Miracle-dz/UniFAR-FTUs huggingface dataset:
Measuring Country Differences in Enforcement of Accounting Standards: An Audit and Enforcement Proxy

In this paper we present an index designed to capture differences between countries in relation to the institutional setting for financial reporting, specifically the auditing of financial statements and the enforcement of compliance with each country's accounting standards. The use of a common set of standards such as International Financial Reporting Standards (IFRS) aims, in broad terms, to promote the comparability and transparency of financial statements and to improve the quality of financial reporting. However, the effectiveness of IFRS adoption may be hampered by differences, across countries, in the institutional setting in which financial reporting occurs. Studies of outcomes from adopting IFRS use a range of legal system proxies to capture these country differences, but the proxies are deficient in that they seldom focus explicitly on factors that affect how compliance with accounting standards is promoted through external audit and the activities of independent enforcement bodies. To address this deficiency, we calculate measures of the quality of the public company auditors’ working environment (AUDIT) and the degree of accounting enforcement activity (ENFORCE) by independent enforcement bodies. We do this for 51 countries for each of the years 2002, 2005 and 2008, using publicly available data provided by the International Federation of Accountants (IFAC), the World Bank and the national securities regulators. Preliminary tests suggest our indices have additional explanatory power (over more general legal proxies) for country-level measures of economic and market activity, financial transparency and earnings management. We expect they will prove useful to researchers and other interested parties who require country-level measures that focus on the degree of enforcement of financial reporting practices.
Implications of Efficient Risk Sharing Without Commitment

Consumption data generally indicates that consumption risk is not perfectly diversified across individuals. This paper considers if and when imperfect diversification is a feature of efficient allocations in a symmetric information environment without commitment. It shows that if individuals are sufficiently patient, imperfect diversification is always sub-optimal in the long run; however, if individuals are not so patient, imperfect diversification is always optimal. The paper goes on to demonstrate that the way that history matters in an efficient allocation in a symmetric-information/no-commitment environment can be used to distinguish lack of commitment from other possible rationalizations of imperfect risk sharing, such as efficiency in the presence of asymmetric information.
A Direct Test of the Mixture of Distributions Hypothesis: Measuring the Daily Flow of Information

Abstract This paper proposes and conducts direct tests of the mixture of distributions model for stock prices. By exploiting the model's bivariate conditional normality of price changes and trading volume, these restrictions can be tested under very weak assumptions regarding the daily flow of information to the market. As a technical byproduct, important parameters governing the distribution of this unobservable information flow are estimated.
A Multi-Issue/Multi-Period Analysis of the Geographic Diversity of IASB Comment Letter Participation

The International Accounting Standards Board (IASB) establishes accounting standards now used in some form in over 100 countries. Diverse geographical participation in International Financial Reporting Standards (IFRS) standard-setting is seen as desirable as it may improve the consistency of IFRS applications, reduce criticism of regional over-influence, and promote the legitimacy of the IASB. This study investigates country participation and the regional and institutional factors that influence the geographic diversity of comment letters (CLs) in the IASB's standard-setting process. Using CLs regarding 57 IASB issues from 2001 through 2008, we find that countries with EU membership, G4+1 membership, donations to the IASB, and larger equity market development are associated with larger numbers of CLs and CL writers. Analysis of a subsample of more developed countries finds some evidence that countries with more historic divergence in accounting standards from IFRS also have more CL writers. In most countries, one of several major stakeholder interest groups, such as professional accountancy bodies, accounting standard-setters, and public accounting firms, send at least half of the CLs. While response levels for most countries vary greatly depending upon the nature or topic of an IASB issue, overall response levels remain low at just over 100 responses per issue and did not increase over time. While geographic diversity and response rates are greater than its predecessor the International Accounting Standards Committee, they are lower than those of many national standard-setters, possibly raising due process and legitimacy issues for the IASB.
Twin Deficits Phenomenon: Empirical Evidence from the ARDL Bound Test Approach for Turkey

The purpose of this paper is to examine the general validity of twin deficits hypothesis for Turkey during the period 1987:1 to 2005:4. In this study, the autoregressive distributed lag (ARDL) model and the bounds test for cointegration were used to assess the short-run and long-run dynamics between the twin deficits in Turkey. The empirical analysis in this paper rejects the Ricardian Equivalence Hypothesis and supports the Keynesian view that there is a long-run relationship between budget deficit and current account imbalances. The empirical results also indicate that the direction of causality runs from the budget deficit to the current account deficit.
The Effects of Tourism on Economic Growth in Hong Kong*

