Miracle-dz/UniFAR-FTUs huggingface dataset:
Social Capital and Democratic Citizenship: The Case of South Korea

In this paper, we examine the micro-level implications of social capital for the development of democratic citizenship. By using a recent East Asia Barometer survey in Korea, we determine whether social networks and social trust, two key components of social capital, cultivate virtues of democracy among ordinary citizens. First, the analysis shows that the Korean people as a whole tend to be involved in small informal groups. Most of them stay away from formal associations. Second, the Korean people tend to differentiate trust-in-principle from trust-in-action. It turns out that a majority of the people display competence-based trust, if neither generalized nor particularized trust. Third, associational membership has no role in promoting support for democratic institutions and principles; it merely leads to more political activism. Fourth, social trust plays a role in promoting support for democracy. Yet it has little to do with political activism. It is concluded that in Korea, social involvement contributes to democratic citizenship behaviorally, whereas social trust contributes to it attitudinally.
Effect of chronic exercise on appetite control in overweight and obese individuals.

PURPOSE The effect of exercise on body mass is likely to be partially mediated through changes in appetite control. However, no studies have examined the effect of chronic exercise on obestatin and cholecystokinin (CCK) plasma concentrations or the sensitivity to detect differences in preload energy in obese individuals. The objective of this study was to investigate the effects of chronic exercise on 1) fasting and postprandial plasma concentrations of obestatin, CCK, leptin, and glucose insulinotropic peptide (GIP) and 2) the accuracy of energy compensation in response to covert preload manipulation. METHODS This study used a 12-wk supervised exercise program in 22 sedentary overweight/obese individuals. Fasting/postprandial plasma concentrations of obestatin, CCK, leptin, and GIP were assessed before and after the intervention. Energy compensation at a 30-min test meal after a high-energy (607 kcal) or a low-energy (246 kcal) preload and for the rest of the day (cumulative energy intake [EI]) was also measured. RESULTS There was a significant reduction in the plasma concentration of fasting plasma GIP and both fasting and postprandial leptin concentrations after the exercise intervention (P < 0.05 for all). No significant changes were observed for CCK or obestatin. A significant preload-exercise interaction (P = 0.011) was observed on cumulative EI and energy compensation for the same period (-87% ± 196% vs 68% ± 165%, P = 0.011). Weight loss (3.5 ± 1.4 kg, P < 0.0001) was not correlated with changes in energy compensation. CONCLUSIONS This study suggests that exercise improves the accuracy of compensation for previous EI, independent of weight loss. Unexpectedly, and in contrast to GIP and leptin, exercise-induced weight loss had no effect on obestatin or CCK concentrations.
Psoriatic cutaneous inflammation promotes human monocyte differentiation into active osteoclasts, facilitating bone damage

Psoriatic arthritis (PsA) is a chronic inflammatory arthropathy that can be associated with focal bone erosions. Psoriasis usually precedes the psoriatic arthritis onset by an average of 10 years, but this relation is not yet fully elucidated. Pro‐inflammatory cytokines, such as IL‐33, OPN, IL‐17, and TNF‐α are involved in both psoriasis and PsA pathogenesis as well as in bone homeostasis. In this study, we have demonstrated that IL‐33, OPN, IL‐17, and TNF‐α induced the release of a wide range of pro‐osteoclastogenic factors from the skin, such as RANKL, that promote monocyte differentiation in osteoclasts. The addition of osteoprotegerin, a RANKL inhibitor, to monocyte cultures treated with supernatant from stimulated skin did not completely deplete osteoclast formation, suggesting that skin produced several additional pro‐osteoclastogenic mediators, which could act in a RANKL‐independent manner. Moreover, we have found that RANKL serum levels as well as osteoclast number and activity in psoriatic patients with and without arthritis, was influenced by severity of cutaneous disease. Our data demonstrate that psoriatic cutaneous inflammation contributes to bone damage.
The World Price of Foreign Exchange Risk

