Miracle-dz/UniFAR-FTUs huggingface dataset:
The Bonus-Driven “Rainmaker” Financial Firm: How These Firms Enrich Top Employees, Destroy Shareholder Value and Create Systemic Financial Instability

We recently experienced a global financial crisis so severe that only massive rescue operations by governments around the world prevented a total financial market meltdown and perhaps another global Great Depression. One necessary precondition for the crisis was the perverse, bonus-driven compensation structure employed in important financial institutions such as investment banks. This structure provided the rational incentive for key decision makers in these firms (who I call “rainmakers”) to take the excessive risk and employ the excessive leverage in the bubble that created the preconditions for the crisis. This paper presents and evaluates extensive data on compensation practices in investment banks and other important financial institutions. These data show that rainmaker compensation has been rising rapidly, is very large, and has asymmetric properties that induce reckless risk-taking. Since boom-period bonuses do not have to be returned if rainmaker decisions eventually lead to losses for their firms, and since large bonuses continue to be paid even when firms in fact suffer large losses, it is rational for rainmakers to use unsustainable leverage to invest in recklessly risky assets in the bubble. A review of the modest literature on financial firm compensation practices in general and those of investment banks in particular demonstrates that the giant bonuses of the recent past are not efficient returns to human capital – they are unjustified rents. The paper discusses possible answers to the challenging questions: what is the source of rainmaker rents and how are they sustained over time? Answers to these questions can help guide debates over the appropriate regulation of financial markets. They are also necessary inputs to the development of an adequate theory of the “rainmaker” financial firm that can help us understand how these firms were able to maximize the compensation of their key employees through policies that destroyed shareholder value and created systemic financial fragility. To my knowledge, no such theory currently exists. JEL Categories: G01; G24; G10
Determinants of Biotechnology Ventures' Strategic Choice: Firm Capability, Environmental Dynamism, and Partnering Relations (Paper Submitted to 2004 Asia Academy of Management, Shanghai, China)

Strategic choice is central to organizational effectiveness and continuing performance improvements. However, little has been done in the literature regarding under what conditions that firms should develop technology-driven or market-based strategy, especially in the biotechnology industry. The main purpose of this study is to empirically examine the effects of some key factors including firm capabilities, environmental dynamism, and partnering relations on the firm’s decision to strategic choice. Logistic regression analysis was used to test the hypotheses in a sample of 84 Taiwan-based biotechnology ventures. The findings suggest that firms are more likely to develop market-based strategy if a firm possesses stronger marketing capability or manufacturing capability respectively. Secondly, firms are more likely to develop technology-driven strategy if a firm possesses stronger R&D capability, and if competition environment is more intensive. Finally, environmental dynamism or partnering relations moderate the effects of firm capabilities on strategic choice, respectively.
Assessing the Role and Effectiveness of Prenatal Care: History, Challenges, and Directions for Future Research

Despite the widespread use of prenatal care, the evidence for its effectiveness remains equivocal and its primary purpose and effects continue to be a subject of debate. To provide some perspective on why the effectiveness and organization of prenatal care continue to be debated, the authors (a) briefly review the history of the development of prenatal care in the US; (b) attempt to conceptually define prenatal care in terms of its utilization, content, and quality; and, (c) highlight some of the research controversies and challenges facing investigators and advocates who seek to establish the value of prenatal care. In addition, the authors recommend directions for future research to address persistent questions regarding the function, structure, and significance of prenatal care in improving US perinatal outcomes.
ERP Implementation and Business Process Re-engineering

The basic principle of enterprise business process re engineering is to make full use of information technology and/or information system, to manage human resources and organisations based on the purchasing and selling process, and to re design the enterprise process. In the process of actual applications in some enterprises, ERP softwares rarely show prominent effects. The reason is that the implementation of ERP is not limited to the application of software, but needs the all phase renovation of enterprise management. This paper describes in detail the business re engineering in the ERP implementation of Fujan Nanzhi Inc.
Local implementation of New Labour ’ s market reforms

Theories of policy process recognise that policy implementation is as important as, if not more important than, policy design in determining the impact a policy has in practice. Unfortunately, policy-makers often do not pay adequate attention to implementation, considering it the responsibility of others, such as managers, and assuming that implementation is simply ‘a matter of carrying out that which has been decided upon’ (Grindle and Thomas 1991). Studies of policy implementation have highlighted how policies are mediated by features of the local context (Pawson and Tilley 1997). The views and actions of local actors involved in implementation, in particular, have been found to influence the impact of policies (Lipsky 1980).
Owner Control and Firm Performance: A Cross-Sectional Study of Swedish Listed Firms with Dual Class of Shares

