Miracle-dz/UniFAR-FTUs huggingface dataset:
Transmission of the Financial and Sovereign Debt Crises to the EMU: Stock Prices, CDs Spreads and Exchange Rates

This paper tests for the transmission of the 2007–2010 financial and sovereign debt crises to fifteen EMU countries. We use daily data from 2003 to 2010 on country financial and non-financial stock market indexes to analyze the stock market returns for three country groups within EMU: North, South and Small. The following results hold for both the North and South European countries, while the smallest countries seem to be relatively isolated from international events. First, we find strong evidence of crisis transmission to European non-financials from US non-financials, but not for financials. Second, in order to test how the sovereign debt crisis affects stock market developments we split the crisis in pre- and post-Lehman sub periods. Results show that financials become significantly more dependent on changes in the difference between the Greek and German CDS spreads after Lehman’s collapse, compared to the pre-Lehman sub period. However, this increase is much smaller for non-financials. Third, before the crisis euro appreciations coincide with European stock market decreases, whereas this relationship reverses during the crisis. Finally, this reversal seems to be triggered by Lehman’s collapse.
Effects of Calcitonin and Parathyroid Hormone on Calcification of Primary Cultures of Chicken Growth Plate Chondrocytes

Few studies have been directed toward elucidating the action of calcitonin (CT) and parathyroid hormone (PTH) on growth plate chondrocytes, cells directly involved in longitudinal bone growth and provisional calcification. In this study, primary cultures of avian growth plate chondrocytes that calcify without the supplement of β‐glycerophosphate were used to investigate the effects of synthetic human CT and 1–34 bovine PTH on (1) cell division and growth; (2) the deposition of Ca2+ and inorganic phosphate (Pi); (3) the activity of alkaline phosphatase (AP), an enzyme long associated with the mineralization process; (4) the levels of proteoglycans; and (5) the synthesis of collagens. Added continually to preconfluent cultures from day 6 until harvest, CT (1–30 nM) and PTH (0.1–1.0 nM) increased mineral deposition; the maximal increase was seen between days 18–21 at 10 nM CT (175–260%) and 0.5 nM PTH (∼170–280%), both p < 0.001. CT had no significant effect on cellular protein, or AP‐specific activity, whereas PTH increased cellular protein, DNA, proteoglycan, and collagen content of the cultures in a dosage‐dependent manner. AP activity and levels of Type II and X collagens and fibronectin in the culture medium showed a biphasic response to PTH; maximal increases were seen at 0.5 nM between days 15–18. Longer exposure (days 21–27) to PTH at higher levels (5–10 nM) caused a marked decrease in AP activity but a lesser decrease in the collagens. These results indicate that CT and PTH can act directly on chondrocytes to stimulate mineralization, but that PTH specifically stimulated cell division and synthesis of cellular and extracellular proteins by growth plate chondrocytes. The implications of these findings with regard to Ca2+ homeostasis and bone formation are discussed.
Looting and Conflict between Ethnoregional Groups

A game-theoretic model is analyzed for discussing the determination of looting and fighting activity during a civil war between two ethnoregional groups. The Nash equilibrium of this game emphasizes population size, production capacity and productivity, and access to external funding as the main determinants of the size of the armies and the intensity of looting activity. The Nash equilibrium of the game between the two warlords involves an excessive level of looting. Some lessons are drawn from this framework to bring out the minimum redistribution of resources between groups that must take place in a peaceful equilibrium.
The Impact of Union Political Activities on Public-Sector Pay, Employment, and Budgets

Anecdotal evidence suggests that the political power of public employee unions has been a major cause of excessive growth in municipal expenditures. Previous studies, however, have not directly measured union political activities but instead have used some type of unionization or collective bargaining proxy. This paper uses unpublished data from the International City Management Association (ICMA) to develop a more direct measure of police and fire union political activity. It is found that increased union political activity leads to greater department expenditures but not necessarily to greater municipal expenditures or revenues. The results also suggest that unions increase department spending through political activity and not through the collective bargaining process itself. Further, it appears that political activity increases department spending through higher employment and not through higher compensation.
Mitophagy Plays an Essential Role in Reducing Mitochondrial Production of Reactive Oxygen Species and Mutation of Mitochondrial DNA by Maintaining Mitochondrial Quantity and Quality in Yeast*

