Miracle-dz/UniFAR-FTUs huggingface dataset:
Mortgage REIT Sector Dynamics and Performance

Prior research has identified various determinants of Equity REIT sector dynamics and investment performance. This paper focuses on Mortgage REITs (MREITs) instead. MREITs are subject to the same statutory requirements as equity REITs, but invest in mortgages and MBS, and thus resemble non-depository financial institutions more than they do listed real estate investment companies. Drawing on recent theoretical advances in the financial intermediation literature, I test the hypothesis that growth and performance of MREITs are driven by variation in the capacity of chartered banks to hold credit-risky assets, which is proxied by the bank capital ratio. Using a cross-sectional comparison across the three main categories of MREITs, I show that institution-level expansion and contraction in the MREIT sector are significantly related to variation in the bank capital ratio. These sector dynamics coincide with variation in MREIT performance; notably, dividend yields and equity market valuations. I further document how MREITs adjust asset-type holdings and financing choices in response to variation in the bank capital ratio. The results constitute novel evidence on the association between the capitalization of chartered banks and growth, performance, as well as risk-taking in non-depository financial institutions.
Healthcare Public-Private Partnerships in Italy: Assessing Risk Sharing and Governance Issues with PESTLE and SWOT Analysis

Healthcare infrastructural investments are a key strategic issue in countries such as Italy, whose aging population faces severe public budget constraints, exacerbated by the unprecedented recession. The choice between traditional procurement (TP) and Public Private Partnerships/Project Finance (PPP/PF) is by now a cornerstone of public strategies concerning complex infrastructural investments. PESTLE and SWOT strategic analysis provides a systematic and comprehensive reflection of the external and internal operational environment but has infrequently been applied to infrastructural procurement. Risk sharing between public and private actors and consequent corporate governance and ownership issues are still under-investigated in the literature, especially if associated with innovative PESTLE and SWOT instruments. Evidence shows that PESTLE and SWOT analysis improves procurement choices and public-private partnering, softening governance concerns. Since empirical considerations about Italy may be globally extended, even beyond the healthcare industry, the audience of this study may conveniently widen well beyond its apparently narrow focus.
Potential of mixed culture of freshwater prawn (Macrobrachium rosenbergii) and self-recruiting small species mola (Amblypharyngodon mola) in rotational rice–fish/prawn culture systems in Bangladesh

The effects of different stocking densities of freshwater prawn (Macrobrachium rosenbergii) on its growth and production in relation to the presence of small self-recruiting species mola (Amblypharyngodon mola) were investigated in modified rice fields after rice harvest at Mymensingh, Bangladesh. Keeping the stocking density of mola fixed at 20 000 ha−1 in each treatment, four densities of freshwater prawn (treatments) were maintained: 10 000, 15 000, 20 000 and 25 000 ha−1 respectively. The rice plots were limed (CaCO3) and fertilized with urea, triple super phosphate and cowdung regularly. The prawns were fed daily with commercial pellets. Water quality parameters such as temperature, dissolved oxygen, transparency, pH, total alkalinity, inorganic nitrogen (nitrate, nitrite and total ammonia), chlorophyll a and orthophosphate were determined fortnightly. Numerical analysis of plankton communities was performed monthly. All water quality parameters were found to be within the suitable range for freshwater prawn culture, except high temperature, in the peak summer months. There was a homogenous abundance of plankton communities in all treatments throughout the experimental period. Mola started to breed in the second month of the original stocking with partial harvesting after the second month and continued until the final harvest. The total production of mola ranged between 124 and 152 kg ha−1 during the 4-month culture period. The average prawn survival ranged from 49% to 57% without any significant difference among treatments. Freshwater prawn production ranged from 294 to 596 kg ha−1 with significantly higher production in the treatment where 20 000 ha−1 freshwater prawn were stocked. This treatment also resulted in a higher net profit margin (74%), indicating that stocking at a combination of 20 000 ha−1 freshwater prawn and 20 000 ha−1 mola could be the optimum proposition for prawn–mola culture in modified rain-fed rice fields after rice cultivation.
Effects of addition of partially defatted groundnut paste on some Properties of ‘kokoro’ (a popular snack made from maize paste).

