Miracle-dz/UniFAR-FTUs huggingface dataset:
The investment opportunity set and the voluntary use of outside directors: New Zealand evidence

Abstract This study examines whether the composition of boards of directors differs between high and low growth firms. Based on prior research, we hypothesise that firms with greater investment opportunities require more monitoring because managers in these firms have more discretion both in selecting investments and allocating resources between investments. Because outside directors can be more effective monitors than inside directors, we predict that outsiders will make up a larger proportion of the board in high growth firms than in low growth firms. Using a cross-sectional sample of 77 New Zealand firms, our results suggest that the percentage of outside directors is related to growth for two of the four measures of investment opportunities which we employ. As expected, the percentage of outside directors is also related to a composite measure of investment opportunities.
Outsourcing: An Accelerating Global Trend in Engineering

ABSTRACTLike other professional work, engineering is being “outsourced” more and more frequently. This article examines specific examples, discusses why this is occuring, and presents data from a recent survey. In 1997, ASME International contacted more than 600 executives in U.S. manufacturing, institutional/utility, and trade/service companies. These companies were users of outsourced contract employees in functions spanning computer integration through product design. Their outsourcing percentages ranged from 24% to as high as 78%. Averages in the engineering function ranged from 48% to 65%. The manufacturing sector ranged from 40% in computer information upward to 78% in both programming and product design.Engineers, managers, and shareholders have a considerable stake in knowing about this global trend: its characteristics, its advantages and disadvantages; its problems and solutions: and its short and long run implications.
The state of international management research in South African management journals

Orientation: It is considered important to take stock periodically of the present channels available for communication of scholarly discourse and research, something that has not been done in international management in South Africa. Research purpose: This study aimed to not only identify the gaps in South African international management research, but also to serve as a source of international management research with a South African focus in order to aid future South African international management research. Motivation for the study: As South African business become more global and international management plays a more central role in business practice, the importance and relevance of international management increases, thus necessitating a greater research focus on international management. Research design, approach and method: A content analysis was conducted on the 1313 articles published in the seven South African management journals between 2004 and 2013. Main findings: Not only is a mere 2.7% of all articles published in the seven South African management journals between 2004 and 2013 focused on international management, but there was also a decline in the number of international management articles published. Contributions/value-add: This study will not only help to identify the gaps in international management research in South Africa, but will also serve as a source of South African international management research for future researchers and academics.
Financial Crises in Efficient Markets: How Fundamentalists Fuel Volatility

When a financial crisis breaks out, speculators typically get the blame whereas fundamentalists are presented as the safeguard against excessive volatility. This paper proposes an asset pricing model where two types of rational traders coexist: short-term speculators and long-term fundamentalists, both sharing the same information set. In this framework, excess volatility not only exists, but is actually fueled by fundamental trading. Consequently, efficient markets are more volatile with a few speculators than with many speculators. Regulators should therefore be aware that efforts to limit rational speculation might, surprisingly, end up increasing volatility.
New Aspects of Ace Inhibition: Importance of ACE co-localization with angiotensin and bradykinin receptors

textabstractThe beneficial effect of angiotensin-converting enzyme (ACE) inhibitors in hypertension and heart failure may relate, at least in part, to their capacity to interfere with bradykinin metabolism. In addition, recent studies have provided evidence for bradykinin-potentiating effects of ACE inhibitors that are independent of bradykinin hydrolysis, i.e., ACE-bradykinin type 2 (B2) receptor ‘crosstalk’, resulting in B2 receptor upregulation and/or more efficient activation of signal transduction pathways, as well as direct activation of bradykinin type 1 (B1) receptors by ACE inhibitors. This review critically reviews the current evidence for hydrolysis-independent bradykinin potentiation by ACE inhibitors, evaluating not only the many studies that have been performed with ACE-resistant bradykinin analogues, but also paying attention to angiotensin-(1-7) (Ang-(1-7)), a metabolite of both angiotensin (Ang) I and II, that could act as an endogenous ACE inhibitor. The levels of Ang-(1-7) are increased during ACE inhibition, and most studies suggest that its hypotensive effects are mediated in a bradykinin-dependent manner.
Does Job Search Monitoring Intensity Affect Unemployment? Evidence from Northern Ireland

