Miracle-dz/UniFAR-FTUs huggingface dataset:
Rent-seeking, learning and the dynamics of reputation in the international credit market

Most reputation-based models of sovereign debt assume that a default on a loan obligation leads to the imposition of an immediate and permanent credit embargo. The first part of this thesis examines the case in which the length of exclusion is endogenously determined and may consequently be finite or infinite. In this way, lulls in activity followed by enthusiastic lending in the international credit market can be modelled. Additionally, examining the optimal exclusion strategy of the creditor allows investigation of the consequences of `excusing' default. By not punishing a defaulter immediately, it is more likely that a complete loan embargo will be imposed in the future. The effect of excusing default on the expected value of the credit relationship to the country is also examined. A negative externality can arise in the relationship between a sovereign borrower and a creditor due to the existence of countries which repeatedly default on their debt: a default by one country may make the creditor more cautious in lending to others. The effects of this externality are examined in a dynamic model in which the bank does not know the type of customer it faces, but can learn its identity over time. The equilibrium actions of the players then depend crucially on the borrower's reputation for creditworthiness. Even a country which is not an inherent defaulter may be tempted to repudiate its debt obligations with this type of incomplete information structure. Each successive default causes reputation to fall until a critical level is surpassed, at which point a permanent lending embargo is imposed. In this dynamic model of debtor reputation, borrowers face an additional problem as they do not always possess the funds needed to make a repayment and thus reveal their type. In recognizing that borrowing countries can be different by nature, the final part of this thesis examines an economy which is driven to borrow externally as an endogenous outcome of a political system in which interest groups lobby political parties. The amount of borrowing is shown to depend upon the number of redistributive policies the parties can use and the attitude of the voters to external borrowing. A proposal is put forward for linking debt forgiveness in this type of lobbying economy to the level of rent-seeking carried out by the interest groups. lt is demonstrated that this proposal is capable of improving the well being of the ordinary citizens of the economy who share the repayment cost but may not enjoy the benefits of external borrowing.
Investments in Information Technology: Indirect Effects and Information Technology Intensity

Many studies measure the value of information technology (IT) by focusing on how much value is added rather than on the mechanisms that drive value addition. We argue that value from IT arises not only directly through changes in the factor input mix but also indirectly through IT-enabled augmentation of non-IT inputs and changes in the underlying production technology. We develop an augmented form of the Cobb- Douglas production function to separate and measure different productivity-enhancing effects of IT. Using industry-level data from the manufacturing sector, we find evidence that both direct and indirect effects of IT are significant. Partitioning industries into IT-intensive and non-IT-intensive, we find that the indirect effects of IT predominate in the IT-intensive sector. In contrast, the direct effects of IT predominate in the non-IT intensive sector. These results indicate structural differences in the role of IT in production between industries that are IT-intensive and those that are not. The implication for decision-makers is that for IT-intensive industries the gains from IT come primarily through indirect effects such as the augmentation of non-IT capital and labor.
The Web of Cross-ownership among Czech Financial Intermediaries: An Assessment

During the inter-war period . in Czechoslovakia joint-stock banks participated to a very large extent in industrial enterprises and in transport and trading companies. Numerous industrial companies clustered around the big banks, tied to them either by credits or by direct investments. In this way, the large joint-stock banks threw a net of relationships of various degrees of dependency over almost all branches of production in the country.l THE EMERGENCE OF INVESTMENT PRIVATISATION FUNDS from the Czech Republic's mass privatisation has been thoroughly documented and discussed. Now that mass privatisation is officially pronounced finished, it is appropriate to examine rather more closely the position that these most important financial institutions have come to occupy within the Republic's ownership structure. Our point of departure is the fact that these funds are themselves just one element in an ownership structure that stretches from the state, through the principal commercial and savings banks, their subsidiary investment companies that set up and administer most of the largest funds, and thence through the funds to the privatised companies themselves. At the heart of this structure is a web of cross-ownership woven between the leading financial institutions and the funds of their subsidiaries.2 The study of the characteristics of the Czech 'privatised sector' and the financial institutions at its heart was begun by Brom & Orenstein.3 This article develops the study of this subject in two ways. Firstly, we assemble data that allow us to describe and analyse the cross-ownership web, drawing out its implications both for the pattern of ultimate ownership of the privatised sector and for the funds' capacity to control the firms that they now own. Secondly, we report and analyse the replies received to questionnaires that were sent to investment funds and companies. These replies help to clarify the objectives of these financial institutions, the attempts they have made to gain control over the firms they own and the problems and opportunities created by the current legislative limitations on their activities. Taken together, the quantitative and qualitative information allows us to make a broader assessment of the significance of cross-ownership and to consider its future evolution.4 Our assessment takes place against the background of two sets of theoretical arguments: the general case for privatisation that was made at the outset of transition; and more recent theoretical writings on the question of corporate governance and in particular the experience of
A Model of the Eurosystem's Operational Framework for Monetary Policy Implementation

