Miracle-dz/UniFAR-FTUs huggingface dataset:
M&A negotiations with limited information: how do opaque firms buy and get bought?

We model theoretically and quantify empirically the impact of informational frictions on managerial decisions in the context of mergers and acquisitions. In particular, we focus on how bid premiums and methods of payment are affected by the bidder and target firms' degrees of opacity. To this end, we model the negotiation between bidder and target as a signaling game with two-sided private information. We then empirically test the model's predictions concerning the effects of target and bidder opacity on the simultaneous determination of the method of payment and the bid premium, by conditioning cross-sectionally on the basis of firms' stock trading properties, which we interpret as representative of individual firm opacity. Consistently with the predictions of our model, we find, by studying a sample of bids by and for U.S. publicly listed firms over the period 1985-2014, that both the likelihood of a stock bid and the bid premium increase with the opacity of the target, while the opacity of the bidder is related to lower bid premiums. JEL classification: G34, G14 Keywords: Asymmetric information, mergers and acquisitions, method of payment, bid premium
Competitive position of the food industry of the European Union on the global market

The conducted research is consistent with commercial trend of the research on competitiveness. The main goal was to assess the competitive position of the food industry of the European Union (EU) on the global market in the period 2000–2013. Used indicators are based on the results achieved in foreign trade: global market share, trade coverage ratio and revealed comparative advantage ratio. The food industry was de ﬁ ned on the basis of the aggregation of the departments 01–09, 11, 4 SITC Rev. 3. According to the research, the EU and the USA were the world’s largest exporters of the food industry products. Their importance in the world export decreases slightly in favour of such countries, as China and Brazil. A surplus in food trade achieved by the EU was small, especially as compared to Argentina. The conducted analysis demonstrates that the EU as a whole did not have comparative advantages in trade of food products over the countries not belonging to the Community.
Determinants of Mobile Health Adoption in Burundi

Mobile health (or mHealth) can be broadly defined as the use of mobile devices and technologies to provide healthcare services. The potential of mHealth interventions to address healthcare issues, particularly in developing countries, is widely recognised. Although mHealth has yielded positive outcomes in various contexts, there is a need for designing mHealth interventions that are specifically tailored to the context of individual countries to increase the prospects of adoption. It is in this context that, using the Diffusion of Innovation (DOI) theory, this paper investigates the determinants for the adoption of mobile health by healthcare professionals in Burundi. From a sample of 212 primary healthcare professionals, this paper analyses what can influence Burundi’s primary healthcare workers to adopt mobile health. The results indicate that the relative advantages associated with mHealth interventions are perceived as predictors of mHealth adoption in Burundi. Moreover, work-related factors coupled with one’s experience with mobile devices are the DOI compatibility factors that influence the adoption of mHealth by Burundi’s healthcare professionals. mHealth being a new concept with the Burundi’s healthcare system, trialability and observability were found to have a significant influence on its adoption. However, mHealth complexity was found to have no influence on mHealth adoption. This paper advocates for education and awareness programs tailored specifically towards mHealth adoption by primary healthcare workers. It further recommends that the country leverage its East African Community (EAC) membership by forging partnerships with other EAC members in order to be acquainted with and learn from evidence-based outcomes of successful mHealth interventions within the region.
Cerebral blood flow during static exercise in humans.

Cerebral blood flow (CBF) was determined in humans at rest and during four consecutive unilateral static contractions of the knee extensors. Each contraction was maintained for 3 min 15 s with the subjects in a semisupine position. The contractions corresponded to 8, 16, 24, and 32% of the maximal voluntary contraction (MVC) and utilized alternate legs. CBF (measured by the 133Xe clearance technique) was expressed by a noncompartmental flow index (ISI). Heart rate and mean arterial pressure increased from resting values of 73 (55-80) beats/min and 88 (74-104) mmHg to 106 (86-138) beats/min and 124 (102-146) mmHg, respectively (P less than 0.0005), during the contraction at 32% MVC. Arterial PCO2 and central venous pressure did not change. Corrected to the average resting PCO2, CBF during control was 55 (35-73) ml.100 g-1.min-1 and remained constant during contractions. Cerebral vascular resistance increased from 1.5 (1.0-2.2) to 2.4 (1.4-3.0) mmHg. 100 g.min.ml-1 (P less than 0.025) at 32% of MVC. There was no difference in CBF between the two hemispheres at rest or during exercise. In contrast to dynamic leg exercise, static leg exercise is not associated with an increase in global CBF when measured by the 133Xe clearance technique.
Informality, Labor Regulation, and the Business Cycle

