Miracle-dz/UniFAR-FTUs huggingface dataset:
Annuities Markets Around the World: Money's Worth and Risk Intermediation

Annuities markets around the world are small. However, they have been growing in recent years and are likely to grow further as a result of reforms in public social security systems and private pension plans, that partially replace defined benefit plans with funded defined contribution plans. When people retire they may choose, and are sometimes required,to annuitize these defined contribution savings. Therefore, it is important to learn whether or not annuities markets exist,how they operate and what kinds of market failure can be anticipated. Several papers have already analyzed US annuitie smarkets. This paper extends that analysis by examining annuities markets in other countries. We present evidence from Canada,the UK, Switzerland, Australia, Israel, Chile and Singapore—a variety of high and middle-income countries—and replicate the results from the US. This paper focuses on analyses of the expected present discounted value (EPDV) of cash flows from the annuity, and the money’s worth ratio (MWR), which is the EPDV divided by the initial premium cost. We find that, when discounting at the risk-free rate, MWR’s for annuitants are surprisingly high--greater than 95% in most countries and sometimes greater than 100%. MWR’s for the average population member are lower but still exceed 90% in most cases. We show that differential interest rate structures largely explain differential monthly payouts across countries,while differential mortality rates, especially projected improvement factors, help explain differences in measured MWR’s, given these monthly payouts and interest rates. The high MWR’s raise the question: How do insurance companies cover their costs despite these high MWR’s? We hypothesize that for each annuity sale, insurance companies get a large sum of money up-front that they invest in a portfolio of corporate bonds, mortgages, and some equities, earning a rate of return that exceeds the risk-free rate by 1.3% or more per year. They turn this “risky” portfolio into a safer annuity by a variety of risk-intermediation, term-intermediation techniques. This allows them to sell a product that is nearly risk-free, while earning a “spread” that covers their costs. We present data on cost and investment returns that are consistent with this hypothesis. The limited opportunity to earn this spread may help explain why price indexed annuities in the UK charge higher loads to cover their costs and risks. For consumers who would prefer to accept this investment risk and capture this spread themselves, the appropriate discount rate is higher and the MWR is lower, helping to explain the low demand for annuities in voluntary markets.
Daitokuji: The Visual Cultures of a Zen Monastery

The Zen Buddhist monastery 'Daitokuji' in Kyoto has long been revered as a cloistered meditation centre, a repository of art treasures, and a wellspring of the 'Zen aesthetic'. Gregory Levine's "Daitokuji" unsettles these conventional notions with groundbreaking inquiry into the significant and surprising visual and social identities of sculpture, painting, and calligraphy associated with this fourteenth-century monastery and its enduring monastic and lay communities. This book begins with a study of Zen portraiture at 'Daitokuji' that reveals the precariousness of portrait likeness; the face that gazes out from an abbot's painting or statue may not be who we expect it to be or submit quietly to interpretation. By tracing the life of Daitokuji's famed statue of the chanoyu patriarch Sen no Riky-u (1522-91), which was all but destroyed by the ruler Toyotomi Hideyoshi (1537-98) but survived in Rash-omon-like narratives and reconstituted sculptural forms, Levine throws light upon the contested status of images and their mytho-poetic potential. Levine then draws from the seventeenth-century journal of K-ogetsu S-ogan, Bokuseki no utsushi, to explore practices of calligraphy connoisseurship at Daitokuji and the pivotal role played by the monastery's abbots within Kyoto art circles. This book's final section explores Daitokuji's annual airings of temple treasures not merely as a practice geared toward preservation but also as a space in which different communities vie for authority over the artistic past. An epilogue follows the peripatetic journey of the monastery's scrolls of the 500 Luohan from China to Japan, to exhibition and partial sale in the West, and back to Daitokuji. Illuminating canonical and heretofore ignored works and mining a trove of documents, diaries, and modern writings, Levine argues for the plurality of Daitokuji's visual arts and the breadth of social and ritual circumstances of art making and viewing within the monastery. This diversity encourages reconsideration of stereotyped notions of 'Zen art' and offers specialists and general readers alike opportunity to explore the fertile and sometimes volatile nexus of the visual arts and religious sites in Japan.
Statistical analysis of surface roughness of machined graphite by means of CNC milling

