Miracle-dz/UniFAR-FTUs huggingface dataset:
Just How Much Do Individual Investors Lose By Trading?

Individual investor trading results in systematic and economically large losses. Using a complete trading history of all investors in Taiwan, we document that the aggregate portfolio of individuals suffers an annual performance penalty of 3.8 percentage points. Individual investor losses are equivalent to 2.2% of Taiwan's gross domestic product or 2.8% of the total personal income. Virtually all individual trading losses can be traced to their aggressive orders. In contrast, institutions enjoy an annual performance boost of 1.5 percentage points, and both the aggressive and passive trades of institutions are profitable. Foreign institutions garner nearly half of institutional profits. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org. , Oxford University Press.
International Political Implications of Language : The Linguistic Puzzle of “Inherent Territory”

The term “inherent territory” is commonly used to claim disputed lands within the Korean, Chinese, and Japanese languages. It is not common in English. This paper explores the phrase for the first time as a multi-lingual phenom- enon, focusing especially on its implications for English. The term became internationally prominent after 1950 because of Japan’s territorial dispute with the Soviet Union over the Northern Territories/Southern Kuril Islands. Japan gradually applied the term to its territorial conflicts with Korea and China. Over time, it became more prominent in both Korean and Chinese, as well. In addition to the Japan-Russia dispute, it now is used in official language in the Dokdo-Takeshima, Diaoyu-Senkaku, and South China Sea territorial disputes. With its increased usage across Northeast Asia, including in English translation easily available on the Internet, the term has strong potential to become common usage in English with respect to territorial conflicts outside of Northeast Asia. Yet, that potential has not been realized. This paper explores possible reasons why English speakers are reluctant to use “inherent terri- tory” through a close political-discursive-linguistic analysis. This paper also discusses the term’s potential power if it becomes more popular in English. The article addresses “inherent territory’s” lack of status within international law, translation issues, the multiple meanings of inherent, connections be- tween “inherent” and “inherit,” the metaphysics of inherent, and the issue of standards through which to evaluate claims to “inherent territory. ” The paper explains why the English “inherent territory” is simultaneously vague, potentially powerful, and deeply problematic. No entity – be it a global corporation, international union, or political party – can take away the inherent rights of human beings. Our American birthright is built on that fundamental assurance (“What’s the problem? ” n.d.; emphasis added).
Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets

Empirical investigation of the external finance premium has been conducted on the margin between internal finance and bank borrowing or equities but little attention has been given to corporate bonds especially for the emerging Asian market. In this paper we hypothesize that balance sheet indicators of creditworthiness could affect the external finance premium for bonds as they do for premia in other markets. Using bond-specific and firm-specific data for the United States, Hong Kong, China, Korea and Thailand during 1995-2005 we find that firms with better financial health face lower external finance premia in all countries. When we introduce firm-level heterogeneity we show that financial variables appear to be both statistically and quantitatively more important in the Asian market than in the US. Finally, the premium is more sensitive to firm-level variables during credit crunches, recessions and sudden stops than other periods, with stronger effects for the Asian bond market.
East Asian Economic Performance: Miracle or Just a Pleasant Surprise?

P UBLICATION of the East Asian Miracle (EAM, World Bank, 1993) appears, to borrow a phrase, to have generated more heat than light. The EAM analysed reasons for the economic success of the eight high performing Asian economies (HPAEs) — Hong Kong, Indonesia, Japan, Malaysia, Republic of Korea, Singapore, Taiwan and Thailand. The hope, at least of ‘neutral’ observers, was that we would be able to derive lessons regarding effective economic policies from a study of the experiences of the successful East Asian economies. The general criticism of the Report is that it tried to mould the HPAEs’ experiences so that the lessons were consistent with Bank policy, in the process losing many distinguishing features of the EAM; more serious criticisms are that the report obfuscated and distorted the truth. It is not our intention to reopen debate about the Report (fully aired in a special issue of World Development, April 1994; and Rodrik, 1994). We do wish to address three questions. What were the distinguishing features of the East Asian economic success that led some observers to claim a miracle? What elements of economic policy contributed to their success, and are such elements present in the economic policies proposed by the Bank (in, for example, adjustment programmes)? Are there features of the HPAEs that can be adapted to help design successful policies for other countries? Put succinctly: what did they do that appears so good, how did they do it and can others do it? Writing in 1998, it may appear irrelevant to talk of an East Asian miracle as so many of the economies we consider have recently endured currency crises of varying degrees of severity. Current problems should not detract from the sustained and generally impressive growth achieved by these economies over the
Migrating Polyarthritis as a Feature of Occult Malignancy: 2 Case Reports and a Review of the Literature

