Miracle-dz/UniFAR-FTUs huggingface dataset:
Optimal Contracting, Accounting Standards, and Market Structures*

In this study I use a principal-agent framework to analyze optimal contracting under two accounting standards, referred to as historical cost (HC) and market value (MV), and under differing asset market assumptions. I distinguish HC from MV by how revenue is recognized and in the reporting discretion allowed. The MV standard recognizes both realized and unrealized holding gains; HC recognizes only realized holding gains. MV allows the manager reporting discretion; the HC standard does not. Also, distinguishing an asset's value-in-use (VIU) from its net realizable value (NRV), I consider markets where the asset's VIU and NRV are always equal as well as markets where VIU and NRV differ. I show the following. If an asset's NRV and VIU are equal and if the manager's available reporting discretion is known, the principal prefers the MV standard because it provides better information about the manager's effort. However, the principal may prefer the HC standard if he is sufficiently uncertain about the manager's reporting discretion or if the asset's NRV exceeds its VIU, so that expected revenue is sufficiently enhanced by selling the asset earlier. Via an example (normal distribution and mean/variance preferences with linear contracts), I provide a case where the principal prefers the HC standard. Also, I compare the optimal effort and contract under each standard, and provide comparative static results which show how expected revenue, cost and net income change due to changes in certain model parameters.
Energy-saving Strategies of Wireless Sensor Networks

Wireless sensor networks (WSN), which consist of randomly deployed tiny sensors, data processing unit, and communicating components, have a wide range of applications, such as industry, agriculture, business, military, and health. Because power supply might be impossible, it is the key problem to find an efficient energy strategy for prolonging network's lifetime. This article made a detailed introduction for energy management of WSN, analyzing energy strategies used for WSN.
A Generalized Earnings Model of Stock Valuation

Traditional approaches to valuing equities have largely focused on the Dividend Discount Model. It may be hard to reliably estimate dividend processes in small samples and market participants focus primarily on earnings and other accounting information in analyzing stocks. For these reasons we try to value stocks using earnings and book value. Building on the seminal work of Miller and Modigliani (1961) and Ohlson (1990, 1995) we develop a Generalized Earnings Model of stock valuation which uses earnings and book values. This is a general no-arbitrage model which uses stochastic pricing kernels. The model can be implemented by assuming the driving variables follow affine processes which allows tractable calculations. We apply the model to several individual stocks.
Empirical Analysis of Genetic Evolution Algorithm Based on Multi-layer Chromosome of Gene Expression Programming and K-means Clustering Algorithm

As hypertension has become one of the principal diseases affecting human health, and its prediction accuracy is a topic of concern for the medical professionals, so the computer-aided prediction model of target organ damage of primary hypertension is worthy of research. GEP model with simple chromosome, linear, compact, easily genetic manipulation can eliminate the correlation of gene expression inputs in a variety of training samples. And it has the intelligent, more flexible model structure, having wider methodological applicability, higher prediction accuracy and other characteristics. This study shows that the prediction model has a great prospect for application in the auxiliary prediction of target organ damage in primary hypertension. And classification accuracy is 87.5%, which is higher than SVM and BP neural networks.
2 Bound Constrained Multilocal Programming

Multilocal programming aims to identify all local minimize rs of unconstrained or constrained nonlinear optimization problems. The multilocal programming theory relies on global optimization strategies combi ned with simple ideas that are inspired in deflection or stretching techniques to a void convergence to the already detected local minimizers. The most used methods to solve this type of problems are based on stochastic procedures and a population of s lutions. In general, population-based methods are computationally expensive b ut rather reliable in identifying all local solutions. In this chapter, a review on rec ent techniques for multilocal programming is presented. Some real-world multilocal p rogramming problems based on chemical engineering process design applications are described.
Efficacy of phytosterols and fish-oil supplemented high-oleic-sunflower oil rich diets in hypercholesterolemic growing rats

