Miracle-dz/UniFAR-FTUs huggingface dataset:
The Incremental Information Content of Tone and Sentiment in Management Discussion and Analysis

This study explores whether the Management Discussion and Analysis (MD&A) section of Form 10-Q and 10-K has incremental information content beyond financial measures such as earnings surprises, accruals and operating cash flows (OCF). It uses a well-established classification scheme of words into positive and negative categories to measure the tone and sentiment in a specific MD&A section as compared to those of the prior four filings. Our results indicate that short window market reactions around the SEC filing are significantly associated with the tone of the MD&A section, even after controlling for accruals, OCF and earnings surprises. We also show that the tone of the MD&A section adds significantly to portfolio drift returns in the window of two days after the SEC filing date through one day after the subsequent quarter’s preliminary earnings announcement, beyond financial information conveyed by accruals, OCF and earnings surprises. The Incremental Information Content of Tone and Sentiment in Management Discussion and Analysis There is a substantial body of literature in financial economics and accounting that examines the value relevance and information content of quantitative factors in the pricing of stocks. While economic and statistical modeling has become more sophisticated over the years, the somewhat disconcerting conclusion that seems to have emerged is that these quantitative factors inadequately explain movement of stock prices. Persuasive evidence of this is provided by Shiller (1981), Roll (1988), and Cutler et al. (1989), and others in the finance literature, who demonstrate that stock prices do not respond to change in quantitative measures of firm fundamentals as would be expected from models incorporating only quantitative variables of firm performance. In the accounting literature, Lev and Thiagarajan (1993), and Amir and Lev (1996), are two examples of research that have shown the inadequacy of conventional quantitative financial measures in pricing a firm’s stock. All in all, there is a growing realization that to develop a “good” stock pricing model, one has to incorporate not only the conventional quantitative measures of firm performance, but also include nonconventional measures such as potential market share (Amir and Lev, 1996), and even verbal, non-quantitative, difficult to quantify, kinds of measures. This is not totally surprising from a theoretical perspective. After all, stock prices are set by investors who, by definition, compute prices as the discounted present value of future cash payoffs conditional on the current information set available to them. It seems natural then to expect that the investor information set should include not only quantifiable information, but also non-quantifiable, verbal information, such as news
Advances in superconducting magnets for particle physics

The paper reviews advances in superconducting magnet technologies for particle accelerators and detectors in high-energy and astro-particle physics experiments. In the accelerator magnets, the status of NbTi superconducting magnet is reviewed and the development of Nb/sub 3/Sn magnets is discussed. The advances in aluminum stabilized NbTi superconducting magnets for particle detectors, such as ATLAS and CMS, and for astro-particle physics such as AMS and BESS are also discussed.
Cervical Nitric Oxide Release in Women Postterm

OBJECTIVE: Nitric oxide may be a factor in cervical ripening. We compared the nitric oxide metabolite levels in cervical fluid in women going beyond term and in women delivering spontaneously at term. METHODS: We studied a total of 208 women with singleton pregnancies: 108 women who went beyond term (294 days or longer), and 100 women who went spontaneously into labor at term. Cervical fluid samples, collected well before the initiation of labor, were assessed for nitric oxide metabolites using an assay with a detection limit of 3.8 μmol/L. RESULTS: Women going beyond term had detectable levels of nitric oxide metabolites in their cervical fluid (60%) less often (P = .001) than women delivering at term (87%). The nitric oxide metabolite concentration in cervical fluid in women going beyond term (median 23.5 μmol/L; 95% confidence interval less than 3.8, 31.8) was 4.5 times lower (P < .001) than that in women delivering at term (median 106.0 μmol/L; 95% confidence interval 81.8, 135.0). Such a difference (14.0 versus 106.0 μmol/L) also existed when only the 66 women going into spontaneous postterm labor were included in the comparison. Both nulliparous (median less than 3.8 μmol/L) and parous (median 31.3 μmol/L) women going beyond term had lower (P < .01) cervical fluid nitric oxide metabolite levels than nulliparous and parous women delivering at term (medians 76.1 and 101.3 μmol/L, respectively). In the postterm group, women with cervical fluid nitric oxide metabolite concentrations at or below the median failed more often (P < .001) to progress in labor and had longer (P = .02) duration of labor than those with cervical fluid nitric oxide metabolite concentrations above the median. CONCLUSION: Reduced cervical nitric oxide release may contribute to prolonged pregnancy. LEVEL OF EVIDENCE: II-2
ELECTRONIC COMMERCE ADOPTION: AN EMPIRICAL STUDY OF SMALL AND MEDIUM ENTERPRISES (SMEs) IN MALAYSIA

