Miracle-dz/UniFAR-FTUs huggingface dataset:
Measuring Volatility of Inflation in Pakistan

The available evidence in Pakistansuggests that inflation is a monetary phenomena. This paper examines the relationship between the determinants of inflation and its volatility by using monthly data for 1990:M1-2007:M5. The determinants of inflation are estimated by a VAR analysis, which shows that inflation, the interest rate and money supply move together. A VAR model assumes constant error variance. We relaxed this assumption by employing an ARCH/GARCH model and conclude that inflation is volatile in nature. For measuring the qualitative nature of the inflationary process we used an EGARCH model. It confirms that the time effect model is significant. It also suggests that in the first four months of the calendar year, the inflationary shock is negative and it can, therefore, hamper growth.
How Does Emu Affect the Dollar and the Yen as International Reserve and Investment Currencies?

Since EMU represents a currency area with a GDP level and a world market share comparable to the United States, it is widely expected that the euro will become an important international currency. This paper suggests simple methods how to quantify the effects that EMU may exert on the roles of the dollar and the yen as the other major international currencies. Estimates presented indicate that the euro may indeed lead to a significant decline in the market share of the dollar as an official reserve currency of central banks and as an investment currency of private portfolios. These effects hinge on the assumption that the euro will achieve a reputation similar to that of the deutschmark before EMU. The projected shifts can be expected to materialize only in the medium term so that no immediate abrupt changes in the demand for dollars will occur.
Multiple In‐Cycle Transshipments with Positive Delivery Times

We study a centralized inventory sharing system of two retailers that are replenished periodically. Between two replenishments, a unit can be transshipped to a stocked-out retailer from the other. It arrives a transshipment time later, during which the stocked-out retailer incurs backorder cost. Without transshipment, backorder cost is incurred until the next replenishment. Since the transshipment time is shorter than the time between two replenishments, transshipments can reduce the backorder cost at the stocked-out retailer and the holding costs at the other retailer. The system is directed by a centralized inventory manager, who minimizes the long-run average cost consisting of replenishment, holding, backorder, and transshipment costs. The transshipment policy is characterized by hold-back inventory levels, which are nonincreasing in the remaining time until the next replenishment. The transshipment policy differs from those in the literature because we allow for multiple transshipments between replenishments, positive transshipment times, and backorder costs. We also discuss the challenges associated with positive replenishment time and develop upper and lower bounds of average cost in this case. Bounds are numerically shown to have an average gap of 1.1%. A heuristic solution is based on the upper bound and differs from the optimal cost by at most this gap.
Jump on the Post–Earnings Announcement Drift (corrected)

The authors examined the potential profitability of a strategy that exploits the post–earnings announcement drifts contingent on jump dynamics identified in stock prices around earnings announcements. With long positions in positive-jump stocks and short positions in negative-jump stocks, their hedge portfolio achieved an annualized abnormal return of 15.3% and an annualized Sharpe ratio of 1.52 over the last four decades. Neither conventional risk factors nor common company characteristics explain the abnormal return. The post–earnings announcement drift (PEAD), or earnings momentum, is one of the most robust and persistent anomalies challenging the efficient market paradigm. Previous studies have proposed various trading signals to measure and profit from the surprise in an earnings announcement. In our study, we introduced a new measure of company-level informational shocks based on the realized jump dynamics of stock prices over a three-day window around earnings announcements, and we examined the profitability of an earnings momentum strategy that uses extreme price movements, or jumps, as trading signals. The intuition is that companies’ unobserved “extremely good news” is impounded in unexpectedly large and discrete price hikes, or positive jumps, around earnings announcements, whereas companies’ unobserved “extremely bad news” is reflected in large and abrupt price plunges, or negative jumps, around earnings announcements. Therefore, we formed a hedge portfolio that took long positions in positive-jump companies and short positions in negative-jump companies. Using a particular jump detection method, we found compelling evidence of post–earnings announcement return drifts in the same direction as jumps over the subsequent three months. This strategy yielded a quarterly excess return of 3.63%, equivalent to a 15.3% annualized return, over the sample period of 1971–2009. Our results suggest yet another anomaly associated with PEAD. Market participants seem largely to underreact to, or are simply unaware of, the latent “extremely good (or bad) news” signaled by the direction of jumps around earnings announcements. We conducted an array of tests to show that the jump signal is distinct from two commonly used PEAD trading signals in previous studies: the earnings announcement return and standardized unexpected earnings. We also found evidence that neither common company characteristics (e.g., size, illiquidity, and book-to-market ratio) nor the three Fama–French risk factors, augmented by a momentum factor and a liquidity factor, can explain the abnormal returns.
‘The apotheosis of holding company accounting’: Unilever's financial reporting innovations from the 1920s to the 1940s

