Miracle-dz/UniFAR-FTUs huggingface dataset:
Determinants of Financial Insolvency Costs: New Evidence from International Data

This study examines the determinants of financial insolvency costs, by making use of a more accurate indicator of the probability of insolvency and considering the effect of institutional differences on these costs. We find that insolvency costs are positively related to the probability of financial insolvency, and negatively related to leverage and the holding of liquid assets. Insolvency costs increase with underinvestment processes, which in turn emerge as a consequence of the high probability of financial insolvency. Employment reductions are also a widespread practice for reacting to the crisis, even though the effect of this policy on insolvency costs depends on institutional differences. Finally, the sensitivity of insolvency costs to the probability of financial insolvency, leverage and the holding of liquid assets depends on the institutional context as well.
An Empirical Investigation on CEOs' Option Incentives and Firms’ Risky Financing Policy: Evidence from Australian Public Companies

In order to align executives’ interests with shareholders’ interests, board of directors has rewarded executives with more option-based payments in the past decades. However, as volatility of share return increases, CEOs are more risk averse because their human capital and wealth are undiversified. Consequently, CEOs may pass up risky but value-enhancing corporate policy decisions. High pay-equity risk sensitivity (vega) CEOs are hypothesised to have more incentive to adopt more risky corporate policy, given that the volatility of the underlying share increases option value in Black-Scholes option pricing model.This study investigates the effect of vega on firm’s book leverage and vega determinants based on a panel data of 137 Australian firms from 2003 to 2012, a period in which the federal government implemented a series of executive pay reforms to tie the pay more closely to performance. The results show that vega has a significant and positive effect on firm’s leverage. In addition, the results demonstrate that there is a negative and statistical significant association between vega and CEOs’ risk-aversion such as the option moneyness and cash compensation. This study also provides evidence that firm size has a significantly positive effect on firms’ debt financing. Furthermore, in-the-money options and executive cash compensation have significant and negative impact on vega.
Does Frequent Trading Always Improve Liquidity?

A liquid stock trades more often. The converse of that statement implies that more trading should make a stock more liquid. Extant research does not yet provide unambiguous answer to the critical question: Does more trading make a stock more liquid? We address this important issue using transaction data on a sample of stocks listed on the New York Stock Exchange. We document interesting cross-sectional differences when we categorize stocks on the basis of market capitalization. While more frequent trading is associated with an improvement in liquidity, as proxied by the bid-ask spread, for large market capitalization stocks, the converse is true for small stocks. We probe further and document that the deterioration in liquidity of small stocks, due to more frequent trading, is attributable to a direct increase in the adverse selection component of the bid-ask spread. Our evidence is consistent with the view that when specialists encounter more trading activity for small stocks they perceive increased levels of informational trading.
Application of the Photodynamic Therapy in Medicine and Dentistry - Literature Review on Photodynamic and Antimicrobial Photodynamic Therapy

Photodynamic therapy (PDT) is recently being recognized as an attractive, non-invasive and alternative treatment method for precancerous lesions and superficial cancers. PDT has many advantages when compared with conventional treatment modalities. It has also been used for the photoinactivation of microbes. There is an increasing interest in the practical application of antimicrobial photodynamic therapy (aPDT) in many branches of dentistry, especially in periodontology, for the management of such conditions as chronic periodontitis or periimplantitis. The aim of the present paper was to discuss the application of photodynamic therapy in medicine and dentistry. The results of many so far published studies seem to be very promising indicating at the same time that further research is needed to establish the optimal protocol for effective photodestruction of tumor cells and microorganisms.
Sensitivity of biopsy site in evaluating regression of gastric atrophy after Helicobacter pylori eradication treatment

Helicobacter pylori infection is a major cause of the progress of gastric glandular atrophy, a high‐risk background factor in the development of gastric cancer. Regression of gastric atrophy is critical to prevention of cancer by H. pylori eradication treatment. However, it is controversial whether gastric atrophy regresses after H. pylori eradication.
When is Seller Price Setting with Linear Fees Optimal for Intermediaries

Mechanisms where sellers set the price and are charged a linear commission fee are widely used by real world intermediaries, e.g. by real estate brokers. Empirically these commission fees exhibit very little variance, both across heterogeneous regional markets and over time. So far, there is no theoretical explanation why such seller price setting mechanisms are used and why the linear fees vary so little. In this paper, we first show that in a Bayesian setup seller price setting with linear fees is revenue equivalent to the intermediary optimal direct mechanism derived by Myerson and Satterthwaite (1983) if and only if the seller's cost is drawn from a generalized power distribution. Whenever such a mechanism is optimal, the fee structure is independent of the distribution from which the buyer's valuation is drawn. Second, we derive the intermediary optimal direct mechanism when there are many buyers and possibly many sellers and we show that with one seller any standard auction with linear fees and reserve price setting by the seller (which are used e.g. by eBay) implements this mechanism if the seller's cost is drawn from a power distribution and if buyers' valuations are identically distributed. Third, we show that when the number of buyers approaches infinity while there is still one seller, seller price setting and price setting by the intermediary are equivalent, intermediary optimal mechanisms.
Effects of exercise training amount on physical activity energy expenditure.