Normal 0 false false false EN-MY X-NONE X-NONE MicrosoftInternetExplorer4 This study examined the determinant factors in perceived strategic values and the adoption of e-commerce among managers in small and medium enterprises (SMEs). Then, it identified the relationship between perceived strategic values and e-commerce adoption in Johor Bahru, Malaysia. Using a quantitative approach, a set of questionnaire was randomly distributed to 226 respondents with rate of return of 46%. The results showed that the Information Support System (IS) which consists the items of provide information for strategic decision, support linkages with suppliers, provide effective support role to operations, improve communication in the organization and improve productivity of managers, is the most important among others three factors in the perceived strategic values. Meanwhile, Perceived Usefulness (PU) which consists the items of the useful in job, increase productivity, enhance effectiveness and improve job performance, is the most important among others four factor in the e-commerce adoption factors of SMEs. The results also showed that there are significant and positive correlation between perceived strategic values and e-commerce adoption. /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:. 0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}
Low-power, high-performance 64-bit CMOS priority encoder using static-dynamic parallel architecture

The performance of priority encoder circuits is usually limited by the delay associated with the propagation of the priority token, however, proper design in the architectural level can reduce the delay stages to the order of O(log n). Furthermore, power dissipation and area pose an increasingly important concern in modern circuit design, thus the development of suitable techniques is essential. This paper introduces a new 64-bit priority encoder based in a static-dynamic parallel priority lookahead architecture and a newly designed 4-bit PE cell. Compared to conventional works, it achieves up to 34% reduction in transistors, 80% reduction in power and 53% improvement in performance.
A critical review of the effects of wearable cameras on memory

ABSTRACT The rise of “lifelogging” in this era of rapid technological innovation has led to great interest in whether or not such technologies could be used to rehabilitate memory. Despite the growing number of studies using lifelogging, such as with wearable cameras, there is a lack of a theoretical framework to support its effective use. The present review focuses on the use of wearable cameras. We propose that wearable cameras can be particularly effective for memory rehabilitation if they can evoke more than a mere familiarity with previous stimuli, and reinstate previous thoughts, feelings and sensory information: recollection. Considering that, in memory impairment, self-initiated processes to reinstate previous encoding conditions are compromised, we invoke the environmental support hypothesis as a theoretical motivation. Twenty-five research studies were included in this review. We conclude that, despite the general acceptance of the value of wearable cameras as a memory rehabilitation technique, only a small number of studies have focused on recollection. We highlight a set of methodological issues that should be considered for future research, including sample size, control condition used, and critical measures of memory and other domains. We conclude by suggesting that research should focus on the theory-driven measure of efficacy described in this review, so that lifelogging technologies can contribute to memory rehabilitation in a meaningful and effective manner.
Institutional Ownership and Firm Value

