Miracle-dz/UniFAR-FTUs huggingface dataset:
Capitalizing Research & Development: Signaling or Earnings Management?

Abstract This paper analyzes the capitalization of Research & Development (R&D) expenditures under International Financial Reporting Standards (IFRS). Discretionary R&D capitalization can be exercised by managers to signal private information on future economic benefits to the market. It can, however, also serve as opportunistic earnings management. We analyze a unique, hand-collected sample of highly R&D intensive German IFRS firms during 1998–2012. We find that market values are not associated with capitalized R&D for the overall sample, indicating that earnings management may be a concern. We identify firm-years for which R&D capitalization is possibly used for pushing their earnings above a specific threshold (e.g. analysts' forecasted earnings, prior year's earnings). Our results show that both the decision to capitalize and how much to capitalize are strongly associated with benchmark beating. Consistently, we find that market values are negatively associated with capitalized R&D for firms who are likely to use capitalization for benchmark beating (about one third of the overall sample). On the other hand, the market values R&D capitalization positively for well-performing firms, for which capitalizing does not matter to beat an earnings benchmark (about half of the overall sample). This finding is robust to controls for endogeneity, various deflators, and different measures for earnings management.
Analog Automatic Test Pattern Generation for Quasi-Static Structural Test

A new approach for structural, fault-oriented analog test generation methodology to test for the presence of manufacturing-related defects is proposed. The output of the test generator consists of optimized test stimuli, fault coverage and sampling instants that are sufficient to detect the failure modes in the circuit under test. The tests are generated and evaluated on a multistep ADC taking into account the potential fault masking effects of process spread on the faulty circuit responses. Similarly, the test generator results offer indication for the circuit partitioning within the framework of circuit performance, area and testability.
PORTFOLIO OPTIMIZATION IN AFFINE MODELS WITH MARKOV SWITCHING

We consider a stochastic-factor financial model wherein the asset price and the stochastic-factor processes depend on an observable Markov chain and exhibit an affine structure. We are faced with a finite investment horizon and derive optimal dynamic investment strategies that maximize the investor's expected utility from terminal wealth. To this end we apply Merton's approach, because we are dealing with an incomplete market. Based on the semimartingale characterization of Markov chains, we first derive the Hamilton–Jacobi–Bellman (HJB) equations that, in our case, correspond to a system of coupled nonlinear partial differential equations (PDE). Exploiting the affine structure of the model, we derive simple expressions for the solution in the case with no leverage, i.e. no correlation between the Brownian motions driving the asset price and the stochastic factor. In the presence of leverage, we propose a separable ansatz that leads to explicit solutions. General verification results are also proved. The results are illustrated for the special case of a Markov-modulated Heston model.
Stages of Organizational Transformation in Transition Economies: A Dynamic Capabilities Approach

How do organizations previously dominated by the state develop dynamic capabilities that would support their growth in a competitive market economy? We develop a theoretical framework of organizational transformation that explains the processes by which organizations learn and develop dynamic capabilities in transition economies. Specifically, the framework theorizes about the importance of, and inter-relationships between, leadership, organizational learning, dynamic capabilities, and performance over three stages of transformation. Propositions derived from this framework explain the pre-conditions enabling organizational learning, the linkages between types of learning and functions of dynamic capabilities, and the feedback from dynamic capabilities to organizational learning that allows firms in transition economies to regain their footing and build long-term competitive advantage. We focus on transition contexts, where these processes have been magnified and thus offer new insights into strategizing in radically altered environments.
A New Green Titania with Enhanced NIR Absorption for Mitochondria-Targeted Cancer Therapy

A new kind of green titania (G-TiO2-x) with obvious green color was facilely synthesized from black titania (B-TiO2-x) through subsequently strong ultrasonication. Comparatively, this stable G-TiO2-x shows much enhanced near infrared (NIR) absorption, especially around 920 nm, which can be ascribed to the obvious change of TiO2-x lattice order owing to the effect of ultrasonication. This feature enables G-TiO2-x to be stimulated with 980 nm laser in the combined photodynamic therapy (PDT) and photothermal therapy (PTT), which is greatly beneficial for improving tissue penetration depth. Furthermore, since mitochondria are preferred subcellular organelles for PDT/PTT, G-TiO2-x was further designed to conjugate with triphenylphosphonium (TPP) ligand for mitochondria-targeted PDT/PTT to obtain precise cancer treatment. Attributing to the high mitochondria-targeting efficiency and simultaneously synergistic PDT/PTT, high phototherapeutic efficacy and safety with a much lower laser power density (980 nm, 0.72 W cm-2) and low materials dosage were achieved both in vitro and in vivo. In addition, negligible toxicity was found, indicating high biocompatibility. This novel G-TiO2-x could provide new strategies for future precise minimal/non-invasive tumor treatment.
Constructing Forecast Confidence Bands During the Financial Crisis