This paper employs agency theories and findings in corporate governance to study a special group of listed firms with dual class of shares and pyramidal structure in Sweden. 44 listed firms with both A and B shares traded on SSE are studied using market data and accounting statements. Determinants of voting concentration are studied both by using a single equation Tobit model and by a simultaneous equations model where control variable and performance variable are treated as endogenous. For comparison, two measures of voting concentration are used: (1) by Shapley-Shubik Power Indices, and (2) by pure voting rights of the controlling owner. The single equation Tobit model indicates that growth rate is negatively related to the voting concentration. Also, firms with better performance in terms of return on assets tend to have a more concentrated voting structure. However, performance in terms of market-to-book ratio is negative and significant in relation to voting concentration when voting power of the controlling owner is evaluated at simple majority but not at the super majority. Higher debt ratio contributes to voting concentration, especially under super majority voting rule. In the simultaneous equations system, the results show that firms with higher market-to-book ratio tend to have lower voting concentration as found in single equation Tobit model. Most significantly, firms with higher voting concentration tend to have lower market-to-book ratios but higher accounting profits. Higher debt ratio facilitates higher degree of owner control but higher borrowing does not necessarily provide outside/bank monitoring especially when the firm and the financier can collude. The discount on the market-to-book ratio for firms with concentrated voting control serves as a counter argument for the existence of a bank monitoring mechanism.
Value Networks and Changing Business Models for the Digital Television Industry

Abstract Industry architecture and business models in the broadcastingindustry are being increasingly transformed by digitization and conver-gence. While technology and policy have lowered entry barriers for new competitors in today’s media ecosystem, incumbents are deploying strategies for preserving market power and reinventing bottlenecks. Thisarticle analyzes the impact of digitization on industry architectures and emphasizes one of most obvious strategies deployed in the digital broadcasting industry, i.e. the development of conditional access systemsfor digital television content. It is argued that this strategy contrasts therise of open access platforms in other creative content industries such as in music.
Quality of life and psychosocial adjustment to burn injury: Social functioning, body image, and health policy perspectives

This paper reviews four major topics related to the long-term psychosocial rehabilitation for burn survivors; (1) Body image adjustment process; (2) Social functioning challenges; (3) Interventions designed to address psychosocial rehabilitation challenges; and (4) Current policy developments in the USA and the UK that focus on raising the rehabilitation standards for psychosocial care for burn survivors. While acknowledging the close relationship between body image distress and social functioning, these two areas are reviewed separately with the goal of addressing two specific questions. First, what does current empirical research and clinical experience teach us about each of these areas, and second, what are the most important gaps in current knowledge about body image and social functioning, respectively? The final section of the paper specifically addresses the question of what can be done, from a practical and a health policy perspective, to ensure that existing body image and social difficulties are appropriately addressed.
Vancomycin Resistance in Enterococci Due to Synthesis of Precursors Terminating in d-Alanyl-d-Serine

the intrinsically glycopeptide-resistant Enterococcus gallinarum, Enterococcus casseliflavus, and Enterococcus flavescens (VanC type) and is present in the VanE and VanG types in which E. faecalis has acquired the genes encoding vancomycin resistance. Some of the enzymes implicated in this second resistance mechanism are different from those involved in high-level resistance, indicating a second route by which resistance has evolved. The basis of resistance results from the sixfold-lower affinity of vancomycin for acyl-D-Ala-D-Ser than for acyl-D-Ala-D-Ala (13) because of the increased bulk of the hydroxymethyl group of serine relative to the methyl group of alanine.
Chronic Unemployment in Nigeria

Nigeria's growing rate of unemployment is of major concern, because Nigeria's enterprises have poor prospects for survival given the limited long-run experience with modern forms of business organisation. Most workers are unable to read or write and this causes severe administrative problems and communication problems, as even spoken communication is difficult because there is no common language.
Analysis and implementation of a PLL structure for single-phase grid-connected inverter system

This paper presents the analysis and implementation of a PLL structure for single-phase grid-connected system. By comparing two different PLL structures based on SRF (synchronous reference frame) and p-q (instantaneous reactive power) theory respectively, a simplified control model of the PLL system is developed. This paper also analyzes the generation of the orthogonal voltage system based on SOGI which is essential in both of the PLL structures. Finally, simulation based on MATLAB and experimental results from a DSP-based system are all included to support the theoretical analysis.
Single transporter for sulfate, selenate, and selenite in Escherichia coli K-12

