Miracle-dz/UniFAR-FTUs huggingface dataset:
The Distribution of Common Stock Price Changes: An Application of Transactions Time and Subordinated Stochastic Models

The empirical distributions of price changes for speculative assets (e.g., common stocks, bonds, etc.) measured over calendar time yield a higher frequency of observations near the mean and at the tails than would be expected for a normal distribution. The sample kurtosis is almost always greater than 3—the value expected for a normal distribution—and the distributions are commonly characterized as fat-tailed and peaked (i.e., leptokurtic).
The role of trust in organisational innovativeness

– The purpose of this paper is to analyse the effects of the dimensions of organisational trust on organisational innovativeness in a relatively large survey sample of the information and communication technology (ICT) and paper and pulp industries in Finland. , – Organisational trust is deemed to consist of both interpersonal and impersonal types of trust. The empirical part of the study shows the relationship between various types of trust and dimensions of organisational innovativeness. Quantitative empirical analysis is based on a survey of 40 organisational units and 214 respondents within the ICT and paper and pulp industries. , – The impact of different types of organisational trust on dimensions of organisational innovativeness was analyzed. The results imply that the impersonal form in particular, namely institutional trust, has an important role in determining organisational innovativeness. , – This study contributes both to the literature on organisational innovativeness, as well as to the emerging theory on trust, in its approach to trust as not only an interpersonal issue, but also as something with impersonal aspects. , – It is suggested that managers should pay special attention to impersonal forms of trust, i.e. to the institutional dimension of organisational trust. Above all, institutional trust and its development could be seen as a strategic question for companies. , – This study makes a significant theoretical contribution by examining the linkages between various dimensions of organisational trust and organisational innovativeness, which have previously been studied only to a very minor extent. It thus provides a richer understanding of the relationship between organisational trust and innovativeness.
The Effects of Participation on Job Motivation, Job Satisfaction and Work Practices: A Case Study in a Heavy Engineering Workshop†

The effect of participation on employee responses was investigated in a participative team and a number of non-participative work groups in a heavy engineering workshop. In the participative team the members met weekly with their supervisor to address work-related problems. The non-participative groups continued to perform their tasks with the traditional work practices, which did not include problem-solving sessions. It was demonstrated that after installation of participation, the participating team experienced a higher perception of involvement in decision-making, were more satisfied in their work, but suffered a greater loss of job motivation than the non-participative groups. A most important outcome was that the participative team installed a better set of work practices, which led to a number of new initiatives about the work site. These findings are described
Standard Form Contracts as Transnational Law: Evidence from the Derivatives Markets

This paper uses new research into the derivatives markets to develop our understanding of standard form contracts as transnational law and to show how transnational law theory may be usefully informed by empirical work. Traditionally, it has been assumed that international business communities seek to avoid the courts. However, the paper shows that the national courts play a prominent role in adjudicating disputes involving derivatives. Basing the discussion on the detail of these decisions by the English courts, the paper demonstrates that adjudication does not necessarily undermine widely used standard form contracts, and that it may even reinforce practices that underpin them. This is particularly the case where there is imperfect co-incidence between a trade association's members and a standard form contract's users. Having explored recent cases, the paper reconciles its findings with a more open and imaginative account of the role of national courts within transnational law theory.
A Moral Solution to the Moral Hazard Problem

In agency theory, offering a flat salary contract under unobservable effort creates a moral hazard problem because the agent is motivated to shirk and provide less than a previously agreed-upon level of effort. We examine a moral solution to this moral hazard problem. In particular, we present a principal-agent model where the agent possesses some level of moral sensitivity that causes him disutility if he provides less than the agreed-upon level of effort. We examine the interplay between moral sensitivity and firm productivity in determining the optimal salary contract, and contrast our moral solution with the traditional incentive solution that becomes necessary when moral sensitivity is assumed to be zero. This allows us to highlight the benefits of the agent's moral sensitivity to both the principal and the agent, and thereby, point out the potential cost of ignoring this moral sensitivity. We conclude that adding moral sensitivity increases the descriptive, prescriptive, and pedagogical usefulness of the principal-agent model.
Post-flood — Infectious Diseases in Mozambique

