Miracle-dz/UniFAR-FTUs huggingface dataset:
The Naked Short Puzzle, Syndicate Conflicts and IPO Underpricing

This paper provides a model to explain a puzzle connected with IPOs: why underwriters often create naked short positions - not covered by an over-allotment option - when share prices usually increase in the aftermarket, exposing them to loss. We focus on the economics of stabilization and naked short positions, and show how the lead underwriter's objectives can differ from those of the other underwriters. The disparity between the lead's share of stabilization profits and losses on the one hand and her share of selling concession on the other provides an explanation why she may have an interest in establishing a naked short even if the coverage of it is costly to the underwriters as a whole. Naked shorts, once established, incentivize the lead to price IPOs accurately. They could, if made a requirement by issuers, limit underpricing.
Employee Ownership, Employee Attitudes, and Firm Performance

Employee ownership in U.S. companies has grown substantially in the past 20 years. This paper reviews and provides some meta-analyses on the accumulated evidence concerning the prevalence, causes, and effects of employee ownership, covering 25 studies of employee attitudes and behaviors, and 27 studies of productivity and profitability (with both cross-sectional and pre/post comparisons). Attitudinal and behavioral studies tend to find higher employee commitment among employee-owners but mixed results on satisfaction, motivation, and other measures. Perceived participation in decisions is not in itself automatically increased through employee ownership, but may interact positively with employee ownership in affecting attitudes. While few studies individually find clear links between employee ownership and firm performance, meta-analyses favor an overall positive association with performance for ESOPs and for several cooperative features. The dispersed results among attitudinal and performance studies indicate the importance of firm-level employee relations, human resource policies, and other circumstances.
EFEKTIVITAS METODE PERMAINAN DALAM PENDIDIKAN NILAI DANKETERAMPILAN SOSIAL DALAM PEMBELAJARAN IPS SEKOLAH DASAR

Penelitian bertujuan menguji keefektifan metode permainan untuk meningkatkanhasil belajar pendidikan nilai dan hasil belajar keterampilan yang terintegrasi dalampembelajaran Ilmu Pengetahuan Sosial (IPS). Penelitian ini menggunakan metode praeksperimental dengan one group pre test-post design. Hasil penelitian menunjukkanbahwa: (1) implementasi metode permainan dalam pembelajaran IPS dilakukan dengancara bermain TTS, picture and picture, wordsquare, dan scramble, (2) hasil belajar pendidikannilai (kejujuran, kesabaran, dan ketaatan beribadah) dengan menggunakan metodepermainan untuk kategori sedang 4 orang (13,7%), tinggi 21 orang (73%), dan sangattinggi 3 orang (10,2%), (2) hasil belajar keterampilan sosial kelompok (tanggung jawab,kerjasama, dan toleransi) dengan menggunakan metode permainan dengan kategoritinggi sebanyak 15 orang (53,6%) dan sangat tinggi 13 orang (43%). Kata kunci: metode permainan, pendidikan nilai, keterampilan
Phosphorylation of FAK, PI-3K, and Impaired Actin Organization in CK-positive Micrometastatic Breast Cancer Cells

