Miracle-dz/UniFAR-FTUs huggingface dataset:
Capital Structure and Security Issuance Under Heterogeneous Beliefs

Using a sample of debt and seasoned equity issues from 1980-2004 and different proxies of investor optimism and the dispersion in investor beliefs, we empirically analyze, for the first time in the literature, the effect of heterogeneous beliefs among outside investors on the capital structure and security issuance choices made by a firm. The paper consists of three parts: In the first part of the paper, we study how heterogeneous beliefs affect a firm's choice between equity and debt for raising external financing; in the second part of the paper, we study the effect of heterogeneous beliefs on the price impact of a security issue on the firm's equity; and in the third part of the paper, we study the effect of heterogeneous beliefs on the long-term stock performance of equity and debt issuers. Our empirical results can be summarized as follows. First, the probability of a firm issuing equity rather than debt is increasing in both the average level of optimism of outside investors and the dispersion in outsider beliefs. Second, the price impact on the firm's equity is negative for an equity issue and zero for a debt issue; further, the price impact of an equity issue is decreasing (more negative) as the dispersion in outsider beliefs is greater. Finally, while the long-term stock returns to both equity and debt issuers is negative, the stock returns to equity issuers is significantly more negative than that of debt issuers. Further, the more optimistic outsiders are on average about a firm's prospects at the time of an equity issue and the more dispersed their beliefs, the more negative the long-term stock returns to the firm. Overall, our results indicate the importance of heterogeneity in investor beliefs as a determinant of the financing decision of a firm.
On Government Structure and Spending: The Effects of Management Form and Separation of Powers

This paper contributes to the on-going debate over how government form affects spending. It broadens the previous focus on elected versus professional management to address the separation of legislative and executive powers. The empirical results reveal spending differences between governments with separation of powers and those with unified powers only for Southern counties of the US. In addition, for all regions and time-periods, professional or elected executive management does not significantly affect either municipal or county spending.
Preventing or escaping the suppression mechanism: intervention conditions

The benefits of strategically balancing exploitation and exploration are well documented in the literature. However, many firms tend to overemphasize exploitation efforts, even in the face of the strong need to step up their exploration activities. A process theory behind this phenomenon, the suppression mechanism, is further explored here. This process describes the interplay between top management (developing a perceived need to explore influenced by management myopia) and the board of directors as gatekeepers of the capital market (generating an external pressure to exploit) as severely limiting for the formation of a profitable and sustainable exploitation-exploration balance. We draw on system dynamics modeling to identify the critical intervention conditions required for organizations to prevent, or escape, the suppression mechanism. As such, the main theoretical contribution of this paper is the identification of critical intervention conditions (i.e. target, timing, size and duration).
Speculative inventories in the food retailing industry: a comment on French practices

Examines the reasons driving French food retailers to build major speculative inventories through forward buying from their suppliers. First analyses the origin of the phenomenon and its strategic basis. Then, using the model of postponement‐speculation proposed by Louis Bucklin in the mid‐1960s, explains why forward buying does not conflict with a reduction of in‐store inventories. Finally, offers comments on the future of speculative inventories in the French context, which is characterized by permanently conflicting relations between manufacturers and distributors. To do so, reference is made to information collected in the course of interviews with the logistics managers of ten of the leading companies in the sector.
Cross-Cultural Comparisons of 5-Year-Olds’ Estimating and Mathematical Ability

Recent research suggests that both the accuracy and linearity of number estimations are a source of difficulty in mathematical learning. There is also a range of evidence to suggest that children in East Asia are typically mathematically precocious compared to Western peers. Bringing these strands of work together, we discuss number line estimations involving an ability match study of children growing up in the United Kingdom and China. This article confirms that the quality of children’s number estimation is associated with some—but by no means all—early number problems. However, contrary to earlier studies, young Chinese children do not display more linear number scales in advance of (and potentially as a driver for) their math skills. Instead, their number estimations are not more accurate than those from an older Western sample with equivalent mathematical ability. The development of linearity in numerical representations takes a complex developmental path in multiple cultures.
Hypercoagulation and hyperkinetic blood pressure indicative of physiological loss-of-control despite behavioural control in Africans: The SABPA study

