Miracle-dz/UniFAR-FTUs huggingface dataset:
The Relation of the Structure of Common Stock Prices to Historical, Expectational and Industrial Variables

ONE of the most important problems confronting stock market analysts is the valuation of stocks at any point in time. In fact, the name of the game is to determine whether stocks are selling above or below their real worth. Presumably; "real worth" is synonymous with economic equilibrium based upon the "correct" model of common stock valuation. Deviations from equilibrium will eventually be corrected by the market mechanism and this is the stuff of which profits and losses are made. The most important recent attempt to determine the factors behind the structure of share prices was made by Malkiel and Cragg [9]. Except for an earlier study by Whitbeck and Kisor [13], the Malkiel and Cragg analysis was the first to use extensively expectational variables to explain variations in price-earnings ratios among firms. Several earlier empirical studies attempted to explain the structure of share prices on the basis of historical variables alone. ' Malkiel and Cragg convincingly argue that it is possible to improve the goodness of fit between price-earnings ratios and their determinants by introducing expectational variables such as forecasts of long-term earnings growth or predicted instability of the future earnings stream. The purpose of this paper is to extend the work of Malkiel and Cragg since they have apparently opened up a rich vein of exploration in the quest to explain the structure of share prices. The most serious limitation of the Malkiel and Cragg study was its sample size. Unfortunately, the sample was restricted to only 178 corporations.2 The authors state ". our sample tends to contain the 'blue-chip' group of companies in which investment interest is centered. " [9, p. 604]. Would it be possible to improve the market representativeness and size of the sample and still obtain the excellent results reported by Malkiel and Cragg? In addition to attempting to answer this question, this paper will also consider the role of industrial classification in determining price-earnings ratios holding important financial variables constant. Section II briefly reviews the stock evaluation model. Section III dis-
Turbulent Flow over Two-Dimensional Rectangular-Shaped Roughness Elements with Various Spacings

The present study deals with the flow over a flat plate with repeated roughness elements of 2-dimensional rectangular shape, which can be applied into the study on the natural geographical roughness and the turbulent flow on roughened solid surface. Experiment was performed using PIV technique in the circulating water channel. Results showed that the flow over roughness elements was characterized by the high shear flow emanating from top of roughness element and the recirculating region formed at the trough of two roughness elements. It was also confirmed that k-type roughness is certainly a more effective means than d-type roughness in thickening the viscous layer. In general, the ratio between the spacing and the height of roughness elements plays a crucial role in developing the flow pattern near wall surface.
Flexibility in cash-flow classification under IFRS: determinants and consequences

International Financial Reporting Standards (IFRS) allow managers flexibility in classifying interest paid, interest received, and dividends received within operating, investing, or financing activities within the statement of cash flows. In contrast, U.S. Generally Accepted Accounting Principles (GAAP) requires these items to be classified as operating cash flows (OCF). Studying IFRS-reporting firms in 13 European countries, we document firms’ cash-flow classification choices vary, with about 76, 60, and 57% of our sample classifying interest paid, interest received, and dividends received, respectively, in OCF. Reported OCF under IFRS tends to exceed what would be reported under U.S. GAAP. We find the main determinants of OCF-enhancing classification choices are capital market incentives and other firm characteristics, including greater likelihood of financial distress, higher leverage, and accessing equity markets more frequently. In analyzing the consequences of reporting flexibility, we find some evidence that the market’s assessment of the persistence of operating cash flows and accruals varies with the firm’s classification choices and the results of certain OCF prediction models are sensitive to classification choices.
The Association between Insider Trading and Information Announcements

Prior knowledge of certain public information events can lead to abnormal returns on securities. Insiders generally have access to information before the public. Several studies have shown that abnormal returns are earned by portfolios which are constructed on the basis of the trading behavior of corporate insiders. We test whether this demonstrably profitable trading is associated with the public release of information about earnings, dividends, bond ratings, mergers, and bankruptcies. The results are weakly consistent with some use of private information, but most insider trading appears to be unrelated to these information events.
Ex post and ex ante returns and risks under different maturities of treasury bonds: evidence from developed and emerging markets

Based on asset pricing theory, reward/risk ratios vary positively with maturity of Treasury securities. We study the effect of increasing Treasury bonds' maturity on ex post and ex ante returns and risks in developed and emerging countries. As maturity increases, we show that ex post and ex ante returns are negative and they decrease while ex post and ex ante risks increase in developed countries, resulting in a sharp increase in the ex post and ex ante coefficient of variation. This indicates that investors are negatively rewarded for the risk they face for investing in Treasury bonds in developed markets. In emerging markets, as maturity increases, ex post and ex ante returns are positive for medium and long maturities and they increase while ex ante risk decreases with maturity. As maturity increases, the coefficient of variation in emerging and developed markets increases, indicating that reward to investors for facing extra risk decreases as maturity increases; however, investors are much better rewarded in emerging than developed markets.
Rural Entrepreneurship in Europe: A Research Framework and Agenda

