Miracle-dz/UniFAR-FTUs huggingface dataset:
FX Comovements and their Economic Determinants

This paper models high and low frequency dynamic components of FX excess return correlations and examines their relationship with economic fundamentals. A factor currency pricing model with time-varying factor loadings is used to characterize the correlation structure of FX excess returns. Aggregate FX comovement is countercyclical as it is positively related to U.S. economic policy uncertainty and negatively related to global GDP growth. The level of comovement is lower in developing countries due to differentiated patterns in their idiosyncratic volatilities. Indeed, country-specific inflation levels and real output growth only impact idiosyncratic volatilities in developing economies. Monetary policy (rates), trade and capital flows affect all currencies.
Pay for outsiders: Incentive compensation for nonfamily executives in family firms

We examine how incentive compensation for nonfamily executives in family firms differs from incentive compensation for executives in nonfamily firms. Nonfamily executives in family firms receive significantly less performance-based pay and equity-based pay. Family monitoring, risk aversion, and a reluctance to dilute family ownership all contribute to the pay differences. Although incentive pay and total pay are lower in family firms, nonfamily executives receive safer pay and enjoy greater job stability. An analysis of executives’ moves across firms suggests that ownership structure, not executives’ preferences, is more likely the driver of pay differences between family and nonfamily firms.
Effect of hypersensitivity pneumonitis guideline on pathologic diagnosis of interstitial pneumonia

Hypersensitivity pneumonitis (HP) and interstitial pneumonia (IP) have several overlapping characteristics, and a high diagnostic concordance rate of HP is rarely obtained. Thus, new guidelines, highly influenced by pathology, were devised for its diagnosis. We attempted to study the impact of the 2020 HP guidelines on pathological diagnosis of previously diagnosed cases of IP. Cases with fibrotic IP diagnosed in 2014 to 2019 were classified according to the 2020 HP guidelines into three categories: typical HP, probable HP, and indeterminate HP. The original pathological diagnosis and categorization based on the HP guidelines were compared. The clinical data including the serum data and the pulmonary function tests were compared among the groups. The study analyzed 247 consecutive cases classified into typical, probable, and indeterminate for HP, and alternative diagnoses. The number of cases that changed from an original diagnosis other than HP to HP based on the guidelines was 56 (23%). The clinical data of these cases bore greater resemblance to cases diagnosed as indeterminate for HP than those cases diagnosed as typical or probable HP. The ratios of typical and probable HP to those of the total cases were significantly low using cryobiopsy. Thus, with the application of the new guidelines, the pathological diagnosis of HP efficiently excluded HP cases but increased the rate of HP diagnosis for cases with fibrotic IP, which may not fit well to an HP diagnosis. Cryobiopsy may not be useful in imparting findings for fibrotic HP diagnosis using the new criteria.
Admission criteria in critically ill COVID-19 patients: A physiology-based approach

Introduction: The COVID-19 pandemic required a careful management of intensive care unit (ICU) admissions, to reduce ICU overload while facing resources' limitations. We implemented standardized, physiology-based, ICU admission criteria and analyzed the mortality rate of patients refused from the ICU. Materials and Methods: COVID-19 patients proposed for ICU admission were consecutively analyzed; Do-not-resuscitate patients were excluded. Patients presenting a SpO2 lower than 85% and/or dyspnea and/or mental confusion resulted eligible for ICU admission; patients not presenting these criteria remained in the ward. Primary outcome was both groups' survival rate. Secondary outcome was a sub analysis correlating SpO2 cutoff with ICU admission. Results: From March 2020 to January 2021, 1623 patients were admitted to our Center; 208 DNR patients were excluded; 97 patients underwent intensivist evaluation. The ICU-admitted group mortality rate resulted 15.9% at 28 days and 27% at 40 days; the ICU-refused group mortality rate resulted 0% at both intervals (p < 0.001). With a SpO2 cut-off of 92%, the hypoxia rate distribution did not correlate with ICU admission (p = 0.26); with a SpO2 cut-off of 85%, a correlation was found (p = 0.009). A similar correlation was also found with dyspnea (p =0.0002). Conclusion: In COVID-19 patients, standardized ICU admission criteria appeared to reduce safely ICU overload. In the absence of dyspnea and/or confusion, a SpO2 cutoff up to 85% for ICU admission was not burdened by negative outcomes. In a pandemic context, the SpO2 cutoff of 92%, as a threshold for ICU admission, needs critical re-evaluation.
Heterologous ChAdOx1 nCoV-19 and BNT162b2 prime-boost vaccination elicits potent neutralizing antibody responses and T cell reactivity