The aim of this research is to analyze the influence of cutting speed, feed rate and cutting depth on the surface finish of grade GSP-70 graphite specimens for use in electrical discharge machining (EDM) for material removal by means of Computer Numerical Control (CNC) milling with low-speed machining (LSM). A two-level factorial design for each of the three established factors was used for the statistical analysis. The analysis of variance (ANOVA) indicates that cutting speed and feed rate are the two most significant factors with regard to the roughness obtained with grade GSP-70 graphite by means of CNC milling. A second order regression analysis was also conducted to estimate the roughness average (Ra) in terms of the cutting speed, feed rate and cutting depth. Finally, the comparison between predicted roughness by means of a second order regression model and the roughness obtained by machined specimens considering the combinations of low and high levels of roughness is also presented.
Lactic acid bacteria used as preservative in fresh feed for marine shrimp maturation

The objective of this work was to evaluate the effect of Lactobacillus plantarum on the preservation of fresh mussels and its effect on the attractiveness, consumption, and midgut bacterial microbiota of Pacific white shrimp broodstock. The experiment evaluated mussels stored with L. plantarum at 4°C. The controls were: mussels stored at -18°C without L. plantarum; mussels stored at -18°C with L. plantarum; and mussels stored at 4°C without L. plantarum. Microbiological analyses on mussels were performed on days 1, 7, 15, 30, 45, and 60 after processing. Additionally, mussels preserved with L. plantarum and stored at 4°C, and mussels stored at -18°C without L. plantarum were evaluated after 15 days for attractiveness, consumption, and midgut bacterial microbiota of shrimps. Mussels preserved with L. plantarum showed higher lactic acid bacteria counts and lower counts of Vibrio spp. , as well as of total heterotrophic bacteria, after 60 days of storage. No differences were observed for attractiveness or consumption between treatments. The bacterial microbiota of midgut in shrimp fed mussels preserved with L. plantarum showed higher lactic acid bacteria count and lower Vibrio spp. The use of L. plantarum inhibits Vibrio spp. and preserves feed without changing attractiveness or consumption for shrimp.
Effects of Sequential Trinexapac-Ethyl Applications and Traffic on Growth of Perennial Ryegrass (Lolium perenne L.)

Mowing turfgrasses, especially fast growing species like perennial ryegrass, is one of the most time and money consuming tasks of their management. Trinexapac-ethyl (TE) is a popular plant growth regulator used to reduce mowing requirements, improve stress tolerance, and enhance turf quality. This study was conducted to investigate the effect of TE rate and frequency of applications on growth response and traffic tolerance of perennial ryegrass. The experiment was a split-plot laid out in a randomized complete block (RCB) design with three replications. TE was applied to main plots at 0.00, 0.25, and 0.50 ㎏ a.i. ㏊ -1 . Application pattern included an initial application, followed by two sequential applications at 6-wk intervals. Traffic treatment was applied to subplots with a cleated roller. Results demonstrated that TE consistently reduced vertical shoot growth, clippings dry weight, with maximum growth reduction of 59% and 65%, for 0.25 and 0.50 ㎏ a.i. ㏊ -1 , respectively, occurring at 2 weeks after initial TE treatment (WAT). Traffic also dramatically reduced vertical shoot growth and clippings dry weight. Overall, quality of perennial ryegrass was enhanced by sequential TE applications, however, turf quality and surface coverage reduced greatly under traffic, regardless of TE treatment. Total chlorophyll, chlorophyll a and chlorophyll b and total carbohydrates (TC) contents were also positively influenced following sequential TE application. Our results indicated that TE reduces mowing frequency and enhances turf quality rather than influencing traffic resistance.
Incidence of Pediculosis in patients referring to Shemiranat Health Center, Tehran during 2002 to 2006

