Miracle-dz/UniFAR-FTUs huggingface dataset:
Family Control, Risk Management and Firm Value in Mexico

The study of the determinants of firm profitability is paramount as the main objective of a company is to maximize the present value of its profits. Corporate governance is said to reduce agency costs and help improve firm performance, an issue barely explored for the case of Mexico. Using eight different profitability measures and a unique set of data from 80 Mexican non-financial companies listed on the Mexican Stock Exchange for the period January 2001 to December 2011, we find evidence that family-managed companies are more profitable than non-family firms by as much as 4.4% per annum although this does not translate into a higher firm value necessarily. The use of derivatives for hedging purposes and an adequate management of working capital are found to contribute towards company profitability. Highly concentrated sectors, such as construction and telecommunications, seem to produce higher returns than more diffuse industries by means of market power. Our models are estimated by Feasible Generalized Least Squares.
An Empirical Analysis of the Association between the Organizational Culture and Performance Measurement Systems in the Turkish Manufacturing Sector

Generally, the subject of this study is the relationship between organizational culture and performance measurement systems (PMS) in the context of the Turkish Business environment. Specifically investigated in this study are the changes in the aims and measures of PMS used in different organizational cultures by managers. For this, the model developed by Jean-Francois Henri (2006) is used to understand and analyze the relationship under Turkish conditions. In this way, the basic question is that in any organization how does culture affect the aims and measures of a performance measurement system used? To test this relationship empirically, data is gathered from 122 manufacturers of the top 500 firms in Turkey. According to the results of logistic regression analysis, firms with a flexible culture tend to use non-financial performance measures, and use PMS for aims such as organizational attention-focusing and supporting strategic decision-making more than firms which have a control culture. On the other hand, firms with a control culture tend to use PMS for aims such as monitoring and legitimization more than firms which have a flexible culture.
Cross-Firm Return Predictability and Accounting Quality

We examine whether cross-firm return predictability is associated with accounting quality (AQ), and find that stock returns of good AQ firms significantly positively predict one-month-ahead stock returns to industry- and size- matched poor AQ firms. In testing a delayed-information-processing mechanism behind the cross-firm return predictability, we find that: (i) Analyst earnings forecast revisions (FR) mimic the return patterns, as FR of good AQ firms significantly positively predict one-month-ahead FR of matched poor AQ firms; (ii) Cross-firm return predictability is concentrated in months with substantial news arrival, but not in no-news months; (iii) Cross-firm return predictability is stronger when the good AQ predictor firms have a richer information environment than poor AQ firms as proxied by analyst following and institutional ownership. Collectively the results uncover a new relation between accounting quality and stock return dynamics.
Examining changes in HRV in response to varying ambient temperature

The present study is designed to examine changes in HRV in response to ambient temperature change in college-aged men and women. We hypothesize that the VLFP (very-low-frequency power) component would be increased in the cold environment whereas the HFP (high-frequency power) component would be reduced in the hot environment with no differences between baseline and the cold condition.
Host Response to the Lung Microbiome in Chronic Obstructive Pulmonary Disease.

RATIONALE The relatively sparse but diverse microbiome in human lungs may become less diverse in chronic obstructive pulmonary disease (COPD). This article examines the relationship of this microbiome to emphysematous tissue destruction, number of terminal bronchioles, infiltrating inflammatory cells, and host gene expression. METHODS Culture-independent pyrosequencing microbiome analysis was used to examine the V3-V5 regions of bacterial 16S ribosomal DNA in 40 samples of lung from 5 patients with COPD (Global Initiative for Chronic Obstructive Lung Disease [GOLD] stage 4) and 28 samples from 4 donors (controls). A second protocol based on the V1-V3 regions was used to verify the bacterial microbiome results. Within lung tissue samples the microbiome was compared with results of micro-computed tomography, infiltrating inflammatory cells measured by quantitative histology, and host gene expression. MEASUREMENTS AND MAIN RESULTS Ten operational taxonomic units (OTUs) was found sufficient to discriminate between control and GOLD stage 4 lung tissue, which included known pathogens such as Haemophilus influenzae. We also observed a decline in microbial diversity that was associated with emphysematous destruction, remodeling of the bronchiolar and alveolar tissue, and the infiltration of the tissue by CD4(+) T cells. Specific OTUs were also associated with neutrophils, eosinophils, and B-cell infiltration (P < 0.05). The expression profiles of 859 genes and 235 genes were associated with either enrichment or reductions of Firmicutes and Proteobacteria, respectively, at a false discovery rate cutoff of less than 0.1. CONCLUSIONS These results support the hypothesis that there is a host immune response to microorganisms within the lung microbiome that appears to contribute to the pathogenesis of COPD.
Les mécanismes de gouvernement d'entreprise et la publication volontaire des résultats en France

