Miracle-dz/UniFAR-FTUs huggingface dataset:
Insider Holdings and Perceptions of Information Asymmetry: A Note

RESEARCHERS HAVE FOUND THAT trades by corporate insiders yield excess profits (for example, Finnerty [9] and Jaffe [11]). In an efficient capital market, we should expect other market participants to consider this in their investment/ trading decisions. Demsetz [7] notes that, to protect themselves, ordinary (uninformed) investors may adopt a buy-and-hold strategy but incur the "cost of illiquidity" in doing so. Therefore, he argues, the recorded rates of return (measured before losses to insiders) should be higher for stocks more likely to present outsiders with informationally disadvantageous trades. Based on a 159firm sample, he finds that there is a significant positive correlation between the recorded market rates of return and the ratio of insider trading to total trading. In this paper, we study the market's perception of information asymmetry between insiders and outsiders through the behavior of another group of tradersthe dealers/specialists. The degree of information asymmetry is proxied here by the concentration of insider holdings. The dealer/specialist provides the trading public the service of immediacy by standing ready to buy and sell. He or she incurs, in the process, inventory holding costs and information trading costs, which are the expected losses due to transactions with informed traders. Therefore, the dealer/specialist sets the bidask spread (his or her source of revenue) according to the anticipated levels of these costs. In particular, it has been shown that the higher the information trading cost, the wider the spread should be (Jaffe and Winkler [12], Copeland and Galai [6], and Glosten and Milgrom [10]). Thus, ceteris paribus, a higher degree of information asymmetry leads to a larger bid-ask spread. The question, then, is what factors influence the dealer's assessment of information asymmetry. One convenient measure is the extent of insider holdings. Corporate insiders have access to nonpublic firm-specific information and exercise a good deal of corporate control. We use the percentage of ownership by corporate insiders as a proxy for the degree of information asymmetry faced by the dealer. A positive correlation between spreads (net of holding costs and firm-size effects) and insider holdings would imply that dealers perceive a positive relationship between insider holdings and information asymmetry. We also study how the market views institutional holdings through the effect on bid-ask spread. Compared with the typical stockholder, institutions tend to hold larger blocks of a firm's stock; thus, their information acquisition costs are spread over a larger investment, creating an incentive to acquire information.
7 Free Will Is Unnatural

The history of social psychology, and especially its subfield of social cognition, is replete with surprising findings of complex judgmental and behavioral phenomena that operate outside of conscious awareness and even intention (Wegner & Bargh, 1998). Yet the surprising nature of these findings comes no longer from their relative infrequency, for they have become all too commonplace in the research literature. Instead, the surprise comes from the continuing overarching assumption of the field regarding the primacy of conscious will. Based most likely on our (i.e., research psychologists’) own subjective experience as human beings, the early process models of each new phenomenon tend to start with the assumption of a major role played by conscious choice and decisions, intention and awareness, in producing the phenomenon in question. Then further findings start coming in showing that, “surprisingly,” much of the phenomenon can be explained without need of stages or steps involving conscious intention or awareness. In the rest of the natural sciences, especially evolutionary biology and neuroscience, the assumption of conscious primacy is not nearly as prevalent as it is in psychology. Thus one goal for the present chapter is to help bring psychology more in line with the rest of the natural sciences, in which complex and highly intelligent design in living things is not assumed to be driven by conscious, intentional processes on the part of the plant or animal, but instead by “blind” natural selection processes (see Dawkins, 1976; Dennett, 1995). As Dennett (1991, p. 251) put it, “in biology, we have learned to resist the temptation to explain design in organisms by positing a single great Intelligence that does all
Managing Genital Herpes Infections in Pregnancy

