Miracle-dz/UniFAR-FTUs huggingface dataset:
The Sampling Error in Estimates of Mean-Variance Efficient Portfolio Weights

This paper presents an exact finite-sample statistical procedure for testing hypotheses about the weights of mean-variance efficient portfolios. The estimation and inference procedures on efficient portfolio weights are performed in the same way as for the coefficients in an OLS regression. OLS "t"- and "F"-statistics can be used for tests on efficient weights, and when returns are multivariate normal, these statistics have exact "t" and "F" distributions in a finite sample. Using 20 years of data on 11 country stock indexes, we find that the sampling error in estimates of the weights of a global efficient portfolio is large. Copyright The American Finance Association 1999.
The Impact of Mandatory IFRS Adoption on IPOs in Global Capital Markets

This study examines the impact of mandatory IFRS adoption on IPO underpricing and the relative amount of IPO capital raised in foreign markets. Using a difference-in-differences design, we find a decrease in IPO underpricing and an increase in the relative proceeds from foreign markets following mandatory IFRS adoption. We also find that mandatory IFRS adoption has a greater impact on IPO underpricing and relative foreign proceeds for firms in countries with a larger number of accounting changes, and this relation is more pronounced among firms in countries with stronger implementation credibility. In addition, we find that the decrease in underpricing associated with mandatory IFRS adoption holds for both domestic IPOs and global IPOs, and this effect is more pronounced for global IPOs than for domestic IPOs. Overall, our study contributes to the literature by documenting the impact of changes in financial accounting standards on IPO underpricing and capital market globalization.
Examination of type material of two species of Litomosoides (Filarioidea: Onchocercidae), parasites from bats; taxonomic consequences.

Type material of Litomosoides hamletti Sandground, 1934 from Glossophaga soricina soricina in Brazil and L. penai Jiménez-Quirós & Arroyo, 1960 from Carollia perspicillata azteca in Costa Rica, was examined. The morphology of the spicules shows that these species belong to the carinii group. Their synonymy with L. guiterasi Pérez Vigueras, 1934, from Artibeus jamaicensis yucatanicus in Cuba, does not appear justified because they are distinct in several characters (body length, width of female, size and shape of buccal cavity and capsule, shape of right spicule). L. hamletti is a valid species; L. penai is closely related to it and is considered to be a sub-species, L. hamletti penai Jiménez-Quirós & Arroyo, 1960. The material recovered from Glossophaga spp. , previously assigned to L. guiterasi by several authors, is identified as L. h. hamletti. L. guiterasi appears to be closely related to L. chandleri Esslinger, 1973; L. chitwoodi n. sp. (= Litomosoides sp. Chitwood, 1938) seems close to these species; all three are parasites of Artibeus spp.
The Dynamics of the Relationship between Imports and Economic Growth in India

In a developing country like India, the role of international trade is very significant. And, the relevance of export-led growth hypothesis in India has been the major issue of many empirical studies. But, the other aspect concerning the importance of imports in the economic growth of the country is yet a moot point. This article is an attempt to investigate the dynamics of the relationship between imports and economic growth in India for the period 1970–1971 to 2009–2010. Using time series techniques such as vector error correction estimates and Granger causality tests, we show the existence of a two-way relationship between import growth and income growth in the long run.
Price Premiums for Providing Eco‐labelled Seafood: Evidence from MSC‐certified Cod in Sweden

Eco-labelled seafood is an important tool to promote sustainable development in fisheries. A price premium on eco-labelled seafood signals a return on investment in sustainable fishing methods, providing an incentive for fishers to adopt such methods. This paper investigates whether Swedish fishermen gained a price premium from participating in the Marine Stewardship Council (MSC)-certified Swedish Eastern Baltic cod fishery in the period 2011-2012. Using a detailed dataset of landing tickets and log books, we apply a panel data methodology to estimate the MSC price premium. We cannot find reliable evidence that the consumer level premium for MCS cod is actually passed back to the producers in this case.
Why Do Insiders Sell Shares Following IPO Lockups?

We examine the long run stock performance of IPO firms following lockup expiration when insiders are allowed to release their shares from the perspectives of two hypotheses. The portfolio diversification hypothesis notes that corporate insiders may wish to diversify their portfolios and sell their shares without conveying material information by their actions. Accordingly, this hypothesis predicts that insider selling does not have predictive power for the subsequent IPO long run performance following lockup expiration. The informative selling hypothesis posits that insider sales, particularly sales by senior corporate insiders, will convey unfavorable signals to investors, and that IPO firms with abnormal net post-lockup insider sales exhibit poor long run performance. Our results suggest that non-senior executive insider sales are driven more by diversification, while senior executive sales are largely consistent with the informative selling hypothesis.
Business improvement through quality management systems

