Miracle-dz/UniFAR-FTUs huggingface dataset:
Why Do Convertible Issuers Simultaneously Repurchase Stock? An Arbitrage-Based Explanation

Over recent years, a substantial fraction of US convertible bond issues have been combined with a stock repurchase. This paper explores the motivations for these combined transactions. We argue that convertible debt issuers repurchase their stock to facilitate arbitrage-related short selling. In line with this prediction, we show that convertibles combined with a stock repurchase are associated with lower offering discounts, lower stock price pressure, higher expected hedging demand, and lower issue-date short selling than uncombined issues. We also find that convertible arbitrage strategies explain both the size and the speed of execution of the stock repurchases.
Directors' remuneration, firm's performance and corporate governance in Malaysia among distressed companies

Purpose – The purpose of this study is to investigate the extent to which firm's performance, the structure of the board of directors and ownership determine directors' remuneration in Malaysia among distressed firms.Design/methodology/approach – The study uses publicly available data from a sample of 86 distressed firms and matched 86 non‐distressed firms for 2001 financial year.Findings – The findings for the full sample show that directors' remuneration is not associated with firm's profitability, as measured by ROA. A negative and significant association is observed between directors' remuneration and lagged ROA. With regard to corporate governance, board independence and the extent of non‐executive directors' interests are found to have negative influence on directors' remuneration. In addition, findings also reveal directors' remuneration is positively associated with firm's growth and size. In sub‐sample analyses, a strong negative relation is observed between ROA and directors' remuneration for he.
A Policy Diffusion Model of E-Government Implementation Across Nations

Effective e-government creates an environment for citizens to have greater access to their government and, in theory, makes citizen-to-government contact more inclusive. Our research examines two distinct but related measures of e-government effectiveness, namely the online service index and the eparticipation index, both reported in the 2010 e-government survey conducted by the United Nations. We analyze the impact of political structure, public sector performance and policy initiatives on both indices in more than 150 countries. Our multiple regression analysis shows that there is greater e-government capability in countries that have more effective public sector governance and administration, and policies that advance the development and diffusion of information and communication technologies. More democratic institutions and processes, however, appear to have a negative impact on e-government. In addition, countries that practice effective governance and promote competition in the telecommunications sector demonstrate more extensive provision of e-participation. These results suggest that the path to egovernment leverages different strategies depending on a nation’s political structure, and that authoritarian countries may be utilizing e-government to maintain the status quo. Highlights Countries that have more effective public sector governance and administration offer a higher level of online government services and opportunities for e-participation. Countries that have an independent national regulatory authority for telecommunications have more of an online services presence. Countries that devote more financial resources to develop and promote ICTs provide more online services. Countries that have more open competition in their telecommunication industries provide more online services and opportunities for e-participation. Online government information and services are more extensive in less democratic countries than in more democratic countries.
Serotonin Promotes the Survival of Cortical Glutamatergic Neuronsin Vitro


The appearance of 5-hydroxytryptamine (serotonin; 5-HT) in the cerebral cortex coincides with developmental events such as cell proliferation, survival, and differentiation. We tested the hypothesis that 5-HT plays a role in these events by examining rat cortical progenitor cells in vitro. Using bromodeoxyuridine incorporation we found that 5-HT did not affect the proliferation of these cells, but a cell survival assay indicated that it promoted their survival. The observed survival effect was mimicked by the 5-HT2a/2c receptor agonist alpha-methyl-5-HT and blocked by the 5-HT2a receptor antagonist cinanserin. Consistent with increased survival was the finding, using the terminal transferase nick end labeling method, of reduced cell death in cultures exposed to 5-HT. Immunohistochemical analysis with cell-specific markers revealed that the effect of 5-HT was directed specifically to the glutamate-containing neuronal population and not to any other cortical cell types. These results indicate that 5-HT does not exert its effects on dividing neuroepithelial cells in the developing cortex, but rather on postmitotic neurons.
The Execution Premium: Linking Strategy to Operations for Competitive Advantage

In a world of stiffening competition, business strategy is more crucial than ever. Yet most organizations struggle in this area--not with formulating strategy but with executing it, or putting their strategy into action. Owing to execution failures, companies realize just a fraction of the financial performance promised in their strategic plans. It doesn't have to be that way, maintain Robert Kaplan and David Norton in The Execution Premium. Building on their breakthrough works on strategy-focused organizations, the authors describe a multistage system that enables you to gain measurable benefits from your carefully formulated business strategy. This book shows you how to: Develop an effective strategy--with tools such as SWOT analysis, vision formulation, and strategic change agendas Plan execution of the strategy--through portfolios of strategic initiatives linked to strategy maps and Balanced Scorecards Put your strategy into action--by integrating operational tools such as process dashboards, rolling forecasts, and activity-based costing Test and update your strategy--using carefully designed management meetings to review operational and strategic data Drawing on extensive research and detailed case studies from a broad array of industries, The Execution Premium presents a systematic and proven framework for achieving the financial results promised by your strategy.
Methods of diagnosis and treatment of ankle fractures--the opinion of members and supporters of the Polish Foot and Ankle Society.

