Miracle-dz/UniFAR-FTUs huggingface dataset:
Explaining the Initial Returns of Mutual Funds

Mutual funds that were less than five years old represented approximately 38% of the open-end mutual fund population as of December 31, 1999. The primary research question examines whether the initial returns of mutual funds are biased. The implication of the analysis is that inferences about the management ability of small-cap growth, mid-cap growth, and high-yield bond fund managers are more likely to be overstated for new funds than seasoned funds. The bias associated with new mutual fund returns is shown to be positively related to the size of the fund family and the number of brokerage companies that sell the family's funds. The most likely sources of the new fund return bias estimated during the period 1994–1999 include incubation, favoritism, and higher termination rates of new funds relative to seasoned funds.
Exchange Rate Pass-through, Unemployment and Optimal Implementable Monetary Policy Rule for Emerging Economies

Abstract This paper develops a small open economy model with nominal rigidities and search-matching frictions to study the implications of exchange rate pass-through for monetary policy in emerging countries. I find that, with complete exchange rate pass-through, the optimal policy rule features unemployment targeting as well as inflation targeting. However, the welfare gain from responding to unemployment fluctuations diminishes as the rate of exchange rate pass-through to import prices decreases. With low exchange rate pass-through, the optimal monetary policy is strict inflation targeting.
Modeling the non‐linear behaviour of option price deviations from the Black Scholes model

Purpose - The purpose of this paper is to test for and model non-linearities in option price deviations from the Black Scholes (BS) model in FTSE 100 index options over the time period 1997-2006. Design/methodology/approach - The economic specification and estimation methodology is outlined, the data are discussed, and the empirical results are analysed. Findings - The tests reject the linearity hypothesis and the paper shows that the exponential smooth transition autoregressive model is capable of capturing the non-linear behaviour of option price misalignments. The paper finds that even though FTSE 100 index options are heavily traded, transaction costs prevent rapid adjustments of option prices from their “optimal” value. Originality/value - The paper presents new empirical evidence, which explicitly allows for the possibility that option price misalignments from the BS price can be characterised by a non-linear mean reverting process.
Spectral–Spatial Classification of Hyperspectral Images Using Probabilistic Weighted Strategy for Multifeature Fusion

A hyperspectral image classification method based on probabilistic weighted fusion of multiple spectral-spatial features is proposed in this letter. First, dimensionality reduction and feature extraction of hyperspectral images are conducted by minimum noise fraction. Then, two spectral-spatial features are composed through a combination of texture features and multiscale morphological features with characteristic images obtained by minimum noise fraction. Next, a support vector machine classifier is employed to classify each spectral-spatial feature. Finally, a probabilistic weighted fusion model is established and applied for probabilistic fusion of the classification output of every single feature. The proposed method is validated by classification experiments using Reflective Optics Spectrographic Imaging System (ROSIS) and Airborne Visible/Infrared Imaging Spectrometer (AVIRIS) images, which achieves the overall accuracy of 96.32% and 96.49%, respectively. The results indicate that the accuracy of hyperspectral image classification is improved effectively by the proposed method and the method has superior classification performance to other conventional multifeature fusion methods.
Unpacking livelihood challenges and opportunities in energy crop cultivation: perspectives on Jatropha curcas projects in Mali

This study contributes to global debates on biofuels and rural development, providing insights into the role of Jatropha curcas L. (Jatropha) in addressing global poverty and promoting sustainable energy. Jatropha energy crop investments have proliferated as a means to substitute imported oil, foster rural development and reduce poverty. This paper presents new mixed-method assessments of the potential for, and initial impacts of, Jatropha projects that aim to improve livelihoods and energy security in rural Mali, a leading proponent of Jatropha cultivation. Factors affecting the socio-economic and environmental vulnerabilities of smallholder farmers are assessed and capital assets available for different livelihood strategies are identified and evaluated. Comparative analysis of information gathered through participatory methods allows evaluation of the role played by Jatropha cultivation in the determination of different livelihood outcomes. Data show that households involved with NGO or private sector activities linked to Jatropha can gain financial capital from the sale of Jatropha seeds and soap. Findings also show that small-scale cultivation does not threaten food security. When grown on a small scale as a living fence, Jatropha demarcates property, and reduces land tenure conflicts and soil erosion. Projects focusing on Jatropha use for rural electrification offer potential to improve energy access. However, current supplies of Jatropha oil remain insufficient for these benefits to materialise. On-the-ground challenges were identified, along with opportunities to better link policies to local-level practices.
Image quality assessment based on included angle cosine and discrete 2-D wavelet transform

