Miracle-dz/UniFAR-FTUs huggingface dataset:
Reclassification of Cepheids in the Gaia Data Release 2

Context. Classical Cepheids are the most important primary indicators for the extragalactic distance scale. Establishing the precise zero points of their period-luminosity and period-Wesenheit (PL/PW) relations has profound consequences on the estimate of H0. Type II Cepheids are also important distance indicators and tracers of old stellar populations. Aims. The recent Data Release 2 (DR2) of the Gaia spacecraft includes photometry and parallaxes for thousands of classical and Type II Cepheids. We seek to review the classification of Gaia DR2 Cepheids and to derive precise PL/PW for the Magellanic Clouds (MCs) and Galactic Cepheids. Methods. We adopted information from the literature and the Gaia astrometry and photometry to assign DR2 Galactic Cepheids to the classical, anomalous, and Type II Cepheids classes. Results. We reclassified the DR2 Galactic Cepheids and derived new precise PL/PW relations in the Gaia passbands for the MCs and Milky Way Cepheids. We investigated for the first time the dependence on metallicity of the PW relation for classical Cepheids in the Gaia bands, finding inconclusive results. Conclusions. According to our analysis, the zero point of the Gaia DR2 parallaxes as estimated from classical and Type II Cepheids seems likely to be underestimated by ∼0.07 mas, which agrees with recent literature. The next Gaia data releases are expected to fix this zero point offset to allow eventually a determination of H0 to less than 1%.
Haro 11: Where is the Lyman Continuum Source?

Identifying the mechanism by which high-energy Lyman continuum (LyC) photons escaped from early galaxies is one of the most pressing questions in cosmic evolution. Haro 11 is the best known local LyC-leaking galaxy, providing an important opportunity to test our understanding of LyC escape. The observed LyC emission in this galaxy presumably originates from one of the three bright, photoionizing knots known as A, B, and C. It is known that Knot C has strong Lyα emission, and Knot B hosts an unusually bright ultraluminous X-ray source, which may be a low-luminosity active galactic nucleus. To clarify the LyC source, we carry out ionization-parameter mapping (IPM) by obtaining narrow-band imaging from the Hubble Space Telescope WFC3 and ACS cameras to construct spatially resolved ratio maps of [O iii]/[O ii] emission from the galaxy. IPM traces the ionization structure of the interstellar medium and allows us to identify optically thin regions. To optimize the continuum subtraction, we introduce a new method for determining the best continuum scale factor derived from the mode of the continuum-subtracted, image flux distribution. We find no conclusive evidence of LyC escape from Knots B or C, but instead we identify a high-ionization region extending over at least 1 kpc from Knot A. This knot shows evidence of an extremely young age (≲1 Myr), perhaps containing very massive stars (>100 M⊙). It is weak in Lyα, so if it is confirmed as the LyC source, our results imply that LyC emission may be independent of Lyα emission.
Analysing the Role of Crowdfunding in Entrepreneurial Ecosystems: A Social Media Event Study of Two Competing Product Launches

The aim of the explorative study is to understand the role of crowdfunding in the facilitation of customer engagement for entrepreneurial ecosystems, using data from two recent events of competing product launches. We conducted an event study that employed content analysis and emotion analysis, as well as social set analysis (SSA) of Facebook data to uncover and better understand crowdfunder (investor and customer) engagement and interactions before, during and after a crowdfunding campaign event. Our paper focuses especially on the role of Jolla's tablet crowdfunding campaign in the development of its fanbase in relation with Nokia's tablet launch during Slush 2014 event. On the basis of the above analyses and related literature, we present propositions about various types of engagement with the potential to facilitate the evolution of entrepreneurial ecosystems. We discuss the results and evaluate the implications of crowdfunding on customer engagement for entrepreneurial ecosystems and conclude with directions for future work. One of the key contributions of the study is the introduction of a new data source and approach for co-creative interaction between companies and their customers, as well as an approach to support the study of ecosystems from a customer perspective.
Interactions between Organizational Size, Culture, and Structure and Some it Factors in the Context of ERP Success Assessment: An Exploratory Investigation

