Miracle-dz/UniFAR-FTUs huggingface dataset:
Essays on contracts

ESSAYS ON CONTRACTS Zenan Wu Hanming Fang This dissertation consists of two essays on contract theory. I investigate contracts under di↵erent economics contexts. In the first chapter, I consider a two-period model in which the success of the firm depends on the e↵ort of a first-period manager (the incumbent) and the ability of a second-period manager. At the end of the first period, the board receives a noisy signal of the incumbent manager’s ability and decides whether to retain or replace the incumbent manager. I show that the information technology the board has to assess the incumbent manager’s ability is an important determinant of the optimal contract and replacement policy. The contract must balance providing incentives for the incumbent manager to exert e↵ort and ensuring that the second-period manager is of high ability. I show that severance pay in the contract serves as a costly commitment device to induce e↵ort. Unlike existing models, I identify conditions on the information structure under which both entrenchment and anti-entrenchment emerge in the optimal contract. In the second chapter, I use a dynamic model of life insurance with one-sided commitment and bequest-driven lapsation, as in Daily, Hendel and Lizzeri (2008) and Fang and Kung (2010), but with policyholders who may underestimate the probability of losing their bequest motive, to analyze how the life settlement market – the secondary market for life insurance – may a↵ect consumer welfare in equilibrium. I show that life settlement v may increase consumer welfare in equilibrium when (i) policyholders are su ciently overconfident; and (ii) the intertemporal elasticity of substitution of consumption (IES) of policyholders is greater than one. vi
IPO Pricing, Block Sales, and Long-Term Performance

Block sales following IPOs are related to the IPOs' value relative to an estimate of intrinsic value, opening-trade return, and IPO size. Overvalued IPOs experience more block sales than undervalued IPOs. IPOs with high block sales outperform IPOs with low block sales from 20 days after IPO through lockup expiration; however, IPOs with high block sales underperform IPOs with low block sales from lockup expiration through the third year after the IPO. The results indicate that block traders are advantaged relative to other traders; whether the advantage is based on superior information or superior valuation capabilities is unknown.
Labour market risks and political preferences: The case of temporary employment

The political economy literature has gathered compelling evidence that labour market risks shape political preferences. Accordingly, insecurity fuels support for redistribution and left parties. This article analyses this argument for temporary workers, a so far neglected risk category which has increased dramatically in the past two decades. Temporary workers also have been in the focus of recent insider-outsider debates. Some authors in this line of research have argued that temporary work leads to political disenchantment , for example, non-instrumental responses such as vote abstention or protest voting. This contradicts risk-based explanations of political preferences. The article discusses both theoretical perspectives and derives conflicting hypotheses for the empirical analysis of temporary workers' policy and party preferences. The review reveals considerable ambiguity regarding the questions which parties temporary workers can be expected to support and what the underlying motives for party choice are. Synthesising arguments from both perspectives, the article proposes an alternative argument according to which temporary workers are expected to support the new left that is, green and other left-libertarian parties. It is argued that this party family combines redistributive policies with outsider-friendly policy design. Using individual-level data from the European Social Survey for 15 European countries, the article supports this argument by showing that temporary, compared to permanent, workers exhibit higher demand for redistribution and stronger support for the new left. Neither the risk-based nor the insider-outsider explanations receive full support. In particular, no signs of political disenchantment of temporary workers can be found. Thus, the findings challenge central claims of the insider-outsider literature.
Low Back Pain in Australian Adults: The Economic Burden

This paper reports the results of a "cost-of-illness" study of low back pain (LBP) in Australian adults. It estimates the direct cost of LBP in 2001 to be AU$1.02 billion. Approximately 71% of this amount is for treatment by chiropractors, general practitioners, massage therapists, physiotherapists and acupuncturists. However, the direct costs are minor compared to the indirect costs of AU$8.15 billion giving a total cost of AU$9.17 billion. LBP in Australian adults represents a massive health problem with a significant economic burden. This burden is so great that it has compelling and urgent ramifications for health policy, planning and research. This study identifies that research should concentrate on both direct but particularly the indirect costs including cost-effective management regimes that encourage an early return to duties. Asia Pac J Public Health 2003; 15(2): 79-87.
Privacy at Scale: Local Differential Privacy in Practice

Local differential privacy (LDP), where users randomly perturb their inputs to provide plausible deniability of their data without the need for a trusted party, has been adopted recently by several major technology organizations, including Google, Apple and Microsoft. This tutorial aims to introduce the key technical underpinnings of these deployed systems, to survey current research that addresses related problems within the LDP model, and to identify relevant open problems and research directions for the community.
Electrochemical Performance of Porous Carbon/Tin Composite Anodes for Sodium‐Ion and Lithium‐Ion Batteries

