Miracle-dz/UniFAR-FTUs huggingface dataset:
Jumping the Gates: Using Beta-Overlay Strategies to Hedge Liquidity Constraints

In response to the current financial crisis, a number of hedge funds have implemented “gates” on their funds that restrict withdrawals when the sum of redemption requests exceeds a certain percentage of the fund’s total assets. To reduce the investor’s risk exposures during these periods, we propose a futures overlay strategy designed to hedge out or control the common factor exposures of gated assets. By taking countervailing positions in stock, bond, currency, and commodity exposures, an investor can greatly reduce the systematic risks of their gated assets while still enjoying the benefits of manager-specific alpha. Such overlay strategies can also be used to reposition the betas of an investor’s entire portfolio, effectively rebalancing asset-class exposures without having to trade the less liquid underlying assets during periods of market dislocation. To illustrate the costs and benefits of such overlays, we simulate the impact of a simple beta-hedging strategy applied to long/short equity hedge funds in the TASS database.
Does Industrial Organization Explain the Dividend Policy of Japanese Firms?

We use Keiretsu affiliation to analyze the dividend policy of Japanese firms. Assuming that Keiretsu membership provides monitoring benefits and reduces information asymmetries between managers and investors, we test (1) whether dividend changes are more sensitive to growth opportunities for Keiretsu affiliates and (2) whether dividend increases are more closely associated with future profitability increases for unaffiliated firms. Our results do not support the overinvestment hypothesis as both Keiretsu affiliates and non-affiliates increase dividend payments when growth indicators are strong. In contradiction with the signaling hypothesis, dividend increases do not point toward increases in net and operating profitability. However, dividend increases are followed by significant increases in net and operating profits as well as persistent sales growth. We rationalize this finding by assuming that signaling is directed towards the firm's creditors and industrial partners rather than its shareholders. This interpretation is consistent with Japan's distinctive industrial organization.
Population dynamics and antimicrobial resistance of the most prevalent poultry-associated Salmonella serotypes.

Salmonella spp. is the most predominant bacterial cause of foodborne gastroenteritis in humans. Due to the risk of human infection associated with poultry products and the prevalence of antimicrobial resistance, Salmonella also poses a significant challenge to commercial poultry production. During the last decade (2002 to 2012), the 12 most prevalent poultry-associated Salmonella serotypes (MPPSTs) were frequently and consistently isolated from poultry products in the United States. These MPPSTs and their percent prevalence in poultry products include Kentucky (4%), Enteritidis (2%) Heidelberg (2%), Typhimurium (2%), S. I 4,[5],12:i:- (0.31%), Montevideo (0.20%), Infantis (0.16%) Schwarzengrund (0.15%), Hadar (0.15%), Mbandaka (0.13%), Thompson (0.12%), and Senftenberg (0.04%). All MPPSTs except Kentucky are among the top 30 clinically significant serotypes that cause human illnesses in the United States. However with the exception of a few widely studied serotypes such as S. Enteritidis and Typhimurium, the ecology and epidemiology of the majority of MPPSTs still remain poorly investigated. Published data from the United States suggests that MPPSTs such as Heidelberg, Typhimurium, Kentucky, and Sentfenberg are more likely to be multi-drug resistant (MDR, ≥3 antimicobial classes) whereas Enteritidis, Montevideo, Schwarzengrund, Hadar, Infantis, Thompson, and Mbandaka are generally pan-susceptible or display resistance to fewer antimicobials. In contrast, the majority of MPPSTs isolated globally have been reported to display MDR phenotype. There also appears to be an international spread of a few MDR serotypes including Kentucky, Schwarzengrund, Hadar, Thomson, Sentfenberg, and Enteritidis, which may pose significant challenges to the public health. The current knowledge gaps on the ecology, epidemiology, and antimicrobial resistance of MPPSTs are discussed.
Determinants of Voluntary Disclosure in the Banking Sector: An Empirical Study

This study investigates the extent and determinants of total voluntary disclosure and disclosure categories in financial and non-financial reports of banking companies listed on the Kazakhstan Stock Exchange. In particular, we examine the association between voluntary disclosure and governance factors, such as board size and board composition. We also examine how bank size and age explain variation in voluntary disclosure index. The empirical results suggest that the number of outside directors has the most significantly positive impact on disclosure score. Increase in bank size also leads to higher degree of voluntary reporting. However, the findings provide evidence that voluntary reporting does not improve over time.
p53 regulates enhancer accessibility and activity in response to DNA damage

