Miracle-dz/UniFAR-FTUs huggingface dataset:
Tilburg University Distance , Lending Relationships , and Competition

A recent string of theoretical papers has highlighted the importance of geographical distance in explaining loan rates for small firms. Lenders located in the vicinity of small firms face significantly lower transportation and monitoring costs, and hence wield considerable market power, if competing financiers are located relatively far from the borrowing firms. We study the effect on loan conditions of geographical distance between firms, the lending bank, and all other banks in the vicinity. For our study we employ detailed contract information from more than 15,000 bank loans to small firms comprising the entire loan portfolio of a large Belgian bank. We control for relevant relationship, loan contract, bank branch, firm, and regional characteristics. We report the first comprehensive evidence on the occurrence of spatial price discrimination in bank lending. Loan rates decrease with the distance between the firm and the lending bank and similarly increase with the distance between the firm and competing banks. The effect of distance on the loan rate is statistically significant and economically relevant. Robust to changes in model specifications and variable definitions, the effect is seemingly not driven by the modest changes over time in lending technology that we infer. We deduce that transportation costs cause the spatial price discrimination we observe.
An Investigation towards Differentially Private Sequence Tagging in a Federated Framework

To build machine learning-based applications for sensitive domains like medical, legal, etc. where the digitized text contains private information, anonymization of text is required for preserving privacy. Sequence tagging, e.g. as done in Named Entity Recognition (NER) can help to detect private information. However, to train sequence tagging models, a sufficient amount of labeled data are required but for privacy-sensitive domains, such labeled data also can not be shared directly. In this paper, we investigate the applicability of a privacy-preserving framework for sequence tagging tasks, specifically NER. Hence, we analyze a framework for the NER task, which incorporates two levels of privacy protection. Firstly, we deploy a federated learning (FL) framework where the labeled data are not shared with the centralized server as well as the peer clients. Secondly, we apply differential privacy (DP) while the models are being trained in each client instance. While both privacy measures are suitable for privacy-aware models, their combination results in unstable models. To our knowledge, this is the first study of its kind on privacy-aware sequence tagging models.
RNA Sequencing and Data Analysis of the Effects of Biophysical Cues on Cellular Transcriptome

Cells have been shown to respond to the biophysical microenvironment that surrounds them. Previous phenomenological studies suggest that microenvironmental stiffness, the composition and density of adhesion ligands, and the stress relaxation properties [1, 2] can couple and interact to regulate various cell behaviors, such as morphological changes, proliferation, migration, and stem cell differentiation and fate. In order to recapitulate how cell responds to these cues, a 3D alginate culture system can be engineered to independently control the different biophysical features of the microenvironment by tuning the molecular weight distribution, the crosslinking density, and the density of cell adhesion ligands [3]. However, a deep and comprehensive understanding of how external biophysical conditions affect the cellular transcriptome which in turn regulates downstream cell responses is lacking.
Species-specific developmental timing dictates expansion of the avian wing skeletal pattern

A fundamental question in biology is how species-specific rates of embryonic development are controlled in differently sized species. To address this problem, we compared wing development in the quail and the larger chick. We reveal that pattern formation (humerus to digits) is faster in the quail wing as determined by the earlier activation of 5’ Hox genes, termination of developmental organisers (Shh and Fgf8) and the laying down of the skeleton (Sox9). Using interspecies tissue grafts, we show that developmental timing can be reset during a critical window in which retinoic acid signalling is active. Accordingly, retinoic acid can switch developmental timing between the quail and chick, and also between the chick and the larger turkey. We show that the incremental growth rate is equivalent between all three species, suggesting that differences in the expansion of the skeletal pattern are governed primarily by the tempo of development. Our findings have implications for how development is timed both within and between different species.
Causality: a decision theoretic approach

We propose a decision-theoretic model akin to Savage (1972) that is useful for defining causal effects. Within this framework, we define what it means for a decision maker (DM) to act as if the relation between the two variables is causal. Next, we provide axioms on preferences and show that these axioms are equivalent to the existence of a (unique) Directed Acyclic Graph (DAG) that represents the DM's preference. The notion of representation has two components: the graph factorizes the conditional independence properties of the DM's subjective beliefs, and arrows point from cause to effect. Finally, we explore the connection between our representation and models used in the statistical causality literature (for example, Pearl (1995)).
(Drafted on 2/Jan./2018)

