Miracle-dz/UniFAR-FTUs huggingface dataset:
Market Power and Dividend Policy: A Risk-Based Perspective

Over the past two decades, by some measures, paying dividends has become a less favorable choice for firms. At the same time, the business environment in which firms operate has also become more competitive. This raises an interesting question: does a firm's market power in its product market have any impact on its dividend policy, that is, is the competitive structure of the industry within which the firm operates important for financial policy? We use three measures of market power, the Herfindahl index, the degree of import competition and the Lerner Index and find that market power positively affects the dividend decision, both in terms of the probability of paying a dividend and the amount of the dividend. We also provide evidence that the route through which market structure affects the dividend decision is business risk: more competitive firms are riskier and less likely to pay dividends than firms with market power.
A New Bayesian Test to Test for the Intractability-Countering Hypothesis

ABSTRACT We present a new test of hypothesis in which we seek the probability of the null conditioned on the data, where the null is a simplification undertaken to counter the intractability of the more complex model that the simpler null model is nested within. With the more complex model rendered intractable, the null model uses a simplifying assumption that capacitates the learning of an unknown parameter vector given the data. Bayes factors are shown to be known only up to a ratio of unknown data-dependent constants—a problem that cannot be cured using prescriptions similar to those suggested to solve the problem caused to Bayes factor computation, by noninformative priors. Thus, a new test is needed in which we can circumvent Bayes factor computation. In this test, we undertake generation of data from the model in which the null hypothesis is true and can achieve support in the measured data for the null by comparing the marginalized posterior of the model parameter given the measured data, to that given such generated data. However, such a ratio of marginalized posteriors can confound interpretation of comparison of support in one measured data for a null, with that in another dataset for a different null. Given an application in which such comparison is undertaken, we alternatively define support in a measured dataset for a null by identifying the model parameters that are less consistent with the measured data than is minimally possible given the generated data, and realizing that the higher the number of such parameter values, less is the support in the measured data for the null. Then, the probability of the null conditional on the data is given within a Markov chain Monte Carlo (MCMC)-based scheme, by marginalizing the posterior given the measured data, over parameter values that are as, or more consistent with the measured data, than with the generated data. In the aforementioned application, we test the hypothesis that a galactic state-space bears an isotropic geometry, where the (missing) data comprising measurements of some components of the state-space vector of a sample of observed galactic particles are implemented to Bayesianly learn the gravitational mass density of all matter in the galaxy. In lieu of an assumption about the state-space being isotropic, the likelihood of the sought gravitational mass density given the data is intractable. For a real example galaxy, we find unequal values of the probability of the null—that the host state-space is isotropic—given two different datasets, implying that in this galaxy, the system state-space constitutes at least two disjoint sub-volumes that the two datasets, respectively, live in. Implementation on simulated galactic data is also undertaken, as is an empirical illustration on the well-known O-ring data, to test for the form of the thermal variation of the failure probability of the O-rings. Supplementary materials for this article are available online.
Association of the polymorphism in the 5’ flanking region of the ovine IGF-I gene with growth traits in the Baluchi sheep

The insulin-like growth factor 1 (IGF-I) gene has been described in several studies as a candidate gene for growth traits in farm animals. The present preliminary study attempts to establish associations between growth traits and genetic polymorphisms at the 5’ flanking region s IGF-I in the Baluchi sheep. The DNA of 102 sheep of the indigenous Iranian Baluchi breed was evaluated. Polymerase chain reaction-single strand conformation polymorphism (PCR-SSCP) analysis of the 5’ flanking region (Exon1) of the ovine IGF-I gene revealed three banding patterns (genotypes) named as A/A, A/B and B/B. The evaluation of an association effect between these SSCP patterns with birth weight (BW), weaning weight (WW), and average daily gain from birth to weaning (GBW), weaning to six month (GWS) and from six month to yearling age (GSY) suggest a positive effect of pattern (Genotype) A/B with GBW and weaning weight (WW). Pattern (Genotype) B/B had a superior birth weight when compared to those of individuals with other patterns. Moreover, the A/A pattern (Genotype) appeared favourable for live weight at yearling age. These results confirmed the potential usefulness of this gene in marker-assisted selection programmes for sheep breeding.
Analysis of intense rainfall events on Madeira Island during the 2009/2010 winter