Background Heterologous prime-boost schedules with vector- and mRNA-based COVID-19 vaccines are already administered, but immunological responses and elicited protection have not been reported. Methods We here analyzed a cohort of 26 individuals aged 25-46 (median 30.5) years that received a ChAdOx1 nCoV-2019 prime followed by a BNT162b2 boost after an 8-week interval for reactogenicity, antibody responses and T cell reactivity. Results Self-reported solicited symptoms after ChAdOx1 nCoV-2019 prime were in line with previous reports and less severe after the BNT162b2 boost. Antibody titers increased significantly over time resulting in strong neutralization titers 2 weeks after the BNT162b2 boost. Neutralizing activity against the prevalent strain B.1. 1.7 was 3.9-fold higher than in individuals receiving homologous BNT162b2 vaccination, only 2-fold reduced for variant of concern B.1. 351, and similar for variant B.1. 617. In addition, CD4+ and CD8+ T cells reacted to SARS-CoV-2 spike peptide stimulus 2 weeks after the full vaccination. Conclusions The heterologous ChAdOx1 nCoV-2019 / BNT162b2 prime-boost vaccination regimen is not associated with serious adverse events and results in a potent humoral immune response and elicits T cell reactivity. Variants of concern B.1. 1.7, B.1. 351 and B.1. 617 are potently neutralized by sera of all participants. These results suggest that this heterologous vaccination regimen is at least as immunogenic and protective as homologous vaccinations.
Detection of Human Papillomaviruses DNA in paired peripheral blood and cervix samples patients with cervical lesions and healthy individuals

This study evaluated the presence of HPV DNA in the cervix and peripheral blood of women with cervical intraepithelial neoplasia (CIN I, II, and III) and healthy individuals. Overall, 139 paired peripheral blood and cervix samples of healthy women and women with CIN I, II, and III (n= 68) were tested for HPV DNA by using standard procedures. PCR-sequencing determined HPV types. Quantification of HPV16 E6 and E2 genes was performed to determine viral load and physical state. HPV DNA was detected in the cervix (21.1% in healthy individuals; 48.8-55.5% in CIN patients), blood (46.4% in healthy individuals; 44.1-77.7% in CIN patients), and paired peripheral blood and cervix samples (24% in healthy individuals; 32.5-44.4% in CIN patients). The most frequent types found in the cervix were HPV16, 18, 31, 33, 58, and 70, while HPV16, 18, 33, 58, and 66 were the most frequent types found in the blood. HPV DNA in the cervix was associated with previous sexually transmitted infections (STIs) (P=0.023; OR: 2.978; CI:1.34-7.821), HPV DNA in the blood (P=0.000; OR: 3.369; CI:3.700-18.540), and cervical lesions (CIN I/II or III) (P=0.001; OR: 3.369; CI:1.634-6.945). Binomial Logistic regression showed that HPV DNA in the blood (P=0.000; OR: 9.324; CI:3.612-24.072) and cervical lesions (P=0.011; OR: 3.622; CI:1.338-9.806) were associated with HPV DNA in the cervix. However, we did not find an association between HPV DNA in blood and cervical lesions (P=0.385). Our results showed that, although there is an association between HPV DNA in the cervix with HPV DNA in blood, only HPV DNA found in the cervix was associated with cervical lesions.
Do Demand or Supply Factors Drive Bank Credit, In Good and Crisis Times?