Performance evaluation of mutual funds using factor pricing models is usually distorted by the existence of a volatility anomaly and correlated residuals. By augmenting the Fama-French five-factor model with an active peer benchmark, we eliminate the measurement errors caused by these distortions. We find that the APB-augmented fivefactor model can select mutual fund portfolios with superior out of sample alphas. However, the excess portfolio returns are volatile and subject to crash risk. A risk management strategy which uses the past volatility of the mutual fund portfolio returns to scale the investment positions can help reduce the volatility of the portfolio returns and avoid extreme losses. Previous studies on stock and currency portfolios find that such a risk management technique also increases the Sharpe ratio of the portfolios. However, we find that the net impact of the risk management on the Sharpe ratio of mutual fund portfolios depends on the investment style of the mutual funds in the fund portfolios. Similar to the stock and currency portfolios, the Sharpe ratios of the mutual fund portfolios can be increased by the risk management if the portfolios are formed in mutual funds which specialize in large cap stocks. By contrast, risk management reduces the Sharpe ratios of portfolios which include small stocks-focused funds. The reason is that the mutual funds which specialize in small stocks relies more on their abilities to take on more factor risks when the factor returns are high to generate returns. Volatility timing reduces the premium of those funds’ market timing skills. Compared to investors in mutual funds which specialize in value stocks, investors in growth stocks-focused mutual funds can better enhance their market timing skills by the risk management technique. More specifically, after volatility timing, the growth stocksfocused mutual fund investors are able to take on more factor risks when the factor returns are high and gain higher average returns. JEL Classification: C14, C50, G11, G32
II . Business Conditions and Expected Futures Returns

In this article, we posit an empirical beta pricing model of expected commodity futures returns to explore predictable variation in their returns. Our model allows commodity futures returns to vary with the holdings of hedgers and allows these holdings to vary with business conditions. The model also allows for time variation in expected returns with relative scarcity of the commodity. Our evidence suggests that a large portion of the predictable variation in futures returns is explainable by these asset specific factors and that movements in these factors are related to macroeconomic variables. This evidence is consistent with rational return predictability.
Community Detection in Investor Networks

We investigate the technical problem of community and clique detection in investor network. We introduce a pruning technique for investor clique enumeration based on specific economic and financial contexts. It can be incorporated into the central clique solver to reduce the computing time and improve the clique-based community detection method. Furthermore, we present several use cases in the study on investor behavior.
The motivation behind inclusive business practices in Africa

Over onethird of the world’s population lives in extreme poverty, out of which the share of Africa remains large and rising. In spite of decades of international efforts made through the Millennium Development Goals (MDGs) and subsequently the Sustainable Development Goals (SDGs), a world of zero poverty appears to be out of reach for decades to come (George, HowardGrenville, Joshi, & Tihanyi, 2016). There is a growing realization that a successful effort to eradicate poverty globally takes more than governmental action and requires the active efforts of all societal actors, including civil society and business organizations. There is particular interest in leveraging the vast technological and organizational capabilities of businesses to devise marketbased strategies that can help mitigate some of society’s grand challenges (van Tulder, 2018). The question of how businesses can align their strategies with developmental aspirations such as poverty alleviation is hence a highly relevant research domain. A growing body of research explores how businesses can create “shared” or “blended” value by pursuing strategies that advance competitive performance in a manner that reduces social issues, such as poverty, inequality, and environmental waste (Porter & Kramer, 2011; Prahalad, 2004). The potential for profitable ventures is especially likely to be bountiful in lowerincome economies, also called Base of the Pyramid (BOP) countries, that experience widespread social issues including poverty and lack of public goods. Inclusive businesses are commercial businesses that seek to create profit by addressing social issues through their core operations by taking advantage of social problems that provide untapped business opportunities (Prahalad, 2004; London & Hart, 2004). As opposed to traditional corporate social responsibility (CSR) practices, which tend to decouple social issues from strategic considerations, inclusive businesses aim to improve the social wellbeing of BOP inhabitants as part of their core business strategy (Halme, Lindeman, & Linna, 2012). Growing research in social entrepreneurship, BOP strategies, and business sustainability literatures has started to document the various challenges that inclusive businesses face, along with potential coping strategies. There is, however, relatively limited systematic research efforts to understand the underlying
coastal aquifer by using correlation, principal component, and factor analyses

Hydrogeochemical characterization of the Erzin Plain coastal aquifer has been accomplished in this research to investigate the spatial and transient behavior of its water quality. The aquifer is located along the Mediterranean coast and forms one of the most productive aquifers in Turkey. Chemical analyses of groundwater samples collected from the aquifer during 1964–1968 (128 samples), May 1993 (30 samples), October 1993 (37 samples), and June 1994 (20 samples) constitute the available groundwater quality data set. The characteristics of the groundwater samples were evaluated statistically by correlation, principal component, and factor analyses to investigate interrelations among various groundwater quality and aquifer property parameters and to assess the occurrence of seawater intrusion. Application of principal component and factor analyses yielded two groups of variables indicative of seawater and freshwater. The basin is being contaminated by seawater, although it was not possible to locate the intrusion due to lack of sufficient data. The study emphasizes that management policies be reorganized for optimal use of the aquifer.
Responsible innovation: Its role in an era of technological and regulatory transformation