Abstract. This paper constitutes a step towards the understanding of some characteristics associated with high rainfall amounts and flooding on Madeira Island. The high precipitation events that occurred during the winter of 2009/2010 have been considered with three main goals: to analyze the main atmospheric characteristics associated with the events; to expand the understanding of the interaction between the island and the atmospheric circulations, mainly the effects of the island on the generation or intensification of orographic precipitation; and to evaluate the performance of high resolution numerical modeling in simulating and forecasting heavy precipitation events over the island. The MESO-NH model with a horizontal resolution of 1 km is used, as well as rain gauge data, synoptic charts and measurements of precipitable water obtained from the Atmospheric InfraRed Sounder (AIRS). The results confirm the influence of the orographic effects on precipitation over Madeira as well as the tropical–extratropical interaction, since atmospheric rivers were detected in six out of the seven cases analyzed, acting as a low level moisture supplier, which together with the orographic lifting induced the high rainfall amounts. Only in one of the cases the presence of a low pressure system was identified over the archipelago.
ALLELOPATHIC EFFECTS OF AQUEOUS EXTRACT OF LEAVES OF PARTHENIUM HYSTEROPHORUS L. ON SEED GERMINATION AND SEEDLING GROWTH OF SOME CULTIVATED AND WILD HERBACEOUS SPECIES

Allelopathic effects of aqueous extract of leaves of Parthenium hysterophorus were studied on seed germination and seedling growth of three cereal crops ( Oryza sativa L ., Zea mays L . and Triticum aestivum L.), three cultivated crucifers ( Raphanus sativus L. , Brassica campestris L. and Brassica oleracea L.) and two wild species of family Asteraceae ( Artemisia dubia Wall ex. Besser and Ageratina adenophora (Spreng) King and HE Robins). Seed germination of all crucifer species was completely inhibited at >2% leaf extract of Parthenium hysterophorus but in other species, except maize, complete failure of seed germination was recorded only at >6% in Triticum aestivum and Ageratina adenophora; at 10% in Oryza sativa and Artemisia dubia . Seed germination of Zea mays was not completely inhibited but it was low at high concentration of the extract. The extract had strong inhibitory effect to root elongation of seedling in cereals and to shoot elongation in crucifers and wild Asteraceae. Leaves of Parthenium hysterophorus may be a source of natural weedicide against Ageratina adenophora which will help to control invasive plants. Key words: Alien invasive; Asteraceae; Cereal crops; Crucifers; Seedling biomass; Weedicide. DOI: 10.3126/sw.v5i5. 2653 Scientific World , Vol. 5, No. 5, July 2007 33-39
FDI and Intra-industry Trade in the Automotive Industry in the New EU Member States

Abstract This paper investigates the extent to which foreign direct investment (FDI) influenced intra-industry trade (IIT) in automotive products in six New EU Member States (the Czech Republic, Hungary, Poland, Romania, Slovakia and Slovenia) in the 1995–2014 period. Changes in IIT intensity are analysed using the Grubel-Lloyd indices. To examine the IIT pattern, IIT indices are divided into two types of trade: IIT in vertically differentiated products (low and high quality VIIT) and IIT in horizontally differentiated products (HIIT). The research indicates that IIT in automotive products allowed manufacturers and consumers from the new EU Member States to benefit more from international trade. FDI inflow to the automotive sector of the NMS has been a key factor shaping IIT in automotive products.
The importance of being coupled: Stable states and catastrophic shifts in tidal biomorphodynamics

We describe and apply a point model of the joint evolution of tidal landforms and biota which incorporates the dynamics of intertidal vegetation; benthic microbial assemblages; erosional, depositional, and sediment exchange processes; wind-wave dynamics, and relative sea level change. Alternative stable states and punctuated equilibria emerge, characterized by possible sudden transitions of the system state, governed by vegetation type, disturbances of the benthic biofilm, sediment availability, and marine transgressions or regressions. Multiple stable states are suggested to result from the interplay of erosion, deposition, and biostabilization, providing a simple explanation for the ubiquitous presence of the typical landforms observed in tidal environments worldwide. The main properties of accessible equilibrium states prove robust with respect to specific modeling assumptions and are thus identified as characteristic dynamical features of tidal systems. Halophytic vegetation emerges as a key stabilizing factor through wave dissipation, rather than a major trapping agent, because the total inorganic deposition flux is found to be largely independent of standing biomass under common supply-limited conditions. The organic sediment production associated with halophytic vegetation represents a major contributor to the overall deposition flux, thus critically affecting the ability of salt marshes to keep up with high rates of relative sea level rise. The type and number of available equilibria and the possible shifts among them are jointly driven and controlled by the available suspended sediment, the rate of relative sea level change, and vegetation and microphytobenthos colonization. The explicit description of biotic and abiotic processes thus emerges as a key requirement for realistic and predictive models of the evolution of a tidal system as a whole. The analysis of such coupled processes finally indicates that hysteretic switches between stable states arise because of differences in the threshold values of relative sea level rise inducing transitions from vegetated to unvegetated equilibria and vice versa.
Firm- and Country-Level Attributes as Determinants of Earnings Management: An Analysis for Latin American Firms

