Miracle-dz/UniFAR-FTUs huggingface dataset:
TRENDS IN THE VOLUME AND COMPOSITION OF EQUITY FINANCE

A FLOOD OF DATA on current and past sources of corporate funds has become available within the last decade. Thanks to the data provided by the National Bureau of Economic Research, the Department of Commerce, the Federal Reserve, and the Securities and Exchange Commission, we can now trace past trends and cycles as well as current developments in the pattern of corporation financing. It is by now well known that since World War II internal equity finance-the re-investment of retained earnings and depreciation funds-has provided a huge proportion of total corporate funds, and that external equity finance-new common stock issue-has played a relatively small role. It has also been popularly assumed that these recent trends are unique, especially as compared with earlier periods of this century. Now, however, we have findings by Professors Lintnerl and Miller2 which deny that fundamental shifts in equity finance have occurred in the post-war period: Lintner denies the uptrend in internal equity finance, and Miller denies the downtrend in external equity finance. The main purpose of this paper is to present evidence that a basic change has indeed taken place since World War II in the composition of equity finance; namely, the substitution of internal for external equity finance. In effect, the relative importance of the two components has changed. This result tends to reject the conclusions of Lintner and Miller. The causes and implications of this structural change in corporate financial patterns will also be explored. It will be argued that the shift from external to internal equity sources of funds:
Strategic Nonlinear Pricing under Price-Cap Regulation

We examine profit-maximizing nonlinear pricing under a stylized version of the FCC's price-cap plan for AT&T, whereby the firm's average revenue in each period is constrained not to exceed some fixed level. When average revenue in each period is calculated as the ratio of total revenue in that period to output in the preceding period (as in the FCC's plan for AT&T), incentives are created for the firm to engage in strategic nonlinear pricing. These incentives can lower both consumers' surplus and total surplus under price-cap regulation. We propose alternative implementations of price-cap regulation that eliminate these incentives for strategic pricing. We also examine whether current profits should influence future revisions of the cap. We show that small amounts of such linkage can enhance total surplus, due to pricing distortions that arise under price-cap regulation.
Voluntary Disclosure and Equity Offerings: Reducing Information Asymmetry or Hyping the Stock?*

We examine corporate disclosure activity around seasoned equity offerings and its relationship to stock prices. Beginning six months before the offering, our sample issuing firms dramatically increase their disclosure activity, particularly for the categories of disclosure over which firms have the most discretion. The increase is significant after controlling for the firm's current and future earnings performance and tends to be largest for firms with selling shareholders participating in the offering. However, there is no change in the frequency of forwardâ€ looking statements prior to the equity offering, something that is expressly discouraged by the securities law. Firms that maintain a consistent level of disclosure experience price increases prior to the offering, and only minor price declines at the offering announcement relative to the control firms, suggesting that disclosure may have reduced the information asymmetry inherent in the offering. Firms that substantially increase their disclosure activity in the six months before the offering also experience price increases prior to the offering relative to the control firms, but suffer much larger price declines at the announcement of their intent to issue equity, suggesting that the disclosure increase may have been used to â€œhype the stockâ€ and the market may have partially corrected for the earlier price increase. Firms that maintain a consistent disclosure level have no unusual return behavior relative to the control firms subsequent to the announcement, while the firms that â€œhypedâ€ their stock continue to suffer negative returns, providing further evidence that the increased disclosure activity may have been hype, and suggesting that the hype may have been successful in lowering the firms' cost of equity capital.
Who gains, who loses? Welfare effects of classical swine fever epidemics in the Netherlands

A sectoral market model and a stochastic epidemiological model were used to simulate the effects of classical swine fever (CSF) epidemics in the Netherlands in 1997--1998. Compulsory EU control measures were implemented. Welfare changes of Dutch stakeholders, as well as government costs, were calculated. In a medium-sized epidemic without export restrictions, pig producers' surplus increased by Euro 502 million, but producers within quarantine areas lost. Consumer surplus fell by Euro 552 million. With a ban on live pig exports, pig producers collectively lost whereas consumers gained or experienced only a small loss. Government costs were lower when exports were banned, although net welfare losses were higher. Net welfare losses increased more than proportionately with epidemic size. Copyright 2003, Oxford University Press.
Trade Unions, political fund ballots and the Labour Party

The Trade Union Act 1984 required trade unions to reballot their members on continuation of their political funds. All unions voted for retention. A second wave of balloting has now taken place: the results are broadly similar to those in 1985/6. This paper examines the outcome of the 1994/6 voting, compares the results with those from 1985/6 and considers the implications of the results on the relationship between unions and the Labour Party. The distancing of the relationship between unions and Labour is related to the political fund campaign which stressed union rights to campaign politically rather than their specific political links with the Labour Party.
Contractual form and market thickness in trucking