Background: The physiological importance of mitophagy in yeast has been largely unexplored. Results: Mitochondrial DNA deletion frequently occurs in mitophagy-deficient cells during nitrogen starvation because of overproduction of the reactive oxygen species from unregulated mitochondria. Conclusion: Mitophagy prevents excess reactive oxygen species production and mitochondrial DNA mutation. Significance: Our findings provide insight into mitophagy-related disorders such as Parkinson disease. In mammalian cells, the autophagy-dependent degradation of mitochondria (mitophagy) is thought to maintain mitochondrial quality by eliminating damaged mitochondria. However, the physiological importance of mitophagy has not been clarified in yeast. Here, we investigated the physiological role of mitophagy in yeast using mitophagy-deficient atg32- or atg11-knock-out cells. When wild-type yeast cells in respiratory growth encounter nitrogen starvation, mitophagy is initiated, excess mitochondria are degraded, and reactive oxygen species (ROS) production from mitochondria is suppressed; as a result, the mitochondria escape oxidative damage. On the other hand, in nitrogen-starved mitophagy-deficient yeast, excess mitochondria are not degraded and the undegraded mitochondria spontaneously age and produce surplus ROS. The surplus ROS damage the mitochondria themselves and the damaged mitochondria produce more ROS in a vicious circle, ultimately leading to mitochondrial DNA deletion and the so-called “petite-mutant” phenotype. Cells strictly regulate mitochondrial quantity and quality because mitochondria produce both necessary energy and harmful ROS. Mitophagy contributes to this process by eliminating the mitochondria to a basal level to fulfill cellular energy requirements and preventing excess ROS production.
Transparency Built‐in

The supply chains found in modern manufacturing are often complex and long. The resulting opacity poses a significant barrier to the measurement and minimization of energy consumption and therefore to the implementation of sustainable manufacturing. The current article investigates whether the adoption of additive manufacturing (AM) technology can be used to reach transparency in terms of energy and financial inputs to manufacturing operations.
Accounting for Human Rights Violations Risk: Conflict Minerals Mandatory Disclosures under the Dodd Frank Act

This paper examines the equity market response to firms’ disclosure of human rights violation risk with regard to conflict mineral usage as required by Section 1502 of the Dodd-Frank Act (the Act). This paper assesses the aggregate equity market response to regulatory events leading to the passage of the Act, the equity market reaction to voluntary early disclosures and mandatory disclosures of conflict mineral information in Form SD, as well as the determinants of the equity market response. Using a sample of 4,399 US registrants from January 1, 2008 to September 30, 2014, we document a significant negative stock market reaction to the passage of the Act and to conflict minerals disclosures on Form SD. The equity market reaction is more negative and limited to companies that source their minerals from conflict zones, companies with human rights violations, and companies with ambiguous disclosures. Taken together, the results of this study provide an economic justification for companies with poor conflict minerals practices to improve in order to avoid high costs that will arise if firms are forced to disclose human rights abuses. This paper also provides preliminary evidence that Form SD is successful in reducing the governance gap that exposes investors to unnecessary sanction, litigation and reputation risk from firms’ activities in conflict minerals usage.
Integrated vulnerability mapping for wards in Mid-Norway

The future climate of Norway is expected to become “warmer, wetter, and wilder”, and it is anticipated that this will cause more extreme weather events. Local authorities therefore need to increase their ability to assess weather-related hazards such as flooding and landslide, as well as peoples’ capacities to cope with such events. Any evaluation of future vulnerability towards natural hazards should use today's situation as the baseline. In this article, we present this baseline: a vulnerability assessment for the present. Our vulnerability assessment incorporates both physical and social dimensions of vulnerability and screens Mid-Norway at the lowest administrative level. The results reveal a considerable geographic variation regarding vulnerability. The assessment identifies the most vulnerable localities within a municipality and could thus be relevant for the local authorities. By incorporating knowledge held by the local authorities, the vulnerability mapping could be made even more relevant.
An examination of Midwest community college presidents' leadership styles

AN EXAMINATION OF MIDWEST COMMUNITY COLLEGE PRESIDENTS’ LEADERSHIP STYLES by MARVIN JONES JACOBS August 2012 Advisor: Dr. Monty Piliawsky Major: Educational Leadership and Policy Studies Degree: Doctor of Education This study examined the leadership styles of community college presidents and chancellors in the Midwestern part of the United States on leadership styles they embraced based on their personal characteristics, age, gender, education and experience in higher education, location, and other prevailing personal characteristics. The three leadership styles measured in the study were transformational, transactional and passive avoidant. Three research questions were posed for the study. A total of 176 presidents in five states were sent surveys. Of this number, 82 (46.6%) completed and returned the MLQ questionnaire and the investigator-developed demographic survey. Survey findings suggested participating presidents appeared to favor a transformational leadership style, with the passive avoidant styles least preferred. Comparison on the three leadership styles by size of the student body for each president was not statistically significant. College demographics were not statistically significant as a predictor of transformational, transactional, or passive avoidant leadership styles. Conversely, years employed in higher education was a statically significant predictor of transformational leadership styles. Community college presidents who had been in higher education for longer periods of time had less positive
Biomechanical evaluation of inferior scapula notching of reverse shoulder arthroplasty depending on implant configuration and scapula neck anatomy