Because unemployment benefit reforms typically package together a number of changes, few existing evaluations have been able to isolate the effects of changes in job search monitoring intensity on benefit recipient stocks or flows. Those few studies that do so draw mixed conclusions. This paper provides new estimates of monitoring impacts by exploiting plausibly exogenous periods where search monitoring has been temporarily withdrawn – with the regime otherwise unchanged – during a series of benefit office refurbishments in Northern Ireland. As we would expect from search theory, withdrawal of monitoring significantly increases the stock of unemployment benefit recipients via reduced outflows.
Generation of Colonies of Induced Trophoblast Cells During Standard Reprogramming of Porcine Fibroblasts to Induced Pluripotent Stem Cells1

During reprogramming of porcine mesenchymal cells with a four-factor (POU5F1/SOX2/KLF4/MYC) mixture of vectors, a fraction of the colonies had an atypical phenotype and arose earlier than the recognizable porcine induced pluripotent stem (iPS) cell colonies. Within days after each passage, patches of cells with an epithelial phenotype formed raised domes, particularly under 20% O2 conditions. Relative to gene expression of the iPS cells, there was up-regulation of genes for transcription factors associated with trophoblast (TR) lineage emergence, e.g., GATA2, PPARG, MSX2, DLX3, HAND1, GCM1, CDX2, ID2, ELF5, TCFAP2C, and TEAD4 and for genes required for synthesis of products more typical of differentiated TR, such as steroids (HSD17B1, CYP11A1, and STAR), pregnancy-associated glycoproteins (PAG6), and select cytokines (IFND, IFNG, and IL1B). Although POU5F1 was down-regulated relative to that in iPS cells, it was not silenced in the induced TR (iTR) cells over continued passage. Like iPS cells, iTR cells did not senesce on extended passage and displayed high telomerase activity. Upon xenografting into immunodeficient mice, iTR cells formed nonhemorrhagic teratomas composed largely of layers of epithelium expressing TR markers. When cultured under conditions that promoted embryoid body formation, iTR cells formed floating spheres consisting of a single epithelial sheet whose cells were tethered laterally by desmosome-like structures. In conclusion, reprogramming of porcine fibroblasts to iPS cells generates, as a by-product, colonies composed of self-renewing populations of TR cells, possibly containing TR stem cells.
Unintended Consequences of Granting Small Firms Exemptions from Securities Regulation: Evidence from the Sarbanes-Oxley Act

This paper provides evidence about the unintended consequences arising when small companies are exempted from costly regulations-these firms have incentives to stay small. Between 2003 and 2008, the SEC postponed compliance with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX) for "non-accelerated filers" (firms with public float less than $75 million). We hypothesize and find that some of these firms had an incentive to remain below this bright line threshold. Moreover, we document that these firms remained small by undertaking less investment, making more cash payouts to shareholders, reducing the number of shares held by non-affiliates, making more bad news disclosures, and reporting lower earnings than control firms. Finally, there is no evidence that firms remaining small are doing so to maintain insiders' private control benefits. These findings have implications beyond SOX because numerous federal and state regulations exempt small firms via bright line size thresholds. Copyright (c), University of Chicago on behalf of the Institute of Professional Accounting, 2009.
CHINA'S STOCK MARKET TRENDS AND THEIR DETERMINANTS ANALYSIS USING MARKET INDICES

Purpose. To analyze which macroeconomic factors influence China’s stock market and what are the trends of the China’s stock market indices. Methodology. Market indices are used in China’s stock market trends analysis. Indices are analyzed in 2008–2012 period. Market return is expressed as the change of index. Market risk is analyzed using standard deviation value. Correlation is used in order to identify the relationship between indices of the different regions. Results. Before the start of global financial crisis trends of China market indices and other markets indices were almost the same. But after the recovery of the indices in 2009, China’s stock market trends started to differ from global market trends. Correlation analysis of China’s and U.S. indices showed that the correlation between China’s and U.S. indices is very weak, indicating that the Chinese market and the U.S. market dynamics are not related to each other. The relationship between China’s stock market, inflation and GDP was observed. Despite the high growth of China's GDP China's stock market did not reach good results over the last few years. The index had a negative return. Practical implications. From the analysed data investors can see the trends of China stock market. Investors can decide whether China stock market is more attractive than other regions for them or not. Value/originality. Due to the low China’s stock market integrity we can assume that China’s stock market may be little affected by the processes of globalization and can develop isolated from the global markets. In order to find out whereas China’s stock market is isolated from other world’s markets we analyze the tendencies of market return and risk and the relations between China’s stock market and other markets. DOI: http://dx.doi. org/10.5755/j01.em. 18.4. 5096
Factor VIII alloantibody inhibitors: cost analysis of immune tolerance induction vs. prophylaxis and on‐demand with bypass treatment

