Miracle-dz/UniFAR-FTUs huggingface dataset:
The DNA of security return

It is quite often that we can observe stocks responding differently to the same news that arrives in the market. Traditional theories in finance such as the capital asset pricing model or arbitrage pricing theory (APT) explain it in the context of two different types of risk factors: variance of the return is a sum of the systematic risk and the idiosyncratic risk (Bodie et al. 2008). The former is the risk which is associated with the market as a whole and cannot be reduced by diversification because every asset with nonzero beta contains it. Meanwhile, the latter is the risk which is uncorrelated with the market and can be reduced by diversification (Luenberger 1997). Factor models can estimate the systematic risk, and there exist several methods to find out the number of factors in security returns (Brown 1989, Connor and Korajczyk 1993). However, factors in the aforementioned articles are not independent, and at best uncorrelated. They estimate multifactor models by methods similar to ‘principal component analysis (PCA)’. PCA transforms a data-set in which there are a large number of interrelated variables into a new data-set of variables, the principal components, which are uncorrelated, and which are ordered so that the first few retain most of the variation present in all of the original variables (Jolliffe 2002). Correlation is a statistical concept of second moments, which measures the amount of linear dependency between variables, and thus uncorrelated factors may have non-linear dependency (Embrechts et al. 2002). Therefore, the uncorrelated factors may fail to explain the behaviour of security returns in higher moments due to their blurred roles incurred by the non-linear dependency. This is similar to the multicollinearity problem in linear regression models. © 2014 iStockphoto LP
Reporting practices of dropouts in psychological research using a wait‐list control: current state and suggestions for improvement

Reporting practices regarding dropouts in wait‐list control studies hold great importance for the ability to replicate, generalize, and draw conclusions from research. This concern is applicable to all psychological research utilizing wait‐list controls, regardless of purpose of research (e.g., treatment outcome). The current study assessed the present state of reporting practices in this type of experimental design and discussed the limitations and implications of the insufficient reporting found. 171 articles from psychology journals utilizing wait‐list control design were surveyed regarding the reporting of the number of dropouts from the wait‐list control and experimental conditions, characteristics and assessment scores of the dropouts, and total dropouts. Variables that are crucial to interpreting research findings are not consistently reported. Additionally, journal impact factor and year of publication were positively correlated with the adequacy of reporting. Consistencies with previous findings were noted, and suggestions for remedying the reporting inadequacies were discussed. Copyright © 2007 John Wiley & Sons, Ltd.
Forecasting Realized Volatility of Daily Futures Returns

Despite the vast academic literature on modelling stochastic volatility, many finance practitioners still use the simple "RiskMetrics" approach of J. P. Morgan (1997), based on the exponentially weighted moving average (EWMA) volatility combined with the $\sqrt{h}$-rule for scaling volatility with horizon. In this paper, we evaluate this approach using a universe of 47 liquid futures contracts, including equity index, currency, commodity, and bond futures. We find that the "true" slope (persistence) coefficients capturing the dependence between past and future realized volatility are {\it always strictly smaller than $\sqrt{h}$} for all 47 instruments, and experience large fluctuations over time; in particular, for almost all instruments in our sample slope coefficients spiked during the 2008 financial crisis. However, while for equity index futures slope coefficients returned to their pre-crisis level, this is not the case for all other four asset classes: after the crisis, slope coefficients stay well above their pre-crisis level. Exploiting predictability of these slope coefficients using rolling linear regressions significantly improves efficiency of realized volatility forecasting relative to the RiskMetrics benchmark. Our forecasting procedure is implementable in real time, and its performance is comparable (and sometimes even superior) to that of ARCH-type models over an interval of horizons, from 5 days to 2 months. As a practical application, we show that our volatility forecasts can be efficiently used for {\it managing risk of momentum strategies} and significantly reduce drawdowns.
Type of health care coverage and the likelihood of being screened for cancer.