Abstract The tumor suppressor p53 is a well-characterized transcription factor that can bind gene promoters and regulate target gene transcription in response to DNA damage. Recent studies, however, have revealed that p53 binding events occur predominantly within regulatory enhancer elements. The effect of p53 binding on enhancer function has not been systematically evaluated. Here, we perform a genome-scale analysis of enhancer activity from p53-bound sequences using a series of massively parallel reporter assays (MPRAs) coupled with the assay for transposase-accessible chromatin (ATAC-Seq). We find that the majority of sequences examined display p53-dependent enhancer activity during the DNA damage response. Furthermore, we observe that p53 is bound to enhancer elements in healthy fibroblasts and poised for rapid activation in response to DNA damage. Surprisingly, our analyses revealed that most p53-bound enhancers are located within regions of inaccessible chromatin. A large subset of these enhancers become accessible following DNA damage indicating that p53 regulates their activity, in part, by modulating chromatin accessibility. The recognition and activation of enhancer elements located within inaccessible chromatin may contribute to the ability of the p53 network to function across the diverse chromatin landscapes of different tissues and cell types.
Linkage disequilibrium mapping in populations of variable size using the decay of haplotype sharing and a stepwise‐mutation model

Linkage‐disequilibrium (LD) mapping is a powerful tool for fine‐mapping disease genes. Recently, McPeek and Strahs [(1999) Am J Hum Genet 65:858‐875] proposed a multilocus model for LD mapping based on the decay of haplotype sharing. Here we extend their approach in two ways. First, instead of assuming each marker allele has an equal chance to mutate to one of the other marker alleles, we use the stepwise‐mutation model to describe the mutation process for microsatellite markers. Second, in addition to the independence model and the constant population size model they considered, we model the dependence among observed haplotypes due to population structure by using a general conditional‐coalescent model with variable population size. Through simulation studies, we study the effects of the stepwise‐mutation model and variable population size on the estimates of disease gene location, mutation rate, and time to the most recent common ancestor of the sampled haplotypes. We then use this method to analyze progressive myoclonus epilepsy data. Genet. Epidemiol. 19(Suppl 1):S99–S105, 2000. © 2000 Wiley‐Liss, Inc.
Bitcoin: The Next Revolution in International Payment Processing? An Empirical Analysis of Potential Use Cases

Despite a high volatility and the recent fall in price, more and more merchants and consumers adopt Bitcoin. The virtual currency might be standing at its critical point to reach the early majority of adopters. This paper examines whether an application called ChangeTip has the potential to catalyze the breakthrough of Bitcoin. We assume a strong linkage between the diffusion of ChangeTip and Bitcoin so that we can directly deduce the impact of this application on Bitcoin. Results from a conducted online survey of 210 potential early adopters indicate that the diffusion of ChangeTip has the potential to advance the diffusion of Bitcoin to mainstream markets. We found that performance expectancy is the key driver for the intention to recommend ChangeTip. Also, effort expectancy, social influence and facilitating conditions are important factors for recommending ChangeTip. Concerning the intention to use ChangeTip in the future, performance expectancy and social influence are the main drivers. Furthermore, facilitating conditions are important for using ChangeTip. In addition, an analysis of the non-user of Bitcoin and ChangeTip was conducted. Theoretical and practical implications of these results are discussed.
Mixed Industry Outcomes in Oligopoly Markets with Socially Concerned Firms

In this paper we study the long run evolution of a mixed oligopoly market where profit-maximizing firms and socially concerned firms compete in quantities. We consider an evolutionary setting based on payoff-monotone selection dynamics with N-firm matching which captures the endogenous profit-maximizing choice of the business objective of firms. We argue that in long run outcomes where both types of firms coexist the McWilliams-Siegel-neutrality result necessarily holds. We contrast the outcomes with predictions derived by employing the concept of coalition stability. First, we show that overall the two stability concepts predict the same ranges for the level of social concern which yield mixed market outcomes. Additionally, coalition stability allows predictions about particular coalitions on subintervals of these ranges. Second, our analysis reveals that a medium level of social concern is preferable in terms of long run survival if firms select a social strategy. Third, there is a non-monotonic influence of the competitiveness of the industry measured by the number of firms and the long run survival. In particular, if a social strategy entails higher marginal production costs, a social strategy is more effective if the number of firms is not too high. Third and finally, although in most cases the presence of socially concerned firms is welfare-enhancing, we demonstrate that in the case of associated higher marginal costs a market which consists of socially concerned firms might be less preferable in terms of welfare than a market with just profit-maximing firms.
Can Financial Flexibility Explain the Debt Conservatism Puzzle? Cross-Country Evidence from Listed Firms

