Miracle-dz/UniFAR-FTUs huggingface dataset:
On Hedge Fund Performance, Capital Flows and Investor Psychology

textabstractGuillermo Baquero (Quito, 1967) is assistant professor of Finance and Investments at the Rotterdam School of Management of Erasmus University Rotterdam since 2005. He holds a degree in mechanical engineering (Quito, 1992) and has a professional experience of several years in the field of hydraulic and pneumatic automation. Later he obtained an MBA from the Universite Catholique de Louvain and an MSc in Economics from the Katholieke Universiteit Leuven, in Belgium. Between 1999 and 2001 he worked as a research associate at the Centre for Economic Studies (CES) of the Katholieke Universiteit Leuven. In September 2001 he joined the Financial Management Department of the Rotterdam School of Management and the ERIM PhD program. Guillermo’s research has focused on the persistence of hedge funds and mutual funds, the behaviour of hedge fund investors, behavioural finance and experimental economics. The article at the basis of Chapter 3 of this book was awarded the prize for the best paper on hedge funds at the European Finance Association meetings in Zurich in 2006. The article at the basis of Chapter 2 was published in the Journal of Financial and Quantitative Analysis in 2005 and was awarded the prize for the second best paper on hedge funds at the European Finance Association meetings in Glasgow in 2003. Guillermo’s teaching experience includes a number of courses in Corporate Finance, Investments and Behavioural Finance, both at the bachelor and master level, and courses in Industrial Engineering at the executive level. He has worked as a consultant for several firms and organizations in Belgium and Ecuador in matters related to Finance and Development. He is also a guest lecturer at the Latin-American Faculty of Social Sciences (FLACSO) in Quito, Ecuador.
Comparing Voluntary Policy Instruments for Sustainable Tourism: The Experience of the Spanish Hotel Sector

This paper presents a comprehensive analysis of the voluntary policy instruments most commonly applied by the hotel sector: codes of conduct, best environmental practices, ecolabels, environmental management systems (EMSs) and environmental performance indicators. Based on a qualitative study of Spanish hotel companies that have applied one or more of these voluntary tools, each instrument is reviewed and analysed with regard to incentives and obstacles experienced during its practical implementation. In the comparative assessment of all the tools studied, formal certification systems such as ecolabels and EMSs appear to be the most effective instruments. At a conceptual level, ecolabels and EMSs are the tools with the broadest scope and the only ones that guarantee an improvement of the company’s environmental (and sustainable) performance. At the practical level, the present research shows that, although both of these instruments involve higher costs and complexity than the other tools studied, they offer a wider range of tangible and intangible benefits.
Reduction of Second-Order Temperature Dependence of Athermal AWG With Resin-Filled Groove by Pressure Control

In this letter, we have developed a novel technique for improving the temperature stability of an athermal silica-based arrayed-waveguide grating with a resin-filled groove. We compensated for the residual second-order temperature dependence of the passband wavelength using the pressure-induced refractive index change in a resin inserted into the optical paths. Pressure control under the temperature variation was achieved by using a structure composed of an optical fiber piston and bimetal actuators. We demonstrated that the passband wavelength variation was successfully reduced from 0.080 to 0.025 nm in a -40degC - 85degC temperature range, without any insertion loss increase or spectral change.
Effects of culture on the perception of South African and Tanzanian business students on high performance organizations

The purpose of this study is to determine whether there are common conceptions of high performance organizations (HPOs) among business students in South Africa and Tanzania, as the perceptions of these students will influence the structure and use of future HPOs. Questionnaire data were collected from a sample (357) of second and third year business students who were asked to rate the 35 items contained in the HPO Framework (Waal, 2012) on a seven-point- Likert-Scale. Factor analysis revealed that three of the five HPO factors in the framework - continuous improvement and renewal, long-term orientation, high quality management –are common for South African and Tanzanian students. A multivariate analysis showed that Tanzanian students scored higher than South African students for two of these factors - continuous improvement and renewal and long-term orientation - whilst South African students scored higher on the high quality management Factor. A bivariate correlation between the HPO factors and Hofstede’s dimensions of cultural values revealed a significant relationship between the HPO factor long-term orientation and three of the cultural dimensions. This study makes a contribution to the literature by empirically investigating whether business students from varying cultures share common conceptions on what constitutes an HPO. Thus, the findings of this study are relevant in the development and structuring of trainings, curricula and consultancies.
The Determinants of Management Development: The Views of MBA Graduates

