bluuebunny/crossref_metadata_2025_split huggingface dataset:
Financial Networks as a Source of Systemic Instability
Authors: Zieliński Tomasz 
Published: February 2017

Abstract
Systemic risk is a fundamental constituent of contemporary financial systems. For the past decades a growing number of abrupt upsets in financial systems could be observed. Due to previous experiences, politicians and regulators prefer to identify the offenders outside the system or to blame one of the entities inside the system. However, nowadays many disasters in anthropogenic systems cannot be perceived that way. They are often results of inappropriate interactions rather than external or internal impulses. This requires a paradigm shift in thinking about systemic risk. A component-oriented perspective should be nowadays replaced with a network-oriented view. Closer insight into the concept of systemic risk can refer to the model of the system composed of a huge number of interconnected components. In such a system, systemic risk is usually considered to have a ‘cascading’, ‘domino’ or ‘contagion’ effect, resulting from strong connections. An initial failure could have disastrous effects and cause extreme damage as the number of network nodes goes to infinity. Strongly interconnected, complex dynamic systems cannot be understood by the simple sum of their components’ properties, in contrast to loosely coupled systems. What makes the behaviour of complex financial systems particularly unpredictable is that systemic failures may occur even if everybody involved is highly skilled, highly motivated and behaving properly.
Towards Data Oriented Analysis of the Art Market: Survey and Outlook
Authors: Filipiak Dominik , Filipowska Agata 
Published: February 2017

AbstractDue to the constantly growing interest in alternative investments, the art market has become the subject of numerous studies. By publishing sales data, many services and auction houses provide a foundation for further research on the latest trends. Determining the definition of the artistic value or formalisation of appraisal may be considered quite complex. Statistical analysis, econometric methods or data mining techniques could pave the way towards better understanding of the mechanisms occurring on the art market. The goal of this paper is to identify, describe and compare solutions (and related challenges) that help to analyse, make decisions and define state of the art in the context of the intersection of econometrics on art markets and computer science. This work is also a starting point for further research.
The Dividend Policy of Real Estate Development Companies Listed on the WSE in Poland
Authors: Gostkowska-Drezewicka Magdalena 
Published: February 2017

Abstract
The aim of the article is to analyze and identify the dividend policy adopted by real estate development companies listed on the WSE. The first regular dividend paid by these entities was in 2007. Only 12% of real estate companies listed on the WSE regularly paid dividends. 48% of the surveyed companies declared that their priority is development and recommended - due to the significant investment needs, and to provide liquidity - leaving their profits in the company. In 40% of the development companies, decisions regarding the distribution of profits bear the markings of residual dividend policy. The economic situation in the construction industry, observed in 2007-2013, was an important factor influencing the financial situation of these companies resulting in dividend policy decisions. Most realtor companies have taken the decision to pay dividends in the years 2008 and 2011. This means that the situation in the previous year was an important factor influencing the decisions regarding the distribution of real estate development company profit.
Financialisation as a Result of the Network Economy’s Development
Authors: Cichorska Joanna , Klimontowicz Monika 
Published: February 2017

Abstract
In the last thirty years, the world's economies have changed significantly. New technology deve­lopments have enabled the transition from the industrial economy to the network economy. The network economy is based on information technology, connectivity and human knowledge. Its development has caused changes in the way of life, consumer behaviour on the markets and compa­nies’ business models, especially the process of goods and services creation and distribution. Elec­tronic commerce and services have become one of the fastest developing fields of the economy. As a result, the role of government has diminished while the role of markets has increased economic transactions between countries and their citizens have substantially risen, and financial transactions have grown remarkably. This changing landscape has been characterised by globalization and financialisation.
The increasing role of financial motives, financial markets, and financial institutions have influenced domestic and international transactions. A new category of finance called e-finance has been created and implemented. Despite the advantages of electronic finance networks, concurrently there are some disadvantages of their diffusion. The purpose of the paper is to present both aspects of financialisation and its influence on the financial and banking system. This purpose determines the structure of the paper. As financialisation is a relatively new term the first section of the paper focu­ses on defining its phenomenon. This part presents different authors’ perspectives and definitions. Next, the influence of financialisation on the Polish financial system’s quantitative and qualitative structure is discussed. The last section focuses on the current role and functions of banks in the finance system network structure as a result of a rapidly changing technological environment.
Financialization of The Economy and the Need for Personal Finance Advisory Services
Authors: Waliszewski Krzysztof 
Published: February 2017

