Miracle-dz/UniFAR-FTUs huggingface dataset:
Restrictions on Allocation Discretion: Evidence from Clawbacks in Hong Kong IPOs

The presence of both restricted and unrestricted, US-style, bookbuilt initial public offer (IPOs) in Hong Kong provides an ideal environment to test numerous underpricing models by simultaneously measuring the effects of allocation restrictions on the investment bankers' price discovery, underwriting, and distribution functions. While clawbacks, a set of allocation restrictions favoring retail investors not participating in the roadshow result in diminished and more expensive price discovery, they also reduce the investment bankers' dependence on institutional investors to dispose off IPO shares, resulting in lower underpricing. This favors models that highlight the importance of the underwriting function on underpricing, and shows that allocation restrictions can impact more than just price discovery. In addition, this study shows that individual investors can partially offset the loss of roadshow information caused by clawbacks, countering the idea that investment banks are unable to extract any pricing information from investors outside their list of roadshow regulars.
Sodium‐Sensitive Cocaine Binding to Rat Striatal Membrane: Possible Relationship to Dopamine Uptake Sites

Abstract: In rat striatal membranes, NaCl induced a twofold increase in the maximal number of cocaine binding sites but did not alter the affinity of these sites for cocaine. This effect was concentration‐dependent, specific to sodium ions, and occurred in membranes prepared from corpus striatum but not from other brain regions. Lesions with 6‐hydroxydopamine but not with kainic acid eliminated the sodium‐induced increase in binding and produced a decrease in the Bmax of binding measured in the presence of NaCl. The capacity of a series of drugs to interfere with Na+–dependent cocaine binding correlated well with their capacity to inhibit [3H]dopamine uptake into rat striatal synaptosomes. The present results suggest that Na+–dependent cocaine binding sites are localized presynaptically on dopaminergic nerve terminals in corpus striatum, and may be related to dopamine uptake sites.
Phenotypes defined by the "Vienna Classification" in 100 Hungarian patients with Crohn's disease.

BACKGROUND standardisation of subgroup in Crohńs disease (CD) could help to design, and to compare studies performed in different populations. However, due to the lack of a uniformly used classification, data is scarce and difficult to interpret on the frequency of specific subtypes and disease behaviour in different ethnicities. METHODS analysis was performed using the Vienna classification on an unselected Hungarian population of 100 CD patients diagnosed according to Lennard- Jones criteria at least three years before the data was collected. RESULTS disease behaviour and location was strongly associated (p= 0.008); ileocolonic location presented most commonly with penetrating disease (49%), while colonic location with non-stricturing, non-penetrating disease behaviour (48%). Operations were more frequent in patienys with penetrating disease (p<0,0001). Among patients with extraintestinal manifestations penetrating disease was more common (49 vs 30%) and structuring less frequent (16 vs 38%) than in the group of patients who did not have extraintestinal symptoms (p=0.001). In patients whose disease involved the colon, among those with structuring disease, than men (OR=4.18 CI=1. 07-16.32). Morever, less operation were performed in women, than in men (OR=2.3 CI=1.02-5.19). Smoking had influence on the disease location and severity, while not on the disease behaviour. CONCLUSIONS these results point to different disease characteristics between men and women. They support the concept that distinct phenotypes have different complications and prognosis. Therefore, the Vienna classification provides a simple tool to standardise.
Educational level and changes in health across Europe: longitudinal results from SHARE

We use cross-national, longitudinal data to explore the impact of educational level on changes in health outcomes among Europeans aged over 50. Our analyses are performed separately for Northern, Western and Southern Europe, as these regions broadly represent different welfare state regimes. We find that low education is associated with higher incident events — over a two-year period — of poor health, chronic diseases and disability, but it is less consistently associated with new events of long-standing illness. Net of behavioural risk factors, educational effects are more consistent in Western and Southern Europe than in the Nordic welfare states. In Northern Europe, lower education is associated with less financial and employment disadvantage than in Southern or Western Europe. After controlling for educational differences in these factors, effects of educational level on health deterioration remain significant for most outcomes in Western and Southern Europe, whereas they are weaker and non-significant after adjustment in Northern Europe.
Audit Firm Appointments, Audit Firm Alumni, and Audit Committee Independence

