Miracle-dz/UniFAR-FTUs huggingface dataset:
Serial correlation and TEV bias in index funds

Index or passive fund managers and investors analyse the interim volatility of the difference between their fund's returns and the index's returns, i.e. the fund's tracking error variance (TEV) in order to monitor the success with which tracker funds mimic their benchmark. The objective of a passive or index fund manager should be to keep TEV as close to zero as possible. Pope and Yadav (1994) show that an index fund that is overweight relative to it's index in either relatively less or relatively more liquid stocks, is expected to exhibit negative serial correlation in its TE's. Consequently, estimates of TEV will be upwardly biased, particularly when using high frequency (such as daily or weekly) data. This article finds evidence of negative serial correlation in the weekly, monthly and quarterly TE's of domestic index funds. Consequently it is shown that TEV will likely be overestimated. There are two important implications of this upward bias in TEV estimation. Firstly, index funds, which are expected to offer close to zero benchmark-relative or active risk, may appear far more 'risky' than they actually are thus damaging their value-proposition to investors. Secondly, when funds appear to have greater TEV than they actually do, the manager may 'churn' the fund's assets more than necessary in order to bring the fund back into alignment with its index thus incurring greater and unnecessary transaction costs. The analyses in this article therefore suggest that TE measurements should be examined for negative serial correlation before estimates of TEV are made. If serial correlation is detected, estimates of TEV should either be made from lower frequency, uncorrelated TE measurements, if they are available, or an adjustment technique such as the Lo-MacKinlay adjustment should be applied to correct for the bias in TEV estimation. Tracking error, in the context of this article, is intended to mean the return of the fund in excess of the return of the index in the same period. Tracking error variance (TEV) is thus the variance of these relative returns.
Effect of vitamin d status on postural stability in elderly assessed by motor control test.

Background. Vitamin D plays an important role in muscle function and physical performance and helps in maintaining the postural stability. Aim. The aim of the present study is to evaluate the effect of vitamin D status on postural stability using Motor Control Test. Subjects and methods. Sixty apparently healthy male individuals with age 67 ± 5.03 years were recruited for this study. They were divided according to vitamin D status into 31 subjects with vitamin D deficiency and 29 age matched subjects with optimal vitamin D levels as control group. All subjects were evaluated for postural stability using motor control test (MCT) (The SMART Balance Master, NeuroCom International, Inc., Clackamas, OR, USA). The MCT assesses the ability of the motor control system to recover from an unpredictable forward or backward perturbation. The composite latencies of the motor responses (in msec) were estimated, and describe the overall level of performance during all the MCT trials. Results. Composite latencies of the motor responses (193.7 ± 8.6 msec) are significantly prolonged in vitamin D deficiency group in comparison with the control group (129.5 ± 10.01 msec). Also latency of the active motor response in medium and large backward and forward translations are significantly prolonged in vitamin D deficiency group in comparison with the control group. Moreover, serum 25(OH) D levels and serum PTH levels were significantly correlated with BMI (r= -0.384 & r= 0.363), serum calcium (r= 0.302 & r= -0.303), composite latencies of the motor responses (r= -0.944 & r= 0.942), and latency of the patient’s active motor response in medium and large backward and forward translations in all studied subjects. Conclusions. We concluded that prolonged latencies of motor responses in vitamin D deficiency are likely to reflect a reduction of muscle strength of elderly subjects which may be the main cause for postural instability. Vitamin D was correlated with the parameters that assess postural instability in the elderly using motor control test, that may suggest a link that may help in understanding the postural instability in vitamin D deficient individuals.We recommend further studies to explore the hidden mechanisms that play a role in postural instability in vitamin D deficient individuals.
How the Risk Measures Play Important Roles for Tail Risk Management and Diversification

