Miracle-dz/UniFAR-FTUs huggingface dataset:
Momentum Profits, Non-Normality Risks and the Business Cycle

This article examines the role of nonnormality risks in explaining the momentum puzzle of equity returns. It shows that momentum profits are not normally distributed and, relatedly, that the momentum profitability is partly a compensation for systematic negative skewness risk in line with market efficiency. This finding is pervasive across nine trading strategies that combine different holding and ranking periods and is reinforced when time dependencies in abnormal returns and risks are explicitly modelled. The analysis also reveals that the market and skewness risks of momentum portfolios evolve over the business cycle in a manner that is consistent with market timing and risk aversion. While nonnormality risks matter, a large proportion of the momentum profits remains unexplained which may provide comfort to behavioural theorists.
Empirical analysis of the linkages between the manufacturing and other sectors of the Nigerian economy

This paper estimates the linkage between the manufacturing sector and other sectors of the Nigerian economy with the aid of a more dynamic estimating tool. The paper departs from the static Leontief’s input-output framework used by earlier studies and adopts the Granger causality test and the vector auto regression method, to determine the impact of changes in manufacturing output on the output of the other sectors and the effects of changes in output of other sectors on the manufacturing sector. Using quarterly time series data over the periods 1986 to 2010 the result shows a weak linkage between the manufacturing sector and other sectors of the Nigerian economy. The manufacturing sector output showed no causal relationship with real economic activities as measured by the real gross domestic product. It also had no causal relationship with the financial sector output. Only two major sectors building and construction and hotel and restaurant seems to be driving the manufacturing sector with the later exhibiting a bi-directional relationship with the manufacturing sector. Specifically, it takes approximately four to six quarters for most sectors to respond to the impact of shocks emanating from the other sectors the economy.
Risk-Sharing and Emu

What are the prospects that risk sharing in EMU will ever attain the levels in the U.S.? So far, as the risk sharing in the U.S. depends on interregional transfers through the budget of the federal government, those prospects are poor. So far, as the risk sharing in the U.S. takes place though market channels, they are much better. The Paper addresses the theory and evidence on the subject. The evidence would indicate that EMU still lags far behind the U.S. as regards the pooling of risks through portfolio diversification. But there already seems to be little to distinguish the euro area from the U.S. concerning the ability to borrow to smooth shocks. Thus, some extra risk sharing should already be taking place in the euro area through this channel. How much? Further, there is also evidence that the progress of European economic and monetary integration over the last decade has increased the symmetry of business cycles. This evidence is difficult to interpret. It could even be a sign of remaining capital-market imperfections. One of the issues in the Paper is the adequacy of the general framework that Asdrubali, Sorensen and Yosha have proposed for dealing with all of these questions.
Cryoablation for Atrioventricular Nodal Reentrant Tachycardia in Young Patients: Predictors of Recurrence

Background: Recurrence rates of atrioventricular nodal reentry tachycardia (AVNRT) after cryoablation continue to remain high despite excellent initial success rates. Our objective was to evaluate the clinical outcomes of cryoablation for AVNRT with the 4‐mm and 6‐mm tip cryoablation catheters in a young population and to elicit predictors of arrhythmia recurrence.
Review of Research: Gender, Racial and Ethnic Misrepresentation in Children's Books: A Comparative Look

ning books from 1940 to 1971 and discovered that malesoutnumbed females in both pictures and text. It is important to start when children are very young when teaching them to develop a tolerant attitude towards people who are different than they are (Sobol, 1990). Cai and Bishop (1994) use the term ”parallel cultures” to describe the desired view of different cultures as equal. Authentic children’s books that include a variety of cultures can help future generations view people in different parts of the world, or even those in their own neighborhood, as aretransrm * t t . e d h U g h S t O f y t e ~
Effects of supportive‐expressive group therapy on survival of patients with metastatic breast cancer: A randomized prospective trial

One hundred twenty-five women with confirmed metastatic (n 5 122)or locally recurrent (n 5 3) breast cancer were randomly assigned either to the sup-portive-expressive group therapy condition (n 5 64), where they received educa-tional materials plus weekly supportive-expressive group therapy, or to the controlcondition (n 5 61), where they received only educational materials for a minimumof 1 year. The treatment, 90 minutes once a week, was designed to build new bondsof social support, encourage expression of emotion, deal with fears of dying anddeath, help restructure life priorities, improve communication with family mem-bers and healthcare professionals, and enhance control of pain and anxiety.
A Great and Revolutionary Law? The First Four Years of India's Right to Information Act