We consider a world capital market in which the investor population is heterogenous. Investors of different countries differ in the prices of goods at which they consume the income from their investments. In such a setting, the international CAPM incorporates rewards for exchange rate risk, in addition to the traditional reward for market-covariance risk. The aim of the paper is to determine whether these additional risk premia empirically playa significant role in the pricing of securities. The test being conducted is a test of a conditional version of the CAPM. It builds on the recent empirical literature which points out that stock market returns may, to some extent, be predicted on the basis of a number of instrumental variables, such as interest rates and dividend yields. All previous tests of the international CAPM with exchange risk premia have been tests of the unconditional version and have been inconclusive.
Heat shock protein 70 (hsp70) as a major target of the antibody response in patients with pulmonary cryptococcosis

Cryptococcus neoformans causes infection in individuals with defective T cell function, such as AIDS, as well as without underlying disease. It has been suggested that humoral as well as cellular immunity might play an important role in the immune response to C. neoformans infection. We have recently shown, using immunoblotting, that the 70‐kD hsp family of C. neoformans was the major target molecule of the humoral response in murine pulmonary cryptococcosis. In this study we also used immunoblotting to define the antibody responses in the sera of 24 patients with pulmonary cryptococcosis: 21 proven and three suspected diagnoses. Anti‐C. neoformans hsp70 antibody was detected in 16 of 24 (66.7%) patients with pulmonary cryptococcosis. Fourteen of 17 (82.3%) patients with high antigen titres (≥ 1:8) and two of seven (28.6%) patients with low titres (≤ 1:4) had detectable levels of anti‐hsp70 antibody. Sera from patients positive for anti‐hsp70 antibody showed high titres in the Eiken latex agglutination test for the detection of serum cryptococcal antigen. Our results indicate that the 70‐kD hsp family from C. neoformans appears to be a major target molecule of the humoral response, not only in murine pulmonary cryptococcosis, but also in human patients with pulmonary cryptococcosis.
Creativity and charisma among female leaders: the role of resources and work engagement

In this study among 84 female school principals and 190 teachers, we tested the central process proposed by the Job Demands–Resources model of work engagement. We hypothesized that job resources have a positive impact on creativity and charismatic leadership behavior first through personal resources, and then through work engagement. School principals filled in a questionnaire via a secured website and indicated their levels of job resources, personal resources and work engagement, whereas teachers filled in a questionnaire about their school principal's creativity and charismatic leadership. Results supported the intervening effects of personal resources and work engagement in the job resources–creativity link. In addition, engaged school principals scored highest on charismatic leadership.
Willingness to Pay and the Sovereign Debt Contract

This paper uses a contract theory model to argue that covenants ruling debt renegotiations are important to assure the sovereign willingness to pay. The model includes the following features: first, collective action clauses, exit consents, aggregation provisions and pari passu clauses play an important role in the post default “game” of negotiations and coalitions. These covenants are represented in reduced form by the endogenous probability of refinancing a defaulted sovereign debt. Second, the model has “endogenous bad luck” because the unfavorable state of nature where default occurs depends on the level of indebtedness, which is itself an endogenous variable. Third, “vultures”, contrary to conventional wisdom, tend to improve the access of emerging economies to capital markets because they might help to rule out strategic defaults. And fourth, under special assumptions the model is able to analyze the possibility of post default discrimination between domestic and foreign bondholders.
Convertible Bonds Are Not Called Late