Abstract In the development of innovative technology products, companies of all sizes are being encouraged to innovate responsibly and regulators are encouraged to adapt their regulatory systems to be smarter, more proportionate and adaptive to the needs of innovative technologies. The British Standards Institution Responsible Innovation (RI) Guide (Publicly Available Specification [PAS] 440) is an industry‐wide standard relevant to both these policy trends. It supports companies by providing a framework to demonstrate the balance between the potential benefits and harms and, if necessary, to take action to maximise the benefits and/or minimise the harms. It includes guidance on engagement with stakeholders and will codify what stakeholders can expect from companies undertaking responsible innovation, paving the way to more harmonious relationships among stakeholders with differing interests and values. A cross‐sectoral survey of innovative companies showed that 90% favoured the development of such a standard. PAS 440 was also trialled in two early‐stage biotechnology companies and its expected benefits included contributing to coordinated responsible behaviour along a supply chain; better company and stakeholder understanding of the product properties; supporting decision‐making on whether or not to start a company; considering the risks of not developing the product and avoiding reputational risks. Benefits were expected to be increasingly significant as the RI standard becomes widely adopted.
Sea Bass Side Streams Valorization Assisted by Ultrasound. LC-MS/MS-IT Determination of Mycotoxins and Evaluation of Protein Yield, Molecular Size Distribution and Antioxidant Recovery

Sea bass side streams obtained from the fish industry can be a good source of nutrients such as high-quality protein, lipids, and antioxidants. In this context, it is interesting to develop innovative approaches to extract the added-value compounds from fish side streams. In this study, a strategy to obtain valuable compounds and to minimize the presence of toxins from fish side streams assisted by ultrasound technology is presented. For this purpose, ultrasound-assisted extraction (UAE) conditions have been optimized based on a response surface methodology (RSM) with the dependent variables: time (0.5–30 min), pH (5.5–8.5), and temperature (20–50 °C). After the treatment, protein extraction and antioxidant activity were evaluated in the extracts obtained from sea bass side streams using some spectrophotometric and fluorometric methods. Furthermore, mycotoxin presence was evaluated by LC-MS/MS-QTRAP. The results obtained revealed a high recovery percentage of proteins and antioxidant activity in the UAE extracts, especially those obtained from viscera, when the time and temperature increased to 30 min and 50 °C. Furthermore, none of the analyzed mycotoxins were detected in the sea bass side streams extracts under the studied variables. The experimental values obtained were close to the expected values, confirming the validity of the model employed to establish the optimal UAE conditions.
Secure-Reliable Blockchain-Based Data Access Control and Data Integrity Framework in The Environment of Smart City

The most important concern of smart cities and electronic governments that provide their services through smart applications and modern technology is security, reliability and privacy management. Therefore, it has become an effective research area. The open access environment that the Smart City idea offers suffers from the issue of data access and integrity rights. Encryption, Sequence Detection, and other traditional techniques may be somewhat unable to maintain the required level of security. In this paper, we suggest a practical framework based on blockchain technology and how its positive advantages will be reflected to provide a secure, reliable, integrity and controlled data access system. The main idea presented by the research is to manage access rights and protect privacy according to blockchain strategies. The analytical results showed a high level of protection, decentralization and reliability of the proposal based on blockchain technology and its advantages.
DEVELOPMENT AND VALIDATION OF ANALYTICAL METHOD FOR THE ESTIMATION OF CEFTAROLINE FOSAMIL IN BULK AND PHARMACEUTICAL DOSAGE FORM BY RP-HPLC

A simple, sensitive, accurate and precise reverse phase gradient high performance liquid chromatographic (RP-HPLC) method has been developed for the estimation of Ceftaroline Fosamil in bulk and pharmaceutical dosage forms. Analytical method was developed by using Waters X-Bridge Shield C-18 (4.6×150 mm, 5µm) column; mobile phase consisting of ACN and ammonium dihydrogen phosphate buffer at pH 9.0; the flow rate of 1.0 ml/min and detection wavelength 214nm and eluted at 4.334 min. The linearity ranges were 25 to 125ppm for Ceftaroline fosamil. According to ICH guidelines, method was validated for various parameters like linearity, precision, accuracy, LOD, LOQ and robustness. Validated method was applied to the commercially available pharmaceutical dosage forms and obtained the desired result. So the method can be successfully applied for
Factors of Students’ Willingness and Unwillingness to Speak English in the Classroom