Abstract Phytosterols (P) and fish-oil (F) efficacy on high-oleic-sunflower oil (HOSO) diets were assessed in hypercholesterolemic growing rats. Controls (C) received a standard diet for 8 weeks; experimental rats were fed an atherogenic diet (AT) for 3 weeks, thereafter were divided into four groups fed for 5 weeks a monounsaturated fatty acid diet (MUFA) containing either: extra virgin olive oil (OO), HOSO or HOSO supplemented with P or F. The diets did not alter body weight or growth. HOSO-P and HOSO-F rats showed reduced total cholesterol (T-chol), non-high-density lipoprotein-cholesterol (non-HDL-chol) and triglycerides and increased HDL-chol levels, comparably to the OO rats. Total body fat (%) was similar among all rats; but HOSO-F showed the lowest intestinal, epididymal and perirenal fat. However, bone mineral content and density, and bone yield stress and modulus of elasticity were unchanged. Growing hypercholesterolemic rats fed HOSO with P or F improved serum lipids and fat distribution, but did not influence material bone quality.
Senior management support in the new product development process

This paper studies the relationship between senior management support to new product development activities by means of a quantitative and qualitative analysis of questionnaire and interview data collected in the United Kingdom and the Netherlands. The quantitative analysis showed that there is a small to medium association between senior management support to new product development and project performance in the dimensions of time, cost, and end product quality. The qualitative analysis suggests that these weak links could be explained by separating the influence of senior management support on new product development activities into direct and indirect effects. Direct effects include issues such as the use of multifunctional senior teams and process champions, whereas indirect effects include issues such as organization mission and goals, and learning and knowledge management systems.
Microbial dynamics associated with leaves decomposing in the mainstem and floodplain pond of a large river

Aquatic habitats of forested floodplain systems receive large inputs of allochthonous plant litter. We examined the decomposition of, and microbial productivity associated with, leaves of a common floodplain tree, Populus gr. nigra, in the mainstem and floodplain pond of a seventh order river in 2 consecutive years. Litter bags were submerged at both sites, retrieved periodically, and analyzed for litter mass loss, bacterial and fungal biomass, growth rate and production, and sporulation rates of aquatic hyphomycetes. Litter decomposition rates were similar in both sites and years (leaf breakdown coefficients k of 0.0070 to 0.0085 d–1), although microbial dynamics partly differed between sites. Species diversity of aquatic hyphomycetes was lower on leaves submerged in the pond (16 species) than in the river (21 species). Mycelial biomass was also significantly lower in the pond, with values <20 mgCg–1 of detrital C, whereas peaks of 50 and 80 mgC g–1 were reached in leaves in the mainstem. These differences contrast with the comparable fungal productivity at both sites (peak rates of 1.4 mg of mycelial C per g of detrital C per day in both years). This suggests that fungi were equally productive in both habitats but experienced greater losses in the pond. Bacterial numbers and biomass also showed the same basic pattern at both sites, although somewhat higher levels were reached in the pond (maximum of about 10^10 cells and 0.5 mg g–1 of detrital C). Bacterial- specific production rates fluctuated between 0.06 and 1.5 d–1 with lower values occurring in the floodplain pond. Although bacteria on leaves were clearly outweighed by fungi in terms of biomass, they accounted for a sizeable fraction of the total biomass (up to 11%), and up to 32% of the total microbial production. Our comparison of bacterial and fungal productivity thus points to a critical role of fungi in litter decomposition in aquatic habitats of river floodplain systems, while suggesting that bacteria must not be overlooked as important agents of litter decompositon in riverine environments.
Analysing and Assessing Accountability: A Conceptual Framework

It has been argued that the EU suffers from serious accountability deficits. But how can we establish the existence of accountability deficits? This article tries to get to grips with the appealing but elusive concept of accountability by asking three types of questions. First a conceptual one: what exactly is meant by accountability? In this article the concept of accountability is used in a rather narrow sense: a relationship between an actor and a forum, in which the actor has an obligation to explain and to justify his or her conduct, the forum can pose questions and pass judgement, and the actor may face consequences. The second question is analytical: what types of accountability are involved? A series of dimensions of accountability are discerned that can be used to describe the various accountability relations and arrangements that can be found in the different domains of European governance. The third question is evaluative: how should we assess these accountability arrangements? The article provides three evaluative perspectives: a democratic, a constitutional and a learning perspective. Each of these perspectives may produce different types of accountability deficits.
Allocating Control in Agency Problems with Limited Liability and Sequential Hidden Actions