ABSTRACT This article analyzes firm- and country-level determinants of the earnings management for a sample of Latin American companies from 1997 to 2015 by using panel data to deal with the endogeneity and heterogeneity problems. Results show that dividend pay-outs impact positively on earnings management. The ownership structure, however, is a double-edged sword as a controlling mechanism that may constrain earnings manipulation but may also exacerbate it. Concerning country-level variables, we found that the development of the financial system behaved opposite of expectation. Consequently, before inefficient financial markets in Latin America, managers had more room for manipulation of financial statements. The legal and regulatory system, however, proved itself to be efficient in reducing the opportunistic behavior of managers.
ENDOGENOUS PROTECTION IN A TRADE LIBERALIZING ECONOMY: THE CASE OF SOUTH AFRICA

This article aims to establish the changes that occurred in the institutional structures governing trade policy in South Africa during the period 1990-1998. It also examines the forces that influenced the application of tariff policy by the major tariff-setting bodies by applying various theories of endogenous protection to their decisions. Using firm-level data on applications made to the Board on Tariffs and Trade, the study finds that when estimating a probit model, employment considerations rather than capital invested influenced the board's decisions to grant protection. In addition, the board is found to have granted protection even in the face of tariff lines having been bound under the Uruguay Round. The article argues that this should not be interpreted as a reversal of the trade liberalization but rather as an attempt by the board to cushion firms from the acceleration in the tariff rationalization process that occurred after the GATT offer. Finally, it is suggested that the board's response to changes in import penetration ratios between industries that were considered organized provides prima facie evidence of the superior lobbying ability of such industries. Copyright 2002 Western Economic Association International.
The Appraisal of Intrusive Images Among Outpatients with Social Anxiety Disorder

6 Introduction . 7 Methods . 12 Participants . 12 Measures . 15 The Imagery and Social Trauma Interview . 15 The MINI International Neuropsychiatric Interview (MINI) . 16 The Body Dysmorphic Disorder Diagnostic Module (BDD-DM) . 17 Interpretation of Intrusions Inventory (III). 17 Quality of Life Scale (QOLS) . 18 The Liebowitz Social Anxiety Scale (LSAS) . 18 Social Phobia Weekly Summary Scale (SPWSS) . 19 The Patient Health Questionnaire-9 (PHQ-9) . 19 The Sheehan Disability Scale (SDS) . 19 Procedure . 19 Statistical analyses . 22 Results . 22 Frequency, characteristics and content of clinically significant images . 22 Beliefs and appraisals related to the intrusive image . 25 Discussion . 27 Study limitations . 31 Treatment implications . 31 References . 32
What are the Key Constraints in Technical Efficiency of Smallholder Farmers in Africa? Empirical Evidence from Kenya

The idea that smallholder farmers are reasonably efficient has triggered much debate in Sub-Saharan Africa. Indeed, efficiency of smallholder farmers has implications for choice of development strategy; reason being that Sub-Saharan countries derive over 60% of their livelihoods from smallholder agriculture and rural economic activities. This paper evaluates factors that promote production efficiency among smallholder farmers in Kenya as avenues for policy intervention. A production frontier function was fitted to a random sample derived from a survey carried in 2007. Results show that all conventional inputs had the expected significance. On the inefficiency indicators, ownership to farmland, attendance to agricultural workshops, access to credit and participation in self-help groups significantly reduced inefficiency, while age, market distance, female gender and formal education increased inefficiency. Our findings suggest that within the available technologies, farmers can improve on their productivity if they nurture teamwork as in groups where labour is shared. Besides, better roads would reduce transaction costs and promote higher returns, and training in agriculture would boost efficient resources use for better performance. Therefore, there exists opportunity to improve efficiency in production given existing farm technologies.
Robust neural network-based estimation of articulatory features for Czech

The article describes a neural network-based articulatory feature (AF) estimation for the Czech speech. First, the relationship between AFs and a Czech phone inventory is defined, and then the estimation based on the MLP neural networks is done. The usage of several speech representations on the input of the MLP classifiers is proposed with the purpose to obtain a robust AF estimation. The realized experiments have proved that an ANN- based AF estimation works very reliably especially in a low noise environment. Moreover, in case the number of neurons in a hidden layer is increased and if the temporal context DCT-TRAP features are used on the input of the MLP network, the AF classification works accurately also for the signals collected in the environments with a high background noise.
Application of Livelihood Vulnerability Index in Assessing Vulnerability to Climate Change and Variability in Northern Ghana

Climate change is impacting on climate dependent activities such as agriculture in Africa and Ghana. The extent of the impact of climate change in agriculture depends on the level of vulnerability or exposure of farmers to these impacts. This study estimates the level of vulnerability of smallholder farmers to climate change and variability in northern Ghana using the Livelihood Vulnerability Index highlighting access to, and utilization of water resources. The approach estimates vulnerabilities in terms of exposure, sensitivity and adaptive capacity. The data is based on a survey of 320 farm households, complemented with secondary data on rainfall and temperature. Results of the study shows that Northern Region is the most exposed region to climate change and variability. Upper West Region is the most sensitive to climate change and variability especially with regards to water stress; and the Upper East Region has the least adaptive capacity. Northern Region is the most vulnerable in terms of the overall livelihood vulnerability index, followed by the Upper East and Upper West regions.
Status and recent dark matter search results from the PandaX experiment