The question why firms voluntarily forgo considerable portions of their debt capacity is puzzling financial economists. Across a wide range of industries and countries, empirically observed equity ratios are significantly higher as expected by classical capital structure theories. A potential explanation is provided by the financial flexibility theory, which was recently put forward in the theoretical literature. Under this view, firm choose long-run optimal target debt levels that balance tax advantages from debt against not only distress costs, but also against the opportunity cost of restricting their future financial flexibility. While theoretically financial flexibility theory may explain debt conservatism, empirical support for this view is still very limited. In this paper we test the financial flexibility theory on a large sample of publicly traded European firms from 1998 to 2008. Based on a novel measure of financial flexibility our empirical analysis provides robust evidence that firms maintain lower leverage ratios if financial flexibility is particularly valuable for them. The impact of financial flexibility on leverage is of both high statistical and economic significance. Overall, our findings demonstrate that the desire to preserve financial flexibility is an important although hitherto largely ignored capital structure determinant.
Patterns of HIV-1 Drug-Resistance Mutations among Patients Failing First-Line Antiretroviral Treatment in South India

Background: Although highly active antiretroviral therapy has improved the quality of life among HIV-infected people in India, the emergence of drug resistance along with the limited access and affordability to routine monitoring continues to be a challenge worldwide. Methods: The frequency and patterns of HIV-1 drug-resistance mutations among the first-line failing HIV-infected patients attending a hospital in Salem, Tamil Nadu, India, were genotypically analyzed using the online Stanford HIV Database. Results: Of the study patients followed up for 6 months, 23 patients failed first-line therapy and the mutation of I135R/T/V/X, L178 I/M, M184V/I, D67N, K70R, and K103N was most common. Phylogenetic analysis revealed that most of these patients belonged to HIV subtype C. Conclusion: The study documents the frequency of nucleoside reverse transcriptase inhibitor and nonnucleoside reverse transcriptase inhibitor mutations that are prevalent in the first-line failing HIV-infected patients of South Indian region and adds up to the data for developing future algorithms to study the drug-resistance mutations of HIV subtype C. Thus, the results of the study call for the need for rational approach for selecting and for frequent viral monitoring to be performed to detect failure, followed by genotyping.
Organizational Capabilities in Product Development of Japanese Firms: a Conceptual Framework and Empirical Findings

Using a large-scale data set on product development organizations of Japanese manufacturing firms, this paper explores the effects of organizational capabilities on product development performance. We present a conceptual framework assuming that organizational capabilities consist of multilayered knowledge. Based on the idea, we classify organizational capabilities into "local," "architectural," and "process" capabilities along two dimensions: modularity and designability. The empirical analysis demonstrates differential effects of different types of organizational capabilities on different types of product development performance, and compares the differential effects between two types of industries that differ in terms of their product characteristics: system based and material based. The central message from our analysis is that the process capabilities emerging from dynamic interaction of knowledge play a crucial role as core capabilities for product development of Japanese firms in the system-based industries in which Japanese firms are relatively competitive. In the material industries, ho wever, local capabilities have major effects on performance while effects of process capabilities are limited, which underlies the relative weakness of Japanese firms in developing material-based products. Our results raise some intriguing implications on the competitive advantages and challenges of Japanese firms' product development.
Addressing Inequities in Access to Health Products through the Use of Social Marketing, Community Mobilization, and Local Entrepreneurs in Rural Western Kenya

While social marketing can increase uptake of health products in developing countries, providing equitable access is challenging. We conducted a 2-year evaluation of uptake of WaterGuard, insecticide-treated bednets (ITNs), and micronutrient Sprinkles in Western Kenya. Sixty villages were randomly assigned to intervention and comparison groups. Following a baseline survey (BL), a multifaceted intervention comprising social marketing of these products, home visits by product vendors from a local women’s group (Safe Water and AIDS Project, or SWAP), product promotions, and modeling of water treatment and safe storage in was implemented in intervention villages. Comparison villages received only social marketing of WaterGuard and ITNs. We surveyed again at one year (FU1), implemented the intervention in comparison villages, and surveyed again at two years (FU2). At BL, 90% those reported ever purchasing a product from the vendor. WaterGuard () and ITNs () were purchased less frequently by lower-SES than higher-SES households; Sprinkles, the least expensive product, was purchased equally across all quintiles.
Sustainable wetland resource utilization of Sango Bay through Eco-tourism development

Defining and achieving sustainable development is a major issue for policy debates both in the developed and developing countries. Eco-tourism as an important niche market in the world tourism industry has been embraced by developing countries like Uganda, which are trying to use tourism as an engine of national development. It embraces environmental conservation, maintenance of biodiversity, a satisfying experience for the visitors, study and appreciation of nature and sustainable community development. Eco-tourism development is expected to achieve three major goals (3P) namely: Profits (economic), People (Social cultural benefits to communities and tourists) and Place (biodiversity conservation). Based on a research conducted in Sango Bay wetland of Rakai district in Uganda, this paper evaluates the socio-economic benefits of consumptive utilization practices of wetland resources, the recreation and Eco-tourism potential of the wetland, its sustainability and contribution to poverty reduction among the surrounding communities. Secondary data from diverse sources was used to complement primary data collected through Focus Group Discussions (FGD) questionnaires and Participatory Rural Appraisal techniques. The results indicate dominance of consumptive resource utilization practices and the failure to reduce poverty levels. The eco-system is rich in flora and fauna which are important for eco-tourism development. Potential eco-tourism projects, which can be introduced in the wetland for sustainable resource utilization and poverty reduction, are proposed. Key words : Ecotourism, sustainable tourism development, poverty reduction.
Neural processes of preparatory control for stop signal inhibition