Abstract
Financialization of households is a result of the growing role of financial systems and instruments in the economy. The increased role of financial phenomena in financial and non-financial decisions taken by households is not proportional to capabilities of their perception and understanding by households which possess basic knowledge in finance. The missing link between institutions and financial markets offering more complex financial solutions and the consumer may be a financial advisor who can perform many important roles with respect to households. The aim of this article is to present financialization of the economy and households and the role that can be played by financial advisors in decreasing the imbalance of information between the consumer and financial institutions, as well as the lack of symmetry in understanding financial information by the consumer.
Cross-Sectional Returns with Volatility Regimes from a Diverse Portfolio of Emerging and Developed Equity Indices
Authors: Sakowski Paweł , Ślepaczuk Robert , Wywiał Mateusz 
Published: February 2017

Abstract
This article aims to extend evaluation of the classic multifactor model of Carhart (1997) for the case of global equity indices and to expand analysis performed in Sakowski et. al. (2015). Our intention is to test several modifications of these models to take into account different dynamics of equity excess returns between emerging and developed equity indices. Proposed extensions include a volatility regime switching mechanism (using dummy variables and the Markov approach) and the fifth risk factor based on realized volatility of index returns.
Moreover, instead of using data for stocks of a particular market (which is a common approach in the literature), we check performance of these models for weekly data of 81 world investable equity indices in the period of 2000-2015. Such an approach is proposed to estimate an equity risk premium for a single country.
Empirical evidence reveals important differences between results for classical models estimated on single stocks (either in international or US-only frameworks) and models evaluated for equity in­dices. Additionally, we observe substantial discrepancies between results for developed countries and emerging markets. Finally, using weekly data for the last 15 years we illustrate the importance of model risk and data overfitting effects when drawing conclusions upon results of multifactor models.
Financial Sector Transformation and Income Inequality-An Empirical Analysis
Authors: Szymborska Hanna K. 
Published: February 2017

Abstract
This paper examines the relationship between financial sector transformation and income inequality. We construct an econometric model of income concentration for a panel of 16 OECD countries in the years 1995-2009. From our study, financial sector transformation, measured individually by three indicators (GDP share of stock market value traded, bank income and private credit), emerges as a nexus of complex and interconnected phenomena, which are strongly associated with the concentration of income at the top of the distribution.
Crowdfunding as a Mechanism for Financing Small and Medium-Sized Enterprises
Authors: Cichy Janusz , Gradoń Witold 
Published: February 2017

Abstract
The implementation of an innovative idea by small and medium-sized enterprises often is difficult because of the difficulty in finding a source of financing. The modern level of development of communication technology, exchange of information, the possibility of combining these potentials and using synergistic initiatives provides an opportunity to overcome this barrier. Dynamically growing crowdfunding is an opportunity for implemented projects. This study presents a definition of crowdfunding, its types as well as advantages and disadvantages from lender and loaner of capital points of view. It also shows the dynamics of crowdfunding market growth in Europe and the legal basics. The aim of the article is to describe the characteristics of crowdfunding, attempt of identification of the key factors determining its allocative efficiency, and to present their impact on its further development.
Variability of silver fir (Abies alba Mill.) cones – variability of cone parameters
Authors: Aniszewska Monika , Błuszkowska Urszula 
Published: February 2017