A central proposition of the transaction costs literature is that firms will substitute more complicated contractual arrangements for simple spot arrangements when transactions involve relationship-specific investments. I investigate this proposition by testing whether simple spot arrangements are less common when local trucking markets are thin. I find that doubling the thickness of the market increases the likelihood that simple spot arrangements govern transactions by about 30% for long hauls. I find weaker evidence of relationships between local market thickness and contractual form for short-hauls for which quasi-rents are particularly small. Contracts protect quasi-rents over a surprisingly large range, but they play a less important role as quasi-rents decrease. Copyright 2001 by the RAND Corporation.
Correction to "Comments on 'On the connectivity in finite ad hoc networks'"

The probability of connectivity of a one-dimensional finite ad hoc network was derived by Desai and Manjunath, and further analyzed by Gore. In this letter, we point out a discrepancy, thus corroborating the original result. However, it provides the exact interpretation of the recursion and derives the probability of connectivity of a one-dimensional finite sensor network.
Effects of Smiling and Gender on Trust Toward a Recommendation Agent

This study seeks to determine whether a recommendation agent’s smile and gender affect users’ trust toward the agent. We also investigate gender differences in trust toward recommendation agents of different genders and facial expressions. We present findings from a 2x2 experiment (male vs. female and smiling vs. non-smiling agents). In the context of laptop shopping, we found that on average smiling agents are perceived to be more competent than non-smiling agents and male agents are perceived to be more competent than female agents. There is a significant interaction effect between an agent's smile and gender on trust in benevolence. Specifically, male subjects tend to believe that smiling agents are more competent than non-smiling agents, while female subjects are less sensitive to the agent’s smile. Interestingly, female subjects perceive male agents to be more competent than female agents, while male subjects are almost indifferent toward the agent’s gender. Among the female subjects, trust in benevolence is highest toward a smiling male agent. Our results suggest that the gender and facial expressions of a recommendation agent should be considered when designing a virtual salesperson for online stores.
Increased Leukocyte Rolling in Newly Formed Mesenteric Vessels in the Rat during Peritoneal Dialysis

Objective Long-term peritoneal dialysis (PD) is associated with the development of functional and structural alterations of the peritoneal membrane. The present study reports the effects of chronic exposure to PD fluid on mesenteric leukocyte–endothelium interactions, using intravital video microscopy. Methods Rats (n = 7) received 10 mL lactate-buffered 3.86% glucose-containing PD fluid daily during a 5-week period via a subcutaneously implanted mini access port that was connected via a catheter to the peritoneal cavity. In a first control group (n = 8), catheters were implanted but no fluid was instilled; a second control group (n = 8) remained untreated. The number of rolling and adherent leukocytes as well as blood flow and other fluid dynamic variables were analyzed in mesenteric postcapillary (diameter 10 – 25 μ) and collecting (diameter 26 – 40 μ) venules. Neovascularization was semiquantitatively assessed after inspection of video images and by light and electron microscopy. Using FITC-labeled albumin, microvascular leakage was examined. Results Rats exposed to PD fluid showed a more than twofold increase in the number of rolling leukocytes (p < 0.01); the number of adherent leukocytes was not changed. Furthermore, exposure to PD fluid induced severe neovascularization in rat mesentery. No microvascular leakage was observed in the various groups. The observed differences could not be explained by differences in systemic or local hemodynamic parameters or peripheral leukocyte counts, but is most likely associated with new vessel formation. Conclusions Exposure of rat peritoneal membrane to conventional PD fluid for 5 weeks affected local leukocyte–endothelium interactions. In addition, severe angiogenesis was induced, whereas microvascular permeability remained unaltered.
Moving to Higher Ground: Migration Response to Natural Disasters in the Early Twentieth Century

Areas differ in their propensity to experience natural disasters. Exposure to disaster risks can be reduced either through migration (i.e., self-protection) or through public infrastructure investment (e.g., building seawalls). Using migration data from the 1920s and 1930s, this paper studies how the population responded to disaster shocks in an era of minimal public investment. We find that, on net, young men move away from areas hit by tornados but are attracted to areas experiencing floods. Early efforts to protect against future flooding, especially during the New Deal era of the late 1930s, may have counteracted an individual migration response.
Disintermediation and Reintermediation in the U.S. Air Travel Distribution Industry: A Delphi Reprise