Abstract We ask how labor regulation and informality affect macroeconomic volatility and the propagation of shocks in emerging economies. For this, we propose a small open economy business cycle model with frictional labor markets, endogenous labor participation, and an informal sector. Our own calculations from the ENOE national household survey reveal that these three margins are important to account for the labor market dynamics in Mexico. The model is calibrated to the Mexican economy, in particular to business cycle moments for employment and informality. We show that interest rate shocks, which affect specifically job creation in the formal sector, are key to obtain a countercyclical informality rate. In our model, the presence of an informal sector might help to mitigate the impact of a stringent labor regulation on employment and consumption fluctuations. In that sense, it adds flexibility to the economy in its adjustment to shocks, but at the cost of a lower productivity and an excess TFP and output volatility. Reducing the burden of labor regulation to the formal sector might achieve the goal of reducing output volatility while improving at the same time the efficiency in the allocation of resources.
Over-Declaration of Standard Essential Patents and Determinants of Essentiality

Not all Standard Essential Patents (SEPs) are actually essential – a phenomenon called over-declaration. IPR policies of standard-setting organizations require patent holders to declare any patents as SEPs that might be essential, without further SSO review or detailed compulsory declaration information. We analyze actual essentiality of 4G cellular standard SEPs. A declaration against a specific technical specification document of the standard is a strong predictor of essentiality. We also find that citations from and to SEPs declared to the same standard predict essentiality. Our results provide policy guidance and call for recognition of over-declaration in the economics literature.
Bone and Body Composition of Children and Adolescents With Repeated Forearm Fractures

DXA measurements in 90 children and adolescents with repeated forearm fractures showed reduced ultradistal radius BMC and BMD values and elevated adiposity, suggesting site‐specific bone weakness and high body weight increase fracture risk. Symptoms to cow milk, low calcium intakes, early age of first fracture, and overweight were over‐represented in the sample.
Relationship between Budget Participation, Budget Procedural Fairness, and Department director’s/ Budget manager’s activities: The Study of Asia-Pacific International University

This study investigates the correlation between budget participation, budget procedural fairness, and department director’s/budget manager’s performance at Asia-Pacific International University (AIU). Generally, department directors/budget managers do not seem interested in participating and sharing the important information they have with their supervisor while supervisors also seem uninterested of department director’s/budget manager’s ideas or information while preparing the annual budget. This study is a quantitative research, and a questionnaire was the main instrument for data collection. The questionnaires were distributed to the 38 department directors/budget managers of AIU. Multiple regression and multi correlation were used to test the variables. Overall, the analysis found no positive influence between budget participation and budget procedural fairness on department director’s/budget manager’s activities. Several limitations can be noticed in this study include population collected from only directors or budget managers of a small university. It also used only two variables, budget participation and budget procedural fairness, as an influence on department director’s/budget manager’s activities.
FACTORS AFFECTING KNOWLEDGE SHARING AMONG ESL UNDERGRADUATES IN COMPLETING COLLABORATIVE WRITING TASKS USING WIKI AND SKYPE

Computer-mediated communication (CMC) has become increasingly necessary in tertiary education as it supports collaborative learning among students. Hence, interaction using social networks such as email, Facebook, Wiki and Skype, provides a way for students to collaborate and share knowledge about their studies outside the classroom. However, using CMC tools where English is used as the medium of communication in completing collaborative writing tasks can be a challenge to ESL students. Studies have explored the factors that affect students’ participation and knowledge sharing in online collaborative learning such as social presence, trust, conflict, mutual influence, cohesion, and team leadership. Thus, this study aimed to find out which factors affect students’ knowledge sharing in online collaboration, and to identify which CMC tools benefit or limit collaborative learning. Twenty five ESL undergraduate English Language major students participated in the study. The data was collected through a questionnaire distributed to students after they completed two project- based writing tasks asynchronously on Wiki and synchronously on Skype. The results of the study revealed that social presence and team leadership are significantly affecting knowledge sharing through online collaborative learning, and students’ participation in online interaction is highly related to social presence and team leadership. Moreover, students indicated that Skype is more beneficial for collaborative learning, though they implied that Wiki can improve writing skills.
Role of Organizational Learning and Innovation in between High-performance HR Practices and Business Performance: A Study of Telecommunication Sector

The purpose of this study is to explore the role of the organizational learning (OL) and innovation as mediators between high-performance human resource practices (HPHRPs) and business performance (BP) in telecommunication sector. Census method has been used for data collection from employees working in telecommunication organizations in Jammu and Kashmir (North India). Reliability and validity have been proven with the help of confirmatory factor analysis. Structural equation modelling has been used for hypotheses testing. The results indicate that OL mediates the relationship between HPHRPs and innovation, whereas innovation does not mediate but moderates the relationship between OL and BP. So the final model evaluated the mediated-moderation effect of OL and innovation in between HPHRPs and BP. The theoretical and managerial implications have also been discussed.
Optimising energetic porous silicon performance

