Miracle-dz/UniFAR-FTUs huggingface dataset:
Agency problems in stock market‐driven acquisitions

Purpose - The purpose of this paper is to examine the ways in which stock market valuation and managerial incentives jointly affect merger and acquisition (MA the second stage, regresses the post-M&A firm performance on the predicted probability of a merger or acquisition from the first stage and other control variables. Findings - Market valuation has a significant influence on corporate acquisition decisions, particularly for those firms whose compensation packages include less managerial equity ownership, more executive stock options and no long-term incentive plans, and in those firms where CEOs are serving on the board of directors. The value-destroying acquisitions made by these types of managers are likely to be financed using the firms' stocks, executed with high premiums and undertaken during periods of high market valuation. Originality/value - The main finding suggests that market-driven acquisitions could be value destroying when managers engage in opportunistic acquisitions for reasons of self-interest. Managerial myopia, overconfidence, misaligned incentives, empire-building motives and poor corporate governance can all exacerbate the agency problem of market-driven acquisitions.
LABOUR ADJUSTMENT COSTS AND BRITISH FOOTWEAR PROTECTION

Import protection is frequently advocated as a means of preserving jobs and avoiding labour adjustment costs. Defining adjustment costs in terms of output forgone during the process of adjustment and ignoring any general equilibrium repercussions, we estimate that quantitative restrictions on British footwear imports during 1979 protected about 1,000 jobs and avoided once-and-for-all adjustment costs of only around 1 million pounds sterling. The result is based on new data which reveal high rates of labour turnover in the footwear sector and so imply that displaced labour is readily re-employed. We use a model of output and employment derived from a multi-input, multi-output profit function, which shows that trade restrictions have relatively small effects on UK output and employment.
Aspects of Fishery Management, Job Satisfaction, and Well-Being among Commercial Fishermen in the Northeast Region of the United States

The complexity and rapid changes in fishery management approaches have forced fishermen to adopt strategies that may not be congruent with the original appeal of fishing as an occupation. Changes in fish populations and resulting efforts to manage stocks can impact job characteristics that influence job satisfaction (social–psychological needs, basic needs, and self-actualization) and potentially well-being. This hypothesis is addressed through examination of job satisfaction and well-being among 478 fishermen in three subregions of the northeastern United States. The results demonstrate that differences between the mix of regional fisheries and attitudes toward regulations affect two components of job satisfaction and well-being but not self-actualization. Management's attempts to reduce fishing effort therefore need to account for the persistence of self-actualization by either developing appropriate alternative occupations or preparing for the consequences of lower job satisfaction on the well-being of fishermen forced to leave the occupation.
The Impact of Soda Taxes on Consumer Welfare: Implications of Storability and Taste Heterogeneity

type="main"> The typical analysis on the effectiveness of soda taxes relies on price elasticity estimates from static demand models, which ignores consumers' inventory behaviors and their persistent tastes. This article provides estimates of the relevant price elasticities based on a dynamic demand model that better addresses potential intertemporal substitution and unobservable persistent heterogeneous tastes. It finds that static analyses overestimate the long-run own-price elasticity of regular soda by 60.8%, leading to overestimated consumption reduction of sugar-sweetened soft drinks by up to 57.9% in some cases. Results indicate that soda taxes will raise revenue but are unlikely to substantially impact soda consumption.
Factors Influencing New Entrant Dairy Farmer's Decision-making Process around Technology Adoption

Abstract Purpose: The aims of this paper are to (1) evaluate the main factors influencing grazing system technology adoption among new entrant (NE) dairy farmers within Europe and the Irish pasture-based dairy industry, and (2) to determine the extent to which economic factors influence decision-making around technology adoption and use among NEs to the Irish dairy industry. Methodology: Multivariate analysis is used to investigate the associations between region, education level, previous experience in dairy farming, herd size, age and the farmer's perception of the usefulness (PU) and ease-of-use of a technology (PEOU), and the likelihood of that technology being adopted. Findings: The results of this study identify a high rate of grazing, artificial insemination (AI) and financial management technology adoption among NE dairy farmers whose technology decisions are primarily motivated by financial considerations and are closely related to the PU and PEOU scores of the technology. Grassland measurement had the lowest adoption rate (51%) compared to AI (86%) and farm financial management (84%). Practical Implications: The substantial importance of PU and PEOU to technology adoption decisions indicates that future research, extension and education programmes should place increased emphasis on the benefits and usability of key technologies in addition to evaluating their scientific merit. Originality/Value: For the first time information assessing technology adoption amongst new dairy farmers is available. This has the potential to improve and increase extension and education for new dairy farmers in a future post-quota environment.
Sexual dimorphism of the craniofacial region in a South Indian population.

INTRODUCTION To the best of our knowledge, the sexually dimorphic characteristics of the craniofacial region among the South Indian population are not available in the current literature. We aimed to determine these characteristics using discriminant function analysis. METHODS A total of 80 recent skulls (40 male, 40 female) from the Department of Anatomy, Yenepoya Medical College, Yenepoya University, Karnataka, India, were analysed. Ten craniofacial parameters were measured and subjected to univariate and multivariate statistical analyses using the Statistical Package for the Social Sciences version 13.0. RESULTS Statistical analyses revealed that the differences in the bizygomatic, orbital and biorbital breadths of males and females were significant (p < 0.05). Direct method gave an accuracy of 68.8% for sex determination. In stepwise analysis, bizygomatic breadth and upper facial height were selected, giving a 65.0% accuracy for sex prediction. CONCLUSION Craniofacial parameters are sexually dimorphic. The present study established several features of craniofacial morphometry that can be used for sex determination among the South Indian population. The findings of the present study serve as a foundation for future studies that aim to compare craniofacial parameters among various ethnic groups in South India.
Mesocestoides corti: Morphological features and glycogen mobilization during in vitro differentiation from larva to adult worm

SUMMARY Mesocestodes corti has the capacity to develop from the tetrathyridium (larva) stage to adult worm in vitro by trypsin and serum stimulation. Consequently, it has been used as an experimental model system for studying cestode development, host-parasite relationships and anthelmintic drugs. We describe morphological features in 5 different developmental stages of M. corti obtained in vitro, including larvae from the peritoneal cavity of infected mice, trypsin- and serum-stimulated larvae, elongated parasites as well as segmented and mature worms. It is unambiguously confirmed that sexually mature worms are obtained as a result of this in vitro process of differentiation. Defined cellular regions are present in all stages of development studied, some of them surrounded by a basal lamina. Glycogen is present in the larvae obtained from the mouse peritoneal cavity and in parasites encapsulated in the mouse host liver. Glycogen distribution in the parasite changes on trypsin and serum stimulation to differentiate. We propose that changes in the distribution of neutral polysaccharides in the parenchyma of the parasite at different stages of development and degradation of polysaccharides in the transition from segmented to adult worm are related to energy needs necessary for the cellular processes leading to the mature specimen.
Searching for Additional Sources of Inflation Persistence: The Micro-Price Panel Data Approach

It is often argued that the baseline New-Keynesian model, which relies solely on the notion of infrequent price adjustment, cannot account for the observed degree of inflation sluggishness. Therefore it is a common practice among macro modellers to introduce an ad hoc additional source of persistence to their models. Yet, the empirical validity of this practice has never been formally tested. This paper attempts to examine whether there is some additional persistence present in the data on micro-prices, beyond that implied by infrequent price adjustment. We consider two distinct sets of assumptions consistent with the existence of an intrinsic or extrinsic source of sluggishness and build and estimate two alternative models based on these assumptions. It is shown that in he case of certain product categories, particularly food, there is evidence of less sluggishness than what the standard assumptions underlying the New-Keynesian model would imply. We find certain support for the existence of an additional source of sluggishness for some industrial goods and services. Importantly however, the results are sensitive to the choice of the model. We conclude that some inconsistencies with the baseline New-Keynesian assumptions may be tracked in the price behavior. Yet, it is too early to assess their strength or the effect on macro aggregates. Therefore, at the current stage it would be premature to discard the baseline version of the New-Keynesian model based on evidence from micro-data. Similarly, the micro support for introducing an extra source of inflation sluggishness to macro-models is still relatively weak
Contagion In MENA Countries During The 2008 Financial Meltdown

Despite originating in the U.S., the repercussions of the 2008 global financial crisis were spread all over the globe to affect all classes of economies, suggesting the presence of a global contagious effect. MENA countries, which have recently become more integrated into the world economy, were also severely impacted. However, studying the contagious effect of the global financial crisis on MENA stock markets was not common in literature despite their importance for international diversification. This paper attempts to test for contagion from the U.S. to MENA equity markets during the 2008 global financial crisis using the change in correlations approach. We employ two models: the adjusted correlation model and the dynamic conditional correlations DCC-GARCH model. Results provide an evidence of the existence of contagion from the US to a number of MENA equity markets. The adjusted correlation model was proved to be biased towards the conclusion of “no contagion” when compared to the findings of the DCC-GARCH model.
Using Shadow Wages to Estimate Labor Supply of Agricultural Households

