Miracle-dz/UniFAR-FTUs huggingface dataset:
Index tracking through deep latent representation learning

We consider the problem of index tracking whose goal is to construct a portfolio that minimizes the tracking error between the returns of a benchmark index and the tracking portfolio. This problem carries significant importance in financial economics as the tracking portfolio represents a parsimonious index that facilitates a practical means to trade the benchmark index. For this reason, extensive studies from various optimization and machine learning-based approaches have ensued. In this paper, we solve this problem through the latest developments from deep learning. Specifically, we associate a deep latent representation of asset returns, obtained through a stacked autoencoder, with the benchmark index's return to identify the assets for inclusion in the tracking portfolio. Empirical results indicate that to improve the performance of previously proposed deep learning-based index tracking, the deep latent representation needs to be learned in a strictly hierarchical manner and the relationship between the returns of the index and the assets should be quantified by statistical measures. Various deep learning-based strategies have been tested for the stock market indices of the S&P 500, FTSE 100 and HSI, and it is shown that our proposed methodology generates the best index tracking performance.
Keen for Green - A Study of Pricing in the Secondary Green Bond Market

The emerging green bond market is a novel research area with only a few studies being published in recent years. The increase in interest from issuers, investors, and academia shows the clear need for further investigation of the pricing dynamics affecting the green bond market. This study finds its theoretical foundation in the capital asset pricing model (CAPM), aiming to establish whether investor preferences toward nonpecuniary factors such as sustainability bring investor utility, challenging the original CAPM assumptions. If so, investors would demand lower financial returns as they find utility in the fact that green bonds cater to their sustainability preferences. We study the secondary green bond markets between 2014 and 2018 to investigate if there exists a negative yield premium when comparing a sample of green bonds with their non-green counterparts. The quantitative methodological approach includes OLS and issuer fixed effect regressions. Our differentiated sampling process allows us to construct the largest sample of green bonds compliant with the Green Bond Principles to date. We conclude that there exists a negative green bond premium of -4 to -5 basis points. Our findings also indicate that the green bond premium is not stable over time, with significantly negative yield premiums in 2017 and 2018. Our results remain robust after additional controls for potential liquidity differences, indicating strength in the statistical inferences. (Less)
A Meta-Analysis of Changes and Determinants of Quality of Life in Advanced Non-Small Cell Lung Cancer Patients undergoing Chemotherapy

Abstract Patients with advanced non-small cell lung cancer (NSCLC) are currently treated primarily with chemotherapy. In 2011, almost 60% of newly diagnosed advanced NSCLC patients in Taiwan received chemotherapy. In these patients, chemotherapy increases survival rate and time and relieves some symptoms, but it also affects their physical and psychological functioning, impacts on social interaction, causes economic burden, and decreases quality of life (QOL). We conducted a meta-analysis of the English and Chinese (both simplified and traditional) literature on the changes and determinants of QOL measured by the EORTC QLQ-C30 in advanced NSCLC patients undergoing chemotherapy. Results from our meta-analysis of 11 studies identified from 5 databases indicated that overall QOL and physical function did not change significantly from pre-chemotherapy through cycles 1-6 of chemotherapy, but there were significant improvements in the domains of role, emotion, cognition, and social function. Our systematic review showed that better QOL was associated with younger age, better economic status, employment, religious beliefs, better performance status, low chemotherapy doses, better treatment responses, less frequent, severe, and distressing symptoms, less anxiety and depression, and stronger social support. QOL was not consistently associated with educational attainment, time since cancer diagnosis, and cancer stage. The findings of this meta-analysis and systematic review suggest that by appropriately managing high-risk NSCLC patients’ symptom distress, alleviating their anxiety and depressive symptoms, and enhancing their social support, health care professionals can improve the QOL of advanced NSCLC patients undergoing chemotherapy.
The Relationship on Risk Type, Risk Management and Business Performance – Evidence from Korean FDIs in China

