Miracle-dz/UniFAR-FTUs huggingface dataset:
Systemic risk and competition in OTC derivatives dealing: evidence from client failures

Purpose - The purpose of this paper is to examine the extent of systemic risk and competition in over-the-counter (OTC) derivatives dealing. Using derivatives-related failures during the 1990s, the authors draw conclusions that are pertinent to the recent financial market turmoil involving OTC derivatives. Design/methodology/approach - The authors use the event-study methodology with crude dependence adjustment to examine the wealth effect for the involved derivatives dealers. The authors re-estimate the parameters using the market-adjusted model to check for robustness. In addition, a multivariable regression framework was used to estimate the determinants of the abnormal returns. Findings - OTC derivatives dealers experience negative returns when their clients announce derivatives losses. In contrast, rival dealers uninvolved in the loss event exhibit positive returns. The extent of the positive returns for the rival dealers grows as new events unfold, and the dealers continue to steer clear of derivatives trouble. A broader industry portfolio of securities brokers, dealers, and advisors is affected negatively, indicating possible industry contagion. The cross-sectional analysis of the abnormal returns indicates the presence of information (and not pure) contagion implying that in a financial crisis involving derivatives systemic failure is not likely. Originality/value - The authors extend the literature by examining an exhaustive set of derivatives loss events. The sample includes a more diverse set of derivatives dealers and it spans a longer time period than prior studies did. This is also the first study confirming the distorting impact of the “too big to fail” and “federal safety net” phenomena in the context of OTC derivatives dealing.
Accuracy First: Selecting a Differential Privacy Level for Accuracy Constrained ERM

Traditional approaches to differential privacy assume a fixed privacy requirement ε for a computation, and attempt to maximize the accuracy of the computation subject to the privacy constraint. As differential privacy is increasingly deployed in practical settings, it may often be that there is instead a fixed accuracy requirement for a given computation and the data analyst would like to maximize the privacy of the computation subject to the accuracy constraint. This raises the question of how to find and run a maximally private empirical risk minimizer subject to a given accuracy requirement. We propose a general “noise reduction” framework that can apply to a variety of private empirical risk minimization (ERM) algorithms, using them to “search” the space of privacy levels to find the empirically strongest one that meets the accuracy constraint, and incurring only logarithmic overhead in the number of privacy levels searched. The privacy analysis of our algorithm leads naturally to a version of differential privacy where the privacy parameters are dependent on the data, which we term ex-post privacy, and which is related to the recently introduced notion of privacy odometers. We also give an ex-post privacy analysis of the classical AboveThreshold privacy tool, modifying it to allow for queries chosen depending on the database. Finally, we apply our approach to two common objective functions, regularized linear and logistic regression, and empirically compare our noise reduction methods to (i) inverting the theoretical utility guarantees of standard private ERM algorithms and (ii) a stronger, empirical baseline based on binary search.
Analysis of DOA estimation for directional and isotropic antenna arrays

A comparison analysis between two different types of antenna arrays in direction-of-arrival (DOA) estimation is presented. This study was undertaken to point out any difference in the process of DOA estimation between isotropic and directional antenna array. To the best of our knowledge, there is no previous work that analysed the DOA estimation between these two antenna arrays. The approach taken was to estimate all predetermined angle-of-arrival (AOA) correctly by using MUSIC, a spectral-based DOA algorithm. Results obtained show that, to perform the DOA estimation, isotropic antenna array depends entirely on DOA algorithm, whereas directional antenna array required both the DOA algorithm and the position of the main beam at any instant. This work concludes that, in practical application, it is essential to consider both the performance of DOA algorithm and the beam pattern to ensure the DOA estimation is carried out correctly.
Accelerated high-resolution photoacoustic tomography via compressed sensing