In this paper, a novel image quality assessment based on the characteristics of wavelet coefficients of images and included angle cosine is proposed. Firstly, the normal image and the images assessed are decomposed into several levels by means of wavelet transform respectively. Secondly, the approximation and detail coefficients of normal image are as the referenced sequences and the approximation and detail coefficients of the images assessed are as the comparative sequences respectively. And the included angle cosine values are calculated between the referenced sequences and the comparative sequences respectively. Moreover, image quality assessment matrix of every image assessed can be constructed based on the included angle cosine values and image quality can be assessed. The algorithm makes full use of perfect integral comparison mechanism of included angle cosine and the well matching of discrete wavelet transform with multi-channel model of human visual system. Experimental results show that the proposed algorithm can not only evaluate the integral and detail quality of image fidelity accurately but also bears more consistency with the human visual system than the traditional method PSNR.
Fluoxetine Treatment of Obsessive-Compulsive Disorder

Two patients suffering from severe obsessive-compulsive disorder which had proven refractory to clomipramine and/or phenelzine treatment were successfully treated with fluoxetine, a new drug with a strong serotonin uptake inhibiting action. Outcome of treatment was measured on psychometric tests including the Leyton Obsessive Inventory, Hopkins Symptom Checklist-90, Beck Depression Inventory, and daily self-reports of the duration and degree of discomfort of their most severe obsessions. The delay in responding to fluoxetine, the continuing improvement even after one year on the drug, and the prompt relapse with abrupt withdrawal of treatment were noted.
Elastic liposome-based gel for topical delivery of 5-fluorouracil: in vitro and in vivo investigation

Abstract Objective: This investigation has focused to characterize the elastic liposome containing 5-fluorouracil (5-FU) and to enhance drug permeation across stratum corneum (SC) of the skin (rat) using various surfactants and in vivo dermal toxicity evaluation. Methodology: 5-FU-loaded elastic liposomes were developed, prepared and characterized for their entrapment efficiency, vesicle size, number of vesicles, morphological characteristics, surface charge and turbidity. In vitro drug release profile, in vitro skin permeation potential and in vitro hemolytic ability of the formulation have been evaluated to compare with drug solution for 24 h. In vitro skin permeation potential was also compared with marketed cream. Furthermore, in vivo skin irritation potential, drug penetration into the skin using confocal laser scanning microscopy (CLSM) and in vivo toxicity studies were performed. Results and conclusions: The optimized elastic liposomes demonstrated maximum drug entrapment efficiency, optimum vesicular size and considerable elasticity. In vitro skin permeation studies showed the highest drug permeation flux like 77.07 ± 6.34, 89.74 ± 8.5 and 70.90 ± 9.6 µg/cm2/h for EL3-S60, EL3-S80 and EL3-T80, respectively, as compared to drug solution (8.958 ± 6.9 µg/cm2/h) and liposome (36.80 ± 6.4 µg/cm2/h). Drug deposition of optimized elastic liposome EL3-S80 was about three fold higher than drug solution. Skin irritation and CLSM studies suggested that optimized gel was free from skin irritation and capable to deliver 5-FU into the epidermal area for enhanced topical delivery than drug solution. The in vitro study showed minimum hemolysis in the optimized formulation. Finally, in vivo toxicity studies followed with hisptopathological assessment showed that elastic liposome was able to extract SC to improve drug permeation without changing general anatomy of the skin.
Does Auditor Industry Specialization Matter? Evidence from Market Reaction to Auditor Switches