Abstract Objectives: A dissociation between behavioural (in-control) and physiological parameters (indicating loss-of-control) is associated with cardiovascular risk in defensive coping (DefS) Africans. We evaluated relationships between DefS, sub-clinical atherosclerosis, low-grade inflammation and hypercoagulation in a bi-ethnic sex cohort. Methods: Black (Africans) and white Africans (Caucasians) (n = 375; aged 44.6 ± 9.7 years) were included. Ambulatory BP, vascular structure (left carotid cross-sectional wall area (L-CSWA) and plaque counts), and markers of coagulation and inflammation were quantified. Ethnicity/coping style interaction was revealed only in DefS participants. Results: A hypertensive state, less plaque, low-grade inflammation, and hypercoagulation were more prevalent in DefS Africans (27–84%) than DefS Caucasians (18–41%). Regression analyses demonstrated associations between L-CSWA and 24 hour systolic BP (R2 = 0.38; β = 0.78; p < 0.05) in DefS African men but not in DefS African women or Caucasians. No associations between L-CSWA and coagulation markers were evident. Conclusion: Novel findings revealed hypercoagulation, low-grade inflammation and hyperkinetic BP (physiological loss-of-control responses) in DefS African men. Coupled to a self-reported in-control DefS behavioural profile, this reflects dissociation between behaviour and physiology. It may explain changes in vascular structure, increasing cerebrovascular disease risk in a state of hyper-vigilant coping.
Financial Statement Error Findings and Auditor Reputation: Evidence from the German Enforcement Regime

Using the unique enforcement setting in Germany, this paper sheds light on whether investors attribute errors detected in financial statements to the responsible auditors, and whether the auditors’ reputation is impaired as a consequence. Based on a classical event study design, we find that negative economic consequences spill over to other firms within the respective auditor’s portfolio. We document negative cumulative abnormal returns in the auditors’ client portfolios to be especially high when the firm reporting the error is audited by a Big 4 auditor, pointing to its ex ante higher reputation. Investor reactions are particularly pronounced when the firm reporting the error is large, an effect, which mainly applies for firms in Non-Big 4 client portfolios. Moreover, the evidence indicates that investors react differently to various types and magnitudes of errors.
Alcohol-free mouthrinse solutions to reduce supragingival plaque regrowth and vitality. A controlled clinical study.

BACKGROUND The aim of this study was to evaluate the clinical and antibacterial properties of alcohol-free mouthrinses, an amine fluoride/stannous fluoride mouthrinse (ASF) and two triclosan solutions in comparison with a chlorhexidine and a placebo rinse. MATERIAL AND METHODS In a double-blind, randomised 5-cell cross-over 4-day plaque regrowth study, 19 volunteers rinsed 2 x a day with 15 ml of each of the distributed solutions. Each test cycle was followed by a 10 days wash-out period. On day 0 of each test week, volunteers received a dental prophylaxis. Thereafter they refrained from all mechanical oral hygiene procedures for the next four days. Plaque regrowth was assessed daily by the plaque index and on day 4 by calculating the plaque area with a computer program after disclosure and photography of the front teeth. The vitality of the plaque was examined on days 1 to 4 by the vital fluorescence technique. RESULTS 19 participants completed the study. Compared to the placebo the ASF solution showed 15.7% (p>0.5), 30.6% (p<0.001), 40.5% (p<0.001) and 44.7% (p<0.001) reductions on the consecutive days 14 in plaque index and a reduction of 61.9% in plaque area. The decrease of vitality of supragingival plaque was highly significant compared to placebo on every test day ranging between 30.9% and 36.6%. A reduction in plaque index from 19.4% (p<0.01) on day 2, 34.9% (p<0.001) on day 3 and 40.4% (p<0.001) on day 4 concommitant with a reduction in plaque area of 48.9% (p<0.001) was noted for alcohol-free chlorhexidine. Concerning the vitality chlorhexidine reduced the percentage of vital bacteria significantly on every day (16.0% to 24.9%). The reductions in mean plaque index for the 0.15% triclosan solution during the test period were 6.3%, 22.4%, 24.6% and 36% and in plaque area 41.8%. Vitality was significantly reduced at every day compared to placebo. Plaque Index reduction with the 0.02% triclosan increased from 15.3% (day 2) to 31.0% (day 4) and a reduction of 23.6% was seen in plaque area. A significant effect concerning the vitality of the plaque was only found at the first and the last day of the test cycle. CONCLUSION Alcohol-free mouthrinse solutions were shown to be effective in reducing both plaque accumulation and plaque biofilm vitality compared to a placebo solution.
Dynamic Coalition Formation for Network MIMO in Small Cell Networks

