Miracle-dz/UniFAR-FTUs huggingface dataset:
Investment, dividend, debt decisions and business life cycle

Abstract This study aims to examine whether a company will adopt different investment, dividend and debt decisions at different life cycle stages. First, based on the combinations of five variables including revenue growth rate, dividend payment rate, capital expenditure rate, return on assets, and company age, this study applies the two-stage clustering analysis to analyze the financial data of 195 public electronic companies in Taiwan from 1997 to 2006 and partitions the entire business life cycle into four different stages. Second, using the three-stage least squares method (3SLS), the result reveals that the interrelationship between investment, dividend and debt decisions at different life cycle stages has significant difference in Taiwan market. It can also be inferred that these financial decisions are not mutually independent; hence the Taiwan capital market is not perfect.
A Comparison of the Internationalization of Education in Taiwan and Japan: The Perspective of Elementary School Principals

Due to the increasing need to develop a globalized workforce, like many countries across the globe, Taiwan and Japan have extended the efforts to internationalize education to the elementary-school level. This study focuses on elementary school principals from both countries and explores the importance that these school leaders place on the level and ordering of various factors in the internationalization of education efforts. Using a questionnaire-based research design, a researcher-made instrument was administered to the principals of both countries, and the analytic hierarchy process (AHP) as well as descriptive statistics were used to compare the internationalization of education goals of both countries in terms of the effectiveness of ordering and practical implementation. Afterwards, the study utilized corresponding analysis (CA) to determine the views of the principals of both countries regarding the relationships between the goals and strategies of international education, which are summarized therein. Finally, through the data obtained and resulting discussion, the study offers some suggestions for the educational institutions and educators of both countries related to the implementation of an international education.
Small worldliness, Chinese culture, and firm innovation performance: an empirical study based on patent collaboration data of China

China is an Asian country that has a more collectivist culture compared with that of western countries. Furthermore, China is also different from other Asian countries and regions, for example, Japan, South Korea, and Taiwan, in terms of the social and political context. The small-world network thereby plays quite a different role in innovation in China. This paper expands on the existing studies by examining the impact of the small-world network on firm innovation performance using both quantity and quality measurements. With the intra-firm level patent collaboration data from China, we find that a more clustered patent collaboration network has a negative impact on firm innovation performance. Patent collaboration networks with greater small worldliness would harm firm innovation performance in China, which is quite different from the role played by small worldliness in western and other Asian countries. The path length has a negative impact, and the size of the connected component has a positive impact on firm innovation, which is similar to the role of small-world networks in western and other Asian countries. Our finding is suggestive to the firm managers who face the collectivist culture of China, which has greater emphasis on hierarchy and bureaucracy.
Impact of Political Incidents, Financial Crises, and Severe Acute Respiratory Syndrome on Hong Kong Property Buyers

In this paper, the first part of our study, we use a linear statistical technique to examine the impact of the announcement of China's decision to take back Hong Kong from the United Kingdom in 1982, the Tiananmen Square incident of 4 June 1989, the Asian financial crisis (AFC) of 1997, and the outbreak of severe acute respiratory syndrome (SARS) in 2003 on Hong Kong's housing market in terms of prices. A total of 11362 residential transactions from a cluster of data for a large private-housing estate, considered to be representative of Hong Kong's private residential market, were used to test four hypotheses that evaluate the impact of shocks on property prices through the use of a hedonic price model. The influences based on the statistical findings, which satisfy the relevant goodness-of-fit tests, are (a) that the sovereignty crisis exerted immediate significant negative price effect, but property prices rebounded after a big decline when open diplomatic dialogue between the Chinese and UK governments began, (b) that the Tiananmen Square (4 June) incident had no significant price effect; (c) that the AFC caused a drastic decline in property prices; and (d) that the impact of the SARS outbreak was significantly negative for Amoy Gardens but not so for estates with fewer reported SARS cases.
Effects of ownership structure on bank performance: evidence from Vietnamese banking sector