We analyze the impact of balance-sheet strength on credit availability. Bank balance sheets are weak in crisis times, but so are those of firms, and credit demand is then also weak. For identification, we exploit an administrative dataset of loan applications matched with bank and firm variables covering Spain from 2002 to 2010. Bank balance-sheet strength determines the granting of loan applications only in crisis times, while firm balance-sheet strength – notably leverage – determines strongly this granting in both good and crisis times. Our findings underscore the importance of the strength of corporate balance sheets over credit supply for credit availability.
Tariff evasion and rules of origin violations under the CanadaU.S. Free Trade Agreement

Using product-level data on trade between Canada and the U.S., this paper presents evidence of tariff evasion and violation of the rules of origin occurring under the Canada-U.S. Free Trade Agreement (CUSFTA). It shows that more imports go unreported at the destination country when tariffs are higher. Consistent with the tariff evasion hypothesis, this result implies that the trade creation effect of a free trade agreement may in fact be due to less underreporting. Further, this paper shows that the larger Canadian tariff preference margin for the U.S. is associated with more goods originating in third countries being transshipped through the U.S. territory for re-export. The preference margin is also positively correlated with the value of excess imports from the U.S., which qualify for preferential treatment. Both results suggest the presence of persistent violations of CUSFTA’s rules of origin. JEL classification: F13, H26 Evitement de tarifs et violations des règles d’origine dans le régime de libre échange CanadaEtats-Unis. A l’aide de données au niveau des produits sur les flux de commerce entre le Canada et les États-Unis, on montre qu’il y a évitement de tarif et violation des règles d’origine dans les opérations de l’accord de libre échange Canada-États-Unis. On montre que davantage d’importations ne sont pas déclarées au point de destination quand les tarifs sont élevés. Dans l’esprit même de l’hypothèse d’évitement de tarif, ce résultat implique que l’effet de création de commerce d’un accord de libre échange peut en fait être attribuable à moins de sous-déclaration. De plus, le texte montre que les plus grandes marges préférentielles des tarifs avec les États-Unis sont associées à davantage de biens en provenance de tiers pays et convoyés à travers le territoire américain pour ré-exportation. La marge préférentielle est aussi positivement co-reliée avec la valeur des importations excédentaires en provenance des Etats-Unis qui se qualifient pour un traitement préférentiel. Ces deux ensembles de résultats suggèrent la présence persistante de violations des règles d’origine de l’Accord de libre échange Canada-Etats-Unis. I would like to thank seminar participants at Carleton University, Copenhagen Business School, York University, and the 2010 Canadian Economics Association meetings for useful comments. Financial support from the Social Sciences and Humanities Research Council of Canada is gratefully acknowledged. Email: andreyst@yorku.ca Canadian Journal of Economics / Revue canadienne d’Economique, Vol. 45, No. 3 August / août 2012. Printed in Canada / Imprimé au Canada 0008-4085 / 12 / 879–902 / C © Canadian Economics Association
Identifying the Informed in a Takeover

This paper examines the simultaneous trading behavi our for the takeover occasion for eighteen investor classes which constitute the comp lete trading environment. For the analysis, a buy-sell imbalance (BSI) indicator was employed. Only four domestic investor categories are found however to have actively traded in the ta rget and bidder firms; the fourteen investor classes which did not trade were concluded to be un informed. The four domestic domiciled investor classes which did actively trade were iden tifi d to be domestic domiciled nominees (fund managers), superannuation (pension) funds, in corporated companies, and individuals. For these investors, the behaviour by the superannu ation funds and individuals for targets was found to be consistent with an early-informed trade , for the nominees it was consistent with a late-sophisticated trader. The behaviour by the inc orporated companies was found to be neither consistent with a sophisticated nor informe d investor. A formal test of the investors’ trading behaviour which was a regression analysis s upported the inference that the investors’ behaviour was ‘takeover driven’; it was not found t o be accounted for by independent variables identified by preceding research as respo nsible for an investors trading response. To the extent that this study has access to unique dat a, its contribution lies in identifying the investor class which is sophisticated, unsophistica ted, informed or uninformed for the takeover occasion. JEL classification: G10
The Determinants of Corporate Board Size and Independence: An Empirical Analysis on Malaysian Public Listed Companies