With the scaling down of integrated circuit silicon technology feature sizes, more functionality can be integrated onto a silicon chip, leading to the “More than Moore” concept. The porous silicon technology opened the door to several new novel applications, one of which is porous silicon being used as an energetic material. Several applications in the field of sensors and actuators are envisaged and the aim of this paper is to identify some of the optimal porous silicon and oxidiser parameters for high energy output. Of importance is the porosity and pore size of the porous silicon, as well as the type of oxidiser and filling of the pores with the oxidiser. The oxidiser NaClO4 was found to be the most energetic of the three oxidisers (Gd(NO3)3, S and NaClO4) investigated. Of more importance, it was found that for the most energetic reaction, the optimal pore size should be in the range 3 to 4 nm.
The Impact of Word of Mouth on Intention to Purchase Currently Used and other Brands

This paper measures how the impact of positive and negative word of mouth (PWOM, NWOM) is related to the receiver's intention to purchase brands, using shift in the intention to purchase as the measure of impact. It distinguishes between currently used and other brands, and finds that PWOM has more impact, and NWOM less, when these forms of advice are on the current brand. The PWOM effect persists among those who are disinclined to rebuy their current brand, so it is not based on preference. Similarly, the NWOM effect is not enhanced when respondents are disinclined to repurchase their current brand. To explain this phenomenon, we suggest that the current brand is better understood, making it easier for customers to accept PWOM and reject NWOM on it, irrespective of preference. This work, by showing that the response to WOM is relatively independent of preference, also indicates that bias based on preference may be a limited hazard in survey responses about WOM. When account is taken of the relative frequency of WOM on current and other brands, PWOM has twice as much effect on customer acquisition as customer retention, while NWOM has more than four times as much effect in deterring the acquisition of new buyers as it has on deterring customer retention. This evidence contributes to our understanding of how WOM acts to both retain and acquire customers.
IL-22BP dictates characteristics of Peyer’s patch follicle-associated epithelium for antigen uptake

Interleukin-22 (IL-22) acts protectively and harmfully on intestinal tissue depending on the situation; therefore, IL-22 signaling needs to be tightly regulated. IL-22 binding protein (IL-22BP) binds IL-22 to inhibit IL-22 signaling. It is expressed in intestinal and lymphoid tissues, although its precise distribution and roles have remained unclear. In this study, we show that IL-22BP is highly expressed by CD11b+CD8&agr;− dendritic cells in the subepithelial dome region of Peyer’s patches (PPs). We found that IL-22BP blocks IL-22 signaling in the follicle-associated epithelium (FAE) covering PPs, indicating that IL-22BP plays a role in regulating the characteristics of the FAE. As expected, FAE of IL-22BP–deficient (Il22ra2−/−) mice exhibited altered properties such as the enhanced expression of mucus and antimicrobial proteins as well as prominent fucosylation, which are normally suppressed in FAE. Additionally, Il22ra2−/− mice exhibited the decreased uptake of bacterial antigens into PPs without affecting M cell function. Our present study thus demonstrates that IL-22BP promotes bacterial uptake into PPs by influencing FAE gene expression and function.
Identification and Functional Characterization of the Neisseria gonorrhoeae lbpB Gene Product

ABSTRACT We cloned lbpB, encoding a predicted 80-kDa lipoprotein, upstream of lbpA. A nonpolar mutant (LbpB− LbpA+) had normal lactoferrin (LF) binding and grew normally with LF as an iron source, whereas LbpB− LbpA− and LbpB+LbpA− strains had reduced binding of LF and did not grow with LF as an iron source. LbpB bound LF directly in an affinity purification, suggesting that LbpB might play a still-uncharacterized role in the LF iron utilization.
The Competitive Effects of Common Ownership: Economic Foundations and Empirical Evidence

A large fraction of US public stock is held by institutional investors that frequently hold shares in multiple firms in the same industry ("common ownership"). Concerns have been raised that common ownership might harm competition if it confers influence over important strategic decisions. Using data from the airline industry, we estimate the effects of common ownership on airline prices using price regressions and a structural oligopoly model consistent with the theory of partial ownership proposed in O'Brien and Salop (2000). Contrary to recent empirical research based on the same data, we find no evidence that common ownership raises airline prices.
Order placement strategies across different trading platforms: an empirical approach

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This Offer Self-Destructs in 3… 2… 1…: Improving the Effectiveness of “That's-Not-All” Techniques in Promotional Emails

