Miracle-dz/UniFAR-FTUs huggingface dataset:
What matters in the finance–growth nexus of advanced economies? Evidence from OECD countries

ABSTRACT Over the last decades, a large strand of finance and growth literature has provided ample evidence on the importance of financial deepening for economic development. Yet, recently, the focus of public debate has shifted towards the role of the financial system structure, an area in which empirical research remains relatively sparse and exploratory in nature. With this article, we aim to contribute to that debate by analysing the role the financial system structure plays in economic growth and risk. Focusing on stock markets and studying OECD economies over 1994–2013, we find that, ceteris paribus, financial systems with relatively larger stock markets facilitate economic growth and dampen economic risk. Our findings remain robust under application of instrumental variable and system generalized method of moments estimators, as well as when we use an alternative definition of stock market development, estimate median regressions, examine relatively high-frequency annual data, control for systemic banking crises or apply quadratic specifications. We find no such effect for private bond markets or private credit volume. Overall, our results suggest that financial system structure matters for the economic development of advanced economies and highlight the importance of a debate about the optimal structure of an economy’s financial system.
Skewness preferences, asset prices and investor sentiment

ABSTRACT Prior research has found that investors have strong preferences for stocks with positive skewness. These preferences have been shown to lead to price premiums and subsequent underperformance. This study extends this growing body of literature by testing whether the underperformance of stocks with positive skewness is driven by periods of high investor sentiment. The motivation for these tests is based on a broad literature in Psychology that an individual’s mood can directly affect the individual’s subjective probability assessments. In the framework of our tests, more optimism among investors may strengthen investors’ skewness preferences. The empirical results in this study support this idea as the underperformance of positively skewed stocks is shown to be primarily driven by periods of high investor sentiment.
‘Irrational exuberance’ in the long-run UK stock market

Using the macroeconomic data for 1830–2004 in vector error correction models, we find that the UK stock price was largely in line with the equilibrium level. However, the UK stock price shows large and slow-moving positive or negative deviations from the equilibrium, forming cycles of at least a few decades in length. We also show that the equity premium is as low as 3.1% for the 175 years, which is far smaller than the 6 to 7% that has been suggested by many previous studies. Finally, contrary to general belief, the 1999 UK stock price did not appear to be overvalued in our study. We suggest that the 25 years of sharp increase in the UK stock price prior to 1999 can be understood as a mere mean-reversion towards the long-run equilibrium level.
Properties and Applications of Antimicrobial Peptides in Biodefense Against Biological Warfare Threat Agents

Recent advances in knowledge of the properties of antimicrobial peptides (AMPs) are reviewed. AMPs are typically small, positively charged, amphipathic peptides that interact electrostatically and non-stereospecifically with the bacterial cell membrane, resulting in its permeabilization and cell death. Classes of AMPs, their mechanisms of action, hemolytic activity, and cytotoxicity towards host cells are discussed. A particular focus is AMPs with potential for use in defense against biological warfare agents. Some AMPs cytotoxic to Bacillus anthracis have been described. Synthesis of these peptides in multivalent form leads to a synergistic increase in antibacterial activity. Strategies to enhance the potency, stability, and selectivity of AMPs are discussed.
Purchasing power parity under high and low volatility regimes

This article adopts Markov switching models to establish and examine several types of nonlinear dynamics in exchange rate returns and provide a new test to analyse presence of purchasing power parity (PPP) after controlling for various market states. In contrast with Engle and Hamilton (1990) focusing on discussing the dual state setting on the first moment of quarterly data for major industrial countries’ currencies, we concentrate more on the second moment for monthly data and add an analysis of developing countries’ currencies. Our empirical findings are consistent with the following notions. First, volatility-switching behaviours are more (less) remarkable for developing (industrialized) countries’ currencies. Second, we denote the high volatility state of exchange markets of developing (industrialized) countries as a crisis (an unusual) condition. Moreover, PPP would be valid at the low (high) volatility state for developing (industrialized) countries.
Formation of N-(carboxymethyl)fumonisin B1, following the reaction of fumonisin B1 with reducing sugars

The fumonisins are mycotoxins produced by fungi that contaminate primarily corn and are toxic through interruption of intracellular sphingolipid synthesis. Several reports have indicated that fumonisin B1 concentrations decreased when heated in aqueous solutions of reducing sugars. The incubation of fumonisin B1 with d-glucose resulted in the formation of N-(carboxymethyl)fumonisin B1, which was characterized by NMR and electrospray mass spectroscopy. We determined the methylene carbon of the carboxymethyl group is derived from C1 on glucose, while the carbonyl carbon is derived from the C2 of glucose, using 13C glucose. Apparently N-(carboxymethyl)fumonisin B1 arises from Schiff's base formation, Amadori rearrangement to a β-ketoamine, and oxidation with molecular oxygen. N-(Carboxymethyl)fumonisin B1 formation is favored by alkaline conditions (pH >7), requires molecular oxygen, and is catalyzed by several reducing sugars. N-(carboxymethyl)fumonisin B1 was detected in raw corn samples that contained fum.
The performance and impact of stock picks mentioned on ‘Mad Money’