Several markers have been used to detect circulating tumor cells (CTC) in the peripheral blood of patients with breast cancer. However, analysis of activated signaling kinases in CTC implicated in cellular transformation, migration, and survival has not been addressed so far. In the present study, we focused on the phenotypic profile of micrometastatic cells in peripheral blood mononuclear cells (PBMC) preparations from 45 breast cancer patients. PBMC cytospins from 28 cytokeratin (CK)-positive and 17 CK-negative samples were assessed for the expression of phosphorylated FAK (p-FAK), phosphorylated PI-3 kinase (p-PI-3K), and HER2 using confocal laser scanning microscopy. The expression of p-FAK was documented in all 28 CK-positive samples, while all 17 CK-negative samples were tested negative for p-FAK. Immunomagnetic separation using EpCAM antibody fully confirmed these findings, implying a sound correlation for the co-expression of the two molecules. Interestingly, 15 of 28 CK- and p-FAK-positive samples also expressed the HER2 oncoprotein. p-PI-3K was documented in 15 of 17 CK- and p-FAK-positive samples. Immunoblot analysis of micrometastatic cells in co-culture with PBMC confirmed the specific expression of both p-FAK and p-PI-3K. Finally, impaired actin organization was apparent in CK- and p-FAK/p-PI-3K-positive samples, comparable to that observed in MCF-7 human breast cancer cells. Our findings provide strong evidence that micrometastatic cells express activated signaling kinases, which may regulate migration mechanisms, supporting the presumption of their malignant and metastatic nature.
Capital-Risk Decisions and Profitability in Banking: Regulatory versus Economic Capital

I model the capital-risk-profit relation in a simultaneous three-equation model. The results show no systematic relation between risk and profit which is consistent with the view that risk is chosen optimally. Taking this as given, the equilibrium relation between capital and profit depends on the definition of capital. First, the evidence suggests that banks manage regulatory capital to maximise profit - leading to no systematic relation between regulatory capital and profit. Second, capital regulations divert banks' attention away from and/or limit their ability to manage economic capital - leading to a significant negative relation between economic capital and profit. Taken together, these findings explain why banks begrudge regulators for setting capital limits yet continue to hold regulatory capital well in excess of minimum requirements.
Information technology and productivity changes in the Italian banking industry

This paper analyzes the effect of information technologies (IT) in the financial sector using micro-data on a panel of over 600 Italian banks over the period 1989-2000. We estimate stochastic cost and profit functions allowing for individual banksi? ½ displacements from the efficient frontier and for non-neutral technological change. Data on IT capital stock for individual banks enable us to distinguish between movements along the efficient frontier and shifts of the frontier owing to the adoption of new technologies. We find that both cost and profit frontier shifts are strongly correlated with IT capital accumulation. Banks adopting IT capital intensive techniques are also more efficient. We interpret this last result as evidence of a catching-up effect consistent with the usual pattern of diffusion of the new technologies.
Dextran‐sulfate‐adsorption of atherosclerotic lipoproteins from whole blood or separated plasma for lipid‐apheresis—Comparison of performance characteristics with DALI and lipidfiltration

For many years dextran sulfate adsorption (DSA) treatment of separated plasma has been an established technology for low‐density lipoprotein (LDL)‐elimination. Recently a system for the treatment of whole blood based on DSA was introduced into clinical practice. To further characterize DSA treatment of whole blood, the performance characteristics of both DSA modalities were compared at two investigational sites with two alternative LDL apheresis systems being already in routine clinical use. In prospective cross‐over design, DSA whole blood treatment was compared with a whole blood polyacrylate LDL adsorption system (DALI) in one study group. DSA for plasma treatment was compared with Lipidfiltration in cross‐over design in a second study group. In total, 12 patients on chronic LDL apheresis received 169 treatments. Six patients were treated twice with whole blood polyacrylate adsorption and twice with whole blood DSA. LDL‐cholesterol (74.9–78.0%) and lipoprotein (a) (72.1–73.3%) were reduced by both with equal efficacy. DSA achieved a significantly higher reduction rate of fibrinogen. Another six patients were treated eight times with DSA plasma adsorption followed by 16 Lipidfiltration treatments. LDL‐cholesterol (67.0–70.2%) and lipoprotein (a) (69.2–73.7%) were reduced by both with equal efficacy. Fibrinogen was eliminated more efficiently by Lipidfiltration (50.2 vs. 38.5%). DSA proved to be a safe and effective in both treatment modes, for plasma as well as for whole blood. At the discretion of the apheresis specialist, depending upon the status of national approval, DSA of whole blood complements the armamentarium of powerful modalities for extracorporeal elimination of atherosclerotic lipoproteins to meet specific individual, medical, or logistic needs. J. Clin. Apheresis. , 2007 © 2007 Wiley‐Liss, Inc.
Peers and Tiers and US High-Tech Export Controls: A New Approach to Estimating Export Shortfalls