Purpose – As the well-known Structure-Conduct-Performance paradigm implies, risk structure of a corporation may affect its risk management activity and the activity may in turn determine its performance. Depending on its goal, Foreign Direct Investment (FDI) can shape its risk structure, risk management and its performance. Under this assumption, we investigate the relationship between the goals of FDI and risk management for the first time in academics. <br><br>Design/methodology – This empirical research uses a survey of 279 current Korean enterprises’ FDIs in China with the recently developed business risk quadrant model. Companies are classified into either a market- or an efficiency-seeking group, to identify how each group perceives and manages risks, and values the performance of risk management. Also, we apply integrated risk management method that multinational corporations have introduced in China, then verify the mediating effect between risk factors and performance. <br><br>Findings – Our research shows the FDIs can expose themselves to differing risk structure although risk management activities simply represent the level of empowerment given to local management by headquarter due to limit of sample size despite diversity of risk and risk management tools. To sum, market seekers are found to have more strategic risk (revenue related risk) than efficiency seekers with financial risk (cost related risk). The market seekers can manage their risk by empowering their local organisation while the efficiency does the opposite ways. The risk management appears to be successful in general. <br><br>Originality/value – Previous studies on small and medium enterprises’ FDIs to China have concentrated on the analysis of entry determinants, withdrawal factors and individual risk management. Meanwhile, this research establishes enterprise-wide risk factors faced by the companies that advance into China, according to the method of the classification by ERM and verifies if they could synthetically improve performance through risk corresponding measures.
The Future of Ex-Ante LCA? Lessons Learned and Practical Recommendations

Every decision-oriented life cycle assessment (LCAs) entails, at least to some extent, a future-oriented feature. However, apart from the ex-ante LCAs, the majority of LCA studies are retrospective in nature and do not explicitly account for possible future effects. In this review a generic theoretical framework is proposed as a guideline for ex-ante LCA. This framework includes the entire technology life cycle, from the early design phase up to continuous improvements of mature technologies, including their market penetration. The compatibility with commonly applied system models yields an additional aspect of the framework. Practical methods and procedures are categorised, based on how they incorporate future-oriented features in LCA. The results indicate that most of the ex-ante LCAs focus on emerging technologies that have already gone through some research cycles within narrowly defined system boundaries. There is a lack of attention given to technologies that are at a very early development stage, when all options are still open and can be explored at a low cost. It is also acknowledged that technological learning impacts the financial and environmental performance of mature production systems. Once technologies are entering the market, shifts in market composition can lead to substantial changes in environmental performance.
Emergent Surgical Airway Management in Bleeding Airway Tumor-Two Different Settings

Expertise in surgical airway management is one of the key requirements in a difficult airway scenario. We describe two different surgical airway approaches in two similar scenarios of a bleeding airway. A 77-year-old man was proposed for an urgent femoral-popliteal bypass. During laryngoscopy, a friable vallecular tumor was recognized, resulting in a copious bleeding. After several unsuccessful attempts to establish a patent airway, a tracheostomy was performed in 10 minutes by a surgeon. A 43-year-old man with a known laryngeal epidermoid carcinoma, was admitted in the emergency room with an active bleeding airway, resulting in a ‘Can’t Intubate Can’t Oxygenate’ situation. A scalpel cricothyroidotomy was achieved in 45 seconds by an anaesthesiologist. In the presence of a difficult airway, the anesthesiologist must be prepared to establish an effective surgical airway in a timely fashion. Training in simulation scenarios is essential to improve these specific technical and nontechnical skills.
Is the ex‐ante equity risk premium always positive? Evidence from a new conditional expectations model

We model the conditional risk premium by combining principal component analysis and a statistical learning technique, known as boosted regression trees. The method is validated through various out-of-sample tests. We apply the estimates to test the positivity restriction on the risk premium and find evidence that the risk premium is negative in periods of low corporate and government bond returns, high inflation and downward-sloping term structure. These periods are linked with changes in business cycles; the states when theories predict the existence of negative risk premium. Based on the evidence, we reject the conditional capital asset pricing model and raise a question over the practice of imposing the positive risk premium constraint in predictive models.
Self-Deprecation or Self-Sufficient? Discrimination and Income Aspirations in Urban Labour Market Sustainable Development

This research contributes to previous studies through exploring the association between individual psychological aspirations and hukou discrimination in the Chinese urban labour market. Applying data from the 2010 China General Social Survey, we divided the sample into local hukou residents and non-local migrants (includes urban-urban migrants and rural-urban migrants). We then examined the relationship between these sub-categories with different hukou status and their income aspirations (i.e., expected wage levels). The estimated results suggest that, in comparison with urban-urban migrants, rural-urban migrants are more likely to self-deprecate. Discrimination against rural-urban migrants significantly restricts their income aspirations. These findings imply that it is urgent to eliminate these negative impacts caused by hukou discrimination in the Chinese urban labour market, and understanding the structure of labour force quality such as psychological condition appears to be important in determining the long-term sustainable development of labour market. Theoretical and empirical implications, limitations and further research directions are also discussed.
The impact of (counter-)terrorism on public (in)security in Nigeria: A vernacular analysis