Starting with Ingersoll (1977b), the academic literature has repeatedly sought to explain why convertible bonds are called late. The findings here demonstrate there is no call delay to explain. This paper finds that most convertible bonds, given their call protection, are called as soon as possible. For those that are not, there are significant cash flow advantages to delaying. The median call delay for all convertible bonds is less than four months. If a safety premium is desired to assure the conversion value will exceed the call price at the end of call notice period, the median call period is less than a month. THE QUESTION OF WHAT is the optimal call policy for convertible bonds has attracted considerable attention since Brennan and Schwartz (1977) and Ingersoll's (1977a) seminal work. That work suggests that the optimal call policy is to call the bond when the conversion value first exceeds the call price, since forcing conversion eliminates the bondholders' premium or option value. However, empirical studies (e.g., Ingersoll (1977b) and Constantinides and Grundy (1987)) claim that firms consistently deviate from this call policy and delay calls. This claim is based on Ingersoll's finding that firms wait, on average, until the conversion value exceeds the call price by 43.9%, a result confirmed in Mikkelson (1985). Trying to explain this call delay phenomenon has generated an impressive literature. To date, however, no one has actually documented whether there is a delay or measured how long the delay is. In addition, the existing empirical work has focused either on a subsample of called bonds or on a subsample of bonds remaining uncalled at a given point in time. These partial samples are not adequate to empirically determine average call delays for convertible bonds or to distinguish between the various hypotheses proposed for call
Projecting the Future Numbers of Migrant Workers in the Health and Social Care Sectors in Ireland

Ireland will experience population ageing in the coming years, whereby the percentage of the population aged 65 and over will rise from its current level of 11 percent to over 20 percent in 2035. A number of papers have looked at the implications of this process for the public finances. However, less attention has been paid to the human resource needs that will arise if increased demands are placed on health and social care systems. In this paper, we provide projections of the possible numbers that will be needed to work in the health and social care sectors out to 2035. We also consider what proportion of the extra employees will be migrants. We discuss both practical and ethical issues which arise when foreign health and social care workers are recruited.
A Framework for Understanding and Researching Audit Quality

June 2011 IAASB Discussion 1. At the June 2011 meeting, the IAASB considered a first draft of the Audit Quality Framework (" Framework ") paper. The IAASB expressed strong support for a holistic approach to the development of the proposed Framework. Amongst other matters, suggestions were made for the paper to give greater recognition to the dynamism of audit quality (AQ), to recognize the influences of technology and industry circumstances as important additional contextual factors, to further consider the linkages with efficiency and cost, and to reconsider the AQ schematic so that it more effectively articulates the various elements of the Framework and the Framework's dynamism. 2. On the basis of this input and as agreed by the IAASB, the Task Force developed a revised draft of the Framework paper (the " CAG Draft " − see Agenda Item 6-F) for purposes of soliciting initial reactions and input from specific stakeholder groups in Q3-Q4 2011. 3. Key highlights of the discussions with stakeholders on the CAG Draft are set out below. representatives of the Task Force met six very experienced academics (four from the U.S., one from Australia, and one from Canada) in Denver on August 7 th to discuss the CAG draft. The meeting was arranged by Board member Bill Kinney, who was one of the participants. The academics seemed genuinely interested in the project and made a number of constructive suggestions as to how the Framework might be improved. A number said they struggled with understanding the current model. An alternative structure was suggested which is more consistent with the way the topic has been treated in a number of recent studies. 1 September 2011 IAASB CAG Meeting 5. Some CAG representatives welcomed the project and were broadly supportive of the CAG draft, with some commenting that it was well balanced and thoughtful. 6. One CAG representative, however, took a different position and criticized the paper for dealing with systemic issues rather than focusing on audit quality at the engagement level. A number of other CAG representatives agreed that poor contextual factors such as weak corporate governance cannot be used as an excuse for a poor quality audit. Several thought that the Framework should focus more on factors that auditors can control. 7. Some CAG representatives expressed concern that too much emphasis was placed on efficiency in the proposed Framework and were of the view that more of …
International Evidence on the Payout Ratio, Earnings, Dividends, and Returns