We derive forecast confidence bands using a Global Projection Model covering the United States, the euro area, and Japan. In the model, the price of oil is a stochastic process, interest rates have a zero floor, and bank lending tightening affects the United States. To calculate confidence intervals that respect the zero interest rate floor, we employ Latin hypercube sampling. Derived confidence bands suggest non-negligible risks that U.S. interest rates might stay near zero for an extended period, and that severe credit conditions might persist.
MANAJEMEN LABA DAN MOTIF YANG MELANDASINYA

Financial report is a tool of agent’s (management’s) responsibility to principal (owner) in the agency relationship. Recently, more parties need the financial report because the entity has more contract relationships. This contract relationship is called nexus of contracts, which shows how managers and shareholders control costs to maximize the company’s value. In preparing financial report, management uses accrual accounting which is considered able to provide more accurate information than cash accounting due to the possibility of applying matching principle. Earnings management phenomenon exist in financial reporting of an entity because accounting standards still provide opportunities to choose accounting treatment to be used. This would give chance for earnings management to happen. Assumptions laid behind earnings management are opportunistic consideration (personal interest), efficient contract, and decisions made based on accounting income. Earnings management is done through discretionary accruals which is a function of expected income. Various patterns of earnings management include: (1) taking a bath; (2) income minimization; (3) income maximization; and (4) income smoothing.
Treating dysarthria following traumatic brain injury: Investigating the benefits of commencing treatment during post-traumatic amnesia in two participants

Primary objective: The aims of this preliminary study were to explore the suitability for and benefits of commencing dysarthria treatment for people with traumatic brain injury (TBI) while in post-traumatic amnesia (PTA). It was hypothesized that behaviours in PTA don’t preclude participation and dysarthria characteristics would improve post-treatment. Research design: A series of comprehensive case analyses. Methods and procedures: Two participants with severe TBI received dysarthria treatment focused on motor speech deficits until emergence from PTA. A checklist of neurobehavioural sequelae of TBI was rated during therapy and perceptual and motor speech assessments were administered before and after therapy. Main outcomes and results: Results revealed that certain behaviours affected the quality of therapy but didn’t preclude the provision of therapy. Treatment resulted in physiological improvements in some speech sub-systems for both participants, with varying functional speech outcomes. Conclusions: These findings suggest that dysarthria treatment can begin and provide short-term benefits to speech production during the late stages of PTA post-TBI.
The structure of wages in India, 1983-1999

This paper examines the structure of wages for adult male workers within a dual labour market framework using micro survey data for three years spanning almost two decades. Augmented Mincerian wage equations are estimated for different types of workers – those with regular wage or salaried jobs and those with casual or contractual jobs - using a set of human capital measures and a variety of worker, industry and state characteristics after correcting for potential selection bias. This paper finds that the returns to education and experience are significantly different for these two types of workers consistent with the notion of segmented labour markets - while casual workers face at best flat returns the returns for regular workers are positive and rising in education level. There is some evidence of significant changes in the returns to education for regular workers over time. The widening of the gap between graduate and primary education and the rise in wage inequality could possibly be a consequence of trade liberalisation and other reforms pursued during the 1990s.
Once-Weekly Administration of Etanercept 50 mg Improves Patient-Reported Outcomes in Patients with Moderate-to-Severe Plaque Psoriasis

Objective: To assess baseline patient-reported outcomes (PROs) and PRO improvement in patients with psoriasis administered etanercept 50 mg once weekly (QW). Methods: Adult patients with moderate-to-severe plaque psoriasis participated in a 12-week, double-blind, controlled trial in which they received etanercept 50 mg QW (n = 96) or placebo QW (n = 46), followed by a 12-week, open-label extension in which they received etanercept 50 mg QW (etanercept-etanercept, n = 90; placebo-etanercept, n = 36). Patients completed the Dermatology Life Quality Index (DLQI), EuroQoL-5D (EQ-5D) and Functional Assessment of Chronic Illness Therapy-Fatigue (FACIT-F) at baseline and subsequent study visits. Results: At baseline, DLQI and EQ-5D scores indicated significant quality of life (QoL) impairment, and FACIT-F scores suggested more fatigue than in the general population. At week 12, etanercept 50 mg QW provided statistically significantly (p < 0.05) and clinically meaningfully greater improvement in DLQI and EQ-5D utility scores than placebo, but not in FACIT-F scores. After 24 weeks of etanercept, the mean DLQI suggested psoriasis had a small effect on QoL, while EQ-5D and FACIT-F scores were comparable to population norms. Conclusions: Patients with moderate-to-severe psoriasis entered this trial with serious PRO impairment. At week 12, etanercept 50 mg QW provided significant QoL improvements compared with placebo. After 24 weeks of etanercept, the patients’ serious PRO impairment had largely abated.
A UNIQUE COLONIAL MARINE CENTRIC DIATOM, COENOBIODISCUS MURIFORMIS GEN. ET SP. NOV. 1