An analysis of a five-variable vector autoregressive (VAR) model demonstrates the positive short-run effect of tourism on Hong Kong’s economic growth. The five variables are real output, real capital, labor, openness, and tourism. Among other findings, the analysis supports the commonly held notion that tourism promotes economic growth. However, the analysis could not confirm a long-term effect of tourism on economic growth. The analysis also shows that Hong Kong’s economy is capital-driven, while labor is not a significant economic driver.
Application of Independent Component Analysis for the Data Mining of Simultaneous Eeg–fMRI: Preliminary Experience on Sleep Onset

The simultaneous acquisition of electroencephalogram (EEG) and functional MRI (fMRI) signals is potentially advantageous because of the superior resolution that is achieved in both the temporal and spatial domains, respectively. However, ballistocardiographic artifacts along with ocular artifacts are a major obstacle for the detection of the EEG signatures of interest. Since the sources corresponding to these artifacts are independent from those producing the EEG signatures, we applied the Infomax-based independent component analysis (ICA) technique to separate the EEG signatures from the artifacts. The isolated EEG signatures were further utilized to model the canonical hemodynamic response functions (HRFs). Subsequently, the brain areas from which these EEG signatures originated were identified as locales of activation patterns from the analysis of fMRI data. Upon the identification and subsequent evaluation of brain areas generating interictal epileptic discharge (IED) spikes from an epileptic subject, the presented method was successfully applied to detect the theta and alpha rhythms that are sleep onset-related EEG signatures along with the subsequent neural circuitries from a sleep-deprived volunteer. These results suggest that the ICA technique may be useful for the preprocessing of simultaneous EEG–fMRI acquisitions, especially when a reference paradigm is unavailable.
Dimensions of Cruisers’ Experiences, Satisfaction, and Intention to Recommend

In the past decade, Pine and Gilmore set out the vision for a new economic era, the experience economy, in which consumers are in search for extraordinary and memorable experiences. Since then, a rich body of research on applications of the experience economy concepts have appeared in the marketing literature. However, academic investigations on the measurement of tourism experiences are very recent. The purpose of this article is twofold: to identify the underlying dimensions of cruisers’ experiences and to investigate the relationships among cruisers’ experiences, satisfaction, and intention to recommend. Overall, findings of this study enhance the theoretical progress on the experiential concept in tourism and offer important implications for cruise marketers.
Dipyridamole and dilazep suppress oxygen radicals in puromycin aminonucleoside nephrosis rats

Reactive oxygen species (ROS) are involved in the pathophysiology of puromycin aminonucleoside (PAN) nephrosis. To elucidate further the role of radicals in PAN nephrosis and the to determine the particular radical species scavenged by dipyridamole (DPM) and dilazep (DZ), we applied chemiluminescence and electron spin resonance (ESR) techniques.
Jarosite and Hematite at Meridiani Planum from Opportunity's Mössbauer Spectrometer

Mössbauer spectra measured by the Opportunity rover revealed four mineralogical components in Meridiani Planum at Eagle crater: jarosite- and hematite-rich outcrop, hematite-rich soil, olivine-bearing basaltic soil, and a pyroxene-bearing basaltic rock (Bounce rock). Spherules, interpreted to be concretions, are hematite-rich and dispersed throughout the outcrop. Hematitic soils both within and outside Eagle crater are dominated by spherules and their fragments. Olivine-bearing basaltic soil is present throughout the region. Bounce rock is probably an impact erratic. Because jarosite is a hydroxide sulfate mineral, its presence at Meridiani Planum is mineralogical evidence for aqueous processes on Mars, probably under acid-sulfate conditions.
Discrete changes of cell membrane capacitance observed under conditions of enhanced secretion in bovine adrenal chromaffin cells.

The capacitance of the surface membrane of small adrenal chromaffin cells was measured with patch-clamp pipettes. Continuous and discrete changes of capacitance were observed. They were interpreted as changes of surface area connected to exocytotic or endocytotic processes. Most of the measurements were performed in the "whole-cell" recording configuration [Hamill, O. P., Marty, A. , Neher, E. , Sakmann, B. & Sigworth, F. J. (1981) Pflügers Arch. 391, 85-100], which allows the intracellular Ca2+ concentration to be controlled. With an internal solution highly buffered to low values of Ca2+ concentration (10 nM), the surface capacitance usually decreased and could not be markedly changed by electrical stimulation. At low buffering capacity and medium Ca2+ concentrations (0.1-1 microM), the capacitance measurement showed large fluctuations and discrete steps, reflecting both capacitance decrease and increase. A large transient increase of capacitance could be induced by electrical stimulation under these conditions. It was linked to Ca2+ currents through the membrane. Relatively large (2-6 x 10(-14) F) steps of capacitance decrease were common after extensive stimulation. The size distribution of step-like capacitance changes is well compatible with the idea that steps of capacitance increase reflect individual events of exocytosis of chromaffin granules, whereas steps of the opposite polarity reflect the formation of vesicles or vacuoles by endocytosis.
Revisiting UK consumers’ expenditure: cointegration, breaks and robust forecasts

