Miracle-dz/UniFAR-FTUs huggingface dataset:
Optimal Pigouvian Taxation when Externalities Aect Demand

Purchasing a network good such as a cell phone generates the positive externality of making phones more useful for others. Should we subsidize cell phones? If pollution/fumes from cars make commuting by foot less desirable, people become more willing to pay road tax. How then should we tax car pollution? To address these questions, I extend and generalize the standard optimal commodity tax model to let the demand for an externality-generating good depend on society’s total consumption of that good. The optimal tax rate depends on three factors: the demand elasticities of the good, the marginal social cost, and the response of consumption to the externality. These factors are additive and separable. I nd that if a negative externality aects consumption enough, the optimal policy can be to subsidize it.
An Overview on the Practice and Issues of Hedging in Islamic Finance

In terms of Islamic banking, which relies on three main pillar of prohibiting Riba, Gharar& Maysir, risk management is still not sufficiently developed. Indeed, Islamic use traditional types of risk management instruments used by conventional banks. Despite Islamic banking has a specific characteristic related essentially to the Profit & Loss Sharing (PLS) principle in Mudarabah & Musharakah contracts. Such instruments change the classic concept of risk in comparison with conventional banks adding new types of risk such as Commodity/Asset price risk and Bundled risk along with neutralizing other type of risks like the liquidity risk. Nevertheless, the rigidity of some Sharia’a scholars has impeded some financial instruments that try to match the real risk management demands by business entities in the global Islamic finance industry. Indeed, it has been widely acknowledged by many observers that the Islamic finance industry will not be able to sustainably continue on this growth trajectory, and may even regress, without a proper market risk management framework that can effectively deal with the complex risks that exist in today’s globalized economy (Chapra& Khan, 2000; Moody's, 2010). The present research article is an attempt to analyze hedging instruments from an Islamic finance perspective. It will approach different fiqhi ruling on them along with the applicability of these instruments in the reality.
A New Field Line Advection Model for Solar Particle Acceleration

The diffusive acceleration of solar protons at a shock wave driven by a realistic coronal mass ejection is modeled using a new field line advection model for particle acceleration coupled with a global MHD code. The new model described in this Letter includes effects important for the particle acceleration and transport, by means of diffusive shock acceleration, and employs Lagrangian meshes. We performed a frequent dynamical coupling between two numerical codes in order to account for the time-dependent history of an evolving shock wave driven by a solar eruption. The numerical results discussed here demonstrate that this mechanism can account for the production of high-energy solar protons observed during the early stages of gradual events.
Anthropogenic Drivers of Forest Change in Miombo Ecosystems of South-eastern Tanzania: Implications for REDD+

As the basic purpose of REDD+ is to avoid deforestation and forest degradation, a good understanding of processes that cause deforestation is obviously of importance. However, many REDD+ programs and policies have rather limited focus on the underlying processes behind forest change. Much of the on-going work within the REDD+ framework focus on building institutional capacity (‘REDD readiness'), finding ways or measuring and monitoring carbon, developing institutional facilities, and on the international financing of REDD+. It appears that the discussion of what actually causes deforestation is seen as a more or less resolved and settled issue. This paper argues for a more contextualized understanding of the drivers of forest change in human-dominated Miombo ecosystems of southern Tanzania. This is achieved through addressing two basic empirical research questions: How is the forest changing; and what factors influence forest change? The study is based on quantitative and qualitative data covering both socio-economic and ecological aspects collected in 12 villages of Kilwa and Lindi districts in southern Tanzania. The study shows that there are considerable micro-level variations from village to village as regard both the extent and drivers of deforestation/forest degradation.
Feeding Fish Oil and Linseed Oil to Laying Hens to Increase the n-3 PUFA of Egg Yolk

