-fructose (HFHFr) diet and in genetically insulin resistant KK-A mice. Furthermore, ATRA retrieved metabolic derangements in both models, counteracting liver steatosis and ballooning in HFHFr animals. The authors suggested a possible interaction between the leptin-mediated pathway and retinoic acid receptor (RAR)-mediated transcriptional regulation to explain ATRA-dependent insulin sensitivity improvement. However, the role of the RAR/leptin network in regulating the antisteatotic effect of ATRA remains to be verified. We recently reported that high fructose-enriched diets may promote phosphatase and tensin homolog (PTEN) phosphorylation/ inactivation inducing nonalcoholic fatty liver disease (NAFLD). Therefore, we hypothesized that retinoids might have a positive effect on liver steatosis affecting PTEN signaling, a complex PI3K/ AKT regulatory pathway involved in the control of hepatic glucose and lipid metabolism. The role of PTEN in mediating the antisteatotic effect of ATRA is supported by our preliminary data. We studied the effect of ATRA in an in vitro model of hepatic steatosis using HepG2 cells supplemented with combined oleic acid (OA) and palmitic acid (PA) (molar ratio 2:1) at 1 mM final concentration. As shown in Fig. 1A, after 24 hours OA/ PA supplementation induced an increase of intracellular lipid accumulation that was significantly reduced by treatment with 5 lM ATRA for 5 hours. Moreover, neither OA/PA nor ATRA treatments influenced cell viability (Fig. 1B). Importantly, ATRA reduced fatty acid-dependent PTEN phosphorylation/inactivation (Fig. 1C). All these findings suggest that retinoids are potential appropriate therapeutic agents to resolve both metabolic alterations and liver-damage triggered by genetically or a diet-induced insulin resistant state. Tsuchiya et al. demonstrated that the leptin pathway may be crucial for the anti-insulin resistance action of ATRA, and we proposed PTEN as a mediator of its antisteatotic effect. However, due to the multiple interactions between retinoids and different signaling networks, further studies are necessary to identify mechanisms involved in ATRA-mediated transcriptional regulation of relevant metabolic and liver genes.
The absolute lymphocyte to monocyte ratio is associated with poor prognosis in classical Hodgkin lymphoma patients younger than 60 years of age

Recent studies suggest that absolute lymphocyte count, absolute monocyte count and their ratio [lymphocyte/monocyte ratio (LMR)] at diagnosis may predict survival in classical Hodgkin lymphoma (cHL). Here, we investigated the prognostic significance of LMR in cHL patients in relation to age of patients. Subjects included 351 cHL patients (age range from 4 to 84 years, median age 34 years, sex ratio 1.58) who had been followed‐up for a median period of 59 months (range, 0.1–245 months). The estimated 5‐year overall survival (OS) rate was 86.8%. Subgroup analysis was performed according to patients' age; non‐elderly group (<60 years of age) versus elderly group (≥60 years of age). There was no significant difference in the level of absolute lymphocyte count, absolute monocyte count or LMR between the age groups. Using receiver operating characteristic curve analysis, the optimal cut‐off value of LMR for the entire cohort was determined at 2.8, whereas the optimal cut‐off for the elderly group was 2.2. In the non‐elderly group (<60 years old), patients with LMR <2.8 had significantly lower OS or lymphoma‐specific survival compared with those with LMR ≥2.8 (p < 0.001, both). In contrast, neither the LMR value of 2.8 or 2.2 predicted survival in the elderly group. In multivariate analysis, LMR remained a significant prognostic factor for OS (p = 0.049). The results of our analysis suggest that low LMR is associated with poor OS in patients of <60 years old. Copyright © 2014 John Wiley & Sons, Ltd.
Rotor equivalent wind speed for power curve measurement – comparative exercise for IEA Wind Annex 32

A comparative exercise has been organised within the International Energy Agency (IEA) Wind Annex 32 in order to test the Rotor Equivalent Wind Speed (REWS) method under various conditions of wind shear and measurement techniques. Eight organisations from five countries participated in the exercise. Each member of the group has derived both the power curve based on the wind speed at hub height and the power curve based on the REWS. This yielded results for different wind turbines, located in diverse types of terrain and where the wind speed profile was measured with different instruments (mast or various lidars). The participants carried out two preliminary steps in order to reach consensus on how to implement the REWS method. First, they all derived the REWS for one 10 minute wind speed profile. Secondly, they all derived the power curves for one dataset. The main point requiring consensus was the definition of the segment area used as weighting for the wind speeds measured at the various heights in the calculation of the REWS. This comparative exercise showed that the REWS method results in a significant difference compared to the standard method using the wind speed at hub height in conditions with large shear and low turbulence intensity.
Better library design: data‐driven protein engineering