The PandaX project is a staged xenon-based deep underground experiment at the China Jin-Ping Underground Laboratory. The first phase experiment, PandaX-I, a 120 kg dark matter detector using the dual phase xenon time projection chamber (TPC) technology was completed in 2014 with a 54×80.1 kg-day exposure. Recently, the commissioning run of the second phase of the experiment, PandaX-II, was completed with a 306×19.1 kg-day exposure. We report the status of the PandaX experiment, and then present the dark matter search results from both runs.
LA CIENCIA DEL SUELO EN EL CICLO DEL CARBONO DE MÉXICO

La ciencia del suelo ha contribuido al conocimiento de los almacenes y flujos de carbono organico en los suelos de Mexico; aunque muchas de las contribuciones de los investigadores ha sido publicada en literatura gris. El carbono organico de los suelos (COS) es uno de los principales almacenes de carbono en ecosistemas terrestres, por lo que es necesario conocer la dinamica de este reservorio. En este trabajo se presenta una revision de datos del COS en los diferentes ambientes terrestres de Mexico, tanto de literatura convencional como de literatura gris. Los resultados obtenidos de la presente compilacion permiten detectar vacios y oportunidades para la coordinacion de esfuerzos colectivos en este campo de la ciencia. Al final se presentan varias recomendaciones en esta direccion.
Trend Following, Risk Parity and Momentum in Commodity Futures

We show that combining momentum and trend following strategies for individual commodity futures can lead to portfolios which offer attractive risk adjusted returns which are superior to simple momentum strategies; when we expose these returns to a wide array of sources of systematic risk we find that robust alpha survives. Experimenting with risk parity portfolio weightings has limited impact on our results though in particular is beneficial to long–short strategies; the marginal impact of applying trend following methods far outweighs momentum and risk parity adjustments in terms of risk-adjusted returns and limiting downside risk. Overall this leads to an attractive strategy for investing in commodity futures and emphasises the importance of trend following as an investment strategy in the commodity futures context.
Round table: Nucleon tomography. What can we do better today than Rutherford 100 years ago?

A survey is presented on the current status of 3D nucleon tomography. Several research frontiers are addressed that dominate modern physics from theory to current and future experiments. We have now a much more detailed spatial image of the nucleon thanks to various theoretical concepts and methods to describe its charge distribution and spin decomposition which are highlighted here. The progress of lattice computations of these quantities is reported and the prospects of what we can come to expect in the near future are discussed. Multi-dimensional maps of the nucleon’s partonic structure appear now within reach of forthcoming experiments.
Term structure of volatility and price jumps in agricultural markets - evidence from option data Abstract /доклад на 10 конгрессе ЕААЕ, Exploring Diversity in the European Agri-Food System, Zaragoza, Spain, 28-31 August 2002

Empirical evidence suggests that agricultural futures price movements have fat-tailed distributions and exhibit sudden and unexpected price jumps. There is also evidence that the volatility of futures prices contains a term structure depending on both calendar-time and time to maturity. This paper extends Bates (1991) jump-diffusion option pricing model by including both seasonal and maturity effects in volatility. An in-sample fit to market option prices on wheat futures shows that our model outperforms previous models considered in the literature. A numerical example illustrates the economic significance of our results for option valuation.
Does acclimation at higher temperatures affect the locomotor performance of one of the southernmost reptiles in the world

When an animal in the laboratory experiences a change in temperature, physiological processes are affected but they stabilize under the new temperature condition over a few weeks by a process of phenotypic plasticity called acclimation, but whether an organism can acclimate or not depends on the trait and the taxon. Liolaemus sarmientoi is one of the southernmost reptiles in the world, inhabiting the extreme and arid environment of Patagonia, Argentina, characterised by great seasonal climatic variation and cold air temperatures throughout the year (mean air temperature of 8 °C; ranging from 1.2 to 14.1 °C). However, these lizards prefer body temperatures in the laboratory ranging from 26.3 to 37.8 °C (mean T pref = 34.4 ± 0.28 °C), temperatures that they rarely achieve in nature. Herein, we explore the effects of thermal acclimation on performance of L. sarmientoi at a temperature higher than their mean natural environmental temperature during their activity period (austral spring-summer). We analysed the speed in sprint and long runs at medium and high temperatures in the field and again after a period of acclimation of 20 days at 21 °C. Acclimation to higher and constant temperature resulted in a decrease in running speed in both long and sprint runs, suggesting potentially negative effects for natural populations if environmental temperature increases.