The annual reports of Unilever were widely hailed in the 1940s as outstanding examples of holding company accounting. The accounts did indeed contain many new and innovative features, including segment reporting of sales turnover. This contrasts with the frequently negative assessments of the company's reporting before World War II, and the fact that the company was on record as a relatively late adopter of consolidated statements. In this paper, Unilever's reporting practices from the 1920s to the 1940s are analysed. We argue that the reporting changes of the 1940s had clear antecedents in the 1920s and 1930s, when they emerged in conjunction with the transformation of Unilever from a family-dominated enterprise into a professionally managed organisation. We also argue that, in order to evaluate properly Unilever's pre-war reporting practices, one needs to take into consideration the nature of Unilever as a complex federation of companies, rather than a unitary organisation, and to examine the chairman's address at the annual general meetings. The speeches by Francis D'Arcy Cooper, in particular, contained important disclosures not found in the annual reports. By the early 1940s, Unilever's commitment to improve its financial reporting was sufficiently developed for its officials, in particular Geoffrey Heyworth and P.M. Rees, to play important roles in the drafting of the English Institute's Recommendations on Accounting Principles and in the deliberations of the Company Law Amendment Committee whose report led to the Companies Act 1947. We therefore conclude that Unilever should be ranked with such companies as Dunlop Rubber among the key actors in the modernisation of British financial reporting during the 1930s and 1940s.
DISTRIBUTIONS OF FINANCIAL RATIOS IN THE COMMERCIAL BANKING INDUSTRY

Much research in banking assumes that the data are normally distributed. There has been little empirical confirmation of this assumption. In this paper, the normality assumption is subjected to an extensive test using data for virtually all U.S. commercial banks for several years. The statistical characteristics of 11 common financial ratios are investigated. The findings reject any broad assumption of population normality.
Perfectionism, Burnout, and Motivation in Dance

The relationships between multidimensional perfectionism, burnout, and motivation were examined. In so doing, this study aimed to replicate and extend the study by Cumming and Duda (2012). Ninety-one ballet dancers completed questionnaires assessing the target constructs. Using cluster analysis, four profiles emerged that replicated Cumming and Dudas findings and generally supported Gaudrau and Thompson's 2x2 model of perfectionism. As such, these profiles represented pure personal standards perfectionism, mixed perfectionism, pure evaluative concerns perfectionism, and non-perfectionism. Extending previous literature, the four profiles were then compared on a range of burnout symptoms and motivational regulations. It was found that the four clusters differed significantly on these constructs, in a manner partly supportive of the hypotheses associated with the 2x2 model of perfectionism. In particular, our results reflect and extend those of Cumming and Duda, in that mixed perfectionism and pure evaluative concerns perfectionism did not differ on any of the measures. Thus, the higher personal standards of dancers exhibiting mixed perfectionism did not appear to be associated with better functioning than that experienced by dancers with pure evaluative concerns perfectionism. Atogether, the study extends our current understanding of perfectionism in dance and its potential effects, including those on burnout and motivation.
SELLING LUXURY: THE RISE OF THE EGYPTIAN CIGARETTE AND THE TRANSFORMATION OF THE EGYPTIAN TOBACCO MARKET, 1850–1914

Around the mid-19th century, the cigarette, the latest fashion in tobacco consumption, gained popularity in Egypt, as it did globally and throughout the Ottoman Empire. Some fifty years later, the cigarette had become the predominant smoking preference in Egypt, and luxury Egyptian cigarettes were being exported around the world. Indeed, Egyptian and Turkish brands played a significant role in introducing cigarettes to different parts of the globe and thus in shaping world cigarette production. This article sets out to tell the fascinating story of the luxury Egyptian cigarette and uses this case to reflect on the development of modern markets in Egypt.
AN EMPIRICAL EXAMINATION OF THE UNDERLYING DIMENSIONS OF PURCHASING COMPETENCE

The importance of evaluating the effectiveness of the purchasing function in firms along multiple criteria has attracted considerable attention. However, few studies have identified the defining elements that constitute purchasing competence. This paper introduces the construct of purchasing competence using a second‐order factor structure derived from purchasing practices identified from the literature. The validity of the construct (purchasing competence) is tested using data from a sample of 179 firms. The results indicate (1) the construct validity of purchasing competence and (2) the predictive validity of purchasing competence, which has a significant positive influence on total quality management performance and customer satisfaction. The implications of these findings for additional research are discussed.
Innovación financiera y crecimiento económico