In the world of investment, the subject of building a portfolio concerning tail risk is still one of the frequently discussed subjects and unquestionably vital for investors. This paper seeks to examine how the risk measures, lower tail-dependence based on the copulas approach and Conditional Value-at-Risk (CVaR), affect the portfolio strategies and play important roles for tail risk management and diversify the portfolio. By using these two risk measures mentioned above, two different types of risk-based portfolios are proposed that consider for the tail risks: 1) Minimum-lower tail-dependence portfolio (RMTP) and 2) Risk Parity Portfolio based on Conditional Value-at-Risk (CRPP). The simulation results showed how those two risk-based portfolios, RMTP and CRPP, work effectively in multi-asset allocation framework with 6 assets: stocks and sovereign bonds of Japan, United States and Germany, based on the monthly rebalance rule, using 2004-2018 sample period. One of the key findings were that both RMTP and CRPP strategies delivered better performances compared with the traditional portfolio strategies in terms of sharp ratio: 1) RMTP yielded 0.92 and 2) CRPP yielded 0.99 (by adding an appropriate risk reduction to this portfolio, the sharp ratio went up to 1.76). In addition, both of these two strategies also worked effectively in terms of the average of maximum monthly drawdown related to the effect of the tail risk: 1) RMTP by 1.80% and 2) CRPP by 1.74% (by adding an appropriate risk reduction to this portfolio, maximum drawdown decreased to 0.78%). Furthermore, this paper also studies an enhancement strategy based on Risk Parity Portfolios (RPP) focusing on and using co-integration relationship (co-integration approach). According to the simulation result, this proposed enhancement strategy has a potential to yield roughly 4.5% return. Finally, this paper presents the explicit derivation of lower tail-dependence and co-integration approach.
Cross-Cultural Adaptation and Validation of a Score for Evaluating the Quality of Inpatient Clinical Notes

x Introduction . 1 General Objectives . 5 Specific Objectives . 5 Background . 5 Quality of Clinical Notes. 6 Rationale and Purpose of the Study . 9 Materials and Methods . 12 Research Questions . 12 Term Definitions . 12 Ethical Considerations. 13 Framework . 14 Design. 14 Research Setting . 14 Research Population . 15 Process of Cross-cultural Adaptation and Validation . 15 Selection of Translators . 16
Factors influencing utilisation of female condom among healthcare providers in Tshwane, South Africa

This article describes the factors influencing the utilisation of the female condom (FC2) among healthcare providers, which is part of a study that aimed at developing strategies to improve the utilisation by the patients of FC2 in prevention of STIs, HIV and AIDs and unplanned pregnancies. Like other women in the world, female healthcare providers are also biologically two to four times more vulnerable to STIs, HIV and AIDs infections than men. Women are also vulnerable to unplanned pregnancies. However, the utilisation of FC2 by healthcare providers is still inadequate. A qualitative, exploratory and descriptive research approach was used in this study. Purposive sampling was used to select the participants, because only healthcare providers responsible for the provision of FC2 were selected. In-depth individual interviews were used during data collection. Data were analysed following the qualitative data analysis methods. Factors influencing the utilisation of FC2 were identified as the main category during data analysis. The study confirmed that the healthcare providers are unable to utilise the FC2 because of: the shape and size of the FC2; complexities of the female genital organs hindering procedure; partners' reaction to FC2; and cultural background around accepting FC2 use. The development of strategies to enable healthcare providers to use FC2 was recommended, in order to ensure protection and prevention of STIs, HIV and AIDs and unplanned pregnancies among healthcare providers.
Debunking the Myth of Foreign Direct Investment Toward Long-Term Sustainability of a Developing Country: A Transaction Cost Analysis Approach

This study focuses on the relationship between foreign direct investment (FDI) and sustainability in a developing host country, i.e., Vietnam, using the transaction cost approach. Secondary panel data were obtained from 62 provinces in Vietnam for the period between the years of 2010 and 2016. The analysis of the data was performed using the fixed effects regression model, which yielded interesting and controversial findings. Essentially, it was demonstrated that the FDI made by enterprises and the subsequent employment that it generated had several positive and significant influences on the long-term sustainability of provinces in Vietnam. However, the downside was that the value of fixed assets and long-term investment of FDI projects in conjunction with the size of the provinces negatively influenced their long-term sustainability. The findings of this study have important academic and practical implications. We propose some policy changes that would considerably improve the efficacy and effectiveness of FDI. This, in turn, will certainly enhance the long-term sustainability of host countries, especially developing ones.
Circular Economy: a review

Global stability is at risk due to the present extreme climatic events, social problems, and profound crisis on economic pillars. Aiming to promote well-being and justice, the academia proposes diverse actions and alternatives which can mitigate present and future problems. One of this alternatives is the substitution of the current linear economic model for a circular one, exchanging the loss of resources for the maximum exploitation of them. To absorb and conduct a better perception about this new concept, this paper proposes a brief literature review which can serve as a base for future studies, and that way help in the comprehension and better absorption of the opportunities circular economy can propose. In the same way this article shows the obstacles and challenges for the implementation of the concept, as well as solutions for future problems. KEY-WORDS: Circular Economy; Sustainable Development; Strategic Management of Resources
Effect of Navy Individual Augmentee Deployment/s on Mental Health Outcomes