Kralik G. , Z. Skrtic, P. Suchý, E. Strakova, Z. Gajcevic: Feeding Fish Oil and Linseed Oil to Laying Hens to Increase the n-3 PUFA of Egg Yolk. Acta Vet. Brno, 2008, 77: 561-568. The research was carried out to assess the possibility of egg yolk enrichment with n-3 PUFA through supplementation of fish oil (FO) and linseed oil (LO) to layer diet. A total of 84 ISA Brown laying hens were divided into three groups. Each group consisted of seven cages with four hens per cage. Groups received diets differing in combinations of oils. The diet fed to group E1 contained 1.50% LO and 3.5% FO, group E2 had diets with 2.5% LO and 2.5% FO, and group E3 was fed diets with 3.5% LO and 1.5% FO. Contents of fatty acids in oils, diets and egg yolks were analyzed. The egg yolk content of α-linolenic acid (α-LNA) and omega-3 polyunsaturated fatty acids (n-3 PUFA) in total fatty acids was increased (P 0.05) were found among groups in the docosahexaenoic acid content. The omega-6/omega-3 PUFA ratio in groups E1, E2 and E3 was 2.96, 2.93 and 2.49, respectively. Increased concentration of linseed oil and reduced concentration of rapeseed oil in diets resulted in less SFA (P < 0.001) and more n-3 PUFA in egg yolks. It was determined that laying hens have the ability to synthesize EPA and DHA from α-LNA if they receive enough α-LNA through their diets.
The House-Money and Break-Even Effects on Banks' Short-Term Investments: Evidence from Taiwan's Banks

To test the house-money and break-even effects of Thaler and Johnson (1990), this paper samples Taiwanese banks to examine whether prior short-run investment performance affects subsequent investment behaviors. The finding is that the afore-mentioned effects are empirically supported: past investment gains manifestly correlate with subsequent risk-taking; prior losses elicit increased subsequent risk, because banks are likely over-optimistic and overconfident of the break-even opportunity, even if their losses are large. Moreover, investment risks rise as prior gains increase; larger the preceding losses beget higher subsequent risks, yet the sensitivity of risks to small 本文之通訊作者為劉永欽,e-mail: chinyda@yahoo.com. tw。 作者感謝行政院國家科學委員會經費補助 (NSC96-2416-H-468-001-MY2)。 管 理 與 系 統 第十七卷 第四期 民國九十九年十月 685-710 頁 Journal of Management & Systems Vol. 17, No. 4, October 2010 pp. 685-710
Revisiting the Role of Public Debt in Economic Growth: the Case of OECD Countries

The paper empirically explores the factor of public debt which considerably changes the mechanism that transmits fiscal policy effects to economic activity in the short term. We empirically examine and determine the turning point of debt-to-GDP ratio and evaluate the impact of levels of indebtedness in public sector on current economic growth for a panel dataset of 36 countries (31 OECD member states and 5 non-OECD EU member countries). The evaluation will give us an important understanding on the current indebtedness situation by determining the threshold values for our sample of countries, which indicates a possible non-linear and concave connection between indebtedness levels in the public sector and economic growth in the short term. Our sample is divided into subgroups distinguishing between so-called developed economies, covering the period 1980–2010, and emerging economies, covering the period 1995–2010. To evaluate a possible negative correlation and concave functional form between public debt and potential economic growth, we employ a panel estimation on a generalized economic growth model augmented with a debt variable, while also considering some methodological issues like the problems of heterogeneity and endogeneity. The results confirm the general theoretical assumption that at low levels of public debt the impact on growth is positive, whereas beyond a certain debt turning point a negative effect on growth prevails. Further, we calculated that the debt-to-GDP turning point, where the positive effect of accumulated public debt inverts into a negative effect, is roughly between 90 % and 94 % for developed economies. Yet, for emerging countries, the debt-to-GDP turning point is lower, namely between 44% and 45%. Therefore, we can confirm our hypothesis that the threshold value for the emerging economies is lower than for the developed ones in our sample. DOI: http://dx.doi. org/10.5755/j01.ee. 26.1. 4551
Ambient Noise Recorded by a Dense Broadband Seismic Deployment in Western Iberia