Genital herpes is the leading cause of genital ulcer disease worldwide and it is one of the most common sexually transmitted infections. Genital herpes simplex virus infection during pregnancy poses significant risks, predominantly vertical transmission of infection with resulting neonatal disease. While uncommon, neonatal infection has a high mortality rate and significant long-term morbidity. This article will examine the current recommendations for diagnosis using serologic and viral detection techniques. Treatment options for initial and recurrent genital herpes infection in pregnancy are reviewed. The use of prophylactic antivirals and cesarean delivery are discussed. The article concludes with a look to the future, including potential changes in the management of herpes simplex virus-infected pregnant women.
An Attempt to Predict the Preferential Cellular Orientation in Any Complex Mechanical Environment

Cells respond to their mechanical environment in different ways: while their response in terms of differentiation and proliferation has been widely studied, the question of the direction in which cells align when subject to a complex mechanical loading in a 3D environment is still widely open. In the present paper, we formulate the hypothesis that the cells orientate in the direction of unitary stretch computed from the right Cauchy-Green tensor in a given mechanical environment. The implications of this hypothesis are studied in different simple cases corresponding to either the available in vitro experimental data or physiological conditions, starting from finite element analysis results to computed preferential cellular orientation. The present contribution is a first step to the formulation of a deeper understanding of the orientation of cells within or at the surface of any 3D scaffold subject to any complex load. It is believed that these initial preferential directions have strong implications as far as the anisotropy of biological structures is concerned.
IRIS Recognition Using Neural Network

— this paper proposed Iris Recognition based on covariance of discrete wavelet using Competitive Neural Network (LVQ). A set of Edge of Iris profiles are used to build a covariance matrix by discrete wavelet transform using Neural Network. It is found that this method for Iris Recognition design offers good class discriminacy. This method can discriminate noisy Image very well. Simulation results are very promising.
Relationship between myoelectric signals and blood lactate during incremental forearm exercise.

Five men performed incremental forearm exercise by using a modified hand grip dynamometer while external loads (1 Kg metal plate) were added at each succeeding minute until volitional exhaustion occurred. Myo-electric signals were recorded from the belly of the flexor carpi radialis-palmaris longus. By the use of an LSI-11/23 minicomputer, the digitized data were processed for integrated EMG (IEMG) and mean power frequency (MPF) by means of 512 point fast Fourier transform. Data from individuals revealed that venous lactate correlated highly with IEMG (range: 0.977 to 0.857, P less than 0.001) and MPF (-0.960 to -0.862, P less than 0.001) during the incremental exercise. Group data revealed that none of the parameters tested showed any significant changes between the onset of lactate threshold (LT), i.e., the onset of abrupt increases in lactate, and one minute prior to LT. However, when these parameters were tested between LT and one minute after LT, significant differences were observed for venous lactate (t = 3.16, P less than 0.05), IEMG (t = 3.02, P less than 0.05) and MPF (t = 3.84, P less than 0.05). It was concluded that analysis of myo-electric signals may provide a non-invasive measure of lactate threshold after which dynamic equilibrium of lactate production and utilization becomes unbalanced during the incremental forearm exercise.
Considering the Company's Characteristics in Choosing between SaaS vs. On-Premise-ERPs

Today, companies selecting an ERP must decide between SaaS- and On-Premise-ERP. This special topic of deciding between ERP operation modes has not been addressed since the first SaaS-ERP system was introduced. To provide guidance in the selection of ERP operation modes, systemic differences between SaaS and On-Premise have been researched and considered together with the company's characteristics. For this purpose a short list of all main sys- temic operation mode differences is presented. These differences are the star- ting point for matching the company characteristics with the respective opera- tion mode. 7 single case studies of ERP customers have been conducted and an- alyzed for the purpose of developing these claims of superior fit and offering first evidence of their validity. The case study results, as well as the developed claims, show the ERP selecting reader which characteristics fit best with which operation mode, enabling him to take all main criteria into consideration.
Iodine Excess as an Environmental Risk Factor for Autoimmune Thyroid Disease