This paper examines the effects of ownership structure, focusing on state-ownership and foreign-ownership, on performance of selected Vietnamese bank. The panel data of 23 Vietnamese banks is statistically tested and result suggests that state-ownership negatively affects bank performance. This is consistent with existing literature (La Porta et al., 2002; Berger et al., 2005; Lin and Zhang, 2009; Chen et al., 2009). This, however, shows deviation from findings in neighbour countries like Taiwan and China. On the issue of foreign ownership, the evidence is not steady and sufficient to support the notion that foreign owned banks generally outperform domestic banks. This contradicts with existing studies by Bonin et al. (2005) and Lin and Zhang (2009). A possible reason for this is the presence of stringent barriers and regulations by the Vietnamese Government for foreign banks in Vietnam.
ASEAN Financial Market Integration -- A Rainbow on the Horizon?

This paper reveals the degree of integration of financial markets in selected ASEAN economies. Few studies on this topic provide evidence that integration of the region’s financial markets remains limited, despite the steady growth of intra-ASEAN trade (the share of intra-ASEAN trade to total ASEAN trade increased from 17% in 1990 to 24% in 2013). Over time, while the demand for financial services to support economic activities has led to financial system growth alongside economic development, the financial services appear to have less integration. We applied correlation and cointegration analyses to study financial integration over two periods (before and after the Asian financial crisis of three countries, namely Malaysia, Singapore and Thailand and three non-ASEAN countries, namely Hong Kong, Japan and the USA). Pairwise correlation of money-market rates appear to have increased from 8 (pre-crisis) to 15 (post-crisis) significantly. The multivariate co-integration test suggests the presence of at least two cointegrating equations (pre-crisis and post-crisis) in the money and stock markets of the ASEAN region.
Increased cartilage turnover and circulating autoantibodies in different subsets before the clinical onset of rheumatoid arthritis

Background Previous studies have indicated that autoantibodies may be detected years before the clinical onset of rheumatoid arthritis (RA). Cartilage biomarkers, such as cartilage oligomeric matrix protein (COMP), have not been studied previously in samples collected before the diagnosis of RA. Methods Between 1991 and 1996, 30 447 subjects were included in the Malmö Diet Cancer Study (MDCS). People who developed RA after inclusion were identified by linking the MDCS database to different Swedish registers. One matched control for each validated case was selected from the MDCS. IgG antibodies against cyclic citrullinated peptide (anti-CCP) and mutated citrullinated vimentin (anti-MCV) and IgM rheumatoid factor (IgM RF) were determined by ELISA. Serum COMP was measured with a sandwich ELISA. Results 172 incident cases of RA (median time from inclusion to diagnosis 5 years; range 1–13) were identified. Pre-RA cases were significantly more likely than controls to be positive for anti-CCP (21.9% vs 0.6%), anti-MCV (29.6% vs 3.0%) and IgM RF (18.9% vs 2.4%) (all p<0.001). Overall, mean serum COMP levels did not differ between cases and controls. Among pre-RA cases included 1–3 years before diagnosis, raised COMP (>12 U/l) was seen in a greater proportion of anti-CCP-negative than anti-CCP-positive subjects (50% vs 15%; p=0.04). Conclusions Increased cartilage turnover, measured by COMP, and circulating RA-specific antibodies may be distinct processes in the preclinical phase of RA.
Auto-antibodies, HLA and PTPN22: susceptibility markers for rheumatoid arthritis.

