Miracle-dz/UniFAR-FTUs huggingface dataset:
Anticipated tax planning as a source of merger gains

This paper investigates anticipated tax planning as an underlying source of value creation for acquirers’ shareholders. We hypothesize that merger announcement returns for acquirers reflect their shareholders’ beliefs about the future tax planning performance of the merged firm. Our analyses show that, in acquisitions of more tax aggressive targets by less tax aggressive acquirers, acquirers’ merger announcement abnormal returns decrease as the tax aggressiveness of the acquirer decreases relative to that of the target. For acquisitions of less tax aggressive targets by more tax aggressive acquirers, acquirers’ merger announcement abnormal returns increase as the tax aggressiveness of the acquirer increases relative to that of the target, but is only observable when omitting deals in either extreme decile of the targets’ tax aggressiveness. These findings suggest that the market expects the target to adopt the acquirer’s tax planning rather than benefiting from the more aggressive planning of either party, and that the anticipated tax planning changes are positively associated with acquirer returns. Further, the results suggest that the merged firm’s overall tax planning is easier to reduce than increase through the acquisition.
Corporate Governance in Thailand

1. Introduction by Sakulrat Montreevat 2. Transparency and Accountability of Listed Non-financial Companies in Post-crisis Thailand by Boonchai Hongcharu 3. Good Governance in the Thai Banking System by Bhanupong Nidhiprabha 4. Corporate Governance among State-owned Enterprises in Thailand by Deunden Nikomborirak and Saowaluk Cheevasittiyanon 5. Thai Company Laws and Good Governance Practices of Unlisted Companies by Saravuth Pitiyasak.
Voting Power, Control Rents and Corporate Governance: An Integrated Analysis of Owner Control and Corporate Governance

This paper integrates existing knowledge in owner control and corporate governance. First it provides different measurements of voting power, and then links the voting power with private benefits of control in an analysis of control rent. The implication of dual classes of shares in a takeover contest is explored. As an application, the power structures of a group of Swedish listed firms are examined using the Shapely-Shubik power indices and the Banzhaf power indices. This paper provides a tool in conducting corporate governance studies, such as degree of control and corporate performance, takeover probability and private benefit of control, etc. Degree of control as an endogenous choice is partly determined by laws and cultural heritage of a country. This needs to be given special care when cross-country comparison is to be conducted. The consistency among corporate governance measures and the harmonization of corporate governance rules in a country setting are most important for the corporate governance system to work efficiently. As a final note, corporate governance rules should be adapted to different types of firms.
Pathological False Alarm Rates Following Damage to the Left Frontal Cortex

In this study we present further data on case JB who developed memory impairment following a ruptured aneurysm of the anterior communicating artery which resulted in damage centered on the frontal cortex. The data reveal the JB's memory impairment is characterized by a recall impairment in which intrusion rates are abnormally high and a recognition deficit characterized by an exceptionally high false alarm rates. A comparison is made between this case and other recent cases involving impairments with a similar etiology. Theoretical interpretations of JB's deficit are also considered.
Supermassive black holes in cosmological simulations I: MBH − M⋆ relation and black hole mass function