This article examines the impact of (counter-)terrorism on public (in)security in Nigeria through engaging with non-elite understandings of ongoing conflicts in the northeast. Through 41 in-depth interviews carried out during a four-month fieldwork exercise with internally displaced persons in Nigeria, the article contributes to current (counter-)terrorism research on Nigeria and Africa by examining the lived experiences of non-traditional security ‘practitioners’, thus enriching current debates about ‘deepening’ and ‘broadening’ the security concept within critical security studies. The images of security that emerge show that the public in Nigeria adopt two main discursive devices, that is, a story and an interpretative repertoire, to discursively position themselves in relation to Boko Haram, the state and societal discourses and practices. Two discourses are prominent, namely a ‘(counter-)terrorist people’ discourse and a ‘kafir’ or ‘infidel’ discourse, which are constructed around ‘ethnic’ and ‘religious’ identities. This vernacular study of public understandings of (counter-)terrorism in Nigeria achieves three primary objectives: (i) it serves to invigorate debates around the meaning and practice of (in)security in Nigeria, (ii) it expands public (in)security debates on Africa, and (iii) it enriches vernacular research debate through foregrounding the experiences of groups and individuals who experience insecurity in their everyday lives.
Network Connectedness among Northeast Asian Financial Markets

ABSTRACT Despite the increasing interest in the topic of international transmission of financial markets, the Northeast Asian region has received little attention concerning connectedness among financial markets. This article discusses network connectedness among financial markets in the Northeast Asian region. In particular, we investigate various aspects of international linkage across different asset-class (stock, bond, foreign exchange) markets in China, Japan, and Korea. The basic finding is that the connectedness among Northeast Asian countries seems rather weak, while the US markets are an important source of network effects on financial markets in this region. As for the dynamic aspects of connectedness, we observe time-varying patterns in connectedness measures, with a surge around the GFC. Also presented evidence that China has become more influential with the development of Chinese financial markets since the “new normal (Xinchangtai)” period.
Obesity: An Inevitable Consequence of Urbanization

Background: Today, obesity is a key healthcare problem on a global scale including Iran. The present study aimed at determining the prevalence of overweight and obesity in Hormozgan province, Iran to propose effective healthcare programs and strategies to reduce this dilemma in future. Objectives: The current study conducted in the South of Iran aimed at exploring the prevalence of overweigh and obesity in males and females in terms of social variables affected by demographic variables such as age, gender, marital status, education level, smoking, and physical activity. Methods: In the current cross sectional, observational study, a sample of 5000 eligible males and females above 18 years old were selected based on a multi-stratified clustering sampling method. The data were collected by a researcher-made questionnaire consisting of variables such as weight, height, drug consumption, and physical activity. Statistical analysis was performed. Results: The present study findings revealed that 31.8% of the population in Hormozgan province was overweight, while only 15.2% were obese. The highest percentage of obesity (18.3%) was observed among the subjects aged 35 44 years. The prevalence of obesity among females was higher in urban population. Conclusions: The current study results showed that the urban married middle-aged females had the highest rate of obesity, which requires appropriate educational planning and utilization of efficient models in the realm of females’ health.
Compensatory Policies in Europe. Some lessons for Mexico

All primary schools were given some additional resources (more in disadvantaged area) and teachers were required to teach reading one hour per day according to a fixed canvass : 15’ of « shared text work » (students read texts together or read texts to the class), 15’ of « focused word work » (spelling, decoding, grammar) in whole class, 20’ of guided work in level groups, 10’ of summarization (students present to others what they have learned during the hour). Best specialists in the country provided resources to the teachers (exercises, tests, advice). Initial and ongoing training, textbooks, national evaluations were made coherent with the policy. English teachers were at the beginning reluctant to such a prescriptive policy but changed their mind when they discovered that it shortened preparation time and also that the policy worked with the children. A rigorous study investigated the policy during its experimental phase (1996-1997), when it was possible to compare the schools which had implemented the policy with a control group which had not. It showed the policy to be effective : Machin and Mc Nally (2008) observed a positive effect on the reading scores at the end of primary school. The effect was greater for weak students,- which is of interest for us here- and for boys. It was also stronger in the most disadvantaged schools. Moreover, they observed a spillover effect on math scores and also, because the cost of the policy was rather weak, that the policy was not only effective but also efficient : it had a positive benefit/cost ratio. Why did it work while Compensatory policies, most of the times, did not ? Of course, we do not know for sure. But we may note that, compared to the Compensatory policies, this one is more centralized, more focused on learning and provide strong guidance and support to the teachers, Also, it concerns all the students and schools, which avoid the problems of thresholds and of stigma.
Digital Divide and Its Dimensions