Malignant disease may be associated with a wide variety of musculoskeletal syndromes. Rarely the musculoskeletal system can be indirectly affected by paraneoplastic phenomena, such as carcinomatous polyarthritis (CP). The differential diagnosis for CP is broad and is often a diagnosis of exclusion. CP often presents similarly to other forms of inflammatory arthritis, and a detailed history and physical examination can often distinguish CP from other more common causes of polyarticular arthritis. However serological tests such as rheumatoid factor (RF) and anti-citrullinated peptide (anti-CCP) antibody positivity, while rare, can be misleading. Clinical awareness and suspicion are paramount in achieving an accurate diagnosis and early detection of an occult neoplasm is critical for prompt management and therapy. We report two cases presenting with this unique clinical phenotype associated with paraneoplastic polyarthropathy and review the literature.
Ethnic Identification, Intermarriage, and Unmeasured Progress by Mexican Americans

Using Census and CPS data, we show that U.S.-born Mexican Americans who marry non-Mexicans are substantially more educated and English proficient, on average, than are Mexican Americans who marry co-ethnics (whether they be Mexican Americans or Mexican immigrants). In addition, the non-Mexican spouses of intermarried Mexican Americans possess relatively high levels of schooling and English proficiency, compared to the spouses of endogamously married Mexican Americans. The human capital selectivity of Mexican intermarriage generates corresponding differences in the employment and earnings of Mexican Americans and their spouses. Moreover, the children of intermarried Mexican Americans are much less likely to be identified as Mexican than are the children of endogamous Mexican marriages. These forces combine to produce strong negative correlations between the education, English proficiency, employment, and earnings of Mexican-American parents and the chances that their children retain a Mexican ethnicity. Such findings raise the possibility that selective ethnic "attrition" might bias observed measures of intergenerational progress for Mexican Americans.
A Comparative Analysis of Quality Practice in Manufacturing Firms in the U.S. and Taiwan

The aim of this paper is to determine if there is a causal relationship between multivariate constructs for quality (i.e., customer satisfaction, employee satisfaction, and employee service quality) and organizational performance. The presence of such relationships, as well as the identification of key indicators within each quality construct for different types of firms, are explored in this empirical study on the perceptions of middle managers in Taiwan and the United States. The study found a significant causal relationship between the quality constructs and organizational performance. These relationships are different, however, for the four types of firms based on age and size. Also, within the same firm types, there are differences among countries. For example, for older firms, Taiwanese managers tend to perceive customer satisfaction as the most important quality construct in improving organizational performance, while U.S. managers tend to perceive employee satisfaction as the most important. For younger firms, U.S. managers perceive customer satisfaction as influencing organizational performance, while Taiwanese managers perceive both customer satisfaction and employee satisfaction as doing so. A further breakdown of the quality constructs identified the key indicators within each construct that separates “better performers'’from “lesser performers'’in both countries for the four types of firms. These indicators are dissimilar, thus suggesting that focus on quality constructs may lead to improvements in organizational performance by focusing on different indicators in different environments. These results have implications for the adoption and implementation of quality practices in different countries.
Toward Independence or Unification?

This study investigates the relationships between subjective well-being and partisanship for people in Taiwan where voters' political ideologies are largely influenced by their positions toward their country's relations with China. It is found that voters preferring a declaration of independence for Taiwan are more likely to be supporters of Pan-Green political parties (i.e. the Democratic Progressive Party (DPP) and the Taiwan Solidarity Union (TSU)) while individuals favoring unification with China tend to vote for Pan-Blue political parties (i.e. the Nationalist Party (KMT), the People First Party (PFP), and the New Party). Reflecting an important part of voters' psychological attachments to a political party and their perceptions of national identity, political ideology has effects on voters' satisfactions with the state of economy and the political situation. Politics has attributes to people's subjective well-being through some specific domains of satisfaction, but its effect on the level of overall happiness is insignificant. It appears that political factors have both economic and psychological effects on subjective well-being.
Elucidating smoking behavior in developed and developing countries

Trade liberalization and the pervasive advertising of cigarettes have seriously endangered global health. The World Health Organization estimates that smoking causes 4,020,000 deaths annually. Although decreasing in developed countries, tobacco consumption is continually increasing in developing countries. Therefore, this study considers how smoking behavior models of developing and developed countries differ from each other. Concrete strategies are also proposed to control smoking. Ajzen’s Theory of Planned Behavior is adopted as the research framework, comprising five dimensions: attitudinal belief, normative belief, control belief, behavior intention and behavior. The research subject includes the standard of living and the advancement of technique to define two groups, that is, developed county (the United States and Japan) and developing county (China and Taiwan). Five hundred questionnaires are distributed and then analyzed using structural equation modeling (SEM), to explore how the variables affect smoking behaviors. Results of this study provide a valuable reference for devising strategies to discourage smoking.
Cost‐effectiveness of granulocyte colony‐stimulating factor prophylaxis in chemotherapy‐induced febrile neutropenia among breast cancer and Non‐Hodgkin's lymphoma patients under Taiwan's national health insurance system