Abstract Introduction: The types of medical care required during a disaster are determined by variables such as the cycle and nature of the disaster. Following a flood, there exists the potential for transmission of water-borne diseases and for increased levels of endemic illnesses such as vector-borne diseases. Therefore, consideration of the situation of infectious diseases must be addressed when providing relief. The Japan Disaster Relief ( JDR) Medical Team was sent to Mozambique where a flood disaster occurred during January to March 2000. The team operated in the Hokwe area of the State of Gaza, in the mid-south of Mozambique where damage was the greatest. Methods: An epidemiological study was conducted. Information was collected from medical records by abstracting data at local medical facilities, interviewing in habitants and evacuees, and conducting analyses of water. Results: A total of 2,611 patients received medical care during the nine days. Infectious diseases were detected in 85% of all of patients, predominantly malaria, respiratory infectious diseases, and diarrhea. There was no outbreak of cholera or dysentery. Self-reports of the level of health decreased among the flood victims after the event. The incidence of malaria increased by four to five times over non-disaster periods, and the quality of drinking water deteriorated after the event. Conclusions: Both the number of patients and the incidence of endemic infectious diseases, such as malaria and diarrhea, increased following the flood. Also, there was a heightening of risk factors for infectious diseases such as an increase in population, deterioration of physical strength due to the shortage of food and the temporary living conditions for safety purposes, and turbid degeneration of drinking water. These findings support the hypotheses that there exists the potential for the increased transmission of water borne diseases and that there occurs increased levels of endemic illnesses during the post-flood period.
Risk Factors for Severe Hyperbilirubinemia in Neonates

The incidence of severe neonatal hyperbilirubinemia is higher in Asians than in whites. A case-control study was designed to investigate the effects of eight known risk factors [breast feeding, ABO incompatibility, premature birth, infection, cephalohematoma, asphyxia, glucose-6-phosphate dehydrogenase (G6PD) deficiency, and variant UDP-glucuronosyltransferase 1A1 (UGT1A1) gene] and a suspicious analog [organic anion transporter 2 (OATP 2) gene] on severe hyperbilirubinemia in Taiwanese neonates. The 72 study subjects and 100 hospital control subjects consisted of neonates with peak serum bilirubin levels ≥342 μM and <256.5 μM, respectively. The PCR–restriction fragment length polymorphism method was applied to detect the UGT1A1, OATP 2, and G6PD genes. The results of multivariate logistic regressions, adjusted for covariates, revealed odds ratios (ORs) of 4.64 [95% confidence interval (CI): 2.25–9.57; p < 0.001], 3.36 (95% CI: 1.54–7.35; p = 0.002), and 3.02 (95% CI: 1.30–6.99; p = 0.010) for neonates who were fed with breast milk, and carry the variant UGT1A1 gene at nucleotide 211 and the variant OATP 2 gene at nucleotide 388, respectively. The ORs, adjusted for covariates, for the other six risk factors were not statistically significant. The ORs in neonates who had one, two, and three significant risk factors were 8.46 (95% CI: 2.75–34.48; p < 0.001), 22.0 (95% CI: 5.50–88.0; p < 0.001), and 88.0 (95% CI: 12.50–642.50; p < 0.001), respectively. In conclusion, neonates who carry the 211 and 388 variants in the UGT1A1 and OATP 2 genes, respectively, as well as feed with breast milk are at high risk to develop severe hyperbilirubinemia.
Risk, Uncertainty, and Divergence of Opinion

THE THEORY OF investor behavior in a world of uncertainty has been set out by several writers including Sharpe (1964) and Lintner (Feb. 1965). A key assumption of the now standard capital asset model is what Sharpe calls homothetic expectations. All investors are assumed to have identical estimates of the expected return and probability distribution of return from all securities. However, it is implausible to assume that although the future is very uncertain, and forecasts are very difficult to make, that somehow everyone makes identical estimates of the return and risk from every security. In practice, the very concept of uncertainty implies that reasonable men may differ in their forecasts. This paper will explore some of the implications of a market with restricted short selling in which investors have differing estimates of the returns from investing in a risky security. ' Explanations will be offered for the very low returns on the stocks in the highest risk classes, the poor long run results on new issues of stocks, the presence of discounts from net value for closed end investment companies, and the lower than predicted rates of return for stocks with high systematic risk.
Cytoplasmic expression of p27(kip1) is associated with a favourable prognosis in colorectal cancer patients.

AIM To evaluate the prognostic significance of p27(kip1) in colorectal cancer patients. METHODS Cytoplasmic and nuclear p27(kip1) expression was evaluated in 418 colorectal cancers using tissue microarrays. Data were associated with known patient and tumor variables and long-term patient outcomes, providing further insight into the mechanisms by which p27(kip1) may influence tumor development. RESULTS Nuclear and cytoplasmic p27(kip1) expressions were detected in 59% and 19% of tumors respectively. Cytoplasmic p27(kip1) was almost invariably associated with positive nuclear p27(kip1) expression. Neither case correlated with known clinical or pathological variables, including tumor stage, grade or extramural vascular invasion. Furthermore, nuclear p27(kip1) expression had no impact on survival. However, we identified a significant correlation between expression of cytoplasmic p27(kip1) and longer disease-specific survival times. On multivariate analysis, TNM stage and extramural vascular invasion were highly significant independent prognostic factors, with positive cytoplasmic p27 expression showing a trend towards improved patient survival (P = 0.059). CONCLUSION These findings support the recent evidence that cytoplasmic p27(kip1) has a distinct and important biological role that can influence tumor outcome.
Transactions Costs and Holding Periods for Common Stocks

