Miracle-dz/UniFAR-FTUs huggingface dataset:
The Polish stock market : risk and risk premia

This paper analyzes issues related to the pricing of equity in an Eastern European emerging capital market, the Warsaw Stock Exchange (WSE), with the purpose of estimating the CAPM, and the return-risk relationship, using the domestic and the international asset-pricing model. The empirical evidence from a sample of 221 Polish firms listed on the Warsaw Stock Exchange indicates that there exists a (sign-) conditional relationship between beta and return when the domestic CAPM is tested. The international CAPM did not perform well in the early days of the transition but since 2000 the Polish stock market seems well integrated. Most likely the local market has been segmented during the early period. The cross-sectional stock returns are positively related to the downside risk variable measured by the semi-deviation from the mean, and the total risk. However, the crosssectional stock returns are also positively related to the unsystematic risk, and negatively related to other downside risk measures. In addition, firm size is found to be positively related to the cross-sectional stock returns, while the book-to-market ratio is found to have no explanatory power as regards the returns. (original abstract)
Losing Sleep at the Market: The Daylight-Savings Anomaly

We explore the connection between equity returns and sleep disruptions following daylight-savings time changes. In international markets, the average Friday-to-Monday return on daylight-savings weekends is markedly lower than expected, with a magnitude 200 to 500 percent larger than the average negative return for other weekends of the year. This ``daylight-savings anomaly'' in financial markets is consistent with desynchronosis research which has identified the effects of changes in sleep patterns on judgment, anxiety, reaction time, problem solving and accidents. This paper suggests sleep effects of daylight-savings time changes may be impacting market participants internationally.
Lenders’ selection capabilities, patent quality, and the outcome of patent-backed loans

In this paper, we investigate the phenomenon of patent collateralization by empirically focusing on the factors that affect the outcome of the collateralization process. In particular, we want to examine to what extent patent quality, lenders’ characteristics, as well as lenders’ selection capabilities (i.e. in identifying high-quality patents) affect the likelihood of observing a security interest release. We identify the patents recorded in security agreements and their release from the USPTO Patent Assignment database. The final dataset is made up of a total of 8818 security interest agreement records, involving 133,110 patents pledged as collateral for debt between 2007 and 2010. We find evidence that a security interest is more likely to be released for patents with a higher technical merit and when the lenders are more experienced and are specialty finance companies. When considering other types of lenders (i.e. banks in particular) or less experienced lenders, the positive association between the security interest release and the technical merit of the pledged patent is lower. The evidence suggests that IP-backed loans represent an effective financial channel for those firms that control valuable intangible assets and that experience and specialization allow lenders to develop better selection capabilities.
What Drives Government Security Yields in Developing Countries? Evidence from the Countries in the West African Economic and Monetary Union (WAEMU)

The purpose of this study is to analyze the determinants of government security yields in relation to the recent development of WAEMU government securities market. The determinants are grouped into three categories of factors; namely macroeconomic factors, microstructure factors, and the external factors. The results show that economic growth rate, as well as countries capacity to effectively organize government securities issuances, are the main drivers of government securities yields. The policy implication of the study is that WAEMU countries should monitor their economic performance and implement structural reforms in order to maintain sustained economic growth.
The value of a statistical life in Mexico

ABSTRACT Mexico has been making an increased use of cost–benefit analyses to inform its public policy decisions, in line with other OECD countries. The monetary values used in these analyses have generally been based on benefit transfer methods. There are several reasons to be cautious about the use of benefit transfer values, including that the resulting figures from the procedure can vary widely depending on assumptions. This is particularly pressing where large allocation decisions are at stake, as tends to be the case with air pollution policy and climate change policy. This study collected primary data to produce a value of statistical life for Mexico, using a questionnaire previously employed in several countries, including in the USA (where benefit transfer values tend to be sourced from by Mexican authorities). The analysis produces a value of statistical life of USD 210,880. The evidence suggests that benefit transfer values currently being used by Mexican authorities are being driven by the source values themselves, rather than by inappropriate assumptions about income elasticities or by being affected unduly by other factors. The conclusions offer some recommendations for future use of value of statistical life figures in Mexico.
The Role of Rookie Female Directors in a Post‐Quota Period: Gender Inequalities within French Boards