The global effort to prevent iodine deficiency disorders through iodine supplementation, such as universal salt iodization, has achieved impressive progress during the last few decades. However, iodine excess, due to extensive environmental iodine exposure in addition to poor monitoring, is currently a more frequent occurrence than iodine deficiency. Iodine excess is a precipitating environmental factor in the development of autoimmune thyroid disease. Excessive amounts of iodide have been linked to the development of autoimmune thyroiditis in humans and animals, while intrathyroidal depletion of iodine prevents disease in animal strains susceptible to severe thyroiditis. Although the mechanisms by which iodide induces thyroiditis are still unclear, several mechanisms have been proposed: (1) excess iodine induces the production of cytokines and chemokines that can recruit immunocompetent cells to the thyroid; (2) processing excess iodine in thyroid epithelial cells may result in elevated levels of oxidative stress, leading to harmful lipid oxidation and thyroid tissue injuries; and (3) iodine incorporation in the protein chain of thyroglobulin may augment the antigenicity of this molecule. This review will summarize the current knowledge regarding excess iodide as an environmental toxicant and relate it to the development of autoimmune thyroid disease.
The Distribution of Beneficial and Fixed Mutation Fitness Effects Close to an Optimum

The distribution of the selection coefficients of beneficial mutations is pivotal to the study of the adaptive process, both at the organismal level (theories of adaptation) and at the gene level (molecular evolution). A now famous result of extreme value theory states that this distribution is an exponential, at least when considering a well-adapted wild type. However, this prediction could be inaccurate under selection for an optimum (because fitness effect distributions have a finite right tail in this case). In this article, we derive the distribution of beneficial mutation effects under a general model of stabilizing selection, with arbitrary selective and mutational covariance between a finite set of traits. We assume a well-adapted wild type, thus taking advantage of the robustness of tail behaviors, as in extreme value theory. We show that, under these general conditions, both beneficial mutation effects and fixed effects (mutations escaping drift loss) are beta distributed. In both cases, the parameters have explicit biological meaning and are empirically measurable; their variation through time can also be predicted. We retrieve the classic exponential distribution as a subcase of the beta when there are a moderate to large number of weakly correlated traits under selection. In this case too, we provide an explicit biological interpretation of the parameters of the distribution. We show by simulations that these conclusions are fairly robust to a lower adaptation of the wild type and discuss the relevance of our findings in the context of adaptation theories and experimental evolution.
A novel thermogelling matrix for microchannel DNA sequencing based on poly‐N‐alkoxyalkylacrylamide copolymers

We have developed a novel class of thermogelling polymer networks based on poly‐N‐alkoxyalkylacrylamides, and demonstrated their use as DNA sequencing matrices for high‐throughput microchannel electrophoresis in capillary arrays. Polymers and copolymers of N‐ethoxyethylacrylamide (NEEA) and N‐methoxyethylacrylamide (NMEA) were synthesized by aqueous‐phase free‐radical polymerization and characterized by tandem gel permeation chromatography‐multi‐angle laser light scattering. These copolymer matrices exhibit “re‐entrant”‐type volume phase transitions, forming entangled networks with high shear viscosity at low (< 20°C) and high (> 35°C) temperatures, and undergoing a “coil‐to‐globular”, lower critical solution temperature (LCST)‐like phase transition over an intermediate temperature range (20–35°C). Hence, matrix viscosity is relatively low at room temperature (25°C), and increases rapidly above 35°C. The material properties and phase behavior of these thermogelling polymer networks were studied by steady‐shear rheometry. These matrices are easily loaded into capillary arrays at room temperature while existing as viscous fluids, but thermogel above 35°C to form transparent hydrogels via a thermo‐associative phase transition. The extent of the intermediate viscosity drop and the final viscosity increase depends on the composition of the copolymers. DNA sequencing by capillary array electrophoresis with four‐color laser‐induced fluorescence (LIF) detection shows that these thermogelling networks provide enhanced resolution of both small and large DNA sequencing fragments and longer sequencing read lengths, in comparison to appropriate control (closely related, nonthermogelling) polymer networks. In particular, a copolymer comprised of 90% w/w NMEA and 10% w/w NEEA, with a molecular mass of ∼ 2 MDa, delivers around 600 bases at 98.5% base‐calling accuracy in 100 min of electrophoresis.
Mirroring of Group Activity to Support Learning as Participation