Pediculosis is one of the ecto-parasitic diseases in humans is found in head, body and other parts of affected patients. This is an important infection, which is relating to the societies with low health condition. The most important transmission way for pediculosis is a direct contact with clothes, bed, furniture and all personal belonging contaminated with lice. This is a retrospective study on patients with head lice (nit, nymph and adult), were referred to the Shemiranat Health Center, Tehran during 2002 to 2006 and examined by health professionals. Suspected hairs of head, nape of the neck, and around ears were examined for nit and lice. The incidence of pediculosis was observed to be more in females than males. The most frequently contaminated age was 5-14 years old mostly among students as occupational involvement. A comparison during years 2002 to 2006, indicated a high frequency with 78 cases in 2006, and a low frequency rate only with 21 cases was observed in 2002. According to seasonal association with pediculosis, the most incidence rate was recorded in fall and winter. This is an important observation, because this ecto-parasitic disease was found particularly among students which is believed are at high levels of education and Shemiranat Health Center is located in one of the high levels of economic areas in Great Tehran. More studies on other occupations and other regions are required to clarify provincial and national patterns of pediculosis in the Islamic Republic of Iran.
Outcomes of Service Quality in Private Banking Business Uncovering a Chain of Effects

This paper analyzes the outcomes of service quality in private banking. Hypotheses are derived from the service quality literature and adapted to the private banking context so that a chain of effects can be uncovered which leads from service quality to financial results of private banking providers. The analysis is based on a unique dataset consisting of customer relationship managers in 124 private banking services providing companies in Germany, Switzerland, Austria, Luxembourg, and Liechtenstein. Based on the sample, differences between private banking services providers inside and outside Germany are detected as well as differences between higher and lower minimum deposit requirements. As a result, it can be shown that an increase in service quality contributes to both, the amount of assets under management and to an improvement of the profit for private banking services providers.
Financial Flexibility and Investment Ability Across the Euro Area and the UK

We use a very large sample of European private and public firms to show that financial flexibility attained through a conservative leverage policy is more important for private, smallâ€ mediumâ€ sized, and young firms and for firms in countries with less access to credit and weaker investor protection. Further, using the 2007 financial crisis as a natural experiment, we show that a higher degree of financial flexibility allows firms to reduce the negative impact of liquidity shocks on investment. Our findings support the hypothesis that financial flexibility improves companies' ability to undertake future investment, despite market frictions hampering possible growth opportunities.
Clinical Evaluation of a New Device to Measure Maximum Bite Force

Background: Measurement of masticatory force has long been used to understand the biomechanics of chewing and assess the therapeutic effects of prostheses. This study aimed to design, fabricate and use a simple, portable and efficient electric circuit to reliably and reproducibly measure the masticatory load. Also, the results obtained by using this device were compared in a small population. Methods: Using a standard pressure-sensitive sensor, an electrical circuit was designed and fabricated. After ensuring the function of device with minimum error, the masticatory loads of 100 subjects selected via non-random sampling, were measured and recorded at the right and left posterior regions, anterior regions of both jaws and the right and left quadrants of the maxilla and mandible. Data were analyzed using SPSS 16 and analytical and descriptive statistical tests. Results: Significant correlations were found between 1. Males and females in terms of the mean masticatory force 2. Bilateral masticatory force and unilateral masticatory force (right and left) and 3. Masticatory load at the posterior regions and the masticatory force at the anterior regions of both jaws Comparison of the masticatory force among different groups in terms of craniofacial morphology revealed no significant differences. Conclusion: The designed device had adequate accuracy. It has unique properties such as an external sensor, which is replaceable and can be disinfected and also a digital port. It has the ability to measure maximum and sub-maximum masticatory loads and the possibility to depict them in a graph.
EXPLORING THE TIME DISPERSION OF THE IBEX-HI ENERGETIC NEUTRAL ATOM SPECTRA AT THE ECLIPTIC POLES