This paper discusses the optimal organization of sequential agency problems with contractible control actions under limited liability. In each of two stages, a risk-neutral agent can choose an unobservable effort level. A success in the first stage makes effort in the second stage more effective. Should one agent be in control in both stages (integration), or should different agents be in charge of the two actions (separation)? Both modes of organization can be explained on the basis of incentive considerations due to moral hazard, without resorting to commitment problems or ad hoc restrictions on the class of feasible contracts.
Does the star power matter?

This study investigates the role of superstars in the Korean movie industry. We apply a two-step approach: the first step is to test the significance of the star power during 1988–1999 in Korea; the second step is to estimate the magnitude of star power. The appearance of a star actor increases the probability of a hit or success by 15–19% and star power is higher than a director power. A domestic award is associated with positive performance. We find that the top 15 players among 68 actors and actresses significantly impacts on the success of movies.
5-HT2A Receptor Induces ERK Phosphorylation and Proliferation through ADAM-17 Tumor Necrosis Factor-α-converting Enzyme (TACE) Activation and Heparin-bound Epidermal Growth Factor-like Growth Factor (HB-EGF) Shedding in Mesangial Cells*

In this study, we present multiple lines of evidence to support a critical role for heparin-bound EGF (epidermal growth factor)-like growth factor (HB-EGF) and tumor necrosis factor-α-converting enzyme (TACE) (ADAM17) in the transactivation of EGF receptor (EGFR), ERK phosphorylation, and cellular proliferation induced by the 5-HT2A receptor in renal mesangial cells. 5-hydroxy-tryptamine (5-HT) resulted in rapid activation of TACE, HB-EGF shedding, EGFR activation, ERK phosphorylation, and longer term increases in DNA content in mesangial cells. ERK phosphorylation was attenuated by 1) neutralizing EGFR antibodies and the EGFR kinase inhibitor, AG1478, 2) neutralizing HB-EGF, but not amphiregulin, antibodies, heparin, or CM197, and 3) pharmacological inhibitors of matrix-degrading metalloproteinases or TACE small interfering RNA. Exogenously administered HB-EGF stimulated ERK phosphorylation. Additionally, TACE was co-immunoprecipitated with HB-EGF. Small interfering RNA against TACE also blocked 5-HT-induced increases in ERK phosphorylation, HB-EGF shedding, and DNA content. In aggregate, this work supports a pathway map that can be depicted as follows: 5-HT → 5-HT2A receptor → TACE → HB-EGF shedding → EGFR → ERK → increased DNA content. To our knowledge, this is the first time that TACE has been implicated in 5-HT-induced EGFR transactivation or in proliferation induced by a G protein-coupled receptor in native cells in culture.
Quantitative hepatitis B virus DNA testing for the early prediction of the maintenance of response during lamivudine therapy in patients with chronic hepatitis B.

To determine whether a dramatic decrease in hepatitis B virus (HBV) DNA levels within the first months of lamivudine therapy can predict the emergence of YMDD variants in patients with chronic hepatitis B, quantitative testing was done every 3 months on serum samples from 35 patients who were treated with lamivudine for >1 year. The decline in HBV DNA levels from baseline to month 3 was higher in 22 responders than in 13 nonresponders (mean+/-SD, 4.16+/-1.06 vs. 2.88+/-1.77 log(10) copies; P=. 002), whereas no differences were observed in patients with and without YMDD variants at 1 year of therapy. At 3 months, HBV DNA was undetectable in 77% of the responders, whereas, after 1 year, it was undetectable in 23% of nonresponders, 40% of patients with YMDD variants, and 74% of those without variants. Therefore, quantitative HBV DNA testing is very useful in deciding whether to continue therapy, because of the low likelihood of response in patients who remain HBV DNA positive at month 3 of treatment.
Investigating the return predictability of changes in corporate borrowing