This article is derived from survey data obtained from a structured sample of 450 MBA graduates and is part of a wider programme of research investigating the current state of management development in Britain. The intention is to analyse the determinants of the amount, the methods and the impact of management development systems in UK organizations and to assess these findings in relation to a comparable analysis of HRD managers. Both the amount and the variety of management development methods are greater than has been previously reported and, for the HRD sample, the impact of this activity is broadly positive. While agreeing on the amount, MBA managers are less enthusiastic about the availability and effectiveness of management development they have experienced. Overall, the management development policy choices made by organizations are consistently the most influential in determining outcomes, and the implications for this are discussed.
Measuring the Chinese business cycle

This article documents the business cycle characteristics of the Chinese economy by adopting both nonparametric and parametric methodologies. The two approaches are applied to relevant macroeconomics indicators – Gross Domestic Product (GDP) and Industrial Production (IP) indices – aiming to investigate the growth cycle (deviation cycle). We provide a clear chronology of the Chinese growth cycle. One significant characteristic of the Chinese growth cycle is the relatively direct influence of government policies. However, recently these policy effects have become less significant when compared to global economic influences. Our study provides an enhanced understanding of the properties of business cycle dating algorithms and as such contributes to future Chinese business cycle research.
Analyzing Content Structure and Moodle Milestone to Classify Student Learning Behavior in a Basic Desktop Tools Course

This paper analyzes the content structure and Moodle milestone to classify the students' learning behavior for a basic desktop-tools on-line virtual course. The data collection phase is completed for a Learning Analytics (LA) process as a first step; by using the generated interactions among students, and with learning resources, assessments, and so on. A first exploratory data analysis study is also done with the extracted indicators (or features) of all interactions to classify them in five traits. A multidimensional parameter reduction has been implemented based on Principal Component Analysis (PCA), an example of it is also given.
The KNAT2 Homeodomain Protein Interacts with Ethylene and Cytokinin Signaling1

Using a transgenic line that overexpresses a fusion of the KNAT2 (KNOTTED-like Arabidopsis) homeodomain protein and the hormone-binding domain of the glucocorticoid receptor (GR), we have investigated the possible relations between KNAT2 and various hormones. Upon activation of the KNAT2-GR fusion, we observed a delayed senescence of the leaves and a higher rate of shoot initiation, two processes that are also induced by cytokinins and inhibited by ethylene. Furthermore, the activation of the KNAT2-GR fusion induced lobing of the leaves. This feature was partially suppressed by treatment with the ethylene precursor 1-aminocyclopropane-1-carboxylic acid, or by the constitutive ethylene response ctr1mutation. Conversely, some phenotypic traits of the ctr1mutant were suppressed by the activation of the KNAT2-GR fusion. These data suggest that KNAT2 acts synergistically with cytokinins and antagonistically with ethylene. In the shoot apical meristem, the KNAT2 gene is expressed in the L3 layer and the rib zone. 1-Aminocyclopropane-1-carboxylic acid treatment restricted the KNAT2 expression domain in the shoot apical meristem and reduced the number of cells in the L3. The latter effect was suppressed by the activation of the KNAT2-GR construct. Conversely, the KNAT2 gene expression domain was enlarged in the ethylene-resistant etr1-1 mutant or in response to cytokinin treatment. These data suggest that ethylene and cytokinins act antagonistically in the meristem via KNAT2 to regulate the meristem activity.
Molecular signature of mice T lymphocytes following tolerance induction by allogeneic BMT and CD40‐CD40L costimulation blockade

Tolerance induction by mixed chimerism and costimulation blockade is a promising approach to avoid immunosuppression, but the molecular basis of tolerant T lymphocytes remains elusive. We investigated the genome‐wide gene expression profile of murine T lymphocytes after tolerance induction by allogeneic bone marrow transplantation (BMT) and costimulatory blockade using the anti‐CD40L antibody MR1. Molecular functions, biological processes, cellular locations, and coregulation of identified genes were determined. A total of 113 unique genes exhibited a significant differential expression between the lymphocytes of MR1‐treated Tolerance (TOL) and untreated recipients Control (CTRL). The majority of genes upregulated in the TOL group are involved in several signal transduction cascades such as members of the MAPKKK cascade (IL6, Tob2, Stk39, and Dusp24). Other genes involved in lymphocyte differentiation and highly expressed in the TOL group are lymphotactin, the estrogen receptors (ERs) and the suppressor of cytokine signaling 7. Common transcription factors such as ER 1 alpha, GATA‐binding protein 1, insulin promoter factor 1, and paired‐related homeobox 2 could be identified in the promoter regions of upregulated genes in the TOL group. These data suggest that T lymphoctes of tolerant mice exhibit a distinct molecular expression profile, which needs to be evaluated in other experimental tolerance models to determine whether it is a universal signature of tolerance.
The Impact of the Global Financial Crisis on Efficiency and Productivity of the Banking System in South Africa