A new colonial centric marine diatom, Coenobio‐discus muriformis gen. et sp. nov. (family Coscinodiscaceae) has been found in San Diego Bay, San Diego, California. The colony is composed of a single layer of 200‐530 cells linked girdle to girdle by a compartmentalized matrix. The colony has the shape of a slightly concavo‐convex disk approximately 400 μ. in diameter. Each cell is about 10 μ, in diameter and the valves have many structural features in common with those of Thalassiosira. The organic matrix contains 6‐11 partitions that radiate from each cell, forming a number of extracellular chambers. The organic matrix does not contain chitin or cellulose as a major constituent. Histochemical similarities are found with the capsular and tubular material of previously described diatoms. The colonies reproduce without passing through a unicellular vegetative stage.
Evolutionary development of redox regulation in chloroplasts.

SIGNIFICANCE The post-translational modification of thiol groups stands out as a key strategy that cells employ for metabolic regulation and adaptation to changing environmental conditions. Nowhere is this more evident than in chloroplasts-the O2-evolving photosynthetic organelles of plant cells that are fitted with multiple redox systems, including the thioredoxin (Trx) family of oxidoreductases functional in the reversible modification of regulatory thiols of proteins in all types of cells. The best understood member of this family in chloroplasts is the ferredoxin-linked thioredoxin system (FTS) by which proteins are modified via light-dependent disulfide/dithiol (S-S/2SH) transitions. RECENT ADVANCES Discovered in the reductive activation of enzymes of the Calvin-Benson cycle in illuminated chloroplast preparations, recent studies have extended the role of the FTS far beyond its original boundaries to include a spectrum of cellular processes. Together with the NADP-linked thioredoxin reductase C-type (NTRC) and glutathione/glutaredoxin systems, the FTS also plays a central role in the response of chloroplasts to different types of stress. CRITICAL ISSUES The comparisons of redox regulatory networks functional in chloroplasts of land plants with those of cyanobacteria-prokaryotes considered to be the ancestors of chloroplasts-and different types of algae summarized in this review have provided new insight into the evolutionary development of redox regulation, starting with the simplest O2-evolving organisms. FUTURE DIRECTIONS The evolutionary appearance, mode of action, and specificity of the redox regulatory systems functional in chloroplasts, as well as the types of redox modification operating under diverse environmental conditions stand out as areas for future study.
Trends and forecasting of employment intensity of growth in India

In the labour surplus Indian economy, growth must ensure high employment. In order to examine how employment has evolved over time with output, this study analyses the trends of employment intensity of growth in India at the aggregate and across broad sectors for the period 1961–2004 and forecasts the same for the future applying the Box-Jenkins ARIMA model. The results indicate that India has been experiencing jobless growth since the 1990s primarily due to the failure of manufacturing and services. The forecasting results reveal possible improvement in employment elasticity of secondary sector, whereas tertiary sector would continue to remain a concern. The dependence on primary sector would continue to rise, leading to its negative labour productivity.
ROA-Matched Discretionary Accruals Models vs. the Original Jones Type Models: A Cost and Benefit Analysis

Kothari et al. (2005) propose ROA matched models to estimate discretionary accruals for samples skewed toward firms with good or poor performance to reduce the frequency of Type I errors. Many researchers, however, use such models for unskewed samples. In these cases, ROA matched models have no advantage over the original Jones type models in frequency of Type I errors. This study shows, more importantly, ROA-matched Jones type models systematically underestimate discretionary accruals for firms that manage earnings. Thus, researchers using discretionary accruals estimated from such a model as an independent variable in regression analysis may obtain a coefficient estimate with a different sign from the true coefficient. Moreover, the ROA-matched models are likely to have a much higher frequency of Type II errors than the original Jones type models. The results of empirical tests are consistent with this prediction. Depending on the extent of earnings management, the ROA matched models often are less than half as likely to detect earnings management as the original Jones type models for random (unskewed) samples. The results hold for both annual and quarterly data, and regardless of whether accruals are estimated using the balance sheet or income statement approach. Researchers therefore should use the ROA matched models in empirical research with caution, and only for situations where the partitioning variable is highly correlated with performance.
Analysis of gene expression in human bronchial epithelial cells upon influenza virus infection and regulation by p38 mitogen‐activated protein kinase and c‐Jun‐N‐terminal kinase

Background and objective: Airway epithelial cells, which are the initial site of influenza virus (IV) infection, participate in the inflammatory process through the expression of various genes. In this process, mitogen‐activated protein kinase (MAPK) may be associated with the expression of many genes, but its precise role remains unknown.
Low‐frequency‐induced synaptic potentiation: A paradigm shift in the field of memory‐related plasticity mechanisms?