This article develops the precedents and results of the current global financial system, contemplating that in the last three decades, it has experienced profound institutional changes, creating non bank entities that blur the line between the activities of investment and commercial banking. The global financial system has been converted into a huge capital market, with both national and international markets operating under constantly evolving structures. In the first section, dominant characteristics of the financial system in developed countries are presented. In the second section, the specific characteristics of the financial markets of developing countries are examined, with specific focus given to the Mexican financial system. The third section analyzes the effects of liquidity on the availability of credit, and the fourth and last section offers relevant conclusions.
Modefing Between-Word Coarticulation in Continuous Speech Recognition

This paper describes the addition of between-word coarticulation modeling into SPHINX, an accurate Iarge-vocabulary speaker independent continuous speech recognition system. Between-word coarticulation is a major source of phonetic variability in continuous speech. By detailed modeling of between-word triphones and utiliz ing the generalized triphone technique, we obtain an error ;ate reduction of 16% to 29% for different test sets and grannnars on the DARP A Resource Management (RM) Task.
Analysis and classification of human error

The literature on human error is reviewed with emphasis on theories of error and classification schemes. A methodology for analysis and classification of human error is then proposed which includes a general approach to classification. Identification of possible causes and factors that contribute to the occurrence of errors is also considered. An application of the methodology to the use of checklists in the aviation domain is presented for illustrative purposes.
Pengaruh stock split terhadap likuiditas saham yang diukur dengan besarnya bid-ask spread di Bursa Efek Jakarta

It is widely believed that stock splits are purely cosmetic, since the corporation's cash flows are unaffected, each shareholder retains his proportionate ownership and the claims of other classes of security holders are unaltered. Although stock splits appear to be purely cosmetic changes, research shows real effects associated with them. Despite extensive study, controversies still abound in the literature about these effects. These controversies include whether stock splits affect shareholder wealth, change a stock risk, improve liquidity, and provide signals to the market. The objective of this research is to verify empirically that stock splits relate those real effects especially stock liquidity as measured by bid-ask spread. This research examines thirty companies which did stock splits in Jakarta Stock Exchange during July 1995 to June 1997. A paired-difference test is used to test some hypothesis about the difference between two population means for stock prince, variance, trading volume, turnover volume, and bid-ask spread variables. Furthermore, the multiple regression analysis is used to examine the relation of stock price, trading volume, stock volatility to bid-ask spread. Overall, the results of this research indicate that there are significant differences among stock price, turnover volume, and bid-ask spread for before and after the listing date. Besides that, the difference of bid-ask spread is affected by stock price, volatility, and trading volume.
LOD-a-lot: A Single-File Enabler for Data Science

Many data scientists make use of Linked Open Data (LOD) as a huge interconnected knowledge base represented in RDF. However, the distributed nature of the information and the lack of a scalable approach to manage and consume such Big Semantic Data makes it difficult and expensive to conduct large-scale studies. As a consequence, most scientists restrict their analyses to one or two datasets (often DBpedia) that contain at most hundreds of millions of triples. LOD-a-lot is a dataset that integrates a large portion (over 28 billion triples) of the LOD Cloud into a single ready-to-consume file that can be easily downloaded, shared and queried with a small memory footprint. This paper shows there exists a wide collection of Data Science use cases that can be performed over such a LOD-a-lot file. For these use cases LOD-a-lot significantly reduces the cost and complexity of conducting Data Science.
A Multiproduct Cost Study of Savings and Loans

This paper investigates the cost structure of savings and loans. Most studies of financial institutions failed to take into account their multiproduct nature. Using the multiproduct approach, the existence of subadditivity, multi-product global and product- specific economies of scale and scope, and substitutability between inputs is investigated. A translogarithmic cost function is estimated using 1982 data on California savings and loans. Restrictive func- tional forms also estimated are rejected. Standard errors for the statistics calculated are estimated and various statistical tests are conducted. Previous authors have not calculated standard errors for these statistics. No evidence of subadditivity in the industry is found. Copyright 1987 by American Finance Association.
Land Tenure and Rural Development: Some Issues Relating to the Ciskei/Transkei Region

Politicians, planners and development agencies in areas such as Ciskei and Transkei are debating and planning for land tenure reform on the assumption that it holds the key to successful agricultural and rural development. This paper considers various land reform options available to planners working in the rural areas of Ciskei and Transkei, and argues that land tenure reform on its own is unlikely to foster agricultural development. Other constraints such as inadequate access to capital, to infrastructure and to agricultural services must also be overcome if agricultural development is to be achieved. The author makes several suggestions as to how general rural development may be promoted in the interim period while the more significant constraints mentioned above are being confronted.
Why be Consistent? A Critical Analysis of Consistency Requirements in Choice Theory

