Miracle-dz/UniFAR-FTUs huggingface dataset:
An empirical analysis of European IPO markets

This analysis provides evidence regarding the performance of Initial Public Offerings (IPOs) in Europe during a time of dramatic change. For the sample of 973 IPOs taken from the six major Continental European markets and Sweden during 1988-98, there is significant underpricing and autocorrelation in IPO underpricing and activity. Privatization programs account for most of the "money left on the table". For the sample as a whole, we do not find long-run underperformance. Over shorter measurement horizons, IPOs outperform the market. The favourable performance is driven by New Economy IPOs, which account for 28 percent of the sample. The pervasiveness of these results across various methodological choices is puzzling and shows one of the forces behind the dramatic shift in industry composition of IPOs in favour of New Economy IPOs during the "Internet Bubble" of 1999 and 2000. Underpricing extends across all countries studied, with IPO activity being partially influenced by changes in tax regimes or in the regulatory framework. There is also a strong link between IPO performance and the national exchanges' ability to attract New Economy IPOs. This fundamentally explains why stock exchanges have attempted to establish "New Market" segments during the 1990s. Tests for performance differences between countries confirm the homogeneity of the European IPO market. In order to shed more light on the results, we study the relationship between management behaviour towards earnings management and the subsequent market response for the German IPO market. When applying two forms of earnings management, issuers that overperform in the long-run tend to manage earnings less aggressively. Over shorter measurement horizons, however, the performance is sensitive to the starting date of the measurement period. The market takes a considerable amount of time to respond to the fundamental message conveyed by management behaviour towards earnings management. Within the first four months, IPO returns are essentially driven by factors other than fundamentals. Apart from casting doubt on the efficiency of the IPO aftermarket, this can explain the observed negative relationship between short- and long-run IPO returns and the rationale behind investing in IPOs.
Relationship Marketing and Organizational Performance Indicators

Purpose- This paper aims at exploring the theoretical foundations of relationship marketing concept and examining the effect of utilizing and adopting this concept on organizational performance indicators from the perspective of several high educational institutions experts and academic staff. Design/methodology/approach- Despite the recent popularity of research into relationship marketing, there is still some confusion surrounding the concept of and how it differs both from non relationship marketing and from other ways of managing marketing relationships. Acquiring new customers and retaining existing customers is another key goal for relationship marketing. Findings - This paper finds that there is a positive relationship between relationship marketing concept and organizational performance indicators, relying on successful relationship is the two-way flow of value. Originality/value - For academicians and marketing professionals, the study provides a practical insight into the changes in marketing paradigms, an alternate paradigm of marketing need to be developed that is more process rather than outcome oriented and emphasize value creation rather than value distribution.
Improvement of cadmium ion removal by base treatment of juniper fiber

Juniper is a small-diameter underutilized lignocellulosic material. We evaluated the efficacy of base-treated juniper fiber (BTJF) for cadmium (Cd) sorption and the viability of juniper fiber as a sorbent for removing Cd from water. Fourier transform infrared spectroscopy analysis indicated that carboxylate ion is a major functional group responsible for Cd sorption. The apparent ideal sodium hydroxide concentration for base treatment is approximately 0.5M. A batch sorption isotherm test showed that equilibrium sorption data were better represented by the Langmuir model than the Freundlich model. After base treatment, the maximum Cd sorption loading, Qmax; was greatly improved (9.18–29.54mg/g), despite a decrease in specific surface area. A pseudo-second-order kinetic model fitted well for the sorption of Cd onto BTJF. Initial metal ion concentration and treatment alkalinity were found to be major parameters influencing the kinetics of the sorption reaction. As a result of its strong ability to bind cadmium and its faster kinetics in low concentration, BTJF could be an inexpensive and efficient sorbent for removing heavy metals from stormwater runoff. Published by Elsevier Ltd.
Production of Bioplastic from Avocado Seed Starch as Matrix and Microcrystalline Cellulose from Sugar Palm Fibers with Schweizer ' s Reagent as Solvent

Plastic have become an integral part of our lives. The problems of conventional plastics are taking decades to degrade in nature and are produced by non-renewable sources like petroleum, coal and natural gas [1]. Conventional plastic not only take many decades for decompositions, but also produce toxins while degradation. Hence, there is need to produce plastics from materials that can be readily eliminated from our biosphere in an “ecofriendly” fashion [2]. It called bioplastics. Bioplastics are similar to conventional plastics in all aspects with the additional quality being able to naturally decompose and break into natural and safe byproducts. It is made partly or wholly polymers derived from biological source such as sugar cane, starch or cellulose from trees, straws and cotton [3]. Starch is one of the most important but flexible food ingredients possessing value added attributes for imnumerable industrial applications. The most common sources of food starch are corn, potato, wheat, cassava/tapioca, rice, etc. Starch is widely used in the form of biodegradable films in varied applications because it is a renewable, abundant and inexpensive material [4,5]. Starch can be easily found from various sources in Indonesia. Avocado seed, which is typically discarded as Production of Bioplastic from Avocado Seed Starch as Matrix and Microcrystalline Cellulose from Sugar Palm Fibers with Schweizer's Reagent as Solvent
Formation of glucuronide, sulphate and glutathione conjugates of benzo[a]pyrene metabolites in hepatocytes isolated from inbred strains of mice.