Recent evidence for the U.S. market has shown that, contrary to popular wisdom, the greater the proportion of earnings paid out as dividends, the greater the subsequent real earnings growth. This study extends previous work by examining whether a similar relationship exists in 11 international markets and by considering the role the payout ratio plays in explaining future real dividend growth and returns. Higher payout ratios do indeed lead to higher real earnings growth—but not to higher real dividend growth. This information has limited use, however, for predicting future returns. Although the payout ratio has long been of importance to corporate finance researchers, it has been relatively neglected in the asset-pricing and prediction literature, despite market fascination with investment strategies based on dividends and earnings (e.g., the “Dow 10”). Recent research has established the somewhat surprising result that higher aggregate payout ratios for the United States are associated with higher future earnings growth. This finding offers support for theories that view dividends as signals for earnings expectations. Our article contributes to the literature by investigating whether similar conclusions can be drawn about 11 major international markets and by extending the analysis to consider the relationship between payout ratio and returns, which we believe to be important because returns are the ultimate focus of portfolio managers and investment strategists. For each country, we used monthly values of the dividend yield, earnings yield, a retail price index or consumer price index (as appropriate), and the stock market index level. We also constructed a return series for each country's index. We investigated the explanatory power of the following variables: payout ratio, dividend yield, earnings yield, lagged dividend growth, and lagged earnings growth. We examined three time periods (determined by data availability) and for the lagged variables used lags of 10 years, 5 years, and 1 year—depending on the length of the sample period. We found that, despite the different institutional, tax, and legal environments of the 11 countries, substantial reinvestment of retained earnings did not increase future real earnings growth, although it did produce faster real dividend growth. Investing in the countries with the higher payout ratios also resulted in higher earnings growth. Unfortunately, these findings did not translate to return predictability in a persuasive fashion: The results varied by country and time period. The notable exception was the U.S. market, where we found the payout ratio to be a significant variable in explaining subsequent 5-year and 10-year returns. Currently, the components of the S&P 500 are paying out around one-third of their earnings as dividends, well below the post-World War II average of 50-60 percent. Therefore, our findings suggest that the outlook for earnings growth in the next few years is ominous.
The pro‐osteogenic action of β‐catenin requires interaction with BMP signaling, but not Tcf/Lef transcriptional activity

The role of β‐catenin in skeletal development and osteogenic cell differentiation is well established, but the molecular mechanisms attending these effects remain largely unknown. We conducted a structure/function analysis of β‐catenin to gain further insights on these mechanisms. Retroviral transduction of a full‐length, constitutively active β‐catenin mutant inhibited adipogenesis and stimulated osteoblast differentiation from multipotent embryonic fibroblasts (C3H10T1/2). However, N‐terminal truncated β‐catenin mutants with weak Tcf/Lef activity retained their pro‐osteogenic action, as did a constitutively stabilized mutant lacking the C‐terminal Tcf/Lef transactivation domain. Importantly, this Tcf/Lef‐defective β‐catenin did not suppress adipogenesis, and even elicited spontaneous adipogenesis when expressed in cells cultured in osteogenic conditions. Thus, Tcf/Lef transcriptional activity of β‐catenin is critical for inhibition of adipogenesis, while it is dispensable for its pro‐osteogenic effect. BMP‐2 greatly enhanced both osteogenesis and adipogenesis in the presence of the C‐terminally truncated mutant, though it selectively enhanced only osteoblast differentiation in cells transduced with the full‐length, Tcf/Lef active β‐catenin mutant. C3H10T1/2 cells produce BMP‐4, and inhibition of endogenous BMP signaling by Noggin curtailed osteogenic differentiation by constitutively active β‐catenin. Therefore, BMP signaling must be active for full induction by β‐catenin of osteogenic differentiation from multipotent precursors. These data suggest that cooperative interactions between β‐catenin and BMP signaling systems drive osteoblast cell fate specification and differentiation. J. Cell. Biochem. 104: 942–952, 2008. © 2008 Wiley‐Liss, Inc.
Was Bernanke Right? Targeting Asset Prices May Not Be a Good Idea After All