ABSTRACT This study investigated the “that's-not-all” (TNA) technique as a promotional strategy and offered suggestions for maximizing its effectiveness. The research contributes to current literature by addressing two moderating variables and their influence in aiding the process, time limitation, and internal reference price. Results denote a significant TNA impact overall on attitudes and perceptions of offer value. Ads featuring a 7-day time limit were even more influential on study participants, yet product internal reference price did not significantly impact participant attitudes or perceptions. Additionally, five focus groups were analyzed to assess consumer perceptions of TNA techniques and implications for the research.
The c-ring stoichiometry of ATP synthase is adapted to cell physiological requirements of alkaliphilic Bacillus pseudofirmus OF4

The c-rings of ATP synthases consist of individual c-subunits, all of which harbor a conserved motif of repetitive glycine residues (GxGxGxG) important for tight transmembrane α-helix packing. The c-ring stoichiometry determines the number of ions transferred during enzyme operation and has a direct impact on the ion-to-ATP ratio, a cornerstone parameter of cell bioenergetics. In the extreme alkaliphile Bacillus pseudofirmus OF4, the glycine motif is replaced by AxAxAxA. We performed a structural study on two mutants with alanine-to-glycine changes using atomic force microscopy and X-ray crystallography, and found that mutants form smaller c12 rings compared with the WT c13. The molar growth yields of B. pseudofirmus OF4 cells on malate further revealed that the c12 mutants have a considerably reduced capacity to grow on limiting malate at high pH. Our results demonstrate that the mutant ATP synthases with either c12 or c13 can support ATP synthesis, and also underscore the critical importance of an alanine motif with c13 ring stoichiometry for optimal growth at pH >10. The data indicate a direct connection between the precisely adapted ATP synthase c-ring stoichiometry and its ion-to-ATP ratio on cell physiology, and also demonstrate the bioenergetic challenges and evolutionary adaptation strategies of extremophiles.
Social Support as a Moderator for Alcohol-Related Partner Aggression During the Transition to Parenthood

Alcohol-related partner aggression is a pervasive social problem throughout various life stages, including the transition to parenthood. Previous research shows that alcohol use is associated with partner aggression perpetration for both men and women; however, not all individuals who consume alcohol act aggressively. In this study, the moderating effects of general social support and partner-specific support on the association between prepregnancy alcohol use and recent partner physical aggression are investigated using a community sample of 98 pregnant couples. For men, high levels of general appraisal social support (i.e., someone to talk to about one’s problems) increases the strength of the association between alcohol use and aggression perpetration, whereas partner-specific emotional support serves as a buffer. For women, general social support is not a significant moderator, but high levels of partner-specific instrumental support strengthens the association between alcohol use and aggression. These results can be applied to prevention and treatment programs for alcohol-related partner aggression.
Hepatitis C virus load and expression of a unique subset of cellular genes in circulating lymphoid cells differentiate non‐responders from responders to pegylated interferon alpha–ribavirin treatment

Based on investigations of liver biopsy material, certain cellular genes have been implicated as correlates of success or failure to interferon alpha–ribavirin (IFN/RBV) therapy against hepatitis C. The current study aimed at determining whether expression of host genes thought to be relevant to HCV replication in the liver would be correlated with HCV infection status in peripheral blood mononuclear cells (PBMCs) and also with patient responsiveness to IFN/RBV treatment. Therefore, PBMCs from patients with chronic hepatitis C responding (n = 35) or not (n = 49) to IFN/RBV and from healthy controls (n = 15) were evaluated for HCV RNA load and cellular gene expression. Non‐responders had 3‐ to 10‐fold higher basal levels of interleukin (IL)‐8, IFN‐stimulated gene 15 (ISG15), 2′,5′‐oligoadenylate synthetase (OAS), and Toll‐like receptors (TLR)‐4, ‐5, and ‐7 compared to responders. Non‐responders with similar post‐treatment follow‐ups as responders persistently expressed 6‐ to 20‐fold greater levels of IL‐8, ISG15, and OAS after therapy. Higher expression of IFN‐α, IFN‐γ, and IFN‐λ was found in PBMCs of individuals achieving sustained virological response, either before or after therapy. Pre‐treatment HCV RNA loads in PBMCs of non‐responders were significantly higher (P = 0.016) than those of responders. In conclusion, the data indicate that immune cells of responders and non‐responders to IFN/RBV therapy exhibited significantly different virological and host gene expression profiles. Elevated baseline HCV loads and TLR‐4, ‐5, and ‐7 levels, and persistently high levels of IL‐8, ISG15, and OAS were correlated with IFN non‐responsiveness. The results warrant further investigations on the utilization of PBMCs for predicting success or failure to IFN‐based therapies. J. Med. Virol. 85:441–448, 2013. © 2012 Wiley Periodicals, Inc.