The present work provides an integrated view of rural entrepreneurship and sets the agenda for future research in the area. Rurality defines a territorially specific entrepreneurial milieu with distinct physical, social and economic characteristics. Location, natural resources and the landscape, social capital, rural governance, business and social networks, as well as information and communication technologies, exert dynamic and complex influences on entrepreneurial activity in rural areas. Rurality is viewed as a dynamic entrepreneurial resource that shapes both opportunities and constraints. Rural entrepreneurship is depicted as a three‐stage sequential process highly influenced by specific territorial characteristics. The proposed research agenda addresses issues related to theoretical studies concerning entrepreneurial processes in rural areas and more applied issues concerning the formulation of integrated and competent policies supporting entrepreneurship in such areas.
Earnings Expectations and Security Prices

Can generally available information about consensus earnings expectations be used to generate risk-adjusted excess returns? If the market is truly efficient, such information should be discounted instantaneously and offer no profit opportunity. If the market is inefficient, however, and discounts new information only gradually, then it should be possible to demonstrate a relation between current consensus forecasts and subsequent stock price behavior. Using a data base that contained earnings estimates for over 2,400 stocks made by more than 70 brokerage firms, the authors examined month-to-month percentage changes in consensus estimates to determine whether large positive revisions in earnings expectations can predict changes in stock prices. Their findings indicate that this information can be used to achieve returns significantly above the market's return. Furthermore, the returns remain superior after risk adjustment and after transaction costs. For each of the 24 quarters from March 1975 through December 1980, the authors initiated a portfolio consisting of the 20 stocks with the largest one-month increase in their mean, or consensus, earnings estimate. Not only did these test portfolios achieve a 12-month alpha of 14.2 per cent versus the S&P 500, but 66 per cent of the stocks selected outperformed the S&P 500 on an absolute basis, assuming a sixmonth holding period. The performance of the selected portfolios also proved superior when compared with the returns on portfolios of similar risk chosen randomly from the same universe.
INTRAVITREAL RANIBIZUMAB FOR THE PRIMARY TREATMENT OF CHOROIDAL NEOVASCULARIZATION SECONDARY TO PATHOLOGIC MYOPIA

Purpose: To evaluate the efficacy of intravitreal ranibizumab for the primary treatment of myopic choroidal neovascularization (CNV). Methods: Sixteen eyes of 16 consecutive patients who received 3 monthly injections of intravitreal ranibizumab for primary treatment of myopic CNV were reviewed. Additional ranibizumab injections were performed in eyes with persistent or recurrent CNV after 3 months. Results: The mean age of the patients was 60.8 years, and the spherical equivalent refractive error was −10.9 D. The mean logMAR best-corrected visual acuity at baseline was 0.58 (20/76). At 1 month and 12 months, the mean logMAR best-corrected visual acuity improved significantly to 0.39 (20/49) and 0.28 (20/37), respectively (P = 0.001 and P < 0.001, respectively). The mean improvement at 12 months was 3.0 lines, and 12 (75.0%) eyes had improvement of 2 or more lines. Fifteen (93.8%) eyes had angiographic closure at 3 months and 1 (6.2%) required further treatment because of persistent leakage at 3 months. Two (12.5%) patients had recurrence of CNV and required retreatment between 3 months and 9 months. Optical coherence tomography showed significant reduction in the mean central foveal thickness after treatment (P < 0.001). None of the patients developed any ocular or systemic side effects associated with intravitreal ranibizumab. Conclusion: Intravitreal ranibizumab appeared to be effective for the primary treatment of myopic CNV, with a high proportion of patients sustaining visual gain after treatment.
Myocardial gene transfer and long‐term expression following intracoronary delivery of adeno‐associated virus

