Hierarchical Data Representation Model - Multi-layer NMF

In this paper, we propose a data representation model that demonstrates hierarchical feature learning using nsNMF. We extend unit algorithm into several layers. Experiments with document and image data successfully discovered feature hierarchies. We also prove that proposed method results in much better classification and reconstruction performance, especially for small number of features. feature hierarchies

Creditor coordination effects and bankruptcy prediction

This study investigates the increase in forecasting accuracy of hazard rate bankruptcy prediction models with creditor coordination effects over the forecasting period 1990-2009. A firm's probability of bankruptcy is likely to be marginally affected by creditors' coordination behavior, since failure to coordinate may result in premature foreclosure, denial of refinancing, or disagreement over private restructuring. Applying findings from prior literature, I present creditor coordination effects as interactions between the ex ante likelihood of creditor coordination failure and a firm's information characteristics. The most striking finding of this study is an increase, on average, of 10% in the out-of-sample forecasting accuracy of private firm prediction models with creditor coordination effects. The contributions of this study are twofold, (1) the hazard rate model results provide evidence that creditor coordination can exert marginal effects on firms' probability of bankruptcy, and (2) the forecast accuracy results suggest that incorporating creditor coordination effects can significantly improve the forecasting accuracy of bankruptcy prediction models for private firms

The Usefulness Of The Tax Avoidance Proxy: Evidence From Korea

This study aims to verify the usefulness of the tax avoidance proxy developed by Desai and Dharmapala (2006) in the setting where accounting-tax alignment is relatively high and aggressive tax planning is restricted. By using a large set of firms in Korea, I empirically test whether the tax avoidance proxy detects the management of book-tax and book-only accruals. My findings show that downward management of book-tax accruals for tax reporting purposes is not detected by the tax avoidance proxy. However, upward management of book-only accruals for financial reporting purposes is captured by the tax avoidance proxy. In addition, the tax avoidance proxy better detects simultaneous management of two accrual components than management of book-tax accruals alone. Lastly, the tax avoidance proxy is more powerful in detecting tax avoidance activities in a sample of firms with high tax and financial reporting costs than in firms that carry high tax costs but low financial reporting costs. The results of this study imply that the tax avoidance proxy can be a good indicator only when used for firms that are conscious of their financial reporting costs and have incentive to manage both taxable and book income at the same time under the setting where book-tax conformity is high and aggressive tax shelters are restricted. This study sheds light on the usefulness of the tax avoidance proxy which has been widely used in the accounting studies and provides a caveat to researchers that the proxy should be employed with caution and in appropriate setting.

Management Of Accrual Components In Response To Corporate Income Tax Rate Changes: Evidence From Korea

Changes in the statutory corporate income tax rate provide firms with an opportunity to reduce their tax burden by shifting their taxable income from higher to lower tax rate years. One negative consequence of shifting taxable income across years is higher variation in book income for financial reporting purposes. Taxable income and book income are closely related in most countries, and, in general, reporting volatile book income across years is not a favorable signal to investors. This study investigates how firms shift taxable income and concurrently mitigate book income fluctuation by managing accrual components separately when the statutory income tax rate changes. Unlike prior studies, we decompose discretionary accruals into two components and examine distinctive patterns of accrual management in Korea, where book-tax conformity is high and aggressive tax avoidance is restricted. We find that firms manage book-tax accruals for taxable income shifting and manage book-only accruals to mitigate book income fluctuation. Furthermore, we find the extent of book-tax and book-only accruals management varies depending on the firms’ tax and financial reporting costs. The results of this study provide clear and compelling evidence of firms’ opportunistic accrual management behavior in response to statutory tax rate reduction

Serumkonzentrationen von Brain-Derived Neurotrophic Factor (BDNF) bei unbehandelten schizophrenen Patienten und im Verlauf der antipsychotischen Behandlung

