Miracle-dz/UniFAR-FTUs huggingface dataset:
Measuring Event Risk

This paper decomposes the popular risk measure Value-at-Risk (VaR) into one jump- and one continuous component. The continuous component corresponds to general market risk and the jump component is proportional to the event risk as defined in the Basel II accord. We find that event risk, which is currently not incorporated into most banks’ VaR models, comprises a substantial part of total VaR. It constitutes 30% of the risk for a portfolio of small cap stocks but less than 1% for a portfolio of large cap stocks. The national supervising agency in each membership country is advised by the Basel rules to add an additional capital charge to a bank whose models do not capture event risk. The large variation in event risk, also found across 10 individual stocks, suggests that an approach that varies the capital surcharge, based on the type of asset, should be used by the supervisors. (Less)
Attitudes in the Danish tourism industry to the roles of business and government in sustainable tourism.

The introduction of more sustainable forms of tourism in a country is likely to be the result of a combination of government regulations and other interventions and businesses making their own decisions in response to the market. This paper examines attitudes among senior managers in the Danish tourism industry to where prime responsibility lies for promoting sustainable tourism practices. The opinions of these senior industry managers are also reported on incentives and obstacles to the adoption of sustainable tourism practices, on external assistance that may encourage the introduction of these practices, and whether there should be more government regulations to encourage their adoption. Industry attitudes in Denmark to these issues are of particular interest because of the relative prominence of environmental issues in the country. Copyright © 2001 John Wiley & Sons, Ltd.
DOPAMINE FAILS TO INHIBIT Na,H-EXCHANGER IN PROXIMAL TUBULES OF OBESE ZUCKER RATS

Dopamine via the activation of D1-like receptors inhibits Na,K-ATPase and Na,H-exchanger and subsequently increases sodium excretion. We have previously reported that dopamine failed to inhibit Na,K-ATPase in the proximal tubules (PTs) of obese Zucker rats. The present study was designed to determine the effect of dopamine on Na,H-exchanger in PTs of lean and obese Zucker rats, and examine D1-like receptor-coupled signal transduction pathway mediating the inhibition of Na,H-exchanger. We found that dopamine inhibited Na,H-exchanger in the PTs of lean rats but this response was absent in obese rats. In brush border membranes, [3H]SCH 23390 binding revealed a, ∼45% reduction in D1-like receptor binding sites in obese compared to lean rats. Dopamine stimulated cAMP accumulation in PTs of lean but not in obese rats. Forskolin-mediated stimulation of cAMP was similar in lean and obese rats. Dopamine as well as forskolin and dibutyryl cAMP-mediated stimulation of protein kinase A (PKA) was reduced in PTs of obese compared to lean rats. The data suggest that reduction in D1-like receptor binding sites, defective coupling with signaling pathway and inability of PKA activation may be responsible for the failure of dopamine to inhibit Na,H-exchanger in PTs of obese rats. This phenomenon may contribute to an increase in sodium reabsorption and development of hypertension in obese Zucker rats.
Using educational games and simulation software in a computer science course: learning achievements and student flow experiences

This study investigates how educational games impact on students' academic performance and multimedia flow experiences in a computer science course. A curriculum consists of five basic learning units, that is, the stack, queue, sort, tree traversal, and binary search tree, was conducted for 110 university students during one semester. Two groups of students participated in learning activities: the experimental group was instructed using the gaming method; and the control group was instructed using the non-gaming method. During the study, tests, a survey, and interviews were conducted with students. The evaluation results for academic performance and multimedia flow experiences show that compared to the non-gaming method, incorporating the gaming method into the learning process can enhance students' academic performance and multimedia flow experiences. The results also indicated that there is a non-significant and positive relationship between students' academic performance and multimedia flow experiences.
Testing the CAPM with Time-Varying Risks and Returns

This paper draws on Robert F. Engle's autoregressive conditionally heteroskedastic modeling strategy to formulate a conditional capital asset pricing model with time-varying risk and expected returns. The model is estimated by generalized method of moments. A capital asset pricing model that allows mean excess returns to shift in January survives generalized method of moments specification tests for a number of omitted variables. However, a residual dividend yield component is found to remain in the excess returns of smaller firms. The authors find significant monthly and quarterly components in the risk premia and beta estimates. Copyright 1991 by American Finance Association.
Genocide Prevention and Western National Security: the Limitations of Making R2P All About Us