This study investigated the preparatory control of motor inhibition and motor execution using a stop signal task (SST) and functional magnetic resonance imaging (fMRI). In the SST, a frequent “go” signal triggered a prepotent response and a less frequent “stop” signal prompted the inhibition of this response. Preparatory control of motor inhibition and execution in the stop signal trials were examined by contrasting brain activation between stop success and stop error trials during the fore‐period, in which participants prepared to respond to go or to stop. Results from 91 healthy adults showed greater activation in the right prefrontal cortex and inferior parietal lobule during preparatory motor inhibition. Preparatory motor execution activated bilateral putamen, primary motor cortices, posterior cingulate cortex, ventromedial prefrontal cortex, and superior temporal/intraparietal sulci. Furthermore, the extents of these inhibition and execution activities were inversely correlated across subjects. On the basis of a median split of the stop signal reaction time (SSRT), subjects with short SSRT showed greater activity in the right orbital frontal cortex during preparatory inhibition. These new findings suggest that the go and stop processes interact prior to target presentation in the SST, in accord with recent computational models of stop signal inhibition. Hum Brain Mapp, 2012. © 2011 Wiley Periodicals, Inc.
Quality of life in smokers: focus on functional limitations rather than on lung function?

BACKGROUND The Global Initiative for Chronic Obstructive Lung Disease (GOLD) classification of severity of chronic obstructive pulmonary disease (COPD) is based solely on obstruction and does not capture physical functioning. The hypothesis that the Medical Research Council (MRC) dyspnoea scale would correlate better with quality of life than the level of airflow limitation was examined. AIM To study the associations between quality of life in smokers and limitations in physical functioning (MRC dyspnoea scale) and, quality of life and airflow limitation (GOLD COPD stages). DESIGN Cross-sectional study. SETTING The city of IJsselstein, a small town in the centre of The Netherlands. METHOD Male smokers aged 40-65 years without a prior diagnosis of COPD and enlisted with a general practice, participated in this study. Quality of life was assessed by means of a generic (SF-36) and a disease-specific, questionnaire (QOLRIQ). RESULTS A total of 395 subjects (mean age 55.4 years, pack years 27.1) performed adequate spirometry and completed the questionnaires. Limitations of physical functioning according to the MRC dyspnoea scale were found in 25.1% (99/395) of the participants and airflow limitation in 40.2% (159/395). The correlations of limitations of physical functioning with all quality-of-life components were stronger than the correlations of all quality-of-life subscales with the severity of airflow limitation. CONCLUSION In middle-aged smokers the correlation of limitations of physical functioning (MRC dyspnoea scale) with quality of life was stronger than the correlation of the severity of airflow limitation with quality of life. Future staging systems of severity of COPD should capture this and not rely on forced expiratory volume in one second (FEV1) alone.
Different Requirements for Signal Transducer and Activator of Transcription 1α and Interferon Regulatory Factor 1 in the Regulation of Low Molecular Mass Polypeptide 2 and Transporter Associated with Antigen Processing 1 Gene Expression*

The components of the antigen processing machinery, low molecular mass polypeptide (LMP) 2 and transporter associated with antigen processing (TAP) 1, are encoded by closely linked genes within the major histocompatibility complex class II subregion. Although the two genes share a bi-directional promoter, LMP2 and TAP1 have differential cellular expression. TAP1 is expressed constitutively. However, LMP2 expression requires induction by interferon-γ in most cells. The regulatory elements within the LMP2/TAP1 promoter and the transcription factors that bind these elements have been defined. However, how these transactivators regulate differential TAP1 and LMP2 gene transcription is not known. We have addressed this question by analyzing three human melanoma cell lines with distinct phenotypes of LMP2 and TAP1 expression. Whereas binding of either interferon regulatory factor 1 or Stat1 to the overlapping interferon consensus sequence-2/GAS is sufficient for regulating transcription of the TAP1 gene, binding of both factors is required for LMP2 gene transcription. This conclusion is supported by restoration of LMP2 gene transcription following transfection of wild type Stat1α or interferon regulatory factor 1 cDNA into cells lacking these transcription factors. The flexibility in the regulation of the TAP1 gene may reflect its role in maintaining immune surveillance. Furthermore, lack of LMP2 gene transcription in quiescent human cells suggests that LMP2 expression reflects a state of cell activation.