This paper focuses on the use of the ISO 9000 series certification and the use of self‐assessment against an excellence model, as two examples of management fads which have survived for a long period of time. The literature suggests that two variables are related to the perceived success of the implementation of a fad. First, the degree of intrinsic as opposed to extrinsic motivation which is present, and second, the depth of organisational change which is demanded by the implementation. The two fads described in this paper differ in relation to these two variables.
The Association between External Monitoring and Earnings Management in the Property-Casualty Insurance Industry

This paper examines the association between external monitoring and earnings management by property-casualty insurers. We extend previous work by Petroni and Beasley [1996] by expanding the set of external monitors to include both auditors and actuaries. The issue that we address is whether certain auditor-actuary pairs are associated with less understatement of the loss reserve account by financially struggling insurers. Our data consist of loss adjustments reported by 477 property-casualty insurers for reserves established in 1993. The results indicate that under-reserving by weak insurers is essentially eliminated when the firm uses auditors and actuaries that are both from Big Six accounting firms. In contrast, monitoring packages that include non-Big Six actuaries do not appear to appreciably influence under-reserving by weak insurers. Our results suggest that the high quality usually associated with Big Six auditors is diminished when the audit firm relies on third party actuaries to conduct a separate review of the loss reserve estimates of struggling insurance clients. We conjecture that Big Six actuaries insist on more conservative loss reserve levels because, compared to actuarial consulting firms, they are more attuned to the liability exposure of the auditor.
Waste Minimisation Supporting Urban Tourism Sustainability: A Mega-Resort Case Study

This paper documents major solid waste minimisation (SWM) practices, challenges, and recommendations identified in an environmental sustainability case study. The analysis was performed in the 3,530 room Flamingo Hilton Resort and Casino (LVFH) in Las Vegas,Nevada,USA.The city's 29 million tourists a year leave behind mountains of dollars. and garbage. The main research contributions are the SWM hierarchy, and the study's documentation of corporate actions and attitudes relating to waste minimisation in an urban tourism setting. Resort areas studied ranged from reprographics to guest rooms. Selected findings and recommendations of this study are presented according to a five level hierarchy for waste minimisation, from most to least critical. The first and most fundamental hierarchy level is commitment to environmental goals such as conservation and environmental protection from tourism's negative impacts. Levels two through four are critical sub-strategies of source reduction. Level two necessitates ap.
Coronary heart disease epidemics: not all the same

Background: Coronary heart disease (CHD) was an important epidemic in many developed countries in the 20th century and there is concern because the epidemic has affected Eastern Europe, Russia and Central Asia and is starting to affect developing countries. Methods: The epidemic curves of CHD mortality for 55 countries, which had reliable data and met other selection criteria, were examined using age-standardised death rates 35–74 years from the World Health Organization. Annual male mortality rates for individual countries from 1950 to 2003 were plotted and a table and a graph used to classify countries by magnitude, pattern and timing of its CHD epidemic. Results: The natural history of CHD epidemics varies markedly among countries. Different CHD patterns are distinguishable including “rise and fall” (classic epidemic pattern), “rising” (first part of epidemic) and “flat” (no epidemic yet). Furthermore, epidemic peaks were higher in Anglo-Celtic countries first affected by the epidemic, and subsequent peaks were less, except for the recent extraordinary epidemics in Russia and Central Asian republics. There were considerable differences among some continental or regional geographical areas. Eastern European, South American and Asian countries have quite different epidemic characteristics, including shorter epidemic cycles. Conclusions: It cannot be assumed that WHO regions or any other geographical regions will be useful when analysing CHD epidemics or deciding upon strategic policies to reduce CHD in individual countries. The needs for action that are urgent in some countries are less so in others, and even regional country groups can have quite different epidemic characteristics.
Expression of Epstein‐Barr virus‐encoded proteins in nasopharyngeal carcinoma

Expression of the Epstein‐Barr virus (EBV) encoded nuclear antigens (EBNA 1 to 6) and membrane‐associated protein (LMP) was investigated by immunoblotting in 83 nasopharyngeal carcinoma (NPC) biopsies and 25 other tumor and normal tissue specimens from the head and neck region. Fifty‐eight of the 83 NPC biopsies were large enough to yield parallel data on virus DNA and viral expression. All 16 cases of clinically diagnosed and histologically confirmed NPCs from North Africa contained EBV DNA and expressed EBNA‐1. Of 31 clinically diagnosed NPCs from China, 29 contained EBV DNA and 25 of these expressed EBNA‐1. One control tissue biopsy from the oropharynx of NPC patients contained EBV DNA, but none expressed EBNA‐1. The latent membrane protein (LMP) was detected in 22/31 of the Chinese and in 10/16 of the North African NPC biopsies. None of the NPC biopsies or control tissues expressed detectable amounts of EBNA 2 or any of the other 4 nuclear antigens which are invariably expressed in EBV‐transformed B cells. A smaller number of tumors from Malaysia and East Africa exhibited a similar pattern of expression. EBV was rescued from a nude‐mouse‐passaged North African NPC tumor by co‐cultivation of the tumor cells with umbilical cord blood lymphocytes. The tumor expressed EBNA 1 and LMP, but not EBNA 2 or the other 4 EBNAs. The resulting LCLs expressed all 6 nuclear antigens, EBNA 1 to 6 and LMP. Our data suggest that expression of the EBV genome is regulated in a tissue‐specific fashion.
Endocannabinoids at the synapse a decade after the dies mirabilis (29 March 2001): what we still do not know