Data‐driven protein engineering is increasingly used as an alternative to rational design and combinatorial engineering because it uses available knowledge to limit library size, while still allowing for the identification of unpredictable substitutions that lead to large effects. Recent advances in computational modeling and bioinformatics, as well as an increasing databank of experiments on functional variants, have led to new strategies to choose particular amino acid residues to vary in order to increase the chances of obtaining a variant protein with the desired property. Strategies for limiting diversity at each position, design of small sub‐libraries, and the performance of scouting experiments, have also been developed or even automated, further reducing the library size.
What matters for Investor Activism: An Investigation of Activists' Incentives vs. Activist Types

Stock Price Elasticity and Control Ownership. Stocks included in the S&P 500 experience abnormal returns. Supporting a demand pressure explanation, this paper documents that the price impact is larger for stock of which a significant fraction is held by controlling shareholders. This cross-sectional result vanishes after Standard & Poor's introduce index weight adjustments of control ownership in 2005.What matters for Shareholder Activism? This paper provides a comprehensive study of shareholder activism in the US. We do not detect significant differences in stock returns for different shareholder activist types, despite including hedge funds as a separate group. Investors' incentives as measured by their ownership stake, however, are more economically relevant.Municipal Lending Institutions in Sweden. This paper analyzes the institutional setup of a municipal credit agency. Refinancing advantages over commercial banks plus implementing a coinsurance mechanism across municipalities gives such an institution a lower hurdle rate for loans, making competitive municipal lending possible.Sovereign Credit Risk and Corporate Borrowing Costs. We show that an increase in sovereign credit risk leads to higher corporate borrowing costs. The results suggest more pronounced effects in countries that belong to the Eurozone, that are more financially distressed, and that have weaker property rights. Companies with high public ownership or bank-dependence are more affected.
RNA metabolism of Rhodopseudomonas spheroides during preferential photopigment synthesis.

SUMMARY: During anaerobic growth of Rhodopseudomonas spheroides the specific RNA content (μg. RNA/μg. protein) of cultures was directly proportional to the light intensity in which they were grown. Cultures subjected to a step-up in light intensity preferentially synthesized RNA until their specific RNA content increased to the value characteristic of growth at the higher light intensity. Conversely following a step-down in light intensity the rate of RNA synthesis fell below the rate of protein synthesis, and cellular RNA was diluted out to the value characteristic of growth at the lower light intensity. Adjustment of the differential rate of RNA synthesis in response to a change in light intensity was thus opposite to that of the differential rate of photopigment synthesis. Although a decrease in light intensity drastically decreased RNA synthesis some RNA continued to be formed. The RNA synthesized, like that in cultures maintained at a constant light intensity, consisted of soluble and ribosomal RNA and unstable RNA with sedimentation behaviour like m-RNA. Aerobic cultures of R. spheroides subjected to a marked decrease in O2 tension synthesized photopigments de novo without appreciably increasing their net content of RNA, but continued to synthesize small amounts of all the usual classes of RNA.
Effects of stress hormones on the structure and function of the human brain

In response to stress, the hypothalamus–pituitary–adrenal axis is activated and glucocorticoids are secreted. These hormones exert multiple effects in the periphery as well as the brain. Acutely, they enhance memory consolidation, but at the same time the ability to retrieve previously learned information is reduced. In addition, glucocorticoids appear to interfere with working (short-term) memory. Chronically elevated glucocorticoid levels, as a result of endocrine or psychiatric disorders or as part of age-associated changes in the hypothalamus–pituitary–adrenal system, mostly have a negative influence on memory. In parallel, structural alterations are observed in the hippocampus and the prefrontal cortex. However, it seems that plasticity/reversibility is more common than previously thought. Moreover, several pharmacological interventions in animal models or small-scale human studies have revealed promising results. The advanced understanding of the CNS effects of glucocorticoids will ultimately lead to progress in the treatment of psychiatric and systemic diseases characterized by hypothalamus–pituitary–adrenal hyper- or hypo-activity.
Wireless communication performance based on IEEE 802.11p R2V field trials