India's Right to Information Act (RTIA), adopted in 2005, is among dozens of national laws recently adopted that are modeled on the United States' Freedom of Information Act. A large number of studies completed in 2007-2009 have examined challenges in implementing the law. Indian citizens filed about two million requests for information under the RTIA in its first two and half years. However, use of the law has been constrained by uneven public awareness, poor planning by public authorities, and bureaucratic indifference or hostility. Requirements for proactive disclosure of information are often ignored, and mechanisms for enforcing the new law are strained by a growing number of complaints and appeals. Nonetheless, RTIA advocates have demonstrated the transformative potential of the new law, and continue to press energetically for proper implementation. Public authorities and civil society organizations have developed innovations in practice that may be useful to other developing countries adopting similar laws.
The Beveridge curve and labour market dynamics in Turkey

This article investigates the dynamics of unemployment and vacancy rates in Turkey during the period 1951 to 2008 by means of a Beveridge Curve (BC). The time-series analysis of unemployment and vacancies as well as two other relevant labour market variables, real wages and real labour productivity, strongly suggests inefficiency in the Turkish labour market. A stable long-run relationship between unemployment rate and vacancy rate is found for Turkey, that is, the existence of a negatively sloped BC is verified. The estimated Turkish BC reflects the structural problems and lack of flexibility in the labour market. The modified BC with real wages and labour productivity reveals that labour productivity has no significant effect on unemployment rate whereas wages have positive and significant effects on the same variable.
Do Non-audit Service Fees Impair Auditor Independence? Evidence from Going-concern Audit Opinions

We find no significant association between non–audit service fees and impaired auditor independence, where auditor independence is surrogated by auditors’ propensity to issue going concern audit opinions. We also find no association between going concern opinions and either total fees or audit fees. In addition, our findings are robust to controlling for unexpected fees, to controlling for endogeneity among our variables, and to several alternative research design specifications. Our results are consistent with market–based incentives, such as loss of reputation and litigation costs, dominating the expected benefits from compromising auditor independence.
Working Memory for Movements

Movement to spatial targets that can, in principle, be carried out by more than one effector can be distinguished from movements that involve specific configurations of body parts. The experiments reported here investigate memory span for a series of hand configurations and memory span for a series of hand movements to spatial locations. Spans were produced normally, or in conditions in which a suppression task was carried out on the right or the left hand while the movements to be remembered were presented. All movements were recalled using the right hand. There were two suppression tasks. One involved repeatedly squeezing a tube and so changing the configuration of the hand, and the other involved tapping a repeated series of spatial targets. The spatial tapping task interfered with span for spatial locations when it was presented on either the right or the left hand but did not affect span for movement pattern. The movement suppression task interfered with memory for movement pattern when it was presented on either the right or the left hand, but did not interfere with span for spatial locations. It is concluded that memory for movement configurations involves different processes from those used in spatial tasks and that there may be a need for a subsystem of working memory that is specific for movement configuration.
A Rose.Com by Any Other Name

We document a striking positive stock price reaction to the announcement of corporate name changes to Internet-related dotcom names. This "dotcom" effect produces cumulative abnormal returns on the order of 74 percent for the 10 days surrounding the announcement day. The effect does not appear to be transitory; there is no evidence of a postannouncement negative drift. The announcement day effect is also similar across all firms, regardless of the firm's level of involvement with the Internet. A mere association with the Internet seems enough to provide a firm with a large and permanent value increase. Copyright The American Finance Association 2001.
Fault Tolerance in Asynchronous Sequential Machines Using Output Feedback Control

This note presents a control scheme for fault diagnosis and tolerance in asynchronous sequential machines. The considered asynchronous machine is subject to permanent faults, so the system remains in the faulty condition indefinitely after the occurrence of fault inputs. When the machine has a certain structural redundancy, we can design a corrective controller and observer that diagnose faults and compensate the closed-loop system so that it can maintain the normal input/output behavior. The proposed framework is based on the output feedback control scheme and asynchronous techniques.
A Credit Scoring Model for Commercial Loans

An increasing number of credit scoring models have been developed in recent years as a scientific aid to the traditionally heuristic process of credit evaluation. With few exceptions these models are designedfor screening consumer loan applications. The purpose of this paper is to present a credit scoring model for commercial loans. The model is limited to the evaluation of existing loans and could be used by bank loan offiicers for loan review and by bank regulatory agencies for loan examination.
Negative knowledge, expertise and organisations