The past decade has seen significant progress in understanding galaxy formation and evolution using large-scale cosmological simulations. While these simulations produce galaxies in overall good agreement with observations, they employ different sub-grid models for galaxies and supermassive black holes (BHs). We investigate the impact of the sub-grid models on the BH mass properties of the Illustris, TNG100, TNG300, Horizon-AGN, EAGLE, and SIMBA simulations, focusing on the MBH − M⋆ relation and the BH mass function. All simulations predict tight MBH − M⋆ relations, and struggle to produce BHs of $M_{\rm BH}\leqslant 10^{7.5}\, \rm M_{\odot }$ in galaxies of $M_{\star }\sim 10^{10.5}\! -\! 10^{11.5}\, \rm M_{\odot }$. While the time evolution of the mean MBH − M⋆ relation is mild ($\rm \Delta M_{\rm BH}\leqslant 1\, dex$ for 0 $\leqslant z \leqslant$ 5) for all the simulations, its linearity (shape) and normalization varies from simulation to simulation. The strength of SN feedback has a large impact on the linearity and time evolution for $M_{\star }\leqslant 10^{10.5}\, \rm M_{\odot }$. We find that the low-mass end is a good discriminant of the simulation models, and highlights the need for new observational constraints. At the high-mass end, strong AGN feedback can suppress the time evolution of the relation normalization. Compared with observations of the local Universe, we find an excess of BHs with $M_{\rm BH}\geqslant 10^{9}\, \rm M_{\odot }$ in most of the simulations. The BH mass function is dominated by efficiently accreting BHs ($\log _{10}\, f_{\rm Edd}\geqslant -2$) at high redshifts, and transitions progressively from the high-mass to the low-mass end to be governed by inactive BHs. The transition time and the contribution of active BHs are different among the simulations, and can be used to evaluate models against observations.
Application of a new phagetyping scheme to campylobacters isolated during outbreaks

SUMMARY A new scheme for phagetyping campylobacters has been evaluated using strains isolated from five outbreaks. The phagetyping results have been compared with the results of Penner serotyping, Lior serotyping and Preston biotyping. Phagetyping recognized the causative strains in all of the incidents and also differentiated these strains from animal and environmental strains isolated during these investigations. In some outbreaks phagetyping proved to be more discriminatory than serotyping or biotyping, e.g. strains of Penner serotype 2, and serogroup 4, 13, 16, 50 were subdivided by this method. Phagetyping is to be recommended for typing strains from outbreaks and although the results indicate that it may be used alone we advocate that it should be used in conjunction with one of the established typing methods.
Head motion correction for jPET-D4

We propose a new method of head motion tracking for positron emission tomography (PET) brain imaging. This method uses one optical camera and one solid marker, differing from the conventional method, which uses two or more cameras and markers (e.g. the POLARIS system). We expect this to be useful for jPET-D4, whose patient port is long and small. We present the principle of the head motion measurement and show the results of preliminary experiments.
Annealing process and structural considerations in controlling extrusion-type defects Cu TSV

Stresses induced by the large volume of Cu in Through Silicon Vias (TSV) can result in global/local Cu extrusion which may affect reliability in 3D chip stacking technologies beyond the 28 nm node for high performance mobile devices. In this work, TSV structural factors that can influence extrusion post via filling are studied. In addition, the impact of the electroplating chemistry and annealing schemes on local extrusion type defect formation in TSVs are also studied.
Mandatory IFRS adoption and accounting comparability

The adoption of IFRS by many countries worldwide fuels the expectation that financial accounting might become more comparable across countries. This expectation is opposed to an alternative view that stresses the importance of incentives in shaping accounting information. We provide early evidence on this debate by investigating the effects of mandatory IFRS adoption on the comparability of financial accounting information around the world. Our results suggest that while mandatory adoption of IFRS increases the comparability of some prominent balance sheet line items across countries, it has no clear effect on the cross-country comparability of earnings attributes. To provide a rationale for these mixed findings, we investigate the IFRS measurement and disclosure compliance choices for a hand-collected sample of German and Italian firms. We find that predictable country-, region-, and firm-level incentives continue to shape the outcome of the financial reporting process and thus limit the crosssectional comparability of financial accounting information. Overall, our results suggest that the mandatory adoption of IFRS has a limited impact on accounting comparability and that accounting information continues to be shaped by both reporting standards and incentives.
Relationship between symptoms and psychological factors five years after whiplash injury.