Enterprise Resource Planning (ERP) systems are packaged information technology (IT) suites that are increasingly becoming the price of entry for running a business, and such systems are gaining popularity worldwide. Researchers have discussed their adoption and implementation. Few have investigated the impacts of size, culture, and structure of the adopting organization on ERP system success evaluations. There is also a dearth of research on the effects of organizational IT issues or factors such as IT assets and resources (i.e., the IT department's value, the IT department's size, and the sophistication of the in-house IT professionals, among others) on ERP systems success. To our knowledge no study has investigated the interactions between these organizational IT issues and other contingency factors. To fill this gap in research, we designed an exploratory study to investigate the impacts of the aforementioned factors in the context of ERP systems success evaluations. Rather than considering the impacts of the three contingency factors on ERP success assessment alone, we incorporated the interacting effects of a few organizational IT issues which were selected for illustration purposes. Surveys were conducted in Finland and Estonia — two small technologically advanced Northern European countries. We obtained empirical data from 62 respondents in 44 diverse, private, and industrial organizations in the two countries. Using the structural equation modeling technique to examine the relationships, our analysis confirmed six of the eight hypotheses formulated. The data revealed positive relationships between organizational size, structure, and culture, on the one hand and ERP systems success, on the other. Also, IT resources (comprising of measures such as the IS budget size and size of the IT department) as a moderator in the relationships between the main contingency factors and ERP success was found be significant. The implications of the findings for both practice and research are discussed, and fruitful areas for future research outlined.
Anchoring-Adjusted Option Pricing Models

Abstract Relying on a useful starting point and attempting to adjust it appropriately is a robust human decision-making heuristic. Evidence suggests that underlying stock volatility is such a starting point, which is scaled up to estimate call option volatility. The author adjusts the Black-Scholes, Heston, and Bates models for reliance on this starting point. The adjustment mechanism captures several option-return puzzles. The adjusted Black-Scholes generates implied-volatility skew. The adjusted Heston stochastic-volatility model matches the same data better, does so at more plausible parameter values, and generates a steep short-term skew. Furthermore, 2 novel predictions are empirically tested and strongly supported in the data.
Impact of Financial Education Mandates on Younger Consumers' Use of Alternative Financial Services

Over one-quarter of American adults used credit-based alternative financial services (AFS) in the past five years, which carry a typical APR of 300 percent. Young adults are especially more likely to use AFS yet are also more likely to be exposed to personal finance education in schools. In this study, I use data from pooled 2012 and 2015 waves of National Financial Capability Study to examine whether state-mandated financial education impacts young adults’ use of AFS. I find that financial education mandates significantly reduced the likelihood and frequency of payday borrowing in particular. Additionally, I show that exposure to required personal finance courses could affect payday borrowing through increased financial literacy and improved financial planning practices. These findings suggest that policymakers and other stakeholders need to understand the full benefits of financial education when making cost-benefit analysis comparisons as to whether or not to implement.
Determinants of effective Tax Rate of the top 45 Largest listed companies of Indonesia

The capital inflows and outflows of a country are closely related to the established tax rate policy. Tax rate is one of important factors in investment decisions. Evidence that there are variations in effective tax rates amongs firms draw attention of researchers to understand the impact of tax policies on corporate tax burdens (Gupta and Newberry, 1997; Molloy, 1998). Effective tax rate is a dependent variable that is commonly used as a proxy to measure corporate tax burden. This study examined corporate effective tax rates (ETRs) of the top 45 largest listed companies of Indonesia within 2009-2014 (after tax reform of 2008, to be exact). We used two types of ETR1 and ETR2 measures as dependent variables. The first type is the ratio of current income tax expense divided by income before interest and taxes and the second type is the ratio of total income tax expense (current tax expense plus deferred tax expense) divided by income before interest and taxes (Noor et al. 2008). We also used some of independent variables related to firms’characteristics, such as firm size, capital intensity, leverage, returns on assets, and inventory intensity. The statistical results reveal that all independent variables contributed to ETR1 and ETR2 except the capital intensity is not contributed to ETR2. However, the findings provide support for the tax policy on corporate actual tax burdens.
Positive Stock Information in Out-of-the-Money Option Prices

We examine whether the option market leads the stock market with respect to positive in addition to negative price discovery. We document that out-of-themoney (OTM) option prices, which determine the Risk-Neutral Skewness (RNS) of the underlying stock return’s distribution, can embed positive information regarding the underlying stock. A long-only portfolio of stocks with the highest RNS values yields significant positive alpha in the post-ranking week during the period 1996-2014. This outperformance is mainly driven by stocks that are relatively underpriced but are also exposed to greater downside risk. These findings are consistent with a trading mechanism where investors choose to exploit perceived stock underpricing via OTM options due to their embedded leverage, rather than directly buying the underlying stock to avoid exposure to its potential downside. Due to the absence of severe limits-to-arbitrage for the long-side, the price correction signalled by RNS is very quick, typically overnight.
Costs and Benefits of Financial Conglomerate Affiliation: Evidence from Hedge Funds