South Africaâ€˜s financial sector is believed to have weathered the contagion and catastrophic effects of the 2008 world wide financial crisis partly on account of a sound regulatory framework and solid macroeconomic policies. In this paper, we seek to measure efficiency and productivity changes during the period of the crisis through an analysis of bank performance over the period 2000 â€” 2010 using a two stage methodology framework. The recently developed Hicks-Moorsteen total factor productivity (TFP) index approach developed by Oâ€˜Donnell (2010a) as opposed to the popular Malmquist TFP was utilised. Our first stage results showed that during the crisis period there was a noticeable but mild deviation of total factor productivity and efficiency measures. Second stage analysis using the censored Tobit model showed that the financial crisis was the main determinant of bank efficiency, indicating that total factor productivity efficiency was 16.96% lower during the crisis period compared to the pre-crisis period.
Valuation Bias in Commercial Appraisal: A Transaction Price Feedback Experiment

Experiments were conducted to test the hypothesis that transaction price feedback may bias valuation judgment. Among participating appraisers, evidence of asymmetrical response was found. The group receiving transaction feedback indicating that current judgments were "too low" responded with judgments in subsequent, unrelated valuations that were significantly higher than the group that received no feedback. The response from "too high" feedback was in the expected direction (lower value judgments) but was not significant. Additionally, valuation dispersion of around 10% revealed in these experiments is consistent with studies of valuation variability and may reflect an upper bound of typical commercial appraisal dispersion. Copyright 2001 by the American Real Estate and Urban Economics Association.
On the Morphology of the Tendo-Achillis.

IN dissecting the muscles of a Canadian beaver some little time ago, I found, as Meckel states, that the two bellies of the gastrocnemius remained separate down to their insertion in the os calcis. I also noticed that the two tendons of the muscle and that of the plantaris were twisted round one another like the strands of a rope, so that the tendon belonging to the internal head passed superficially to that of the external and to the plantaris tendon, and was inserted externally to both of them. Further down, the plantaris became superficial to the external head, and passed in a groove in the back of the tuberosity of the calcaneum to be continued into the plantar fascia and flexor brevis digitorum. This arrangement is shown in the accompanying figure. I then examined a series of other mammals, including the kangaroo, many rodents, the chevrotain, the dog, the ichneumon,
FOREIGN EXCHANGE INTERVENTION

Part 1 Introduction: introduction and outline the foreign exchange market central bank intervention. Part 2 Theories on the scope for foreign exchange intervention: introduction the flow approach to exchange rate determination the asset-market approach to exchange rate determination alternative approaches to the study of foreign exchange intervention conclusions. Part 3 Empirical investigations into the objectives and effectiveness of intervention - a survey: introduction objectives of intervention effectiveness of intervention conclusions. Part 4 Objectives of daily Bundesbank and Federal Reserve intervention in the DM/$ market - part 1: introduction stated objectives of intervention estimating the basic intervention reaction function of the Bundesbank and the Federal Reserve system the reaction towards anticipated exchange rate volatility the intervention reaction function estimated as a Tobit model conclusions appendix 4.1 - GARCH models and exchange rate policy appendix 4.2 - technical details of Tobit analysis. Part 5 Objectives of daily Bundesbank and Federal Reserve intervention in the DM/$ market - part 2: introduction the model the data estimation and results conclusions. Part 6 Effectiveness of daily Bundesbank and Federal Reserve intervention in the DM/$ market: introduction modelling the effectiveness of foreign exchange intervention the simultaneity problem testing for simultaneity between exchange rates and intervention estimating the effect of intervention on the level of the DM/$ rate conclusions. Part 7 A positive theory of central bank intervention: introduction central bank intervention as a deterministic game against nature central bank intervention as a stochastic game against nature intervention as a game against rational market participants extensions of the game against rational speculators conclusions appendix 7.1 - a standard static monetary policy game. Part 8 Summary and concluding remarks.
La réglementation de l'audit est-elle dans l'intérêt public : quelques enseignements du modèle français

Cet article s'appuie sur les travaux academiques des dix dernieres annees pour evaluer les effets de la reglementation francaise visant a accroitre l'independance des auditeurs. Pour les societes cotees en bourse, l'obligation de recourir a deux auditeurs se solde notamment par une moindre concentration du marche de l'audit : les Big Four detiennent une part de marche plus faible. Pour autant, les honoraires ne sont pas plus faibles, en raison vraisemblablement, d'une part, des couts de coordination entre les deux auditeurs qui excedent les benefices escomptes resultant d'un marche plus concurrentiel, d'autre part, de l'impossibilite de changer d'auditeur pendant la duree legale de six ans. Par ailleurs, la plus grande independance supposee, induite par cette reglementation specifique, ne se traduit pas par une moindre gestion des resultats par les dirigeants francais, malgre l'interdiction de facturer des honoraires de conseil. Ces constats empiriques nous conduisent a avancer que des assouplissements reglementaires du marche de l'audit pourraient s'averer benefiques pour les actionnaires des entreprises francaises
Performance Analysis of 40-Gb/s Transmission Based on Directly Modulated High-Speed 1530-nm VCSEL