Abstract The West Iberia Lithosphere and Asthenosphere Structure (WILAS) project densely covered Portugal with broadband seismic stations for 2 yrs. Here we provide an overview of the deployment, and we characterize the network ambient noise and its sources. After explaining quality control, which includes the assessment of sensor orientation, we characterize the background noise in the short‐period (SP), microseismic, and long‐period (LP) bands. We observe daily variations of SP noise associated with anthropogenic activity. Temporary and permanent stations present very similar noise levels at all periods, except at horizontal LPs, where temporary stations record higher noise levels. We find that median noise levels are extremely homogeneous across the network in the microseismic band (3–20 s) but vary widely outside this range. The amplitudes of microseismic noise display a strong seasonal variation. The seasonality is dominated by very‐long‐period double‐frequency microseisms (8 s), probably associated with winter storms. Stacks of ambient noise amplitudes show that some microseismic noise peaks are visible across the whole ground‐motion spectrum, from 0.3 to 100 s. Periods of increased microseismic amplitudes generally correlate with ocean conditions offshore of Portugal. Some seismic records display an interesting 12 hr cycle of LP (100‐s) noise, which might be related to atmospheric tides. Finally, we use plots of power spectral density versus time to monitor changes in LP instrumental response. The method allows the identification of the exact times at which LP response changes occur, which is required to improve the understanding of this instrumental artifact and to eventually correct data. Online Material: Figures and movie illustrating the variation of seismic noise amplitudes with sensor type, time, and soil type.
Regular representation of groupoid C -algebras and applications to inverse semigroups

The analogue of the left regular representation of a locally compact groupoid is constructed in the Hausdoras well as in the non-Hausdorcase. A necessary and su‰cient condition for a locally compact groupoid with a cocycle to be Morita equi- valent to a group action is obtained. As an application, the C � -algebras of a class of inverse semigroups is shown to be Morita-equivalent to crossed products of groups by abelian C � -
Correlates of Disability in the Maine-Syracuse Longitudinal Study

The present study is designed to address disability. Disability is examined in relation to such mental health variables as depression, anxiety, and general well-being. Data is analyzed from the Maine-Syracuse Longitudinal Study (MSLS); a 38 year study conducted by Dr. Merrill Elias and Dr. Michael Robbins. In the MSLS, symptoms of depression are measured by the Center for Epidemiological Depression Scale and the Zung Depression Scale, symptoms of anxiety are measured by the Spielberger State-Trait Anxiety Inventory, and general well-being is measured by the General Well-Being Adjustment Scale. Disability is assessed by a self report questionnaire pertaining to common activities of daily living. Additional measures of quality of life available in the MSLS were also explored in relation to disability. Scores were analyzed from the age range of 50 and up.
Optimization of transcranial direct current stimulation (tDCS) to modulate lower limb motor network in healthy humans

The purpose of this work was to investigate the impact of tDCS applied over the lower limb motor network on cortical excitability, motor learning, and corporal balance control in healthy humans. According to the literature, tDCS effects are stimulation parameter-dependent. In our first study, we investigated the effect of electrode size, and placement on lower limb motor cortex excitability in healthy subjects, for optimization of tDCS effects over the lower limb motor cortex representation by systematically exploring the impact of electrode size, and current flow direction based on computational modeling. It was shown that administration of tDCS over M1 enhances motor performance, associated with respective physiological alterations, via its impact on cortical excitability, and plasticity. Most of these studies were however conducted for tDCS applied over the upper limb motor cortex area. Taking into account the importance of lower limb motor functions for daily life, for the second study, we explored the impact of tDCS on performance of a visuo-motor lower limb motor learning task in healthy humans. Based on the relevance of stimulation focality, which is particularly challenging for cortical areas remote from the brain surface as the leg motor cortex representation, we investigated the speciﬁcity of tDCS by ﬁnite element modeling regarding two different sizes of electrodes (8 cm 2 vs. 35 cm 2 ). As tDCS had interindividual heterogeneous effects on motor performance, and sensitivity to transcranial magnetic stimulation (TMS) has been revealed as a potential marker of responsivity to tDCS for the upper limb motor cortex (156), we furthermore aimed to explore the relevance of this parameter for the stimulation effects. Beyond its impact on motor cortex plasticity, recent studies have shown that tDCS applied over the cerebellum (ctDCS) impacts also on motor functions in humans, thus for the third study, we explored the effects of cerebellar tDCS on corporal balance in healthy humans. The impact of tDCS on performance was explored via tests of static (right and left Athlete Single Leg tests) and dynamic balance (Limits of Stability test) performed using the Biodex Balance System before and immediately after cerebellar tDCS. The knowledge we aimed to gain via these studies might perspectively help to optimize the effects of tDCS on cortical plasticity and motor (re-) learning for clinical therapeutic interventions.
Biochar as a growing media additive and peat substitute