In this paper, we apply the concepts of network multiple-input-multiple-output (MIMO) to small cell networks. To do so, the issue of imperfect channel state information (CSI) at the transmitter is considered when frequency-division duplexing is used, for which the feedback channel is limited. We first introduce a regret based learning approach to optimize the transmit beamforming parameters for the cases when the feedback channel is temporarily unavailable during deep fades. We then propose a coalition formation game model to cluster the small cell base stations so that they can perform cluster-wise joint beamforming. We take the \tit{recursive core} as the solution concept of the coalition formation game. To obtain the recursive core, we first consider a typical merge-split algorithm. However, we show that this algorithm can be unstable. Alternatively, we adopt the merge-only algorithm which guarantees the formation stability and show that its outcome belongs to the recursive core. Finally, we analyze the average number and the average size of coalitions that can form during such a coalition formation process. Numerical simulations are given to illustrate the behavior of the coalition formation among small cell base stations.
Growth in e-commerce boosts innovation in the warehouse robot market

This paper aims to illustrate how the growth in e-commerce has catalysed innovative developments in robots for use in warehouses. ,Following a brief introduction to e-commerce and warehouse robots, this first paper discusses Amazon’s involvement with robotic technology. It then considers the community of recently founded companies manufacturing warehouse robots, together with details of their products. The paper concludes with a short discussion. ,Amazon pioneered the use of robotics in its e-commerce warehouses with Kiva robots. It acquired the company in 2012, renaming it Amazon Robotics, and withdrew the products from open sale, triggering a boom in development activity to fill the gap in the market. Many companies in the USA, Europe and Asia have since been set up to exploit this opportunity and now manufacture robots for use in fulfilment centres around the world. While several products resemble the Kiva robots, others are more sophisticated and feature capabilities such as shelf picking and autonomous navigation. In the longer term, it is anticipated that functions such as product packing will also be conducted by robots, leading to fully automated fulfilment centres. ,This paper discusses the recent and dramatic upsurge in the development of robots for use in warehouses, particularly those serving the rapidly growing e-commerce sector.
A Case Study Of Learning In A Thai Manufacturing Organization

This study examines the relationships between individual, team and organizational learning of 1103 workers from a Thai manufacturing organization. Individual learning was conceptualized in terms of individuals’ learning strategies and motivation to learn. Team learning consisted of internal team learning and external team learning. Organizational learning was believed to be underpinned by commitment to learning, shared vision and open mindedness. These three levels of learning were inter-related. Thus, individuals who are interested in self development are more likely to contribute positively to teamwork and the benefits from the team learning could flow to the organizational level. The theoretical and practical implications are discussed.
Integrated Product Design for Marketability and Manufacturing