Consider the following very general and entirely conventional description of a choice problem. There is a set X of conceivable end states; these are finite in number and mutually exclusive. Some non-empty subset of X, which I shall denote by S, is the feasible set; it is from this set that a choice must be made. A plan or procedure for choosing can be represented by a choicefunction C( * ) that assigns a chosen set C(S) to every logically possible feasible set S-that is, to every non-empty subset of X. The chosen set is a non-empty subset of S. To borrow a term of Schwartz's, C(S) is the set of choosable end states (any one of which, according to the rule, may be chosen), and S C(S) is the set of non-choosable end states (none of which may be chosen). Any choice function is to be understood as referring to a given environment; its purpose is to dictate how choices should change as the feasible set changes, everything else remaining constant. To say that a choice function exists is to say that some choice is possible in every contingency; but this says nothing about the rationality or consistency of these choices. Consistency conditions are imposed on choice functions as a means of ruling out patterns of choice that are held to be irrational. In this paper I shall discuss a very weak property of consistency, which I shall call "minimal consistency".
A compact slotted multiband antenna for L-band and WLAN applications

Compact antenna with multiband resonance forms an integral parts of wireless communication as it allows the same antenna to be used for multipurpose wireless application. A compact multiband antenna with slotted radiating monopole structure for L-band and Wireless Local Area Network (WLAN) is discussed in this paper. Compactness and multiband resonance phenomenon are obtained by creating slots on the radiating patch. These slots affect the surface current density, thereby modifying the resonance phenomenon of the antenna. The designed antenna is compact with a total dimension of 0. 14λ × 0. 14λ × 0. 18λ (at lower resonant band of 1.2 GHz) The antenna resonates at 1.2, 3.9 and 5.7 GHz with simulation −10dB impedance bandwidth of about 6.72%, 4.3% and 2.44% respectively.
Physiological and behavioural indices of hostility: An extension of the capacity model to include exposure to affective stress and right lateralized motor stress

Right hemisphere functional cerebral systems have reliably been associated with sympathetic nervous system arousal and the perception of negative affective events. The goal of the current research was to provide additional support for the capacity model of hostility by examining changes attributable to functional cerebral systems within the right hemisphere using a dual concurrent task paradigm. To incorporate exposure to negative affective and right-lateralized motor stress using this approach, high and low hostile individuals completed a series of grip-strength tasks before and after hearing a recording of angry infant vocalizations. Results supported the capacity model in that high hostile individuals were unable to maintain regulatory control over right hemisphere activation as indicated through increased motor perseveration in the pre- and post-affective stress conditions, heightened systolic blood pressure (SBP) upon exposure to negative emotional sounds, and increased heart rate (HR) following stress. Conversely, low hostile individuals showed improved regulatory control over these regions as evidenced by reduced motor perseveration in the pre- and post-affective stress conditions, maintenance of SBP and reductions in HR following stress. The current data support the capacity model and extend its scope to include exposure to affective and right-lateralized motor stress.
High-Pressure Pulsatile Lavage Causes Soft Tissue Damage

Irrigation and debridement can be a source of iatrogenic injury in open fracture treatment. Although high-pressure pulsatile lavage has been shown to cause considerable damage to bone, little has been written about its effects on soft tissue. The purpose of this study is to quantify and compare the damages on soft tissue caused by high-pressure pulsatile lavage and low-pressure lavage. Forty specimens of fresh ovine muscle were collected and subjected to high-pressure pulsatile lavage or low-pressure lavage, with the delivery orientation being across or in line with the muscle fibers. Ten additional specimens were used as controls. The results show that high-pressure pulsatile lavage causes considerable soft tissue penetration of particulate markers (across, 4.7 mm; in line, 15.6 mm) when compared with low-pressure lavage (across, 0.5 mm; in line, 0.7 mm). Furthermore, all specimens subjected to high-pressure pulsatile lavage showed gross tissue disruption. Fifteen additional samples were obtained to measure cellular death. This was observed at a deeper level for high-pressure pulsatile lavage (median depths: across, 1210 μm; in line, 1335 μm), which was approximately twice that of low-pressure lavage (across, 485 μm; in line, 682 μm). These results show that high-pressure pulsatile lavage penetrates and disrupts soft tissue to a deeper level than low-pressure lavage, causing considerable gross and microscopic tissue disruption.