We analyse both the market reaction and the long-term returns of stock picks mentioned on the Consumer News and Business Channel (CNBC) programme ‘Mad Money’, hosted by former hedge fund manager Jim Cramer. We find that Cramer's stock-picking style is consistent with a positive-feedback trading strategy, favouring stocks which have outperformed over an interval prior to the pick date. Subsequent to a pick, Cramer's immediate effect on a stock appears inversely proportional to the corresponding firm's market capitalization. The returns over a 6-month horizon provide some evidence in favour of Cramer's stock-picking ability. In particular, his recommendations on small-cap stocks accurately predict the long-run trends.
Breeding biology and population structure of the intertidal crab Petrolisthes laevigatus (Anomura: Porcellanidae) in central-southern Chile

The present study describes the seasonal reproductive cycle and population structure of the porcellanid crab Petrolisthes laevigatus, a typical inhabitant of the rocky intertidal. A total of 960 individuals (including 372 females) was collected in monthly samples from October 1993 to December 1994 in central-southern Chile. Ovigerous females were present between August and December, and were absent between January and July. The breeding season started during late winter (August), and females with embryos close to hatching occurred between October and end of spring (December). Considering the gonadosomatic index and the duration of the incubation period, it is concluded that P. laevigatus has a markedly seasonal breeding period with probably two successive spawnings per female per season. Our results compared with previous studies in temperate intertidal porcellanids suggest a lower structural variability of the population during the sampling period, but a pronounced seasonal variation in both sex ratio and abundance. The influence of environmental habitat conditions (i.e. temperature) is suggested to be responsible for the lower variation in the crab population size structure in ovigerous females, and the almost constant size distribution observed in males.
THE SPECIES CONCEPT IN PHYTOPLANKTON ECOLOGY 1

The authors discuss the broad aspects and difficulties of phytoplankton species identification. Phytoplankton ecology relies heavily on the use of taxon-insensitive indicies like chlorophyll a concentration, [sup 14]C incubations, and light-dark bottles for measurement of abundance and productivity. Numerous excellent studies have been done in comparative algal physiology, but none of them actually demonstrate species level differences in the traits of interest. Many of the studies underestimate genetic diversity within taxa because they rely on genotypes that can be cultured and maintained in the laboratory. Significant interclonal variablity is found every time that strains from the same putative taxon are compared, and the magnitude of these differences is not trivial. The authors follow this discussion by detailing several specific ways of approaching speciation in phytoplankton including identifying the ecological significance of morphological traits and ecologically important traits consistently correlated with mprphological features used to distinguish among speiceis or sub-species. 82 refs., 2 figs., 1 tab.
Filter rules: follow the trend or take the contrarian approach?

This article compares a trending approach to the filter trading rule against a contrarian approach. It is found that, after adjusting for transaction costs, the contrarian approach consistently outperforms the trending approach and is able to earn returns in excess of the buy-and-hold trading strategy. The significance and the robustness of the results are supported by a bootstrap simulation and sub-period analysis, respectively.
SrPEPC, a Sesbania rostrata phosphoenolpyruvate carboxylase gene, is expressed in both phosphate-deficient roots and effective nodules

Abstract Previously, we cloned a full-length cDNA (SrPEPC) corresponding to ‘Pi-deficiency-inducible PEPC’ from Sesbania rostrata. In this study, we analyzed the expression of SrPEPC in roots and nodules to examine the tissue specificity of SrPEPC. The transcript levels of SrPEPC were high in the stem- and root-nodules of nodulated plants, as well as in the roots of Pi-deficient plants. These results suggest that SrPEPC may function as a nodule-enhanced PEPC in addition to a ‘Pi-deficiency-inducible PEPC. ’ When the plants forming stemnodules were transferred to Pi-deficient conditions, the transcript levels of SrPEPC in the stem-nodules had decreased. Furthermore, when Pi supply to the plants was resumed after Pi-deficiency, the expression of SrPEPC in the stem-nodules had returned to a high level. These results suggest that the regulation of the expression of SrPEPC in the nodules is different from that in the roots by Pi-deficiency.
A threshold in inflation dynamics: evidence from emerging countries