Metabolism of benzo[a]pyrene (BP) was studied in mouse hepatocytes isolated from uninduced animals of C57BL/6 Jacobs (B6) and C3Hf/HeHa (C3) inbred strains. Conjugates with sulphate, glucuronate and glutathione were the major products of BP biotransformation in the intact cells. Their formation was measured by determining the radioactivity incorporated from [3H]BP into the appropriate metabolite, after separation on silica gel t.l.c. plates. The conjugates were identified by their susceptibility to the action of specific degrading enzymes, arylsulphatase, beta-glucuronidase and gamma-glutamyltransferase. Effects of inhibitors of conjugation were also examined. D-Galactosamine and diethyl maleate caused approximately 50% inhibition of the formation of glucuronide and glutathione derivatives of BP, respectively. The effect of salicylamide was less specific, besides an 88% decrease in sulphation of BP metabolites, a 40% decrease in the formation of glutathione conjugates was observed in the presence of this inhibitor. In hepatocytes of B6 mouse, all the above three types of BP conjugates were formed in almost equimolar quantities. The total formation of BP conjugates was 42% higher in B6 hepatocytes than in those of C3 strain. The most significant difference (1.7-fold) was in the production of BP glucuronides, despite an absence of observable differences between these mouse strains in the activity of microsomal UDP-glucuronosyltransferase and in the rate of 1-naphthol conjugation in isolated hepatocytes. Simultaneously, 2.5-fold higher accumulation of unconjugated BP metabolites was observed in the hepatocyte suspension of B6 than C3 strain and a 1.4-fold higher activity of aryl hydrocarbon hydroxylase in hepatic microsomes of this strain. The unconjugated metabolites of BP were separated into four major fractions by h.p.l.c. The retention times of the metabolites corresponded to trans 9,10-diol; trans 7,8-diol; 9-hydroxy- and 3-hydroxy-BP. Despite quantitative differences between B6 and C3 strains of mice in BP metabolism, the same degree of covalent binding of BP metabolites to cellular DNA, was observed. The results indicate a relatively high capacity of hepatocytes from uninduced mice for conjugation of BP metabolites. Hepatocytes isolated from various strains of mice, should be useful in elucidating the role of numerous factors in metabolism and biologic activity of BP and related carcinogens.
Assessment of the Political Market Power of Milk Producers Reflected in U.S. Milk Pricing Regulations

ASSESSMENT OF THE POLITICAL MARKET POWER OF MILK PRODUCERS REFLECTED IN U.S. MILK PRICING REGULATIONS We investigate revealed political market power reflected in prices of a governmentorganized cartel of milk producers that practices price discrimination, but does not control overall production. Under U.S. milk marketing orders, processors pay minimum prices for raw milk according to the end-uses to which milk will be put. The minimum prices applied to beverage uses vary by region. We assess the political market power of milk producers relative to buyers in two ways. First, we consider the profit-maximizing pattern of price discrimination for producers in each region. Government-sanctioned regional cartels act as monopolists in regional beverage milk markets and oligopolists in the national market for manufacturing milk products. Our model allows for monopoly solutions in regional markets and a Nash equilibrium in the national market. We simulate the implied price differentials with representative parameters for demand and supply elasticities. Actual price differentials are far below those consistent with profit maximization by the producer cartels. The announced price differentials are about seven percent of simulated price differentials, implying that the government-set prices are far below those that maximize producer returns and are consistent with a significant role for buyers and others in the political process. Second, we develop a model of policy preference functions that allows for several regional regulators. In our model, regulators choose price differentials to maximize policy preferences given welfare weights between consumer surplus and producer surplus. In addition to the regional beverage milk market, regulators account for the impact of their own local decisions on the national manufacturing milk price. With broadly accepted elasticities from the literature, we derive the welfare weights that are implied by actual price differentials. The derived welfare weights imply that the political market power of milk producers is also about seven percent of that implied by full monopoly power. These results suggest that in setting price differentials, milk producers have more political weight than buyers, but that their political power is small relative to full monopoly power in setting prices. JEL Classification: L12, L13, L43, L66, O18 Assessments of the Political Market Power of Milk Producers Reflected in U.S. Milk Pricing Regulations
Household Saving Behavior: The Role of Financial Literacy, Information, and Financial Education Programs