Abstract This study investigates the return predictability of changes in corporate borrowing by conditioning it on equity styles. state of market, and earnings expectation to determine whether it is due to unidentified sources of risk or mispricing. We observe that increases in borrowing are indeed followed by declines in operating and risk-adjusted return performance. However, the return underperformance exists only in small-cap growth companies experiencing negative earnings surprise, irrespective of the market state. We extend previous studies by demonstrating that the phenomenon is not pervasive over the entire cross-section of the stock market and is likely to be a manifestation of negative price response against the earnings disappointment of small-cap growth companies. Our results have implications for market efficiency and stock selection.
Dynamic control of local molecular concentration using optoelectrofluidic fluorescence microscopy

For both detection and modulation of local molecular concentration, a new optoelectrofluidic fluorescence microcopy (OFM), wherein an optoelectrofluidic device is combined with a conventional fluorescence microscope, has been demonstrated. By using the frequency-dependent optoelectrofluidics, spatial and temporal switching of local concentration of biomolecules is demonstrated in a rapid and non-contact manner. The molecular behavior, which is appeared by optically-induced electrohydrodynamic flows, is also investigated based on the experimental results. This novel technique for tuning local molecular concentration would be a useful tool for several chemical and biological applications.
Evidence of the Abnormal Accrual Anomaly Incremental to Operating Cash Flows

Recent research provides evidence that the operating cash flows‐to‐price ratio subsumes accruals in explaining future annual returns. This suggests that the accrual anomaly is part of the overall value‐glamour anomaly and does not represent the mispricing of earnings. We extend the literature by using multiple measures of abnormal accruals and separate analyses of future annual returns and future earnings announcement returns. The results reveal that the operating cash flows‐to‐price ratio does not subsume abnormal accruals in explaining future annual returns or future announcement returns. We also find that the operating cash flows‐to‐price ratio does not subsume total accruals in explaining future announcement returns. These results are not consistent with accruals being a manifestation of the value‐glamour anomaly. Our study contributes to the current debate on the existence and the extent of the (abnormal) accrual anomaly. Moreover, the methodology employed can help researchers in exploring mispricing.
Did Local Activism Really Matter? Liberal Democrat Campaigning and the 2001 British General Election

The importance of campaigning at British general elections seems to vary across the country's three main political parties, although it is of particular salience for the Liberal Democrats. Existing research suggests that the Liberal Democrats use the combination of local success and grass-roots activism as a stepping stone to achieve the prize aim of parliamentary representation. It could be argued that local factors are likely to account for more of the spatial variation in votes for the Liberal Democrats than is the case for the main parties. Using Seemingly Unrelated Regression (SUR) to model the parties’ relative vote shares, we find that intensive campaigning, not only what is spent but also the role of the local MP as a representative, particularly where there were first-time incumbents, was a significant influence on the Liberal Democrat vote in 2001 when compared against the Conservatives and Labour.
Conceptualizing the ‘New’ Northern Dimension: A Common Policy Based on Sectoral Partnerships

The Northern Dimension (ND) initiative officially launched by the EU a decade ago has recently been transformed in order to better reflect the current situation in Northern Europe, where four Baltic Sea states became EU members in 2004 and where Russia and the EU are developing their relationship based on four Common Spaces. From initially being developed as an EU foreign policy initiative, the ND is today considered a ‘common policy’ of four equal partners—the EU, Russia, Norway and Iceland. The rather innovative elements of the ‘new’ ND policy make it challenging to address from a conceptual point of view. In the study at hand the author addresses the characteristics of the ‘new’ ND in relation to its development over the last decade. The author argues that insights drawn from international regime theory seem pertinent when it comes to conceptualizing the transformation of the ND into a ‘common policy’ of four equal partners based on a number of emerging sectoral partnerships, contributing to its concrete implementation.
Electrical Characteristics of Superconducting Nanowire Single Photon Detector