Adeno‐associated viral vectors (AAV) can direct long‐term gene expression in post‐mitotic cells. Previous studies have established that long‐term cardiac gene transfer results from intramuscular injection into the heart. Cardiac gene transfer after direct intracoronary delivery of AAV in vivo, however, has been minimal in degree, and indirect intracoronary delivery, an approach used in an increasing number of studies, appears to be receiving more attention. To determine the utility of indirect intracoronary gene transfer of AAV, we used aortic and pulmonary artery cross clamping followed by proximal aortic injection of AAV encoding enhanced green fluorescent protein (AAV.EGFP) at 1011 DNase resistant particles (drp; high‐performance liquid chromatography (HPLC)‐purified) per rat. Gene expression was quantified by fluorescent microscopy at four time points up to 1 year after vector delivery, revealing 20–32% transmural gene expression in the left ventricle at each time point. Histological analysis revealed little or no inflammatory response and levels of transgene expression were low in liver and undetectable in lung. In subsequent studies in pigs, direct intracoronary delivery into the left circumflex coronary artery of AAV.EGFP (2.64–5.28 × 1013 drp; HPLC‐purified) resulted in gene expression in 3 of 4 pigs 8 weeks following injection with no inflammatory response in the heart. PCR analysis confirmed AAV vector presence in the left circumflex perfusion bed. These data indicate that intracoronary delivery of AAV vector is associated with transgene expression in the heart, providing a means to obtain long‐term expression of therapeutic genes. Copyright © 2004 John Wiley & Sons, Ltd.
Fuelwood, forests and community management – evidence from household studies

ABSTRACT This paper reviews the state of economic understanding about fuelwood in developing countries. It synthesizes the main results from numerous empirical studies with the intent of identifying implications for policy and pointing out where important questions remain unanswered. Overall, the empirical results reviewed reinforce the contention that households alter their behavior in the presence of sufficient scarcity in ways that are least costly to them. Still, the cost can be substantial and many cases remain where policy intervention is justified to address concerns of both equity and efficiency. Addressing the coping capabilities of the very poor and the open access conditions of woodlands appear to be two ways of dealing with fuelwood scarcity that are likely to yield high social rates of return. Community forestry has the potential to address these two important areas, but there is little evidence to date that this is being done with fuelwood in mind.
Gastrointestinal Stromal Tumor of the Stomach Presenting as Multilobular with Diffuse Calcifications

Gastrointestinal stromal tumors (GISTs) are the most common primary mesenchymal neoplasms of the gastrointestinal tract and usually appear as a well-circumscribed mass. However, it may be difficult to confirm the extent of the disease for some GISTs. A 70-year-old asymptomatic female presented for a regular physical exam. An esophagogastroduodenoscopy showed a 2.0 cm protruding mass on the gastric fundus. Endoscopic ultrasound revealed an ill-defined heterogenous hypoechoic lesion (3.0×1.5 cm). A computed tomography (CT) scan demonstrated a 4.5 cm multifocal calcified mass at the gastric body as well as at the gastric fundus. Laparoscopic gastric wedge resection was performed according to the extent of multifocal calcifications that are shown on the CT. Intraoperative specimen mammography and intraoperative biopsy might be helpful to obtain a tumor-free margin. Final pathologic diagnosis was an intermediate risk GIST in multilobular form. In patients with diffuse multifocal calcifications in the stomach, the possibility of GIST should be considered.
Impact of Electrical Contact Resistance on the High-Speed Transmission and On-Line Diagnosis of Electrical Connector Intermittent Faults

Electrical connectors are widely used in many kinds of main equipment. It is very difficult, costly, and time consuming for the off-line diagnosis of intermittent faults (IFs) in connectors. To realize the on-line diagnosis by the traditional method, the voltage drop between two ends of the connector should be measured continuously at a high sample rate. This continuous measurement requires enormous testing resources, which is impractical in engineering fields. To solve this problem, this paper proposes an on-line diagnosis method in condition of the single-end test for the electrical connector IFs. To determine the fault threshold of the electrical contact resistance (ECR), first the impact of the ECR on high-speed transmission is studied, and then the connector fault feature in condition of the single-end test, which is called the insertion loss increment (ILI), is extracted. The measurement method of the ILI is also presented. Based on the above analysis, an ILI-based on-line diagnosis method for the connector IFs is specified. According to the qualitative and quantitative tests, the proposed diagnosis method is verified. The verification results show that the cumulative insertion loss increment, which is calculated from the ILI can truly exhibit the variation of ECR, and the error of the ILI-based diagnosis method is only about 1%.
Resource Rent in Individual Quota Fisheries

Traditional fisheries management schemes generate incentives for vessels to maximize catch, resulting in rent dissipation and overcapacity. Individual vessel quota management schemes change the incentives to maximize profit and have the potential to generate resource rent and reduce capacity. An interesting question is whether it is the changed incentives due to individual quota or the capacity reduction due to transferability of individual quota that is most important in generating rent. In this study, a cost function approach is used to model and measure rent generated and potential rent in a fishery managed with individual vessel quotas. (JEL C30, Q22)
A review on supply chain performance measures and metrics: 2000‐2011