Numerous capital market studies have investigated the stock market's reaction to firms switching to and from brand name auditors (Big 8/6/5/4 auditors). However, audit firm brand name is only one possible indication of the quality of an auditor. This study contributes to the existing literature on auditor switching, by examining how the market reacts to auditor switches to or from audit firms that are considered to be industry specialists. Consistent with our hypotheses, we find that firms switching between Big 4 auditors experience significant positive abnormal returns when the successor auditor is an industry specialist, and they experience significant negative abnormal returns when the successor auditor is not a specialist. We also find that these market reactions are more likely to be due to changes in perceived audit quality rather than differential costs of using specialist auditors. In supplemental analysis of switches involving non‐Big 4 auditors, we find that firms that switch from a specialist B.
Congestion game with inter-cell interference for cell selection in heterogeneous cellular network

Along with the fast development of heterogeneous cellular network (HCN), each user could select the best cell for communication at any time anywhere. Different from network selection in heterogeneous wireless networks, cells in HCN might use the same portion of spectrum, causing inter-cell interference. In this paper, we study on a two-tier cellular network architecture with one femtocell deployed in one macrocell. We model the cell selection problem as congestion games with innegligible inter-cell interference between the macrocell and the femtocell. Based on theoretical analysis, we prove three theorems for pure strategy Nash equilibria. In the end, numerical results demonstrate the correctness of the theorems.
The Elongation Behavior of the Anterior Cruciate Ligament Graft in Vivo

The relationship between the elongation values of an autogenous bone-patellar tendon-bone graft immediately after fixation and the anterior-posterior laxity of the knee 5 years later was studied in vivo. Immediately after fixation, the change in the graft midsubstance length during passive knee flexion-extension was measured using a Hall-effect transducer, and anterior-posterior knee laxity was measured with the KT-1000 arthrometer. Subjects were divided into group 1 (N=6), with graft elongation values bounded by the 95% confidence intervals of the normal anterior cruciate ligament elongation values, and group 2 (N=7), subjects with values outside these intervals. Immediately after reconstruction, the side-to-side difference in anterior-posterior laxity between the reconstructed and uninjured knees was not different between group 1 (2.6±0.7 mm, mean SEM) and group 2 (1.7±1.0 mm) (P 0.49). At 5-year follow-up, the difference was 1.2±0.7 mm for group 1, while for group 2 it was significantly greater at 4.7±0.6 mm (P<0.004). At surgery, graft elongation values produced by flexion of the knee that are outside the limits of the anterior cruciate ligament result in significant increases in anterior knee laxity at long-term follow-up, while grafts with elongation values similar to the normal anterior cruciate ligament do not. Not only is restoration of anterior-posterior laxity values to within normal limits important, but the biomechanical behavior of the graft produced by flexion-extension of the knee should be appreciated.
An ordered response model for allocation and earnings

An ordered-response model for the allocation of individuals to jobs differing in degree of difficulty and complexity is estimated. Earnings differentials are estimated with an earnings fun ction exhibiting interaction between job level and individual charact eristics. The index of comparative advantage derived from it is added to the ordered-response model and clearly suggests that allocation i n the labor market follows comparative advantage. Allocation appears sensitive to the state of the local labor market. The model is also u sed to estimate the effect of elimination of less desirable variables (family background, gender, state of the labor market). Copyright 1988 by WWZ and Helbing & Lichtenhahn Verlag AG
I metodi di stima del PIL potenziale tra fondamenti di Teoria economica e Contenuto empirico