Abstract. Environmental concerns raised the demand for alternative growing media substituting Sphagnum peat. However growing media formulations still depend on peat and alternatives are limited. Biochar is carbonized plant material and could be an appropriate additive or even substitute for Sphagnum peat. Freshly produced, it is free from pathogens, has a low nutrient content (if produced from nutrient-poor feedstock), a very high structural stability and likely other favourable properties such as air capacity and water-holding capacity. Preliminary tests were conducted to compare biochar with other growing media and growing media additives. The growth of a miniature sunflower, pH and electrical conductivity (EC) was measured in different growing media such as biochar, perlite, clay granules, Sphagnum peat and peat mixed with biochar in the ratios 1 : 4, 1 : 1 and 4 : 1 (25, 50 and 75%, by volume). Fresh biochar has a similar EC to peat which is even lower after rinsing with water. Due to the relatively high pH of biochar, it could be added to peat instead of lime in a concentration of up to 75%. The growth of the sunflower was similar in all growing media. Only the plant weight was slightly higher of plants that grew in perlite or peat. There is a large potential for optimization such as selection of particle size and feedstock for biochar production and growing media formulations for specific plant requirements.
Price Ratios and the Cross-Section of Common Stock Returns on Bucharest Stock Exchange: Empirical Evidence

This paper tests the relationship between above market returns and beta, size, leverage, book-to-market equity and earning-price ratios for the Bucharest Stock Exchange common stocks. Results from cross-sectional regressions document that both book-to-market equity and earning-price ratios are important risk factors on the Romanian stock market, while, contrary to the CAPM, the relationship between stock returns and beta is insignificant, even when beta is the only explanatory variable. In addition, a portfolio selection model based on the two factors whose explanatory power on stock returns has been previously attested seems to perform well on out-ofsample data.
Judicial Decision-Making in Islamic Banking and Finance

In a globalized economy it is important for Western lawyers and investors to understand Islamic banking and finance. Islamic banking’s rapid growth in the past two decades has come as surprise to many in the financial markets. More surprising is that the legality of most financial transactions is decided by a select group of jurists sitting on Shari’ah Supervisory Boards. Islamic banking is a financial system governed by the Shari’ah . Many often misperceive Islamic banking as traditional financial practices veiled in Islamic legal fiction. This misconception is due in part to a lack of understanding of the Islamic legal principles and the process by which jurists form those principles. In recent years the legal opinions of these jurists have been subject to unfair criticism from both Western and Islamic scholars. In response to the criticism and scant discussion of judicial decision-making in Islamic jurisprudence this paper analyzes the judicial decision-making of the jurists on Shari’ah Supervisory Boards. In doing so this paper provides a background into Islamic banking, relevant concepts of the Shari’ah, and offers a framework for comprehending the judicial decision-making regulating financial institutions. The paper examines two methods of judicial-decision making, legalism and the economic theory, as they apply to the jurists on Shari’ah Supervisory Boards. Although viewed as distinct theories, I argue that the holistic nature of the Shari’ah inevitably weaves the two methods together. Legalism is the best means of analyzing the judicial decisions that determine Shari’ah compliance. By adding the element of piety to the economic theory of judicial decision-making I further argue that pecuniary income plays a limited role and that jurists prefer piety to other economic elements. Thus, the added element of piety directs Islamic jurists to strictly adhere to religious texts. I conclude that ultimately piety motivates the jurists to use legalism, as legalism generates a sincere attempt at interpreting Divine law and limits the jurist’s liability before Allah SWT . Finally the paper calls for a broader discussion on whether Western theories of judicial decision-making, and therefore concepts of legal realism, should be used to analyze Islamic jurists. While the influence of non-legal factors on the U.S. judiciary has been readily discussed and empirically tested by Western academics, there is inadequate dialogue among scholars of the Shari’ah . Although the religious and non-governmental nature of Islamic jurists helps insolate or limit the effect of some non-legal elements, it would be naive to assume that economic, political, strategic, or psychological influences are completely absent from the decision-making process. Accordingly, the paper concludes with a series of hypotheticals expanding Western theories of judicial decision-making to Islamic jurisprudence.
Performance Measurement in the United Kingdom (UK) retail banking industry