OBJECTIVE To analyse the relationship between the presence of auto-antibodies [rheumatoid factor (RF) and anti-cyclic citrullinated peptide (anti-CCP)], HLA-DRB1 alleles and PTPN22 1858 C/T polymorphism and test the value of their combination as susceptibility markers for rheumatoid arthritis (RA). METHODS Patients with early arthritis were included. At entry in the cohort or during follow-up, 191 patients fulfilled the criteria for RA and 184 individuals suffered from other arthropathies. RF was measured by nephelometry and anti-CCP antibody by enzyme-linked immunosorbent assay. HLA class II alleles were determined by polymerase chain reaction. Samples were genotyped for PTPN22 1858C/T variants using a TaqMan 5'-allele discrimination assay. RESULTS The presence of shared epitope (SE) alleles was strongly associated with anti-CCP and RF-positive RA [P = 7.05 x 10(-10), odds ratio (OR) 4.57, 95% confidence interval (CI) 2.76-7.57 and P = 1.68 x 10(-6), OR 2.99, 95% CI 1.89-4.74, respectively). The combination of the PTPN22 1858T variant and anti-CCP antibodies gave a high specificity for the disease, and was significantly associated with RA (P = 8.86 x 10(-5), OR 10.05, 95% CI 1.88-53.73). CONCLUSION The combination of the T variant of the 1858 polymorphism of the PTPN22 gene in combination with the presence of anti-CCP antibodies, preferentially in a SE-positive individual, is associated with the development of RA.
Multinational, double-blind, randomised, placebo-controlled, prospective study of esomeprazole in the prevention of recurrent peptic ulcer in low-dose acetylsalicylic acid users: the LAVENDER* study

Objectives To evaluate if esomeprazole prevents recurrent peptic ulcer in adult patients with a history of peptic ulcer receiving low-dose acetylsalicylic acid (ASA, aspirin) for cardiovascular protection in East Asia. Methods In this prospective, randomised, double-blind, placebo-controlled trial conducted in Japan, Korea and Taiwan, eligible patients receiving low-dose ASA for cardiovascular protection (81–324 mg/day) were randomised to esomeprazole 20 mg/day or placebo for ≤72 weeks. All patients received concomitant mucosal protection (gefarnate 100 mg/day). The primary endpoint was time to ulcer recurrence (Kaplan–Meier analysis). Efficacy findings are presented up to week 48, as per a planned interim analysis within the study protocol. Results A total of 364 patients (79.9% men; mean age, 67.1 years) comprised the full analysis set (esomeprazole, n=182; placebo, n=182). There was a statistically significant difference in the time to ulcer recurrence between esomeprazole and placebo (HR 0.09; 96.65% CI 0.02 to 0.41; p<0.001). The estimated ulcer-free rate at week 12 was 99.3% (esomeprazole) and 89.0% (placebo). The high estimated ulcer-free rate for esomeprazole was maintained through to week 48 (98.3% vs 81.2% of placebo-treated patients). No factors, other than female gender, reduced time to ulcer recurrence in addition to the effect of esomeprazole (p<0.001). Treatment with esomeprazole was generally well tolerated. Conclusions Daily esomeprazole 20 mg is efficacious and well tolerated in reducing the recurrence of peptic ulcer in East-Asian patients with a history of ulcers who are taking low-dose ASA for cardiovascular protection. ClinicalTrial.gov identifier NCT01069939.
Evaluation of 4 Weeks' Neonatal Antiretroviral Prophylaxis as a Component of a Prevention of Mother-to-child Transmission Program in a Resource-rich Setting

Background: In resource-rich settings, universal adoption of a 4- rather than 6-week neonatal antiretroviral (ARV) prophylaxis regimen could reduce toxicity and results in cost savings, provided prevention of mother-to-child transmission program effectiveness is not compromised. Methods: Between January 1999 and December 2008, a 10-year study of the observational database of the Irish prevention of mother-to-child transmission program that uses a 4- rather than 6-week neonatal ARV prophylaxis regimen was undertaken. Maternal and infant data were analyzed to determine the vertical transmission rate (VTR) and infant outcome. Infants were categorized as uninfected if, off ARVs, they had 2 negative human immunodeficiency virus (HIV) polymerase chain reaction (PCR) tests, the second at 3 months of age or older. Results: Between January 1999 and December 2008, there were 964 HIV-exposed live births. Excluding 7 early neonatal deaths, 4 weeks of ARV prophylaxis was prescribed for 957 infants: 61% received mono, 32% triple, and 7% dual therapy. Of 957 infants, 906 were uninfected, 10 infected, and 41 of indeterminate status. Twenty-four of the indeterminate status infants had at least one negative HIV PCR test at ≥6 weeks and 17 were lost to follow-up before 6 weeks of age. On the basis of 916 infants of known outcome, the VTR was 1.09% (95% confidence interval, 1.07–1.11). If restricted to 910 infants whose mothers received at least 4 weeks of antiretroviral therapy (ART), the VTR was 0.4%. Conclusions: This study provides evidence to support the current clinical practice toward use of a 4-week neonatal ARV prophylaxis regimen.
Industrial Organization and Product Quality: Evidence from South Korean and Taiwanese Exports