Development of inhibitors (alloantibodies to exogenous factor VIII) is the most significant treatment complication in patients with haemophilia A. The only proven way to eradicate inhibitors is through immune tolerance induction (ITI), while bypassing agents are typically employed to treat or prevent bleeds in patients with high titre inhibitors. Costs of these approaches have not been well studied. The aim of this study was to compare lifetime costs of treating patients with severe haemophilia A with inhibitors using on‐demand or prophylaxis treatment with bypassing agents and ITI. A decision‐analytic model was developed to compare the treatment costs and outcomes. Quantitation of the reduction in bleeding events for patients on prophylaxis and after eradication of inhibitors when on ITI and relapse of inhibitors was derived from published studies. Costs were obtained from standard US costing sources and are reported in 2014 US dollars. Costs and outcomes were discounted 3% per annum. Lifetime costs of treating patients with inhibitors are lower for ITI vs. on‐demand or prophylaxis. Patients are also projected to live longer, have greater quality‐adjusted life‐years, and have fewer bleeding events than patients treated on‐demand. Treating patients via ITI to eradicate inhibitors may result in lower lifetime costs and greater life‐years and quality‐adjusted life‐years than treating with bypassing agents.
Purchase Intention of Organic Food in Malaysia; A Religious Overview

This study is about discoveries of the religious factor and its influence towards purchase intention of organic food in Malaysia. Each religion teaches its followers to consume healthy food in their daily lives. Organic food is commonly known for its healthier content without the use of pesticides, herbicides, inorganic fertilizers, antibiotics and growth hormones. To a certain extent organic food is directly related to Halal, a preconditioned to the Muslim to consume certain permitted foods and preparation. Organic chicken for instance is different from the ordinary chicken as the breeding and growth require the ‘natural way’ technique rather than the use of substance, vaccine and chemical to reduce the chicken maturity age. This is also subject to the use of unsafe and non-halal vaccine that is unhygienic and unsafe to consume. Furthermore, it also incorporates element of respects to the animal welfare which is consistent with the Shariah requirements. However, not every consumer view such circumstances as important though being encouraged by their religion to consume such food in a way promoted by the organic foods. The research aims to identify the religious factor and its impact towards the customer purchase intention in Malaysia. The findings of the study indicated that religious factor was found to have less impact on customer purchase intention of organic food. This is because the consumers could be looking on other vast factors such as perceived value and health consciousness in deciding to purchase organic food products. The consumers may be leaving the responsibility to the respective government enforcement agencies, local authorities and religious departments to look on both organic conventional foods produced and served in the country. They may also perceive that the existing conventional foods are perfectly matched with organic food and the consumers are fully confident that the foods are prepared in a way permitted by their religion. The result has shown some differences with the previous literature which described that religious factor plays one of the most influential roles in shaping food choice in certain countries of the world. To date, there have been very minimal studies conducted by taking into consideration the organic food especially to the consumers in Malaysia. Hence, this study is expected to provide understanding to both the industry players as well as academicians on the factors that influence Malaysian customer purchase intention towards organic food products as such phenomena might be different from one country to another. Future research should focus on the similar study of religious factor affecting customer purchase intention towards organic food products with the extended scope to all states in Peninsular Malaysia as well as in Sabah and Sarawak. By doing this, hopefully we can get a clearer picture on the tested existing and new variables which can be further examined. Eventually, a comparison can be made between the findings so that such constructible findings and conclusions can be made to the study.
Burnout and its related factors in Korean dentists.

OBJECTIVES Dentistry has been identified as one of the most stressful work environments. Knowledge of modifiable work-environment factors related to job stress could lead to a strategy and policy to provide a better work environment for dentists. The aims of this study were to examine the degree and distribution of burnout and to determine the factors associated with burnout subscale of Korean dentists. METHODS A cross-sectional survey of Korean dentists was conducted using a custom-designed and validated questionnaire that incorporated the Maslach Burnout Inventory Human Services Survey (MBI-HSS) as well as questions regarding sociodemographic and job-related characteristics. A random sample of 1,000 dentists was selected from 13,207 registered dentists in the Korean Dental Association. The MBI-HSS scores were summarised in the three dimensions of emotional exhaustion, depersonalisation, and personal sense of accomplishment. Bivariate and multivariate analyses were conducted to assess the prevalence of burnout and its related factors. RESULTS The adjusted response rate was 45.9% (444/967). In the subscales of burnout, 41.2%, 55.9%, and 41.4% of respondents scored highly in emotional exhaustion and depersonalisation and poorly for personal sense of accomplishment, respectively. High burnout seems to be more likely to occur in association with some of the sociodemographic and job-related characteristics, especially younger age, male gender, without occupational calling, and unwilling to reselect a dentistry as a job. CONCLUSIONS This study suggests that burnout is a common problem in Korean dentists and that occupational calling and willing to reselect a dentistry as a job are important factors for managing burnout.
Examining the Effects of Currency Depreciation on Trade Balance in Selected Asian Economies