Abstract Endogenous cannabinoids (endocannabinoids, eCBs) are ubiquitous regulators of synaptic transmission in the brain, mediating numerous forms of short‐ and long‐term plasticity, and having strong influences on synapse formation and neurogenesis. Their roles as retrograde messengers that suppress both excitatory and inhibitory transmission are well‐established. Yet, despite intensive investigation, many basic aspects of the eCB system are not understood. This brief review highlights recent advances, problems that remain unresolved, and avenues for future exploration. While 2‐arachidonoylglycerol (2‐AG) is probably the major eCB for intercellular CB1R‐dependent signalling, anandamide (AEA) has come to the forefront in several novel contexts, both as a dual endovanilloid/endocannabinoid that regulates synaptic transmission acutely and as the source of a steady eCB tone in hippocampus. Complexities in the cellular processing of 2‐AG are receiving renewed attention, as they are increasingly recognized as major determinants of how 2‐AG affects cells. Long‐standing fundamental issues such as the synthesis pathway for AEA and the molecular mechanism(s) underlying cellular uptake and release of eCBs remain problematical.
Embracing Managerialism in a Small Pacific Island State: A Study of Governance and New Public Management Outcomes in the Cook Islands From 2006-2012

This book is written for Small Island Developing States or Least Developed Countries contemplating public sector reforms. It is an excellent piece of work intended for public sector practitioners, academia, and students undertaking studies in public administration, economics and public management. Much of the data was collected from field work in the Cook Islands and published in 2015 as part of the author's research work.
A Composite Portfolio Benchmark for Pension Plans

Successful management of a pension plan portfolio requires the focusing of investment attention on the asset configuration of the total portfolio. This focus is facilitated by a composite benchmark portfolio called the Multiple Markets Index (MMI). The MMI measures the composite performance of nine distinct asset classes representing the broad spectrum of primary wealth-generating investments available to the institutional investor. It is designed to offer an attractive return at risk levels acceptable to such investors. Of the 80 asset classes and subclasses considered for inclusion in the MMI, nine were selected-domestic large capitalization equities, domestic small capitalization equities, international equities, venture capital, domestic bonds, international dollar bonds, nondollar bonds, real estate and cash equivalents. Portfolio optimization procedures were used to assign appropriate weights to these classes. The weights assigned were supported by the theoretical implications of New Equilibrium Theory, which suggest that institutional investors should overweight higher-risk asset classes such as domestic common stock and venture capital and underweight bonds, cash and international securities. The MMI should outperform an equal-risk portfolio comprising only domestic stocks and bonds (the 60-40 mix typical of pension portfolios) by approximately 60 basis points a year. Furthermore, data over the 1960-84 period indicate that the MMI would have outperformed the SEI linked median balanced manager by approximately 3 per cent per year.
The Impact of the Asian Financial Crisis on Auditors' Conservatism

ABSTRACT: We examine differences in conservatism between companies audited by Big 4 and non‐Big 4 auditors during the financial crisis and post‐crisis periods in Thailand. The results indicate a significant increase in conservatism following the Asian financial crisis. Moreover, Big 4 audit clients were more sensitive to bad news than non‐Big 4 audit clients, particularly during the crisis period. In the post‐crisis period, both Big 4 and non‐Big 4 audit clients reported more conservative earnings. Interestingly, we found no significant difference in conservatism between Big 4 and non‐Big 4 auditors in the post‐crisis period, possibly due to the conscientious adoption of International Accounting Standards, more stringent control by regulatory bodies, and improvements in corporate governance in Thailand.
A 21-year longitudinal analysis of impact, coping, and appraisals following spinal cord injury.