A group of industry experts was assembled as a Delphi panel in 1997-1998. They were asked to predict the effect that Electronic Commerce technologies and disintermediation and reintermediation would exert on the major firms in the U.S. air travel distribution industry in each of five major market segments. The panel forecast that major disintermediation and reintermediation would occur and that there would be a sharp reduction in the number of traditional travel agents five and ten years in the future. The panel also identified a number of strategic threats and opportunities for the channel participants. This paper compares the panel’s predictions to what actually occurred and describes technology-related developments that the panel did not foresee. In particular, the panel predicted a major reduction in the number of travel agent entities between 1997 and 2002, as well as in 2007. By the end of 2002, the panel’s forecast was very close to what actually occurred. Our overall conclusion is that the Delphi method worked well as a predictor in this instance.
Factors influencing Hong Kong CPAs' entrepreneurship in the accounting profession

Purpose – Entrepreneurship plays a key role in society and is important for economic growth. Despite prior studies of entrepreneurial behavior, no research has been conducted to examine the influence of monetary and personality factors on the entrepreneurial start up of Certified Public Accountant (CPA) firms in Hong Kong. The purpose of this paper is to investigate into factors influencing Hong Kong CPAs in becoming entrepreneurial public practitioners.Design/methodology/approach – Data are collected through a questionnaire survey and analyzed by binomial logistic regression. A total of 212 CPAs of Chinese origin are randomly selected in Hong Kong. Social capital theory derived from the sociology literature is employed for analysing the findings.Findings – Results indicate that “profit motivation” and “education level” variables have no significant influence on the entrepreneurial start up, and contradict findings in prior literature. Results further reveal that “social networking” and “internal locus of.
Comparison between mechanical freezer and conventional freezing using liquid nitrogen in normozoospermia.

INTRODUCTION This study evaluated the effect of human semen cryopreservation using an ultra-low temperature technique with a mechanical freezer at -85°C as an alternative method to the conventional liquid nitrogen technique at -196°C. METHODS This was a prospective experimental study conducted in the Medically Assisted Conception unit, Department of Obstetrics and Gynaecology, National University Hospital, Malaysia from January 1, 2006 to April 30, 2007. All normozoospermic semen samples were included in the study. The concentration, motility and percentage of intact DNA of each semen sample were assessed before and after freezing and thawing on Days 7 and 30 post freezing. RESULTS Sperm cryopreservation at -85°C was comparable to the conventional liquid nitrogen technique for a period of up to 30 days in a normozoospermic sample. There was no statistical difference in concentration (Day 7 p-value is 0.1, Day 30 p-value is 0.2), motility (Day 7 p-value is 0.9, Day 30 p-value is 0.5) and proportion of intact DNA (Day 7 p-value is 0.1, Day 30 p-value is 0.2) between the ultra-low temperature technique and conventional liquid nitrogen cryopreservation at Days 7 and 30 post thawing. CONCLUSION This study clearly demonstrates that short-term storage of sperm at -85°C could be a viable alternative to conventional liquid nitrogen cryopreservation at -196°C due to their comparable post-thaw results.
An experimental model of a acousto-electromagnetic sensor for detecting land mines

A hybrid technique is presented in this paper that simultaneously uses both electromagnetic and acoustic waves in a synergistic manner to detect buried land mines. The configuration of the system currently being studied is shown. The system consists of an electromagnetic radar and an acoustic source. An acoustic surface (Rayleigh) wave is induced in the Earth by means of a stationary transducer on the surface. The transducer is placed behind the region being scanned for mines and directs the surface acoustic wave into the region being searched. The surface acoustic wave interacts with the mine and causes both the mine and the surface of the Earth to be displaced. The displacement of the mine is different than the Earth, because the acoustic properties of the mine are quite different than those of the Earth. The displacement of the surface of the Earth when a mine is present is different than when it is not present because of the waves scattered from the mine. The electromagnetic radar is used to detect these displacements and, thus, the mine.
Clinical criteria for subtyping Parkinson’s disease: biomarkers and longitudinal progression