Next-generation telematics solutions are being driven by the maturation of recently deployed intelligent transportation systems, assisted by the integration of and rapid collaboration with information communication technology markets and the automotive industry. Examples of this trend can be found in DSRC contexts in which Wi-Fi and WiMAX have become very relevant in vehicular environments. Comprehensive field trials were conducted and relevant measurements were collected in physical environments to investigate the possible environmental factors that occur in roadside-unit-to-vehicle communication scenarios. In these carefully controlled automobile experiments, the most representative parameters are measured and analyzed for DSRC in dynamic environments (e.g., packet loss, latency, and delay spread). Using a systematic testing procedure and through measurement analysis, the communication performance and the operating reliability of wireless communications can be effectively verified; insightful improvements and helpful suggestions and contributions may thus be achieved for telematics system designs. Furthermore, a practical, reasonable, and standardized testing procedure is proposed, and it can be utilized in equipment verification and product certification.
Effect of Low-Frequency Repetitive Transcranial Magnetic Stimulation Combined with Physical Therapy on l-Dopa-Induced Painful Off-Period Dystonia in Parkinson's Disease

Previous research has shown that low-frequency repetitive transcranial magnetic stimulation over the primary motor area and supplementary motor area can reduce l-dopa-induced dyskinesias in Parkinson's disease; however, it involved only patients with peak-dose or diphasic dyskinesia. We report a case of a patient with severely painful off-period dystonia in the unilateral lower limb who underwent 0.9-Hz subthreshold repetitive transcranial magnetic stimulation over contralateral primary motor area and supplementary motor area. Repetitive transcranial magnetic stimulation over the primary motor area significantly reduced the painful dystonia and walking disturbances but repetitive transcranial magnetic stimulation over the supplementary motor area did not. The cortical silent period also prolonged after repetitive transcranial magnetic stimulation over the primary motor area. At 5 mos of approximately once a week repetitive transcranial magnetic stimulation over the primary motor area, the Unified Parkinson's Disease Rating Scale motor score also improved. This report shows that repetitive transcranial magnetic stimulation over the inhibitory primary motor area can be useful for rehabilitating patients with Parkinson's disease with off-period dystonia and suggests that this treatment should be further verified in such patients.
Quality of drug information on the World Wide Web and strategies to improve pages with poor information quality. An intervention study on pages about sildenafil.

AIMS The generally poor quality of health information on the world wide web (WWW) has caused preventable adverse outcomes. Quality management of information on the internet is therefore critical given its widespread use. In order to develop strategies for the safe use of drugs, we scored general and content quality of pages about sildenafil and performed an intervention to improve their quality. METHODS The internet was searched with Yahoo and AltaVista for pages about sildenafil and 303 pages were included. For assessment of content quality a score based on accuracy and completeness of essential drug information was assigned. For assessment of general quality, four criteria were evaluated and their association with high content quality was determined by multivariate logistic regression analysis. The pages were randomly allocated to either control or intervention group. Evaluation took place before, as well as 7 and 22 weeks after an intervention which consisted of two letters with individualized feedback information on the respective page which were sent electronically to the address mentioned on the page. RESULTS Providing references to scientific publications or prescribing information was significantly associated with high content quality (odds ratio: 8.2, 95% CI 3.2, 20.5). The intervention had no influence on general or content quality. CONCLUSIONS To prevent adverse outcomes caused by misinformation on the WWW individualized feedback to the address mentioned on the page was ineffective. It is currently probably the most straight-forward approach to inform lay persons about indicators of high information quality, i.e. the provision of references.
The Pecking Order, Information Asymmetry, and Financial Market Efficiency

This paper studies the marginal debt issuance behavior of publicly traded companies with firm-level data from 42 countries. The focus is on the extent to which measures from the literature on finance and development can help to explain the observed differences among countries in the corporate use of marginal debt financing. Using the pecking order testing framework of Shyam-Sunder and Myers (1999), this study provides empirical evidence that financial market imperfections and institutional development affect the debt issuance decisions of firms when raising external capital. Country development, Law enforcement, legal origin, shareholder protections, effectiveness of the government, and control of corruption are significantly related to marginal debt issuance decisions of firms. Finally, the coefficient estimates of the pecking order regressions are correlated with the long run average growth rates of the countries and appear to be a powerful objective measure of financial market efficiency.
Bacillus subtilis glutamine synthetase mutants pleiotropically altered in glucose catabolite repression