There has been a particular emphasis on knowledge and competence as increasingly important resources for successful enterprises. This notion of knowledge is based on 'positive knowledge', which considers knowing as merely a constructive, linear and accumulative process. We will introduce the notion of 'negative knowledge', which involves 'giving up' or 'bracketing' knowledge in certain situations. When experts encounter something that is incompatible with their knowledge, they should be sensitive enough to recognise a new situation by reconsidering or suspending their action. In addition to exploring the idea of 'unlearning', the paper introduces three other aspects of negative knowledge: 'to know what we do not know', 'to know what not to do' and 'the value of failure'. Negative knowledge seems to be possible, useful and even necessary in expert organisations because old ways of thinking or knowing something often prevent us from seeing new potentials.
Indicators of Effective Breastfeeding and Estimates of Breast Milk Intake

The authors tested indicators of effective breastfeeding to identify those that provide reliable estimates of human milk intake. Human milk intake of 82 full-term infants was measured by test weights before and after feeding and compared with commonly used breastfeeding indicators: rooting, length of time before latch-on, latch-on, suckle, observable swallowing, and audible swallowing. Two models were tested: model 1, describing indicators at 96 hours postpartum, and model 2, describing indicators at > 96 hours postpartum. Median (interquartile) milliliters of mother’s milk consumed per feeding was 26 ml (range, 4-47) at 96 hours and 54 ml (range, 26-73) at > 96 hours. Significant predictors of human milk intake in model 1 were rooting and observable swallowing (R 2 = 26%, P < .01). In model 2, audible swallowing alone estimated human milk intake (R 2 = 29%, P < .001). Observed swallowing and rooting during the first 4 days (96 hours) following birth and audible swallowing after that time should be included in the breastfeeding assessment of full-term infants.
Two Sides of the Same Coin: U.S. "Residual" Inequality and the Gender Gap

We show that the narrowing gender gap and the growth in earnings inequality are consistent with a simple model in which skills are heterogeneous, and the growth in skill prices has been particularly strong for skills with which women are well endowed. Empirical analysis of DOT, CPS, and NLSY79 data finds evidence to support this model. A large increase in the prices of cognitive and people skills—skills with which women are well endowed—and a decline in the price of motor skills account for up to 40 percent of the rising inequality and 20 percent of the narrowing gender gap.
Modeling Cournot Competition in an Electricity Market with Transmission Constraints

This paper studies Cournot competition with two generators who share one transmission line with a limited capacity to supply price-taking consumers. In such a game the network operator needs a rule to allocate transmission capacity. Three rules are studied: all-or-nothing, proportional, and efficient rationing. The first result is that if the network operator taxes the whole congestion rent, the generators strategically change their production quantities, such that the network operator obtains no congestion rent. This gives poor incentives for investment in transmission capacity. The second result is that the network operator can create competition among the generators, which can increase welfare. Marginal nodal congestion pricing, which is optimal under perfect competition, is sub-optimal when generators can set their production quantities freely. It does not generate revenue for the network operator, nor does it increase competition among the generators.
Changing the management mindset: management style and coping with world‐class competition

Using the Chinese, family‐owned manufacturing firm as a primary example, Asian styles of management are examined in light of their ability to compete in a free‐trade environment. It is concluded that traditional, authoritarian, relationship‐based management concepts are not likely to fare well in fast‐changing global arenas. Nevertheless, a model for expanding into international markets is presented, with the realization that most Chinese‐managed firms would be advised to adopt regional rather than global strategies.
An overview of the ACE project—Advocating for Clinical Excellence: Transdisciplinary palliative care education

Background. Excellence in palliative care demands attention to the multidimensional aspects of patient and family suffering, yet too few psycho-oncology professionals report adequate preparation in this vital area. Methods. A total of 148 competitively selected psychologists, social workers, and spiritual care professionals participated in intensive educational courses to enhance their palliative care delivery, leadership, and advocacy skills. Extensive process and outcome evaluations measured the effectiveness of this educational program. Results. To date, 2 national courses have been completed. The courses received strong overall evaluations, with participants rating increased confidence in defined palliative care skills. Conclusions. The initial results of this innovative National Cancer Institute-funded transdisciplinary training for psycho-oncology professionals affirm the need and feasibility of the program. See the Advocating for Clinical Excellence Project Web site (www.cityofhope.org/ACEproject) for additional course information.
Inter-Modal Competition and Telecommunications Policy in the United States

This article discusses changes in the U.S. telecommunications market over the last decade and argues that increasing competitive substitution from wireless and internetbased communications has undermined the rationale for conventional monopoly regulation of incumbent local telephone carriers. The article suggests that the time is right to shift from a regime of a priori rules governing incumbent-form conduct to a regime of ex post competition enforcement.
Determining Order Quantity and Selling Price by Geometric Programming: Optimal Solution, Bounds, and Sensitivity*