The board&#8208;level gender quota enacted in France has induced the massive arrival in corporate boards of a new population&#8212;namely, women with no prior board experience. We examine the positions and the compensation of these &#8220;rookie female directors. &#8221; We show that, conditional on their individual characteristics and firm effects, rookie female directors have had a limited access to the key positions within boards and have suffered from a significant compensation gap. We interpret this evidence of positional segregation as resulting from gender stereotypes that have persisted in the process of rookie female directors&#8217; integration within boards.
Motivated Monitoring by Institutional Investors and Firm Investment Efficiency

We find that motivated monitoring by institutional investors mitigates firm investment inefficiency, estimated by Richardson's (2006) approach. This relation is robust when using the annual reconstitution of the Russell indexes as exogenous shocks to institutional ownership during the period 1995–2015 and after classifying institutional ownership by institution type. We also show that closer monitoring mitigates the problem of both over‐investing free cash flows and under‐investment due to managers’ career concerns. Finally, we document that the effectiveness of the monitoring by institutional investors appears to increase monotonically with respect to the firm's relative importance in their portfolios.
Understanding the Engineering Education Research Space Using Interactive Knowledge Networks and Topic Modeling Techniques

For any knowledge intensive undertaking (such as a discipline) it is critical to chart its birth and growth to understand where the discipline stands and what innovative endeavors lead to the creative accomplishments currently witnessed in its knowledge products. In this project report, we describe the research and development of a knowledge platform called Interactive Knowledge Networks for Engineering Education Research (iKNEER). This project was undertaken with the explicit goal to provide a mechanism to better understand the emerging field of Engineering Education Research (EER) and, more importantly, provide members of the Engineering Education Research (EER) community with tools and infrastructure that allows them to understand the structure and networks of knowledge within the community at any given time. Using a theoretical model that combines ultra large-scale data mining techniques, network mapping algorithms, and time-series analysis of knowledge product evolution, we attempt to characterize and provide insights into the topology of the networks and collaborations within engineering education research. We also provide a detailed description of the algorithms, workflows, and the technical architecture we use to make sense of publications, conference proceedings, funding information, and a range of other knowledge products. Finally, we apply topic modeling techniques to a subset of the data to identify the emergence and growth of research topics within the community thereby demonstrating the unique value of this knowledge platform. Overall, the picture of engineering education that emerges from a close inspection of the data shows that the area can be understood as a network of practice where several communities of practice, of which EER is one, interact with each other through loose affiliations. These affiliated groups interact through venues such as conferences and through publishing and reading (thereby citing) same articles and journals. Furthermore, although the collaborative nature of the area is growing and participation in the EER community of practice is increasing, the adoption of core ideas on how to improve engineering education are not swiftly diffusing across other affinity groups. A recent presentation of this work, attached as Appendix A, further outlines both the background and the contributions of this work, particularly in relation to the EER community. The presentation highlights the change in research practices that is occurring in the social sciences due to the availability of digital data and enhanced analysis techniques.
Processing subject and object relative clauses with numeral classifiers in Japanese

In this study, using a self-paced reading task and sentence fragment completion task, we investigated the influence of matching and mismatching sentence initial numeral classifiers and relative clause (RC)-internal NPs on the processing of subject and object RCs in Japanese. The results showed that subject relative clauses (SRCs) were read faster than object relative clauses (ORCs) when the numeral classifier matched the NP within the RC. In contrast, when there was a numeral classifier mismatch, there was no statistical difference between SRCs and ORCs. Overall, our study suggests that whether numeral classifiers match NPs within RCs influences the processing of SRCs and ORCs in Japanese.
Contracts, Incentives and Organizations: Hart and Holmstrom Nobel Laureates

This article reviews the contribution of Hart and Holmstrom, the 2016 Nobel Laureates in economics. Holmstrom's work on the principal-agent problem answered questions as to what should (and should not) be included in an incentive contract. His work helped explain the simple structure of incentive contracts we typically observe in the real world. The models he developed have been used to address questions of CEO compensation, organizational design and optimal regulation. A key element of Hart's research focused on the question of what are the optimal boundaries of a firm (and indeed, what a firm actually is). In doing so he developed the incomplete-contracts framework, which has subsequently been used to explain many economic phenomena whenever renegotiation is important, including authority and decision-making structures in firms, why financial contracts look the way they do, and various questions in international trade and public policy.
Vulnerable Jobs and the Wage Effects of Import Competition