Abstract : Since the start of the Global War on Terror, the Navy has provided individual augmentee (IA) sailors to support contingency operations in order for other Services to effectively perform their missions. This study analyzes the effects of IA deployments on the mental health outcome among Navy sailors. Data for this study came from three different sources: PERS-4G3 (Active Duty Augmentation Branch), Army Medical Surveillance Activity, and Defense Manpower Data Center. A multivariate analysis using probit models was used to estimate the effects. Analyses on the officer and enlisted models indicate that an IA deployment by itself does not appear to adversely affect mental and physiological health outcomes. However, an IA officer deployed to a hostile location substantially increases the probability of requiring a mental health referral compared to a non-IA officer who is also deployed to a hostile region. In contrast, an enlisted service member on an IA tour to a hostile location has a lower probability of an adverse mental and physiological health outcome compared to a non-IA enlisted service member who is also assigned to a hostile region. Due to the long period of manifestation of mental health problems, future study should follow up with those soldiers one year after the deployment.
Islamic Bank Financing and Its Effects on Economic Growth: A Cross Province Analysis

Islamic banking industry shows a reasonably good development, one of which is marked by an increase in service coverage in almost all provinces in Indonesia. However, the question is how far Islamic banking capable of contributing to the improvement of Indonesia's economic growth? The purpose of this research is to examine the role of Islamic banking in promoting inclusive economic growth with a sample of 33 provinces in Indonesia. The method used in this research is panel data regression using the fixed effects model. The results show that Islamic bank financing does not have an impact on Indonesia's economic growth. In other words, the results of the research provide information that the existence of Islamic banking in Indonesia has not yet give a significant impact on the welfare of Indonesian society
Asset pricing in small markets: The South African case

The authors examine the validity of the CAPM for Johannesburg Stock Exchange (JSE) stocks. Additional effects, namely, dividend yield, size and liquidity are also considered using traditional tests. The results indicate that the one-parameter CAPM is well-specified for the JSE. The betas of gold shares, however, are found to be poor predictors of rand returns - but improve when viewed in dollar terms. None of the above-mentioned effects are found to be significant, however, a slight preference for high-yielding gold shares is documented. Explanations for these findings are offered and contrasted with results documented on the NYSE.
A New Multi-Bit Flip-Flop Merging Mechanism for Power Consumption Reduction in the Physical Implementation Stage of ICs Conception

Recently, the multi-bit flip-flop (MBFF) technique was introduced as a method for reducing the power consumption and chip area of integrated circuits (ICs) during the physical implementation stage of their development process. From the perspective of the consumer, the main requirements for such an optimization method are high performance, low power usage and small area (PPA). Therefore, any new optimization technique should improve at least one, if not all, of these requirements. This paper proposes a new low-power methodology, applying a MBFF merging solution during the physical implementation of an IC to achieve better power consumption and area reduction. The aim of this study is to prove the benefit of this methodology on the power saving capability of the system while demonstrating that the proposed methodology does not have a negative impact on the circuit performance and design routability. The experimental results show that MBFF merging of 76% can be achieved and preserved throughout the entire physical implementation process, from cell placement to the final interconnection routing, without impacting the system’s performance or routability. Moreover, the clock wirelength, nets and buffers needed to balance the clock network were reduced by 11.98%, 3.82% and 9.16%, respectively. The reduction of the clock tree elements led to a reduction of the power consumption of the clock nets, registers and cells by 22.11%, 20.84% and 12.38%, respectively. The total power consumption of the design was reduced by 2.67%.
Market Integration and Market Efficiency under Seasonal Tariff Rate Quotas

Switzerland applies seasonal tariff rate quotas (TRQs) for the import of many fruits and vegetables during the domestic harvest season. We examine how this system affects the relationship between Italian and Swiss tomato prices and test for physical market integration and spatial equilibrium conditions over time. We use detailed, transaction‐based data on trade flows and trade costs and estimate an extended parity bounds model, following Barrett and Li (2002). We confirm that in the summer season, when TRQs are in place, markets are inefficient. While quota holders receive positive rents, the marginal rents for importers without quota shares are negative. This inhibits trade flows above the in‐quota import quantity allowed by TRQs. Hence, despite leading to inefficiencies and creating rents for importers, seasonal TRQs are effective in protecting domestic production against competing imports.
Modelling the link between supply chain risk, flexibility and performance in the public sector