Zusammenfassung Einleitung: Der BDNF (Brain derived neurotrophic factor) ist nicht nur an der Entwicklung, Differenzierung und dem Überleben von dopaminergen Neuronen beteiligt, sondern reguliert auch die schnelle Neurotransmission und die neuronale Aktivität. Methodik: In dieser Studie wurden 22 akut schizophrene Patienten und 22 altersentsprechende gesunde Freiwillige rekrutiert und die BDNF-Serumkonzentrationen im unbehandelten Krankheitszustand und jeweils zwei und vier Wochen nach medikamentöser Behandlung gemessen. Ergebnisse: Die BDNF-Serumkonzentrationen bei den unbehandelten schizophrenen Patienten (n=22; 4,38 ± 2,1 ng/ml) waren im Vergleich zu den altersentsprechenden gesunden Freiwilligen (n=44, df=42, p=0,029) signifikant erniedrigt. Im Therapieverlauf zeigten wiederholte Messungen in der mixed-model Varianzanalyse einen signifikanten BDNF-Anstieg ( χ2 = 2,91; df = 1; p < 0,0001). Die prozentuale Änderung von BDNF (Anstieg 173% ± 110) korrelierte negativ mit der prozentualen Änderung des PANSS-Scores (Abfall 75 % ± 22; n= 18; r = 0,554; p = 0,032). Schlussfolgerung: Unsere Studie repliziert die Ergebnisse früherer Studien. Wir konnten zeigen, dass medikamentös unbehandelte schizophrene Patienten eine niedrigere BDNF-Serumkonzentration aufweisen als gesunde Kontrollen. Der Anstieg der BDNF-Serumkonzentration während der medikamentösen Behandlung scheint parallel mit der Verbesserung der Positiv- und Negativsymptomatik einherzugehen.Introduction: Brain-derived neurotrophic factor (BDNF) is not only involved in the development, differentiation, and survival of dopaminergic neurons; it also regulates fast neurotransmission and neuronal activity. Methods: In this study, 22 patients with acute schizophrenia and 22 age-matched healthy volunteers were recruited, and BDNF serum concentrations were measured in unmedicated patients and after 2 weeks and 4 weeks of medication. Results: Brain-derived neurotrophic factor serum levels of unmedicated schizophrenic patients (n = 22; 4.38 ± 2.1 ng/mL) were significantly decreased compared to the age-matched healthy volunteers (n = 44, df = 42, P = 0.029). In a mixed-model repeated-measures analysis of variance, a significant BDNF increase has been found during treatment (χ2 = 2.91; df = 1; p < 0.0001). The percental change of BDNF (increase, 173% ± 110) correlated negatively with the percental change of PANSS score (decrease, 75% ± 22; n = 18; r = 0.554; P = 0.032). Conclusions: Our study replicates studies showing that unmedicated patients with schizophrenia have decreased serum BDNF levels compared with healthy controls. Brain-derived neurotrophic factor increase during treatment seems to parallel positive and negative symptom improvement

Treatment effect analysis of early reemployment bonus program : panel MLE and mode-based semiparametric estimator for interval truncation

We use Korean data to find the ef fects of Early Reemployment Bonus (ERB) on unemployment duration; ERB is a bonus that the eligible unemployed receive if they find a job before their unemployment insurance benefit expires. A naive approach would be comparing the ERB receiving group with the non-receiving group, but the ERB receipt is partly determined by the unemployment duration itself (thus, an endogeneity problem). Interestingly, there were many individuals who did not receive the ERB despite being fully eligible, and this is attributed to being unaware of the ERB scheme. Taking this as a ‘pseudo randomization’, we construct treatment and control groups using only the eligible. Our data set is an unbalanced panel with the response variable interval-truncated due to eligibility requirement of the ERB. We propose a panel random-effect MLE and a semiparametric ‘mode-based’ estimator for the interval-truncated response. Our empirical finding is that the effect varies much, depending on individual characteristics. As for the mean effects, whereas the MLE indicates large duration-shortening effects, the semiparametric estimator shows much weaker and mostly insignificant effects.info:eu-repo/semantics/publishedVersio

Percutaneous radiofrequency ablation: A novel treatment of facial venous malformation

We performed radiofrequency ablation to treat a symptomatic facial venous malformation of a 24-year-old woman under ultrasound scan-guidance. The 20.25-cm sized original facial venous malformation in her right cheek markedly reduced without any scar formation and was grossly not visible after 1 month of the procedure. In the 3-month follow-up magnetic resonance imaging, original venous malformation reduced in volume to 5.40 cm. Radiofrequency ablation may provide an alternative treatment for facial venous malformations

Exposure to toluene diisocyanate (TDI) induces IL-8 production from bronchial epithelial cells: effect of pro-inflammatory cytokines.

This investigation was designed to confirm IL-8 production from human bronchial epithelial cells with toluene diisocyanate (TDI) exposure and to examine the effects of pro-inflammatory cytokine and dexamethasone. We cultured Beas-2B, a bronchial epithelial cell line with TDI-HSA conjugate and compared with those without conjugate. IL-8 in the supernatant was measured by ELISA. To evaluate the effect of proinflammatory cytokines, peripheral blood mononuclear cells (PBMC) were collected from TDI- and non-TDI asthma patients, and were added to the epithelial cell culture. Dexamethasone or antibodies to TNF-alpha and IL-1beta were pre-incubated with PBMC supernatant. There was a significant production of IL-8 from bronchial epithelial cells with addition of TDI-HSA conjugate in a dose-dependent manner, which was significantly augmented with addition of PBMC supernatant. Higher production of IL-8 was noted with addition of PBMC supernatant from TDI-asthma patients than in those from non-TDI asthma patients. IL-1beta and IL-1beta/TNF alpha antibodies were able to suppress the IL-8 productions. Pre-treatment of dexamethasone induced dose-dependent inhibition of the IL-8 production. These results suggest that the IL-8 production from bronchial epithelial cells contribute to neutrophil recruitment occurring in TDI-induced airway inflammation. IL-1beta released from PBMC of TDI-induced asthma patients may be one of the pro-inflammatory cytokines to enhance IL-8 production