Institutional shareholdings have a systematically positive effect on firm value and alter the Morck, Shleifer, and Vishny (1988) finding of a nonmonotonic relation between insider ownership and value. The evidence indicates that, on average, a 1% increase in institutional stock ownership translates to a 0.6% increase in the firm's market-to-book ratio, or an increase of $125M for the mean firm in cross-sectional analysis. Controlling for institutional holdings converts the original MSV finding - that firm value first increases with stock ownership by the board, then decreases, and then increases again - to one in which firm value uniformly increases with greater board ownership. These findings support the view that increased incentives for monitoring both by the board and by institutional investors consistently leads to higher company value. The evidence also indicates that the positive relation between institutional holdings and firm value is stronger in firms with higher discretionary cash flows and in the period following the 1992 adoption of proxy rule amendments that increased the bargaining power of institutions.
Financial Constraints, Executive Compensations and Large Shareholders in Malaysia

The study investigates the issues of financial constraints in Malaysia. Using a sample of 196 Malaysian public listed firms, the findings show that generally there is no issue of financial constraints in Malaysia. However, the presence of large shareholder reduces the use of external financing and emphasis on internal cash flow for firms’ investment. The coalition effects of top three large shareholders are found to reduce the dependence on internal cash flow for investment. Moreover, directors’ compensation measured as incentive ratio is found to exuberating investments through internal cash flow and external debt financing.
IT Control Weaknesses, IT Governance and Firm Performance

The Sarbanes-Oxley Act (SOX) was passed to improve corporate responsibility through measures that strengthen internal controls and increase accountability. We examine whether companies reporting internal control weaknesses will have weaker financial performance because of the required expenditures on audit fees, costs associated with fraud, waste and inefficiencies associated with internal control weaknesses, reduced revenues from disruptions to operations caused by internal control weaknesses and costs to remediate internal control weaknesses once they have been identified by the auditor. Next, we examine that the size of the impact on financial performance varies with the categories of internal control weaknesses. In particular, we distinguish between information technology (IT) controls and other controls. Our results provide evidence that, after controlling for other factors, the material IT control weaknesses reported in conjunction with SOX 404 audits are associated with significantly higher audit fees and lower financial performance than other control weaknesses. Of the 20 material IT control weaknesses reported in conjunction with SOX 404 audits for 2004, 2005 and 2006, security control weaknesses are most strongly associated with increased audit fees and reduced financial performance. We also investigate whether companies with material IT control weaknesses have weaker IT governance than companies without such weaknesses. We measure the strength of IT governance as a function of the IT knowledge of top company executives and board members, the tenure of the company's CIO and the presence of an IT strategy committee. We find that all of these indicators of IT governance effectiveness are significantly associated with a reduced likelihood of a company reporting material IT control weaknesses. By reducing IT control weaknesses and their associated costs, IT governance contributes to improved financial performance.
Is an Auditors’ Propensity to Issue Going Concern Opinions Related to Audit Quality?

Auditors’ propensity to issue going concern (GC) opinions is commonly used as a proxy for the unobservable audit quality. In this paper we examine the validity of this proxy by empirically testing whether the propensity to issue GC opinions is indeed related to fewer audit errors. We start our analysis by categorizing auditors according to their propensity to issue GC opinions according to a GC regression model. We then test whether auditors, who have a relatively higher propensity to issue GC opinions, have lower audit opinion error rates. We obtain two main results. First, auditors’ propensity to issue GC opinions is not significantly associated with their Type II opinion error rates (a Type II error is a clean opinion for a firm that files for bankruptcy within one year of the audit opinion). Second, the auditors who issue relatively more GC opinions are more likely to make Type I errors, indicating that the additional GC opinions are being issued for the wrong companies (a Type I error is a GC opinion for a firm that does not file for bankruptcy within one year of the audit opinion). Our findings cast doubt on the link between the propensity to issue GC opinions and audit quality.
Inflight exercise affects stand test responses after space flight.