OBJECTIVES To examine mortality, psychological impact, coping strategies, and cognitive appraisals in a cohort of individuals with spinal cord injury from 12 weeks postinjury to >21 years post-hospital discharge. METHOD This longitudinal, multiple-wave panel study accounted for 50.6% of Kennedy et al.'s (2000) original cohort. Twenty-two participants consented to take part in the current study, and data were collected from the COPE, Beck Depression Inventory, Functional Independence Measure, and a new measure of appraisal: Appraisals of DisAbility: Primary and Secondary Scale (ADAPSS). A further 22 individuals were deceased, giving a total sample of 44 for examining longitudinal factors in relation to mortality. RESULTS The 22 deceased individuals were found to have significantly higher depression and anxiety at Week 12 than the 22 individuals who participated in the current study. There were significant increases in use of "positive" coping strategies and significant decreases in "negative" strategies. A significant regression model found coping strategies at Week 12 predicted 37% of variance in depression at 21-plus years. Depression and coping strategies at Week 12 were found to predict variance in cognitive appraisals at 21 years. CONCLUSIONS The findings suggest that psychological factors, such as depression, and aspects of coping strategies may contribute to premature mortality. Further research is needed to develop interventions that focus on protective psychological factors to reduce mortality risk following SCI. Coping strategies in the early stages of rehabilitation are an important predictor of both long-term psychological outcomes and appraisals, and this has clinical implications for psychological aspects of rehabilitation.
Financially Fragile Households: Evidence and Implications

We examine households’ financial fragility by looking at their capacity to come up with $2,000 in 30 days. Using data from the 2009 TNS Global Economic Crisis Study, we document that approximately one-quarter of U.S. respondents are certain they could not come up with that sum. If we include respondents who report being probably unable to do so, nearly half of respondents are financially fragile. Although financial fragility is more severe among low-income households, a sizable fraction of seemingly middle-class Americans are also at risk. Respondents with low educational attainment and no financial education, families with children, those who have suffered large wealth losses, and the unemployed are also more likely than others to report being unable to cope with a financial shock. Households’ own savings are the resource used most often to deal with shocks, but resources of family and friends, formal and alternative credit, increased work hours, and sale of possessions are also used frequently, especially among some subgroups. These results indicate the need to look beyond precautionary savings to understand how families cope. We also find evidence suggestive of a “pecking order” of coping methods, with savings first in line. Comparing financial fragility and methods of coping among the United States and seven other industrialized countries, we find differences in coping ability but also general evidence of a consistent ordering of methods.
The Market Valuation of Cash Dividends: The Case of the CRA Bonus Issue

In 1996, Australia's CRA and UK's RTZ merged to form the world's largest mining company, but the companies remained separately listed on their domestic exchanges. In order to equalize the price of the two companies' shares, before the dual listing, CRA made a bonus issue. Shares in the bonus issue were not entitled to the next CRA dividend, which carried imputation tax credits. The contemporaneous price differences between the old shares and the bonus shares are used to measure the market value of dividends and associated tax credits. Consistent with imputation tax credits adding value to the dividend, 1 dollar face value of dividends was observed to have a market value significantly greater that its face value. The market value of the dividend varied depending on the proximity of observations to the ex-dividend date. Close to the ex-dividend date, the premium of market value over face value was smaller. The results are consistent with dividend values set by short-term traders about the ex-dividend date and by long-term investors at other times.
IgE antibodies to house dust mite in patients with scabies

Of 135 patients with scabies, forty‐seven (35%) had a positive (Classes 1–4) radioallergosorbent test (RAST) to Dermatophagoides pteronyssinus (DP). Elevated serum IgE concentrations were found in sixty‐one (45%) of the patients. Atopic disease was confirmed in twenty‐eight (23%) of the 120 patients who completed a medical questionnaire satisfactorily.
Validation of a field test for the non-invasive determination of badminton specific aerobic performance

Aim: To develop a badminton specific test to determine on court aerobic and anaerobic performance. Method: The test was evaluated by using a lactate steady state test. Seventeen male competitive badminton players (mean (SD) age 26 (8) years, weight 74 (10) kg, height 179 (7) cm) performed an incremental field test on the badminton court to assess the heart rate turn point (HRTP) and the individual physical working capacity (PWCi) at 90% of measured maximal heart rate (HRmax). All subjects performed a 20 minute steady state test at a workload just below the PWCi. Results: Significant correlations (p<0.05) for Pearson’s product moment coefficient were found between the two methods for HR (r = 0.78) and velocity (r = 0.93). The HR at the PWCi (176 (5.5) beats/min) was significantly lower than the HRTP (179 (5.5) beats/min), but no significant difference was found for velocity (1.44 (0.3) m/s, 1.38 (0.4) m/s). The constant exercise test showed steady state conditions for both HR (175 (9) beats/min) and blood lactate concentration (3.1 (1.2) mmol/l). Conclusion: The data indicate that a valid determination of specific aerobic and anaerobic exercise performance for the sport of badminton is possible without HRTP determination.
Earnings and Ratings at Google Answers

I analyze questions and answers from Google Answers. More experienced answerers provide answers with the characteristics askers most value, receiving higher ratings as a result. Answerer earnings increase in experience. Answerers who focus on particular question categories provide answers of higher quality but earn lower pay per hour. Answers provided during the business day receive higher payment per hour, but more experienced answerers tend to favor work at other times.