‘Kokoro’ a popular Nigerian snack obtained from maize has nutritional deficiencies, especially in terms of protein and amino acid contents. In this study therefore, it was enriched with partially defatted peanut paste by partially substituting the maize with the groundnut paste in varying proportions ranging from ten to fourty percent paste. The various mixtures obtained were separately processed into snacks following essentially the traditional method of production, involving thorough mixing, dough formation and deep frying in vegetable oil. The products obtained were analysed for proximate composition, some physico-chemical properties and pasting characteristics. The sensory attributes were also evaluated. Results obtained indicated substantial increases in the level of protein with increases in the level of substitution with peanut paste, ranging respectively from 12.33 to 23.77% in the zero and 40% levels of substitution with peanut paste. This may be an indication of the potentials of the peanut paste in improving the nutritional status of the snack. While similar trends were observed with respect to the fat contents, the levels of ash, crude fibre and carbohydrate showed a reverse trend. The swelling capacity of the resulting flour mixtures before frying decreased in value with increases in the level of substitution, but increases, although only slightly in the values of water absorption capacity respectively. Slight increases were also recorded with respect to the generally low values of bulk density, an indication of a possible positive impact on the ease of packaging and transportation of products. There were no significant changes in the pasting properties of the resulting flour mixes regardless of the level of substitution. Sensory evaluation of the products obtained indicated that the greater the level of substitution with the defatted peanut paste in the mixture, the more acceptable the product is to consumers.
Oscillating Fluid Flow Inhibits TNF-α-induced NF-κB Activation via an IκB Kinase Pathway in Osteoblast-like UMR106 Cells*

Fluid flow plays an important role in load-induced bone remodeling. However, the molecular mechanism of flow-induced signal transduction in osteoblasts remains unclear. In endothelial cells, fluid flow alters activation of NF-κB resulting in changes in expression of cell adhesion molecules. To test the hypothesis that fluid flow alters NF-κB activation and expression of cell adhesion molecules in osteoblastic cells, we examined the effect of oscillating fluid flow (OFF) on tumor necrosis factor (TNF)-α-induced NF-κB activation in rat osteoblast-like UMR106 cells. We found that OFF inhibits NF-κB-DNA binding activities, especially TNF-α-induced p50-p65 heterodimer NF-κB activation and TNF-α-induced intercellular adhesion molecule-1 mRNA expression. The inhibitory effects of OFF on both TNF-α-induced NF-κB activation and intercellular adhesion molecule-1 mRNA expression were shear stress-dependent and also increased with OFF exposure duration, indicating that OFF has potent effects on mechanotransduction pathways. OFF also inhibited TNF-α-induced IκBα degradation and TNF-α-induced IκB kinase (IKK) activity in a shear stress-dependent manner. These results demonstrate that IKK is an initial target molecule for OFF effects on osteoblastic cells. Thus, OFF inhibits TNF-α-induced IKK activation, leading to a decrease in phosphorylation and degradation of inhibitory IκBα, which in turn results in the decrease of TNF-α-induced NF-κB activation and potentially the transcription of target genes.
The Forward Exchange Rate Bias Puzzle is Persistent: Evidence from Stochastic and Non Parametric Cointegration Tests

An important puzzle in international finance is the failure of the forward exchange rate to be a rational forecast of the future spot rate. It has often been suggested that this puzzle may be resolved by using better statistical procedures that correct for both non-stationarity and nonnormality in the data. We document that even after accounting for non-stationarity, nonnormality, and heteroscedasticity using parametric and non-parametric tests on data for over a quarter century, US dollar forward rates for horizons ranging from one to twelve months for the major currencies, the British pound, Japanese yen, Swiss franc, and the German mark, are generally not rational forecasts of future spot rates. These findings of non-rationality in forward exchange rates for the major currencies continue to be puzzling especially as these foreign exchange markets are some of the most liquid asset markets with very low trading costs.
Under What Conditions Does the Manager Withhold Segment Information?

This paper considers how a manager decides to disclose or withhold segment information in a capital market setting. In particular, we develop a multi-period model in which a manager in each period decides how to allocate her effort between two businesses. The profit earned in each segment is determined by the manager’s effort and ability as well as each segment’s market profitability and inherent uncertainty. In this setting, in contrast to the expectation of segment disclosure being withheld due to conflicts of interest between managers and shareholders, we identify the conditions under which the manager rationally withholds segment information and achieves higher social welfare. In a setting where the manager is concerned about the current stock price, disclosing more disaggregated information to the stock market does not necessarily lead to more efficient monitoring. The capital market values various segment earnings differently, and in response to this valuation, a rational manager may greatly alter her behavior, leading to inefficient outcomes.
Big Pharma, Little Science? A Bibliometric Perspective on Big Pharma’s R&D Decline