Should the central bank prevent “excessive” asset price dynamics or should it wait until the boom spontaneously turns into a crash and intervene only afterwards? The debate over this issue goes back at least to the exchange between Bernanke-Gertler (BG) and Cecchetti but has not settled yet. In their 1999 paper BG claimed that price stability and financial stability are ‘highly complementary and mutually consistent objectives’ in a flexible inflation targeting regime which ‘dictates that central banks . should not respond to changes in asset prices, except insofar as they signal changes in expected inflation. ’ (BG, 1999, p.18). This conclusion is straightforward within the variant of the NK-DSGE framework used by BG in which asset inflation shows up as a factor ‘augmenting’ the IS curve. In the present paper, we pursue a different modelling strategy so that, in the end, asset price dynamics will be incorporated into the NK Phillips curve. In our context it is not true anymore that by focusing on inflation the central bank is also checking an asset price boom. We put ourselves, therefore, in the best position to obtain a significant stabilizing role for asset price targeting. It turns out, however, that inflation volatility is higher in the asset price targeting case. After all, therefore, targeting asset prices may not be a good idea.
Consuming urban living in ‘villages in the city’: Studentification in Guangzhou, China

Against the backdrop of higher education expansion, studentification refers to a particular type of urban sociospatial restructuring resulting from university students’ concentration in certain residential areas. Over the last decade, studentification has evolved into different forms and has spread to different locales. This study aims to provide a contextualised understanding of this distinct phenomenon in China so as to decode the complex dynamics of urban sociospatial transformation in the Chinese city. In this paper, I present a line of empirical evidence based on fieldwork in Xiadu Village and Nanting Village, two studentified villages close to university campuses in Guangzhou. These two villages exemplify different consumption and spatial outcomes of studentifcation, owing to different institutional arrangements, types of studentifiers and roles of villagers. Yet, in both villages, studentification has profoundly transformed the economic, physical, social and cultural landscapes. Notably, rather than the spatialisation of compromised and marginalised residential choices by higher education students, studentification in China is better interpreted as the spatial result of students’ conscious residential, entrepreneurial and consumption choices to escape from the rigid control of university dorms, to accumulate cultural and economic capital, as well as to actualise their cultural identity. In the Chinese context, studentification provides a useful prism to understand a unique trajectory of urbanisation: re-urbanising the ‘villages in the city’ through bringing in urban living/urban consumptions. In the long run, studentification could provide a potential solution to sustain and upgrade the villages in the city.
Neonatal jaundice: summary of NICE guidance

Neonatal jaundice is one of the most common conditions needing medical attention in newborn babies. About 60% of term and 80% of preterm babies develop jaundice in the first week of life, and about 10% of breast fed babies are still jaundiced at age 1 month.1 Neonatal jaundice is generally harmless, but high concentrations of unconjugated bilirubin may occasionally cause kernicterus (permanent brain damage). This is a rare condition (about seven new cases each year in the United Kingdom2) and sequelae include choreoathetoid cerebral palsy, deafness, and upgaze palsy. Jaundice can also be a sign of serious liver disease, such as biliary atresia, the prognosis for which is better if it is treated before age 6 weeks.3 Early recognition of jaundice is vital for treatment of any underlying condition and for the appropriate use of phototherapy, which can safely control bilirubin concentrations in most cases. This article summarises the most recent recommendations from the National Institute for Health and Clinical Excellence (NICE) on how to diagnose and treat jaundice in newborns up to 28 days old.4 NICE recommendations are based on systematic reviews of best available evidence and explicit consideration of cost effectiveness. When minimal evidence is available, recommendations are based on the Guideline Development Group’s experience and opinion of what constitutes good practice. Evidence levels for the recommendations are given in italic in square brackets. ### Information for parents and carers Offer parents or carers information about neonatal jaundice that is tailored to their needs and expressed concerns, taking care to avoid causing unnecessary anxiety; discuss verbally and back up the discussions with written information. [ Based on low quality qualitative studies and on the experience and opinion of the Guideline Development Group (GDG) ] The information might include the following: