Miracle-dz/UniFAR-FTUs huggingface dataset:
What Do We Learn from the Price of Crude Oil Futures?

Based on a two-country, two-period general equilibrium model of the spot and futures markets for crude oil, we show that there is no theoretical support for the common view that oil futures prices are good predictors of the spot price in the mean-squared error sense; yet under certain conditions there is support for the view that oil futures prices are unbiased predictors. Our empirical analysis documents that futures-based forecasts are biased and typically inferior to simple and easy-to-use forecasting methods such as the no-change forecast. This does not mean that there is no useful information in oil futures prices. We demonstrate that fluctuations in the oil futures basis are larger and more persistent than fluctuations in the basis of foreign exchange futures. Within the context of our theoretical model, this anomaly can be explained by the marginal convenience yield of oil inventories. We show that increased uncertainty about future oil supply shortfalls causes the basis to decline and precautionary demand for crude oil to increase, resulting in an immediate increase in the real spot price that is not necessarily associated with an accumulation of oil inventories. Our main result is that the negative of the basis may be viewed as an index of fluctuations in the price of crude oil driven by precautionary demand for oil. Our empirical analysis of this index provides independent evidence of how shifts in market expectations about future oil supply shortfalls affect the spot price of crude oil. Such expectation shifts have been difficult to quantify, yet have been shown to play an important role in explaining oil price fluctuations. Our empirical results are consistent with related evidence in the literature obtained by alternative methodologies.
Career patterns of top management team members in five countries: an optimal matching analysis

This paper introduces optimal matching analysis (OMA) to the field of top management research. With this method, we develop six career patterns of top management team (TMT) members from five countries based on their international experience, organizational tenure and professional experience. The results provide strong support for the significance of these patterns, since each country (Denmark, Germany, Japan, the United Kingdom and the United States) shows one to four predominant career patterns of their managers and the occurrence of these patterns also differs significantly between the fields of activity within the TMT (chairperson, head of a division, primary activities and support activities).
Industry Specialization by Global Audit Firm Networks

ABSTRACT: This study investigates the role of global audit firm networks in the market for audit services. Underlying theory suggests that there are benefits from the use of network structures, which enable these firms to expand efficiently into the global audit market and to develop global industry specializations. I identify global and national industry specialist auditors via market share metrics based on client assets audited, and use a large sample of 15,583 clients from 62 countries in 2000 and 14,628 clients from 60 countries in 2004. I find in both periods that audit fee premiums are consistently associated with global specialist auditors, irrespective of whether those audit firms are or are not national specialists.
The informational role of option trading volume in the S&P 500 futures options markets

This paper analyses the dynamic relations between future price volatility of the S&P 500 index futures and trading volume of S&P 500 futures options to examine the informational role of the option volume in predicting the future price volatility. Using a pooled cross-sectional and time-series data framework, the paper uses the error components and dummy variable models to allow for the relations between volatility and volume to vary by the option's time-to-maturity and moneyness. The results suggest that previous call and put volumes have a strong predictive ability with respect to the future price volatility. The results also indicate that the future price volatility has a leading positive effect on the option volume, but that the rises and falls in volatility exert asymmetric influences on the option volume. These findings support the hypothesis that both the information- and hedge-related trading explain most of the trading volume of S&P 500 futures options.
A Suggestion for Simplifying the Theory of Asset Prices

Using an ordinal approach to utility, in the spirit of Hicks (1962, 1967a), it is possible to greatly simplify the theory of asset prices. The basic assumption is to summarize any probability distribution into its moments so that preferences over distributions can be mapped into preferences over vectors of moments. This implies that assets, like Lancaster’s (1966) consumption goods, are bundles of characteristics and can be directly priced, at the margin, in terms of the market portfolio. Expected utility is not required and both St.Petersburg and Allais paradoxes may be easily solved.
Oncologists' opinions on genetic testing for breast and ovarian cancer

Purpose: To determine oncologists' practices and beliefs about genetic testing for hereditary breast and ovarian cancer and the extent to which oncologists are utilizing clinical genetics services.Methods: A survey was mailed to oncologists who treat adult patients in Washington, Oregon, Idaho, or Alaska.Results: Most oncologists (79%) had discussed genetic tests with their patients, and 76% indicated they would like patients considering genetic testing to consult with a genetic counselor. Yet few (19%) indicated their medical practice had the necessary services and staff to offer genetic testing, and only 11% had made referrals to medical genetics or genetic counselors.Conclusion: Most respondents support the use of genetic services, but few have made referrals to genetic counselors. Increased communication between oncologists and genetic counselors may enhance collaboration between these two disciplines.
Performance of Institutional Trading Desks: An Analysis of Persistence in Trading Costs

Using a proprietary dataset of institutional investors’ equity transactions, we document that institutional trading desks can sustain relative performance over adjacent periods. We find that trading-desk skill is positively correlated with the performance of the institution’s traded portfolio, suggesting that institutions that invest resources in developing execution abilities also invest in generating superior investment ideas. Although some brokers can deliver better executions consistently over time, our analysis suggests that trading-desk skill is not limited to a selection of better brokers. We conclude that the trade implementation process is economically important and can contribute to relative portfolio performance. ( JEL G12, G23, G24)
Do UK audit committees really engage with auditors on audit planning and performance?

In the wake of the financial crisis, regulators intend to increase the responsibilities of audit committees (ACs), yet little is known about how ACs discharge their existing responsibilities and interact with auditors and management. This study investigates the involvement of the AC, the AC chair (ACC), the audit partner (AP) and the chief financial officer (CFO) in relation to a range of audit-related matters in UK-listed companies in the 2007 regulatory environment, which remains fundamentally unchanged. The level of AC and ACC engagement in seven AC responsibilities set by the Combined Code is high (over 80%). However, only 50% of 16 audit planning, performance and finalisation matters are routinely discussed. The ACC acts without the full AC in 11% of discussions, while 25% involve only the CFO and AP without either the ACC or the AC. The extent of discussion and/or ACC involvement is influenced by background characteristics (company size, auditor size and ACC experience and qualifications). This evidence of less than full AC engagement with audit-related issues suggests that regulators may risk creating an AC expectations gap if AC duties under the extant model are significantly increased without structural change.
The Ex-Dividend Day: Action on and Off the Danish Exchange

We examine ex-dividend day behavior on the Copenhagen Stock Exchange. We report price-drop ratios of 32% and 18% for close-to-close and close-to-open samples, respectively, well below the ratios observed in the United States. Our findings are generally consistent with limit order adjustment explanations from recent literature. In Denmark, a unique average price trading opportunity makes it possible for investors to capture dividends without directly altering supply or demand in the regular market, and therefore not necessarily driving the price-drop ratios toward one.
The relations of children's dispositional prosocial behavior to emotionality, regulation, and social functioning.

The purpose of this study was to examine the relations of a measure of children's dispositional prosocial behavior (i.e., peer nominations) to individual differences in children's negative emotionality, regulation, and social functioning. Children with prosocial reputations tended to be high in constructive social skills (i.e., socially appropriate behavior and constructive coping) and attentional regulation, and low in negative emotionality. The relations of children's negative emotionality to prosocial reputation were moderated by level of dispositional attentional regulation. In addition, the relations of prosocial reputation to constructive social skills and parent-reported negative emotionality (for girls) increased with age. Vagal tone, a marker of physiological regulation, was negatively related to girls' prosocial reputation.
Space charge behavior in palm oil fatty acid ester (PFAE) by electro-optic field measurement

For power transformer insulating oil, we focused on palm oil fatty acid ester (PFAE). It has satisfactory insulating performance, excellent cooling ability and superior biodegradability. Recently, investigations for application of PFAE to environment-friendly power transformers installations have been started. In this paper, the space charge behavior in PFAE was investigated from the measurement results of the electric field by using Kerr electro-optic method under dc voltages applications. For the field measurement, the Kerr constant of PFAE was identified first. Then, the electric field strength and its temporal change were measured in several PFAE / pressboard (PB) insulation systems. The electric field in PFAE was determined by the capacitive distribution at the moment of the voltage application, and decreased rapidly with time and reached the steady state determined by the resistive distribution. The transition time of the capacitive distribution to the resistive one and the strength of electric field in PFAE were much different from those in mineral oil. The influence of oil flow on the time transition of the electric field was also measured. Their differences were discussed with the charge behavior in liquids, based on electro-chemical properties of the oil. We discussed the difference of the flow electrification characteristics between PFAE and mineral oil, and its mechanism was discussed based on the charge behavior in oils.
An Analysis of Equity in Redistribution to the Retired and Children over Recent Decades in the OECD and UK

Abstract In The Pinch, David Willetts (2010: xv) attracted attention by asking whether ‘the boomers have been guilty of a monumental failure to protect the interest of future generations’. This was just the latest contribution to a long running concern of social policy analysts about horizontal equity and generational fairness. Using OECD data from 1980–2007, in the first part of this paper we show that there is no evidence that social expenditure has been shifting in favour of the retired at the expense of children, except perhaps recently in some Nordic countries. For the UK, we have created a time-series using the published articles since 1977 and the micro data sets since 1994/5 from the annual Office for National Statistics analyses of the Effect of Taxes and Benefits on Household Incomes and used it to analyse trends in the redistributive impact of cash benefits, direct and indirect taxes and services on the retired and households with children and across the income distribution. The analysis shows how the relative support for the retired versus children has changed over time, which elements have contributed to the changes and for which part of the income distribution. There has been a small shift in final income in favour of the retired but it was not the result of changes in taxes, benefits or services in kind but rather a change in the original income distribution in favour of the retired.
Oxygen consumption and sodium pump thermogenesis in a developing mammal.

During development the liver undergoes large changes in its oxygen consumption. The energy requirements of the sodium pump (i.e., ouabain-sensitive respiration) would appear to account for a major part of these changes. In very young rats (birth to 9 days), the sodium pump accounted for approximately 50% of a high weight-specific liver metabolism (LMR). In rats greater than or equal to 20 days of age, the sodium pump accounted for a smaller percentage (33%) of a much lower LMR. These changes scaled with body mass. LMR scaled with an allometric slope of -0.258, ouabain-sensitive respiration with a slope of -0.355, and ouabain-insensitive respiration with a slope of -0.194. It is proposed that changes in LMR of rats during development are due primarily to the changing energy requirements of the sodium pump.
Characterization of deletions in a cohort with cleft lip and palate

Orofacial clefts are relatively common birth defects with an estimated incidence of 1 in 700 live births that carry a significant public health burden. The causal factors of the development of orofacial clefts are complex; monogenic, multifactorial, non-syndromic and syndromic forms are all described in the literature. In almost all cases, genetics are thought to play a role in the etiology. In this study, we used an international cohort of 2,141 orofacial cleft patients and their families to find individuals with microdeletions, utilizing genome wide SNP chips for genetic analyses. We identified 94 individuals with deletions greater than 750 kb and compared them to registries with detailed phenotypic features and medical and family histories. We divided the cohort into distinct groupings: (1) individuals with a highly–penetrant orofacial cleft-associated deletion syndrome, (2) individuals with a lower-penetrant orofacial cleft microdeletion, (3) individuals with a large deletion encompassing likely contributory genes, and (4) individuals with a deletion of unknown significance. This cohort helps to support previous literature describing patients with orofacial clefts and microdeletions, along with presenting rarer associations, including an individual with a 12q21.1 deletion and cardiofaciocutaneous-like phenotype, an individual with a 7q36.3 deletion within the SHH regulator region with an absent nasal bone and cartilage, and an individual with a 3p26.3 deletion with a family history of polydactyly and intellectual disability. With our cohort, we help to define the range of associated features in individuals with microdeletions and orofacial clefts.
Substrate Specificity of Tyrosyl-DNA Phosphodiesterase I (Tdp1)*

Tyrosyl-DNA phosphodiesterase I (Tdp1) hydrolyzes 3′-phosphotyrosyl bonds to generate 3′-phosphate DNA and tyrosine in vitro. Tdp1 is involved in the repair of DNA lesions created by topoisomerase I, although the in vivo substrate is not known. Here we study the kinetic and binding properties of human Tdp1 (hTdp1) to identify appropriate 3′-phosphotyrosyl DNA substrates. Genetic studies argue that Tdp1 is involved in double and single strand break repair pathways; however, x-ray crystal structures suggest that Tdp1 can only bind single strand DNA. Separate kinetic and binding experiments show that hTdp1 has a preference for single-stranded and blunt-ended duplex substrates over nicked and tailed duplex substrate conformations. Based on these results, we present a new model to explain Tdp1/DNA binding properties. These results suggest that Tdp1 only acts upon double strand breaks in vivo, and the roles of Tdp1 in yeast and mammalian cells are discussed.
Effect of eugenol on growth and listeriolysin o production by Listeria monocytogenes

The inhibitory effect of eugenol, a naturally occurring compound mainly present in the essential oil fraction of cloves, was studied on the growth and listeriolysin O (LLO) production by Listeria monocytogenes. Potassium efflux from cells promoted by eugenol was also determined after 24 h incubation in phosphate buffered saline. Eugenol promoted a delay on the growth of L. monocytogenes at concentrations of 100, 300 and 500 µg mL-1and above 800 µg mL-1 the effect was bactericidal. Production of LLO by L. monocytogenes in the presence of eugenol was reduced 80-100%. An accumulation of external K+ was observed above 300 µg mL-1 of eugenol which indicated that the cell membrane was affected. The results showed the effectiveness of eugenol in controlling growth and LLO production of L. monocytogenes cells.
Data and Methods Comparing Social Structure and Vegetation Structure of Urban Neighborhoods in Baltimore, Maryland

ABSTRACT Recent advances in remote sensing and the adoption of geographic information systems (GIS) have greatly increased the availability of high-resolution spatial and attribute data for examining the relationship between social and vegetation structure in urban areas. There are several motivations for understanding this relationship. First, the United States has experienced a significant increase in the extent of urbanized land. Second, urban foresters increasingly recognize their need for data about urban forestry types, owners and property regimes, and associated social goods, benefits, and services. Third, previous research has focused primarily on the distribution of vegetation cover or diversity. However, little is known about (1) whether vegetation structure varies among urban neighborhoods and (2) whether the motivations, pathways, and capacities for vegetation management vary among households and communities. In this article, we describe novel data and methods from Baltimore, MD, and the Baltimore Ecosystem Study (BES) to address these two questions.
FORWARD RATE UNBIASEDNESS HYPOTHESIS IN THE TUNISIAN EXCHANGE RATE MARKET

Based on a linear framework, this paper aims to examine the relationship between future spot rates and forward exchange rates using USD-TND data, thanks to traditional regressions and to the Vector Error Correction Model (VECM) in order to check if the Unbiasedness Forward Exchange Rate (UFER) hypothesis is satisfied and if the forward premiums contain valuable information useful to forecast the subsequent path that will be taken by spot exchange rates. The empirical analysis reveals that the UFER hypothesis is rejected and that the forward premium is a crucial tool, at short term, to detect the future movements of spot exchange rates. A potential enrichment of such a paper will rely on a non linear
An empirical analysis of multi‐period hedges: Applications to commercial and investment assets

This study measures the performance of stacked hedge techniques with applications to investment assets and to commercial commodities. The naive stacked hedge is evaluated along with three other versions of the stacked hedge, including those which use exponential and minimum variance ratios. Three commercial commodities (heating oil, light crude oil, and unleaded gasoline) and three investment assets (British Pounds, Deutsche Marks, and Swiss Francs) are examined. The evidence suggests that stacked hedges perform better with investment assets than with commercial commodities. Specifically, deviations from the cost‐of‐carry model result in nontrivial hedge errors in the stacked hedge. Exponential and minimum variance hedge ratios were found to marginally improve the hedging performance of the stack. © 2005 Wiley Periodicals, Inc. Jrl Fut Mark 25:587–606, 2005
Young British partisans’ and non-voters’ processing of attack election advertising and the implications for marketing politics

Abstract This article presents an empirical study of young partisans’ and non-voters’ processing of attack ad messages utilised in the 2010 British general election. Expanding understanding of how these messages are processed is important because they can aid electoral and civic engagement, which is declining amongst youth. Currently, there is limited understanding of how youth process these ad messages and how they influence their engagement. We applied motivated reasoning to explore this in a national survey in England with 18- to 22-year-old British first-time voters, with data from 646 respondents presented in this article. Overall, our young partisans and non-voters employed motivated reasoning – (de)selection and critical appraisal – in their ad processing, thereby advancing understanding of how youth process attack election advertising. Concerns surrounding the use of attack election advertising emerge, suggesting the need for greater appraisal of the relevance of marketing in the development of election campaign strategies.
Induction of Osteoclastogenesis and Matrix Metalloproteinase Expression by the Lipooligosaccharide of Treponema denticola

ABSTRACT Alveolar bone destruction is a characteristic feature of periodontitis. Treponema denticola is known to be involved in periodontitis. To elucidate the role of T. denticola in alveolar bone destruction in periodontitis, the effects of lipooligosaccharide (LOS) from T. denticola on osteoclast formation and on expression of osteoclast differentiation factor (ODF) and osteoprotegerin (OPG) mRNAs were examined in a coculture system by using mouse calvaria and bone marrow cells. In addition, the effect of T. denticola LOS on expression of matrix metalloproteinases (MMPs), which are involved in bone resorption, was estimated in mouse calvaria-derived osteoblastic cells. When the mouse calvaria and bone marrow cells were challenged with LOS (0.1 to 10 μg/ml) for 4 days, the number of tartrate-resistant acid phosphatase-positive multinucleated cells increased in a dose-dependent manner. The expression of ODF mRNA increased, while OPG mRNA expression decreased. Polymyxin B changed the effect of LOS (10 μg/ml) on ODF and OPG mRNA expression to the control level. LOS (10 μg/ml) stimulated prostaglandin E2 (PGE2) production in the cocultures. Adding indomethacin, an inhibitor of prostaglandin synthesis, resulted in a reduction in the number of osteoclasts induced by LOS and eliminated the effect of T. denticola LOS on ODF and OPG mRNA expression. T. denticola LOS increased the levels of mRNAs encoding MMP-3, -8, -9, -10, -13, and -14. Expression of one of these mRNAs, MMP-9 mRNA, was significantly induced by T. denticola LOS. These findings suggest that LOS from T. denticola stimulates osteoclastogenesis and MMP expression. Up-regulation of ODF and down-regulation of OPG by a PGE2-dependent mechanism were involved in the osteoclastogenesis induced by T. denticola LOS.