A Michaelis-Menten kinetic analysis of the transport of sulfate, selenate, and selenite into Escherichia coli K-12 showed that the three dianions were transported by the same carrier. Km values, used as a measure of the affinity of each ligand for the carrier, showed that sulfate was bound 5 times more tightly than selenate and 37 times more tightly than selenite. The specificity ratio, Vmax/Km, also indicated that sulfate was the preferred ligand. There was little difference in the ratios for selenate and selenite.
COMPREHENSIVE EVALUATION OF E-HEALTH SOLUTION FOR PATIENT SAFETY APPLICATION TO THE REMINE PROTOCOL

Within the recent years, patient safety has taken great attention and became one of the priorities of health care services. As information and communication tools are highly advanced, they are started to be used in the patient safety area with a great potential to mitigate risks. With the recent developments e-Health became a glittering subject. The European e-Health Market was estimated as 14.269 million Euros in 2009 and expected to read 15.619 million by 2012 with a growth rate of 2.9%. The ReMINE Platform is a high performances prediction, detection and monitoring platform for patient safety risk management. Main objective of ReMINE is to design, implement and test an IT platform for the prevention and management of risks to patient safety in hospitals. ReMINE consists of tools for collecting data from the hospital information system, real time monitoring of clinical risks and triggering of the most suitable countermeasures, preventing clinical risks through the predictive rules which are based on process simulation models and modeling and implementing new risk management procedures. ReMINE will be tested on 3 pilot hospitals and assessment of ReMINE impacts in these pilots, namely, stroke management (Niguarda, Italy), labor monitoring (Sacco, Italy) and infection control (TRFT, UK) will be made. ReMINE is not designed to change clinical supports but to support them. At each hospital, ReMINE’s impact assessment will be done via different indicators. In this study brief information about the recent status of patient safety is given, current eHealth market and its potential are explained. Moreover, data analysis of ReMINE will be performed and its benefits and potential are discussed.
Distinctive Recognition of Flagellin by Human and Mouse Toll-Like Receptor 5

Toll-like receptor 5 (TLR5) is a receptor of the innate immune system that recognizes flagellin from certain bacterial species and triggers an inflammatory response. The Salmonella dublin flagellin in complex with zebrafish TLR5 has been crystallized previously. In the present study, we extrapolate the structure of this complex using structure-guided mutagenesis to determine the recognition modes of human and mouse TLR5 receptors and demonstrate species-specific differences in flagellin recognition. In general, the recognition mode of the mouse receptor can be said to be more robust in comparison to that of the human receptor. All-atom molecular dynamics simulation showed differences between the two receptors within the primary binding region. Using a functional motility assay, we show that although the highly conserved area of the flagellin analyzed in this study encompasses key structural requirements for flagella formation, a direct correlation between immune recognition and structure on the level of amino acid residues is not observed.
Literature Review of Internet Financial Reporting and XBRL

This paper examines both Internet Financial Reporting (IFR) and Extensive Business Reporting Language (XBRL). It begins by summarizing the perspectives and directions for further research from regulators and standards setters. It then develops a taxonomy on a sample of research that has appeared since 1999. The goal is to provide a perspective of the literature, paying particular attention to the questions remaining for further research.
Macroeconomic Consequences of Publicly Provided Health Insurance: The South Korean Context

x List of Abbreviations Used . xi Acknowledgements . xii Chapter
Slotting Allowances and Fees: Schools of thought and the Views of Practicing Managers

Slotting allowances and fees have attracted considerable attention and controversy since their introduction in the mid-1980s. Currently, two schools of thought dominate the debate on these fees. One considers them a tool for improving distribution efficiency, whereas the other proposes that the fees operate as a mechanism for enhancing market power and damaging competition. Managers and public policymakers are uncertain as to the effects of slotting fees and the appropriate strategy to adopt. The current study attempts to inform the debate surrounding slotting fees and provide guidance to managers and policymakers. The authors summarize the arguments of the two schools and investigate the views of managers toward them through a large-scale survey of manufacturer, wholesaler, and retailer grocery institutions. Though exploratory, the findings suggest that slotting fees shift the risk of new product introductions and help apportion the demand and supply of new products. The authors find that slotting fees are also associated with the exercise of retailer market power, are applied in a discriminatory fashion, and lead to higher retail prices. The authors encourage further research that examines slotting fees and their effects and indicate prospective directions.
Macrophages are associated with lipid-rich carotid artery plaques, echolucency on B-mode imaging, and elevated plasma lipid levels.