With few exceptions, most studies of the labor demand and supply decisions of agricultural households in developing countries have relied on the empirical advantages of separability. Given the questionable nature of some of the assumptions sufficient for separability, I apply a recent methodology that accounts for the simultaneity between the production and consumption decisions of a farm household. Using data from rural India, direct estimates of the marginal productivities (shadow wages) of family male and female labor are derived from a Cobb-Douglas agricultural production function. The estimated shadow wages and income are then used as regressors in a structural model of labor supply.
Emotional intelligence and organisational leadership: a gender study in Indian context

The study deals with two important variables, Emotional Intelligence (EI) and organisational leadership in an Indian context in a software organisation. The study sampled 210 male and 130 female software professionals to investigate the relationships of EI with organisational leadership as well as the impact of EI on leadership effectiveness. The results indicate positive and significant relationships of EI with organisational leadership for both the genders. Also, it is indicated that EI of male and female software professionals contribute huge variance in the total variance of their leadership effectiveness. The results of the study have been discussed and interpreted in the light of the findings of the past researches. These findings have significant implications for the development as well as management of leadership skills and behaviours at workplace.
Comparisons Between The Long Depression, The Great Depression and The Global Financial Crisis

Depressions are prolonged periods of economic downturns often characterised by a rise in unemployment, general fall in commodity prices, lower production levels and in many cases, lack of credit facilities or borrower apathy. Depressions are in many cases triggered by events in a specific economy or a limited number of economies even though their effects tend to transcend the national borders of the economies in question. Three of the most acclaimed depressions that have had a global effect include the Long Depression, the Great Depression, and ongoing the Global Financial Crisis. This paper undertakes to explain the causes of such depressions. It focuses on their origins, their durations as well as the impact of such depressions on the different economies around the world. The paper also draws similarities and differences between the three global depressions as well as the actions taken to end them while highlighting the influence of politics in shaping the events before, during and after the depressions.
The Price of Anarchy and a Priority-Based Model of Routing

The price of anarchy, a concept introduced by Koutsoupias and Papadimitriou [9], is the main topic of this thesis. It is a measure of the loss of efficiency that occurs when there is no central control over a system consisting of many “selfish” agents. We will be particularly interested in this in the context of network games, which can be used to model congestion in traffic and communication networks. After an introduction of the relevant concepts and review of related work, we proceed with the new results of this thesis. We provide a new upper bound for the price of anarchy in the case of atomic unsplittable agents with polynomial cost functions, and demonstrate that it is tight by an explicit construction. We then introduce a new model for network routing that introduces priorities; users with a higher priority on a link will be able to traverse the link more quickly. Our model is fairly general, and allows various different priority schemes for modelling different situations. One particularly interesting version, which we have dubbed the timestamp game, assigns priorities according to the order of arrival at the start of the link. We derive tight upper bounds for the price of anarchy in our model in the case of polynomial cost functions and nonatomic agents. We also obtain tight results in the unsplittable case with linear cost functions, and an upper bound with polynomial cost functions. While we concentrate on network games, most of the results carry through to the more general class of congestion games, which we also discuss.
The third who joins a negotiation: a systematic review of the literature

The article is aimed at providing a different perspective on third parties and tries to systematise our understanding about multilateral negotiations and integrative agreements. The key concepts investigated were the connection between the third who joins and the negotiation process, outcome and effectiveness, within business contexts. Research was guided using the so-called negotiation theory as a framework. Insights and documentation that previous research was fragmented are provided. Even if contemporary approaches integrated third party intervention in a broad understanding of causes and dynamics of conflicts, by definition third parties do not have a strong partisan position on the substantive issues in dispute. They seem to have been considered mainly as external entities, not fully interested and involved in the negotiation, thus with a lack of real interest for the implementation of the final agreement.
Subpermutation-Based Evolutionary Multiobjective Algorithm for Load Restoration in Power Distribution Networks