BACKGROUND The present paper is based on a survey distributed among the participants of the 3rd Congress of the Polish Foot and Ankle Society in Jastarnia on April 22-24, 2010. MATERIAL AND METHODS A clinical description and imaging data of a hypothetical patient with a typical ankle fracture were used to identify current methods of diagnosis and treatment of such injuries in Poland. The participants were orthopaedists. Eighty-five questionnaires were distributed and 54 (63%) were completed and returned. RESULTS AND CONCLUSIONS Most respondents correctly recognized the fracture mechanism and identified the type of fracture. They preferred operative treatment, but were not able to apply the AO classification. The answers regarding post-operative radiological follow-up did not provide for long-term follow-up and the suggested methods of imaging to detect disruption of the tibiofibular syndesmosis were insufficient. The recommendations concerning the timing and staging of post-operative weight bearing as well as antithrombotic prophylaxis complied with current standards.
Raising the quality of vocational teachers: continuing professional development in England, Wales and Norway

The view that vocational education and training is central to economic prosperity and social well‐being is one that is widely held by policy‐makers in many countries. Delivering this agenda requires skilled and professional teachers. Ensuring that vocational teachers are able to maintain and develop both their ‘craft’ skills and pedagogy, through continuing professional development (CPD), is, therefore, a growing area of policy concern. While research has revealed that models for the regulation and organisation of CPD for vocational teachers vary across countries, their relative effectiveness has rarely been considered. This paper seeks to address this gap by comparing the approaches currently being adopted in three countries – England, Wales and Norway. Focusing specifically on teachers of hairdressing, it explores the opportunities for CPD and considers the constraints on teachers’ ability to reflect and improve on their practice. The research draws mainly on interviews with teachers of hairdressing in two English and two Welsh further education colleges and three Norwegian upper‐secondary schools. The findings suggest that while hairdressing lecturers in England and Wales have more opportunities to keep up to date with their ‘craft’, those in Norway find it easier to access pedagogic education and inhabit an institutional environment that affords more time and space to share ideas and collectively improve their practice.
EXTERNAL RESERVES: CAUSALITY EFFECT OF MACRO ECONOMIC VARIABLES IN NIGERIA: 1980-2009 By

The paper employed econometric tools to analyze time series data sourced from CBN Statistical Bulletin (1980-2009). VAR and Wald tests point out that past value of GDP is significant in explaining the current values of foreign reserves with the causality effect. The model revealed that the EXTR was statistically significant in the current year (-1) but statistically insignificance in the previous years while among the macroeconomic variables only INFR was significant to EXTR. The study upheld that accumulation of foreign reserves does not produce satisfactory returns for Nigeria but effort should be made to create job and enabling environment for openness in trade that in turn increase the GDP of the Nigerian economy.
AFDC Benefits and the Inter-Urban Variation in Poverty among Female-Headed Households

The percentage of families headed by females in poverty varies widely across metropolitan areas. For example, 8.37% of all families in Albany, Georgia were female-headed and in poverty in 1980, while in Sheboygan, Wisconsin the figure was 1.1%. Though not as dramatic as this interregional difference, intra-regional variation can also be significant. In Detroit, Michigan 4.90% of families were femaled-headed and in poverty, and in the closest interstate metropolitan area, Toledo, Ohio, the figure was 3.77%. Recent research into the behavior of low-income femaleheaded families suggests that state benefit differentials in Aid to Families with Dependent Children (AFDC) may, in part, be responsible. In this paper we construct a model that explains an important and overlooked implication of non-uniform benefit standards among states: the inter-urban variation in the size of the potential and actual AFDC-recipient population. Particular attention is given to: (1) the impact of interurban differences in real AFDC payments; (2) the potential of AFDC to alter the number of female-headed families in poverty; and (3) the relative importance of other urban characteristics in explaining the size of the potential and actual AFDC-recipient population. The model uses 1980 census data and is estimated for all standard metropolitan statistical areas for which we were able to obtain data.
Corporate Governance and the CEO Pay–Performance Link: Australian Evidence

We examine the influence of corporate governance mechanisms, namely blockholdings and board structure, on CEO pay-performance sensitivity in listed Australian firms. Results highlight blockholders’ role in shaping observed pay-performance associations and their impact varying with their independence and relative magnitude of ownership. Monitoring blockholders increase the sensitivity of long-term at-risk pay to performance, better aligning manager and shareholder interests. However, consistent with a shorter investment horizon, insider blockholders increase (decrease) the responsiveness of cash bonuses (long-term at-risk pay). Finally, consistent with them affording less effective monitoring, larger boards raise (lower) the sensitivity of known pay (long-term at-risk pay) to performance.
The economic burden of anxiety disorders in the 1990s.