This paper offers a game theoretic model of liquidity provision through repeated central bank tenders, in the spirit of the operational framework of the Eurosystem. Banks are required to satisfy reserve requirements subject to an averaging provision over individual maintenance periods, and transactions may hang over into the respective subsequent period. It is shown that liquidity shocks are absorbed by the system by exponentially declining oscillations around the stationary equilibrium. When a policy rate cut is expected, bidders strategically reduce demand prior to the decision, which may unbalance the system. The anticipation of strategic behavior may generate an oscillation even before the maintenance period in which the decision is expected. When the recently released ECB proposal is implemented in the model, then the bidders' strategic motives are effectively eliminated. It is shown that, alternatively, bidding behavior can be corrected using a simple reimbursement scheme. JEL Classification: E51, G28
Do Regions Benefit from Active Labour Market Policies? A Macroeconometric Evaluation Using Spatial Panel Methods

Dauth W. , Hujer R. and Wolf K. Do regions benefit from active labour market policies? A macroeconometric evaluation using spatial panel methods, Regional Studies. The effect of active labour market policies on all job seekers in a region is assessed using the variation in the participation in these programmes across regions over time. The starting point is an augmented regional matching function, which is extended by allowing for a heterogeneous search effectiveness parameter for current participants and job seekers who finished a measure recently. A spatial dynamic panel data model is estimated by using a quasi-ML estimation procedure. It is found that job schemes in the non-profit sector, wage subsidies and advancement of apprenticeships significantly increase the regional number of matches.
Toxicity of staphylococcal alpha toxin for rabbit alveolar macrophages

Highly purified staphylococcal alpha toxin was toxic in vitro for rabbit alveolar macrophages. Cytotoxicity, manifested by loss of the ability to exclude trypan blue dye and by morphological evidence of cell necrosis and lysis, was observed after exposure for 4 h to 1 microgram of toxin preparation per ml and after exposure for 8 h to 0.1 microgram of toxin per ml. In addition, exposure to toxin under conditions which did not kill more than 10% of the cells (1 microgram/ml for 1.5 to 2 h) significantly reduced the phagocytic activity of the cells and their ability to respond to an activator of hexose monophosphate shunt activity.
Is repair preferable to replacement for ischemic mitral regurgitation?

OBJECTIVE This study was undertaken to compare mitral valve repair and replacement as treatments for ischemic mitral regurgitation. METHODS From 1985 through 1997, a total of 482 patients with ischemic mitral regurgitation underwent either valve repair (n = 397) or valve replacement (n = 85). Patients more likely (P < or =.01) to undergo repair had functional mitral regurgitation or coronary revascularization with an internal thoracic artery graft; those more likely to receive valve replacement were in higher New York Heart Association functional classes or underwent emergency operations. These factors were used for multivariable propensity matching. Risk factors for early and late death were identified by multivariable, multiphase hazard function analysis. RESULTS Within the propensity-matched better-risk group, survivals after valve replacement were 81%, 56%, and 36% at 30 days, 1 year, and 5 years, but survivals after repair were 94%, 82%, and 58% at these intervals (P =.08). In contrast, within the poor-risk group, survivals after repair and replacement were similar (P =.4). Risk factors (P < or =.01) included older age, higher functional class, greater wall motion abnormality, and renal dysfunction. Approximately 70% of patients were predicted to benefit from repair; the benefit lessened or was negated if an internal thoracic artery graft was not used, if a lateral wall motion abnormality was present, or if the mitral regurgitation jet pattern was complex. Freedom from repair failure at 5 years was 91%. CONCLUSION Late survival is poor after surgery for ischemic mitral regurgitation. Most patients with ischemic mitral regurgitation benefit from mitral valve repair. In the most complex, high-risk settings, survivals after repair and replacement are similar.
CONCURRENT SCLERAL BUCKLE AND INTRAVITREAL BEVACIZUMAB FOR ADVANCED RETINOPATHY OF PREMATURITY-RELATED RETINAL DETACHMENT.