The aim of this study is to investigate how depreciation could affect the export sector in selected Asian countries. Theoretically, depreciation will bring positive impact on trade balance. However, it is only possible when the sum of the elasticities of demand for export commodities and demand for import goods is greater than unity. Accordingly, this study found no evidence for the effect of depreciation to improve trade balance of about 14 Asian economies. This was perhaps due to the fact that exports did not respond as expected, mainly due to a decline in terms of trade for primary commodities and manufactured products or due to heavy dependence on import goods which may be more expensive in the local currency. As a second approach, we attempted to narrow down the number of countries understudy into 8 countries that are relatively bigger, industrialized and stable, and in this case we found that depreciation improved trade balance.
Wikis in higher education

Wikis are attractive tools for supporting collaboration and are widely used in higher education. Nevertheless, a collaborative tool does not necessarily lead to collaborative behaviour. This study addresses this shortcoming by analysing factors in uencing the adoption of wiki collaboration in higher education. For this purpose, literature was systematically selected and analysed using a grounded approach to qualitative data analysis. As result, a framework that comprises factors in uencing and actions fostering collaboration is presented. This allows instructors to better address obstacles to collaboration. Note. This essay was published as Kummer, C. (2013). Factors in uencing wiki collaboration in higher education. doi:10.2139/ssrn.2208522 Factors in uencing wiki collaboration in higher education
New Deal for Old? Exploring the Psychological Contract in a Small Firm Environment

The aim of this article is to explore the ways in which small firm size impacts upon psychological contracts in the workplace, from the perspective of the owner-manager.While the study of the psychological contract has attracted much research interest of late, the majority of this research is located within the context of large firms. Debates concerning the impact of the new deal, which have provided the rationale for much contemporary research into the psychological contract, have not questioned the relevance of such changes to small firms and there has been a general failure to consider how the characteristics of small firms and the conditions they face affect the role, content and dynamics of psychological contracts.The research is based on in-depth qualitative interviews with owner-managers of 10 small firms from a variety of sectors.The findings suggest that small firm size affects psychological contracts in a number of significant ways, and that the changes associated with the so-called `new deal' have had little impact on small businesses. The implications of the findings are outlined, first with regard to enhancing understanding of the dynamics of employment relationships within small firms, and second for our further understanding of the psychological contract.
Financing small and medium enterprises in Asia and the Pacific

Purpose - – The purpose of this paper is to propose policy suggestions for the financing of small and medium enterprises (SMEs) in the Asia-Pacific region. Recent literature suggests that lack of capital is the most severe constraint for SME survival and growth. Enabling policymakers to assist SMEs in their search for financing will boost economic growth. Design/methodology/approach - – The methodology includes both quantitative and qualitative components. Current World Bank data on the strength of various financial institutions in the countries of interest is analyzed to discover areas of improvement. Additionally, 32 experts from East and South Asia were interviewed several times to determine areas of concern in financing SMEs. Their responses and the evidence from the World Bank data form the basis of the policy prescriptions in the paper. Findings - – Financing is a critical constraint for SMEs for several reasons. Many SME owners do not manage working capital effectively, information asymmetry between banks and SMEs retards the loan application and approval process, and underdeveloped equity markets deny SMEs future growth opportunities. Policymakers can ameliorate conditions by serving as facilitators and communicators; governments should not provide financing directly if possible. Practical implications - – It is hoped and expected that the policy prescriptions offered herein will enhance the growth and survival prospects of SMES, thereby creating more employment, innovation, and economic growth. Originality/value - – The main contribution of this work is its scope. While the financing of SMEs is a familiar topic, the review of issues and policies in East and South Asia, and their distillation into practical advice for officialdom, is what makes this manuscript unique.
An Analytic Approximation for the American Put Price

Black and Scholes [1] derived the pricing equation for a European put when the stock price follows geometric Brownian motion. For this same case, Merton [5] derived the pricing equation for an American put with infinite time to maturity. Brennan and Schwartz [2], Rubinstein and Cox [7], and Parkinson [6] have developed numerical solutions for the price of an American put. Numerical solutions are expensive and do not provide much intuition. Naturally, an analytic solution would be much preferred; unfortunately, pricing the American put requires solving a formidable and presumably intractable boundary value problem.