A company officer is an "alumnus" if he previously worked for an audit firm. Iyer et al. (1997) find alumni have ties with their former audit firms and alumni are more inclined to provide economic benefits to former firms if they have stronger ties. If the alumnus is a senior corporate officer, the alumnus may benefit her former firm by recommending that the company appoints the firm as its auditor. However, the company's audit committee may be concerned that officer-auditor ties threaten audit quality. Therefore, an independent audit committee may not sanction the appointment of the officer's former firm. This study investigates whether: (1) companies tend to appoint officers' former audit firms, and (2) independent audit committees mitigate this tendency. We document that companies appoint officers' former firms more often than they appoint alternative audit firms. However, companies are less likely to appoint officers' former firms if audit committees are more independent. This suggests that independent audit committees strengthen audit quality by deterring affiliations between audit firms and officers.
Quantitative Assessment of Swallowing Dysfunction in Patients with Spinal and Bulbar Muscular Atrophy

Objective This study aimed to evaluate swallowing dysfunction in patients with spinal and bulbar muscular atrophy and to identify the most appropriate method of assessing swallowing dysfunction using a videofluoroscopic swallowing study. Methods In the videofluoroscopic swallowing study, patients were instructed to swallow 3 mL of 40% weight/volume barium sulfate twice, and the pharyngeal residue was measured. We used three different methods to quantify the pharyngeal barium residue and an eight-point scale to evaluate the laryngeal penetration leading to aspiration pneumoniae. Patients We assessed 111 patients with spinal and bulbar muscular atrophy who weren't undergoing disease-specific treatment. Results Our results showed that the pharyngeal barium residue after initial swallowing correlated better with the bulbar-related functional rating scales than that after multiple deglutition. This correlation was vague when the data from patients whose barium residue was >50% were eliminated. In addition, evaluating the pharyngeal residue after initial swallowing proved to be the most sensitive method with regard to laryngeal penetration. Conclusion This study showed that the pharyngeal barium residue after initial swallowing was the most appropriate parameter for quantitatively assessing the degree of dysphagia using a videofluoroscopic swallowing study and suggests that this method may predict laryngeal penetration and aspiration in patients with spinal and bulbar muscular atrophy.
Pricing continuously sampled Asian options with perturbation method

This article explores the price of continuously sampled Asian options. For geometric Asian options, we present pricing formulas for both backward‐starting and forward‐starting cases. For arithmetic Asian options, we demonstrate that the governing partial differential equation (PDE) cannot be transformed into a heat equation with constant coefficients; therefore, these options do not have a closed‐form solution of the Black–Scholes type, that is, the solution is not given in terms of the cumulative normal distribution function. We then solve the PDE with a perturbation method and obtain an analytical solution in a series form. Numerical results show that as compared with Zhang's ( 2001 ) highly accurate numerical results, the series converges very quickly and gives a good approximate value that is more accurate than any other approximate method in the literature, at least for the options tested in this article. Graphical results determine that the solution converges globally very quickly especially near the origin, which is the area in which most of the traded Asian options fall. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:535–560, 2003
A New Concept for Making Decisions Regarding the Surgical Approach for Cervical Ossification of the Posterior Longitudinal Ligament: The K-Line

Study Design. To report a new index, the K-line, for deciding the surgical approach for cervical ossification of the posterior longitudinal ligament (OPLL). Objective. To analyze the correlation between the K–line-based classification of cervical OPLL patients and their surgical outcome. Summary of Background Data. Previous studies showed that kyphotic alignment of the cervical spine and a large OPLL are major factors causing poor surgical outcome after laminoplasty for cervical OPLL patients. However, no report has evaluated these 2 factors in 1 parameter. Methods. The K-line was defined as a line that connects the midpoints of the spinal canal at C2 and C7. Twenty-seven patients who had cervical OPLL and underwent posterior decompression surgery were classified into 2 groups according to their K-line classification. OPLL did not exceed the K-line in the K-line (+) group and did exceed it in the K-line (−) group. By intraoperative ultrasonography, we evaluated the posterior shift of the spinal cord after the posterior decompression procedure. The Japanese Orthopedic Association scores before surgery and 1 year after surgery were evaluated, and the recovery rate was calculated. Results. Eight patients were classified as K-line (−), and 19 patients were classified as K-line (+). The mean recovery rate was 13.9% in the K-line (−) group and 66.0% in the K-line (+) group (P < 0.01). Ultrasonography showed that the posterior shift of the spinal cord was insufficient in the K-line (−) group. Conclusion. The present results demonstrate that a sufficient posterior shift of the spinal cord and neurologic improvement will not be obtained after posterior decompression surgery in the K-line (−) group. Our new index, the K-line, is a simple and practical tool for making decisions regarding the surgical approach for cervical OPLL patients.
To Slow or Not to Slow: The Economics of the Greenhouse Effect