BACKGROUND The preoperative use of intravitreal bevacizumab in Stage 4 or 5 retinopathy of prematurity (ROP) can reduce vascular endothelial growth factor load and bleeding risk; however, it can induce traction and exacerbate a tractional retinal detachment. Concurrent placement of a scleral buckle may reduce these risks and obviate future vitrectomy. METHODS A retrospective analysis of eyes treated for Stage 4 and 5 ROP with concurrent intravitreal bevacizumab and scleral buckle was performed. Retinal reattachment and need for vitrectomy were studied. RESULTS Thirteen eyes from 10 infants were treated with concurrent intravitreal bevacizumab and scleral buckle. Nine eyes were Stage 4a, 2 were Stage 4b, and 2 were Stage 5. All eyes with Stage 4 ROP achieved macular attachment at last follow-up. All the eyes with 4a ROP achieved retinal reattachment: 4 (44.4%) with buckle alone and 5 (55.6%) with subsequent vitrectomy. All 4 eyes with Stage 4b or 5 ROP required vitrectomy. CONCLUSION Concurrent intravitreal bevacizumab and scleral buckle may serve as a bridge to vitrectomy and, in some instances, may obviate the need for subsequent intervention.
Cooperative versus Full-Duplex Communication in Cellular Networks: A Comparison of the Total Degrees of Freedom

In this paper, we compare the potential gain that can be obtained from separate-antenna full-duplex transceivers in cellular networks with that obtained from cooperative operation of half-duplex base stations. The gain is characterized in terms of the total degrees of freedom (DoF). In particular, we consider a system composed of two adjacent MIMO base stations. We consider a single time-frequency resource unit that is used by each base station to communicate with one MIMO user. For the full-duplex case, we assume that each node has a configurable transceiver that can allocate some antennas to the uplink and the remainder to the downlink. We provide an upper bound on the total DoF of the full-duplex system and derive the optimal antenna allocation at each node. We compare the derived upper bound for the full-duplex transceivers with the achievable DoF in the case of half-duplex cooperative multipoint transmission. Our results indicate that the achievable DoF in the cooperative case is always greater than or equal to the upper bound on the DoF of the full-duplex system. We further investigate the case of full-duplex cooperative multipoint transmission and show that the maximum DoF gain due to full-duplex operation cannot exceed 12.5% of the DoF of the half-duplex cooperative system.
Designing a strategic management system using the third‐generation balanced scorecard

This paper describes a project to design and implement a strategic performance management system within Zamil Air Conditioners (ZAC). In 2001 ZAC had developed its first ever strategic plan using traditional rationalist methods, but with little effect. In 2002, they began a project to introduce a system to help it manage the implementation of its strategy based on an advanced version of the balanced scorecard framework referred to as third‐generation balanced scorecard. This paper describes this project and offers some insights into the application of strategic performance management methods and systems derived from this and prior experiences. This paper examines closely the methodologies employed in the formulation and implementation of strategy and begins by reviewing the literature surrounding the variety of methodologies observed by management authors. The paper then uses this literature to examine the ZAC operating practices prior to the new strategic management system, the choices made during the design process and how the new system changed the organisation. The paper concludes by offering some insights and recommendations about the design process and the physical outputs relating to the balanced scorecard and demonstrating in a practical situation why third‐generation balanced scorecard offers enhanced utility and practicality over previous designs. These benefits and recommendations are drawn from the viewpoints of both the consultants who facilitated the design process and the management team who developed the content of the management system. Although the design process for third‐generation balanced scorecard has been used numerous times in practice, this is the first case study on the specific assessment of the new process.
Prices, Devices, People, or Rules: The Relative Effectiveness of Policy Instruments in Water Conservation1

Water conservation policy is a natural laboratory for addressing general issues of relevance to policy analysis and public administration, particularly the relative effectiveness of policies in changing human behavior. Using multivariate regression analysis of a dataset comprised of more than 200,000 monthly observations of more than 19,000 household accounts over six years, this paper makes three main contributions. First, it contributes to the substantive area of water conservation policy by analyzing what works. Second, it contributes to our understanding of generic policy instruments. Third, it raises an important issue regarding standard assumptions about selection bias. The results support earlier work warning that offsetting behavior can negate engineering solutions to policy problems, but further indicate that adding communication to engineering solutions can create cooperation that overcomes offsetting behavior. They also provide evidence that appropriate regulation can be effective, and that pricing can be effective even when price elasticities of demand are low. Copyright 2004 by The Policy Studies Association.
Focal Adhesion Kinase Is Critical for Entry of Kaposi's Sarcoma-Associated Herpesvirus into Target Cells