Do job characteristics modulate the relationship between import competition and workers’ wages? Using pooled cross‐sectional, linked employee‐establishment Census Bureau microdata and O*NET occupational characteristics, the paper models import competition and wages for more than 1.6 million individuals, grouped by job vulnerability defined by routineness, analytic complexity, and interpersonal interaction. Results show import competition is associated with wages that are: lower in routine and less complex jobs; higher in nonroutine and complex jobs; and higher for the highest and lowest levels of interpersonal interaction. This demonstrates the importance of accounting for occupational characteristics in understanding how trade and wages relate.
Understanding peoples’ participation in urban local government in West Bengal

ABSTRACT In light of the potential of the 74th Constitutional Amendment Act to reinforce participatory practices in Indian cities, this paper, based on field observation from two municipalities of West Bengal, examines the nature of peoples’ participation and identifies the socio-economic factors determining effective participation. It finds that in West Bengal, municipalities’ failures to set up ward committees, the highly partisan nature of the ward committee, and non-occurrence of ward committee meetings made the general population disinterested in utilising these available democratic forum. Elected representatives became the only link between citizens and the municipal administration, and their representation did not necessarily result in effective participation.
A geometry-based stochastic approach to emulate V2V communications’ main propagation channel metrics

In order to evaluate a communication system, we need to model the propagation channel of the relevant environments pertaining to that communication. In this paper, we propose a Geometry-Based Stochastic Channel Modeling approach to build up propagation channel simulations to assess the performance of vehicle-to-vehicle wireless communications. Our methodology allows the simulation of dynamic scenarios, with an electromagnetic simulator, to emulate typical propagation environments (rural, highway and urban-like propagation channels). Simple metallic plates are used to represent scatterers in the simulated geometric configurations. The common characteristics defining a propagation channel such as delay spread, angle of arrival distribution, and the delay-Doppler spectrum are obtained through adjustment of the number and location of those simple metallic plates.
Taxation of dividend income and economic growth

Recently, researchers have turned to analyze how the tax structure, rather than the overall tax level, affects economic performance. For instance, several papers have investigated how the taxation of corporate and individual (labor) income influences growth. The taxation of dividend income may also influence growth via its impact on investments and firm behavior. Within the academic community, there are conflicting views about the impact that taxation of dividends has on firm behavior and, hence, on economic performance. According to the “new view”, the taxation of dividends does not influence the marginal cost of capital and consequently has no impact on investment decisions. According to the “old view”, the taxation of dividends is distortionary and increases the cost of equity. In the “agency view”, an underlying cause of this distortionary effect is principal-agency problems between management and owners, resulting in social costs due to the inefficient use of locked-in capital. To our knowledge, this paper is the first study to explore how the taxation of dividend income affects economic growth by using panel data from 1990 to 2008 for 18 European countries. We find that the taxation of dividend income negatively influences economic growth, a result that corroborates the “old view” of dividend taxation as distortionary. We do not find the same negative correlation between economic growth and taxation of labor and corporate income. JEL classification: H21; H24; H25; O40
The neural substrates of action retrieval: An examination of semantic and visual routes to action

We report three PET experiments that examine the neural substrates of the conceptual components of action retrieval. In all three experiments, subjects made action or screen-size decisions to familiar objects presented either as pictures or written words (the names ofthe objects). In Experiment 1, a third task was included, requiring a decision on the real-life size of the stimuli. In Experiment 2, a third stimulus type was included, with action and size decisions also performed on pictures of meaningless novel objects. Finally, in Experiment 3, we changed the response mode from a button press to a more explicit movement made with a “manipulandum”. Based on neuropsychological findings, we predicted that when action responses were made to pictures of familiar or novel objects, relative to words, there would be less activation in semantic regions but greater activation in visual, motor, and perhaps parietal cortices. We found that, action relative to screen-size decisions on both pictures and words activated the left hemisphere temporo-frontal semantic system with activation in the left posterior middle temporal cortex specific to action retrieval (Experiment 1). In addition, action retrieval elicited more activation for (1) words than pictures in areas associated with semantics; and (2) novel objects than words or familiar objects in areas associated with pre-semantic object processing. These results are discussed in the context of semantic and visual routes to action retrieval.
A regulatory disaster or a lack of skills? The ‘non-value for money’ of motorway concessions in Italy revealed after the Genoa bridge collapse

ABSTRACT This paper analyses the financial dimension of motorway concessions in Italy, where financial plans have been released after the collapse of the Morandi Bridge. It contributes to the stream of literature regarding the excess in profitability of PPP, which can undermine value for money of these transactions, and the crucial role of financial competence to support regulatory decisions. It also provides a methodology that can be applied by regulators to monitor contracts and reduce information asymmetry.
Are CRM systems ready for AI integration?