OBJECTIVES This study explored whether type of outpatient health coverage affected the likelihood of men and women aged 20 to 64 years receiving recommended cancer screening procedures. METHODS Data from the 1989 and 1990 California Behavioral Risk Factor Surveillance Surveys were used to compare Pap smear, mammogram, fecal occult blood test, and proctoscopic examination rates for adults with three different types of private health care coverage (Group/staff model health maintenance organization, Independent Practice Association Model health maintenance organization, indemnity plan) and no outpatient health insurance. Logistic regression models were used to control for sociodemographic and health characteristics and whether individuals had a usual health care provider. RESULTS Individuals with Group Model health maintenance organization coverage were significantly more likely than those with indemnity plans to have had recent cervical, breast, and colorectal cancer screening, whereas screening likelihood for those with Independent Practice Association model health maintenance organization coverage did not differ substantially from those with indemnity plans. Individuals with no outpatient coverage were less likely to be screened than those with outpatient coverage. The most consistently significant predictor across cancer screening procedures for both men and women was having a usual doctor who knew their medical history. CONCLUSIONS Adults who had private outpatient insurance were more likely to undergo recommended cancer detection procedures than those who did not. Adults who belonged to a health maintenance organization, which emphasizes and pays for a broader spectrum preventive care, were more likely to receive Pap smears, mammograms, and fecal occult blood tests than those covered by indemnity plans. Receiving care primarily from one doctor significantly increased the likelihood of having screening procedures, irrespective of type of health plan.
The production of biofuels and renewable chemicals by fast pyrolysis of biomass

Bio-energy can provide more renewable energy requirements than any other technology. This paper focuses on fast pyrolysis as the only thermal process that directly delivers a high yield of liquid. This can be used on site or transported to centralised facilities for utilisation. This offers the potential for optimisation, greater economies of scale and exploitation of bio-refineries. The overall technology is described, particularly the reaction systems. The primary liquid product is characterised, and the potential for production of chemicals and transport fuels is explored. The main barriers to the market deployment of the various technologies are identified and briefly discussed.
Human Capital, Inter-firm Mobility and Organizational Evolution

Contents: Preface Part I: Theoretical and Empirical Foundations 1. The Role of Individual Conduct in Macro-organizational Theory 2. Partnership as Major Type of Organization Form Part II: The Intangible Asset of Human Intensive Organizations 3. Social Capital of Organizations: Conceptualization, Level of Analysis and Performance Implications 4. Human, Social Capital and Organizational Dissolution 5. Mimicry and the Market: Adoption of a New Organizational Form 6. Mergers and Acquisitions: Strategic and Organizational Fit Part III: The Role of Individual Mobility for Organizational Behavior and Performance 7. Spatial and Temporal Heterogeneity in Founding Patterns 8. Heterogeneity Shifts Due to Member Mobility: New Insights on Demographic Diversity and Organizational Survival 9. Competitive Consequences of Routine Spillovers Due to Interfirm Mobility 10. In Conclusion: Micro Behaviors as Inducements for Firm and Sector Evolution Index
The strategic role of the board: The impact of board structure on top management team strategic action capability

Manuscript Type: Conceptual Research Question/Issue: Board reforms around the globe, corporate governance failures, and equivocal research findings provide the impetus for studying boards from a perspective different from the current emphasis on control and service roles. A board's strategic role is conceptualized and the impact of board diversity and leadership structure on the speed and breadth of top management team (TMT) strategic capabilities is explicated. Research Findings/Insights: Four board configurations are identified by examining the joint impact of diversity and leadership. Each configuration differentially influences TMT strategic action capabilities. We then propose that the nature of the competitive environment (dynamism and complexity) impacts the effectiveness of a particular configuration. Testable propositions applicable in communitarian, Anglo-Saxon, and emerging markets are developed in a manner that leverages current theoretical insights and empirical findings. Theoretical/Academic Implications: Theorizing that board strategic control manifests in multiple forms and influences TMT strategic capabilities in nuanced ways highlights how particular board configurations differentially impact firm processes and outcomes. This approach links the board, TMT, and competitive rivalry literatures, providing a potential explanation for mixed research findings, and suggests directions for future research. Practitioner/Policy Implications: Universally prescribed board configurations may be harmful to firm and industry performance as well as national economies. Specific board configurations differentially impact TMT capabilities and should be properly aligned with environmental contexts. Those charged with governance design and board configuration should be cognizant of how the diversity and leadership of strategically involved boards influences the speed and breadth of TMT strategic action capabilities.
Capital Utilization and the Amplification Mechanism

Abstract Different modeling techniques have been proposed in the literature to solve the issue of amplification in response to shocks in Dynamic Stochastic General Equilibrium (DSGE) models. This paper analyzes the impact of variable capital utilization on the amplification mechanism of productivity shocks. It builds a DSGE model which includes a link between capital utilization and shiftworking, consistently with the empirical literature. This paper shows that capital utilization cannot be the main mechanism which amplifies the effects of the shocks hitting the economy.
Development and Validation of the Conduct Disorder Rating Scale