RATIONALE, AIM AND OBJECTIVE The beneficial effects of granulocyte colony-stimulating factor (G-CSF) prophylaxis on reducing the risk of chemotherapy-induced febrile neutropenia (CIFN) were well documented throughout the literature. However, existing data regarding its cost-effectiveness were conflicting. We estimated the cost-effectiveness of G-CSF prophylaxis in CIFN under Taiwan's National Health Insurance (NHI) system. METHODS Data on clinical outcomes and direct medical costs were derived for 5179 newly diagnosed breast cancer and 629 non-Hodgkin's lymphoma (NHL) patients from the NHI claims database. Patients were further categorized into three subgroups as "primary-", "secondary-" and "no -" prophylaxis based on their patterns of G-CSF use. Generalized estimating equations were applied to estimate the impact of G-CSF use on the incidence of CIFN. The incremental cost-effectiveness ratios of primary and secondary prophylactic G-CSF use were calculated and sensitivity analyses were performed. RESULTS Primary prophylaxis of G-CSF decreased the incidence of CIFN by 27% and 83%, while secondary prophylaxis by 34% and 22% in breast cancer and NHL patients, respectively. Compared with those with no prophylaxis, the incremental cost per CIFN reduced in primary prophylaxis is $931 and $52 among patients with breast cancer and NHL, respectively. In contrast, secondary prophylaxis is dominated by no prophylaxis and primary prophylaxis in both cancer patients. CONCLUSION Primary but not secondary prophylactic use of G-CSF was cost-effective in CIFN in breast cancer and NHL patients under Taiwan's NHI system.
The Resurrection of East Asian Dynamism: A Call to Look Beyond the Orthodoxies in Development Studies

uring the 1980s and much of the 1990s, East Asia was the most dynamic D region in the global economy (see table 1). China had the highest growth rate in the world; the four "little dragons" of Hong Kong, Singapore, South Korea, and Taiwan were not far behind; and Japan had the highest growth rate by a considerable margin among the industrialized nations during the 1970s and 1980s, although the bursting of its "bubble economy" in 1989 brought economic stagnation throughout the 1990s. This "East Asian dynamism" (Chan 1993) was widely recognized, and many scholars sought to conceptualize an East Asian development model that had created such "miracle economies" (Amsden 1989; Bernard and Ravenhill 1995; Chan 1993; Chan and Clark 1992; Clark and Roy 1997; Cumings 1984; Fallows 1994; Gereffi and Wyman 1990; Hofheinz and Calder 1982; Johnson 1982; Noble 1998; Ravenhill 1995; Woo 1991; Woo-Cumings 1999). East Asia's success even was canonized by the World Bank in 1993, which coined the term "high-performing Asian economies" to characterize Japan and the little dragons (as well as three Southeast Asian nations). The financial crisis of 1997 and 1998 in Southeast and East Asia, which was dubbed the "Asian flu" (although pneumonia probably would be a better metaphor), reversed East Asia's image of economic success and invincibility (Arndt and Hill 1999; Clark 2002; Goldstein 1998; Haggard 2000; Hunter, Kaufman, and Krueger 1999). Only China and, to a lesser extent, Taiwan were able to escape the ill winds unleashed by the Asian financial meltdown (see table 2). In
Oral Sex: Varied Behaviors and Perceptions in a College Population

Abstract Views and behaviors pertaining to oral sex have changed in recent years. This anonymous, online survey posed both old and new questions pertaining to oral sex among a college population. This study not only confirmed previous findings about virgins engaging in oral sex but also found that women reported giving oral sex more often than receiving it from men. Oral sex was not only perceived as less intimate than intercourse but also more likely to be perceived as less intimate by women than men. Participants most frequently endorsed a committed relationship, but not a married relationship, for comfort in engaging in oral sex. Last, college students were more knowledgeable of the sexually transmitted infection risks of oral sex than how to actually protect themselves during oral sex. Additional analyses by gender and virginity were also performed to further understanding of the nuances amongst virgins and women and men.
Early complications after stapled hemorrhoidopexy: a retrospective study comparing three different circular staplers