There is a widespread perception that pharmaceutical R&D is facing a productivity crisis characterised by stagnation in the numbers of new drug approvals in the face of increasing R&D costs. This study explores pharmaceutical R&D dynamics by examining the publication activities of all R&D laboratories of the major European and US pharmaceutical firms during the period 1995-2009. The empirical findings present an industry in transformation. In the first place, we observe a decline of the total number of publications by large firms. Second, we show a relative increase of their external collaborations suggesting a tendency to outsource, and a diversification of the disciplinary base, in particular towards computation, health services and more clinical approaches. Also evident is a more pronounced decline in publications by both R&D laboratories located in Europe and by firms with European headquarters. Finally, while publications by big pharma in emerging economies sharply increase, they remain extremely low compared with those in developed countries. In summary, the trend in this transformation is one of a gradual decrease in internal research efforts and increasing reliance on external research. These empirical insights support the view that large pharmaceutical firms are increasingly becoming ‘networks integrators’ rather than the prime locus of drug discovery.
Some factors affecting the post clotting development of coagulum strength in renneted milk

SUMMARY Effects of pH, added Ca, rennet concentration, temperature, concentration and dilution of milk, on rennet clotting and coagulum development have been investigated. Rennet clotting time (RCT) was decreased by reduced pH, by increased temperature and by increased concentrations of rennet or added Ca. Only extremes of concentration or dilution of milk increased RCT. Strength of milk coagulum at 1 h after RCT was increased by reduction in pH and by increased concentrations of added Ca. Increased temperatures decreased coagulum strength whereas increased rennet concentrations had little effect. A curvilinear relationship between total casein concentration and coagulum strength was found for Friesian and Jersey milks. Two phases of coagulum development after clotting were observed. Changes in pH particularly affected the first phase whereas changes in temperature particularly affected the second. Effects of rennet, casein and Ca were similar for both phases.
Factor Structure in Cryptocurrency Returns and Volatility

We use high-frequency tick data to study stylized facts of the return and volatility dynamics of the nine most liquid cryptocurrencies. Factor structures exist in both returns and volatility, but the explanatory power from the common factor is much stronger for volatility. The factor structures do not relate strongly to fundamental economic factors, and Bitcoin – which we propose is a “crypto market factor” – also has only weak explanatory power. We date the bubble in Bitcoin allowing us to split the sample into pre-, bubble and post-bubble regimes. The importance of these different regimes is clear, revealing shifting relationships between the nine cryptocurrencies and Bitcoin. Model-free realized cryptocurrency betas with Bitcoin increase during the bubble and the explained fraction of cryptocurrency variance remains at an elevated level after the bubble collapsed.
Convenient genotyping of nine bovine K-casein variants

Normal 0 21 false false false ES X-NONE X-NONE st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabla normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:. 0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} K-casein gene polymorphisms are of major importance in the dairy industry due to their association with different quality and productive traits ( i.e ., milk protein). Several methods for genotyping this gene have been proposed; however, none are focused on the simultaneous discrimination of nine K-casein variants. A strategy based on PCR-RFLP was designed to characterize nine K-casein variants (A, B, C, E, F 2 , G, H, I and J) and used to genotype three cattle populations: Gyrholando (3/8 Gyr x 5/8 Holstein), Charolais and Carora. The B variant was the most frequent in the Charolais and Carora breeds, with allelic frequencies of 0.60 and 0.59, respectively. In the Gyrholando breed, four variants were found, with the A variant being the most frequent and E and H the least. The genotyping strategy was effective in detection and differentiation of K-casein variants, and it is proposed for use in laboratories with minimal molecular biology equipment for genotyping and evaluation of the phenotypic effects of nine K-casein variants on milk production and quality.
The Impact of Weather Insurance on Consumption, Investment, and Welfare

I develop and estimate a dynamic stochastic optimization model to assess the impact of weather insurance on the consumption, investment, and welfare of farmers in developing countries. Weather insurance has the potential to provide large welfare gains, equivalent to a permanent increase in consumption by almost 17%. Moreover, it can allow for the adoption of riskier but more-productive seeds, further enhancing welfare. The low take-up that is often empirically observed is likely to be due to high insurance premium, basis risk, and the interplay with other uninsured risks.
Estimating the Value of Computer Files Using Willingness to Pay and Willingness to Accept