This paper proposes a new multiobjective evolutionary algorithm for handling the problem of distribution network restoration after failures. The problem is formulated as a bi-objective optimization problem considering the total load restored and the time required for restoration. A new encoding scheme is proposed, in which the variables that encode the switch operation are separated into six groups, according to their roles in the faulty system configuration. Employing the idea of defining subspaces of a combinatorial space, those groups are used in order to define subpermutations within which the crossover and mutation operations are performed. In this way, the dimensionality of the search space becomes reduced, allowing a much more efficient search. The proposed encoding scheme also makes a single individual to encode several different solutions, leading to a further reduction of the search space dimensionality. Due to this peculiar feature of the encoding scheme, it becomes convenient to use an adaptation of the Strength Pareto Evolutionary Algorithm 2, in which the raw fitness is modified in order to allow the assignment of fitness to individuals that simultaneously encode several different solutions. The proposed algorithm was implemented such that good solutions are delivered within low processing times, of the order of some minutes for large real systems.
Pharmacokinetics and 24-Week Efficacy/Safety of Dual Boosted Saquinavir/Lopinavir/Ritonavir in Nucleoside-Pretreated Children

Objective: To assess the pharmacokinetics and 24-week efficacy and safety of dual boosted saquinavir/lopinavir/ritonavir combination in children. Design: Twenty reverse transcription inhibitor-pretreated children at 2 centers in Thailand were treated with saquinavir/lopinavir/ritonavir in an open label, single arm, 6-month prospective study. The dosage was 50 mg/kg twice daily (bid) for saquinavir and 230/57.5 mg/m2 bid for lopinavir/ritonavir. Ten children also received lamivudine. Methods: Samples were collected for a 12-hour pharmacokinetic profile in all children. Plasma concentrations of saquinavir, lopinavir and ritonavir were determined using a validated high performance liquid chromatography technique. Results: At baseline, the median age was 8.5 years, with human immunodeficiency virus (HIV) RNA 4.9 log10 copies/mL, CD4 count 129 cells/μL and CD4%, 6.5%. Median area under the concentration curve at 0–12 hours and Cmin were 39.4 mg/L·h and 1.4 mg/L for saquinavir and 118 mg/L·hr and 5.9 mg/L for lopinavir. After 24 weeks of treatment, HIV RNA was suppressed below 400 copies/mL for 16 of 20 (80%) children (intent-to-treat analysis) and below 50 copies/mL for 12 of 20 children (60%), and CD4% (count) rose by a median of 6% (216 cells/μL). Median changes of triglyceride and total cholesterol were 56 and 36.5 mg/dL, respectively (P = 0.01). Lopinavir Cmin <1 and saquinavir Cmin <0.28 mg/L correlated with HIV RNA >400 copies/mL, and lopinavir Cmax >15 mg/L correlated with rises in cholesterol (P < 0.05). Conclusion: Plasma drug concentrations of saquinavir, lopinavir and ritonavir were at the higher limits of expected ranges for adult treatment at approved dosages (1000/100 mg bid for saquinavir, 400/100 mg bid for lopinavir/ritonavir). The regimen was well-tolerated and had good efficacy at 24 weeks. This dual boosted protease inhibitor combination should be assessed in larger trials of reverse transcription inhibitor-experienced children.
Alternative beta risk estimators in cases of extreme thin trading: Canadian evidence

In this paper, an alternative method of estimating the systematic risk for Canadian stocks is presented and empirically investigated. The method proposed is applied to a set of data impacted by censoring – the presence of zero returns, which occurs in extreme cases of thin trading. The approach used is the sample selectivity model, which is a two-step procedure: with a selectivity component and a regression component. In addition, this study compares the new beta estimate to the standard OLS beta and the Dimson Beta. The results indicate that the selectivity-corrected beta does correct the downward bias of the OLS estimates and possesses desirable statistical properties.
Productivity improvement: impacts from Quality of Work Life

The research examines the characteristics of the impacts from Quality of Work Life (QWL) on productivity. This study takes place at one manufacturer, the Bangkok Interfood Company Limited (BIF) in Thailand. Initially, several ratios representing both productivity and QWL are developed. Afterwards, quantitative data is collected over the period of 13 months. Primary techniques used for this study include the Multi-Criteria Performance/Productivity Measurement Technique (MCPMT), and statistical and mathematical models. The MCPMT helps combine information from all ratios into one dimensionless scale – the overall levels of both QWL and productivity. Then, the liner and quadratic models are applied to gain insights on how QWL influences productivity. The results illustrate positive impacts from QWL on productivity. Furthermore, based on the findings from a nonlinear model, the impacts from QWL appear to be diminishing at the beginning before a more accelerated pace later. These imply the need for a company's top management to be patient with QWL. Finally, the limitations and future research are discussed.