The paper explores into the empirical estimates of potential output currently produced by international economic institutions. As for the theoretical foundations of the notion, the paper endeavours to show how the shift from the Keynesian notion of potential output as a ceiling on actual production to the idea (to be found in NAIRU models) of a permanent tendency of actual production to gravitate towards potential production has affected the very way in which estimates are currently built. As for the empirical content of the estimates, the survey of the main methods through which potential output is currently estimated aims at showing that the difficulties connected with the attempt to identify empirically the “long-period supply factors” that according to theory should determine the trend, imply that current estimates of potential output often amount to nothing more than elaborate techniques of extraction of a statistical trend from the data on actual output, thus in effect offering an ex-post synthesis of what happened, rather than the ideal benchmark with which to compare actual realizations. This sort of estimates are likely to provide a poor guide to the action of policy-makers.
Evaluation of feature extraction techniques on event-related potentials for detection of attention-deficit/hyperactivity disorder

Event-related potentials (ERPs) are one of the most informative and dynamic methods of monitoring cognitive processes, which are widely used in clinical research to deal a variety of psychiatric and neurological disorders as attention-deficit/hyperactivity disorder (ADHD). This work proposes an extraction and selection methodology for discriminating between normal and pathological patients with ADHD by using ERPs. Three different sets of features (morphological, wavelets, and nonlinear based) are analyzed, looking for the best classification accuracy. The results show that the wavelet features provided a good discriminative capability, but it improved by combining all the set of features and applying a feature selection algorithm, reaching a maximum accuracy rate of 91.3%.
Time series analysis of the relationships among (macro) economic variables, the dividend yield and the price level of the S&P 500 Index

In this article, the relationships among the dividend yield on the S&P 500 Index, the yield on the 10 year Treasury note, the price level of the S&P 500 Index, the money supply, the level of the Industrial Production Index (IPI) and the level of the Consumer Price Index (CPI) are examined using monthly data from January 1959 to December 2009. We use a Vector Error Correction Model (VECM) to examine the possible simultaneous and cross short run relationships among the variables. The error correction portion of the model also allows us to examine long run relationships. We find evidence that there are simultaneous and significant interactions among the variables of interest. Specifically, all the variables exhibit endogeneity to some degree. Some of the discrepancies between our results and the results of others may lie in the sensitivity of the analysis to the time period of the sample. The two major implications of this study are to demonstrate that it would be a major folly of investors to consider only a direct cause and effect relationship among economic variables when selecting investments and to demonstrate that the endogeneity of macroeconomic and firm-specific variables needs to be taken into account when estimating econometric models.
Monolithic molecularly imprinted cryogel for lysozyme recognition.

The application of molecularly imprinted polymers in the selective adsorption of macromolecules such as proteins by monolithic protein-imprinted columns requires a macroporous structure, which can be provided by cryogelation at low temperature in which the formation of ice crystals gives a porous structure to the molecularly imprinted polymer. In this study, we applied this technique to synthesize lysozyme-imprinted polyacrylamide cryogels containing 8% w/v of total monomers and 0.3% w/v of lysozyme. The synthesized cryogel was sponge-like and elastic with very fast swelling and reshaping properties, showing a swelling ratio of 24.5 ± 3 and gel fraction yield of about 72%. It showed an imprinting effect of 1.58 and a separation factor of 1.37 for cytochrome c as the competing protein. Adsorption studies on the cryogel revealed that it follows the Langmuir isotherm, with a maximum theoretical adsorption capacity of 36.3 mg lysozyme per gram of cryogel. Additionally, it was shown that a salt-free rebinding solution at low flow rate and pH = 7.0 is favorable for lysozyme rebinding. This kind of monolithic column promises a wide range of application in separation of various biomolecules due to its preparation simplicity, good rebinding characteristics, and macroporosity.
Brain stem/brain stem occipital bone ratio and the four-line view in nuchal translucency images of fetuses with open spina bifida