Cyber attacks are a growing threat that undoubtedly cause significant loss to individuals. We know, however, surprisingly little about the true economic cost of such attacks. In this paper we estimate the value individuals put on their computer files by eliciting willingness to pay (WTP) and willingness to accept (WTA) from a representative sample of the UK population. We find that the distribution of valuations is highly skewed to the right, with a median WTP of only £50 and a median WTA of £700. Interestingly, we find systematic differences in WTP and WTA depending on the cyber awareness of the individual and their attitudes to data breach.
Detection of Colletotrichum coccodes and Helminthosporium solani in soils by bioassay

The sensitivity of a bioassay in detecting soil inoculum of Colletotrichum coccodes and Helminthosporium solani was examined using potato minitubers and microplants. Tests were conducted on soils which were collected from fields in which the interval after a previous potato crop differed, and which were also artificially infested with conidia or microsclerotia. For C. coccodes, determining plant infection based on the occurrence of infected roots after 9–12 weeks was a sensitive method for detecting and quantifying the amount of inoculum in soil. Infestations of less than 0·4 microsclerotia per g soil were detected in artificially infested soils. A semiselective medium, developed for isolating C. gloeosporioides from pepper, detected soil infestations by C. coccodes as low as nine conidia or one microsclerotium per g soil in artificially infested soil. For H. solani, infection on minitubers was a sensitive measure, with soil inoculum of fewer than 10 conidia per g soil being detected. Soil infestation could be quantified by assessing the percentage surface area of minitubers covered by sporulating lesions, which was strongly related to the amount of soil infestation. The results of these bioassay tests were compared with published results for real-time quantitative PCR assays on the same soils. The two methods were in good agreement in artificially infested soils, but the bioassay appeared to be more sensitive with naturally infested soils.
Nitrification activity in New Zealand grassland soils

Abstract Initial Nitrification Activity (INA) was measured in 68 New Zealand grassland soil sampies (0–75 mm) using a 17-h laboratory perfusion technique to provide a measure of the nitrifying activity. Considerable variation (< 0.02–5.70 μg N oxidised/g soil/h)was found between soils, yellow-brown loams having higher INA values than other soil groups. Variation of pH, % total N, % organic C, and C:N ratio explained only 12–44% of the variation of INA. Four characteristic patterns of nitrification were found when soils were perfused for 300 h. Significant populations of ammonium oxidisers(1.6 × 104–2.2 × 106/g soil) and nitrite oxiders (5.4 × 104-1.9 × 107/g soil) were found in the top 75 mm of 13 soils, even those oflow INA. Field measurements of nitrification activity in 2 soils of low and medium INA values supported the predicted difference in INA. The mean rate of nitrification under field conditions was 0.68 × 10-2 μg N oxidised/g soil/h in the soil of low INA (Wharekohe silt loam) and 5.3 × 10-2 μg .
Inter-Firm Trade Finance in Times of Crisis

The paper discusses the main features that distinguish inter-firm international trade finance from alternative sources of financing. On the one hand, inter-firm trade finance could help overcome informational problems associated with other lending relationships; on the other, it may contribute to propagate shocks due to the interconnection among firms along credit chains. The paper evaluates the potential effects of a financial crisis on the use of trade credit for firms operating in developing countries. It argues that while the advantages of trade credit might remain largely unexploited due to poor legal institutions, the disadvantages might be exacerbated because of these firms’ greater exposure to a default chain. Based on these arguments, a menu of choices is identified for what policymakers can do to boost firms’ access to inter-firm trade finance in times of crisis.
Cross-Border Mergers and Acquisitions amid Political Uncertainty

This paper examines the effects of political uncertainty surrounding national elections on cross-border mergers and acquisitions activity. Using a sample of completed cross-border mergers and acquisitions among 43 countries announced during 1990-2011, I find that the volume of cross-border mergers and acquisitions between two countries significantly declines when there is a forthcoming national election in the target country. This result suggests that political uncertainty regarding future government policy is an important determinant of cross-border acquisition activity. In addition, industry characteristics play a role in explaining the pattern of cross-border mergers and acquisitions amid increasing political uncertainty: firms in industries that are more dependent on the quality of contract enforcement, labor, and government spending are less likely to be acquired during national election years. I further test the valuation effects of policy uncertainty. I find that acquirers offer a lower bid premium when a cross-border deal is announced during the target country’s election year. Further analysis reveals that the acquirer captures a greater fraction of merger gains relative to the targets in such a deal, which indicates that the target’s bargaining position in merger negotiations is weakened during its national election year. Political uncertainty also has an effect on the method of payment in cross-border acquisitions. The likelihood of an all-cash offer is significantly lower in the face of the target country’s election.