Purpose: The presence of inferior scapula notching is significantly affected by the anatomy the scapula and can be influenced by the glenosphere design and position and the onlay type. Materials and Methods: A biomechanical study was undertaken with 13 human shoulder specimens in a robot-assisted shoulder simulator. Inferior scapula contact during adduction of the humerus was detected using a contact pressure film. Computed tomography scans with three-dimensional reconstructions of each specimen were performed. Results: The greatest improvement of the scapula notching angle (SNA) was achieved by simultaneous implantation of a shallow humeral onlay and an eccentric glenosphere design: 16.3-19.0° (P < 0.005). The SNA was significantly decreased by 5.8° when shifting from a 38 mm centric glenosphere to a 42 mm centric glenosphere (P < 0.005) and by 8.9° comparing the 38 mm centric glenosphere with 38 mm eccentric glenosphere (P < 0.005). The solitary implantation of a shallow onlay significantly decreased the SNA depending on the glenosphere size between 7.4° and 8.0° (P = 0.001). A more inferior position of the metaglene as well as a long scapula neck (P = 0.029) and a large lateral scapula pillar angle (P = 0.033) were correlated with a lower SNA. Conclusion: This study demonstrates the importance of inferior glenosphere placement and the benefit of eccentric glenosphere and shallow humeral cup design to reduce the adduction deficit of the reverse shoulder. The presence of a short neck of the scapula can have a negative prognostic effect on inferior impingement during adduction of the arm. Level of Evidence: Basic Science Study
Rebuilding Status Consistency in a Post-communist Society. The Czech Republic, 199197

In this paper we perform an empirical analysis of status consistency in a postcommunist society. We supply three arguments as to why the various dimensions of social status can be expected to have crystallized following the fall of communism. First, post-communist societies have experienced a significant increase in income and wealth inequality. Second, there have been significant changes in the class structure and, third, processes that generate inequality and social structure have been changing as well. The analysis demonstrates the increase in status consistency in the Czech Republic in the period 1991-97. Further, we explore the degree of status inconsistency in different subpopulations and the political consequences of status inconsistency.
Why do firms save cash from cash flows: evidence from firm-level estimation of cash-cash flow sensitivities using Bayesian estimation

We construct firm-level estimates for the cash flow sensitivity of cash (CCFS) by modeling heterogeneous slopes in a reduced-form cash equation augmented with cash flow. This approach enables us to identify firms that display a high propensity to save cash from cash flows versus firms that display a low or even negative saving propensity. Then we analyze which firm characteristics are associated with the magnitude of CCFS. We find that high CCFS-firms have higher variation and lower serial correlation in income suggesting that higher income shocks trigger buffering of cash. However, high CCFS-firms do not appear to suffer more from financing frictions measured by their debt-capacity, external finance dependence, interest payments or traditional indicators such as profitability-rates, liquidity-rates and dividend-policy. Overall, the results suggest that changes in cash are used for smoothing of uncertain income fluctuations but do not indicate a higher exposure to financing constraints.
Investor Sentiment and Aggregate Volatility Pricing

This paper aims at providing new insights on the pricing of aggregate volatility risk by incorporating investor sentiment in the relation between sensitivity to innovations in implied market volatility and expected stock returns. Using both cross-sectional and time series analysis, we investigate the effect of the exposure to aggregate volatility risk on stock returns in both high-sentiment and low-sentiment regimes. We find that exposure to aggregate volatility risk is negatively related to returns when sentiment is low. However, this relation loses its significance when sentiment is high. The documented negative relation is robust to controls for other variables and to the use of various sentiment proxies, suggesting that aggregate volatility risk is an independent risk factor only during low sentiment periods.
Irrigation Water Value at Small-scale Schemes: Evidence from the North West Province, South Africa

Insight into the value of water is essential to support policy decision making about investments in the water sector, efficient allocation of water and water pricing. However, information on irrigation water values at small-scale schemes is scarce and in general little attention is paid to the determinants of these values. In this study values are calculated for small-scale irrigation schemes in the North West Province of South Africa, using the residual imputation method. An average water value of US$0.188/m3, in line with expectations for vegetable crops, was found. Furthermore, the crop choice and the irrigation scheme design and institutional setting were shown to significantly influence the water value, whilst individual characteristics of farmers proved to be less important.
Strategy-Proof Exchange