Abstract This paper explores how affiliation to financial conglomerates affects asset managers’ access to capital, risk taking, and performance. Focusing on a sample of hedge funds, we find that financial conglomerate-affiliated hedge funds (FCAHFs) have lower flow-performance sensitivity than other hedge funds and that this difference is particularly pronounced during financial turmoil. Arguably, thanks to more stable funding, FCAHFs allow their investors to redeem capital more freely and are able to capture price rebounds. Because investors could value these characteristics, our findings provide a rationale for why financial conglomerate affiliation is widespread, although it slightly hampers performance on average.
Rapid “Turn-on” of Type-1 AGN in a Quiescent Early-type Galaxy SDSS1115+0544

We present a detailed study of a transient in the center of SDSS1115+0544 based on the extensive UV, optical, mid-IR light curves (LCs) and spectra over 1200 days. The host galaxy is a quiescent early-type galaxy at z = 0.0899 with a black hole mass of 2 × 107 M⊙. The transient underwent a 2.5 mag brightening over ∼120 days, reaching a peak V-band luminosity (extinction corrected) of −20.9 mag, then fading 0.5 mag over 200 days, settling into a plateau of >600 days. Following the optical brightening are the significant mid-IR flares at 3.4 and 4.5 μm, with a peak time delay of ∼180 days. The mid-IR LCs are explained as the echo of UV photons by a dust medium with a radius of 5 × 1017 cm, consistent with E(B − V) of 0.58 inferred from the spectra. This event is very energetic with an extinction corrected Lbol ∼ 4 × 1044 erg s−1. Optical spectra over 400 days in the plateau phase revealed newly formed broad Hα, β emission with a FWHM of ∼3750 km s−1 and narrow coronal lines such as [Fe vii], [Ne v]. This flare also has a steeply rising UV continuum, detected by multi-epoch Swift data at +700 to +900 days post optical peak. The broad Balmer lines and the UV continuum do not show significant temporal variations. The slow evolving LCs over 1200 days, the constant Balmer lines, and UV continuum at late times rule out tidal disruption event and SN IIn as the physical model for this event. We propose that this event is a “turn-on” AGN, transitioning from a quiescent state to a type-1 AGN with a sub-Eddington accretion rate of 0.017 M⊙ yr−1. This change occurred on a very short timescale of ∼120–200 days. The discovery of such a rapid “turn-on” AGN poses challenges to accretion disk theories and suggests more future detections of similar events.
Dependence of Empirical Fundamental Diagram on Spatial-Temporal Traffic Patterns Features

It is shown that the branch of the empirical fundamental diagram for congested traffic strongly depends both on the type of the congested pattern at a freeway bottleneck and on the freeway location where the fundamental diagram is measured. Since the type of the pattern at the same bottleneck can depend on traffic demand, a qualitative form of the empirical fundamental diagram can strong depend on traffic demand also. At freeway locations where the average speed in synchronized flow is higher the branch of the fundamental diagram for congested traffic has a positive slope in the flow density plane as well the slope of the branch for free flow. In the upstream direction when the average synchronized flow speed inside the congested pattern decreases, first the slope of the branch for congested traffic decreases and then the branch can transform into the curve with a maximum. At freeway locations, where the average speed in synchronized flow further decreases the branch for congested traffic more and more tends to the line J which represents the stationary motion of the downstream front of a wide moving jam in the flow-density plane: The line J is an asymptote for the branch of congested traffic of the empirical fundamental diagrams at higher densities for those freeway locations where wide moving jams occur and propagate.
Turbulence in Molecular Clouds

We generate random Gaussian turbulent velocity fields with a Kolmogorov spectrum and use these to obtain synthetic line-of-sight velocity profiles. The profiles are found to be similar to line profiles observed in molecular clouds. We suggest methods for analysing measured line profiles to test whether they might arise from Gaussian Kolmogorov turbulence.
Shiller's CAPE: Market Efficiency and Risk

Robert Shiller shows that Cyclically Adjusted Price to Earnings Ratio (CAPE) is strongly associated with future long-term stock returns. This result has often been interpreted as evidence of market inefficiency. We present two findings that are contrary to such an interpretation. First, if markets are efficient, returns on average, even when conditional on CAPE, should be higher than the risk-free rate. We find that even when CAPE is in its ninth decile, future 10-year stock returns, on average, are higher than future returns on 10-year Treasurys. Thus, the results are largely consistent with market efficiency. Only when CAPE is very high, say, CAPE is in the upper half of the tenth decile (CAPE higher than 27.6), future 10-year stock returns, on average, are lower than those on 10-year U.S. Treasurys. Second, we provide a risk-based explanation for the association between CAPE and future stock returns. We find that CAPE and future stock returns are positively associated with future stock market volatility. Overall, CAPE levels do not seem to reflect market inefficiency and do reflect risk (volatility).
A Survey on Learning System Applications in Energy System Modeling and Prediction