We propose and experimentally demonstrate the use of a novel-design long-wavelength VCSEL with high direct-modulation speed to implement 40-Gb/s transmission suitable for optical interconnects and short-reach scenarios. The single-mode operation, together with the use of a common optical bandpass filter, enables a fiber reach in the kilometer range. The VCSEL is characterized and directly modulated at 40 Gb/s with a power consumption of 18.5 mW. Bit-error-rate (BER) performance has been analyzed for a pseudorandom bit sequence (PRBS) of length 27 - 1 as commonly done in most of similar studies, as well as for increasing the PRBS lengths up to 231 - 1 to understand the system limitations when applying more realistic data, so as to induce slower dynamics physical effects such as thermal effects. BER values below common forward error correction threshold are measured without an optical amplification up to 1 km of a single-mode fiber. In particular, error-free operation (BER <; 10-10) with 1.6 dB of penalty with respect to the backto-back case was measured for the PRBS length of 27 - 1.
The Evolution and Status of Tourism Planning: Xishuangbanna, Yunnan, China

Many governments in developing countries invest in tourism and participate in tourism planning from the national to the local level. This paper examines the evolution and current status of tourism planning in a developing region―Xishuangbanna, Yunnan, China. Local tourism planning has focused on economic priorities with little concern about carrying capacities and negative impacts on local communities. Deficiencies in the planning approaches to tourism development include a shortage of human resources and funds for planning; lack of collaboration among government agencies, between the government and the private sector, between planning institutions and the tourism sector, and among tourism planners; political barriers; lack of community participation and limited input from various stakeholders; lack of effective monitoring, evaluation and supervision; and lack of understanding of the significance of tourism planning. These issues need to be addressed in order to achieve long-term successful tourism development. More efficient and effective planning should be undertaken to mitigate negative impacts and promote sustainable tourism development.
A note on weak form market efficiency in security prices: evidence from the Hong Kong stock exchange

This paper employs variance ratio tests with both homoscedastic and heteroscedastic error variances to examine the random walk hypothesis for the Hang Seng Index on the Hong Kong Stock Exchange. The empirical investigation leads us to suggest that the Hang Seng follows a random walk model and consequently that the index is weak form efficient. This conclusion offers both confirmatory and conflicting support for the conclusions of previous research, which has investigated the presence of random walks in the indices of both developed and emerging markets.
Cost-Benefit Analysis as a Statistical Hypothesis Test: An Example from Urban Transportation

A method to evaluate the estimated social benefits and costs of many urban transportation decisions is presented, based on the techniques of statistical hypothesis testing. After a slight critique of current practice in cost-benefit analyses, a general equilibrium model is formulated that includes many of the relevant variables and decisions which interact with an urban transportation system. The model is based on individual behavior assumptions (as opposed to macro-behavior) and uses the concept that commodities provide attributes. The significant omissions are mentioned and discussed. It is next shown that if the model is true, then hypotheses involving the Pareto-superiority (and Pareto-optimality) of various decisions with respect to transportation systems imply hypotheses restricting the values of parameters of a single linear equation. This allows the testing (i.e. falsification) of the original hypotheses by using the familiar T and F tests of regression analysis. These tests are based on a single-equation regression only using observations on the rates of use of, the attributes provided by, and the inputs to, the transportation system. The simplicity of the tests seems to indicate that revisions of the model towards reality would be very productive.
Control of the blood glucose level in diabetic patient using predictive controller and delay differential equation

Diabetes is known as the sixth leading cause of death in the world leading to kidney and cardiovascular diseases as well. As a result, controlling the disease is of particular importance. To control blood glucose level in diabetes mellitus type I, insulin must be injected into the body. This injection must be strictly controlled - any excessive increase in insulin injection can cause human death. Various controllers have been introduced to control diabetes type I with their own disadvantages. Diabetic patient model used in previous methods is not in compliance with physiological data, uncertainties are not considered in the model, or the controller has a very limited range of stability. In this paper, a Nonlinear Model Predictive Controller is introduced which not only resolves previous problems like lack of consideration of model uncertainty, sharp drop in blood glucose, and low stability, but also specifies insulin injection dosage based on blood glucose level momentarily so that.