In this study, we employ a diff erence-in-diff erence, gravity-equation approach to quantifying the trade impact of hightechnology export controls that are motivated by national security. We estimate the eff ect of controls on high-tech export performance of the United States, of its traditional rival (peer) exporters, and of emerging exporters. Using an 11-year panel of seven high-tech sectors from 1994 through 2004, we find that the United States under-exports to “high-threat” importers. We find, more surprisingly, that the United States over-exports to “medium-threat” importers and to a large “trusted” group of importers, both relative to a norm (default group) of importers. We find that traditional peer exporters under-export to the trusted group of importers, and along with emerging exporters, under-export to most medium-threat importers. Th ese findings, robust in a comparable dataset ending in 2011, suggest high substitutability between export suppliers and export markets for high-tech products. Th e same peer exporters over-export to high-threat importers, suggesting their less stringent enforcement of multilateral export controls and also undermining to a certain extent, the security objective of the very strictest of these controls. Overall, importers deemed security threats import only half of their high-tech potential from the 10 exporters on which we focus. Our study underlines the importance of current American eff orts to reform the export control regime to make it more target-eff ective.
EEG source localization in full-term newborns with hypoxic-ischemia

The aim of this study was to evaluate EEG source localization by standardized weighted low-resolution brain electromagnetic tomography (swLORETA) for monitoring of full-term newborns with hypoxic-ischemic encephalopathy, using a standard anatomic head model. Three representative examples of neonatal hypoxic-ischemia were included. The method was validated with MRI data. Hypoxic-ischemic areas, visible on MRI, correlated well with swLORETA current density distributions. In addition, neonatal seizure activity may be localized. The calculated current density distributions provide easy-to-interpret localized information about neonatal brain function, which may enable detailed longitudinal monitoring and potential assessment of treatment efficacy.
Application for the Drosophila Ventral Nerve Cord Standard in Neuronal Circuit Reconstruction and In-Depth Analysis of Mutant Morphology

Abstract The Drosophila standard brain has been a useful tool that provides information about position and size of different brain structures within a wild-type brain and allows the comparison of imaging data that were collected from individual preparations. Therefore the standard can be used to reveal and visualize differences of brain regions between wild-type and mutant brains and can provide spatial description of single neurons within the nervous system. Recently the standard brain was complemented by the generation of a ventral nerve cord (VNC) standard. Here the authors have registered the major components of a simple neuronal circuit, the Giant Fiber System (GFS), into this standard. The authors show that they can also virtually reconstruct the well-characterized synaptic contact of the Giant Fiber with its motorneuronal target when they register the individual neurons from different preparations into the VNC standard. In addition to the potential application for the standard thorax in neuronal circuit reconstruction, the authors show that it is a useful tool for in-depth analysis of mutant morphology of single neurons. The authors find quantitative and qualitative differences when they compared the Giant Fibers of two different neuroglian alleles, nrg849 and nrgG00305, using the averaged wild-type GFS in the standard VNC as a reference.
Mining continuous intracranial EEG in focal canine epilepsy: Relating interictal bursts to seizure onsets

Brain regions are localized for resection during epilepsy surgery based on rare seizures observed during a short period of intracranial electroencephalography (iEEG) monitoring. Interictal epileptiform bursts, which are more prevalent than seizures, may provide complementary information to aid in epilepsy evaluation. In this study, we leverage a long‐term iEEG dataset from canines with naturally occurring epilepsy to investigate interictal bursts and their electrographic relationship to seizures.
A Supply-Demand Model of Health Care Financing with an Application to Zaire: A Training Tool