Strain SF22, a glutamine-requiring (Gln-) mutant of Bacillus subtilis SMY, is likely to have a mutation in the structural gene for glutamine synthetase, since this strain synthesized 22 to 55% as much glutamine synthetase antigen as did wild-type cells in a 10-min period but had less than 3% of wild-type glutamine synthetase enzymatic activity. The expression of several genes subject to glucose catabolite repression was altered in the Gln- mutant. The induced levels of alpha-glucosidase, histidase, and aconitase were 3.5- to 4-fold higher in SF22 cells than in wild-type cells grown in glucose-glutamine medium, and citrate synthase levels were 8-fold higher in the Gln- mutant than in wild-type cells. The relief of glucose catabolite repression in the Gln- mutant may result from poor utilization of glucose. Examination of the intracellular metabolite pools of cells grown in glucose-glutamine medium showed that the glucose-6-phosphate pool was 2.5-fold lower, the pyruvate pool was 4-fold lower, and the 2-ketoglutarate pool was 2.5-fold lower in the Gln- cells than they were in wild-type cells. Intracellular levels of glutamine were sixfold higher in the Gln- mutant than in wild-type cells. Measurements of enzymes involved in glutamine transport and utilization showed that the elevated pools of glutamine in the Gln- mutant resulted from a threefold increase in glutamine permease and a fivefold decrease in glutamate synthase. The pleiotropic effect of the gln-22 mutation on the expression of several genes suggests that either the glutamine synthetase protein or its enzymatic product, glutamine, is involved in the regulation of several metabolic pathways in B. subtilis.
Responsiveness of EQ-5D in Patients With a Distal Radius Fracture

Background: The EuroQol Group 5-Dimension (EQ-5D) questionnaire is frequently used as an outcome measure of general patient-reported health-related quality of life (HRQoL). We evaluated the internal and external responsiveness of EQ-5D (specifically EQ-5Dindex score) in patients with a surgically treated distal radius fracture. Methods: Within the context of a randomized controlled trial (RCT), 132 patients with a surgically treated distal radius fracture filled out EQ-5D and Patient-Rated Wrist Evaluation (PRWE-Swe) at baseline (preinjury state), and at 3 and 12 months. Internal responsiveness was evaluated by calculating mean change score and standardized response mean (SRM) of the EQ-5Dindex scores. External responsiveness was evaluated with PRWE-Swe as the external criterion. PRWE-Swe was used to define 4 subgroups of patients with different clinical outcomes. The ability of EQ-5Dindex change score to discriminate between these subgroups was analyzed with logistic regression, receiver operating characteristic (ROC) curves, and area under the ROC curves (AUROCs). Correlation analysis was made with Spearman’s ρ test. Results: The mean change in EQ-5Dindex score from baseline to the 3-month follow-up was −16.1 and from the 3- to the 12-month follow-up was 7.6. The corresponding SRMs were large (0.93) and small to moderate (0.47). Analysis of external responsiveness displayed odds ratios >1 and AUROCs between 0.70 and 0.76 in all 4 subgroups. The proportion of patients correctly classified into the 4 subgroups by the EQ-5Dindex change scores was 78% to 94%. Spearman’s ρ was 0.35. Conclusion: EQ-5D displayed an overall acceptable to good responsiveness in patients with a distal radius fracture. It may thus be used as a measure of HRQoL in this patient group.
Real Options: Managing Strategic Investment in an Uncertain World

Martha Amram and Nalin Kulatilaka suggest a smarter new way to think about strategic investments in terms of real options. By applying options thinking - the concept underlying the recent Nobel Prize-winning work on financial options - to the evaluation of nonfinancial assets, this innovative approach brings a financial market discipline to the evaluation of a company's opportunities. Using real options theory, managers can more effectively target crucial opportunities to redeploy, delay, modify, or even abandon capital-intensive projects as events unfold. Corporate executives in finance, investments, and project management should share this book with decision makers in information technology, strategic planning, corporate restructuring, venture capital, and law.
Incentive Mechanisms, Entrepreneurial Orientation, and Technology Commercialization: Evidence from China's Transitional Economy

Building on the institutional theory, this paper develops a conceptual model of the relationships among CEO incentive mechanisms, firm entrepreneurial orientation, technological turbulence and technology commercialization. We subsequently test empirically this model using a sample of 607 Chinese firms. The empirical results show that, under China's transitional economy, the CEO ownership has a significant positive effect on entrepreneurial orientation, and CEO turnover frequency has an inverted-U curvilinear impact on entrepreneurial orientation. Furthermore, entrepreneurial orientation positively affects technology commercialization while technological uncertainty moderates this relationship in a positive fashion. We discuss the contribution, managerial implications and future research extensions.