OBJECTIVE The aims of this study were: to describe the frequency of whiplash-related symptoms and psychological factors in persons 5 years after a whiplash injury; to study the relationship between symptoms and psychological factors; to examine gender differences; and to investigate the cause of sick leave. METHODS Questionnaires addressing neck pain, pain intensity, whiplash-related symptoms, post-traumatic stress, depression, social support and life satisfaction were used. RESULTS Neck pain was reported by 59% of subjects, whiplash-related symptoms (Rivermead Post-Concussion Symptoms Questionnaire, RPQ) by 76%, depression (Beck's Depression Inventory, BDI) by 22%, and post-traumatic stress (Impact of Event Scale, IES), by 38%. The scores of pain intensity and RPQ were correlated to BDI, IES and LiSat-11 scores. Men reported a lower level of quality of social support than women. Men reporting many symptoms also reported reduced availability of social interaction, whereas women with many symptoms reported reduced availability of attachment (i.e. lack of intimate partner, close family and friends). A multivariate logistic regression showed an association between sick leave and depression. CONCLUSION These findings indicate the importance of assessing possible relationships between symptoms, depression and post-traumatic stress in persons with long-term problems after whiplash injury, and of treating existing symptoms, especially depression. Because social support may play a role in recovery, social relationships should also be examined.
Melanoma survivors are dissatisfied with perceived information about their diagnosis, treatment and follow‐up care

1 Plewig G, Jansen T, Kligman AM. Pyoderma faciale. A review and report of 20 additional cases: is it rosacea. Arch Dermatol 1992; 128:1611–17. 2 Jansen T, Plewig G. An historical note on pyoderma faciale. Br J Dermatol 1993; 129:594–6. 3 O’Leary PA, Kierland RR. Pyoderma faciale. Arch Dermatol Syphilol 1940; 41:451–62. 4 Wilkin J, Dahl M, Detmar M et al. Standard classification of rosacea: report of the National Rosacea Society Expert Committee on the Classification and Staging of Rosacea. J Am Acad Dermatol 2002; 46:584–7. 5 Sudy E. Pyoderma faciale: gram-negative recovery by means of needle aspiration. Cutis 2002; 69:261–4. 6 Mori R, Matsushima S, Honda T et al. Chronic superficial pyoderma of the face: an unusual male case of rosacea fulminans. J Dermatol 2005; 32:189–92. 7 Patterson CR, Wilkinson JD, Lewis FM. Rosacea fulminans confined to the nose. J Eur Acad Dermatol Venereol 2009; 23:1101–2. 8 Bormann G, Gaber G, Fischer M et al. Dapsone in rosacea fulminans. J Eur Acad Dermatol Venereol 2001; 15:465–7. 9 Stone DU, Chodosh J. Ocular rosacea: an update on pathogenesis and therapy. Curr Opin Ophthalmol 2004; 15:499–502.
Are Banks Procyclical? Evidence from the Italian Case (1890-1973)

Recently a number of studies on banking systems’ procyclicality have been drawn. Such an issue, often developed as a consequence of Basel 2 agreements, is related with credit crunch phenomena and financial stability. Typically, a temporary shock may produce a long term effect following or amplifying fluctuations through finance. For this reason procyclicality may significantly affect capital accumulation and long-term growth. Therefore, verifying and measuring whether a banking system is, or is not, procyclical is relevant in order to understand which effects regulatory schemes and financial architectures can produce on capital formation processes. While studies generally have a short period perspective, this paper analyses business fluctuations and banking cycles in the long run. The Italian financial history could provide useful insights because its evolutionary path experimented two different banking patterns. Universal banking prevailed until the Great Depression, whilst specialised financial institutions emerged afterwards. Economic historians have considered Italian universal banks, up to the early 1930s, a convincing example of procyclical intermediaries. Such hypothesis relies on qualitative research based on case studies, but it has not been verified in quantitative terms, yet. Thus, this paper aims to verify procyclicality of the Italian banking system in the long run applying VAR analysis on a wide set of economic and financial indicators. What emerges is that a certain cycle-smoothing effect is observed during the whole period, in spite of the major institutional shock occurred in the early 1930s (i.e. the new bank law), whilst relevant changes in banks’ asset structures suggest that central bank and government intervention had important impact on banks behaviour and policies
The Role of Institutions on R&D, FDI, and Economic Growth