Individuals are increasingly in charge of their own financial security after retirement. But how well-equipped are individuals to make saving decisions; do they possess adequate financial literacy, are they informed about the most important components of saving plans, do they even plan for retirement? This paper shows that financial illiteracy is widespread among the U.S. population and particularly acute among specific demographic groups, such as those with low education, women, African-Americans, and Hispanics. Moreover, close to half of older workers do not know which type of pensions they have and the large majority of workers know little about the rules governing Social Security benefits. Notwithstanding the low levels of literacy that many individuals display, very few rely on the help of experts or financial advisors to make saving and investment decisions. Low literacy and lack of information affect the ability to save and to secure a comfortable retirement; ignorance about basic financial concepts can be linked to lack of retirement planning and lack of wealth. Financial education programs can help improve saving and financial decision-making, but much more can be done to improve the effectiveness of these programs.
New Trends in Business Management and Possible Applications in International Tourism

Globalisation and the increase in the number of products and new technologies in the fields of information and communication have lead to a dramatic change of the competitive environment. This study tackles the main trends in top business management in order to identify the most important evolutions and ideas in management which have had an impact on business in the first decade of the new millenium, as well as the challenges and certain current problems in the global market. The key element of success of the India Way management concept is the social aim which truly motivates employees and assures increased company performance. Another study based on answers of renowed scholars from the university environment has indicated some trends that manifest themselves in the management of business among which we find sustainability, social corporate responsability, the study of psychology and the development of business ecosystems.
Stochastic Analysis of Buffer-less Pipelines of Real-Time Tasks

In this paper, we consider real{time applications consisting of multiple tasks, which are executed on computing cores managed by a resource reservatin scheduler. The tasks are organised in a linear topology (pipeline). The result produced by a task as a result of one of its activations is used as input for the task at the next stage of the pipeline. The time required for each execution of a task is a random variable. We assume a buerless communication semantic, whereby a data item produced by a task is outright dropped if the consumer is not ready to execute. Assuming a buerless communication simplies the com
States of excellence.

Research from the individual-differences tradition pertinent to the optimal development of exceptional talent is reviewed, using the theory of work adjustment (TWA) to organize fundings. The authors show how TWA concepts and psychometric methods, when used together, can facilitate positive development among talented youth by aligning learning opportunities with salient aspects of each student's individuality. Longitudinal research and more general theoretical models of (adult) academic and intellectual development support this approach. This analysis also uncovers common threads running through several positive psychological concepts (e.g., effectance motivation, flow, and peak experiences). The authors conclude by underscoring some important ideals from counseling psychology for fostering intellectual development and psychological well-being. These include conducting a multifaceted assessment, focusing on strength, helping people make choices, and providing a developmental context for bridging educational and industrial psychology to facilitate positive psychological growth throughout the life span.
The Adoption of a Code of Best Practice: Incentive Implications

We study the incentives induced by the adoption of a Code of Best Practice. Using an agency model, we analyze whether and when firms are interested in adopting a Code that allows the shareholder to reduce the manager's discretion. Our results suggest that if a voluntary Code is available, not all firms will be interested in it. In firms that do adopt it, the Code is not always used to reach more efficient outcomes. Regarding investment decisions, we show that a proper design of a Code can alleviate the distortions caused by the agency problem at the investment level. Finally, we analyze some features that a regulator protecting shareholder's wealth should consider. Our findings suggest that heterogeneity in Codes may be partially explained by differences in the distribution of firms or by different abilities of the regulator.
Extraction of Usefulness Factors of Reviews by Factor Analysis

Customers buy products without watching and using products directly in online-shopping. Customers cannot know product's details. Customers can make mistake in selecting products and regret this selection. Our research aims to extract useful information for deciding products customers buy in product review of online-shopping websites. We can prevent customers' regret by using this information. In this paper, we discover common factors between useful reviews for deciding products customers buy in online-shopping. We use factor analyses of actual reviews to discover common factors. We make the dataset for factor analyses in an experiment. The dataset is the set of critical sentences of actual reviews and their scores to evaluate their characteristics, which the examinees give. In this result, we can extract the common factors by which the useful reviews can be derived with the precision over 50 %. The common factors can be used for extracting useful information in reviews. Customers can shop without regrets in online-shopping by showing this information.
Factors Affecting Adoption of Poultry Innovations by Rural Farmers in Otukpo Local Government Area of Benue State, Nigeria -