Several rating scales for measuring externalizing problems in children are inconsistent with widely used diagnostic criteria for conduct disorder (CD). The Conduct Disorder Rating Scale (CDRS) was developed to provide valid measures of CD in children age 5 to 12 years. In Study 1, the CDRS was evaluated in a community sample of 1,554 children. Parents and teachers showed modest agreement in their ratings and children’s age and gender differences were consistent with epidemiological trends. In Study 2, the CDRS was evaluated in a clinical sample of 80 children who were assessed for a summer treatment program. The parent version of the CDRS showed 78.8% accuracy in identifying CD against a diagnostic interview, and both parent and teacher versions of the CDRS were significantly associated with observations of antisocial behavior. Although further research with this new tool is warranted, results indicated that the CDRS is well suited to observational and clinical studies of CD.
Theory of the Varactor Frequency Halver

A basic theory for broadband balanced frequency-halving circuits is presented. The analysis is applicable to both Schottky-barrier and reverse-biased abrupt-junction varactors and is based on the solution of exact nonlinear differential equations. An approximate algebraic method yields the global steady-state amplitude and phase solutions, while numerical integration gives transient solutions under specific conditions. These circuits are useful in bandwidth-compression, frequency-translation, PSK carrier-recovery and for stabilizing RF sources to LF references.
Visual marker system for control of flexible manipulator supporting daily living

Structuring of environment is indispensable for practical application of domestic robots. We developed a supporting system for a service robot which is in practical use and assists human daily living. In this system, we used a flexible manipulator of which fine position control is difficult to conduct. In order to fulfill the precision requirement needed to autonomous object handling, we implemented a visual marker system which provides robots with assistive information for fine manipulation, combining with a visual servoing scheme. We verified the basic design of the marker system under a home environment through preliminary experiments.
Thirlwall’s Law and the Stability of Export and Import Income Elasticities

The aim of this paper is to examine the stability of income elasticities used in Thirlwall's law to approximate a country's long-term growth and to see empirically how non-constancy will affect these predictions. For this purpose, three countries - Canada, New Zealand and the UK - are analysed, using annual time series data from 1973 to 1995. These three countries were chosen on the basis of their contrasting trade patterns. The results obtained are different for each country but they still suggest the predictive power of one of the two specifications of Thirlwall's law is good.
Extension on the Brink— Meeting the Private Sector Challenge In the Information Marketplace

ABSTRACTThe Cooperative Extension Service is facing unprecedented competitive pressure in theinformation and education marketplace. As data are combined with knowledge to createinformation from which revenue and value can be gained, private information providers areplacing Extension at a competitive disadvantage. As information customers reassess their needsand place higher value on convenience and access over objectivity, several questions must beanswered. Chief among them: Can Extension and the Land-Grant system survive and succeed inhead-to-head competition with private information providers, or will the system be mostsuccessful as a wholesale source of information and education in partnership with private-sectorinformation providers? Introduction U.S. farmers are insatiable consumers of information. New ideas and techniques gleaned byfarmers from both the public and private-sectors have driven U.S. agricultural productivity duringthe past half-century.Now, as the recently passed changes in farm support and subsidies begin to take effect,information used in decision making is more critical than ever. Information is increasing in valuealmost as fast as the amount of available information. As information value skyrockets, thequestion facing public providers of information is: How do we compete in this new and evolvinginformation marketplace? Cooperative Extension may, indeed, be on the brink. Extension’s role in the informationmarketplace will determine its ability to compete.This paper offers our professional communication and agricultural economics insight oninformation marketplace competition and what that means to the potential future success ofExtension and the Land-Grant system.
Satellite DNA-associated siRNAs as mediators of heat shock response in insects

Conversion of environmental signals into epigenetic information is thought to occur widely but has been poorly studied as yet. It is proposed that changes in the expression of molecules involved in chromatin modifications might play a role in this process. Here we study the expression of abundant satellite DNA TCAST that makes up 35% of genome of the red flour beetle Tribolium castaneum and is located within the constitutive pericentromeric heterochromatin. RNA polymerase II promotes the transcription of TCAST satellite DNA from both strands, and long primary transcripts are rapidly processed into 21–30 nt siRNAs. Expression of TCAST satellite DNA-associated siRNAs is developmentally regulated, the most intense being at specific stages of embryogenesis. Moreover, the expression is strongly induced following heat shock and is accompanied by increase in repressive epigenetic modifications of histones at TCAST regions. Upon recovery from heat stress, the expression of satellite DNA-associated siRNAs as well as histone modifications is quickly restored. Our results indicate that satellite DNA-associated siRNAs, transiently activated after heat shock, affect epigenetic state of constitutive heterochromatin in Tribolium. It can be hypothesized that transient remodeling of heterochromatin is part of a physiological gene expression program activated under stress conditions in insects.
Using multiple informants in public administration: revisiting the managerial values and actions debate