Information communication and technology (ICT) has brought about revolutionary change in the life style of common man. Usage of technology is now mandatory for every transaction made by two or more persons staying in distant places. Mobile number and e-mail ID are believed to be the genuine identities of any person or institution in the contemporary world. However, spread of ICT and its applications is uneven in developing countries with particular reference to India. While the rich and influential people make use of latest technology and its related applications, others are unable to do so. They suffer from stale and outdated technology and many more do not have access to ICT on account of their geographical position, illiteracy ignorance, and the like reasons. This gap between haves and have-nots of ICT is termed as “digital divide. ” While high income countries, over 90% of the population is using internet, and in lower income countries, less than 10% of the population uses it.
Strategic Outcome Using Fuzzy-AHP-Based Decision Approach for Sustainable Manufacturing

The manifestation of new part designs and continuously changing market demands as well as the requirements of new functions and technologies often results in higher material cost, lesser machine utilization, and extensive wastage of energy. As a consequence, companies across the world are striving for sustainable manufacturing, which can ensure flexibility as well as adaptability, with higher productivity and lesser wastage of resources. The dynamic and competitive nature of the world market emphasizes the importance of economically sustainable setups, such as reconfigurable cellular manufacturing systems (RCMSs). Indeed, among several cutting-edge strategies, the RCMS is the most prominent owing to its versatility, rationality, and resilience. However, one of the limitations associated with RCMS is the evaluation and selection of the best configuration that can meet abrupt changes and achieve manufacturing sustainability. Therefore, organizations intending to reconfigure have to address the issue of evaluating all possible alternatives and selecting the best one using a well-defined methodology. This paper focuses on evaluating and finding the best configuration using multi-criteria decision-making (MCDM) approaches depending on PROMETHEE and VIKOR. The fuzzy analytic hierarchy process (FAHP) is utilized to compute the weights of various criteria because it also considers any uncertainty and vagueness existing in the problem. The assessing attributes in this study are selected by keeping in mind the objective of sustainable manufacturing. The two MCDM methods are utilized for ranking different configurations to ascertain the results obtained from the other. The study accomplished in this paper is related to manufacturing setups that need to be reconfigured. The number of manufacturing configurations is determined, and simulation models are established for each configuration. The simulation outcomes are examined using the FAHP-PROMETHEE and FAHP-VIKOR to assess the appropriateness of each configuration depending on the identified performance measures. The results of the experiments show the importance of employing MCDM in RCMS to achieve sustainable manufacturing and determining the most effective setup.
Internal audit outsourcing practices in South Africa

This study explores internal audit outsourcing practices in South Africa, an area that has not been researched over the past decade. The extent of internal audit outsourcing practices within 30 large listed South African companies, the rationales behind their outsourcing decisions were determined and their preferred external internal audit function providers, as well as the perceived status of in-house and outsourced internal audit functions. Statistical analysis was conducted on data obtained from questionnaires submitted to all the major stakeholders in the internal audit environment. The study reveals that due to a lack of appropriate skills, cost implications, company policies and the perceived objectivity of external parties internal audit functions are outsourced within selected companies, to mainly Big 4 public accounting firms. The status of both in-house and outsourced internal audit functions was perceived to be high. These results enable the Institute of Internal Auditors to assess its outsourcing standards, allow external providers to identify internal audit outsourcing opportunities, and give companies the opportunity to compare their own outsourcing practices with those reported on. Key words: Internal audit, internal auditing, outsourcing, co-sourcing, internal audit functions, internal audit skills, internal audit function status.
War Makes the Regime: Regional Rebellions and Political Militarization Worldwide

Abstract War can make states, but can it also make regimes? This article brings the growing literatures on authoritarianism and coups into conversation with the older research tradition analyzing the interplay between war and state formation. The authors offer a global empirical test of the argument that regional rebellions are especially likely to give rise to militarized authoritarian regimes. While this argument was initially developed in the context of Southeast Asia, the article deepens the original theory by furnishing a deductively grounded framework embedded in rational actor approaches in the coup and civil–military literatures. In support of the argument, quantitative tests confirm that regional rebellions make political militarization more likely not simply in a single region, but more generally.