The study examined factors influencing adoption of poultry innovation in Otupko Local government Area of Benue State. The specific objectives were to analyze the selected socio-economic characteristics of the respondents, identify the types of innovations adopted, examine sources of information, analyze logit adoption of innovations and ascertain types of problems encountered. Primary and secondary data were collected; primary data were gathered with the use of structured questionnaire administered to randomly select 120 respondents while secondary data were obtained through published and unpublished materials. Descriptive statistics and logit regression model were used for data analysis. The results revealed that 38.3% of the respondents were between 41-50 years, 55.8% had family size of 6-10 persons, 50.8% were secondary school leavers, and 67.5% had 1-5 years of poultry farming experience. The findings further revealed that 48.3% of the farmers adopted vaccination/diseases control and 45.8% obtained information on poultry innovations practices through the media. There is a significant relationship between level of adoption and number of birds kept by farmers and 89. 1 % of the respondents encountered diseases problem. It is recommended that public and private sectors should provide vaccines and veterinary services at the village level for the farmers.
Finite Model Approximations for Partially Observed Markov Decision Processes with Discounted Cost

We consider finite model approximations of discrete-time partially observed Markov decision processes (POMDPs) under the discounted cost criterion. After converting the original partially observed stochastic control problem to a fully observed one on the belief space, the finite models are obtained through the uniform quantization of the state and action spaces of the belief space Markov decision process (MDP). Under mild assumptions on the components of the original model, it is established that the policies obtained from these finite models are nearly optimal for the belief space MDP, and so, for the original partially observed problem. The assumptions essentially require that the belief space MDP satisfies a mild weak continuity condition. We provide examples and introduce explicit approximation procedures for the quantization of the set of probability measures on the state space of POMDP (i.e., belief space).
Seasonal variations in the incidence and development of the cestode Proteocephalus filicollis (rud. 1810) in Gasterosteus aculeatus (L. 1766)

1. The incidence, intensity of infection, rate of growth and genital development in Proteocephalus filicollis has been studied by the monthly examination of approximately 60 Gasterosteus aculeatus over a period of 2 years. 2. The existence of an annual cycle, commonly reported for cestode parasites of fish in a temperate climate, is clearly established. The most advanced stages commonly occurring are: plerocercoids (0·25–5mm.) July-November; strobilate worms with genital primordia (58mm.) December-April; mature worms (1 cm.) April-May; gravid (2 cm.) June-July. 3. No tissue phase occurs between the time the procercoid is swallowed and the mature worm develops, but there is a migration from the rectum to the anterior part of the intestine. 4. From a consideration of the seasonal variation in incidence it is deduced that the parasitic population is in dynamic balance and that approximately 1 % of worms present are lost daily. 5. No evidence to support the existence of immunity was found. The lower incidence in 1+ than in 0+ fish was attributed to feeding habits. 6. Other aspects discussed are the interrelationship of proglottid formation and appearance of genital rudiments; the structure of the egg-shell; and the intensity of infection of Cyclops with procercoids as calculated from the numerical distribution of worms in the fish host. 7. Reference is made to intercurrent helminth and protozoan infections and the effect of an epidemic of Ichthyophthirius sp. on the fish population. I wish to thank Prof. C. M. Yonge for granting every facility for this work. My thanks are also due to Mr Archer, Miss Bell, Mr Berrie, Miss Spence and Miss Wyllie for help in collecting fish, and to Mr Gray who showed me the lochan.
Rating Depression and Anxiety after Mastectomy: Observer versus Self-Rating Scales

Paykel's Clinical Interview for Depression (CID), an observer-rated scale, and Kellner's Symptom Questionnaire (SQ), a self-rating inventory, were administered to twenty-six patients with breast cancer: 1) the day prior to discharge after mastectomy or lumpectomy, 2) after six months, during a follow-up outpatient visit. There were no significant changes in depression and anxiety (except for self-rated anxiety) and, indeed, there were very high test-retest correlations. Observer and self-rated assessments were significantly related, and these correlations improved on outpatient follow-up. DSM-III-R diagnoses of affective illness (mood and anxiety disorders) based on pre-established cut-offs of the CID, showed considerable stability, particularly as to major depressive illness.
Foreign Aid and Enlightened Leaders

To study whether foreign aid fuels personal, regional and ethnic favoritism, we use satellite data on nighttime light for any region in any aid-recipient country, and we determine for each year and each country the region in which the current political leader was born. Having a panel with 22,850 regions in 91 aid recipient countries with yearly observations from 1992 to 2005, we compare the effect of foreign aid on nighttime light across regions. We find that in countries with poor political institutions, this effect is significantly higher in the region in which the current political leader was born than in other regions. This finding suggests that a disproportionate share of foreign aid ends up in the leader's birth region, and we argue that it supports the view that foreign aid fuels favoritism, broadly defined. We find no such difference in aid-recipient countries with sound political institutions.