Miracle-dz/UniFAR-FTUs huggingface dataset:
Have investors learned from the crisis? An analysis of post-crisis pricing errors and market corrections in US stock markets based on the reverse DCF model

ABSTRACT The traditional discounted cash flow (DCF) model is generally used to estimate the present value of an enterprise or its equity based on expected future parameters such as cash flows, growth rate and discount rate. In the last decade, the reverse DCF model has gained popularity. With this approach, the valuer uses the current market capitalization as a fixed input and seeks those ‘critical’ values of individual valuation parameters, which – assuming all other parameters remain unchanged – result in a value equal to current market value. This provides a point of comparison for the company’s realized performance and may provide insights regarding over or undervaluation. In this study, we develop a novel DCF model and conduct empirical analysis using data of 1001 US manufacturing, service, retail and financial companies. We examine pricing errors and market corrections in the post-crisis era based on the critical cash flow ratio defined in our reverse model. We find evidence of a general undervaluation in US stock markets with different pricing error patterns across industries. Our results confirm market correction mechanisms have worked properly in the post-crisis era with an average reaction time of 2 years, suggesting investors have learned from the crisis.
The successful transition of Black men at historically White universities

ii List of Tables . vii List of Figures . viii Chapter 1: Introduction Problem Statement . 1 Purpose of the Study . 11 Justification and Significance . 15 Research Questions . 16 Chapter 2: Literature Review and Context of the Study Historical Context: Education of Blacks in the United States . 18 Historical Context: Status of Black Males in the United States . 36 Theoretical Context: Liminality . 40 Theoretical Context: Critical Race Theory . 42 Theoretical Context: Personal and Racial Identity Development . 48 Chapter 3: Research Design and Methods Qualitative Inquiry . 64 Phenomenology.64 Grounded theory . 67 Personal nature of the research inquiry . 69 Positionality and critical reflexivity . 71 Subjectivity . 76 Study Design . 77
Us vs. Them: The Failure of Globalism

Those who championed globalization once promised a world of winners, one in which free trade would lift all the world's boats, and extremes of left and right would give way to universally embraced liberal values. The past few years have shattered this fantasy, as those who've paid the price for globalism's gains have turned to populist and nationalist politicians to express fury at the political, media, and corporate elites they blame for their losses. The United States elected an anti-immigration, protectionist president who promised to 'put America first' and turned a cold eye on alliances and treaties. Across Europe, anti-establishment political parties made gains not seen in decades. The United Kingdom voted to leave the European Union. And as Ian Bremmer shows in this eye-opening book, populism is still spreading. Globalism creates plenty of both winners and losers, and those who've missed out want to set things right. They've seen their futures made obsolete. They hear new voices and see new faces all about them. They feel their cultures shift. They don't trust what they read. They've begun to understand the world as a battle for the future that pits 'us' vs. 'them.
‘You can’t put your roots down’: housing pathways, rental tenure and precarity in older age

Abstract In light of housing affordability concerns, we examine older people’s experiences of renting within a context of enduring home-ownership norms and aspirations. Adapting Clapham’s housing pathways framework, we ask: How is rental tenure experienced by older people who have encountered precarity in their housing history? Drawing on interviews with 13 older tenants, we observe the uneasy relationship between tenure insecurity and housing quality, and tensions between choice and luck in experiences of renting in later life. Three pathways related to renting in older age were apparent: life-long renting; loss of homeownership through adversity; and deliberate decisions to transition to renting. We note that challenges encountered in current and previous housing situations lead to diverse narratives of precarity in later life. These precarious experiences can be exacerbated by intersecting uncertainties associated with health, financial and personal circumstances. Older tenants’ housing pathways and experiences illuminate ways in which precarity can disrupt opportunities for ageing well and ageing in place.
Assessing Democratic Engagement through Student Organizations

The National Survey of Student Leaders (NSSL) is the first initiative extending scholarly insights about democratic benefits of participation in civil society associations to student organizations and their leaders on campus in order to assess democratic engagement as well as civic and political learning. This article describes NSSL and presents overall first-round data as a way to highlight recommendations for student affairs practitioners when assessing democratic outcomes from student organizations’ activities, structures, and leadership.
The Opioid Crisis: Tragedy, Treatments and Trade-offs

n Finding the right balance between limiting abuse and managing pain is difficult, but necessary. The United States has a drug problem. Overdose deaths have increased by more than 1,000 percent since 1980, with each of the past 28 years surpassing the last. With over 70,000 fatal overdoses in 2017 alone — an average of 192 deaths per day — drugs now kill more people than HIV/AIDS at the height of the epidemic in 1995. Opioids — prescription pain killers like OxyContin and Percocet, and illegal drugs including illicit fentanyl and heroin — are largely to blame.
Creating Value Through Entrepreneurship Based on the Economic Cycle