The case for turning R2P and genocide prevention from principle to practice usually rests on the invocation of moral norms and duties to others. Calls have been made by some analysts to abandon this strategy and “sell” genocide prevention to government by framing it as a matter of our own national interest including our security. Governments’ failure to prevent atrocities abroad, it is argued, imperils western societies at home. If we look at how the genocide prevention-as-national security argument has been made we can see, however, that this position is not entirely convincing. I review two policy reports that make the case for genocide prevention based in part on national security considerations: Preventing Genocide: A Blue Print for U.S. Policymakers (Albright-Cohen Report); and the Will to Intervene Project. I show that both reports are problematic for two reasons: the “widened” traditional security argument advocated by the authors is not fully substantiated by the evidence provided in the reports; and alternate conceptions of security that would seem to support the linking of genocide prevention to western security—securitization and risk and uncertain—do not provide a solid logical foundation for operationalizing R2P. I conclude by considering whether we might appeal instead to another form of self interest, “reputational stakes”, tied to western states’ construction of their own identity as responsible members of the international community.
Evaluating economic impacts of major sports events – a meta analysis of the key trends

For many years there has been wide recognition of the economic impact that major sports events can generate in attracting visitors and event-related construction investment. This article seeks to provide a brief overview of the key approaches that have been used to assess the economic impact of major events over the past two decades including multiplier analysis, input–output modelling, and computable general equilibrium (CGE) modelling. The article also discusses some of the advantages and disadvantages of these approaches. In order to provide a platform for future research that draws upon existing research, the article then presents the findings of a meta analysis undertaken to examine the key patterns in economic assessments of major events based on previous studies reported in the literature. These reviews have been classified into three stages that are ordered chronologically and it can be seen that the range of issues covered, the depth of analysis, and the comprehensiveness of the evaluations increased across these three stages. This article finally summarises the key advances in approach that were made across these stages and proposes a future research agenda.
Selective migration in Swedish distressed neighbourhoods: can area‐based urban policies counteract segregation processes?

Like many other Western European governments, the Swedish government has launched an area‐based urban policy in order to solve the problems of the distressed neighbourhoods in the largest cities. However, in the current policy it is not clear whether the primary aim is to address the problems of individuals, or if the aim is to change the market position of the distressed areas. The intervention might be successful in terms of assisting residents in finding jobs and better education, but that might not improve the general position of the areas targeted, since people who make a socio‐economic career very often move out of the areas, to be replaced by poorer and less well‐established residents. By drawing upon a comprehensive and unique set of data the paper analyses the issues of residential mobility and selective migration, with special focus on distressed neighbourhoods in the Stockholm region. The results clearly indicate that the migration flows of these neighbourhoods are indeed selective. The people who move in are more likely to be unemployed and dependent on social benefits and have on average lower incomes than those who move out and those who remain in the neighbourhoods. This simultaneous outflow of relatively well‐off residents and inflow of weaker and more marginalised groups has the effect of reproducing the distressed character of the neighbourhoods.
Mechanisms of poverty alleviation: anti-poverty effects of non-means-tested and means-tested benefits in five welfare states

Substantial cross-national differences in poverty alleviation are well documented. But the extent to which different parts of the social transfer system account for this variation is still relatively unexamined. This paper analyses the redistributive effects of specific social policy institutions in a comparative perspective. The main question is to what extent non-means-tested entitlements and means-tested benefits reduce relative economic poverty in different institutional settings. It is shown that the structure of non-means-tested benefits is more important than that of meanstested benefits in explaining differences in poverty alleviation across countries. The paper also presents a new method for estimating the anti-poverty effects of separate parts of the social transfer system. This method decomposes the anti-poverty effects of a set of social transfers into independent and combined effects, which produces more valid results than prevalent methods used to assess the impact of a particular transfer on poverty. The countries included in this study are Canada, Germany, Sweden, the United Kingdom and the United States. The empirical analyses are based on data from the Social Citizenship Indicators Programme (SCIP) and Luxembourg Income Study (LIS) describing the situation in the mid-1990s.
Anti-Dumping Protection in a Liberalising Country: Mexico's Anti-Dumping Policy and Practice

The use of anti-dumping policy has been steadily growing in recent decades, and so has the theoretical and empirical literature on anti-dumping. However, while developing countries as a whole have become at least as active as the 'traditional' anti-dumping regimes (the USA, the EU, Canada and Australia), the literature is almost exclusively concerned with the latter group. This article gives an overview of anti-dumping policy and practice in Mexico, one of the leading 'new' anti-dumping regimes. It assesses how anti-dumping has expanded since the country began liberalising trade in the mid-1980s, and discusses how the policy has been applied in a protectionist way that is not dissimilar to policy practice in the traditional user countries. Copyright 2004 Blackwell Publishing Ltd.
The Performance and Long-Run Characteristics of the Chinese IPO Market