Developing countries are turning increasingly to cost recovery to pay for health care services; but the decision makers who must develop and implement systems for cost recovery are often unfamiliar with health care financing issues. In recent years, economists have begun to develop computer models to help decision makers formulate policy in this field. The model discussed in this manual is a training tool that uses information about the demand and supply of health services to help make projections about the effects of health care financing reform on the utilization and the financial performance of the health system. It is intended to help teach the broad interrelationships of certain health policy variables and to assess their impact. In itself the model does not pretend to be complete enough to be used as a decision making tool. The model may be used to explore the implications of policies such as charging uniform user fees to all; charging differential fees based on income; implementing cross-price subsidization between curative and preventive services; exempting certain patients from payment; and establishing different levels of insurance premium and co-payment. It can also be used to assess the effects on utilization and performance of changes in a number of nonfinancial parameters such as the geographic distribution of the population relative to the providers; the distribution of income; the crude birth rate; population size; the incidence of acute illnesses; and the prevalence of chronic conditions. This user-friendly computer model is flexible enough to allow the user to enter data on demand and costs from various developing country settings and to simulate various changes in health care financing under a broad range of circumstances. It has been used as a training tool in several seminars organized by the World Bank's Economic Development Institute.
Puppets Fight as Puppet Masters Wish : The Influence of Shareholder Overlap on Interfirm Rivalry

If two competing firms receive influence from the same large shareholders, how do they compete? From the viewpoint of competitive dynamics and agency theory, I investigate the impact of overlapping shareholders of two competing firms on their competitive behavior. The overlapping shareholders of two competing firms will attempt to reduce the intensity of their competitive activity because they can increase economic surpluses from the competing firms by intentionally creating the stability of rivalry. Accordingly, competitive actions between two competing firms will become less intensive as their overlapping shareholders acquire more power over the firms. By using data on pairs of leaders and challengers in 13 Japanese industries in which they have engaged in lasting head-to-head competition, I found support for the hypotheses.
A Probabilistic Approach for Project Cost Estimation Using Bayesian Networks

Risk measurement is one of the main stages in Project Risk Management. It quantifies risks and assesses their impact on project’s outcomes (time, cost and quality). Monte Carlo simulation, as the best practice, has been used to developed several models to analyze and quantify risks in projects. Bayesian Networks (BNs), as a powerful technique for decision support under uncertainty, have attracted a lot of attention in different fields. This paper aims to use BN capabilities to introduce a new approach for project cost risk modeling. The new approach explicitly quantifies uncertainty in project cost and also provides an appropriate method for modeling complex relationships and factors in projects such as: causal relation between variables, common causal factors, formal use of expert judgments, and learning from data to update previous beliefs and probabilities. [Raoofpanah H, Hassanlou Kh. A Probabilistic Approach for Project Cost Estimation Using Bayesian Networks. Life Sci J 2013;10(6s):342-349] (ISSN:1097-8135). http://www.lifesciencesite. com. 52
Eco‐design planning in a Chinese telecommunication network company: Benchmarking its parent company

Purpose – This paper aims to develop a framework for Chinese telecommunication network companies on how to implement eco‐design by benchmarking its parent foreign company.Design/methodology/approach – A case study approach is used to study key aspects for eco‐design planning in Alcatel Shanghai‐Bell Co. Ltd (ASB). Challenges and possible solutions are discussed.Findings – It is reasonable and effective for Chinese joint ventures to develop their eco‐design planning by benchmarking their parent companies. Key aspects for such eco‐planning include top management commitments, awareness of employees, and training of eco‐design tools.Research limitations/implications – Eco‐design is still an emerging environmental tool among Chinese telecommunication network companies. As a result, quantified data about eco‐design practices and performance improvements are not available. How to record such data still requires further study and data acquisition.Practical implications – This paper provides ideas for Chinese (and.
Electrocardiographic Changes in Acute Subendocardial Infarction: I. Large Subendocardial and Large Nontransmural Infarcts

The electrocardiographic consequences of subendocardial infarction will find their most evident and characteristic expression in the acute has of a large lesion. Five cases of this kind are presented here and the associated electrocardiographic changes are described. At what level in the myocardium between the endocardium and epicardium do the electrocardiographic expressions of subendocardial infarction give way to those of transmural infarction Data in 6 cases of large nontransmural infarction are presented for comparison with findings in the 5 cases of subendocardial infarction.
The direct colorimetric estimation of reducing sugars and other reducing substances with tetrazolium salts.