OBJECTIVE Atherosclerosis may be regarded as an inflammatory disease dominated by macrophages. We tested whether macrophages in carotid artery atherosclerotic plaques are associated with echolucency on B-mode ultrasound imaging, lipid levels, inflammatory markers, and aspirin use. METHODS We studied 106 patients undergoing carotid endarterectomy having >/=50% carotid artery stenosis and previous ipsilateral hemispheric neurologic symptoms. RESULTS Macrophages were particularly common in plaques with a high content of lipid and hemorrhage and, conversely, rare in plaques dominated by calcification and fibrous tissue. Macrophage density in carotid artery plaques classified by B-mode ultrasound imaging as echolucent (n = 56), intermediate (n = 25), or echorich (n = 25) was 1.8% +/- 0.2%, 1.5% +/- 0.4%, and 1.0% +/- 0.2% (+/-SE), respectively (analysis of variance, P =.02). A computer-generated measure of plaque echolucency, gray-scale median, was associated with increased macrophage density (r = -0.31; P =.002). Furthermore, plasma and low-density lipoprotein cholesterol levels were associated with carotid artery macrophage density (r = 0.26, P =.008 and r = 0.23, P =.02); this was most pronounced in patients with lipid-rich plaques. Macrophage density was not associated with plasma levels of acute-phase reactants. Finally, macrophage density in carotid artery plaques of users (n = 55) and nonusers of aspirin (n = 51) was 1.2% +/- 0.2% and 1.8% +/- 0.2% (t test, P =.01). CONCLUSIONS Increased macrophage density in carotid atherosclerotic plaques was associated with lipid content, plaque echolucency, and increased plasma and low-density lipoprotein cholesterol levels. Furthermore, use of aspirin was associated with reduced macrophage density in carotid artery plaques.
STRATEGIES FOR REDUCING MORAL HAZARD IN CONSTRUCTION PROCUREMENT: A CONCEPTUAL FRAMEWORK

Moral hazard and opportunism is an inherent part of contracting and procurement strategies, especially in complex transactions that require co-creation, which is often the case in the construction industry. This paper clarifies the meaning of moral hazard in the context of construction procurement. Typically there is a double moral hazard problem, as not only the supplier, but also the client can "misbehave" in a number of ways. It is also important to note that both internal moral hazard (within the client and contractor organizations) and external moral hazard (between client and contractor) must be handled. The aim of this conceptual paper is to give an overview of strategies to reduce the risk of moral hazard. Eight different strategies are identified: 1) "the shadow of the future," promises of future work if effort is high 2) selection mechanism for contractor/employee, 3) length of contract, length of warranties, 4) level of detail in the contract, 5) payment systems, 6) monitoring in- tensity, 7) social norms, and 8) relation specific investments. These can be grouped into two ideal types; hard/formal and soft/informal strategies, of which the first is most suitable in simple and standardized projects, whereas soft/informal strategies are better in complex and uncertain projects. JEL codes: L74; N6
The allometry between secondary sexual traits and body size is nonlinear among cervids

Allometric relationships between sexually selected traits and body size have been extensively studied in recent decades. While sexually selected traits generally display positive allometry, a few recent reports have suggested that allometric relationships are not always linear. In male cervids, having both long antlers and large size provides benefits in terms of increased mating success. However, such attributes are costly to grow and maintain, and these costs might constrain antler length from increasing at the same rate as body mass in larger species if the quantity of energy that males can extract from their environment is limiting. We tested for possible nonlinearity in the relationship between antler size and body mass (on a log–log scale) among 31 cervids and found clear deviation from linearity in the allometry of antler length. Antler length increased linearly until a male body mass threshold at approximately 110 kg. Beyond this threshold, antler length did not change with increasing mass. We discuss this evidence of nonlinear allometry in the light of life-history theory and stress the importance of testing for nonlinearity when studying allometric relationships.
A Randomized Algorithm for Two Servers on the Line

Abstract In the k-server problem we wish to minimize, in an online fashion, the movement cost of k servers in response to a sequence of requests. For two servers, it is known that the optimal deterministic algorithm has competitive ratio 2, and it has been a long-standing open problem whether it is possible to improve this ratio using randomization. We give a positive answer to this problem when the underlying metric space is a real line, by providing a randomized online algorithm for this case with competitive ratio at most 155 78 ≈1.987. This is the first algorithm for two servers that achieves a competitive ratio smaller than 2 in a nonuniform metric space with more than three points. We consider a more general problem called the (k, l)-server problem, in which a request is served using l out of k available servers. We show that the randomized 2-server problem can be reduced to the deterministic (2l, l)-server problem. We prove a lower bound of 2 on the competitive ratio of the (4, 2)-server problem. This implies that one unbiased random bit is not sufficient to improve the ratio of 2 for the two-server problem. Then we give a 155 78 -competitive algorithm for the (6, 3)-server problem on the real line. Our algorithm is simple and memoryless. The solution has been obtained using linear programming techniques that may have applications for other online problems.