INTRODUCTION We examined the effects of three exercise training interventions on total physical activity energy expenditure (PAEE) or nonexercise PAEE in a randomized controlled trial where sedentary, overweight, and obese men and women were assigned to inactive control, low-amount/moderate-intensity, low-amount/vigorous-intensity, or high-amount/vigorous-intensity aerobic exercise. METHODS To measure PAEE, triaxial RT3 accelerometers were worn by subjects for 7 d at the beginning and end of an 8-month exercise intervention. In total, 50 subjects (control, n = 8; two low-amount groups, n = 28; high-amount group, n = 14) had usable PAEE data collected at both time points. RESULTS At baseline, subjects had an average age of 53.2 yr, had a body mass index of 29.7 kg x m(-2), and a relative peak VO2 of 28.7 mL x kg(-1) x min(-1). There were no significant differences between groups at baseline. After the intervention, average change in total PAEE was 8.4 +/- 20.9 kJ x h(-1) for controls, 58.6 +/- 20.9 kJ x h(-1) for the two low-amount groups, and 138.1 +/- 33.5 kJ x h(-1) for the high-amount group (means +/- SE). The high-amount group experienced a significantly greater increase in total PAEE compared with the controls (P = 0.02). As expected, total PAEE increased with increasing exercise volume. Average change in nonexercise PAEE was 8.4 +/- 20.9 kJ x h(-1) for control, 25.1 +/- 20.9 kJ x h(-1) for the low-amount groups combined, and 62.8 +/- 29.3 kJ x h(-1) for the high-amount group. There was no statistically significant difference in change of nonexercise PAEE among groups. CONCLUSIONS We conclude that in middle-aged overweight or obese subjects participating in an extended exercise intervention, total PAEE increased, and there was no compensatory decrease in nonexercise PAEE.
Interactions between superficial and deep dorsal horn spinal cord neurons in the processing of nociceptive information

In acute rat spinal cord slices, the application of capsaicin (5 μm, 90 s), an agonist of transient receptor potential vanilloid 1 receptors expressed by a subset of nociceptors that project to laminae I–II of the spinal cord dorsal horn, induced an increase in the frequency of spontaneous excitatory and spontaneous inhibitory postsynaptic currents in about half of the neurons in laminae II, III–IV and V. In the presence of tetrodotoxin, which blocks action potential generation and polysynaptic transmission, capsaicin increased the frequency of miniature excitatory postsynaptic currents in only 30% of lamina II neurons and had no effect on the frequency of miniature excitatory postsynaptic currents in laminae III–V or on the frequency of miniature inhibitory postsynaptic currents in laminae II–V. When the communication between lamina V and more superficial laminae was interrupted by performing a mechanical section between laminae IV and V, capsaicin induced an increase in spontaneous excitatory postsynaptic current frequency in laminae II–IV and an increase in spontaneous inhibitory postsynaptic current frequency in lamina II that were similar to those observed in intact slices. However, in laminae III–IV of transected slices, the increase in spontaneous inhibitory postsynaptic current frequency was virtually abolished. Our results indicate that nociceptive information conveyed by transient receptor potential vanilloid 1‐expressing nociceptors is transmitted from lamina II to deeper laminae essentially by an excitatory pathway and that deep laminae exert a ‘feedback’ control over neurons in laminae III–IV by increasing inhibitory synaptic transmission in these laminae. Moreover, we provide evidence that laminae III–IV might play an important role in the processing of nociceptive information in the dorsal horn.
Negotiating access into firms: obstacles and strategies