Since Kuhn & Jerchel (1941) showed that tetrazolium salts were reduced by bacteria, yeasts and germinating seeds, 2:3:5-triphenyltetrazolium chloride or bromide has come into prominence as a viability testing reagent (Cottrell, 1947) and for vital staining (Mattson, Jensen & Dutcher, 1947). Its specific advantages for this purpose and for the purposes which follow lie in its Eo value of -008 V. (Jerchel & Mohle, 1944) and, more especially, in the fact that it is colourless in the oxidized form and an intense cherry red colour in the reduced form. This latter peculiarity gives it a measure of uniqueness among organic compounds. * In oxidized form the compound is soluble in water; after reduction, which with sugars only takes place in alkaline solution, it becomes insoluble in water but soluble in many organic solvents. Recently Mattson & Jensen (1950) have described its use in a method for the estimation ofreducing sugars. The advantage ofsuch a method is obvious as the substitution of a direct colorimetric method for titration or for an indirect colorimetric or gravimetric method can lead to improved accuracies and a saving of time. Apart from a general investigation of the properties and behaviour of the reagent, four possible specific applications were chosen-estimation of reducing sugars, of blood sugar, of cysteine and of ascorbic acid. Before any specific methods could be elaborated for the colorimetric measurement of reducing substances it was necessary to establish the general characteristics and stoicheiometrical relations of the reagent in both oxidized and reduced forms.
C. elegans knockouts in ubiquinone biosynthesis genes result in different phenotypes during larval development

Ubiquinone is an essential molecule in aerobic organisms to achieve both, ATP synthesis and antioxidant defence. Mutants in genes responsible of ubiquinone biosynthesis lead to non‐respiring petite yeast. In C. elegans, coq‐7/clk‐1 but not coq‐3 mutants live longer than wild type showing a ‘slowed’ phenotype.
HIGH EFFICIENCY FORWARD SWEPT PROPELLERS AT LOW SPEED

Propellers with forward sweep were studied in order to determine whether this type of sweep produces a more efficient propulsion source. The sweep effect is achieved solely by tangentially leaning the leading edge of the blades toward the direction of rotation. Eight 155mm (6.1”) diameter propeller designs were created for testing; one straight blade, used for comparison, and seven swept blades using different sweep angles and configurations. Wind tunnel tests were conducted on all blades and CFD simulations were made for the straight blade as well as the best performing swept designs from the wind tunnel results. While efficiency values from wind tunnel tests and CFD simulations were not the same, the trends created in both were considered to be comparable. The general trend established shows that the swept blades not only have higher efficiencies but also have greater stall margins. Some speculated reasons for these advantages are given.
Prospective Memory Complaints Can Be Predicted by Prospective Memory Performance in Older Adults

Background/Aims: The aim of this study was to explore if prospective memory complaints reflect actual prospective memory performance in older adults. Methods: Three hundred and sixty-four older adults aged 65–80 years were investigated with regard to prospective memory complaints, prospective memory test performance, self-reported depressive symptoms, and self-reported memory capacity. Results: Separate analyses revealed that about half of the participants showed a significant relation between subjective and objective prospective memory. Conclusion: Older adults appear to be heterogeneous with regard to the association between objective and subjective prospective memory. For older adults with relatively few depressive symptoms and memory concerns, prospective memory complaints may serve as a valid criterion in the assessment of prospective memory ability.