This chapter examines in-depth the behavior of necessityand opportunity-driven entrepreneurship. First, it considers their relevance to total entrepreneurial activity. The chapter determines which social and economic factors affect the two types of entrepreneurship, as well as their relative importance for a sample of 32 previously selected countries during a period of expansion (2001-2008) and of crisis and recovery (2009-2016). The analyzed factors include monetary and fiscal policy instruments (economic factors) and representative variables of governance and human capital (social ones). The findings show that both necessityand opportunity-driven entrepreneurship largely explain the behavior of total entrepreneurial activity. They moreover show that the explanatory factors of both kinds of entrepreneurship differ depending on the business cycle phase considered. These findings will be key to proposing efficient economic policy measures to promote entrepreneurial activity and, thus, economic growth in economies around the world.
Limit Pricing Oligopoly Market: Evidence from Tamilnadu Politics

Limit pricing oligopoly market is a hypothetical market explained with various hypotheses in the literature which has limited scope for the real world economic evidence and its application which leads the impact of the operation of such market is mostly unknown among the policymakers and academics. The available literature evidences are mostly neglected to explore the scope of such markets conditions and failed to direct appropriate policies. In India among most of the national level parties and in the states levels there are two only have been surviving over the long periods. This trigger the intuition to inquire into answer the questions a) why the political market is appears to be an oligopolistic market? b) How it maintain the limit pricing policy to deter the entry of new ? c) How the share the market? d) Are they collusive oligopolistic or non collusive? e) Are they price leadership oligopolist or not? f) How could they operate in the long run while some of them closed it even within the short run? Since there are very limited attempts only are available to answers this question. This calls for an enquiry by incorporating the micro economics theory with the political system. This paper is attempted to fill this gap in research.
Carbon quota allocation at the provincial level in China under principles of equity and efficiency

Abstract Allocating emission quotas among provinces fairly and efficiently is a critical issue for China. We developed a carbon quota allocation framework at the provincial level considering both the equity and efficiency principles based on a multi-objective non-linear programming model. We established a carbon Gini coefficient and an emission abatement cost function to measure the equity and efficiency of quota allocation, respectively. We then introduced them as objectives into a multi-objective non-linear programming model and obtained the optimal emission quota allocation for 30 provinces in China, by realizing the trade-off between the equity and efficiency principles. Our analysis revealed that Chinese carbon emissions have not yet peaked and that the proportion of carbon emission in each province is similar. Moreover, provinces with higher GDP per capita, carbon intensity, and historical accumulated carbon emissions should shoulder more burden of carbon intensity reduction and higher marginal reduction costs. The rationality analysis indicates that our method outperforms traditional methods according to the principles of both equity and efficiency. We conclude by offering policy recommendations for the establishment of a national unified carbon market.
Sustainable Approach to Eradicate the Inhibitory Effect of Free-Cyanide on Simultaneous Nitrification and Aerobic Denitrification during Wastewater Treatment

Simultaneous nitrification and aerobic denitrification (SNaD) is a preferred method for single stage total nitrogen (TN) removal, which was recently proposed to improve wastewater treatment plant design. However, SNaD processes are prone to inhibition by toxicant loading with free cyanide (FCN) possessing the highest inhibitory effect on such processes, rendering these processes ineffective. Despite the best efforts of regulators to limit toxicant disposal into municipal wastewater sewage systems (MWSSs), FCN still enters MWSSs through various pathways; hence, it has been suggested that FCN resistant or tolerant microorganisms be utilized for processes such as SNaD. To mitigate toxicant loading, organisms in SNaD have been observed to adopt a diauxic growth strategy to sequentially degrade FCN during primary growth and subsequently degrade TN during the secondary growth phase. However, FCN degrading microorganisms are not widely used for SNaD in MWSSs due to inadequate application of suitable microorganisms (Chromobacterium violaceum, Pseudomonas aeruginosa, Thiobacillus denitrificans, Rhodospirillum palustris, Klebsiella pneumoniae, and Alcaligenes faecalis) commonly used in single-stage SNaD. This review expatiates the biological remedial strategy to limit the inhibition of SNaD by FCN through the use of FCN degrading or resistant microorganisms. The use of FCN degrading or resistant microorganisms for SNaD is a cost-effective method compared to the use of other methods of FCN removal prior to TN removal, as they involve multi-stage systems (as currently observed in MWSSs). The use of FCN degrading microorganisms, particularly when used as a consortium, presents a promising and sustainable resolution to mitigate inhibitory effects of FCN in SNaD.
Innovation Organisationnelle, Innovation Technologique : Quels Enjeux pour la Gestionde de la Conception Architecturale ?