Researchers often experience difficulties with the negotiation of access into firms for the purpose of data collection. The question we explore is: What are the main obstacles associated with access negotiation into firms; and what strategies do researchers employ to increase their chances of success? Our research work on the tendering process of contractors took place between 2006 and 2008. We successfully negotiated access into four firms (two each in Ghana and the UK) to observe live examples of tender preparation The techniques we employed in negotiating access were personal contacts, contacting firms through online details and professional institutions, etc. With all of this effort, our average success rate was less than 5 per cent. The main obstacles encountered were firms’ reluctance because of commercial sensitiveness and fear that the data could eventually be divulged to their competitors or end up in the public domain. However, some firms agreed mainly because of the written assurances of confidentiality and anonymity in reporting the study; reputation of the researchers’ academic institution; gatekeepers who spoke to their colleagues on our behalf; academic purpose of the study; and a feedback report which was promised in return for access to the case studies. Although the access through personal contacts is by far the easiest, it is not always possible. Researchers can approach firms as complete strangers, especially in a foreign country, and that could make the firms more likely to assist the research.
Sigma-delta modulation with i.i.d. Gaussian inputs

The response of a single-loop sigma-delta modulator to an independent identically distributed (i.i.d.) Gaussian input signal is analyzed. A continuous-time stochastic model is developed and the connection of the model to the system is described. A condition is given so that the difference between the behavior of the model and that of the true system can be made arbitrarily small. Theories from renewal and Wiener processes are applied to show the convergence and mixing properties of the output sequence. Also derived is the power spectrum of the quantization noise. Compared to the spectrum when the input is DC, the i.i. d. Gaussian random process smears the discrete spectrum into band structures. >
View-Based Cognitive Mapping and Path Planning

This article presents a scheme for learning a cognitive map of a maze from a sequence of views and movement decisions. The scheme is based on an intermediate representation called the view graph, whose nodes correspond to the views whereas the labeled edges represent the movements leading from one view to another. By means of a graph theoretical reconstruction method, the view graph is shown to carry complete information on the topological and directional structure of the maze. Path planning can be carried out directly in the view graph without actually performing this reconstruction. A neural network is presented that learns the view graph during a random exploration of the maze. lt is based on an unsupervised competitive learning rule translating temporal sequence (rather than similarity) of views into connectedness in the network. The network uses its knowledge of the topological and directional structure of the maze to generate expectations about which views are likely to be encountered next, improving the view-recognition performance. Numerical simulations illustrate the network's ability for path planning and the recognition of views degraded by random noise. The results are compared to findings of behavioral neuroscience.
A Target Consumer Profile and Positioning for Promotion of the Direct Marketing of Fresh Produce: A Case Study

A consumer survey was used to identify the proportion of consumers who shop for produce at farmers' markets. A profile of the target market was developed. Characteristics of produce which are most desirable to consumers when making their purchase decision were identified. Consumers' perceptions of the characteristics of produce sold at farmers' markets versus supermarkets were evaluated. The most desirable characteristics of produce which provide farmers' markets produce with a relative advantage over supermarket produce were identified for use in a promotional campaign.
Measurement of Agency, Communion, and Emotional Vulnerability With the Personal Attributes Questionnaire

Factor analytic studies of the 24-item Personal Attributes Questionnaire (Spence & Helmreich, 1978) have reported inconsistent results, and a previous confirmatory factor analysis (CFA) indicated inadequate fit for factors corresponding to Masculinity, Femininity, and Masculinity–Femininity scales. In this research, we used CFA in a college sample (N = 382) to evaluate the 3-factor model, and we revised scales by eliminating 6 misspecified items. The revised model fit well in another college sample (N = 230). We renamed the revised scales Agency, Communion, and Emotional Vulnerability. In relation to Five-factor theory, Emotional Vulnerability and Communion correlated well with Neuroticism and Agreeableness, respectively, and Agency had moderate correlations with Neuroticism, Extraversion, and Conscientiousness. Psychometric results in the context of current theory suggest that Agency (Masculinity) may not be a fully adequate measure of the agency construct.
Price Support by Underwriters in Initial and Seasoned Public Offerings

This study provides a new empirical test of theories that use asymmetric information to explain underpricing in initial public offerings (IPOs). These models stipulate that the underwriter compensates informed investors for their price-relevant information through underpricing and price support. In contrast to previous empirical studies that mostly focus on underpricing, our test is based on actual price support transactions. We argue that the underwriter depends substantially more on informed investors in IPOs than in seasoned equity offers (SEOs), where a history of market prices is available. We document substantial differences in how underwriters support IPOs and SEOs. The results are robust to different specifications and are consistent with the implications of several information theories of new issue pricing.
I T ] 1 6 M ay 2 01 7 1 Optimal Resource Allocation for Power-Efficient MC-NOMA with Imperfect Channel State Information