By changing the bias scheme of a superconducting nanowire single photon detector (SNSPD), the current-voltage (I-V) characteristics of SNSPDs are extensively studied. Using a quasi-constant-voltage bias, the SNSPD nonlatching property is observed in the low voltage range. When the bias current surpasses the critical current, a thermal relaxation oscillation occurs because of the hotspot's periodic appearance, growth, and disappearance. This produces a smooth transition in the I- V curve instead of latching. The oscillation frequency is proportional to the voltage of the SNSPD. A linear dependence of the oscillation frequency on the SNSPD voltage is derived from the circuit model of SNSPD electronics, which fits well with the experimental results. The kinetic inductance of the SNSPD is extracted from the fitting as the sole parameter. In the high-voltage range, the I-V curve is deduced from Skocpol, Beasley, and Tinkham's self-heating hotspot model, which is consistent with the experimental result. By measuring the return current, we obtained a heat transfer coefficient (α) of 0.7-2 × 105 W · m2 · K1 between the nanowire and the substrate.
Stratification of Activity and Bacterial Community Structure in Biofilms Grown on Membranes Transferring Oxygen

ABSTRACT Previous studies have shown that membrane-aerated biofilm (MAB) reactors can simultaneously remove carbonaceous and nitrogenous pollutants from wastewater in a single reactor. Oxygen is provided to MABs through gas-permeable membranes such that the region nearest the membrane is rich in oxygen but low in organic carbon, whereas the outer region of the biofilm is void of oxygen but rich in organic carbon. In this study, MABs were grown under similar conditions but at two different fluid velocities (2 and 14 cm s−1) across the biofilm. MABs were analyzed for changes in biomass density, respiratory activity, and bacterial community structure as functions of biofilm depth. Biomass density was generally highest near the membrane and declined with distance from the membrane. Respiratory activity exhibited a hump-shaped profile, with the highest activity occurring in the middle of the biofilm. Community analysis by PCR cloning and PCR-denaturing gradient gel electrophoresis of 16S rRNA genes demonstrated substantial stratification of the community structure across the biofilm. Population profiles were also generated by competitive quantitative PCR of gene fragments specific for ammonia-oxidizing bacteria (AOB) (amoA) and denitrifying bacteria (nirK and nirS). At a flow velocity of 14 cm s−1, AOB were found only near the membrane, whereas denitrifying bacteria proliferated in the anoxic outer regions of the biofilm. In contrast, at a flow velocity of 2 cm s−1, AOB were either not detected or detected at a concentration near the detection limit. This study suggests that, under the appropriate conditions, both AOB and denitrifying bacteria can coexist within an MAB.
The Importance of Patent Scope: An Empirical Analysis

This article examines the impact of patent scope on firm value. I develop a proxy for patent scope based on the International Patent Classification scheme. Using a sample of 535 financing rounds at 173 privately held venture-backed biotechnology firms. I show that the breadth of patent protection significantly affects valuations. A one standard deviation increase in average patent scope is associated with a 21% increase in the firm's value. Broad patents are more valuable when substitutes in the same product class are plentiful, a finding consistent with theoretical suggestions.
Differential ATP Binding and Intrinsic ATP Hydrolysis by Amino-terminal Domains of the Yeast Mlh1 and Pms1 Proteins*

MutL homologs belong to a family of proteins that share a conserved ATP binding site. We demonstrate that amino-terminal domains of the yeast MutL homologs Mlh1 and Pms1 required for DNA mismatch repair both possess independent, intrinsic ATPase activities. Amino acid substitutions in the conserved ATP binding sites concomitantly reduce ATP binding, ATP hydrolysis, and DNA mismatch repair in vivo. The ATPase activities are weak, consistent with the hypothesis that ATP binding is primarily responsible for modulating interactions with other MMR components. Three approaches, ATP hydrolysis assays, limited proteolysis protection, and equilibrium dialysis, provide evidence that the amino-terminal domain of Mlh1 binds ATP with >10-fold higher affinity than does the amino-terminal domain of Pms1. This is consistent with a model wherein ATP may first bind to Mlh1, resulting in events that permit ATP binding to Pms1 and later steps in DNA mismatch repair.