BACKGROUND We assess the annual economic burden of anxiety disorders in the United States from a societal perspective. METHOD Using data from the National Comorbidity Study, we applied multivariate regression techniques to calculate the costs associated with anxiety disorders, after adjusting for demographic characteristics and the presence of comorbid psychiatric conditions. Based on additional data, in part from a large managed care organization, we estimated a human capital model of the societal cost of anxiety disorders. RESULTS We estimated the annual cost of anxiety disorders to be approximately $42.3 billion in 1990 in the United States, or $1542 per sufferer. This comprises $23.0 billion (or 54% of the total cost) in nonpsychiatric medical treatment costs, S13.3 billion (31%) in psychiatric treatment costs, $4.1 billion (10%) in indirect workplace costs, $1.2 billion (3%) in mortality costs, and $0.8 billion (2%) in prescription pharmaceutical costs. Of the $256 in workplace costs per anxious worker, 88% is attributable to lost productivity while at work as opposed to absenteeism. Posttraumatic stress disorder and panic disorder are the anxiety disorders found to have the highest rates of service use. Other than simple phobia, all anxiety disorders analyzed are associated with impairment in workplace performance. CONCLUSION Anxiety disorders impose a substantial cost on society, much of which may be avoidable with more widespread awareness, recognition, and appropriate early intervention.
Reclaiming the "Scholar" in Scholar-Practitioner

Abstract Scholars and practitioners continuously espouse the importance of research in student affairs work. This study empirically examined student affairs professionals’ engagement in research. Results indicated that professionals desire to engage research, but struggle to do so regularly. Gender and education are not factors in level of research engagement, but job level is. Graduate students reported significantly higher research engagement than did full-time professionals.
Speculation, Risk Premia and Expectations in the Yield Curve

An affine asset pricing model in which agents have rational but heterogeneous expectations about future asset prices is developed. We estimate the model using data on bond yields and individual survey responses from the Survey of Professional Forecasters and perform a novel three-way decomposition of bond yields into (i) average expectations about short rates (ii) risk premia and (iii) a speculative component due to heterogeneous expectations about the resale value of a bond. We prove that the speculative term must be orthogonal to public information in real time and therefore statistically distinct from risk premia. Empirically, the speculative component is quantitatively important, accounting for up to one percentage point of US yields. Furthermore, estimates of historical risk premia from the heterogeneous information model are less volatile than, and negatively correlated with, risk premia estimated using a standard Affine Gaussian Term Structure model.
Income Inequality and Economic Growth: New Evidence from Latin America

This paper explores the relationship between the inequality of income distribution and the economic growth of 20 Latin American and Caribbean countries during the 1980-2010 period. The study shows that the features of his relationship depend on the income level. In general, inequality is harmful to economic growth. However, when it comes to the upper tail of the richer countries’ income distribution, higher inequality encourages economic growth and the relation becomes positive. Thus, contrary to the economic policy recommendations for the richer countries, our evidence suggests that progressive redistributive policies in favor of poorer layers of population promote economic growth in lower income economies.
News on Inflation and the Epidemiology of Inflation Expectations

Abstract: This paper examines the nexus between news coverage on inflation and households' inflation expectations. In doing so, we test the epidemiological foundations of the sticky information model (Carroll, 2003, 2006). We use both aggregate and household-level data from the Survey Research Center at the University of Michigan. We highlight a fundamental disconnection between news on inflation, consumers' frequency of expectation updating and the accuracy of their expectations. Our evidence provides at best weak support to the epidemiological framework, as most of the consumers who update their expectations do not revise them towards professional forecasters' mean forecast.
Exchange rate volatility and the role of regional currency linkages: the ASEAN case