Yakov Amihud and Haim Mendelson (1986) and George Constantinides (1986) provide a theoretical basis for the proposition that assets with higher transactions costs are held by investors for longer holding periods, and vice versa. The authors examine average holding periods and bid-ask spreads for Nasdaq stocks from 1983 through 1991 and for New York Stock Exchange (NYSE) stocks from 1975 through 1989 and find strong evidence that, as predicted, the length of investors' holding periods is related to bid-ask spreads. They also find that the relation between holding periods and bid-ask spreads is much stronger on Nasdaq, where spreads are larger, than on the NYSE, where spreads are smaller. Copyright 1997 by American Finance Association.
Problems completing questionnaires on health status in medical rehabilitation patients.

OBJECTIVE The validity of health status questionnaires in patients attending medical rehabilitation services has been questioned. The objectives of this study were to identify problems that patients have in completing different health status questionnaires, and thus identify possible major pitfalls in interpretation of the scores. METHODS The study comprised a consecutive sample of 105 patients scheduled for inpatient rehabilitation who had completed a health status questionnaire prior to admission. They underwent a cognitive interview at admission (response rate 95.5%). RESULTS Patients were motivated to provide the clinic with a clear-cut picture of their illness and life situation. However, the content and response formats of the questionnaire were not specifically tailored to meet their motivation. For example, time-references predefined in the instructions were not meaningful to patients with variable symptoms. Patients' understanding of response categories was found to be ambiguous. In cases of uncertainty, patients were likely to select the "normal" middle category of response. DISCUSSION It is important to be aware of the problems that rehabilitation patients have in providing answers to health-related questions, because these problems are likely go unnoticed, since patients tend to provide answers even in cases of uncertainty. Instruments need to be tailored towards the motivational states, needs, cognitive capacities and subjective meanings of the respondents.
Harvesting the “Business Test Trip”: Converting Business Travelers to Holidaymakers

ABSTRACT A destination has no chance of being chosen unless it is part of a tourist's early consideration set (Crompton & Ankomah, 1993), implying the tourist's awareness of the destination. Raising awareness for a destination is challenging, especially in times of global competition. We investigate a common, yet empirically untested, assumption that business travelers can be converted to holidaymakers at the same destination at a future point in time. Empirical results indicate that business travelers do use business trips to a new destination to assess the potential for future leisure travel. Marketing strategies which destinations could deploy to entice business travelers back as holidaymakers are discussed.
Does derivatives trading destabilize the underlying assets? Evidence from the Spanish stock market

This paper analyses the effect of the introduction of derivatives (futures and options) in the Spanish market on the volatility and on the trading volume of the underlying index. The period analysed covers from October 1990 to December 1994. To study this effect, a GJR model is used. It is found, that although the asymmetry coefficient has increased, the conditional volatility of the underlying index declines after derivative markets are introduced. The trading volume of Ibex-35 increases significantly. Consequently, the introduction of the derivative contracts in Spain confirms a decrease in uncertainty in the underlying market and an increase in liquidity, which possibly enhances their efficiency.
Globalization, Financial Crisis, and Industrial Relations: The Case of South Korea

The South Korean case shows that the globalization trend in the 1990s and the 1997-1998 financial crisis had two contrasting effects on labor rights. First, these developments resulted in negative labor market outcomes: increased unemployment, greater use of contingent workers, and widened income inequalities. On the other hand, they led international organizations such as the Organization for Economic Co-operation and Development (OECD) and the International Labor Organization (ILO) to play important roles in improving labor standards in Korea. Also, continued restructuring drives prompted unions to merge into industrial unions and wage strikes with increased frequency and intensity. Contrary to the common belief, the Korean case shows that globalization and intensified competition resulted in stronger and strategic responses from labor by stimulating employees' interest in and reliance on trade unionism.
Foreign direct investment, financial development and economic growth

This article argues that the development of the financial system of the recipient country is an important precondition for FDI to have a positive impact on economic growth. A more developed financial system positively contributes to the process of technological diffusion associated with FDI. The article empirically investigates the role the development of the financial system plays in enhancing the positive relationship between FDI and economic growth. The empirical investigation presented in the article strongly suggests that this is the case. Of the 67 countries in data set, 37 have a sufficiently developed financial system in order to let FDI contribute positively to economic growth. Most of these countries are in Latin America and Asia.
Does the Pecking Order Hypothesis Explain the Dividend Payout Ratios of Firms in the UK