Purpose The purpose of this paper is to develop a conceptual framework to check if an organization is ready to adopt an AI-integrated CRM system. The study also analyzes different situations which can provide a comprehensive check list in the form of indicators that could provide a signal indicating whether the organization is ready to adopt an AI-integrated CRM system by capturing actionable and appropriate data. Design/methodology/approach The paper is a general review, and appropriate literature has been used to support the conceptual framework. Findings The key findings of this study are the different indicators that make up the conceptual framework. This framework can help organizations to check at a glance whether they are ready to adopt AI-integrated CRM system in their organizations. Specifically, it has been identified that different approaches are needed to tackle various types of customer data so that those may be made fit and actionable for appropriate utilization of AI algorithms to facilitate business success of an organization. Practical implications The paper has elaborately discussed the different approaches to be undertaken to calibrate and reorient the various kinds of actionable data and the contemplated challenges one would face in doing so. This would help the practitioners that how the data so captured can be made fit for action and utilization toward application of AI technologies integrated with existing CRM system in an organization. Originality/value This study is claimed to be a unique study to provide a conceptual framework which could help arranging and rearranging of captured data by an organization for making the data fit and ready for use with the help of AI technologies. This successful integration of AI with CRM system can help organizations toward taking quick and automated decision-making without much intervention of human beings.
Should lectures be compulsory

Undergraduate teaching units for internal students enrolled in agricultural science degrees at the University of New England typically involve two to three hours of lectures per week and a compulsory three hour practical class. Historically lectures have been optional for students, and many lectures are poorly attended. This has led to debate amongst teaching staff in the school about whether learning outcomes as measured by assessment grades would be improved if students were obliged to attend lectures, and a minority of unit coordinators have made their lectures compulsory. A study was carried out to assess the role of lectures in SOIL 220 (Introduction to Soil Science), a core unit with two non-compulsory lectures per week. Despite much anecdotal evidence concerning lecture attendance and some preliminary work in other faculties on our campus (Brien and Smyth, in preparation), a search of mainstream electronic databases revealed little in the way of exacting research. Nevertheless, the more generalised literature provided some useful guidance so we sourced some of the available literature on active lecturing techniques, student motivation for learning and current learning and teaching theory in higher education (Barry 1995; Biggs 1999; Johnston and Cooper 1997; Ramsden 1992; Ramsden 2003; Tomlinson 2003). From that analysis, we devised a series of teaching and learning strategy trials and used an independent evaluator (Smyth) to conduct peer reviews of lectures, to ascertain the impact of new techniques. As well as evaluating the particular strategy being trialled, the evaluator analysed teacher-student and student-student interactions to see what level of student engagement was occurring and whether this could shed any light on students’ propensity to attend lectures.
IMPACT OF EPS ON MARKET PRICES AND MARKET RATIO

In this paper the researchers have made an attempt to examine the impact of Earnings Per Share on the MarketPrices, Price-Earning-Ratio and Price to Book Value. In the study, the researchers have taken into consideration twenty-four companies which represent Property and Real Estate industry. A reference period of seven years has been taken from 2009 to 2015. In order to achieve the objectives of the study, regression data panel has been employed and the findings put forth by the study affirmed that on the one hand there exists a positive relationship between earnings per share and market price of shares and on the other hand earnings per share does not statistically influence the market ratio. We suggest that investors must consider other factors as well as EPS in order to invest in the security market
Reliability vs. granularity in discourse annotation: What is the trade-off?

Abstract We report on the results of an annotation experiment comparing naïve and expert coders in a sense disambiguation task consisting in the assignment of function labels to discourse markers (e.g. well, but, I mean) in spoken French and English using a taxonomy specifically designed for speech. Our qualitative-quantitative assessment of its reliability led us to suggest fundamental revisions of the structure of the taxonomy, striving to find a better balance between reliability and granularity. The resulting model articulates two independent levels of annotation (domains and functions) which, once combined, provide a robust tool for the analysis of discourse markers and relate them to more general functions of spoken language.
Planning A Course Practical Strategies For Teachers Lecturers And Trainers

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