Using monthly data over the period January 1976–November 2002, the present paper detects significant threshold non-linearities in the inflation rates of three emerging countries, namely India, Singapore and South Africa. A two-regime self-exciting threshold autoregressive (SETAR) model of inflation, constituting a significant improvement over the corresponding linear AR model, is estimated for these countries. Singapore is shown to have a much lower implied equilibrium inflation rate than India, while there is a possibility of seasonal inflation equilibria for South Africa.
Clinical factors influencing postoperative urinary retention after lower limb arthroplasty

Acute postoperative urinary retention (POUR) is a common surgical complication. The estimated incidence of POUR after general surgery is 2.1% to 36.6%; the reported incidence after lower limb arthroplasty is 20 times higher than that after other procedures. The aim of the present study was to evaluate the incidence and predictive factors of POUR after lower limb arthroplasty. Between January 2013 and July 2014, 226 consecutive patients (mean age 72.2±12.5 years; 190 females [84.1%]) who underwent hip or knee arthroplasty performed by a single surgeon at our institution were enrolled in this study. POUR was defined as clinical evidence of a distended bladder with inability to void or incomplete bladder emptying despite a desire to void, accompanied by bladder pain or discomfort persisting at least 4 hours after urinary catheter removal. Sixty-two (27.4%) of the 226 patients were diagnosed with POUR. A significantly higher incidence of POUR was found among patients with older age or low body mass index among those who underwent hip surgery or general anesthesia, and among those who received a higher rate of fluid administration or transfusion. Multivariate analysis revealed that age ≥75 years and intraoperative fluid infusion ≥12 mL/min were independent risk factors for POUR. The optimal cutoff value for age as a predictor of POUR was 75 years (area under the receiver operating characteristic curve = 0.764).
The Naupliar Stages of Balanus Pallidus Stutsburi Darwin and Chthamalus Aest Uarii Stubbings (Cirripedia Thoracica)

Description des stades larvaires du Balanus pallidus stutsburi Darwin et du Chthamalus aestuarii Stubbings de l'Afrique de l'Ouest. De nouvelles formes de soies sont signalees, ce qui conduit a une modification de la formule des soies de Newman (1965).
A simple test for PPP among traded goods

The so-called Harrod–Balassa–Samuelson model implies that relative prices of non-traded goods may be nonstationary and, hence, that PPP should preferably be tested on real exchange rates based on prices of traded goods only. A simple test for PPP among traded goods is proposed that can be applied to real exchange rates based on prices of all (that is, both traded and non-traded) goods. The study shows through simulations that the test is reliable for a sample size commonly considered in practice. Upon applying the test to bilateral real exchange rates based on the general CPI among a group of industrialized countries during the post Bretton Woods period, we find little evidence in favour of PPP among traded goods. This does not change when we use real exchange rates based on various components of the CPI.
TNF‐α gene polymorphism: Clinical and biological implications

TNF‐α is a proinflammatory cytokine that has been implicated in the severity of different immune‐regulated diseases including autoimmune diseases and transplantation. The gene for TNF‐α is located within the MHC region on chromosome 6p21.3. This is a highly polymorphic region, and the TNF‐α itself contains a large number of polymorphisms. Some of these polymorphisms form extended haplotypes with the HLA class I and II alleles. TNF polymorphisms have been investigated in different diseases and most often whenever there is an HLA association with the disease (for example IDDM and RA) association(s) with TNF polymorphisms has been described. There are many studies on the function of the TNF polymorphisms showing the influence of the different alleles on the in vitro and in vivo levels of TNF production. However, recent studies in animal models suggest that not only polymorphisms within the TNF cluster are important in the regulation of TNF production but also the receptors as well (TNF R). This suggests that investigating polymorphisms within the TNF cluster and TNF receptors will be important in understanding the role of TNF regulation in a given disease. Microsc. Res. Tech. 50:216–228, 2000. © 2000 Wiley‐Liss, Inc.
Protozoan grazing in shallow macrophyte- and plankton lakes

The aim of the present study was to describe the role of ciliates and heterotrophic nanoflagellates in macrophyte and phytoplankton dominated shallow lakes and to compare the grazing on pico- and nano-sized particles by these protozoans. We sampled three shallow lakes, seasonally, one dominated by macrophytes, one by phytoplankton, and one with both conditions (two basins of this lake were sampled separately). The role of ciliates as consumers of bacteria and small algae was important in both lake types. In plankton dominated lakes the grazing rate of ciliates on bacteria was higher than in macrophyte dominated ones. But when ciliates were grazing on small algae, the highest rates were found in macrophyte lakes. Our results suggest that the microbial loop is weaker in macrophyte dominated lakes and grows stronger, when a lake becomes more turbid. The dominance of herbivorous ciliates in macrophyte lakes in summer and their high grazing rates on phytoplankton may have contributed to the decrease in phytoplankton abundance in these lakes. Heterotrophic nanoflagellates were relatively less abundant and, due to their low specific filtering rates, grazed only a minor fraction of the bacterioplankton.
Managing Change of Hotel Brand Name: Managerial Roles and Employees' Concerns