Abstract
This study aimed at determining the shape of closed silver fir cones from the Jawor Forest District (Wroclaw), based purely on measurements of their length and thickness. Using these two parameters, the most accurate estimations were achieved with a fourth-degree polynomial fitting function. We then calculated the cones’ surface area and volume in three different ways: 1) Using the fourth-degree polynomial shape estimation, 2) Introducing indicators of compliance (k1, k2, k3) to calculate the volume and then comparing it to its actual value as measured in a pitcher filled with water, 3) Comparing the surface area of the cones as calculated with the polynomial function to the value obtained from ratios of indicators of compliance (ratios k4 and k5). We found that the calculated surface area and volume were substantially higher than the corresponding measured values. Test values of cone volume and surface area as calculated by our model were 8% and 5% lower, respectively, compared to direct measurements. We also determined the fir cones apparent density to be 0.8 g·cm-3on average. The gathered data on cone surface area, volume and bulk density is a valuable tool for optimizing the thermal peeling process in mill cabinets to acquire high quality seeds.
Breeding avifauna of mature forest stands in the Borki Forest and its dynamics at the turn of the 21stcentury
Authors: Rąkowski Grzegorz , Czarnocki Krzysztof , Ukalska Joanna 
Published: February 2017

AbstractThe composition and structure of the breeding bird community in the Borki Forest in north-eastern Poland were investigated during two separate periods: 1994–1996 and 2012–2014. Bird censuses were carried out in three plots located in mature oak-hornbeam, ash-alder and mixed coniferous forest stands. A standard combined mapping technique for estimating the number of breeding birds was applied. A total of 74 bird species bred at least once within any plot during 1994–1996 or 2012–2014. The structure of the bird assemblages on particular plots displayed a high degree of similarity, exceeding 75%, which means that they represent essentially the same bird community. However, the investigated assemblages have changed substantially over the 20 years. Both, the number of breeding bird species and the population densities on all plots, were much higher in 2012–2014 than in 1994–1996. The mean number of breeding species on all plots was over 50% higher in 2012–2014 than in 1994–1996, whereas the mean total density of breeding pairs increased by more than 60%. Total population densities on the plots increased as a result of an increase in population densities of individual bird species combined with an increase in the number of breeding species. Due to different rates of population growth for certain species, also the composition of dominating species group have changed. The observed changes in the avifauna of the Borki Forest were most probably due to an enrichment of the forest habitats structure, which was caused by natural factors, such as ageing of forest stands, forest succession and a change in water regime by beaver dams, as well as by forest management, including group felling within or in the vicinity of plots and uncovering of the forest edge.
Computation of minimal homogeneous generating sets and minimal standard bases for ideals of free algebras
Authors: Li Huishi 
Published: February 2017

Abstract
Let

K
⁢

〈
X
〉

=

K
⁢

〈

X
1

,
…
,

X
n

〉

{K\langle X\rangle=K\langle X_{1},\ldots,X_{n}\rangle}

be the free algebra generated by

X
=

{

X
1

,
…
,

X
n

}

{X=\{X_{1},\ldots,X_{n}\}}

over a
field K. It is shown that, with respect to any weighted

ℕ

{\mathbb{N}}

-gradation attached to

K
⁢

〈
X
〉

{K\langle X\rangle}

, minimal homogeneous
generating sets for finitely generated graded two-sided ideals of

K
⁢

〈
X
〉

{K\langle X\rangle}

can be algorithmically computed, and that if an ungraded
two-sided ideal I of

K
⁢

〈
X
〉

{K\langle X\rangle}

has a finite Gröbner basis

𝒢

{{\mathcal{G}}}

with
respect to a graded monomial ordering on

K
⁢

〈
X
〉

{K\langle X\rangle}

, then a minimal
standard basis for I can be computed via computing a minimal
homogeneous generating set of the associated graded ideal

〈

𝐋𝐇
⁢

(
I
)

〉

{\langle\mathbf{LH}(I)\rangle}

.
Chemical and Pyrolytic Thermogravimetric Characterization of Nigerian Bituminous Coals
Authors: Nyakuma Bemgba Bevan , Jauro Aliyu 
Published: February 2017