The electrochemical performance of mesoporous carbon (C)/tin (Sn) anodes in Na‐ion and Li‐ion batteries is systematically investigated. The mesoporous C/Sn anodes in a Na‐ion battery shows similar cycling stability but lower capacity and poorer rate capability than that in a Li‐ion battery. The desodiation potentials of Sn anodes are approximately 0.21 V lower than delithiation potentials. The low capacity and poor rate capability of C/Sn anode in Na‐ion batteries is mainly due to the large Na‐ion size, resulting in slow Na‐ion diffusion and large volume change of porous C/Sn composite anode during alloy/dealloy reactions. Understanding of the reaction mechanism between Sn and Na ions will provide insight towards exploring and designing new alloy‐based anode materials for Na‐ion batteries.
Simulating convertible bond arbitrage portfolios

The recent growth in interest in convertible bond arbitrage (CBA) has predominantly come from the hedge fund industry. Past empirical evidence has shown that a CBA strategy generates positive monthly abnormal risk-adjusted returns. However, these studies have focused on hedge fund returns which exhibit instant history bias, selection bias, survivorship bias and smoothing. This article replicates the core underlying CBA strategy to generate an equally weighted and market capitalization daily CBA return series free of these biases, for the period 1990 through 2002. These daily series also capture important short-run price dynamics that previous studies have ignored.
Bachelor ’ s Thesis : How Disparity fits into the Statistics and the Neural Processing of Natural Scenes . An EEG Study

Visual information processing is adapted to the statistical properties of the signals we are exposed to: Consequently, studying both the natural environment and the associated neural processing is the method of choice. In this thesis, we study the statistics as well as the neural processing of three–dimensional natural scenes. Stimulus Generation: From 29 natural scenes, we acquired high-resolution stereo images and concomitant laser range scans. We used this information to generate stereo images in three different categories: ’Natural’ which are normalised and calibrated images without any further modification, ’Pink Noise’, which have the same second-order statistics as ’Natural’ images, but a random phase spectrum, and ’White Noise’, which do not contain any structured monocular information. However, the stereo images in both artificial categories contain the same information in binocular disparity as the ’Natural’ images. Scene Statistics: On these scenes we measured monocular features like mean luminance, luminance contrast and texture contrast as well as binocular features like mean disparity and disparity contrast. We quantified feature relationships by computing joint feature distributions, as well as linear and non-linear correspondence measures. For ’Natural’ scenes, we found low correspondence between monocular and binocular features. However, simple relationships between monocular and binocular features in parts of the joint distributions exist and might govern visual processing of three–dimensional scenes. These relationships are more uninformative in both artificial scene categories. Neural Processing: We have shown these scenes in 2D and 3D to 7 human participants and recorded the Electroencephalogram (EEG). The participants rated their scenic 3D perception, and rated ’Pink Noise’ significantly lower than the other two. We found out that neural activation in 3D significantly differs from 2D in central occipital areas at about 200 ms after stimulus presentation in all categories. Activation of lateral occipital areas, in contrast, predicts whether the stimuli are able to induce scenic stereoscopic perception, as there is a highly significant activation in the ’Natural’ and ’White Noise’ case, but solely a moderately significant activation in the ’Pink Noise’ case. In addition, activation within a fronto-central network is sensitive to differences in second-order statistics at about 400 ms: here, ’Natural’ and ’Pink Noise’ scenes elicit a significantly different activation than ’White Noise’ scenes. Taken together, we found effects of and interactions between monocular and binocular features in both the statistics as well as in the processing of natural scenes.
WEAR RATE OF GRAPHITE ELECTRODES DURING ELECTRICAL DISCHARGE MACHINING PROCESSES ON TITANIUM ALLOY TI-5 AL-2 . 5 SN

The proper selection of machining parameters can result in better machining performance in the electrical discharge machining process. However, this job is not always easy since the phenomena occurring between the electrodes in EDM are not yet fully understood. This study reports the development of a comprehensive mathematical model for the electrode wear rate (EWR) of a graphite tool in EDM on Ti-5Al-2.5Sn alloy, which has not yet been presented. Experiments for positive polarity of the graphite electrode, based on design of experiment (DOE), are first conducted. Modeling and analysis are carried out through the response surface methodology, utilizing the experimental results. A confirmation test is also executed to confirm the validity and the accuracy of the mathematical model developed. The confirmation test exhibits an average error of less than 6%. Negative electrode wear is evidenced for particular settings. The combination of 15A peak current, 350μs pulse-on time, 180μs pulse-off time and 95V servo-voltage and positive polarity causes negative tool wear. It is apparent that the developed model can evaluate electrode wear rate accurately and successfully.
Cultural Ecosystem Services: A Literature Review and Prospects for Future Research