The central focus of this paper is on the relationship between domestic market structure and export performance. It evaluates the hypothesis that more concentrated industrial sectors can achieve more easily the transition from standardized, labor-intensive manufactures to sophisticated, skill intensive products, as such industries are better able to cope with the inevitable reputational externalities involved in producing high-quality goods for foreign markets. South Korea and Taiwan provide a good test of the theory, as they have sharply different market structures. The results of the empirical analysis provide strong support for the hypothesis.
Overraction, size effects and seasonality in Malasyian and Far-Eastern markets

This study investigates stock market anomalies in the Kuala Lumpur Stock Exchange (KLSE), Malaysia, with some comparisons with three other Far-Eastern markets, namely the Stock Exchange of Singapore (SES), the Stock Exchange of Thailand (SET) and the Stock Exchange of Hong Kong (SEHK). The main anomaly investigated is overreaction in the KLSE. Seasonality and firm size effects, which are usually associated with the overreaction effect, are also examined individually, and in the context of the overreaction effect. The impact of time-varying risk on overreaction is also investigated. First, stock market seasonality across four markets KLSE, SES, SET and SEHKis examined. The evidence suggests the existence of December and January effects in Singapore and Hong Kong respectively. A Chinese New Year effect is observed in all countries except Thailand. Next, stock market overreaction in the KLSE is investigated. Two portfolios of extreme stocks (based on their past 3-year excess returns) are formed, and their performance is measured in the next three years for evidence of overreaction. The initial results are consistent with overreaction; winner (loser) portfolios, which outperform (underperform) the market in the prior period, underperform (outperform) the market in the next period. The reversal in performance is more dramatic for losers. Further analyses show that risk and size factors cannot explain fully the observed phenomenon. A seasonal pattern is revealed in the excess returns of winners and losers; there is a pronounced February effect in both. Moreover, the February effect is observed to be greater for smaller firms. Lastly, a post-script chapter is included whereby the effect of the recent Asian economic turmoil on the markets, and on KLSE overreaction, is looked at. It is found that several months into the crisis, both winners and losers underperform the market.
China's Great Economic Transformation: A Political Economy of China's Economic Transition

China began its transition to a market economy nearly thirty years ago under an authoritarian and hierarchical political system. Today, after market transition has wrought fundamental changes in China's economy and transformed every aspect of China's society, that political system survives, with its basic features intact. Indeed, the two most surprising aspects of China's recent past are the thoroughness of economic change and the durability of the Communist Party (CP)-run political system. During the economic transformation, the CP hierarchy did not sit off to one side, frozen in time while everything else in China changed. Rather, the hierarchical political system shaped the process of market transition, and the political hierarchy itself has been reshaped in response to the forces unleashed by economic transition. The critical economic transition policies were made by national leaders acting in the context of their positions in the authoritarian political system and as a result, many of the basic features of the reform process can be explained by the structure of the political system and the changing needs of politicians within that system. China's enduring “gradualist” approach to transition obviously suits the needs of its authoritarian leaders. More interesting is that the concrete policy content of China's transition – which differed dramatically in different periods – can also be traced to the changing structure of power and strategic calculations of leaders within the authoritarian system.
Independent Non-Executive Directors: A Search for True Independence in Asia