Purpose – The paper reports a comprehensive review of supply chain performance measurement systems and raises a set of research issues leading to selected research questions.Design/methodology/approach – The articles which have been published in selected peer‐reviewed international journals in the last ten years were collected by using databases Scopus and ISI Web of Knowledge. The articles were scrutinized based on authors' perspective analysis (using supply chain measures and metrics, and enhancing supply chain performance as the key perspectives). The articles contributing significantly in the domain of supply chain measures and metrics were selected for final review and various issues were identified.Findings – The paper argues that, despite considerable evidence from the literature in supply chain performance measurement in recent years, there is a large scope for research to address the issues in supply chain performance measurement, including: characteristics of measures and metrics, benchmarking o.
Evaluation of novel textile electrodes for ECG signals monitoring based on PEDOT:PSS-treated woven fabrics

Despite surface electrodes technology for biopotential recording is well established, different researches are aimed at overcoming the limitations exhibited by the available solutions. In this paper, a proposal for the low-cost development of textile electrodes based on woven fabrics treated with polymer poly-3,4-ethylenedioxythiophene doped with poly(styrene sulfonate) (PEDOT:PSS), is presented. Compared to other approaches, the proposed one can be exploited on any finished fabric. An accurate analysis of the electrodes performance, based on impedance measurements and signal processing techniques, both in wet and dry conditions, reveals the virtues and vices of the proposed solution, when used for electrocardiogram recording. In particular, the potentialities of these electrodes clearly emerge, in terms of ability to work without any electrolyte, providing a valuable interface between the skin and the electrode, in some cases achieving better performance than commercial disposable electrodes.
Exploring the Relationship between Facebook and Self-Esteem among Turkish University Students

The main purpose of this study is to investigate the relationship between the use of Facebook and self-esteem among Turkish university students. Research data were obtained by surveying the undergraduate students in the Business Administration and Economics Departments of Bilecik Seyh Edebali University, in the academic year of 2013-2014. A questionnaire, including Rosenberg Self-Esteem Scale, was used to collect the data. According to the results of the study, self-esteem of Turkish university students does not have significant association with Facebook use. It was found that there was no statistically significant difference between self-esteem of those who use and those do not use Facebook. In addition, there was also no relationship found between characteristics of Facebook use and self-esteem among Facebook users either.
Performance analysis of cooperative content delivery in wireless IoT networks

This paper analyzes content provisioning cost and the amount of network traffic generated by mobile nodes in wireless networks supporting Internet of Things (IoT). For content delivery, cooperative caching is adapted to mobile nodes where a content request message from a node is broadcasted to the connected nodes within the network before it is sent to the content provider (CP) via cellular infrastructure. It is shown that there is the critical cache division ratio to minimize content provisioning cost, and the amount of network traffic decreases as the cache division ratio increases.
Sustainable Extensification as an Alternative Model For Reducing GHG Emissions From Agriculture. The Case of an Extensively Managed Organic Farm in Denmark

GHG emissions of an extensively managed Danish organic farm were estimated upstream and on-farm. The results were compared to Danish national levels based on land area and output. Overall, the farm emitted 2.12 t CO2eq ha−1 yr−1. Excluding land use, land use change, and forestry (LULUCF) related emissions, the combined GHG emissions from energy- and agriculture-based activities at the case farm were 47% lower (per unit area) and 12% higher (per unit output), than GHG emissions from Danish agriculture. With current livestock density (0.64 LU ha−1) and crop production area, the case study farm would supply at average 1,466 kcal per inhabitant per day in Denmark, if the farm was scaled up to Danish national level. With a reduction of livestock density to 0.36 LU ha−1 and proportional cropland area expansion for food production (ceteris paribus), the case study farm could supply around 4,940 kcal person−1 day−1, matching Danish national levels (including Danish net food export surplus of 41.5%). Simultaneously, the case study farm would have a better GHG balance per unit area and unit output in food, compared to the rest of Denmark. Hence, the case study farm system could serve as an alternative model for Danish agriculture under a sustainable extensification scenario with lower GHG emissions, while maintaining sufficient output for human consumption.
Untying the Gordian Knot: The Multiple Links between Exchange Rates and Foreign Direct Investment

Theoretical and empirical studies show that the level and volatility of exchange rates can have significant effects on foreign direct investment (FDI). But the evidence is ambiguous, with the impact of exchange rates being heterogeneous across countries and types of investment, and varying over time. Fixed exchange rate regimes may stimulate investment, but largely because of their indirect benefits for the investment climate rather than because of lower currency volatility, especially in larger economies. Careful judgements still need to be made about the appropriate entry rate, since real exchange rate levels can have a long-lasting impact on the spatial distribution of economic activities and living standards.