Abstract
The discovery of new coal deposits in Nigeria presents solutions for nation’s energy crises and prospects for socioeconomic growth and sustainable development. Furthermore, the quest for sustainable energy to limit global warming, climate change, and environmental degradation has necessitated the exploration of alternatives using cleaner technologies such as coal pyrolysis. However, a lack of comprehensive data on physico-chemical and thermal properties of Nigerian coals has greatly limited their utilization. Therefore, the physico-chemical properties, rank (classification), and thermal decomposition profiles of two Nigerian bituminous coals – Afuze (AFZ) and Shankodi-Jangwa (SKJ) – were examined in this study. The results indicate that the coals contain high proportions of C, H, N, S, O and a sufficiently high heating value (HHV) for energy conversion. The coal classification revealed that the Afuze (AFZ) coal possesses a higher rank, maturity, and coal properties compared to the Shankodi-Jangwa (SKJ) coal. A thermal analysis demonstrated that coal pyrolysis in both cases occurred in three stages; drying (30-200 °C), devolatilization (200-600 °C), and char decomposition (600-1000 °C). The results also indicated that pyrolysis at 1000 °C is not sufficient for complete pyrolysis. In general, the thermochemical and pyrolytic fuel properties indicate that the coal from both places can potentially be utilized for future clean energy applications.
Expression, purification and characterization of human cytosolic sulfotransferase (SULT) 1C4
Authors: Guidry Amber L. , Tibbs Zachary E. , Runge-Morris Melissa , Falany Charles N. 
Published: February 2017

Abstract
Human cytosolic sulfotransferase 1C4 (hSULT1C4) is a dimeric Phase II drug-metabolizing enzyme primarily expressed in the developing fetus. SULTs facilitate the transfer of a hydrophilic sulfonate moiety from 3′-phosphoadenosine-5′-phosphosulfate (PAPS) onto an acceptor substrate altering the substrate’s biological activity and increasing the compound’s water solubility. While several of the hSULTs’ endogenous and xenobiotic substrates have been identified, the physiological function of hSULT1C4 remains unknown. The fetal expression of hSULT1C4 leads to the hypothesis that the function of this enzyme may be to regulate metabolic and hormonal signaling molecules, such as estrogenic compounds, that may be generated or consumed by the mother during fetal development. Human SULT1C4 has previously been shown to sulfonate estrogenic compounds, such as catechol estrogens; therefore, this study focused on the expression and purification of hSULT1C4 in order to further characterize this enzyme’s sulfonation of estrogenic compounds. Molecular modeling of the enzyme’s native properties helped to establish a novel purification protocol for hSULT1C4. The optimal activity assay conditions for hSULT1C4 were determined to be pH 7.4 at 37°C for up to 10 min. Kinetic analysis revealed the enzyme’s reduced affinity for PAPS compared to PAP. Human SULT1C4 sulfonated all the estrogenic compounds tested, including dietary flavonoids and environmental estrogens; however, the enzyme has a higher affinity for sulfonation of flavonoids. These results suggest hSULT1C4 could be metabolizing and regulating hormone signaling pathways during human fetal development.
Is breast cancer surgery safely performed in patients receiving antithrombotic therapy?
Authors: Emoto Norio , Fujikawa Takahisa , Yoshimoto Yasunori , Kawamoto Hiroshi , Tanaka Akira 
Published: February 2017

Abstract

Aim:
The aim of the study was to assess the safety of surgery for breast cancer in patients with antithrombotic therapy (ATT), including antiplatelet therapy (APT) and anticoagulation therapy (ACT) for thromboembolic risks.

Methods:
One hundred ninety-three consecutive patients receiving breast surgery for breast cancer at our institution between 2010 and 2015 were retrospectively reviewed. Among them, ATT was regularly used in 50 patients (25.9%). Our perioperative management included maintenance of preoperative aspirin monotherapy for APT and bridging heparin for ACT in patients at high thromboembolic risks and early postoperative reinstitution in all ATT cases. The outcome variables of patients with ATT (ATT group) were compared to those of patients without ATT (non-ATT group), and the significant risk factors for postoperative complications were determined by multivariate analysis.

Results:
This series included 127 mastectomy and 66 breast-conserving surgery. ATT group showed significantly high frequency of history of cerebral infarction and percutaneous coronary intervention (PCI). In the ATT group, 32 patients (16.6%) were categorized as high risk for thromboembolism, but there was neither thromboembolic event nor perioperative death in the whole cohort. Surgical blood loss and rates of intraoperative transfusion were identical between the groups. Whereas overall postoperative bleeding complication was more frequently observed in the ATT group compared to the non-ATT group (12.0% vs. 3.5%, p=0.360) in univariate analyses, multivariate analysis showed that neither ATT nor preoperative aspirin continuation affected postoperative bleeding complications.