We revisit equilibrium-correction modelling of aggregate real consumers’ expenditure in the UK, using Autometrics applied to the data in Davidson, Hendry, Srba and Yeo (DHSY; 1978). The many selection decisions involved in developing viable empirical models are discussed in a setting where there are more candidate explanatory variables than observations, here due to Impulse-Indicator Saturation (IIS) for detecting breaks, outliers and data contamination. Additional tests of the selected model include whether it encompasses the original specification, evidence of nonlinearity and if the conditioning variables are super exogenous. We consider how IIS affects economic interpretations of models, and conversely, and the implications of robust forecasting devices.
Maturity , Indebtedness , and Default Risk 1

We present a novel and tractable model of long-term sovereign debt. We make two sets of contributions. First, on the substantive side, using Argentina as a test case we show that unlike one-period debt models, our model of long-term sovereign debt is capable of accounting for the average spread, the average default frequency, and the average debt-tooutput ratio of Argentina over the 1991-2001 period without any deterioration in the model’s ability to account for Argentina’s cyclical facts. Using our calibrated model we determine what Argentina’s debt, default frequency and welfare would have been if Argentina had issued only short-term debt. Second, on the methodological side, we advance the theory of sovereign debt begun in Eaton and Gersovitz (1981) by establishing the existence of an equilibrium pricing function for long-term sovereign debt and by providing a fairly complete set of characterization results regarding equilibrium default and borrowing behavior. In addition, we identify and solve a computational problem associated with pricing long-term unsecured debt that stems from nonconvexities introduced by the possibility of default.
Visual evoked potentials for red–green gratings reversing at different temporal frequencies: Asymmetries with respect to isoluminance

Human visual evoked potentials (VEPs) were recorded for abrupt reversals of 2 cycles/deg (c/deg) square-wave gratings combining high red–green contrast with different levels of luminance contrast. Response characteristics—2nd harmonic amplitudes and peak latencies as a function of luminance contrast—were compared for four different reversal rates ranging from 6.25 Hz to 12.5 Hz. At every reversal frequency, the VEP amplitude and latency plots were nonsymmetrical with respect to isoluminance. The amplitude dropped to a minimum within a region of rapid phase change, always at a red–green luminance contrast for which the green color had the higher luminance, at about 40% or 50% Michelson luminance contrast. The rapid phase shift around this contrast suggested a sudden change in the relative impact of VEP generators with different latencies, possibly dominated by parvocellular or magnocellular input. The most prominent VEP waveform through most of the luminance contrast range, P110, is interpreted in terms of a parvo-mediated response that is attenuated with increasing reversal frequency. Contrast-dependent changes in the P110 amplitude appear to be responsible for the VEP asymmetries reported here.
Eye Involvement as the Initial Sign of Multiple Sclerosis in a Case with Familial Mediterranean Fever

Purpose: To present a case of familial Mediterranean fever with eye involvement as the initial sign of multiple sclerosis. Method: A 13-year-old boy with familial mediterranean fever (FMF) presented with sudden loss of vision in his right eye. Findings: Visual acuity was 50 cmfc (centimeter finger counting) in the right eye associated with papilledema and intraretinal Hemorrhages: Magnetic resonance imaging (MRI) scans revealed a hyper-intense lesion in left occipital lobe. Two days later, left eye was also affected, while the right eye began to deteriorate. In control MRI, lesions were observed to have deterioriated with the involvement of right occipital lobe and pons in addition to the left occipital lobe. Patient was diagnosed with multiple sclerosis (MS) due to FMF and was hospitalized. After a 2-weeks-treatment of steroid and immunoglobulin (Ig), visual acuity improved; fundus findings regressed.
Control in the Parastatal Sector of Zambia

The term ‘parastatal’ is used rather loosely in Zambia, being often applied to a wide range of bodies such as boards, corporations, and companies that operate in the state-dominated sector of the economy. It is unfortunate that there has not been greater consistency in official usage, but these organisations have grown up over the years in different forms to meet felt needs and not according to a preconceived plan. The vagaries in terminology also reflect a degree of uncertainty in government policy on how the public sector should be ordered, as well as a piecemeal approach in its interventions in the economy since independence. However, in recent years the nomenclature has received greater attention out of a recognition that the parastatals loom rather large in the economy, often being more prominent than government departments and more visible than the private sector.
Neurodevelopmental Outcome After a Single Course of Antenatal Steroids in Children Born Preterm: A Systematic Review and Meta-analysis