Over the last decade, scientists have studied extensively the greenhouse effect, which holds that the accumulation of carbon dioxide (CO2) and other greenhouse gases (GHGs) is expected to produce global warming and other significant climatic changes over the next century. Along with the scientific research have come growing alarm and calls for drastic curbs on the emissions of greenhouse gases, as for example the reports of the Intergovernmental Panel on Climate Change (IPCC [I990]) and the Second World Climate Conference (October I990). To date, these call to arms for forceful measures to slow greenhouse warming have been made without any serious attempt to weigh the costs and benefits of climatic change or alternative control strategies. The present study presents a simple approach for analyzing policies to slow climate change. We begin by summarizing the elements of an economic analysis of different approaches to controlling greenhouse warming. We then sketch a mathematical model of economic growth that links the economy, emissions, and climate changes and summarize the empirical evidence on the costs of reducing emissions and concentrations of greenhouse gases and on the damages from greenhouse warming, relying primarily on data for the United States. The different sections are then integrated to provide estimates of the efficient reduction of greenhouse gases, after which the final section summarizes the major results.
Complications observed during and after ovariohysterectomy of 142 bitches at a veterinary teaching hospital

The clinical, anaesthetic and surgical records of 142 bitches admitted into the primary care clinic at the Small Animal Hospital, University of Liverpool, between January 2002 and August 2004 for routine ovariohysterectomy by final-year students were analysed for complications during and after the surgery. The time taken to perform the surgical procedure was recorded, to allow assessment of the time involved in one-to-one surgical teaching during live-recovery surgeries of client-owned pets. The types of complications were similar to those reported in earlier studies: nine bitches suffered haemorrhage of the ovarian arteries during surgery, and there were four cases of haemorrhage after surgery, 12 cases of wound inflammation and four other types of complication. The rates of intraoperative, postoperative and total complications were 6·3, 14·1 and 20·6 per cent, respectively.
Effects of General-epidural Anaesthesia on Haemodynamics in Patients with Myasthenia Gravis.

OBJECTIVE The current study aims to explore the effects of general-epidural anaesthesia (GEA) on the perioperative haemodynamics in patients with myasthenia gravis (MG), as well as their extubation time. METHODS A total of 42 MG patients (Ossermann I-II b types) receiving elective total thymectomy were randomized into GEA (n = 20) and general anaesthesia alone (GA; n = 22) groups. Changes in their mean arterial pressure (MAP) and heart rate (HR) were recorded before anesthesia and at the time of intubation, skin incision, sternotomy and extubation. Dosages of general anaesthetics during time unit and the time of extubation and complete recovery from the ending of the operation were also recorded. RESULTS After anaesthesia, both groups displayed increased MAPs and HRs, with those in the GA group significantly higher than those in the GEA group (p < 0.05). The total consumption of general anaesthetics in the GA group was markedly higher than that in the GEA group (p < 0.01). CONCLUSION The GEA group had shorter postoperative extubation and recovery time than the GA group (p < 0.01). General-epidural anaesthesia stabilizes perioperative haemodynamics, reduces the consumption of general anaesthetics and shortens extubation time. It is a feasible and ideal anaesthetic method at present.
Stretch targets: What makes them effective?

Executive Overview The intensity of competition has increased dramatically over the past two decades. This has led many organizations to develop specialized approaches to support creative problem solving and generate high levels of performance. One of these innovative approaches, stretch targets, enhances motivation, performance, and creative decision making. Yet just stretching targets will not guarantee success. Other changes in the work environment and organizational culture are also needed. Stretch targets must include work environment changes that encourage acceptance. Two factors that we call “bureaucratic immunity” and “structural accommodation” encourage this acceptance. This article views each of these concepts as essential precursors for matching reach and grasp.
On the Duration of Political Power in Africa

It is often underlined that African oil-producing countries are politically unstable as a result of the role that this resource can play in political incentives. Based on data documenting the duration in office of heads of state of 26 African countries (North Africa and sub-Saharan Africa), this study reveals a surprising twist on the conventional wisdom: The purported instability of African oil-producing countries does not appear to extend to the executive branch of the state. Conversely, using survival analysis, this research suggests a positive link between oil rents and the duration in office of African leaders. Findings also reveal that other mineral rents do not exhibit the same stabilizing effect. The author's interpretation of these results is grounded in an analysis of the practicalities of oil investment and the strategic aspect of oil.
Sustained corporate corruption and processes of institutional ascription within professional networks

The last 20 years have seen some of the most dramatic cases of corporate corruption. One of the most striking features of these cases is the inability of professionals and professional firms to recognize and publicize corporate corruption. In this essay, we argue that professionals’ failure to detect corporate corruption may be the result of institutional ascription that occurs within professional networks. Institutional ascription occurs as professionals ascribe probity and diligence to the behaviour of other professionals, and may contribute to sustain corporate corruption. Understanding the conditions and mechanisms that facilitate—or impede—institutional ascription is thus important and we offer suggestions for how this line of research might be advanced.
The Role and Growth of New-Car Leasing: Theory and Evidence