This study tests the pecking order hypothesis on data of 224 firms in the UK over the period 1993–96 inclusive. Evidence observed supports the prediction of the hypothesis that there is a negative interaction between the long term value of dividend payout ratio and investment. The evidence also indicates that financial leverage has a positive interaction with dividend payout ratio but no significant interaction with investment. While investment has a significant positive influence on financial leverage, financial leverage does not have a significant influence on investment. It is also observed that irrecoverable advance corporation tax (ACT) has a positive, albeit weak, influence on dividend payout ratio and that overseas profit has a negative influence on the ratio. The results of the study agree with the previous evidence with regard to the influence of dividend payout ratio on investment and financial leverage, and the influence of investment on financial leverage. However, the results contradict the previous evidence reported by Baskin (1989) and Allen (1993) about the influence of financial leverage on investment. While the previous studies observed that financial leverage has a positive influence on investment, this study finds that financial leverage does not have a significant influence on investment. The main contributions of the study are that (1) it provides some evidence that there is a negative interaction between dividend payout ratio and investment and a positive interaction between dividend payout ratio and financial leverage, (2) it provides some evidence about the effects of overseas profit and irrecoverable ACT on dividend payout and (3) its results suggest that the recent abolition of the refund of ACT is justified on the ground that it may affect investment and growth in the UK.
Improved fatigue in individuals with multiple sclerosis after participating in a short-term self-care programme.

BACKGROUND Fatigue is among the most common, yet least understood symptoms of Multiple Sclerosis (MS). The debilitating symptoms of MS can have adverse effects on the sufferer's self-esteem. We report the effect of a short-term self-managed graded exercise programme on fatigue and self-esteem of patients with MS. METHODS Thirty-four (age range: 20-50, mean: 29.7 years; M:F 0.7:1.0) patients with MS who lived in Tehran and were not physically disabled entered the study. Self-esteem score was measured with the Persian translation of the Coopersmith Self-Esteem Inventory. Fatigue was evaluated with a visual analogue scale. The patients performed the self-managed techniques for 6 weeks. Self-esteem and fatigue were evaluated once more after the self-managed graded exercise programme. RESULTS On paired sample test, the self-esteem score of the patients was significantly different before (53.9) and after (68.1) the self-managed graded exercise programme (P<0.0001). The score of fatigue was also significantly different before (4.59) and after (5.76) the intervention (P<0.0001). CONCLUSIONS This study can provide us with important insights into our understanding of the potential for developing self-care training as an alternative in rehabilitation of the patients with MS. Self-managed graded exercise programme may be considered as an alternative to direct nursing services for patients with MS.
Spinal arteriovenous malformations: new classification and surgical treatment.

OBJECT Spinal vascular malformations represent rare and insufficiently studied pathological entities characterized by considerable variation. Insufficient study of this disease is connected with the complexity of its diagnosis, which restricts the development of surgical treatments that are differentiated according to the type of malformation. Great difficulties are caused by the lack of a clear structural-hemodynamic classification of spinal arteriovenous malformations (AVMs). At present the classification created between 1991 and 1998 by the combined efforts of different authors is the most widely used one. According to this classification, four categories are distinguishable: Type I, dural arteriovenous fistulas (AVFs); Type II, intramedullary glomus AVMs; Type III, juvenile or combined AVMs; and Type IV, intradural perimedullary AVFs. Vascular tumors are also classified, as follows: hemangiomas, hemangioblastomas, angiosarcomas, hemangiopericytomas, angiofibromas, angiolipomas, and hemangioendotheliomas, as well as cavernous malformations. METHODS In this study the authors analyze the diagnostic data and results of treatment in 91 patients with AVMs and AVFs who were treated at the Institute of Neurosurgery between 1995 and 2005. The patients' ages ranged from 9 to 83 years; the mean age was 42.9 years. For spinal vascular malformations we devised a classification that took into account the aforementioned features of AVMs: the anatomical characteristics of a malformation and its angiostructural and hemodynamic features. In all patients the neuroimaging modalities used in the investigation of their lesions included magnetic resonance (MR) imaging and selective spinal angiography. Three-dimensional computerized tomography angiography studies were obtained in 14 patients, and MR angiography was used in 17. CONCLUSIONS For successful surgical treatment of spinal AVMs it is necessary to obtain data about their localization, vascular structure, and hemodynamics that are as complete as possible. This information will promote the use of optimum surgical procedures and the latest methods of microsurgical and endovascular interventions, with treatments differentiated according to the type of malformation. One should try to use the least invasive endovascular approach in these cases,where possible, to occlude the AVM or reduce the intensity of blood flow by means of embolization. To perform an AVM resection or occlusion, one should use a direct approach to the malformation, blocking only the vessels supplying blood to the malformation and preserving the vessels feeding the spinal cord.