Using as a point of departure previous work in marketing on optimal concept selection that utilizes product attribute-based customer preference and product cost models, the authors consider the concept selection stage of a new product development process. They offer empirical support for the need to push beyond these models to more complete “customer-ready” prototypes before choosing a concept to commercialize. Although the correlations between attribute-based predictions, on the one hand, and customer acceptance and product costs, on the other hand, are significant and substantial, too much variance is left unexplained to rely on these models in isolation. This implies that more detailed design work should be performed on several concepts in parallel. The authors also provide an integrated approach for concept generation and selection that leverages the unique strengths of marketing, design, and manufacturing in developing successful products.
Data‐driven modeling of phase interactions between spontaneous MEG oscillations

Objective: Synchronization between distributed rhythms in the brain is commonly assessed by estimating the synchronization strength from simultaneous measurements. This approach, however, does not elucidate the phase dynamics that underlies synchronization. For this, an explicit dynamical model is required. Based on the assumption that the recorded rhythms can be described as weakly coupled oscillators, we propose a method for characterizing their phase‐interaction dynamics. Methods: We propose to model ongoing magnetoencephalographic (MEG) oscillations as weakly coupled oscillators. Based on this model, the phase interactions between simultaneously recorded signals are characterized by estimating the modulation in instantaneous frequency as a function of their phase difference. Furthermore, we mathematically derive the effect of volume conduction on the model and show how indices for strength and direction of coupling can be derived. Results: The methodology is tested using simulations and is applied to ongoing occipital–frontal MEG oscillations of healthy subjects in the alpha and beta bands during rest. The simulations show that the model is robust against the presence of noise, short observation times, and model violations. The application to MEG data shows that the model can reconstruct the observed occipital–frontal phase difference distributions. Furthermore, it suggests that phase locking in the alpha and beta band is established by qualitatively different mechanisms. Conclusion: When the recorded rhythms are assumed to be weakly coupled oscillators, a dynamical model for the phase interactions can be fitted to data. The model is able to reconstruct the observed phase difference distribution, and hence, provides a dynamical explanation for observed phase locking. Hum Brain Mapp, 2011. © 2011 Wiley‐Liss, Inc.
Trust and Concern in Consumers’ Perceptions of Marketing Information Management Practices

This research examines two constructs, consumers’ trust and concern, in information management practices. The authors present empirical evidence from a national consumer survey that suggests improving trust and reducing concerns are two distinct approaches to managing consumer information. Contrary to existing self-regulation efforts, the authors argue that when managing consumer information, the improvement of trust is more effective than efforts to reduce concern.
Neutralizing anti-IFN-beta antibodies: how much more evidence do we need to use them in practice?

Neutralizing antibodies (NAbs) are a major hurdle to the successful use of biologics in clinical practice. The impact of NAbs is obvious in biologic systems with no redundancy. NAbs induced in response to treatment with recombinant erythropoietin or thrombopoietin cause life-threatening complications of pure red cell aplasia and thrombocytopenia as a direct result of inhibiting the activity of the endogenous hormones. For the type 1 interferons (α and β), NAbs have not yet been shown to have untoward biologic effects. This may relate to the fact that IFNα and IFNβ have overlapping biologic activities or that they are produced locally as autocrine or paracrine mediators and are therefore less likely to be exposed to NAbs. In comparison, the evidence that NAbs interfere with the therapeutic effect of type 1 interferons is much clearer. In subjects with multiple sclerosis (MS), NAbs inhibit the induction of IFNβ-specific gene products and lessen the benefit of IFNβ on both MRI activity and relapse rate. Furthermore, three articles in this issue of Neurology show that NAbs1,2 impact negatively on disease progression and are likely to persist.3 NAbs do not appear until 6 to 24 months after IFNβ is initiated and do not have consistently measurable effects in trials of less than 2 years' duration. In the pivotal IFNβ-1b study (Betaseron/Betaferon), the clinical impact of NAbs on MS relapse rate only became apparent after 18 months of therapy.4 In the subcutaneous IFNβ-1a PRISMS study (Rebif) there were no reported differences in the clinical and MRI endpoints between NAb+ and NAb− patients at 2 years.5 However, in the 4-year extension phase of PRISMS, the relapse rate was 60% greater (0.81 vs 0.50, p = 0.002), the median number of T2 active lesions was five times greater (1.4 vs 0.3, p < 0.01), and …
Does ISO 9000 certification affect consumer perceptions of the service provider