Abstract Objective: Brain stem depth/brain stem occipital bone distance (BS/BSOB ratio) and the four-line view, in images obtained for nuchal translucency (NT) screening in fetuses with open spina bifida (OSB). Methods: Single center, retrospective study based on the assessment of NT screening images of fetuses with OSB. A ratio between the BS depth and the BSOB distance was calculated (BS/BSOB ratio) and the four-line view observed, and the sensitivity for a BS/BSOB ratio superior/equal to 1, and for the lack of detection of the four-line view were calculated. Results: There were 17 cases of prenatal diagnosis OSB. In six cases, the suspicion on OSB was raised during NT screening, in six cases, the diagnosis was made before 20 weeks and in five cases during anomaly scan. The BS/BSOB ratio was superior/equal to 1 in all 17 cases, and three lines, were visualized in 15/17 images of the OSB cases, being the sensitivity 100% (95% CI, 81 to 100%) and 88% (95% CI, 65 to 96%). Conclusion: Assessment of BS/BSOB ratio and four-line view in NT images is feasible detecting affected by OSB with high sensitivity. The presence of associated anomalies or of an enlarged NT enhances the early detection.
Financial Statement Fraud: Insights from the Academic Literature

SUMMARY: We summarize relevant academic research findings to contribute to the Public Company Accounting Oversight Board (PCAOB) project on financial statement fraud and to offer insights and conclusions relevant to academics, standard setters, and practitioners. We discuss the characteristics of firms committing financial statement fraud, as identified in the literature, and research related to the fraud triangle. We then discuss research related to the procedures and abilities of auditors to detect fraud, and how fraud risk assessments impact audit planning and testing. In addition, we discuss several “high risk” areas and other issues as identified by the PCAOB. Finally, we summarize prior findings and offer conclusions and suggestions for areas where future research is needed.
A case for clarity, consistency, and helpfulness: state-of-the-art clinical practice guidelines in endocrinology using the grading of recommendations, assessment, development, and evaluation system.

CONTEXT The Endocrine Society, and a growing number of other organizations, have adopted the Grading of Recommendations, Assessment, Development, and Evaluation (GRADE) system to develop clinical practice guidelines and grade the strength of recommendations and the quality of the evidence. Despite the use of GRADE in several of The Endocrine Society's clinical practice guidelines, endocrinologists have not had access to a context-specific discussion of this system and its merits. EVIDENCE ACQUISITION The authors are involved in the development of the GRADE standard and its application to The Endocrine Society clinical practice guidelines. Examples were extracted from these guidelines to illustrate how this grading system enhances the quality of practice guidelines. EVIDENCE SYNTHESIS We summarized and described the components of the GRADE system, and discussed the features of GRADE that help bring clarity and consistency to guideline documents, making them more helpful to practicing clinicians and their patients with endocrine disorders. CONCLUSIONS GRADE describes the quality of the evidence using four levels: very low, low, moderate, and high quality. Recommendations can be either strong ("we recommend") or weak ("we suggest"), and this strength reflects the confidence that guideline panel members have that patients who receive recommended care will be better off. The separation of the quality of the evidence from the strength of the recommendation recognizes the role that values and preferences, as well as clinical and social circumstances, play in formulating practice recommendations.
Riverine based eco-tourism: Trinity River non-market benefits estimates

SUMMARY California's Central Valley Project (CVP) was approved by voters in a statewide referendum in 1933. CVP referendum approval initiated funding for construction of important water development projects that had far reaching effects on regional water supplies. The construction of Trinity Dam in 1963 and the subsequent transbasin diversion of Trinity River flow was one of several CVP projects that had noteworthy adverse environmental and regional economic impacts. The Trinity River is the largest tributary of the Klamath River, and has its headwaters in the Trinity Alps of north-central California. After the construction of Trinity Dam in 1963, 90% of the Trinity River flow at Lewiston was moved to the Sacramento River via the Clear Creek Tunnel. Before 1963, the Trinity River was a major recreation resource of Northern California. The loss of stream flow has had a marked adverse impact on Trinity River-related recreation activities and the size and robustness of Trinity River salmon, steelhead, shad, .