In this paper, we study power-efficient resource allocation for multicarrier non-orthogonal multiple access (MC-NOMA) systems. The resource allocation algorithm design is formulated as a non-convex optimization problem which jointly designs the power allocation, rate allocation, user scheduling, and successive interference cancellation (SIC) decoding policy for minimizing the total transmit power. The proposed framework takes into account the imperfection of channel state information at transmitter (CSIT) and quality of service (QoS) requirements of users. To facilitate the design of optimal SIC decoding policy on each subcarrier, we define a channel-to-noise ratio outage threshold. Subsequently, the considered non-convex optimization problem is recast as a generalized linear multiplicative programming problem, for which a globally optimal solution is obtained via employing the branch-and-bound approach. The optimal resource allocation policy serves as a system performance benchmark due to its high computational complexity. To strike a balance between system performance and computational complexity, we propose a suboptimal iterative resource allocation algorithm based on difference of convex programming. Simulation results demonstrate that the suboptimal scheme achieves a close-to-optimal performance. Also, both proposed schemes provide significant transmit power savings than that of conventional orthogonal multiple access (OMA) schemes.
Intracoronary ultrasound measurements in women with myocardial infarction without significant coronary lesions

Methods Morphologic characteristics of coronary arteries in eight women with myocardial infarction and angiographically normal or not significantly stenosed vessels were investigated with intracoronary ultrasound. The infarct-related vessel was assessed by three-dimensional volumetric analysis and compared with a control vessel from a noninfarcted area. Results Atherosclerosis was found in all infarct-related arteries. The plaques were predominantly soft, eccentric, poorly calcified, and with little lipid pools or none at all. Although the average area and thickness of plaques and cross-sectional narrowing of the infarct-related arteries were greater than those of control arteries, there were no patognomonic characteristics of plaques in the infarct-related vessels. Conclusion The possibility that atherosclerosis is the main etiologic factor for myocardial infarction can not be excluded even for women without an angiographically obvious coronary stenosis in the infarct-related vessels.
Lessons learned from the clinical development of oral peptides

The oral delivery of peptides and proteins has been hampered by an array of obstacles. However, several promising novel oral delivery systems have been developed. This paper reviews the most advanced oral formulation technologies, and highlights key lessons and implications from studies undertaken to date with these oral formulations. Special interest is given to oral salmon calcitonin (CT), glucagon‐like peptide‐1 (GLP‐1), insulin, PYY‐(3‐36), recombinant human parathyroid hormone (rhPTH(1‐31)‐NH2) and PTH(1‐34), by different technologies. The issues addressed include (i) interaction with water, (ii) interaction with food, (iii) diurnal variation, (iv) inter‐ and intra‐subject variability, (v) correlation between efficacy and exposure and (vi) key deliverables of different technologies. These key lessons may aid research in the development of other oral formulations.
Practices of Governance and Leadership and Their Effect on Capability Development and Performance of Strategic Alliances: Results of an Empirical Study

In this study we aim to verify whether heterogeneity in alliance capability development and performance can be attributed to the use of certain intra-firm governance practices and associated leadership behaviors. We suggest that transformational leadership behavior has a significant influence on the development of dynamic capabilities and subsequent alliance performance when it co-occurs with stewardship governance, whereas transactional leadership behavior has a significant influence on the alliance when partnering firms choose principal-agent type governance. Data from 369 alliances show that the positive relationship between transformational leadership and the development of dynamic capabilities is stronger with stewardship governance, and weaker with agency governance. In the case of stewardship governance, transactional leadership behavior too is significantly associated with dynamic and operational capability development.
Functional imaging of the kidney by means of measurement of the apparent diffusion coefficient.

PURPOSE To determine the relationship between the apparent diffusion coefficient (ADC) and renal function. MATERIALS AND METHODS Twenty-three volunteers and seven pigs underwent diffusion-sensitive magnetic resonance (MR) imaging of the kidneys with a stimulated-echo acquisition mode excitation and echo-planar imaging readout under various physiologic conditions. The effect of hydration and anisotropic diffusion was studied in human subjects, and the effect of renal artery stenosis, ureteral obstruction, and diuresis was studied in the animal model. RESULTS The renal ADC values of dehydrated subjects were substantially increased with rehydration. Diffusion was highest in the medulla, with a pronounced radial component in the renal collecting system. In the pig model, induced renal artery stenosis resulted in immediate decrease in renal ADC; the degree of change was related to the flow deficit. The ADC also decreased with ureteral obstruction, but diuresis had no meaningful effect. CONCLUSION In vivo measurement of ADC has the potential for use as a noninvasive means to explore the functional status of the kidney.