Parkinson's disease varies widely in clinical manifestations, course of progression and biomarker profiles from person to person. Identification of distinct Parkinson's disease subtypes is of great priority to illuminate underlying pathophysiology, predict progression and develop more efficient personalized care approaches. There is currently no clear way to define and divide subtypes in Parkinson's disease. Using data from the Parkinson's Progression Markers Initiative, we aimed to identify distinct subgroups via cluster analysis of a comprehensive dataset at baseline (i.e. cross-sectionally) consisting of clinical characteristics, neuroimaging, biospecimen and genetic information, then to develop criteria to assign patients to a Parkinson's disease subtype. Four hundred and twenty-one individuals with de novo early Parkinson's disease were included from this prospective longitudinal multicentre cohort. Hierarchical cluster analysis was performed using data on demographic and genetic information, motor symptoms and signs, neuropsychological testing and other non-motor manifestations. The key classifiers in cluster analysis were a motor summary score and three non-motor features (cognitive impairment, rapid eye movement sleep behaviour disorder and dysautonomia). We then defined three distinct subtypes of Parkinson's disease patients: 223 patients were classified as 'mild motor-predominant' (defined as composite motor and all three non-motor scores below the 75th percentile), 52 as 'diffuse malignant' (composite motor score plus either ≥1/3 non-motor score >75th percentile, or all three non-motor scores >75th percentile) and 146 as 'intermediate'. On biomarkers, people with diffuse malignant Parkinson's disease had the lowest level of cerebrospinal fluid amyloid-β (329.0 ± 96.7 pg/ml, P = 0.006) and amyloid-β/total-tau ratio (8.2 ± 3.0, P = 0.032). Data from deformation-based magnetic resonance imaging morphometry demonstrated a Parkinson's disease-specific brain network had more atrophy in the diffuse malignant subtype, with the mild motor-predominant subtype having the least atrophy. Although disease duration at initial visit and follow-up time were similar between subtypes, patients with diffuse malignant Parkinson's disease progressed faster in overall prognosis (global composite outcome), with greater decline in cognition and in dopamine functional neuroimaging after an average of 2.7 years. In conclusion, we introduce new clinical criteria for subtyping Parkinson's disease based on a comprehensive list of clinical manifestations and biomarkers. This clinical subtyping can now be applied to individual patients for use in clinical practice using baseline clinical information. Even though all participants had a recent diagnosis of Parkinson's disease, patients with the diffuse malignant subtype already demonstrated a more profound dopaminergic deficit, increased atrophy in Parkinson's disease brain networks, a more Alzheimer's disease-like cerebrospinal fluid profile and faster progression of motor and cognitive deficits.
Valuing Emerging Market Equities -- A Pragmatic Approach Based on the Empirical Evidence

Combining the theory with the empirical evidence, I propose a pragmatic approach to estimating the cost of equity for industry groups operating in African, Asian, and Latin American emerging markets, and high-risk European markets. My approach has two building blocks: (1) use of the U.S.-based Capital Asset Pricing Model (CAPM) with a beta that is designed to represent industry (instead of individual company) risk; and (2) an adjustment of the U.S.- based CAPM that involves assigning a certain proportion -- from as little as 35% to as much as 100% -- of a given country’s political risk to a specific industry. My empirical work finds that ADR returns are strongly correlated with: (1) SP and (2) the corresponding country’s changes in CDS spreads, capturing country risk. Moreover, I find that the coefficient in the CDS spread is strongly negatively correlated with the ADR’s P/E multiple suggesting that certain industries are more exposed to political risk than others.Visually analyzing my empirical results, regarding country-risk exposure, I group industries into low (consumer discretionary and staples), medium (health care, industrials, information technology, materials, telecommunications, and utilities), and high-exposure categories (energy and financials). Synthesizing these results, I propose cost of equity estimations based on: (1) an industry beta, (2) the country’s CDS spread, and (3) the industry’s country-risk exposure. To cite two examples, whereas a utility operating in South Korea might have a cost of equity of less than 8%, an energy company in Russia might have a cost of equity as high as 16.25%.
Religion and Public Policy

This article addresses the relationship between religion and politics in liberal democracies from a public policy angle. The analysis shows that contrary to the general secularization thesis, there is a visible religious impact on public policy, but it varies according to what measure of secularization is used. Confessional heritage (Catholicism versus Protestantism) and cultural values (levels of religiosity) are better predictors than institutional differentiation or political mobilization. When confessional heritage is held constant, the institutional impact increases. It is not surprising that Catholic countries produce less than fully liberal abortion policies, but the most restrictive abortion policies are found in those Catholic countries where high levels of religiosity persist. Moreover, a strong presence of religious parties is not associated with restrictive abortion policies, but in all countries with moderate to high levels of religiosity and with strong Christian Democratic parties and only there, moderate or “distress” models of abortion exist.
Spatial Variations in Weather Conditions and Wine Prices in Bordeaux*

Abstract The purpose of this paper is to study the impact of weather conditions on prices of Bordeaux wines. Unlike previous studies (based on data from the main weather station in Mérignac), we use climatological variables from many local stations. Two models are compared: one where prices are related to Mérignac weather conditions, and one where prices are related to local conditions (weather variables measured in the station the nearest to the château). Although a (non-nested) test suggests that the model based on local data is better, the two specifi cations lead to very similar results. This is reassuring news for researchers interested in the relationship between weather and prices, but who do not have access to spatial variations in climate. (JEL Classification: Q19)