Cet article traite de la gestion du projet architectural dans sa phase conceptuelle a travers le concept de l’innovation organisationnelle ou manageriale, ses defis et perspectives. Il propose un etat de l’art des idees, processus et outils supportant les activites collaboratives dans le domaine de la conception architecturale inspire des methodes utilisees dans les industries productives. En vue des changements organisationnels des organisations, nous retenons deux enjeux partages, a savoir la cooperation dans les activites de conception, et le recours a une structure d’utilisation de la technologie de l’information et de la communication. Nous mettons l’accent sur les positions theoriques oscillant entre validation et deni de l’implication des trajectoires technico-organisationnelles dans le changement du processus de la conception architecturale.
Functional Income Distribution, Capacity Utilization, Capital Accumulation and Productivity Growth in Turkey: A Post‐Kaleckian Analysis

The aim of this article is to examine the relation between functional income distribution, capacity utilization, capital accumulation and productivity in Turkey by identifying demand and overall regimes prevalent in the economy. For this purpose, we conducted an empirical analysis using different specifications of the post‐Kaleckian model of Hein and Tarassow. This model defines and characterizes an overall regime by endogenizing productivity growth and integrating it into the models in this tradition. Empirical findings show that while the demand regime is wage‐led, the overall regime turns out to be unstable in Turkey due to the destabilizing impact of productivity growth. This article contributes to the literature by being the first study that simultaneously identifies the demand and the overall regimes of an economy.
Factors hampering the development of physical culture in the years 2011-2015

You cannot assess how culture develops physical, without a prior diagnosis of physical activity of Polish society at that time. The analysis of the main factors that affect the weakening of the development of physical culture on the example of Polish in the years 2011-2015. It is imperative that public administration has taken effective measures that encourage more people to it, to turn on sport and physical activity to your daily routine. This is of great importance, not only to improve their health, well-being and integration in society, but also because the lack of physical activity generates significant economic costs.
Formulating Industrial Policy

Executive Summary Alongside the challenge of maintaining economic competitiveness in the face of great uncertainty, Brexit brings an opportunity for the government to set out a new industrial strategy. The case for doing so rests on the need to address areas of persistent structural weakness in the UK economy, including low productivity. But it is important that any new industrial strategy be based on appropriately granular data reflecting the real structure of the UK corporate sector: the overwhelmingly preponderant role of services as opposed to manufacturing, for example; the importance of young, fast-growing firms as opposed to SMEs; the relatively high failure rate of companies in the UK; and the relative lack of successful mid-sized firms. Such a data-driven approach might spawn an industrial strategy quite different from the piecemeal programmes of recent years. Internationally, the UK is a laggard in this area, and the recently-created Industrial Strategy Council does not look strong enough to change that position. To move forward, the government needs to make industrial strategy a central plank of economic policy, embedded at the heart of the administration with its own staff and funding, and operations based on a comprehensive review of the economic contribution and potential of various types of firm. Needless to say, it cannot be a substitute for a continuing commitment to competition and markets, or a stalking horse for protectionism: interventions should be justified by carefully-argued market failure arguments, be time-limited, and transparently evaluated.
GDP Competition and Corporate Investment: Evidence from China

This study examines whether and how macroeconomic performance competition is related to investment at firm level. We use GDP competition as a proxy of dynamic macroeconomic conditions. We find that the effect of GDP competition on firm investments is significantly positive. We also find that GDP competition destroys investment efficiency significantly, especially by increasing overinvestment. Further tests show that GDP competition is more likely to affect the investment decisions of firms controlled by governments and firms located in regions with low marketization. In addition, our analyses reveal that the provincial officials facing competitive pressure are more likely to be promoted if firm investments accelerate. We use alternative proxies to measure GDP competition and find similar results that support our inference. Our findings support the notion that GDP competition of governments distorts investment behaviour. The present paper also elucidates investment problems and dilemmas faced by emerging economies.
Chinese reverse M&As in the Netherlands: Chinese managers’ trust building practices