Board composition and independence are fundamental issues in corporate governance. Concentrated ownership structures and weak legal protection in Asia increase the importance of independent non-executive directors on corporate boards. In Asia, companies commonly have controlling shareholders who have the ability to control the nomination and election of directors to the board. Independent non-executive directors should have high ethical standards, with the ability to act objectively to ensure that minority shareholders’ rights are not expropriated. This study examines ways to ensure that so-called independent directors are, in fact, independent. The study includes a comparative analysis of the regulations and codes of corporate governance in Hong Kong, Singapore, India, and the Philippines. These countries were chosen because of their concentrated ownership structures in the listed equity markets and because their corporate governance regulations are at various stages of development and implementation. We.
Immunogenetic Risks of Anti-Cyclical Citrullinated Peptide Antibodies in a North American Native Population with Rheumatoid Arthritis and Their First-degree Relatives

Objective. To determine the prevalence of anti-cyclic citrullinated peptide (anti-CCP) antibodies in unaffected relatives of North American Native probands with rheumatoid arthritis (RA); and the associations of the shared epitope (SE) and HLA-DRB1*0901 with RA and anti-CCP antibodies. Methods. The subjects were RA probands, affected relatives, unaffected first-degree (FDR) and more distant relatives, and unaffected controls from the same population. HLA-DRB1 typing was determined by DNA sequencing and anti-CCP antibodies were determined by ELISA. Results. DRB1*0901, SE, and SE/DRB1*0901 genotypes were all associated with RA. SE/DRB1*0901, but not other SE genotypes, was associated with disease onset at age < 16 years. The frequency of anti-CCP antibodies was 82% in RA probands, 17% in FDR, 11% in more distant relatives, and 3% in controls. Among unaffected relatives, a significant increased risk of anti-CCP was associated with SE/DRB1*0901 genotype, but not with SE. Conclusion. An independent association of the non-SE allele DRB1*0901 with RA was confirmed in this population, and this allele in combination with a SE allele was associated with younger age at disease onset. FDR of RA probands have a higher prevalence of anti-CCP antibodies than more distant relatives and unrelated controls, suggesting a gradient of risk for disease development. Immunogenetic risks may act early in disease pathogenesis at the level of initiation of RA autoantibody formation; however, it is not clear what additional genetic and environmental risks are involved in progression to clinical disease.
EFFECTS OF INDIVIDUALIZED VS . CLASSICAL “ RELAXATION ” MUSIC ON THE FREQUENCY OF AGITATION IN ELDERLY PERSONS WITH ALZHEIMER ’ S DISEASE AND RELATED DISORDERS Reflection

While working as a staff development coordinator in a long-term care facility during the mid to late 1980s I witnessed agitation in persons with dementia (PWD) and the negative effects that these behaviors had on both the caregiver and the care recipient. Published research findings validated the widespread prevalence of this problem. Management strategies at the time focused primarily on chemical and physical restraints which, in and of themselves, were fraught with adverse effects. Shortly thereafter I enrolled in graduate school where I focused my efforts on exploring this problem with a clear understanding that there was a need for alternative interventions that were relatively inexpensive and could be readily and easily implemented by trained staff. These efforts eventually led to the development of individualized music as an intervention for the management of agitation in PWD. Individualized music is defined as music that has been integrated into the person’s life and is based on personal preference (Gerdner, 1992). Extensive clinical experience along with findings from a pilot study (Gerdner, 1992) served as the foundation for the development of intervention guidelines (Gerdner, 1996) and a midrange theory of individualized music intervention for agitation (IMIA) (Gerdner, 1997). The publication of the original pilot study (Gerdner and Swanson, 1993) generated a considerable amount of interest resulting in further efforts toward testing the effects of individualized music for the management of agitation in PWD (Casby and Holm, 1994; Cohen-Mansfield and Werner, 1997; Devereaux, 1997; Thomas et al., 1997; Clark et al., 1998). The strengths and limitations of these studies were used to design a more rigorous methodology using a larger sample for the purpose of testing the propositions of IMIA and the effects of individualized music when compared to classical “relaxation” music on the frequency of agitation in PWD. The findings of this study were published in International Psychogeriatrics (Gerdner, 2000). As of January 2009, this article has been cited in 91 scholarly publications and was the impetus for additional studies conducted in the U.S.A. , Sweden, Japan and Taiwan. These efforts have resulted in an