Current 3D photoacoustic tomography (PAT) systems offer either high image quality or high frame rates but are not able to deliver high spatial and temporal resolution simultaneously, which limits their ability to image dynamic processes in living tissue (4D PAT). A particular example is the planar Fabry–Pérot (FP) photoacoustic scanner, which yields high-resolution 3D images but takes several minutes to sequentially map the incident photoacoustic field on the 2D sensor plane, point-by-point. However, as the spatio-temporal complexity of many absorbing tissue structures is rather low, the data recorded in such a conventional, regularly sampled fashion is often highly redundant. We demonstrate that combining model-based, variational image reconstruction methods using spatial sparsity constraints with the development of novel PAT acquisition systems capable of sub-sampling the acoustic wave field can dramatically increase the acquisition speed while maintaining a good spatial resolution: first, we describe and model two general spatial sub-sampling schemes. Then, we discuss how to implement them using the FP interferometer and demonstrate the potential of these novel compressed sensing PAT devices through simulated data from a realistic numerical phantom and through measured data from a dynamic experimental phantom as well as from in vivo experiments. Our results show that images with good spatial resolution and contrast can be obtained from highly sub-sampled PAT data if variational image reconstruction techniques that describe the tissues structures with suitable sparsity-constraints are used. In particular, we examine the use of total variation (TV) regularization enhanced by Bregman iterations. These novel reconstruction strategies offer new opportunities to dramatically increase the acquisition speed of photoacoustic scanners that employ point-by-point sequential scanning as well as reducing the channel count of parallelized schemes that use detector arrays.
Brazilian Incubators and Science Parks' Resources and R&D Collaboration

One initiative largely stimulated through public policy to strengthen firms’ innovation capacity is the creation and consolidation of Incubators and Science & Technology Parks (ISTPs). These habitats aim to foster innovation through, among other methods, the promotion of resource complementarity and action interdependence. Empirical studies, however, have not been conclusive about this. This article analyse the relations between resources provided by ISTPs and the elements of collaborative R&D. We conducted a survey with Brazilian ISTPs and analysed the results using a quantitative multilevel approach. Our study suggests that these innovative environments do affect collaborative R&D, but not by through the services and infrastructure they provide. We indicate possible alternatives to support future studies that analyse ISTPs in emerging countries.
In Praise of Fiscal Restraint and Debt Rules. What the Euro Zone Might Do Now

This paper attempts to reconcile the need for flexibility in fiscal policy, with the need for credibility and consistency in monetary policies. The idea is to generate fewer conflicts between policies but greater discipline within them. We assume an independent central bank and restraints on the use of national fiscal policies. Using a theoretical model, we examine the consequences of assigning leadership to fiscal or monetary policies to exploit the implicit (rule based) coordination available under standard transmission mechanisms, but where priorities and targets differ between policy makers. This works best with fiscal leadership: we introduce a debt rule (with hard or soft targets) to precommit fiscal policies over the longer term, but use monetary independence to guarantee credibility and discipline in the short run stabilization policies. Compared to the uncoordinated solution now operating in Europe, inflation biases are lower and debt repayments higher for no loss in output volatility. That corresponds to the experience of the UK, our benchmark case, whose empirical reaction functions show fiscal leadership. Across ten OECD countries, these gains are estimated to be worth 2%-4% of GDP.
Why Restaurants Fail? Part IV

Although location is a significant factor in a restaurant’s survival chances, contrary to the commonly held belief, the presence of nearby homes did not help in lowering failure rates between 2000 and 2010 for restaurants in Boulder, Colorado. Instead, having a substantial population of apartment dwellers and transient residents (notably, university students) enhanced the restaurants’ success, as did the presence of people aged eighteen to twenty-four, those with higher educational levels, non-household families, and low- to middle-income families. Larger restaurants and those with chain affiliation had a greater probability of success than small, quick-service operations. Among the factors that had little effect on restaurant success or failure were unemployment rates, the nature of nearby residents’ profession, and the geographical presence of families with children under eighteen. The study’s results also support the long-held industry perception regarding avoiding locations where restaurants have already failed. When a location had experienced three ownership turnovers, the study found that the location generally ceased to host restaurants as tenants. As explained further in this article, this is the fourth in a series of examinations of the elements of restaurant success and failure.
The value of coronary artery calcium score in the early diagnosis of coronary artery disease in patients with stable chronic obstructive pulmonary disease