Recent learning theories stress that learning does not necessarily translate solely into knowledge gains: rather, it can be measured in terms of increased participation and interaction of the individual with their group or community. We explore this in conjunction with exploitation of an existing professional tool, which we have enhanced with mechanisms to extract useful information from learner interaction traces and then make these available in a form that is meaningful for teachers and learners. This broad approach offers huge promise at a far lower cost than that needed to build pure intelligent learning systems. We present our learning environment used in a course where small teams of students work on software development projects and learn about working in groups. We report the success of the approach in terms of the different levels of interaction across two cohorts, the first using just the professional tool and the second using our enhanced visualisations in conjunction with it.
Evaluation of the 4q32-34 Locus in European Familial Pancreatic Cancer

Background: Familial pancreatic cancer (FPC) describes a group of families where the inheritance of pancreatic cancer is consistent with an autosomal-dominant mode of inheritance. The 4q32-34 region has been previously identified as a potential locus for FPC in a large American family. Methods: The region was allelotyped in 231 individuals from 77 European families using nine microsatellite markers, and haplotyping was possible in 191 individuals from 41 families. Families were selected based on at least two affected first-degree relatives with no other cancer syndromes. Results: Linkage to most of the locus was excluded based on LOD scores less than −2.0. Eight families were excluded from linkage to 4q32-34 based on haplotypes not segregating with the disease compared with a predicted six to seven families. Two groups of families were identified, which seem to share common alleles within the minimal disease-associated region of 4q32-34, one group with an apparently earlier age of cancer death than the other pancreatic cancer families. Four genes were identified with potential tumor suppressor roles within the locus in regions that could not be excluded based on the LOD score. These were HMGB2, PPID, MORF4, and SPOCK3. DNA sequence analysis of exons of these genes in affected individuals and in pancreatic cancer cell lines did not reveal any mutations. Conclusion: This locus is unlikely to harbor a FPC gene in the majority of our European families. (Cancer Epidemiol Biomarkers Prev 2006;15(10):1948–55)
Long-Term Efficacy, Safety, and Pharmacokinetics of Drisapersen in Duchenne Muscular Dystrophy: Results from an Open-Label Extension Study

Background Drisapersen induces exon 51 skipping during dystrophin pre-mRNA splicing and allows synthesis of partially functional dystrophin in Duchenne muscular dystrophy (DMD) patients with amenable mutations. Methods This 188-week open-label extension of the dose-escalation study assessed the long-term efficacy, safety, and pharmacokinetics of drisapersen (PRO051/GSK2402968), 6 mg/kg subcutaneously, in 12 DMD subjects. Dosing was once weekly for 72 weeks. All subjects had a planned treatment interruption (weeks 73–80), followed by intermittent dosing (weeks 81–188). Results Subjects received a median (range) total dose of 5.93 (5.10 to 6.02) mg/kg drisapersen. After 177 weeks (last efficacy assessment), median (mean [SD]) six-minute walk distance (6MWD) improved by 8 (-24.5 [161]) meters for the 10 subjects able to complete the 6MWD at baseline (mean age [SD]: 9.5 [1.9] years). These statistics include 2 subjects unable to complete the test at later visits and who scored “zero”. When only the 8 ambulant subjects at week 177 were taken into account, a median (mean [SD]) increase of 64 (33 [121]) meters in 6MWD was observed. Of 7 subjects walking ≥330 m at extension baseline, 5 walked farther at week 177. Of 3 subjects walking <330 m, 2 lost ambulation, while 1 declined overall but walked farther at some visits. Over the 188 weeks, the most common adverse events were injection-site reactions, raised urinary α1-microglobulin and proteinuria. Dystrophin expression was detected in all muscle biopsies obtained at week 68 or 72. Conclusion Drisapersen was generally well tolerated over 188 weeks. Possible renal effects, thrombocytopenia and injection-site reactions warrant continued monitoring. Improvements in the 6MWD at 12 weeks were sustained after 3.4 years of dosing for most patients. For a small, uncontrolled study, the outcomes are encouraging, as natural history studies would anticipate a decline of over 100 meters over a 3-year period in a comparable cohort. Trial Registration ClinicalTrials.gov NCT01910649
Localization of autonomous underwater vehicles by floating acoustic buoys: a set-membership approach