Board of directors has gained much attention in improving corporate governance in recent years. Many reforms have been done to ensure that board of directors is effective. In general, the codes of good governance in many countries, including developed and developing markets call for greater independent directors. All these reforms show the importance of composition of boards in playing their role as advisors and monitors to the management activities. In Malaysia specifically, Malaysian Code on Corporate Governance codified the best practices of good governance and described optimal corporate governance structures. However, due to different context of business practices and nature of business environment in emerging markets, we expect that the determinants for the board structure will be deviated from the developing markets. Our study investigates the determinants of board structure for Malaysian firms from year 2000 to 2007. We also examine corporate board structure trends and the compliance level of board of directors in Malaysia with the requirement in Malaysian Code on Corporate Governance. Overall, we find that the board independence shows an upward trend throughout the years. Our results also suggest that board size and board independence are correlated with the operation level of the firms and only the board size is consistent with the monitoring hypothesis prediction.
I N F LA T I ON TARGE T I NG AND IN F LA T I ON UNCERTA

This article empirically investigates the impact of inflation targeting on inflation uncertainty. We implement PARCH and GARCH methodologies to model conditional variance of inflation. We also investigate the relationship between level and volatility of inflation to analyze the validity of the Friedman hypothesis for IT countries. We find that most of the inflation targeting countries have significantly lower inflation variances after inflation targeting. In most of the IT countries, the relationship is consistent with the Friedman hypothesis.
FOUNDERS AND PAST PRESIDENTS

One method of evaluating the success of management decisions regarding acquisitions is to examine equity price movements as the news of the merger is made public. The price movement of the acquiring firm’s equity around the announcement of the acquisition indicates if shareholders believe management has acted in their interest. In the banking industry, researchers have found that, on average, equity values of the acquiring bank do not display abnormal positive returns upon announcement, and often display statistically significant negative returns. Another line of research has documented that CEOs are better compensated for managing larger organizations, particularly when involved in merger activity. This study investigated the possibility of a linkage between weak firm-level corporate governance structures at banks and their propensity to make acquisitions that produce negative reactions from equity holders. A commercially sold governance index from Institutional Shareholder Services, now part of MSCI Barra, was used to measure governance strength. Acquisition events were from the comprehensive Thomson Reuters SDC merger database and equity values from CRSP. Results indicated that weaker corporate governance is associated with inferior stock market reactions upon announcement of an acquisition, which should be of interest to regulators as they monitor corporate actions for covert motives, and to investors in their investment selection process.
Symmetry of the isotropic Ornstein-Uhlenbeck process in a force field

We classify simple symmetries for an Ornstein-Uhlenbeck process, describing a particle in an external force field $f(x)$. It turns out that for sufficiently regular (in a sense to be defined) forces there are nontrivial symmetries only if $f(x)$ is at most linear. We fully discuss the isotropic case, while for the non-isotropic we only deal with a generic situation (defined in detail in the text).
Prior-Enhanced Few-Shot Segmentation with Meta-Prototypes

Few-shot segmentation~(FSS) performance has been extensively promoted by introducing episodic training and class-wise prototypes. However, the FSS problem remains challenging due to three limitations: (1) Models are distracted by task-unrelated information; (2) The representation ability of a single prototype is limited; (3) Class-related prototypes ignore the prior knowledge of base classes. We propose the Prior-Enhanced network with Meta-Prototypes to tackle these limitations. The prior-enhanced network leverages the support and query (pseudo-) labels in feature extraction, which guides the model to focus on the task-related features of the foreground objects, and suppress much noise due to the lack of supervised knowledge. Moreover, we introduce multiple meta-prototypes to encode hierarchical features and learn class-agnostic structural information. The hierarchical features help the model highlight the decision boundary and focus on hard pixels, and the structural information learned from base classes is treated as the prior knowledge for novel classes. Experiments show that our method achieves the mean-IoU scores of 60.79% and 41.16% on PASCAL-$5^i$ and COCO-$20^i$, outperforming the state-of-the-art method by 3.49% and 5.64% in the 5-shot setting. Moreover, comparing with 1-shot results, our method promotes 5-shot accuracy by 3.73% and 10.32% on the above two benchmarks. The source code of our method is available at https://github.com/Jarvis73/PEMP.
Comparing simulations and experiments of positive streamers in air: steps toward model validation