Purpose – The purpose of this paper is to examine whether International Organisation for Standards (ISO) certification affects consumer perceptions of the service provider.Design/methodology/approach – Data from a questionnaire survey of 204 Spanish consumers of insurance services is used to investigate whether differences exist in consumer perceptions of the services provided by ISO 9000‐certified firms and non‐certified firms in terms of: quality; satisfaction; and corporate image. Mean and covariance structure analysis (MACS) is employed to provide reliable analysis of any differences detected.Findings – The paper finds that ISO certification improves consumers' perceptions with regard to all three variables (quality, satisfaction, and corporate image). This was especially the case with respect to perceived service quality and perceived corporate image. The results therefore suggest that ISO 9000 certification enables companies to realise marketing benefits as a result of enhanced evaluation of service.
The Impact of Service Fairness Perceptions on Relationship Quality

The success of marketing has increasingly become more dependent on the service quality of marketing. It is important that marketers understand how the service provided affects the future quality of the relationship. The overall goal of this study is to understand the relationships between justice perceptions, transaction-specific postrecovery satisfaction and relationship quality in a service failure/recovery encounter. Based on a sample of 138 respondents in the restaurant industry, we found that distributive, procedural, and interactional justice all positively impact the customer's transaction-specific postrecovery satisfaction with the service organization, and ultimately, the quality of the customer-firm relationship. Managerial and theoretical implications are provided.
Risk of Tumorigenesis in First-in-Human Trials of Embryonic Stem Cell Neural Derivatives: Ethics in the Face of Long-Term Uncertainty

While the successful differentiation of human embryonic stem cells into high purity populations of specialized cells is viewed as a major step towards the safety of prospective human transplantation trials, concerns about the possible risks of tumor formation remain. The potential tumorigenicity of transplants derived from embryonic stem cells raises distinctive ethical challenges regarding trial design, evaluation of their risks to potential benefits ratio, population selection, and post-trial subject monitoring. These challenges are examined within the context of foreseen trials for disorders of the central nervous system.
Behavioural intentions in the Malaysian retail banking industry: an empirical analysis

Behavioural Intentions in the Malaysian Retail Banking Industry: An Empirical Analysis by Juhaida Abu Bakar Financial deregulation and rapid technological advancement have lead the world banking industry to a more highly competitive and complex environment. In Malaysia, the competition is not only among the local banks, but also from foreign banks and non-financial institutions. The situation has worsened because banking products and services are identical and homogenous. Given the current conditions, local commercial banks in Malaysia are exposed to customer-switching risk because customers have a variety of financial suppliers to choose from. Therefore, to stay competitive and resilient, bank customer retention is crucial. Many studies show that an increase in customer retention results in increased profitability. The main purpose of this current study is to develop a behavioural intentions model of the Malaysian retail banking industry. Behavioural intentions can act as an indicator for customer retention. Constructs such as service quality, customer satisfaction, perceived value, corporate image and switching costs are found to be important antecedents of behavioural intentions based on past literature. A hierarchical model is used as a framework to synthesize the effects of service quality, customer satisfaction, perceived value, corporate image and switching costs on the behavioural intentions of retail bank customers. To date, no published empirical research has identified using a hierarchical model, the primary and subdimensions of retail bank service quality and linked these dimensions to behavioural intentions. This research seeks to fill this conceptual gap by examining the relationships between all five important marketing constructs (service quality, customer satisfaction, perceived value, corporate image, switching costs) and favourable behavioural intentions. All relationships are tested simultaneously in a single model.