Evidence is presented from a large-n longitudinal survey of multiple informants to address some of the weaknesses of the extant literature, namely the use of "elite," recall, and snapshot surveys together with the direction of causality in statistical models. These weaknesses are illustrated through a first time analysis of variations in management reform values and actions in local government. The empirical results indicate that management reform values and actions are contingent and vary between organizational members. In particular, service managers (first-line supervisors) responsible for implementing management reform actions offer more multifaceted explanations than senior executives. Prior research drawing evidence from single senior executive informants was unable to identify such variations; consequently, it is suggested that the results of this work need to be treated with caution. This study concludes that the empirical reality of management reform research is in need of further and more sophisticated methodologies.
Colloid solutions in the critically ill

All patients admitted to an Intensive Care Unit were randomised to receive all volume replacement fluid as either human albumin solution or a synthetic colloid. A total of 475 patients were admitted during the study period. Patients' age, sex, APACHE score and calculated risk of death were assessed on admission. Outcome was assessed as length of Intensive Care stay and mortality. There was no difference between the groups. Subgroups of patients with APACHE score greater than 10, calculated risk of death greater than 50% and length of stay greater than 5 days were also evaluated but no significant differences were found between treatment groups. The use of albumin rather than 3.5% polygeline for volume replacement in the Intensive Care Unit has no influence on outcome.
International transmission mechanism of stock market movements: evidence from emerging equity markets

This paper investigates the transmission patterns of stock market movements between developed and emerging market economies by estimating a four-variable VAR model. The underlying economic fundamentals and trade links are considered as possible determinants of differences in transmission patterns. The results of the impulse response functions and variance decompositions indicate that significant links exist between the stock markets of the USA and Mexico and weaker links between the markets of the USA, Argentina, and Brazil. Differences in the patterns of stock market responses are consistent with differences in trade flows. The response of emerging markets to a shock to the US market lasts longer than that of a developed market such as the UK. While no single emerging market can affect the US stock market, the combined effect of emerging markets on the US stock market is found to be statistically significant. These findings can be linked to differences in the speed of information processing and to the institutional structure governing the market. Overall the findings suggest that the transmission of stock market movements is in accord with underlying economic fundamentals rather than irrational contagion effects. Copyright © 2000 John Wiley & Sons, Ltd.
Race, place, and obesity: the complex relationships among community racial/ethnic composition, individual race/ethnicity, and obesity in the United States.

OBJECTIVES We explored the association between community racial/ethnic composition and obesity risk. METHODS In this cross-sectional study, we used nationally representative data from the Medical Expenditure Panel Survey linked to geographic data from the US Decennial Census and Census Business Pattern data. RESULTS Living in communities with a high Hispanic concentration (≥ 25%) was associated with a 0.55 and 0.42 increase in body mass index (BMI; defined as weight in kilograms divided by the square of height in meters) and 21% and 23% higher odds for obesity for Hispanics and non-Hispanic Whites, respectively. Living in a community with a high non-Hispanic Asian concentration (≥ 25%) was associated with a 0.68 decrease in BMI and 28% lower odds for obesity for non-Hispanic Whites. We controlled for individual- and community-level social, economic, and demographic variables. CONCLUSIONS Community racial/ethnic composition is an important correlate of obesity risk, but the relationship differs greatly by individual race/ethnicity. To better understand the obesity epidemic and related racial/ethnic disparities, more must be learned about community-level risk factors, especially how built environment and social norms operate within communities and across racial/ethnic groups.
Attitudes toward menopause and aging across ethnic/racial groups.

OBJECTIVE Attitudes have a potential role to play in the experience of menopause. The objective of this study was to examine the degree to which attitudes toward menopause and aging vary across ethnic groups and menopausal status (ie, premenopausal through postmenopausal). METHODS More than 16,000 women were interviewed by telephone as part of the Study of Women's Health Across the Nation. They represented five ethnic/racial groups (African American, white, Chinese American, Japanese American, and Hispanic) from seven geographical sites (Boston, MA; Pittsburgh, PA; Chicago, IL; Michigan; New Jersey; and northern and southern California). RESULTS African American women were significantly more positive in attitude. The least positive groups were the less acculturated Chinese American and Japanese American women. Menopausal status was not a consistent predictor of attitude across ethnic groups. CONCLUSIONS In general, women's attitudes toward menopause range from neutral to positive. Ethnic groups within the United States vary slightly, but reliably, in their attitudes toward menopause and aging. Factors other than those directly associated with menopausal status seem to play a role in attitude.