We study the short-run and long-run performance of Chinese privatization initial public offerings (PIPOs), using data for 340 and 409 new issues on the Shanghai and Shenzhen Stock Exchanges respectively, from 1 January 1996 through 31 December 1997. The average market-adjusted initial return is found to be 127.31%, and the initial returns on both stock exchanges are not significantly different from each other. The average market-adjusted buy and hold return over the three years after listing is 10.26%, which is significantly different from zero at the 1% level. We then use cross-sectional analysis to explain the long-run supernormal performance of Chinese PIPOs, and find that government ownership, the offering size and the feature of belonging to a high-tech industry are the main determinants of the long-run performance. In addition, firms that perform better in the long-run tend to make more Seasoned Equity Offerings (SEOs), and the underpricing of IPOs is negatively related to their long-run performance.
Navigating cooperation beyond the absence of conflict: mapping determinants for the effectiveness of river basin organisations

River basin organisations (RBOs) have made important contributions to the mitigation of water-related international collective action problems, decreasing the likelihood of water wars. However, the state of many of the world’s rivers remains challenged by environmental degradation and the unilateral exploitation of natural resources. This suggests that RBOs have not been sufficiently effective in ensuring the sustainable development of river basins, which entails the possible (re)emergence of collective action problems. Moreover, RBOs vary significantly in their effectiveness across river basins. This paper develops a theoretical framework for the assessment of the different determinants of RBO effectiveness that can be used for studying the effectiveness of existing RBOs and deriving policy options for improvement. It is found that the effectiveness of RBOs in governing river basins largely depends on their institutional design, but it is also influenced by underlying structural factors related to each basin’s problem- and the situation-structure.
Asymmetric Sensitivity of CEO Cash Compensation to Stock Returns

We document that CEO cash compensation is twice as sensitive to negative stock returns as it is to positive stock returns. Since stock returns include both unrealized gains and unrealized losses, we expect cash compensation to be less sensitive to stock returns when returns contain unrealized gains (positive returns) than when returns contain unrealized losses (negative returns). This is consistent with boards of directors exercising discretion to reduce costly ex post settling up in cash compensation paid to CEOs.
Urban Expansion and Transportation: The Impact of Urban form on Commuting Patterns on the City Fringe of Beijing

A key issue in the development of China's growing megacities in the transport-related environmental costs due to rapid urban expansion. In light of this issue, the authors examine the impact of urban form on commuting patterns on the city fringe of Beijing. Based on household-survey data, the results of the analysis suggest that the forms of land use adopted in the suburbs have a significant impact on commuting distance when a worker's socioeconomic characteristics and the level of transport accessibility are taken into account. Sprawling expansion, characterized by a low degree of self-contained development and low-density land use, tends to increase the need for long-distance commuting to the central urban area. In contrast, compact urban development in the suburbs, particularly in the peripheral constellations of Beijing, would reduce the probability of long-distance commuting. The current trend in improving transport accessibility on the city fringe is likely to lead to further long-distance commuting. In particular, huge road projects could cause more traffic congestion in the centre. The findings suggest that land-development management on the city fringe could have significant implications with respect to containing the dramatic costs to the environment entailed by transportation in the context of the rapid process of motorization. Reducing travel needs through the integration of land use and transport-infrastructure provision is likely to be the key to sustainable urban expansion.
R2: Does it Matter for Firm Valuation?

A considerable amount of research has been devoted to why R2 differs across firms or markets, although little attention has been paid to the consequences of this difference. We fill this gap by investigating how differing R2 affects investors’ assessment of firm value. Using a sample of 90,111 firm-year observations from 1970 to 2004, we find that higher R2 leads to higher firm valuation and that, on average, high-R2 firms experience significant underperformance in the long run. These results suggest that high-R2 firms tend to be overpriced.
The Perception of Real Estate Investment Opportunities in Southeast Asia

Abstract This research uses two independent investor surveys undertaken in Singapore and the UK to examine the attitudes and perceptions towards property investment opportunities in the Southeast Asian region. The analysis considers the characteristics of investors active in the Southeast Asian property market and factors influencing their decision-making process. The results show that market players target neighbouring countries where investment characteristics are familiar. This study also shows that there are differential behaviour patterns regarding risk perceptions across the two cohorts of investors. Differences in attitudes between a regional player (Singapore) and a foreign player (UK) in the Southeast Asia region may partially be explained by the risk averse behaviour of institutions.
Influence of the Democratic Climate of Classrooms on Student Civic Learning in North Sulawesi, Indonesia.