There has been substantial growth in rates of new-car leasing over the last few decades. Building on recent theoretical research, we construct a model of the leasing decision in which leasing mitigates adverse selection and reduces transaction costs, but moral hazard limits its use. In our model, the prevalence of leasing is related to new-car reliability, which suggests that the recent growth in leasing is at least partly due to improvements in new-car reliability. We use this model to derive testable implications and then conduct an empirical analysis to investigate whether the operation of the new- and used-car markets is consistent with the predictions of this theoretical approach. Our empirical results support the theoretical predictions of our model. In particular, we provide direct evidence that leasing mitigates adverse selection and that an important factor in the growth in new-car leasing rates has indeed been the growth of new-car reliability.
A conceptual model and illustrative research framework for inter‐organizational innovation

Purpose – The purpose of this paper is to develop an integrated model, which incorporates the influence of different dimensions of power on various sub‐components of continuous innovation in inter‐firm networks using the product development process (PDP) as the unit of analysis.Design/methodology/approach – A theoretical framework is developed initially. The theoretical framework is supported by two illustrative examples from the aerospace industry. Semi‐structured interviews, observation and template analysis are proposed as suitable data collection and analysis methods.Findings – The paper offers a view on how the PDP is facilitated and/or constrained due to this interweavement. The paper offers five tentative initial templates surrounding the themes discussed.Research limitations/implications – The conceptual framework is still in its nascent stage and requires substantial empirical work. As the relationships between power and knowledge in inter‐firm networks are currently under‐researched it might be .
The effects of ownership concentration on investment and performance in privatized firms in Russia

This paper provides new survey evidence on effects of concentrated ownership on restructuring and performance in privatized firms in Russia. The major findings are that large-block shareholding is negatively associated with the firm's investment and performance, and this relationship does not depend on the identity of controlling shareholders. These results are consistent with the assumption that when minority shareholders' rights are not adequately protected, the entrenched controlling shareholders may be engaged in extracting 'control premium' before pro rata distribution of dividends. The issues raised have relevance to other transitional economies where the privatization process has been followed by an increase in ownership concentration. Copyright © 2001 John Wiley & Sons, Ltd.
Improving quality of fractal compressed images

This paper proposes a new quality improvement technique for fractal-based image compression techniques using diffusion equations. Fractal coding uses a contractive mapping scheme to represent an image. This process of contractive mapping causes artifacts and blocking effects in encoded images. This problem is severed when compression ratio is increased or there are high frequency regions in the image. Hence, to amulet the deficiency of fractal coding approaches in image compression, we propose using diffusion equations as a post processor. Diffusion equations are powerful tools for image enhancement. This technique has been examined on a variety of standard images. The obtained results indicate that the proposed method improves performance of fractal-based image compression techniques.
Open innovation: an analysis of twelve years of research

Purpose – The purpose of this paper is to explore patterns and developments in the open innovation literature. Design/methodology/approach – A bibliometric analysis was performed by classifying 411 articles in a range of key attributes. Findings – Europe (61 per cent) as a region of data source was higher than all other regions together. As a unit of analysis, firm level (65 per cent) was more than all other levels together. Qualitative studies were mostly case-based, and quantitative studies were largely based on survey and panel data. Regression was a widely used analytical technique. Originality/value – The authors identified avenues to address overlooked research topics, increase cross-continental collaboration, diversity of research methods beyond case study and survey, etc. Based on findings, the authors outlined some future research directions.
Reform of the State and the New Discourse on Social Policy in Brazil

The Brazilian state and society have undergone great changes since 1995 in the direction of a new pattern of relations between them and the production of a new hegemony. These changes are reflected in to the appearance of a discourse on the nongovernment public sector and the broadening of what is understood as public territory outside the state. A type of collaboration between the state and society has developed that involves organizations of civil society with public functions, called the “third sector” to indicate their mediation between the state and the market, reinforcing the withdrawal of politics from social policy.
Capital Structure, Wage Bargaining and Employment

We offer a unified framework to analyze the determination of employment, employee effort, wages, profit-sharing and capital structure when firms face stochastic revenue shocks. We apply a generalized Nash bargaining solution, which extends the wage bargaining literature by incorporating efficiency wage considerations, profit-sharing and capital structure. The profit-sharing instrument is demonstrated to have positive effort-augmenting and wage-moderating effects, which exactly offset the negative dilution effect in equilibrium. Leverage is shown to decrease employment and to have a strategic commitment value as a wage-moderating effect for firms facing unions in bilateral wage negotiations. Finally, some implications for equilibrium unemployment are characterized.