This paper addresses localization of autonomous underwater vehicles (AUVs) from acoustic time-of-flight measurements received by a field of surface floating buoys. It is assumed that measurements are corrupted by unknown-but-bounded errors, with known bounds. The localization problem is tackled in a set-membership framework and an algorithm is presented, which produces as output the set of admissible AUV positions in a three-dimensional (3-D) space. The algorithm is tailored for a shallow water situation (water depth less than 500 m), and accounts for realistic variations of the sound speed profile in sea water. The approach is validated by simulations in which uncertainty models have been obtained from field data at sea. Localization performance of the algorithm are shown comparable with those previously reported in the literature by other approaches who assume knowledge of the statistics of measurement uncertainties. Moreover, guaranteed uncertainty regions associated to nominal position estimates are provided. The proposed algorithms can be used as a viable alternative to more traditional approaches in realistic at-sea conditions.
A phase II, randomised clinical trial to demonstrate the non-inferiority of low-dose MF59-adjuvanted pre-pandemic A/H5N1 influenza vaccine in adult and elderly subjects.

BACKGROUND Effective planning and preparedness against a possible future A/H5N1 influenza pandemic is a major global challenge. Because dose sparing strategies are required to meet the global demand for vaccine, efforts have focused on the development of adjuvanted vaccine formulations of relatively lower antigen content. AIM This study aimed to demonstrate the non-inferiority of a low-antigen-dose (3.75 μ) [DOSAGE ERROR CORRECTED] A/H5N1 pre-pandemic vaccine compared with a licensed, higher-dose (7.5 mg) formulation in adult and elderly subjects. Immunogenicity was assessed according to European and U.S. licensure criteria. METHODS A total of 722 subjects were randomized in equal numbers to receive either the licensed or low-dose formulation. All subjects received two vaccine doses administered three weeks apart. Immunogenicity was assessed three weeks after the administration of each vaccine dose by hemagglutination inhibition (HI), single radial haemolysis (SRH) and microneutralization assays (MN). Local and systemic reactions were assessed over a seven day period post-vaccination. Adverse events were recorded throughout. RESULTS The low-dose vaccine was demonstrated to be non-inferior to the licensed formulation in terms of antibody titres against the vaccine strain. All three European licensure criteria were met by adult subjects in response to the low-dose vaccine; two criteria were met by the elderly age group. Cross-reactive antibodies were detected against the heterologous A/H5N1 antigen strains A/Indonesia/05/05 and A/turkeyTurkey/01/05. Both vaccines were generally well tolerated by both age groups. CONCLUSION These data demonstrate that a low antigen dose in combination with MF59 adjuvant is adequate for the routine pre-pandemic immunization of adult and elderly subjects.
Newtonized Orthogonal Matching Pursuit: Frequency Estimation Over the Continuum

We propose a fast sequential algorithm for the fundamental problem of estimating frequencies and amplitudes of a noisy mixture of sinusoids. The algorithm is a natural generalization of Orthogonal Matching Pursuit (OMP) to the continuum using Newton refinements, and hence is termed Newtonized OMP (NOMP). Each iteration consists of two phases: detection of a new sinusoid, and sequential Newton refinements of the parameters of already detected sinusoids. The refinements play a critical role in two ways: 1) sidestepping the potential basis mismatch from discretizing a continuous parameter space and 2) providing feedback for locally refining parameters estimated in previous iterations. We characterize convergence and provide a constant false alarm rate (CFAR) based termination criterion. By benchmarking against the Cramér-Rao Bound, we show that NOMP achieves near-optimal performance under a variety of conditions. We compare the performance of NOMP with classical algorithms such as MUSIC and more recent Atomic norm Soft Thresholding (AST) and Lasso algorithms, both in terms of frequency estimation accuracy and run time.