We compare simulations and experiments of single positive streamer discharges in air at 100 mbar, aiming toward model validation. Experimentally, streamers are generated in a plate–plate geometry with a protruding needle. We are able to capture the complete time evolution of reproducible single-filament streamers with a ns gate-time camera. A 2D axisymmetric drift-diffusion-reaction fluid model is used to simulate streamers under conditions closely matching those of the experiments. Streamer velocities, radii and light emission profiles are compared between model and experiment. Good qualitative agreement is observed between the experimental and simulated optical emission profiles, and for the streamer velocity and radius during the entire evolution. Quantitatively, the simulated streamer velocity is about 20% to 30% lower at the same streamer length, and the simulated radius is about 1 mm (20% to 30%) smaller. The effect of various parameters on the agreement between model and experiment is studied, such as the used transport data, the background ionization level, the photoionization rate, the gas temperature, the voltage rise time and the voltage boundary conditions. An increase in gas temperature due to the 50 Hz experimental repetition frequency could probably account for some of the observed discrepancies.
MARL with General Utilities via Decentralized Shadow Reward Actor-Critic

We posit a new mechanism for cooperation in multi-agent reinforcement learning (MARL) based upon any nonlinear function of the team's long-term state-action occupancy measure, i.e., a \emph{general utility}. This subsumes the cumulative return but also allows one to incorporate risk-sensitivity, exploration, and priors. % We derive the {\bf D}ecentralized {\bf S}hadow Reward {\bf A}ctor-{\bf C}ritic (DSAC) in which agents alternate between policy evaluation (critic), weighted averaging with neighbors (information mixing), and local gradient updates for their policy parameters (actor). DSAC augments the classic critic step by requiring agents to (i) estimate their local occupancy measure in order to (ii) estimate the derivative of the local utility with respect to their occupancy measure, i.e., the"shadow reward". DSAC converges to $\epsilon$-stationarity in $\mathcal{O}(1/\epsilon^{2.5})$ (Theorem \ref{theorem:final}) or faster $\mathcal{O}(1/\epsilon^{2})$ (Corollary \ref{corollary:communication}) steps with high probability, depending on the amount of communications. We further establish the non-existence of spurious stationary points for this problem, that is, DSAC finds the globally optimal policy (Corollary \ref{corollary:global}). Experiments demonstrate the merits of goals beyond the cumulative return in cooperative MARL.
Visualizing band structure hybridization and superlattice effects in twisted MoS2/WS2 heterobilayers

A mismatch of atomic registries between single-layer transition metal dichalcogenides (TMDs) in a two-dimensional (2D) van der Waals heterostructure produces a moiré superlattice with a periodic potential, which can be fine-tuned by introducing a twist angle between the materials. This approach is promising both for controlling the interactions between the TMDs and for engineering their electronic band structures, yet direct observation of the changes to the electronic structure introduced with varying twist angle has so far been missing. Here, we probe heterobilayers comprised of single-layer MoS2 and WS2 with twist angles ranging from 2∘ to 20∘ and determine the twist angle-dependent evolution of the electronic band structure using micro-focused angle-resolved photoemission spectroscopy. We find strong interlayer hybridization between MoS2 and WS2 electronic states at the Γˉ -point of the Brillouin zone, leading to a shift of the valence band maximum in the heterostructure. Replicas of the hybridized states are observed at the center of twist angle-dependent moiré mini Brillouin zones. We confirm that these replica features arise from the inherent moiré potential by comparing our experimental observations with density functional theory calculations of the superlattice dispersion. Our direct visualization of these features underscores the potential of using twisted heterobilayer semiconductors to engineer hybrid electronic states and superlattices that alter the electronic and optical properties of 2D heterostructures for a wide range of twist angles.