The assets size of the UK commercial banking industry accounts for a significant proportion of the European commercial banking total assets. Given the developed nature of the UK country and its attendant economic transitioning; the significant growth in the financial service industry; the divergence of banks’ ownership structures; recurring incidence of business combinations; proliferation of financial institutions; strategic cost management; and lax regulation in the UK banking industry, it is considered important to examine the Performance Measurement Systems (PMS) adopted by UK retail banks to cope with these vagaries. Besides, studying the PMS utilised by banks operating in leading economies like the UK, could provide useful insights, guidance, and practice-adoption for other developed and emerging nations. The research was undertaken to address these concerns. Data was collected through a survey of 15 UK retail banks. Statistics such as charts, percentage analysis, Wilcoxon signed rank test, Pearson Chi – square , Kruskal Wallis test, and Mann- Whitney U test were utilised for data analyses. There is empirical evidence from the study that within the UK retail banking industry, the three most common PMS utilised are; the Balanced Scorecard, Performance dashboards, and financial performance measures. Notwithstanding that the PMS in the UK banking industry is symmetrical across banks, and relatively balances a mix of financial and non-financial measures, it is the recommendation of this research that the UK banking industry can be improved by making PMS more flexible in order to embed and account for changes in banks’ strategies. Keywords : Performance measurement, risk, strategy, strategic cost management, UK Banks
One welfare state emerging? Convergence versus divergence in 16 western countries

In this article we try to investigate the empirical validity of the convergence thesis, which assumes that welfare states are increasingly similar because more generous universal welfare states are adopting policies of retrenchment and neo-liberalization. Using data on the popularity of neo-liberal ideology, welfare state expenditures and the generosity of this spending for 16 western countries, we find that there is no general trend towards neo-liberalization and retrenchment. However, we do find that there is a trend towards convergence. More generous, universal welfare states are becoming more liberalized, and liberal welfare states are expanding, which causes convergence in the middle. At the end of the article we attempt to explain why welfare states are converging. We find that although they do not converge on neo-liberalization as is often thought, two common explanations used to support the neo-liberal convergence arguments, globalization and Europeanization, can explain the “middle-of-the-road” convergence found here.
A Wavelet Analysis of Output Fluctuations in the Japanese Economy

Though the Japanese economy has hitherto repeated the business cycle in the postwar era, the phases change over time. This paper uses wavelet analysis to identify the causes of output growth volatility in terms of final uses of GDP. In nearly half a century, it is shown that time-varying characteristics for output growth volatility are not uniform across frequencies. We demonstrate that domestic demand and its constituents account for much of these phenomena. Especially at business cycle frequencies, discretionary fiscal policies are shown to mitigate output fluctuations to some extent. Only in the recent Great Recession, external demand has a significant impact on the aggregate economy at business cycle frequencies as well as at higher frequencies, to the extent even of entailing the largest decline in output in the postwar period .