Objective: Our aim was to assess the value of coronary artery calcium score (CACS) in the early diagnosis of coronary artery disease in Global Initiative for Chronic Obstructive Lung Disease (GOLD) stage II chronic obstructive pulmonary disease (COPD) patients and to identify high-risk patients. Methods: Forty-two patients with GOLD stage II COPD and 31 healthy control subjects were enrolled in the study. This study was designed as a prospective observational cross-sectional study. Pearson’s correlation coefficient was used for comparisons between groups. Criteria for stage II COPD diagnosis were forced expiratory volume in 1 second (FEV1)/forced vital capacity (FVC) of <70% and 50%≤FEV1<80%. Excluded from the study were individuals who had a previous diagnosis of coronary artery disease, GOLD stage I-III-IV COPD, or left ventricular systolic dysfunction. Results: As compared with the control group, CACS values were significantly higher in the patient group (p=0.030 and 0.001, respectively). CACS was significantly higher in male patients with a positive family history, physical inactivity, long duration of disease, and low FEV1 (0.027, 0.008; 0.001 and 0.001; 0.001, respectively). Logistical regression analysis of sex, age, diabetes mellitus, hypertension, cigarette smoking, family history, physical inactivity, and FEV1 values showed that physical inactivity was independently correlated with high CACS [odds ratio (OR): 7; confidence interval (CI): 3–20; p=0.001]. Conclusion: The value of CACS is high in stage II COPD patients. Male stage II COPD patients with a disease duration of 10 years, physical inactivity, and/or a positive family history should be monitored for early stage coronary artery disease and coronary events, regardless of risk factors such as diabetes, hypertension, and hyperlipidemia.
Study of cognitive distraction detection based on GMA analysis

Driver cognitive distraction (e.g., voice-based IVISs) has become an important and growing safety concern. Cognitive distraction detection presents an important function for driver distraction mitigation systems. We present a new approach to analyze the difference of correlation between eye movement and steering angle to detect the state of cognitive distraction. Meanwhile, we design a secondary task to simulate cognitive distraction in simulated driving. In the end, experimental analysis shows that the variances and mean value of GMA analysis results between eye movement and steering angel vary between different drivers, but the trend of the difference between cognitive distraction driving and normal driving is consistent. Their difference is enough to detect cognitive distraction.
Assessment of the proliferation status of glioblastoma cell and tumour tissue after nanoplatinum treatment

Glioblastoma is one of the most frequent primary brain tumours of the central nervous system, with a poor survival time. With inefficient chemotherapy, it is urgent to develop new strategies for tumour therapy. The present approach is based on the inhibition of cell proliferation using platinum nanoparticles (NP-Pt). The aim of the study was to evaluate and compare the antiproliferative properties of NP-Pt and cisplatin against U87 and U118 glioma cell lines and U87 tumour tissue. NP-Pt and cisplatin were incubated with U87 and U118 glioma cells or administered directly into glioma tumour tissue. Cell morphology, the level of DNA synthesis, the migration of cells, protein expression levels of proliferating cell nuclear antigen (PCNA) and the level of DNA oxidation in glioma tumours were investigated. The results showed that NP-Pt treatment of U87 and U118 glioma cells decreased the level of DNA synthesis and the migration of cancer cells but also downregulated the level of PCNA protein expression in tumour tissue. Furthermore, NP-Pt caused oxidative DNA damage in tumour tissue to a higher degree than cisplatin. Consequently, NP-Pt can be considered as an effective inhibitor of glioblastoma tumour cell proliferation. However, the mechanism of action and potential side effects need to be elucidated further.
A nonlinear control for a BTB STATCOM system with asymmetrically structured converters