Cultural ecosystem services constitute a growing field of research that is characterized by an increasing number of publications from various academic disciplines. We conducted a semiquantitative review of publications explicitly dealing with cultural ecosystem services. Our aims were: (1) to provide an overview of the current state of research, (2) to classify the diversity of research approaches by identifying clusters of publications that address cultural ecosystem services in similar ways, and (3) to highlight some important challenges for the future of cultural ecosystem services research. We reviewed 107 publications and extracted 20 attributes describing their type and content, including methods, scales, drivers of change, and trade-offs between services. Using a cluster analysis on a subset of attributes we identified five groups of publications: Group 1, conceptual focus, deals with theoretical issues; Group 2, descriptive reviews, consists mostly of desktop studies; Group 3, localized outcomes, deals with case studies coming from different disciplines; Group 4, social and participatory, deals mainly with assessing preferences and perceptions; and Group 5, economic assessments, provides economic valuations. Emerging themes in cultural ecosystem services research relate to improving methods for cultural ecosystem services valuation, studying cultural ecosystem services in the context of ecosystem service bundles, and more clearly articulating policy implications. Based on our findings, we conclude that: (1) cultural ecosystem services are well placed as a tool to bridge gaps between different academic disciplines and research communities, (2) capitalizing on the societal relevance of cultural ecosystem services could help address real-world problems, and (3) cultural ecosystem services have the potential to foster new conceptual links between alternative logics relating to a variety of social and ecological issues.
Corporate Social Responsibility Orientation, Goals, and Behavior

Corporate social responsibility orientation (CSRO) remains an important topic of researchers. However, one aspect of CSRO that has not been well researched is how it relates to behaviors and goals of managers. In this article, the authors explore that relationship, testing whether emphasis on a particular domain of social responsibility affects time spent dealing with specific stakeholder groups and whether firm size affects that relationship. Results from a survey of small business owners indicate that the emphasis a manager places on a domain does affect behavior and that firm size has little impact on this relationship. Implications of these findings are discussed.
The British Pottery Industry: A Comment on a Case of Industrial Restructuring, Labour, and Locality

In a paper in an earlier volume of Environment and Planning A Imrie argues that in the 1980s the British pottery industry was restructuring in various ways, not least towards some form of Fordism, post-Fordism, Japanese-style production, and internationalisation. In this paper it is argued that, first, developments are not new to the industry; second, the empirical basis of Imrie's argument is limited; third, some trends have actually been in contradictory directions. In sum, rather than an example of simple change, the pottery industry represents both continuity and change in many respects.
Conditional deletion of the MHC class I-related receptor FcRn reveals the sites of IgG homeostasis in mice

The MHC class I-related receptor FcRn regulates the levels and persistence of IgG in vivo. This receptor salvages IgG from lysosomal degradation within cells, and the binding properties of an IgG for FcRn correlate with in vivo half-life. FcRn is expressed at multiple different sites throughout adult life. However, the cell types and sites at which FcRn maintains IgG homeostasis are not well defined. Toward understanding the sites of FcRn function, we have generated a mouse strain in which this Fc receptor can be conditionally deleted. In combination with mice that express Cre recombinase under the control of the Tie2 promoter (Tie2-Cre), the effect of site-specific deletion of floxed FcRn in endothelial and hematopoietic cells on IgG persistence was analyzed. The pharmacokinetics and steady-state levels of IgG in Tie2-Cre mice that are homozygous for the floxed FcRn allele reveal a complete loss of FcRn function in regulating the half-lives of wild-type IgG. The primary sites for the maintenance of endogenous IgGs in mice are therefore endothelial and hematopoietic cells.
Knowledge management in practice: insights into a medium‐sized enterprise's exposure to knowledge loss

The purpose of our paper is to examine how a medium‐sized enterprise characterised by slow executive turnover might identify and manage its critical knowledge. The main interest is in the management's handling of the potential danger of knowledge loss due to turnover or long‐term absence. A qualitative research approach is adopted through semi‐structured interviews with seven members of top and middle management of a German medium‐sized enterprise operating in the printing sector. Our findings contribute to the literature on knowledge management in SMEs and provide fresh insights into the management of knowledge attrition. A knowledge map of the firm is derived and used to demonstrate how smaller firms can identify key organisation members and their relevance to the firm's business model. This may provide a better overview of potential areas of knowledge attrition. The information provided by the knowledge map can raise awareness of the perils of knowledge loss and suggest initiatives that not only help firms defend competitiveness and save financially but also sustain their intangible resources.
Vintage Effects in the Earnings of White American Men