Purpose Building trust is critical in reverse mergers and acquisitions (M&As), attributed to the divergence of governance and culture between the East and the West. This paper aims to explore the barriers and trust-building practices of Chinese managers in reverse M&As in developed countries. Design/methodology/approach The primary data set of this research contains case studies of two Chinese M&A deals and in-depth interviews with managers and advisories in the Netherlands. Findings This research finds that the divergences of decision-making structure, communication style and trust orientation generate barriers to the trust building in Chinese reverse M&As. The third-party advisory participation helps to build cognition-based trust of acquired company managers on Chinese acquiring company managers through providing information and explanation, fitting Chinese buyers in the Western M&A procedure and offering communication. It also helps to build affect-based trust through bridging the divergence of trust orientation and filling the cultural voids. Meanwhile, the invisible integration helps to build cognition-based trust through maintaining the core business, offering great help to acquired companies for their business expansion and selecting the business collaboration areas in the long term. It also helps to build affect-based trust through granting a high degree of governance independence and enabling a balanced status in acquired companies. Originality/value This research unveils the “black box” of Chinese reverse M&As from an inter-personal trust perspective and advances the nuanced understanding of trust and trust-building practices in Chinese reverse M&As. It also provides practical tools for both Chinese companies and acquired companies in developed countries.
The Existence of Balinese Hindu Women in the Aspect of Political Communication Study at Bali Women's Hindu Politician in Bali Provincial People's Legislative Council

Balinese culture that embraces patriarchal system is able to provide its own color in the political activities undertaken by members of the Hindu female council in the Provincial House of Representatives of Bali Province. This study uses Edmund Hussell's phenomenology theory which aims to delve deeper into the conscious experience of Balinese women politicians in the Bali Provincial Legislative Council related to their existence in political communication. As a result of this research is the experience of Balinese women politicians in the Bali Provincial House of Representatives has been able to implementation of Balinese cultural traditions and Hindu teachings in the reality of life. The strength of Patrilineal culture is deservedly to encourage every Balinese family to be able to provide understanding and education about women's rights and obligations in Vedic teachings. The political dynasty as the reality of female Balinese women politicians in the Bali Provincial Legislative Council has been able to encourage all Hindu women's institutions to be more active in empowering the quality of Hindu women related to Hindu-based political education. The construction of meaning owned by Balinese women politicians in Balinese People's Legislative Council in the reality of political communication, is expected to have been able to improve the quality of Balinese women politicians in seeing every opportunity of their own existence.
Economic Growth and Tourism in Barbados: A Test of the Supply-side Hypothesis

The goal of this study is to examine the supply side hypothesis of tourism demand, that is, to answer the question: Does economic growth in Barbados spur tourism growth. Results suggest that there is a long-run relationship between real GDP in Barbados and tourist arrivals. Specifically, we find that a 1% expansion in real GDP is associated with a 1.2% increase in tourist arrivals. Further, our Granger causality test suggests that the supply-side hypothesis is valid for Barbados.
Service Excellence : Pelayanan Pelanggan yang Prima oleh Perusahaan di Indonesia

Buku ini merupakan yang pertama dari sebuah trilogi. Tujuannya adalah untuk mengangkat hal-hal prima (excellent) yang dilakukan oleh orang Indonesia. Buku kedua yang akan menyusul adalah Character Excellence ala Indonesia, yang akan menyoroti orang-orang Indonesia yang berkarakter prima. Bagaimana mereka melakukan hal-hal biasa dengan perilaku yang berkualitas, dan bagaimana mereka bisa tetap teguh di tengah situasi sekeliling yang tidak mendukung.
Biblioteche e Wikimedia: strategie comuni per l’accesso aperto alla conoscenza e la costruzione collaborativa del sapere libero

italianoIl contributo presenta un quadro aggiornato delle diverse forme di collaborazione tra le biblioteche e il mondo targato Wikimedia. L'articolo indica i numerosi punti di convergenza tra l'attivita dei bibliotecari e quella dei wikimediani. Descrive poi il movimento The Wikipedia Library, la campagna #1Lib1Ref, il progetto Biblioteche di Wikimedia Italia, le attivita svolte in questo ambito da BNCF e da altre biblioteche italiane. Relativamente alla questione del riuso dei dati bibliografici, il contributo si concentra su Wikidata e sui progetti WikiBib e Wikicite. L'articolo spiega infine la funzione dei wikipediani in residenza nelle operazioni di caricamento delle collezioni digitali su Wikimedia Commons. EnglishThe paper presents an updated overview of the different forms of collaboration between the libraries and the world of Wikimedia. The article shows the many points of convergence between the librarians and the wikimedians. It describes The Wikipedia Library, the campaign #1Lib1Ref, the Libraries project of Wikimedia Italia, the activities carried out in this area by BNCF and other Italian libraries. With regard to the reuse of bibliographic data, the contribution focuses on Wikidata and on WikiBib and Wikicite projects. The article finally explains the role of wikipedians in residence and describes the digital collections uploaded to Wikimedia Commons.