One of the goals of EFL education is to enhance students’ willingness to communicate (WTC) and to reduce their unwillingness to communicate (UWTC) so that students can consistently take part in English communication. Accordingly, this study aimed to investigate the factors of English students’ WTC and UWTC in the classroom context. This study applied a descriptive qualitative method by involving eighteen students from English department at State Islamic Institute of Curup as the participants. Of those students, nine of them were those of WTC group, and other nine students were those of UWTC group. They were split in such a way according to their values of speaking subjects and resting upon their lecturer’s consideration. The data were collected from interviews and analyzed using an interactive model. The findings revealed that the factors of students’ WTC covered classroom, teacher’s supports, personality, and self-confidence. Subsequently, the factors of students’ UWTC consisted of linguistic problems such as lack of English vocabularies, poor grammatical competence, and poor English pronunciation. Besides, there were also some non-linguistic factors such as psychological problems, low self-confidence, and anxiety. Further studies are expected to probe into the factors of WTC and UWTC by adopting both realistic and naturalistic worldviews as well as incorporating more multicultural participants to reveal more comprehensive information as desirable.
Development and validation of a novel prognostic nomogram including tumor deposits could better predict survival for colorectal cancer: a population-based study

Background The number of tumor deposits (TDs) in colorectal cancer (CRC) prognosis remains debated. We evaluated whether the number of TDs affects prognosis in stage III CRC patients. Methods Univariate and multivariate analyses were performed with Cox proportional hazards models. The Kaplan-Meier method was used to estimate survival curves. The best cutoff was determined using X-Tile. Patients were 1:1 randomly divided into the training set or the testing set. Prognostic nomogram was established for stage III CRC patients. Concordance index (C-index) and calibration plot were used to assess Nomogram models. Results In total, 18,043 (84.69%) CRC patients without TDs and 3,263 (15.31%) patients with TDs were analyzed. Patients with TDs had significantly worse cancer-specific survival (CSS) rates (P<0.001). The number of TDs is an independent factor for the CSS of stage III CRC patients. CSS nomogram of stage III CRC patients was constructed based on race, age at diagnosis, tumor location, histological grade, pathological type, T, N, TDs, chemotherapy. In training set, C-index for CSS nomogram 0.762 (95% CI: 0.752–0.772). In testing set, the C-index for CSS nomogram 0.759 (95% CI: 0.749–0.768). The quality of calibration plots of nomogram models was high. Conclusions The presence of TDs is an independent risk prognostic factor for stage III CRC. The number of TDs had a high proportion of prognostic impact.
β
-decay feeding intensity distributions for 
Nb103,104m

The $\ensuremath{\beta}$ decays of $^{103,104m}\mathrm{Nb}$ were studied with the Summing NaI(Tl) (SuN) detector at the National Superconducting Cyclotron Laboratory. The $\ensuremath{\beta}$-decay feeding intensity distribution ${I}_{\ensuremath{\beta}}(E)$ for each isotope was extracted by measuring $\ensuremath{\gamma}$ rays in coincidence with an emitted electron. The ${I}_{\ensuremath{\beta}}(E)$ was extracted via the total absorption spectroscopy technique. The ${I}_{\ensuremath{\beta}}(E)$ for each nucleus was compared to predictions made by the quasiparticle random-phase approximation (QRPA) model which is commonly used to calculate $\ensuremath{\beta}$-decay properties for astrophysical applications. The main goal was to provide experimental data for neutron-rich nuclei, relevant to the astrophysical $r$ process. In addition, the extracted $\ensuremath{\beta}$-decay feeding intensity distributions can lead to a better understanding of nuclear structure in a region of rapid structure changes around $A=100$. Finally, experimental data for $^{104m}\mathrm{Nb}$ are also of interest to antineutrino studies of nuclear reactors.
Parasitic-Based Active Gate Driver Improving the Turn-On Process of 1.7 kV SiC Power MOSFET

This article discusses an active gate driver for a 1.7 kV/325 A SiC MOSFET module. The main purpose of the driver is to adjust the gate voltage in specified moments to speed up the turn-on cycle and reduce the amount of dissipated energy. Moreover, an adequate manipulation of the gate voltage is necessary as the gate current should be reduced during the rise of the drain current to avoid overshoots and oscillations. The gate voltage is switched at the right moments on the basis of the feedback signal provided from a measurement of the voltage across the parasitic source inductance of the module. This approach simplifies the circuit and provides no additional power losses in the measuring circuit. The paper contains the theoretical background and detailed description of the active gate driver design. The model of the parasitic-based active gate driver was verified using the double-pulse procedure both in Saber simulations and laboratory experiments. The active gate driver decreases the turn-on energy of a 1.7 kV/325 A SiC MOSFET by 7% comparing to a conventional gate driver (VDS = 900 V, ID = 270 A, RG = 20 Ω). Furthermore, the proposed active gate driver lowered the turn-on cycle time from 478 to 390 ns without any serious oscillations in the main circuit.