Conclusion:
Even in patients undergoing ATT, surgery for breast cancer is safely performed without any increase in blood loss or postoperative bleeding, and no thromboembolism was experienced in the series. Our perioperative management of ATT patients is valid during breast surgery, although this patient population is still challenging and should be rigorously managed.
Toxic Epidermal Necrolysis - A Case Report
Authors: Stătescu Laura , Constantin Magda , Morariu Horia Silviu , Solovăstru Laura Gheucă 
Published: February 2017

Abstract
Toxic epidermal necrolysis (TEN) is an acute, life-threatening muco-cutaneous disease, often induced by drugs. It is characterized by muco-cutaneous erythematous and purpuric lesions, flaccid blisters which erupt, causing large areas of denudation. The condition can involve the genitourinary, pulmonary and, gastrointestinal systems. Because of the associated high mortality rate early diagnosis and treatment are mandatory.
This article presents the case of a sixty-six years old male patient, known to have cirrhosis, chronic kidney failure, and diabetes mellitus. His current treatment included haemodialysis. He was hospitalized as an emergency to the Dermatology Department for erythemato-violaceous, purpuric patches and papules, with acral disposition, associated with rapidly spreading erosions of the oral, nasal and genital mucosa and the emergence of flaccid blisters which erupted quickly leaving large areas of denudation. Based on the clinical examination and laboratory investigations the patient was diagnosed with TEN, secondary to carbamazepine intake for encephalopathic phenomena. The continuous alteration in both kidney and liver function and electrolyte imbalance, required him to be transferred to the intensive care unit. Following pulse therapy with systemic corticosteroids, hydro-electrolytic re-equilibration, topical corticosteroid and antibiotics, there was a favourable resolution of TEN.
The case is of interest due to possible life-threatening cutaneous complications, including sepsis and significant fluid loss, in a patient with associated severe systemic pathology, highlighting the importance of early recognition of TEN, and the role of a multidisciplinary team in providing suitable treatment.
Pulse Oximetry During the First 24 Hours as a Screening Tool For Congenital Heart Defects
Authors: Patriciu Mihaela , Avasiloaiei Andreea , Moscalu Mihaela , Stamatin Maria 
Published: February 2017

Abstract

Introduction: Although screening for congenital heart defects (CHD) relies mainly on antenatal ultrasonography and clinical examination after birth, life-threatening cardiac malformations are often not diagnosed before the patient is discharged.

Aim: To assess the use of routine pulse oximetry in the delivery room and at 24 hours postpartum, and to study its feasibility as a screening test for CHD.

Material and Methods: In this prospective study, all infants born in “Cuza Voda” Maternity Hospital, Iasi, Romania, were enrolled over a thirteen-month period. Preductal oximetry was assessed during the first hour, and postductal oximetry was evaluated at twenty-four hours postpartum. Data were then analyzed to establish the sensitivity and specificity of pulse oximetry, as a screening test for CHD.

Results: 5406 infants were included in the study, with a mean gestational age of 38.2 weeks and a mean birth weight of 3175 grams. During the first minute, blood oxygen saturation varied between 40% and 90% and at 24 hours of life, it ranged between 90% and 100%. Following oximetry assessment, 14 infants with critical CHD were identified. Blood oxygen saturation values in infants with CHD were lower throughout the entire period of evaluation. Pulse oximetry had good sensitivity and specificity at 1 hour (Se=87.5%, Sp=95.5%) and 24 hours (Se=92.5%, Sp=97.4%) for the diagnosis of CHD. Blood oxygen saturation values at one minute, 1 hour and 24 hours are strong discriminative parameters for the early diagnosis of CHD.

Conclusion: Routine pulse oximetry during the first 24 hours postpartum represents an early indicator of CHD to facilitate timely intervention. Pulse oximetry provides excellent sensitivity and specificity and has tremendous potential as a standard screening test for CHD during the first 24 hours of life.