As the economies of the Association of Southeast Asian Nations (ASEAN) have moved towards closer economic ties and trade integration in recent years, the establishment of exchange rate stability is becoming an important regional policy concern, particularly in the wake of the Asian currency crisis of 1997. This paper examines the exchange rate volatility of the currencies of Indonesia, Malaysia, Philippines, Singapore and Thailand between 1974 and 1999. Using variance decomposition (VDC) methods and impulse response functions, which are VAR-related estimation techniques, the study also investigates the regional currency linkages which may have played a role in transmitting exchange rate fluctuations. The results indicate that, in spite of the adoption of the crawling peg exchange regime following the breakup of the Bretton Woods system, all of the five ASEAN currencies experienced volatility, with the Indonesian rupiah posting the highest volatility level. The switch to de facto pegging against the US dollar in the mid-1980s helped to stabilize all ASEAN currencies with the exception of the Malaysian ringgit. Each of the five currencies became more susceptible to instabilities in other ASEAN currencies in the post-1985 period. Consistent with the experience of the Asian currency crisis, the Thai baht was the main channel through which regional currency fluctuations were transmitted.
Corporate Cash Holdings and CEO Compensation Incentives

We examine the effect of chief executive officer (CEO) compensation incentives on corporate cash holdings and the value of cash to better understand how compensation incentives designed to enhance the alignment of manager and shareholder interests could influence stockholder-bondholder conflicts. We find a positive relation between CEO risk-taking (vega) incentives and cash holdings, and we find a negative relation between vega and the value of cash to shareholders. The negative effect of vega on the value of cash is robust after controlling for corporate governance, is stronger in firms with high leverage, is reversed for unlevered firms, and is not present in financially constrained firms. We also find that the likelihood of liquidity covenants in new bank loans is increasing in CEO vega incentives. Our evidence primarily supports the costly contracting hypothesis, which asserts that bondholders anticipate greater risk-taking in high vega firms and, therefore, require greater liquidity.
Vacancy Notification and Employee Mobility

In recent years separate bodies of literature on vacancy notification and employee mobility have evolved for Migration and Human Resource Management specialisms. Whilst the foci of these investigations have had much in common, examination of the literature suggests that many authors appear to have limited knowledge of the work undertaken outside their specialism. Concentrates on those two aspects of the recruitment process where integration of the literature is likely to be of most benefit: vacancy notification and subsequent employee mobility. Compares and contrasts the specialisms′ approaches to examining the recruitment process and highlights a series of issues where knowledge and understanding of how these aspects of the labour market operate is limited. These include the use of information channels, the impact of labour market factors on employee mobility and the ability of incentives to overcome employee inertia.
Testing for Evidence of Adverse Selection in the Automobile Insurance Market: A Comment

We analyze jointly the distribution of automobile accidents and the choice of deductible. One prediction in the literature is that high risk individuals will choose small deductibles within risk classes, when there is asymmetrical information. We show, however, that risk classification is sufficient, in the sense that there is no residual adverse selection on risk types in the automobile insurance portfolio studied.
"The price of freedom" - Factors affecting public support for the release of a captive soldier: The case of Gilad Shalit

This study examines the public support determinants for the release of terrorists in exchange for a single captive soldier. A sample of 751 Israelis were presented a questionnaire, in which the exchange price was manipulated into two versions: one in which no specific prices were mentioned, and another which presented a context-specific prisoner exchange. The results show that respondents who answered the non-specific version displayed greater support than those presented with specific details. Additionally, we found that soldiers tended to support the exchange more than civilians, and women showed greater support as compared to men. Our findings provide considerable support for the effect of framing and provide further evidence that decision-makers as well as media experts can guide public opinion.
A New Autosomal Dominant Vascular Retinopathy Syndrome

We describe a new syndrome with autosomal dominant transmission whose most striking feature is vascular retinopathy. The retinopathy is often associated with migraine, Raynaud's phenomenon and mental changes, mainly forgetfulness, aggression and depression. To define this syndrome we collected medical data on 110 family members. General ophthalmological examination and fluorescein angiography were performed in 61 persons. The retinopathy, as diagnosed in 22 persons, is characterized by central and peripheral microangiopathy, areas of capillary non-perfusion, haemorrhages, cotton wool spots and, in a more advanced stage, occlusion of large retinal vessels, which can induce a neovascular response. A vascular occlusive disorder may be the common aetiological factor of the various manifestation of this syndrome.
The Poor Predictive Performance of Asset Pricing Models

This paper examines time-series forecast errors of expected returns from conditional and unconditional asset pricing models for portfolio and individual firm equity returns. A new result that increases predictive precision concerning model specification and forecasting is introduced. Conditional versions of the models generally produce higher mean squared errors than unconditional versions for step ahead prediction. This holds for individual firm data when the instruments are firm specific. Mean square forecast error decompositions indicate that the asset pricing models produce relatively unbiased predictions, but the variance is severe enough to ruin the step ahead predictive ability beyond that of a constant benchmark.