The Interstellar Boundary Explorer (IBEX) has observed energetic neutral atom (ENA) hydrogen emissions from the edge of the solar system for more than three years. The observations span energies from 0.01 to 6 keV FWHM. At energies greater than 0.5–6 keV, and for a travel distance of ∼100 AU, the travel time difference between the slowest and the fastest ENA is more than a year. Therefore, we construct spectra including the effect that slower ENAs left the source at an earlier time than faster ones. If the source produces a steady rate of ENAs and the extinction does not vary, then we expect that the spectral shape would be time independent. However, while the extinction of ENAs has been fairly constant during the first two and a half years, the source appears to have changed, and thus the spectra at a single time may not represent the conditions at the source. IBEX's viewing allows continuous sampling of the ecliptic poles where fluxes can be continuously monitored. For a given source distance we construct spectra assuming that the measured ENAs left the source at roughly the same time. To accomplish this construction, we apply time lag corrections to the signal at different ENA energies that take into account the travel time difference. We show that the spectral shape at the poles exhibits a statistically significant change with time.
DOES MANDATORY CSR REPORTING LEAD TO HIGHER CSR TRANSPARENCY? THE CASE OF FRANCE

Expedited by the financial crisis and increased stakeholder activism, the demand for reliable and accountable business practices and transparency has gained momentum in the current corporate social responsibility (CSR) debate. Consequently, companies have started to become aware of the increasing importance of conveying increased transparency and accountability to stakeholders, gaining their legitimacy and establishing a positive public image through adequate CSR reporting. Since it is obligatory to disclose information on corporate financial performance and on companies’ environmental and social impact in France, this paper addresses how transparent French listed companies of the CAC 40 communicate their CSR engagement externally. To turn the latent construct ‘transparency of CSR reporting’ into a measurable value, we conduct qualitative content analysis based on the Global Reporting Initiative (GRI) guidelines. Assuming mandatory CSR reporting to increase companies’ CSR transparency in general, most of the companies communicate their corporate profile, strategy and management broadly. Whereas companies report the environmental dimension most frequently, they refer only marginally to the economic and social dimensions.
THE FORMATION OF IRIS DIAGNOSTICS. VI. THE DIAGNOSTIC POTENTIAL OF THE C ii LINES AT 133.5 nm IN THE SOLAR ATMOSPHERE

We use 3D radiation magnetohydrodynamic models to investigate how the thermodynamic quantities in the simulation are encoded in observable quantities, thus exploring the diagnostic potential of the C ii 133.5 nm lines. We find that the line core intensity is correlated with the temperature at the formation height but the correlation is rather weak, especially when the lines are strong. The line core Doppler shift is a good measure of the line-of-sight velocity at the formation height. The line width is both dependent on the width of the absorption profile (thermal and non-thermal width) and an opacity broadening factor of 1.2–4 due to the optically thick line formation with a larger broadening for double peak profiles. The C ii 133.5 nm lines can be formed both higher and lower than the core of the Mg ii k line depending on the amount of plasma in the 14–50 kK temperature range. More plasma in this temperature range gives a higher C ii 133.5 nm formation height relative to the Mg ii k line core. The synthetic line profiles have been compared with Interface Region Imaging Spectrograph observations. The derived parameters from the simulated line profiles cover the parameter range seen in observations but, on average, the synthetic profiles are too narrow. We interpret this discrepancy as a combination of a lack of plasma at chromospheric temperatures in the simulation box and too small non-thermal velocities. The large differences in the distribution of properties between the synthetic profiles and the observed ones show that the C ii 133.5 nm lines are powerful diagnostics of the upper chromosphere and lower transition region.
Necessary conditions for the boundedness of linear and bilinear commutators on Banach function spaces

In this article we extend recent results by the first author on the necessity of $BMO$ for the boundedness of commutators on the classical Lebesgue spaces. We generalize these results to a large class of Banach function spaces. We show that with modest assumptions on the underlying spaces and on the operator $T$, if the commutator $[b,T]$ is bounded, then the function $b$ is in $BMO$.
SPRAYER AIR ENERGY DEMAND FOR SATISFACTORY SPRAY COVERAGE IN CITRUS APPLICATIONS