We consider the allocation of goods in exchange economies with a finite number of agents who may have private information about their preferences. In such a setting, standard allocation rules such as Walrasian equilibria or rational expectations equilibria are not compatible with individual incentives. We characterize the set of allocations rules which are incentive compatible, or in other words, the set of strategy-proof social choice functions. The social choice functions which are strategy-proof are those which can be obtained from trading according to pre-specified proportions. The number of proportions which can be accommodated is proportional to the number of agents. Such rules are necessarily inefficient, even in the limit as the economy grows.
Cross-jurisdictional income shifting and earnings valuation

This research investigates the extent to which U.S. multinational enterprises (MNEs) engage in tax-motivated income shifting between the U.S. and foreign jurisdictions and whether investors differentially capitalize shifted income, based on its true source or its reported source. We find evidence that U.S. MNEs facing foreign tax rates that on average exceed the U.S. statutory tax rate shift taxable income into the United States, and that investors recognize firms' income-shifting patterns when valuing the foreign versus domestic components of reported earnings. We examine U.S. multinational manufacturing companies from 1984 to 1992 to determine the cross-sectional relation between firm-level foreign profit margins and average foreign tax rates. If U.S. MNEs respond to high (low) foreign tax rates by shifting income into (out of) the United States, then ceteris paribus we expect a negative relation between foreign profit margins and average foreign tax rates. In addition,
Explaining Citizen-Initiated Contacts with Municipal Bureaucrats

Citizen-initiated contacts represent an important, yet perplexing, category of political participation. The authors attempt to provide a comprehensive explanation of when and why citizens initiate contacts. They draw from prior research to summarize knowledge about these contacts and the measurement problems that have plagued earlier research. To explore the bases for citizen-initiated contacts, they use survey data on contacts with various municipal departments of the city of Atlanta. Logistic regressions of 15 different types of contacts reveal perceived needs as the most consistently significant predictor of most types. The influence of socioeconomic status over contacting is indirect.
The effect of Mengovirus infection on the activity of the DNA-dependent RNA polymerase of L-cells.

Mengovirus is a small RNA virus, approximately 27 mµ in diameter, containing only RNA and protein, according to the analyses of Faulkner et al. on the closely related encephalomyocarditis (EMC) virus. It is a member of the Columbia SK group of viruses which we have been studying in detail in recent years.
Seroprevalence of hepatitis B: do blood donors represent the general population?

INTRODUCTION In this study, we aimed to compare the HBV seroprevalances of voluntary blood donors and the healthy persons who required premarital screening. METHODOLOGY HBsAg ELISA results were collected retrospectively from the records of 9,949 blood donors and 954 healthy persons who required premarital screening. RESULTS HBsAg was detected in 182 of 9,949 (%1.8) voluntary blood donors and 32 of 954 (%3.4) healthy persons who required premarital screening. HBsAg seropositivity was significiantly higher in the healthy persons who required premarital screening than in blood donors (p = 0.0016). CONCLUSION Premarital screening is mandatory in our country, and it may provide more accurate epidemiological data to determine HBV seroprevalence than in other selected groups such as blood donors.
Reassessing the Links between Regime Type and Economic Performance: Why Some Authoritarian Regimes Show Stable Growth and Others Do Not

This analysis challenges claims that regime type determines national economic performance, and hypothesizes that the level of public deliberation, rather than broad categories of regime type, is the driver of national economic performance across political systems; specifically, that negotiations, disagreements, and compromises between decentralized decision-making partisans (e.g., citizens, business representatives, professional associations, labor, and public administrators) are the underlying causal mechanism explaining the non-monotonic relationship between different types of political system and economic performance. Countries with high levels of public deliberation more often experience stable growth outcomes, while other countries can make radical changes in economic policy with uncertain outcome. The variation in public deliberation within regime type is significant, especially amongst authoritarian regimes. One startling implication is that, in certain situations, impressive gains in economic growth can be achieved only at the expense of active negotiation and participation in the policy-making process.
A Critique of the Nyse's Director Independence Listing Standards

Under the New York Stock Exchange's (NYSE) aegis, a blue ribbon panel has proposed new listing standards that would, inter alia, significantly increase the role of independent directors in public corporations. Despite the considerable hullabaloo surrounding the report's release, however, the report's recommendations in fact consist of little more than the warmed-over rejects of past corporate governance "reform" initiatives. This essay critiques the key director independence provisions of the NYSE Committee's report. The essay argues that those proposals are not supported by the evidence on director performance and, moreover, adopt an undesirable one size fits all approach. Firms have unique needs and should be free -- as state law now allows -- to develop unique accountability mechanisms carefully tailored for the firm's special needs. The SEC should not be further empowered to use its "raised eyebrow" regulatory powers as a vehicle to federalize corporate law. For all of these reasons, the NYSE should reject the Committee's proposals and leave development of corporate governance to state law and market forces.