The purpose of this paper is to study corporate governance mechanisms likely to be associated with manager’s choice to voluntarily announce their earnings in case of concentrated ownership market. The findings show that firms releasing frequently their earnings are more inclined to have large ownership structure, to enclose institutional investors in their capitals, to have dual leadership structure and to offer management stock-option plans. They also show that managers occasionally release their earnings in order to inform the market that they are doing well. Lastly, quarterly earnings announcements are associated with US listing where forecast disclosures with executive stock-option plans.
What Determines the Discount for Private Equity Offerings - Ownership or Control Rights?

This paper examines the relationship between private benefits and the discount of private equity offerings. Measuring private benefits in terms of both control rights and cash flow rights for insiders and outsiders, we find that control right is the dominant factor in private placement discounts. Private benefits are the most important factor in pricing private equity offerings, explaining 17.7% of private placement discount, and 16% of which comes from control right, only 2% from ownership. Furthermore, insiders are willing to pay more for private offerings than outsiders especially in high ownership concentration (greater than 25%) case. Finally, we find that contrary to the literature in corporate governance, the level of control seems to mean more to insiders than the deviation between control right and ownership in private equity offerings.
The Effects of Financial Factors on Takaful Demand in Malaysia

This paper offers a theoretical framework for studying the effects of financial factors, i.e. leverage, growth, bankruptcy, tax, and other variables on Takaful (Islamic insurance) demand. Data were collected from three Takaful operators and the financial reports from the Companies Commission of Malaysia (SSM), including 278 small and medium-sized enterprises (SMEs) for this study. AMOS version 20, a variance-based Structural Equation Modelling (SEM), was used to analyse the data as well as to test the research hypotheses. The outcomes show that financial factors could be a major predictor of Takaful demand at least from the SMEs' perspective. Financial factors were found to be positively affected by leverage, growth, bankruptcy, and taxes. The implications of these findings are discussed and recommendations for future research are provided.
STOCK MARKET DEVELOPMENT AND PRIVATE INVESTMENT GROWTH IN NIGERIA

This paper is primarily designed to examine the nature of the relationship existing between stock market development and the level of investment flows in a country with a high degree of macroeconomic instability; and whether the stock market plays a uniform role in attracting both domestic and foreign investments in such economic situation. Extrpoloted macroeconomic quarterly data (over a period from 1970 to 2006) are used in the analysis. The Johansen Cointegration model is adopted to examine the long-run trends in the variables. While controlling for other variables, a vector error correction model (VERCM) is used in estimating the relationship between investment growth, on one hand, and stock market development on the other. The study shows that development in the Nigerian stock market over the years was able to spur growth in domestic private investment flows, but unable to do so in the case of foreign private investment; and that development in the country’s banking system rather had some distabilising effects on the flow of private investments. The researchers attributed this to persistent cases of distress and failure in the banking system. This study is among the few of its kind to have empirically sort for and established some discriminant effects of stock market development in the flow of domestic and foreign private investments, at least from the point of view of a constrained market economy.
Outcomes of an acceptance and commitment therapy-based skills training group for students with high-functioning autism spectrum disorder: A quasi-experimental pilot study

Autism spectrum disorder is characterized by social impairments and behavioural inflexibility. In this pilot study, the feasibility and outcomes of a 6-week acceptance and commitment therapy-based skills training group were evaluated in a special school setting using a quasi-experimental design (acceptance and commitment therapy/school classes as usual). A total of 28 high-functioning students with autism spectrum disorder (aged 13–21 years) were assessed using self- and teacher-ratings at pre- and post-assessment and 2-month follow-up. All participants completed the skills training, and treatment satisfaction was high. Levels of stress, hyperactivity and emotional distress were reduced in the treatment group. The acceptance and commitment therapy group also reported increased prosocial behaviour. These changes were stable or further improved at the 2-month follow-up. Larger studies are needed to further evaluate the benefits of acceptance and commitment therapy for autism spectrum disorder.
Sensitization Prevalence of Children with Allergic Rhinitis for Inhalant and Food Allergens in the Province of Sakarya, Turkey