Background: The South African public sector faces numerous internal and external risks that limit the performance of its entire supply chain. An understanding of these risks and their effects is an important milestone in overcoming them.Aim: This article tested the relationship between supply chain risks, flexibility and performance in the South African public sector.Method: A survey questionnaire was administered to 307 supply chain practitioners who were based in the public sector in Gauteng. A structural equation modelling procedure was utilised in testing the proposed relationships.Results: The results of the study showed that six supply chain risk factors, namely government policies, supply complexity, availability of skills, supplier performance monitoring, information security and process efficiency exert significant influences on supply chain flexibility. In turn, supply chain flexibility exerts a positive influence on the performance of the public supply chain.Conclusion: Managers in government may be able to improve the public supply chain management function through the suitable management of the supply chain risk factors considered in this study.
Using numbers that do not count: how the latent functions of performance indicators explain their success

Performance indicators have had to endure severe criticism. They are said to lack accuracy, encourage gaming and ultimately fail to improve performance. Yet, despite their well-documented weaknesses, performance indicators abound in governance. This article asks under which conditions performance indicators can improve performance outcomes, despite these proven weaknesses and dysfunctions. Our case study is the stress test of the European banking system, a high-profile performance indicator used for risk regulation. Based on interviews with risk managers in Belgian banks as well as staff at the European Central Bank, the European Banking Authority and the National Bank of Belgium, we find that the process of calculating the stress test improves performance outcomes in itself. It does so by fostering banks’ capacity to self-regulate, tying into Foucault’s notion of governmentality. As such, practitioners and academics should not only pay attention to how performance results can be used, but also examine how the process of calculating the performance indicator might be designed to improve performance outcomes latently.
Effects of Acute Alcohol Exposure on Post Burn Intestinal Immunity: Role of IL-23

Acute alcohol (ethanol) exposure is linked with increased susceptibility to infection and increased mortality in trauma and burn patients. Dendritic cells (DCs) are central mediators in innate and adaptive immune responses, and play a role in presentation of pathogens to adaptive immune cells. We investigated the effects of acute ethanol exposure on bone marrow-derived dendritic cell (BM-DC) responses. Total bone marrow cells, obtained from 8-10wk old C57BL/6 male mice, were cultured in the presence of GM-CSF and IL-4 for 7 days. BM-DCs were harvested and treated with increasing doses of ethanol (50, 100 and 250 mM) at the time of, or 3 hours prior to, lipopolysaccharide (LPS). Following LPS, supernatants were collected for cytokine measurement and cells were harvested for flow cytometry. Concurrent acute ethanol exposure and LPS treatment resulted in a dose-dependent suppression of IL-6, IL-12p40, IL-23 and IL-10. Additionally, ethanol exposure prior to LPS, dysregulated the IL12p40/IL-23 balance and more profoundly suppressed IL-6 and IL-10 secretion by BMDCs, as compared with cells treated concurrently with ethanol and LPS. Ethanol treatment did not affect toll-like receptor (TLR)4 or TLR2 expression. In summary, our study demonstrates that acute ethanol exposure suppresses BM-DC LPS-induced responses irrespective of affecting TLR4 or TLR2 expression.
The Influence of Victims’ Unmet Basic Needs as a Mediator in Trafficking Relationships: A Research Note

Domestic minor sex trafficking (DMST) is the commercial sexual exploitation of a minor American citizen or permanent resident within the United States. It is a human rights abuse and carries significant consequences for victims’ psychological, physical, and social health. To interrupt DMST victimization patterns, it is important for researchers and advocates to fully understand how victims’ vulnerabilities are exploited by different people in their lives, but investigations of DMST victim–trafficker relationships are largely unexplored in the literature. The purpose of this cross-sectional path analysis of archival data, therefore, is to explore the influence of victims’ unmet basic needs on their victimization within specific types of DMST relationships. The results of this study suggest that unmet basic needs may play less of a role in influencing victim–trafficker relationship type than might be hypothesized based upon broader understandings of human trafficking vulnerability.
Demographic Transition and Fertility Rebound in Economic Development*

Recent evidence on the ‘fertility rebound’ offers credence to the idea that, from the onset of early industrialisation to the present day, the dynamics of fertility can be represented by an N-shaped curve. An overlapping generations model with parental investment in human capital can account for these observed movements in fertility rates during the different stages of demographic change. A demographic transition with declining fertility emerges at the intermediate stage, when parents engage on a child quantityquality trade-off. At later stages however, the process of economic growth generates sufficient resources so that households can rear more children while still providing the desirable amount of education investment per child.