This paper describes a new BTB STATCOM system with asymmetrically structured converters and develops its mathematical model. The BTB STATCOM employs a PWM technology for a rectifier station and a multipulse technology for an inverter station. We propose a control strategy for the following three control variables: active and reactive rectifier power and DC voltage. In the rectifier station, input-output linearization via the feedback control law is applied for independent control of the active and reactive power. Conversely, the input-output linearization controller is not applicable for maintaining the DC voltage. We design an alternative indirect damping controller for the reactive current within the inverter station. The proposed controller provides an improved stability margin and a decreased oscillation for DC voltage with a degraded reactive current tracking performance of the inverter. The effectiveness of the proposed controller is validated via the local stability at each operating point and the performance of the time response. Parameter-dependent Lyapunov functions for zero dynamics and the closed-loop system prove the stability of the damped internal dynamics and closed-loop system, respectively.
Adverse drug reaction monitoring--cost and benefit considerations. Part I: frequency of adverse drug reactions causing hospital admissions.

In an era of health care cost containment it is of particular interest to identify measures that reduce costs and at the same time improve health care quality. One of these cost cutting measures might be the reduction of the frequency of Adverse Drug Reactions (ADR). The objective of this paper is to summarize all original work on ADR frequencies at hospital admission and to come up with a valid estimate for the actual frequency of ADR-related hospital admissions. Additionally, we compared established concepts of ADR monitoring with respect to their utility for drug safety monitoring and pharmacoepidemiologic research. We reviewed 25 studies from the past 25 years. Analysing the effect of methodological characteristics showed that variation of reported ADR frequency mainly depends on differing study bases and the concepts of ADR monitoring. Investigations that thoroughly screened all members of the study population for the presence of adverse drug reactions (comprehensive ADR monitoring) generally yielded highest ADR proportions. Studies that concentrated screening on selected high-risk patients (preselective ADR monitoring) and those applying spontaneous or intensified spontaneous reporting detected lower ADR proportions (2.9% and 2.5%). The ADR proportion among admissions to departments of internal medicine was higher than among mixed hospital populations including surgical patients. In conclusion 4.2-6.0% (lower and upper quartile) and in median 5.8% of all admissions to medical departments are caused by adverse drug reactions. A two-step preselective ADR monitoring appears to be appropriate and efficient for both signal generation and signal validation as compared to spontaneous reporting and comprehensive monitoring. In conclusion, adverse drug reactions are a common cause of hospital admissions. As hospital care is expensive, attempts to prevent ADR and thus hospital admission need active encouragement.
Objective determinants of perceived social support.

Objective characteristics of people's social networks were examined as determinants of the perceived availability of social support in two populations: elderly adults (n = 50) and mothers of 1-year-olds (n = 71). Number of network members and frequency of contact with network members, computed separately for kin and nonkin were examined as predictors of loneliness, overall social support, and the six components of social support proposed by Weiss (1974). Kin were found to be more effective providers than nonkin of some aspects of social support. Network characteristics were better predictors of perceived social support for the elderly than for the mothers, but a maximum of 30% of the variance in perceived social support was attributable to the objective network characteristics in either sample. It is recommended that future research on the determinants of perceived social support consider actual interpersonal behaviors, their contexts, and personality characteristics that affect the facilitation an interpretation of supportive behaviors.
Metabolic syndrome in Spanish patients with psoriasis needing systemic therapy: Prevalence and association with cardiovascular disease in PSO-RISK, a cross-sectional study