Objective: Sensitization prevalence studies have been rarely reported in children with allergic rhinitis from different regions of Turkey, and the exact rates of some sensitizations in humid regions such as Sakarya are still unknown. The aim of this study was to explore what kind of allergens play a role in sensitizations of allergic rhinitis patients during childhood in the Sakarya province of Turkey. Methods: This cross-sectional study involves 623 patients, 1–18 years of age, who have allergic rhinitis symptoms and were referred to the only pediatric allergy outpatient clinic in Sakarya between May 2013 and June 2015. Firstly, a questionnaire containing demographic data and patient history was completed. The multiple skin prick test system was used to detect sensitization. With 0 x 0 mm negative control, any positive test result with an allergen was defined as a wheal ≥3 mm diameter. Results: Overall, 289/623 (46%) children showed a positive response. 37% of them were found to have multiple sensitizations. Among the 289 patients, there were sensitizations to pollens (252/289: 87%), mites (51%), grasses (66%), trees (21%), molds (8%), animals (6%), and foods (6%). Sensitizations above 5 years of age were as follows: grasses, 72% (168/233); mites, 49.4%; trees, 24.5%; molds, 6.9%; and animals, 6%. Under 5 years were as follows: mites, 59% (33/56); grasses, 42.9%; foods, 25%; molds, 10.7%; trees, 5.4%; and animals, 3.6%. Conclusion: There were significant sensitizations detected for pollens and mites. Overall, a lower sensitization (8%) to molds is found in our patients who were referred to us from the humid Sakarya province.
Company Value and Governance: A Stochastic Frontier Approach

The presence of agency costs due to the separation of the control and management of the corporation from its owners is well documented in the literature. Less well addressed is the magnitude of such costs. How effective are governance mechanisms such as incentive schemes and monitoring by boards of directors, in mitigating agency costs? I use stochastic frontier analysis to estimate a company’s benchmark value, having controlled for company and industry characteristics and also for chance events over time (following Habib et al. 1997). Using data for large U.S. companies over the years 2002-2006, I find that the average company’s value was 15 percent lower than that of a benchmark value maximising company. The results indicate that governance is associated with much of this shortfall in company value. The evidence suggests that CEOs, on average, were awarded an excessive number of options that were insufficiently sensitive to company performance. Further, monitoring, for example by board committees, was also found to be significantly associated with a reduction in shortfall.The significance of incentive and monitoring mechanisms however varied according to the moral hazard environment facing a company. This suggests that successful governance structures are contingent on the issues facing a company.
Increasing response rates to lifestyle surveys: A pragmatic evidence review

Aims: Lifestyle surveys are often a key component of a local Joint Strategic Needs Assessment (JSNA), undertaken to inform public health planning. They are usually administered to a large number of people in order to provide a comprehensive profile of population health. However, declining response rates coupled with the under-representation of certain population groups in lifestyle survey data has led to doubts concerning the reliability of findings. In order to inform the design of their own lifestyle survey, NHS Calderdale commissioned an evidence-based review of the methodological literature relating to the administration of lifestyle surveys, with the specific aim of identifying practical and resource-efficient strategies shown to be effective for maximizing whole-population response rates. Methods: A pragmatic review of the published literature was undertaken, specifically to explore the most practical and resource-efficient ways to maximize lifestyle survey response rates to the most commonly used methods (postal surveys, face-to-face interviews, telephone interviews and electronic surveys). Electronic databases including MEDLINE, CINAHL, DARE, EMBASE and PsychINFO were searched. Empirical evidence published in the last 10 years was identified and citation tracking performed on all retrieved articles. An internet search for ‘grey literature’ was also conducted. Results: The postal questionnaire remains an important lifestyle survey tool, but reported response rates have decreased rapidly in recent years. Interviews and telephone surveys are recommended in order to supplement data from postal questionnaires and increase response rates in some population groups, but costs may be prohibitive. Electronic surveys are a cheaper alternative, but the empirical evidence on effectiveness is inconclusive. Careful planning and tailoring of survey design to the characteristics of target populations can increase response rates and representativeness of lifestyle survey data. Conclusions: The results of this pragmatic review could provide a valuable resource for those involved in the design and administration of lifestyle surveys.
Further Evidence on Institutional Ownership and Corporate Value

Whether institutional investors monitor corporations and improve firm value is a key question for corporate governance and investment management. I find little empirical support for the hypothesis that institutions undertake monitoring that increases firm quality and valuation. Granger causation tests show that while quality firms do attract institutional investment, institutions do not monitor and firm value subsequently declines. Instead, institutional incentives are critical; some institutions with strong incentives to monitor do, indeed, monitor. Institutions with concentrated portfolios successfully monitor while institutions with a larger percentage stake do not. Pensions and endowments are better monitors than insurers, banks and mutual funds.
Are Leveraged Firms Focused on the Short-Run? Evidence from Health and Safety Programs in U.S. Firms