This thesis broadly consists of three essays examining the impact of institutions on firm R&D, Foreign Direct Investment (FDI) activity, and economic growth. The focus of each paper is unique in its contribution. The first chapter examines the evolving role of domestic Intellectual Property Rights (IPR) in the context of increasing globalization, where the R&D incentives of firms are framed not only by the IPR regime in their home country, but also by the IPR in its export markets. This paper first reviews the literature related to the classical relationship between IPR and innovation. Contributing to the growing literature, this paper exploits the exogenous variation in partner IPR as a mechanism to interpret the causal impact of IPR on private sector R&D investments. By merging datasets on R&D, production, trade, and IPR to construct an export-weighted index of trade partner IPR by country-industry-year, this paper explores whether firms respond to trade partner IPR. After including numerous controls as well as industry, year, and country fixed effects, the results of this essay suggest a positive relationship between domestic IPR and private sector R&D. Similarly, the results also suggest that there is a positive and significant relationship between export partner IPR and domestic R&D activity. These results are further confirmed when constructing a firm-level export-weighted index of trade partner IPR from a unique Canadian firm-level export dataset. The results not only suggest a causal link between IPR and firm R&D, they also highlight the need to consider domestic IPR policy as but one piece of the IPR regime that firms face. The second chapter assesses the impact of democratization on corresponding economic growth. It is important as it is undeniable that political institutions, the quality of bureaucracy, mode of governance and an efficient rule of law should have a direct effect on per capita income and economic growth. The essay first reviews the academic literature related to democracy and economic growth, while discussing the characteristics associated with both democratic and non-democratic regimes. The analysis begins by employing an annual panel data consisting of 43 developing economies in Africa, Latin America, and Asia between 1970 and 1999. The results in this essay suggest that countries moving towards democracy experience lower levels of economic growth. These findings are robust across OLS, fixed effects, and IV estimates. More importantly, a more thorough analysis indicates that an over investment in public goods from democratic regimes may be driving these results. Furthermore, this research is the first to offer empirical evidence on the magnitude of differential effects that the type of governance has whether a democracy or dictatorship on country specific economic growth. Lastly, the final chapter examines the locational choices of multinational firms in the presence of political risk. Following a real options approach, the results suggest that the
Essays on Institutional Trading Around the World

ESSAYS ON INSTITUTIONAL TRADING AROUND THE WORLD by Emma Hui Xiao The University of Wisconsin–Milwaukee, 2013 Under the Supervision of Professor Lilian Ng This dissertation consists of two essays on institutional trading around the world. The first essay (Chapter 1) investigates the trading behavior of institutional investors from 28 countries around the world. During the period from 1999 to 2008, we find strong empirical evidence that institutional investors tend to move their funds out of volatile foreign equity markets and back to their home markets, particularly following the recent 2007-2008 global financial crisis. Our results also show that institutional investors prefer to hold more liquid stocks in highly volatile markets, suggesting evidence of flight to liquidity. Institutional investors are also inclined to increase the level of liquidity of their home portfolios relative to that of their foreign portfolios when there is a surge in foreign market volatility. Finally, evidence supports that the overall portfolio risk of institutional investors reduces during the financial crisis period. The second essay (Chapter 2) studies the impact of market sentiment on institutional home bias around the world. The paper explores the effects of three investor sentiment measures on institutional home bias from 1999 to 2009 for 14 institutional domiciled countries based on Factset Lionshares and Worldscope data. WE show a negative significant impact of global investor sentiment on institutional home bias. We provide the empirical evidence that global investor sentiment index reduces the institutional home bias in the international market during the past decase. Local ii and total market sentiment do not show the statistically significant effects on home bias. Distance and language have positive and negative effects on institutional home bias, respectively. Investor protection variables such as rule of law index and risk of expropriation index have a significant positive effect and negative effect on institutional over-weighted investment on domestic market. Our findings are robust for the sample either including or excluding the U.S. market.
Driving Smart: Carsharing Mode Splits and Trip Frequencies