Long‐term potentiation (LTP) and long‐term depression (LTD) are two forms of synaptic plasticity thought to play functional roles in learning and memory processes. It is generally assumed that the direction of synaptic modifications (i.e., up‐ or down‐regulation of synaptic strength) depends on the specific pattern of afferent inputs, with high frequency activity or stimulation effectively inducing LTP, while low‐frequency patterns often elicit LTD. This dogma (“high frequency‐LTP, low frequency‐LTD”) has recently been challenged by evidence demonstrating low frequency stimulation (LFS)‐induced synaptic potentiation in the rodent hippocampus and amygdala. Extensive work in the past decades has focused on deciphering the mechanisms by which high frequency stimulation of afferent fiber systems results in LTP. With this review, we will compare and contrast the well‐known synaptic and cellular mechanisms underlying classical, high‐frequency‐induced LTP to those mediating the more recently discovered phenomena of LFS‐induced synaptic enhancement. In addition, we argue that LFS protocols provide a means to more accurately mimic some endogenous, oscillatory activity patterns present in hippocampal and extra‐hippocampal (especially neocortical) circuits during periods of memory consolidation. Consequently, LFS‐induced synaptic potentiation offers a novel and important avenue to investigate cellular and systems‐level mechanisms mediating the encoding, consolidation, and transfer of information throughout multiple forebrain networks implicated in learning and memory processes. © 2009 Wiley‐Liss, Inc.
The Influence of High Temperatures on Radiation Damage of GaInP $_{\bf 2}$/GaAs/Ge Triple Junction Cells

We report on the isothermal annealing behavior of 1 MeV electron irradiated component cells of a GaInP2/GaAs/Ge triple-junction solar cell. The defect concentration as a function of annealing time and temperature is derived from the in situ measured open-circuit voltages. The time-dependent behavior reveals the presence of partly overlapping exponential decays in defect concentration that, in turn, suggests the annealing of more than one defect having different activation energies.
Public Policies and Private Savings and Investment in Sub-Saharan Africa: An Empirical Investigation

This paper assesses empirically the role of public policies in stimulating private savings and investment in sub-Saharan African countries, based on data for the period 1986-92. The main findings of the analysis are as follows: (i) policies effective in stimulating private savings and investment include those that keep the rate of inflation low, reduce macroeconomic uncertainty, promote financial deepening, and lower the external debt burden; (ii) measures that promote structural reforms and reduce the budget deficit (without lowering government investment) help to raise private investment; and (iii) declines in government savings are only partially offset by increases in private savings.
Skeletal muscle perfusion in electrically induced dynamic exercise in humans.

Leg blood flow, blood pressure and metabolic responses were evaluated in six men during incremental one-legged dynamic knee extension exercise tests (no load exercise-40 W); one performed with voluntary contractions (VOL) and one with electrically induced contractions (EMS). Pulmonary oxygen uptake was the same in both exercise modes, but the ventilatory coefficient was 2-5 L per L O2 higher in EMS than VOL (P < 0.05). Heart rate and mean arterial pressure were slightly higher with EMS than VOL at all exercise intensities reaching 138 (EMS) and 126 bpm (VOL), as well as 148 (EMS) and 137 mmHg (VOL) at 40 W, respectively (P < 0.05). Leg blood flow, oxygen uptake and conductance were similar in the two exercise modes. At 40 W, mean muscle blood flow was close to 200 (range: 165-220) mL 100 g-1 min-1, mean peak muscle oxygen uptake reached 230 mL kg-1 min-1, and mean conductance became as high as around 45 mL min-1 mmHg-1, and normalized for muscle size and arterial pressure it approached 100 mL min-1 100 g-1 100 mmHg-1. Lactate and ammonia efflux from the leg were higher with EMS than with VOL and the difference became larger with increasing exercise intensity (P < 0.05). Muscle glucose uptake was the same in each exercise mode. Femoral venous K+ concentration increased with exercise intensity and was higher with EMS than with VOL, reaching 5.1 (EMS) and 4.7 mmol L-1 (VOL) at 40 W (P < 0.05). (ABSTRACT TRUNCATED AT 250 WORDS)
The choice of trade regime: delayed reform under productivity fluctuations and cost of structural change

Despite the advantages of international trade, a number of countries have stuck to restricted trade regimes, allowing the productivity gap between themselves and the “trading” world to become huge before turning to a more outward oriented trade policy. As a supplement to the existing explanations for the hesitation to change trade regime, we present a model where the international productivity development shared by open economies, is uncertain. Due to uncertainty, it might be optimal to wait and maybe exercise the option to change trade regime later, i.e. to delay a trade reform.