With the re-branding and renaming, the two hotels at the heart of Raffles City are now known as STS and RTP. The new names are not as recognized as the old Westin name, thus posing a problem for employees, customers, suppliers, travel agents, taxi drivers and the local community. Several studies showed that the change process involved three distinct phases and also emphasized the involvement of employees. The re-branding and re-positioning in the hospitality industry highlighted the importance of the management–employees' involvement in building a positive global brand image of the corporation. This study aims first to examine the roles of management and their approaches undertaken in managing the change of hotel brand; and second, to investigate the employees' concerns and perceptions consequential to the brand changing process.
A critical evaluation of models of gesture and speech production for understanding gesture in aphasia

Background: The background to this study is that aphasiologists have increasingly started to pay attention not only to the speech that people with aphasia produce, but also to their gestures. As there are a number of competing models about the production of gesture and speech in healthy subjects, it is important to evaluate whether, and if so how, these models could be used to guide the research into gesture and speech, and the relationship between these, in speakers with aphasia. Aims: The aims and objectives of this study are to see how existing models of gesture and speech are able to accommodate the findings regarding the gesture and speech behaviour of speakers with aphasia, in the hope that (1) these models could shed light on the use of gesture in aphasic speakers, and potentially suggest new approaches to therapy for people with aphasia and (2) the aphasia gesture data might help fundamental psycholinguistics to evaluate the adequacy of existing gesture and speech models. Methods & Procedures: The methodology here was theoretical. Four models of gesture and speech interaction were critiqued and we reviewed their ability to explain some of the central empirical findings in the area of gesture and speech in aphasia. Outcomes & Results: The outcomes and results of this theoretical analysis were that, with respect to the relationship between gesture and speech in aphasia, (1) the four models under investigation could be reduced to two models, because three of the investigated models were based on the same core assumptions and (2) both of these models adequately explain these findings, but the Growth Point/Sketch/Interface Model is more satisfactory than the Lexical Access Model, because of the better fit with the experimental results on the use of gesture for facilitating word finding, and because it is more compatible with the finding that gestures are also used to enhance communicative efficiency by replacing speech. Conclusions: The two main conclusions from this study were that both the Growth Point/Sketch/Interface Model and the Lexical Access Model are compatible with data on gesture and speech in aphasia, and that the former appears to be preferable on the basis of the evidence available so far.
Employment and the risk of domestic violence: does the breadwinner’s gender matter?

ABSTRACT This article studies the effect on the risk of female victimization of the employment status of the woman and her partner. We use individual-level data from the violence against women surveys for Spain, which also provide information on income and a rich set of sociodemographic characteristics. To address the potential endogeneity of the binary employment indicators, we exploit exogenous geographical information on the employment and unemployment rates by gender and age, within a multivariate probit framework. Our estimation results show that male partner employment plays a major role in the risk of physical violence, while female employment only lowers it when her partner is employed too. The lowest risk appears for more egalitarian couples in which both partners are employed.
Actual averting expenditure versus stated willingness to pay

The purpose of this study is to perform a complete comparison of actual averting expenditure and stated willingness to pay measures, and to determine if the averting expenditure is a lower bound of the willingness to pay measured from contingent valuation experiment as suggested by literature. In addition to the single value comparison, Bootstrap, Krinsky and Robb, Jackknife, and Cameron are four simulation methods used to calculate confidence intervals for response function. Sample sizes of 100, 200, and 1000 are simulated 100 and 200 times respectively. A set of data with 540 households from a contingent policy referendum survey is employed for our purpose. Under a specific level of BOD improvement, a one-to-one single mean value comparison of the actual averting expenditure is greater than the mean willingness to pay from utility difference model. The empirical results are consistent with the theoretical expectation for expenditure difference that averting expenditure is a lower bound of willingness to pay generated from the contingent valuation method. A confidence interval, which contains the true mean willingness to pay at least 90% of the times, includes the actual averting expenditure as a lower bound of the mean willingness to pay as theory predicts.
Economic volatility and returns to education in Venezuela: 1992–2002

Preliminary evidence suggests that the rates of return to education in Venezuela have been declining since the 1970s. This study rigorously estimates the returns to education in Venezuela for the period 1992 to 2002 and links them to earlier available estimates from the 1980s. Consistent cross-sections from the Encuesta de Hogares por Muestro are used to document falling returns to schooling and educational levels until the mid-1990s, followed by increasing returns thereafter. Quantile regression analysis is used to provide further insight into the within skill group changes in returns over time.