Abstract Background: Increasing evidence indicates a relationship between psoriasis and metabolic syndrome (MS). We evaluated the prevalence of MS in patients receiving systemic treatment for psoriasis in Spain, and its relationship to cardiovascular disease (CVD). Methods: This cross-sectional, multicenter, non-interventional study enrolled 368 patients with moderate-to-severe psoriasis requiring systemic treatment. Clinical parameters for psoriasis, CV risk factors, MS and CVD were assessed. Descriptive and logistic regression analyses were performed. Results: 352 patients were included (median psoriasis duration: 18 years, plaque psoriasis [95.7%], psoriatic arthritis [22.8%]). Overall, 132 patients (37.5%) fulfilled diagnostic criteria for MS; the most prevalent MS components were high blood pressure and increased waist circumference. Patients with MS were older, more likely to be obese and to have a sedentary lifestyle and hypercholesterolemia than those without MS. CVD was more prevalent in patients with MS than in those without (29.5% versus 15.9%, p = 0.002), particularly coronary heart disease (CHD), myocardial infarction and heart failure. MS was independently associated with CVD (OR 1.98, p = 0.018) and CHD (OR 2.02, p = 0.044). Conclusion: The prevalence of MS was high among patients with moderate-to-severe psoriasis requiring systemic treatment, and was associated with a higher prevalence of CVD. Dermatologists should consider implementing simple screening protocols.
Ultra-precision Flexure Stage Driven by Piezoelectric Elements

This paper presents a flexure type linear parallel guide mechanism for two degree-of-freedom motions. Four prismatic-prismatic joints mechanism is implemented by the flexure type linear parallel guide mechanism which consists of four simple linear spring mechanisms and four double compound linear spring mechanisms. Each one double compound mechanism for each axis is actuated by a piezoelectric element, so that it amplifies the displacement of the piezoelectric element. The proposed flexure mechanism is designed and then monolithically machined by wire electrical discharge machining. The performance of the flexure stage manufactured is measured by the terms of resonance frequency, working range and resolution
The Incidence of the Local Property Tax: a Re-Evaluation

The article identifies the key assumptions that underlie competing theories of the incidence of the local property tax. We conclude that the"benefit view" which maintains that the property tax system is equivalent to a set of non-distortionary user changes is correct only under very restrictive assumptions. Only when communities adopt a set of exact, binding zoning requirements will a distortionary tax be transformed into a lump-sum tax. We argue that within jurisdiction heterogeneity of house and firm typeis very unlikely and that the burden of a property tax that is distortionary at the margin falls on the owners of capital.
[Chemobiology at happy hour: yeast as a model for pharmacological screening].

Since its discovery and description by Louis Pasteur, the budding yeast Saccharomyces cerevisiae, which was used for thousands of years for alcoholic fermentation and as a leavening agent, has become a popular model system in biology. One of the reasons for this popularity is the strong conservation from yeast to human of most of the pathways controlling cell growth and fate. In addition, at least 30 % of human genes involved in diseases have a functional homolog in yeast. Hence, yeast is now widely used for modelling and deciphering physiopathological mechanisms as well as for developing pharmacological approaches like phenotype-based drug screening. Three examples of such yeast-based chemobiological studies are presented.
The Relevance of Financial versus Non-Financial Information for the Valuation of Venture Capital-Backed Firms

This study examines the relevance of financial and non-financial information for the valuation of venture capital (VC) investments. Based on a hand-collected data set on venture-backed start-ups in Germany, we investigate the internal due diligence documents of over 200 investment rounds. We document that balance sheet and income statement items capture as much economic content as verifiable non-financial information (e.g. team experience or the number of patents) while controlling for several deal characteristics (e.g. industry, investment round, or yearly VC fund inflows). In addition, we show that valuations based on accounting and non-accounting information yield a level of valuation accuracy that is comparable to that of publicly traded firms. Further analyses show that the industry-specific total asset multiples outperform the popular revenue multiples but lead to significantly less accurate results than those obtained from the more comprehensive valuation models. Overall, our findings might inform researchers and standard-setters of the usefulness of accounting information for investment companies and provide additional evidence to gauge the overall valuation accuracy in VC settings.