A standard PTO-driven air-blast sprayer was used to investigate the effect of air volume on spray penetration and deposition in citrus applications. Air volume and velocity were varied using interchangeable fans on the sprayer. For each fan size, applications were made at different spray volume rates. Spray penetration was determined by deposition of a fluores- cent tracer on cotton ribbons within the entire canopy depth and the deposition was determined by fluorimetry. Air volume had a significant effect on mean deposition but spray volume did not. The interaction between air volume and spray volume was significant. Overall, the results suggest that high air vol- ume rates may not give significant increase in spray deposi- tion or canopy penetration. It appears that the air and spray penetration largely depend on tree canopy structure and pre- vailing wind direction.
Ecological Restoration of Streams and Rivers: Shifting Strategies and Shifting Goals

Ecological restoration has grown rapidly and now encompasses not only classic ecological theory but also utilitarian concerns, such as preparedness for climate change and provisioning of ecosystem services. Three dominant perspectives compete to influence the science and practice of river restoration. A strong focus on channel morphology has led to approaches that involve major Earth-moving activities, such as channel reconfiguration with the unmet assumption that ecological recovery will follow. Functional perspectives of river restoration aim to regain the full suite of biogeochemical, ecological, and hydrogeomorphic processes that make up a healthy river, and though there is well-accepted theory to support this, research on methods to implement and assess functional restoration projects is in its infancy. A plethora of new studies worldwide provide data on why and how rivers are being restored as well as the project outcomes. Measurable improvements postrestoration vary by restoration method and measur.
Institutions and growth: a developing country case study

The Brazilian municipalities show an enormous inequality on its development level. Even within the states considered relatively prosperous, there are huge internal disparities on income levels. The richest Brazilian municipality's GDP per capita is about 190 times greater than the poorest municipality's, according to IBGE (2000) database. A possible explanation for this phenomenon relies on institutional theory. Many theoretical and empirical studies, mainly based on cross-country data, emphasize the role played by institutions on the determination of long run development. Nevertheless, there still is little research concerning the income differences within the national territory and its connection to institutional quality. The literature points out that institutions matter for the level of economic development because of their effects on political power distribution, generation of economic opportunities, innovation, human capital accumulation, and so on. Based on this assumption, the present study main goal is to analyze the effects of Brazilian municipalities' institutional quality on their GDP per capita levels. The results indicate that institutions are relevant and its importance is greater for large municipalities. On the other hand, human capital human capital is more important to small municipalities. To address the endogeneity problem inherent to the relationship between institutions and development, we employ the 2SLS method.
Expansion of an invasive species, Ailanthus altissima, at a regional scale in Japan

Ailanthus altissima, which is recognized as an invasive tree in the Western world, has been widely observed in Japan. To investigate how A. altissima expanded within-population and to new populations within a region, 446 A. altissima trees were sampled from three separate sites (A, B, and C) including 35 distantly positioned patches, with three chloroplast DNA markers and nine nuclear microsatellite markers. We detected 2, 2, and 3 chloroplast haplotypes in sites A, B, and C, respectively. In addition, 271, 40, and 41 nuclear genotypes were detected in sites A, B, and C, respectively. The clonal richness value was 0.85, 0.78, and 0.53 in sites A, B, and C, respectively. Most trees with the same genotypes were distributed in the same patch, indicating that range expansion by asexual reproduction was limited to a maximum of 45 meters. According to autocorrelation analysis, the extent of nonrandom spatial genetic structure was approximately 0-2 km in sites A and C. KINGROUP analyses showed that 812, 74, and 111 nuclear genotype pairs were detected to have kinship in sites A, B, and C, respectively. Most nuclear genotype pairs were detected within the same patches or sites. These results indicate that the number of A. altissima trees gradually increased from seeds, some of which were produced by trees within sites, meaning that this species could regenerate naturally. This shows the need for the future management of A. altissima as an invasive species in Japan.