ABSTRACT Kaposi's sarcoma-associated herpesvirus/human herpesvirus 8 (KSHV/HHV-8) interacts with cell surface α3β1 integrin early during in vitro infection of human endothelial cells and fibroblasts and activates the focal adhesion kinase (FAK) that is immediately downstream in the outside-in signaling pathway by integrins, leading to the activation of several downstream signaling molecules. In this study, using real-time DNA and reverse transcription-PCR assays to measure total internalized viral DNA, viral DNA associated with infected nuclei, and viral gene expression, we examined the stage of infection at which FAK plays the most significant role. Early during KSHV infection, FAK was phosphorylated in FAK-positive Du17 mouse embryonic fibroblasts. The absence of FAK in Du3 (FAK−/−) cells resulted in about 70% reduction in the internalization of viral DNA, suggesting that FAK plays a role in KSHV entry. Expression of FAK in Du3 (FAK−/−) cells via an adenovirus vector augmented the internalization of viral DNA. Expression of the FAK dominant-negative mutant FAK-related nonkinase (FRNK) in Du17 cells significantly reduced the entry of virus. Virus entry in Du3 cells, albeit in reduced quantity, delivery of viral DNA to the infected cell nuclei, and expression of KSHV genes suggested that in the absence of FAK, another molecule(s) may be partially compensating for FAK function. Infection of Du3 cells induced the phosphorylation of the FAK-related proline-rich tyrosine kinase (Pyk2) molecule, which has been shown to complement some of the functions of FAK. Expression of an autophosphorylation site mutant of Pyk2 in which Y402 is mutated to F (F402 Pyk2) reduced viral entry in Du3 cells, suggesting that Pyk2 facilitates viral entry moderately in the absence of FAK. These results suggest a critical role for KSHV infection-induced FAK in the internalization of viral DNA into target cells.
Review of Econometric Models Applicable to Hedge Fund Returns Capturing Serial Correlation and Illiquidity

Hedge Fund returns are often highly serially correlated mainly due to illiquidity exposures given that investments in such securities tend to be inactively traded and associated market prices are not always readily available. Following that, observed returns of such alternative investments tend to be smoother than “true” unobserved returns, which, in fact, turn out to underestimate risk measures such as volatility (i.e. standard deviation). In order to encompass for such serial correlation and illiquidity, we propose three econometric models. The first model referred to as the log-normally distributed random walk model with time varying parameters is largely used in the risk industry for Value-at-Risk4 purposes. Its main goal, in our context, is to derive specific characteristics of Hedge Fund returns by challenging and invalidating its assumptions (i.e. lognormality assumption and presence of autocorrelation between returns as well as their squares). The next two, referred to as the Blundell-Ward and the Getmansky, Lo and Markarovmodel respectively, both encompass an unsmoothing process and incorporate a predictive model for volatility. However, their mathematical background lies on a diametrically different perspective. Last but not the least, we propose for both an adequate model extension (i.e. a Markov-switching model for Blundell-Ward and conditional serial correlation for Getmansky, Lo and Markarov) that provide a superior volatility forecasting given the limitations arising within their actual standard mathematical formalism.
Piggyback a Common Message on Half-Duplex Bidirectional Relaying

In this work we consider the achievable rates of a joint resource allocation for a three-node network where a half-duplex relay node enables bidirectional communication between nodes 1 and 2 and thereby adds an own multicast message to the communication. In the multiple access phase nodes 1 and 2 transmit their message to the relay node, which decodes the messages and forwards them in the succeeding broadcast phase. Therefore, the relay node encodes the multicast and bidirectional messages using the superposition encoding strategy. We do not allow cooperation between the encoders of nodes 1 and 2, but since both nodes know a priori its own bidirectional message, both nodes can cancel the interference caused by their own message before decoding the unknown messages. It shows that for both nodes it is always optimal to decode the relay message first. Furthermore, the total sum-rate maximum is determined by the sum-rate optimum of the bidirectional broadcast phase. From the closed form solutions of the combinatorial problems we can characterize the bidirectional rate pairs where the total sum-rate remains constant. In the end the obtained results are discussed and illustrated by means of some working examples. The joint resource allocation improves the overall spectral efficiency and enables new trade-offs between the routing tasks.
SWIPT in MISO Multicasting Systems

This letter considers simultaneous wireless information and power transfer (SWIPT) in multiple-input single-output (MISO) multicasting systems where each receiver is equipped with a power splitting device and can receive both information and energy from the base station (BS) continuously at the same time. We investigate the joint multicast transmit beamforming and receive power splitting problem for minimizing the transmit power of the BS subject to signal-to-noise ratio (SNR) and energy harvesting constraints at each receiver. Both scenarios of perfect and imperfect channel state information (CSI) at the BS are studied. Due to non convexity of the problems, we use semidefinite relaxation (SDR) technique to solve the problems. Interestingly, we show that the SDR is in fact tight in certain scenarios.