This paper presents a geometric programming (GP) approach to finding a profit-maximizing selling price and order quantity for a retailer. Demand is treated as a nonlinear function of price with a constant elasticity. The proposed GP approach finds optimal solutions for both no-quantity discounts and continuous quantity discounts cases. This approach is superior to the traditional approaches of solving a system of nonlinear equations. Since the profit function is not concave, the traditional approaches may require an exhaustive search, especially for the continuous discounts schedule case. By applying readily available theories in GP, we easily can find global optimal solutions for both cases. More importantly, the GP approach provides lower and upper bounds on the optimal profit level and sensitivity results which are unavailable from the traditional approaches. These bounding and sensitivity results are further utilized to provide additional important managerial implications on pricing and lot-sizing policies.
Does Leadership Style Make a Difference? Linking HRM, Job Satisfaction, and Organizational Performance

With the rise of New Public Management, public organizations are confronted with a growing need to demonstrate efficiency and cost-effectiveness. In this study, we examine the relationship between public organizational performance and human resource management (HRM). Specifically, we focus on job satisfaction as a possible mediating variable between organizational performance and HRM, and on the influence of a supervisor’s leadership style on the implementation of Human Resource (HR) practices. Drawing on a secondary analysis of data from a national survey incorporating the views of 6,253 employees of Dutch municipalities, we tested our hypotheses using structural equation modeling. The findings indicate that (a) job satisfaction acts as a mediating variable in the relationship between HRM and organizational performance and (b) a stimulating leadership style has a positive effect on the amount of HR practices used, whereas (c) a correcting leadership style has no effect on the amount of HR practices used.
An Entrepreneur's Guide to the Venture Capital Galaxy

Executive Overview This article provides a foundation for an understanding of the dynamics of venture capital from the entrepreneur's point of view. An important aspect of understanding venture capital involves the different sources of risk capital for the entrepreneur, i.e., (classic) venture capitalists (VCs), business angels, and corporate venture capitalists. Furthermore, whatever source of risk capital entrepreneurs choose, they have to take into account the different phases of the investment cycle, i.e., the pre-investment, post-investment, and exit phases. We discuss some of the key issues of which entrepreneurs need to be aware when dealing with venture capitalists during each of these three investment phases. Furthermore, we provide hands-on advice to help entrepreneurs maximize the value of their relationship with VCs throughout the investment cycle, and we point to trouble spots which can endanger value creation. For instance, in the pre-investment phase, the challenges of finding an (adequate).
Comparison of age-based and height-based formula for tracheal tube size in cardiac children.

OBJECTIVE To compare the effectiveness of age-based formula (ABF) and height-based formula (HBF) for pediatric cardiac patients, including patients with failure to thrive (FTT). MATERIAL AND METHOD In a retrospective study of 260 cardiac patients that included those with failure to thrive, aged 2 to 7 years was done. The actual uncuffed endotracheal tube (ETT) size was compared with the predicted one, using both the ABF [ID (mm) = age (years)/4 + 4] and the HBF [ID (mm) = height (cm)/30 + 2]. RESULTS ABF and HBF correctly predicted 50.8% and 50.4% of ETT sizes (p = 1.0), whereas three sizes of tubes (one above and one below the predicted size) cover 95.8% and 93.5% of the patients, respectively (p = 0.24). In patients with FTT, both the ABF and HBF correctly predicted 56.6% of ETT sizes. CONCLUSION Age- and height-based formula for estimating tube size in cardio-surgical children is equivalent and independent of physical development. Age-based formula as the simple method can be recommended. The availability of three tube sizes (one smaller one larger than estimated) should be ensured.
Business History: Time for Debate

This issue of Business History Review, the fi rst to be published by Cambridge University Press, is also the fi rst to be available both in print and on line. The journal’s complete archive, from 1926 forward, is also posted on the Web. The occasion has provided an opportunity for the editorial team to consider the work published by business historians over the past ten years, and to think about the future direction of the journal as well as of the fi eld more broadly. We invite responses to this essay.
Term Structure, Inflation, and Real Activity

Abstract This paper estimates an internally consistent structural model that imposes cross-sectional restrictions on the dynamics of the term structure of interest rates, inflation, and output growth. Distinct from previous term structure settings, this model introduces both time-varying central tendencies and a stochastic conditional mean of output growth. The estimation of the model, which is based on U.S. data over a 1960 to 2005 sample period, provides reliable estimates for the implicit term structures of real interest rates, expected inflation rates, and inflation risk premia, as well as for expectations of macroeconomic variables. The model has better out-of-sample forecasting properties than a number of alternative models, and it contradicts the puzzling evidence that during the “Great Moderation” in inflation subsequent to the mid-1980s, the forecasting ability of structural models deteriorated with respect to atheoretic statistical models.