PURPOSE The purpose of this study was to determine whether exercise performed by Space Shuttle crew members during short-duration space flights (9-16 d) affects the heart rate (HR) and blood pressure (BP) responses to standing within 2-4 h of landing. METHODS Thirty crew members performed self-selected inflight exercise and maintained exercise logs to monitor their exercise intensity and duration. Two subjects participated in this investigation during two different flights. A 10-min stand test, preceded by at least 6 min of quiet supine rest, was completed 10-15 d before launch (PRE) and within 4 h of landing (POST). Based upon their inflight exercise records, subjects were grouped as either high (HIex: > or = 3 times/week, HR > or = 70% HRmax, > or = 20 min/session, N = 11), medium (MEDex: > or = 3 times/week, HR < 70% HRmax, > or = 20 min/session, N = 10), or low (LOex: < or = 3 times/week, HR and duration variable, N = 11) exercisers. HR and BP responses to standing were compared between groups (ANOVA, P < or = 0.05). RESULTS There were no PRE differences between the groups in supine or standing HR and BP. Although POST supine HR was similar to PRE, all groups had an increased standing HR compared with PRE. The increase in HR upon standing was significantly greater after flight in the LOex group (36 +/- 5 bpm) compared with HIex or MEDex groups (25 +/- 1 bpm; 22 +/- 2 bpm). Similarly, the decrease in pulse pressure (PP) from supine to standing was unchanged after space flight in the MEDex and HIex groups but was significantly greater in the LOex group (PRE: -9 +/- 3; POST: -19 +/- 4 mm Hg). CONCLUSIONS Thus, moderate to high levels of inflight exercise attenuated HR and PP responses to standing after space flight.
Seizures and transient cortical blindness associated with cis‐platinum (II) diamminedichloride (PDD) therapy in a thirty‐year‐old man

Cis‐Platinum is a phase II chemotherapeutic agent effective against a variety of tumors. Known toxic effects include gastrointestinal, renal, audiologic, and hematologic as well as idiosyncratic and atopic. A 30‐year‐old male who was treated with cis‐Platinum diamminedichloride II for disseminated embryonal cell carcinoma of the testicle developed seizures and cortical blindness. Cancer 45:764‐766, 1980.
Market Segmentation and the Association between Municipal Financial Disclosures and Net Interest Costs

We provide empirical evidence that market segmentation affects the strength of the association between financial disclosures and net interest costs for new issues of municipal bonds. Regression results based on a sample of 119 new municipal bond issues, partitioned on a measure of segmentation (regional vs. national underwriter) are consistent with the hypothesis that the association between the quality and quantity of financial disclosure and interest costs is stronger for municipalities that issue bonds in local or regional markets than for those that issue bonds in the national market.
Serum Iron and Haemoglobin Estimation in Oral Submucous Fibrosis and Iron Deficiency Anaemia: A Diagnostic Approach.

INTRODUCTION Oral Submucous Fibrosis (OSMF) is a premalignant condition with potential malignant behaviour characterized by juxta-epithelial fibrosis of the oral cavity. In the process of collagen synthesis, iron gets utilized, by the hydroxylation of proline and lysine, leading to decreased serum iron levels. The trace element like iron is receiving much attention in the detection of oral cancer and precancerous condition like OSMF as it was found to be significantly altered in these conditions. AIM The aim of this study was to compare the haemoglobin and serum iron values of OSMF subjects with that of iron deficiency anaemia subjects. MATERIALS AND METHODS Total of 120 subjects were included, 40 subjects with the OSMF, 40 with the iron deficiency anemia without tobacco chewing habit, 40 healthy control subjects without OSMF and iron deficiency anaemia. A total of 5ml of venous blood was withdrawn from all the subjects and serum iron and haemoglobin levels were estimated for all the subjects. Estimation of iron was done using Ferrozine method and haemoglobin by Sahli's method. The statistical method applied were Kruskal Wallis, Mann Whitney and Pearson correlation coefficient test. RESULTS There was a statistically significant difference in serum iron and haemoglobin level in all three groups (p<0.05). The serum iron level was lowest in OSMF group and haemoglobin was lowest in iron deficiency anaemia group. A progressive decrease in serum iron and haemoglobin levels from Stage I of OSMF to the Stage IV of OSMF was also observed. The iron deficiency anaemia group was not found to be suffering from OSMF in the absence of areca-nut or tobacco chewing habits, but OSMF patients with chewing habits were found to be suffering from iron deficiency anaemia. CONCLUSION There is a progressive decrease in serum iron and haemoglobin levels from Stage I of OSMF to the Stage IV of OSMF so it can be used as an auxillary test in assessment of prognosis of the disease.
Four Factors Model in Asset Pricing: Fama&French Three Factors Model is Combined With Liquidity in t