Abstract Background: A retrospective analysis was performed to assess differences between three devices used for stapled hemorrhoidopexy (SH) in terms of early complications and complaints and the volume of excised tissue. Materials and methods: All patients who underwent an elective SH from January 2008 to December 2014 were included. Three different devices were used: the PPH03 stapler (Ethicon EndoSurgery, Diegem, Belgium) and the ChexTM CPH32 and CPH34 staplers (Frankenman International Ltd, Hong Kong, China). The demographic data were reviewed as well as indications for surgery. The volume of the excised tissue was determined by reviewing the anatomopathologic reports. We assessed early postoperative complications and complaints and compared the rate of complications between the three used devices. Results: From 1 January 2008 to 30 December 2014, 253 patients underwent a SH using three different devices. One hundred and seventy-four patients were treated with the PPH03 stapler, 51 with the ChexTM CPH32 stapler and 28 with the ChexTM CPH34 stapler. Postoperatively, 28.5% of patients experienced minor early complications. There was no difference in complication rates between the three different devices, except for the occurrence of postoperative stenosis with more stricture formation when using the CPH32 stapler (p < 0.0001). The volume of tissue excised by the ChexTM CPH32 and CPH34 staplers was significantly larger than in the PPH03 group (18.19 ± 9.67 mL; 25.53 ± 13.99 mL; 11.63 ± 5.66 mL; p < 0.0001). Conclusions: Postoperative anal stenosis was more common after circular stapled hemorrhoidopexy with the ChexTM CPH32 stapler.
Managing Haemophilia for Life: 5th Haemophilia Global Summit

The 5th Haemophilia Global Summit was held in Barcelona, Spain, in September 2014. The programme was designed by an independent Scientific Steering Committee of haemophilia experts and explored issues relevant to the practical management of haemophilia, as well as key opportunities and challenges for care in the future. The topics outlined in this supplement were selected by the Scientific Steering Committee for their relevance to improving haemophilia care globally. In this supplement from the meeting, Gerry Dolan explores pharmacokinetics and dynamics in haemophilia, and Gerry Dolan and Ian Jennings jointly address the role of the laboratory in haemophilia care. The potential benefits of low‐dose prophylaxis regimens for people with haemophilia in the developing world are reviewed by Jerzy Windyga, and the question of whether ‘Future haemophilia research should be undertaken in the developing world’ is debated by Jerzy Windyga and Cedric Hermans. Management strategies for ankle arthropathy are discussed by Sébastien Lobet and E. Carlos Rodríguez‐Merchán, and the use of ultrasound for the early detection of haemophilic arthropathy is addressed by Matteo Nicola Dario Di Minno and Víctor Jiménez‐Yuste. Finally, the role of patients in the future of haemophilia care is reviewed by Brian O'Mahony.
Board Independence as a Panacea to Tunneling? An Empirical Study of Related‐Party Transactions in Hong Kong and Singapore

This article examines the effect by imposing higher board independence requirement on private benefit extraction by corporate management or controlling shareholders in Hong Kong and Singapore, which are both international financial centers transplanting the Anglo-American corporate governance model in the 21st century. We show that higher board independence does negatively correlate with fewer related party transactions (RPT), indicate that better corporate governance might have an effect of reducing tunneling through RPTs. However, we find no causal effect of Hong Kong’s imposition of minimum board independence threshold in 2012 on reducing tunneling. Our data also shows that a controlling having more ownership stakes does not necessarily mean more tunneling. Overall, this research lends support to existing literature on the role of better corporate governance in addressing agency costs, though the exact effect of a particular change of corporate governance rule on tunneling might be unclear if the rule is imposed and revised incrementally over time.
Invited commentary: progress in the nutritional epidemiology of ovary cancer.

Researchers do not understand what causes ovarian cancer. Some studies find galactose to be toxic to oocytes which renders ovaries susceptible to cancer. 1 hypothesis is that high levels of lactose consumption and retained ability to digest lactose (lactase persistence) lead to high levels of galactose exposure which increases the ovarian cancer risk. Denmark, Sweden, and Switzerland have the highest risk of ovarian cancer in the world. They also have the highest levels of lactase persistence and among the highest levels of milk supply for the population. Conversely, Hong Kong, Japan, Shanghai, and Singapore have low ovarian cancer risk, low consumption of milk, and low levels of lactase persistence. yet other researchers using the same data did not find per capita availability of milk to be significant independent of nondairy animal fat. Lactase persistence did have an independent association, however, but data was not standardized across populations. In a case control study, researchers took the dietary history of 11 dairy products to measure lactose consumption. A significant increase in ovarian cancer risk only existed with frequent intake of yogurt and cottage cheese. Researchers hypothesized that the prehydrolyzed lactose in both foods was the main contributor. Using the case control data, others found an increased risk for total lactose intake in women who never used oral contraceptives (OCs). The strongest predictor to date is the lactose/transferase ratio, yet those who found this association did not define this index based on an earlier study or examination. 1 problem with these studies is that dietary fat confounds the association. 2 studies showed that low fat milk was associated with decreased risk, even though both milks have the same lactose content. Another problem is that the subsets of exposure or subgroups of the population are unpredictable. Further research in nutritional epidemiology of ovarian cancer is needed.