OBJECTIVE: To systematically review and integrate data on the neurodevelopmental outcome of children after administration of a single course of antenatal corticosteroids for threatened preterm labor. DATA SOURCES: MEDLINE, Scopus, CENTRAL, and www.clinicaltrials. gov (inception to August 2014) using combinations of the terms “prenatal,” “antenatal,” “cortico*,” “*steroid*,” “betamethasone,” “dexamethasone,” “neurodevelopment*,” “*development*,” and “follow-up. ” We perused the references of the retrieved articles. METHODS OF STUDY SELECTION: We included randomized and nonrandomized trials reporting on the neurodevelopmental outcomes of children whose mothers were administered a single course of betamethasone or dexamethasone antenatally for threatened preterm birth as opposed to placebo or no treatment. TABULATION, INTEGRATION, AND RESULTS: Summary risk ratio (RR) was calculated for dichotomous data; standardized mean difference was calculated for trials that measured the same outcome but used different methods. Heterogeneity was assessed using the I2 statistic. Sensitivity and subgroup analyses were planned according to study design, specific steroid, and mean gestational age at birth. A single course of antenatal corticosteroids was associated with reduced risk for cerebral palsy (seven studies; treated: 390 of 5,199, untreated: 146 of 1,379; RR 0.678, 95% confidence interval [CI] 0.564–0.815), psychomotor development index less than 70 (two studies; treated: 783 of 3,049, untreated: 258 of 969; RR 0.829, 95% CI 0.737–0.933), and severe disability (five studies; treated: 1,567 of 4,840, untreated: 475 of 1,211; RR 0.787, 95% CI 0.729–0.850). Steroid treatment increased the rates of intact survival (six studies; treated: 1,082 of 2,013, untreated: 273 of 561; RR 1.186, 95% CI 1.056–1.332). Betamethasone was found to significantly decrease the risk for severe disability and increase the rate of intact survival. Dexamethasone increased the rate of intact survival; however, data for dexametasone and the other planned subgroup analyses were limited (fewer than 1,000 children at most). The major limitations involved inclusion of nonrandomized studies and scarcity of data on finer neurodevelopmental outcomes. CONCLUSION: A single course of antenatal corticosteroids in women at high risk for preterm birth appears to improve most neurodevelopmental outcomes in offspring born before 34 weeks of gestation.
A Systematic Review of Voluntary Arm Recovery in Hemiparetic Stroke: Critical Predictors for Meaningful Outcomes Using the International Classification of Functioning, Disability, and Health

Background and Purpose:Stroke is the leading cause of long term disability in the United States. Most poststroke individuals experience difficulty in moving the contralesional limbs to perform daily activities. Studies were systematically reviewed to identify the best predictors of arm-specific motor recovery and further analyzed using the International Classification of Functioning, Disability, and Health to distinguish outcome measures that best reflected participation in life situations. Methods:We used PubMed, CINAHL, the Cochrane Library, and EMBASE with the keywords stroke, upper extremity, recovery of function, and predictor. Inclusion and exclusion criteria were developed and applied to further refine the search. Finally, methodological quality was assessed. Results:Fifty-six studies published between 1979 and 2008 met the criteria. There was a 317% increase in the frequency of articles on predictors of arm recovery over a nearly 30-year period. Thirty-six percent were of high methodological quality (score, ≥10 of 15). Early neurophysiologic and sensorimotor measures were the best predictors at follow-up of arm-specific outcomes. There was no outcome measure classified at the International Classification of Functioning, Disability, and Health participation level. Only one study provided information about an outcome-related minimal clinically important difference. Discussion and Conclusions:Initial measures of the integrity of neural connectivity and voluntary motor behavior were the best predictors of arm-specific functional recovery. The paucity of valid and reliable instruments to capture the more distal outcomes associated with activities and participation has likely limited the breadth of available evidence in this field. This suggests an urgent need for the development of direct measures of arm use in real-life environments.
How important are tobacco prices in the propensity to start and quit smoking? An analysis of smoking histories from the Spanish National Health Survey

This paper analyses the effect of tobacco prices on the propensity to start and quit smoking using a pool of the 1993, 1995 and 1997 editions of the Spanish National Health Surveys. The estimates for several parametric models of the hazard rate for starting and quitting suggest that i) The public health measures applied as of 1992 have had a significative effect on both reducing the hazard of starting and increasing the hazard of quitting, ii) Prices have a very weak effect on the hazard of starting in the male population and no significant effect in the female population, iii) The price floor of cigarrettes, proxied by the average price of a pack of black cigarrettes, has a significant effect on the quitting hazard which is robust across specifications and applies to both men and women. The implied price elasticity of the time up to quitting is situated around -1.4.