Carsharing is a type of vehicle rental that allows individuals to rent vehicles from a fleet on an hourly basis, allowing those without a personal vehicle to have access to a car as needed. Carsharing trip frequencies and mode share are of value to both carsharing and metropolitan planning organizations, and this analysis provides innovative techniques to estimate the number of trips taken and the share of total travel completed with free-floating carsharing. Average household income, and household sizes have a negative effect on the modal split of free-floating carsharing, and land use density has a positive effect; all of these results confirm previous analyses. When considering the number of rentals instead of modal share, both household and employment densities have a positive and strong effect on the number of rentals. Males are found to make slightly more trips via carsharing than are females, and carshare members between the ages of 20 and 39 als o have increased trip rates. While these results are based on a free-floating carsharing system in Austin and may not be applicable to all carsharing systems in all cities, they nonetheless provide a basis for enhanced mode share modeling of carsharing in general.
Level of Knowledge of Brackishwater Shrimp Farmers about the Improved Practices in Shrimp Farming

The study was undertaken to ascertain the level of knowledge of brackishwater shrimp farmers about the improved practices in shrimp farming in the State of Kerala and to find out the relationship of socio-psychological and economic characteristics with level of knowledge. A group of 100 shrimp farmers from six maritime Districts of Kerala State viz., Kollam, Alappuzha, Ernakulam, Thrissur, Kozhikode and Kannur was selected using Proportionate Random Sampling technique which constituted the sample for the present study. The results of the study show that majority of the respondents possessed medium level of knowledge (93%). Only five per cent of the farmers possessed high level of knowledge while two per cent had low level of knowledge in brackish water shrimp farming. Age, occupation, experience, annual income, farm- size, and indebtedness showed non - significant - association with level of knowledge of brackish water farmers whereas, education, information source utilization, risk orientation, social participation, marketing orientation and extension participation were positively and significantly correlated
On qualitative differences in learning: IV -- effects of intrinsic motivation and extrinsic test anxiety on process and outcome.

SUMMARY. Eighty-one students were asked to read an article under different conditions of extrinsic and intrinsic motivation. The conditions were varied by choosing the sample so as to make the article relevant or irrelevant to contrasting subgroups, thus attempting to control the level of intrinsic motivation. The test conditions were varied to increase ego-involvement and threat to self-esteem in one situation, while providing a situation for other subgroups which was supportive and non-demanding. The qualitative differences in learning process and outcomes and the quantitative differences in recall of factual knowledge were investigated in relation to the various experimental subgroups created. Self-reports on trait and state test-anxiety, and the extent to which the students had actually experienced the types of motivation intended to be produced by experimental manipulation, were also investigated in relation to qualitative and quantitative differences in learning. Lack of interest in the text, efforts to adapt to expected test demands, and high test anxiety, were all found to increase the tendency towards surface-processing and ineffective, reproductive attempts at recall. However, an adaptive approach allied to strong interest and low anxiety produced a high proportion of deep-level approaches with good factual recall.
Is it time to reevaluate the airway management of tracheoesophageal fistula?

T here have been several reports of the use of a Fogarty balloon catheter for temporary occlusion of a tracheoesophageal fistula (TEF) to allow recovery from respiratory insufficiency before any surgical correction of the esophageal atresia and/or TEF is undertaken (l-4). Bronchoscopy has also been useful for confirming the diagnosis, identifying unusual variants and permitting the proper anatomic placement of the endotracheal tube (5,6). At our institution, bronchoscopy and balloon occlusion of the TEF is used routinely as the initial step in airway management. We report on two neonates with esophageal atresia and distal TEF.