T IME affects an individual's earnings in three ways. First, his earnings depend on his age and experience, as he acquires skills through experience or as his productivity changes during the aging process. Second, the rental rate on human capital varies over time with relative factor supplies, consumer demand, and technical change. Finally, workers in different cohorts may attain different earnings levels for a variety of reasons. Common experiences of certain cohorts, such as war or depression, may permanently affect their lifetime careers, as might the quality of schooling received by the cohort, or the tightness of the labor market as the cohort entered its first jobs. This paper attempts to estimate these "vintage effects" on the earnings of white American men by using panel data on a cross-section of workers. The estimated vintage effects, beside being of interest for their own sake, allow at least tentative evidence on several recent hypotheses about the labor market. Vintage effects for this paper are defined as the differences in earnings between cohorts that cannot be explained by either secular growth or the normal age-experience profile of earnings. A cohort is defined as a set of all workers who entered the labor force at the same time. Since cohort effects, as defined, must have lasted into the observation period, 1968-76, to be observed, we cannot measure any temporary advantage or disadvantage a cohort may have held before the observation period. The estimates, therefore, attempt to measure long-run effects of vintage on earnings or the long-run difference between cohorts abstracting from age and calendar time. The major problem in the analysis is to disentangle empirically the effects of age, time, and vintage on earnings. At the very least, one must observe cross-sections of workers at different points in time. However, a further necessary condition is some restriction on the functional form which allows vintage effects to be identified. This problem is handled in two ways: 1. restrictions on the functional form of the earnings function that are robust to alternative functional forms; 2. direct tests of alternative hypotheses about the cause of vintage effects.
Toward a Cross-Cultural Diversity Perspective in Hospitality Curriculum Development

Abstract Due to the limited definition given to diversity, it has been difficult for educators and managerial personnel to identify those elements of training that are required to conduct business within the global market. The authors provide a definition of diversity, why cross-cultural diversity management training is essential, where the responsibility lies, and how cross-cultural diversity management can be incorporated into course curriculum.
An Alternative Energy Source: Biofuel and Its Position in Turkey

Abstract In this study, major agricultural products that come to the fore in the production of biofuels (biodiesel and bioethanol), some alternative energy sources, have been determined for Turkey. Besides, developments in biomass use in the world and the European Union have been evaluated. For these purposes, using the statistical data about production regions, production amounts, yields, and support status of the agricultural products that are actually used or will be used in the future, opportunities and threats in the future of biofuel production have been discussed, and some suggestions have been made.
Substance Use and Recidivism Outcomes for Prison-Based Drug and Alcohol Interventions

We conducted a systematic review to examine the substance use and recidivism outcomes of prison-based substance use interventions. We searched public health, criminology, and psychology databases, and conducted forward and backward snowballing methods to identify additional studies. Studies were included if they were published between January 1, 2000 and June 30, 2017; were published in English; and reported substance use and/or recidivism outcomes of prison-based substance use interventions. Studies were reviewed for methodological rigor using the Effective Public Health Practice Project's Quality Assessment Tool for Quantitative Studies. Our search returned 49 studies: 6 were methodologically strong, 20 were moderate, and 23 were weak. Results suggest therapeutic communities are effective in reducing recidivism and, to a lesser extent substance use after release. There is also evidence to suggest that opioid maintenance treatment is effective in reducing the risk of drug use after release from prison for opioid users. Furthermore, care after release from prison appears to enhance treatment effects for both types of interventions. Results provide evidence that policymakers can use to make informed decisions on best-practice approaches when addressing prisoner substance dependence and improving long-term outcomes. This comprehensive review highlights the difficulties of conducting quality research in the prison setting and suggests innovative study design for future research.
Green energy: An analytical discourse

The climate change, the global warming, the population growth and the continuous demand on energy and electricity in specific made renewable energy one of the most appropriate and fitting to answer all these changes of our environment. However, the vested interested groups belonging to the fossil fuel cartel continue working tirelessly to discourage the use of renewable energy and renewable energy solutions in the world. Despite the recusant efforts of the Oil Cartel, renewable energy use has grown much faster than anyone anticipated. This paper: defines green and renewable energy; highlights its benefits; and illustrates that clean energy technologies are prepared for accelerated and widespread expansion in the global power sector. The paper critically examines the recusant efforts of the Oil Cartel undermining green renewable energy sector by bankrolling the production of unconventional oil and gas; and demonstrates that over-reliance on fossil fuels for power generation has significant health, environmental, and economic risks and is not a long-term solution to our energy needs. The paper concludes that a global transition to renewable energy is already underway. Renewable Energy offers an alternative to conventional sources and grants us greater control over future energy prices and supply. The energy choices we make during this pivotal moment will have huge consequences for our health, our climate, and our economy for decades to come.