This study is intended to examine the influence of the democratic climate of classrooms on student engagement and learning outcomes in order to find out a more adequate model of learning in Civic Education classrooms. A model is developed for testing with data obtained from a sample of 930 students from schools in North Sulawesi. Prior to the analysis, scales are analysed using Confirmatory Factor Analysis (CFA) and are calibrated using Rasch Measurement Model Analysis (RMMA). The analysis shows that the trimmed model (Model B) is slightly more coherent and simpler than the hypothesised model (Model A). However, both models indicate that the democratic climate of Civic Education classrooms has significant effects on student engagement, student civic knowledge and interpretation skill, and student concepts of citizenship.
Flexible friends? Flexible working time arrangements, blurred work-life boundaries and friendship

The changing nature and demands of work raise concerns about how workers can find time for activities such as friendship and leisure, which are important for well-being. This article brings friendship into the work-life debate by exploring how individuals do friendship in a period characterized by time dilemmas, blurred work-life boundaries and increased employer- and employee-led flexible working. Interviews with employees selected according to their working time structures were supplemented by time use diaries. Findings indicate that despite various constraints, participants found strategies for making time for friendship by blurring boundaries between friends and family and between friends and work. However, the impacts of flexible working time structures were complex and double-edged.
Effect of chromium picolinate on histopathological alterations in STZ and neonatal STZ diabetic rats

Earlier studies from our laboratory have indicated insulin sensitizing action of chromium picolinate as the mechanism of its anti‐diabetic activity in experimental models of type I and type II diabetes. In the present investigation, we have evaluated the effects of chronic administration of chromium picolinate on the functional and histological alterations of streptozotocin (STZ)‐induced diabetes in rats. Type I diabetes was induced by intravenous injection of STZ (40 mg/kg) in adult rats, whereas, type II diabetes was induced by intraperitoneal injection of STZ (90 mg/kg) in 2‐day old rat pups which in adulthood develop abnormalities resembling type II diabetes. Chromium picolinate was administered at 8 μg/ml in drinking water for 6 weeks and was found to improve glucose tolerance and increase insulin sensitivity of STZ‐diabetic rats. This treatment decrease elevated serum creatinine and urea levels as well as elevated serum levels of hepatic enzymes of both groups of diabetic rats. Histopathological studies of kidney and liver show decrease in the intensity and incidence of vacuolations, cellular infiltration and hypertrophy of STZ and nSTZ (neonatal STZ) diabetic rats. Chronic treatment with chromium picolinate however, did not alter the normal function or morphology of control rats. Chronic chromium picolinate at the therapeutic doses that improved glucose tolerance, was observed to have no hepatotoxic or nephrotoxic potential. It was rather found to improve renal and hepatic function and to reduce abnormalities associated with STZ‐diabetes. Chromium picolinate could play an important role in the long term management of diabetes mellitus.
Motivation for social contact across the life span: a theory of socioemotional selectivity.

Older people engage in social interaction less frequently than their younger counterparts. As I mentioned at the start, the change has been interpreted in largely negative terms. Yet when asked about their social relationships, older people describe them as satisfying, supportive, and fulfilling. Marriages are less negative and more positive. Close relationships with siblings are renewed, and relationships with children are better than ever before. Even though older people interact with others less frequently than younger people do, old age is not a time of misery, rigidity, or melancholy. Rather than present a paradox, I argue here that decreasing rates of contact reflect a reorganization of the goal hierarchies that underlie motivation for social contact and lead to greater selectivity in social partners. This reorganization does not occur haphazardly. Self-definition, information seeking, and emotion regulation are ranked differently depending not only on past experiences, but on place in the life cycle and concomitant expectations about the future. I contend that the emphasis on emotion in old age results from a recognition of the finality of life. In most people's lives this does not appear suddenly in old age but occurs gradually across adulthood. At times, however, life events conspire to bring about endings more quickly. Whether as benign as a geographical relocation or as sinister as a fatal disease, endings heighten the salience of surrounding emotions. When each interaction with a grandchild or good-bye kiss to a spouse may be the last, a sense of poignancy may permeate even the most casual everyday experiences. When the regulation of emotion assumes greatest priority among social motives, social partners are carefully chosen. The most likely choices will be long-term friends and loved ones, because they are most likely to provide positive emotional experiences and affirm the self. Information seeking will motivate some social behavior, but for reasons discussed previously, this will also require judicious choices of social partners. Narrowing the range of social partners allows people to conserve physical and cognitive resources, freeing time and energy for selected social relationships. As such, SST is highly consistent with the selective optimization with compensation model of successful aging formulated by P. Baltes and M. Baltes (1990) described above. SST is meant to describe and explain the underlying mechanisms for age-related changes in social behavior. It is not intended to be prescriptive. (ABSTRACT TRUNCATED AT 400 WORDS)