Despite a well-documented profitability, health and safety (H&S) programs remain an uncommon investment among large U.S. companies. This article is the first to demonstrate a negative link between the financial leverage of firms and the implementation of H&S programs. This effect is robust to several empirical specifications and the introduction of various control variables. This finding is particularly relevant in a context of surging healthcare costs in the U.S. and in light of the documented value of H&S programs for U.S. firms. None of the theories explaining the link between leverage and investment provides an explanation for our results. The specificities of H&S programs shed a new light on the leverage/investment debate. Their long-term nature and their strong homogeneity across firms are consistent with the idea that leverage is detrimental to important long-term productivity investments.
Mars: A New Core-Crystallization Regime

The evolution of the martian core is widely assumed to mirror the characteristics observed for Earth's core. Data from experiments performed on iron-sulfur and iron-nickel-sulfur systems at pressures corresponding to the center of Mars indicate that its core is presently completely liquid and that it will not form an outwardly crystallizing iron-rich inner core, as does Earth. Instead, planetary cooling will lead to core crystallization following either a “snowing-core” model, whereby iron-rich solids nucleate in the outer portions of the core and sink toward the center, or a “sulfide inner-core” model, where an iron-sulfide phase crystallizes to form a solid inner core.
Treatment of diabetic kidney disease: current and future targets

Diabetic kidney disease (DKD) is a leading cause of end-stage renal disease in Korea and worldwide, and is a risk factor for the development of cardiovascular complications. The conventional treatments for DKD are control of blood glucose and blood pressure levels by inhibiting the renin-angiotensin system. However, the prevalence of DKD continues to increase and additional therapies are required to prevent or ameliorate the condition. Many drugs have been, or are being, developed to target the molecular mechanisms in play in DKD. This review focuses on DVD treatment, considering current and emerging therapeutic targets and the clinical trial-based evidence.
Evaluation of adrenal masses in patients with bronchogenic carcinoma using 18F-fluorodeoxyglucose positron emission tomography.

OBJECTIVE The purpose of this study was to assess the usefulness of positron emission tomography (PET) with 18F-fluorodeoxyglucose (FDG) when differentiating benign from metastatic adrenal masses in patients with bronchogenic carcinoma. SUBJECTS AND METHODS For our prospective study, any patient presenting to our institution with pathologically proven bronchogenic carcinoma and an adrenal mass was eligible. Thirty-three adrenal masses (mean size, 3 cm; range, 1-9 cm) in 27 patients were revealed by CT. PET was performed in all 27 patients and interpreted as positive when FDG uptake in the adrenal mass was greater than background activity or negative when FDG uptake in the adrenal mass was equal to or less than background activity. In addition, semiquantitative analysis was performed by computing a standardized uptake ratio. All studies were reviewed independently by three radiologists and then correlated with biopsy and CT findings. Specificity and sensitivity for determining metastatic disease to the adrenal gland were calculated. RESULTS FDG uptake was positive (abnormally increased) in 25 adrenal masses. Twenty-three (92%) of the 25 masses were metastatic disease. The mean standardized uptake ratio of these was 6.28 (range, 3.22-14.41). The remaining two masses (8%) that had positive FDG uptake showed no tumor at percutaneous biopsy. The standardized uptake ratio values for these two masses were 3.0 and 3.7. FDG uptake was negative (normal) in eight adrenal masses. All these lesions were benign as proven by biopsy (n = 2) and CT attenuation values of less than 10 H (n = 6). The mean standardized uptake ratio value for these eight lesions classified as benign was 1.77 (range, 0.93-3.70). The sensitivity for detecting metastatic disease was 100%, and the specificity was 80%. CONCLUSION PET with FDG is an accurate, noninvasive way to differentiate benign from metastatic adrenal masses in patients with bronchogenic carcinoma.
Voluntary Network Effects

The standard view of network effects and their legal implications relies on models where they are exogenously determined, an unavoidable attribute of the product in question. Here we question that assumption. Two methods of voluntary creation of network effects are studied - technological add-ons and pricing tactics. A firm can introduce one or both as a strategic decision to influence market structure - potentially shifting it from a relatively competitive environment, to monopoly. Models for each are presented, and public policy implications discussed.
Deregulation, strategic choice, risk and financial performance

This study explores the effects of regulation and deregulation on strategic choice and performance in the U.S. banking industry. Drawing on literature from strategic management, industrial organization economics, and organization theory, we develop a framework which suggests that regulatory scope and regulatory incrementalism influence strategic choice and performance. A path analytic model is used to empirically examine these influences. The results suggest that deregulation has direct effects on firms' strategic choices and both direct and indirect effects on risk and return.