This paper aims to assess the application of Fama and French three factors models in Vietnam’s stock market from January 2007 to December 2011. The selected listing companies must continuously had been listed for at least 2 years and non-stop trading or moved to the other exchange. According that, in 2007 the author selected 162 companies, and in 2008, 2009, 2010 and 2011, there were 204, 308, 382, 382 listed companies were selected in turn. The author also divided them into 6 groups: B/H, B/M, B/L; S/H, S/M and S/L. In which, portfolios B and S are to evaluate the effects of size and risk scale to the profitability rate (size measured by capitalization of the stock market) and portfolios H, M and L are measuring the effects of book to market value. The result are appearing that Fama and French three factor models explaining the relationship between rate of return and risk in superior to CAPM. This research also evaluates the impacts of liquidity and risk of liquidity to stock returns which were listed in Tran Viet Hoang; Nguyen Ngoc Huy; Nguyen Anh Phong 29 Vietnamese stock market. According to this research, liquidity ratio is the portion between number of share traded and number of share outstanding (this called Liq2) as same as Amihud and Mendelson’s research (1986), Datar-Naik and Radcliffe’s research (1998), and Wang and Iorio’s research (2007). Moreover, the authors also use the alternative approaches to evaluate liquidity: the average of traded value in a month (this called Liq1). Contrary to previous researches, this research shows that correlations between indicators Liq1 and Liq2 and stock returns are positively correlations. Finally, we evaluates four factor model by combing the FF3 and liquidity. The result are appearing this models explaining the relationship between rate of returns and risk in superior to CAPM and FF3. So we suggest the four factor model: FF3 combined with liquidity in evaluating stocks exchange of Viet Nam.
Improved nutrition after the detection and treatment of occult gastroparesis in nondiabetic dialysis patients.

Malnutrition in dialysis patients is of multifactorial etiology and is associated with greatly increased morbidity and mortality. A low serum albumin level is one of the most powerful predictors of death and may persist despite optimization of the dialysis prescription. We retrospectively reviewed our experience in improving nutrition in nondiabetic patients with unexplained hypoalbuminemia. Using radionuclide solid-phase gastric emptying scans, we identified 6 patients who had occult gastroparesis. These patients (one on hemodialysis and five on peritoneal dialysis) were then treated with prokinetic medications (erythromycin elixir or metoclopramide) selected on the basis of their effectiveness in improving the scanning results after being given intravenously. Gastric emptying half-times improved from a median of 122 minutes (range, 95 to >300 minutes; normal, < or = 90 minutes) to 12 +/- 2 minutes (mean +/- SEM). The serum albumin increased from 3.3 +/- 0.04 g/dL to 3.7 +/- 0.08 g/dL at 3 months, with every patient's value higher than 3.5 g/dL. This improvement was statistically significant (P = 0.008) over the 5-month period of observation, which encompassed the 2 months before and 3 months after treatment. There was a linear improvement (P = 0.008) that showed a quadratic trend (P = 0.078) for a plateau at the final sampling point. The serum blood urea nitrogen, creatinine, and hematocrit levels remained unchanged (P > 0.1). We conclude that gastric emptying scans are valuable in identifying occult gastroparesis in high-risk patients and can guide the selection of prokinetic therapy, which may significantly increase serum albumin levels.