Learning Systems (LS) such as machine learning, statistical pattern recognition and neural networks are computer programs that can learn from sample data and develop a prediction model that makes prediction for new cases. The most important think related with a prediction model is to achieve results as closer as to real situation while making predictions. This is important because being closer to real results help to reduce the costs of feasibility studies in system installation. The performance of Learning Systems has been raised in latest years such as it sometimes exceeds the performance of humans. That’s why the applications of Learning Systems have been increased in many areas. This paper reviews the present applications of Learning Systems in energy system modeling and prediction especially in renewable energy systems such as wind and solar. The aim of this paper is to create a vision for researchers by gathering the present applications and outline their merits and limits and the prediction of their future performance on specific applications.
Beyond committees: parliamentary oversight of coalition government in Britain

Abstract A legislature’s ability to engage in oversight of the executive is believed to derive largely from its committee system. For example, powerful parliamentary committees are considered a necessary condition for the legislature to help police policy compromises between parties in multiparty government. But can other parliamentary instruments perform this role? This article suggests parliamentary questions as an alternative parliamentary vehicle for coalition parties to monitor their partners. Questions force ministers to reveal information concerning their legislative and extra-legislative activities, providing coalition members unique insights into their partners’ behaviour. In order to test our argument, we build and analyse a new dataset of parliamentary questions in the British House of Commons covering the 2010‒2015 coalition. As expected, government MPs ask more questions as the divisiveness of a policy area increases. Legislatures conventionally considered weak due to the lack of strong committees may nevertheless play an important oversight role through other parliamentary devices, including helping to police the implementation of coalition agreements.
Consensus Income Distribution

In determining the optimal redistribution of a given population's income, we ask which factor is more important: the social planner's aversion to inequality, embedded in an isoelastic social welfare function indexed by a parameter alpha, or the individuals' concern at having a low relative income, indexed by a parameter beta in a utility function that is a convex combination of (absolute) income and low relative income. Assuming that the redistribution comes at a cost (because only a fraction of a taxed income can be transferred), we find that there exists a critical level of beta below which different isoelastic social planners choose different optimal allocations of incomes. However, if beta is above that critical level, all isoelastic social planners choose the same allocation of incomes because they then find that an equal distribution of incomes maximizes social welfare regardless of the magnitude of alpha.
Running Behavioral Operations Experiments Using Amazon's Mechanical Turk

Mechanical Turk (MTurk), an online labor market run by Amazon, provides a web platform for conducting behavioral experiments; the site offers immediate and inexpensive access to a large subject pool. In this study, we review recent research about using MTurk for behavioral experiments and test the validity of using MTurk for experiments in behavioral operations management. We recruited subjects from MTurk to replicate the inventory management experiment from Bolton and Katok (2008), as well as the procurement auction experiment from Engelbrecht‐Wiggans and Katok (2008), and the supply chain contracting experiment from Loch and Wu (2008). We successfully replicate individual biases in the inventory management and procurement auction experiments, but learning in the individual tasks occurs more slowly on MTurk compared to the original studies. Further, we find that social preference manipulations in the supply chain experiment are ineffective in changing the behavior of MTurk subjects, in contrast to the original study. We conducted an additional replication study of the supply chain contracting experiment using student subjects in a standard laboratory. Results from this laboratory replication also fail to replicate the original laboratory study, indicating that the effect of social preferences on supply chain contracting may not be robust to alternative subject pools. We conclude that factors potentially influencing the differences observed on MTurk are less related to the online environment, but more related to the diversity and characteristics of subject pool on MTurk. Overall, MTurk appears to be an important and relevant tool for researchers in behavioral operations, but we caution researchers about slower learning of the MTurk subjects and the use of social preference manipulations on MTurk.
A Stylized Model of China's Growth Since 1978

This paper develops a stylized multi-sector growth model of China’s economy. We choose a neoclassical modeling approach and focus on the reform process under Deng Xiaoping as China’s main growth driver since 1978. Following the literature, we distinguish between three major reform periods, namely the agricultural (1978-1984), the industrial (1984-1992) and the foreign-trade reform period (1992-present). Reflecting the neoclassical view, our model explains China’s growth process since 1978 by a sequence of transitory growth phases generated by the reforms. We discuss our model’s implications for China’s future growth and the middle-income trap as well as growth stimulating policies in China.
Share price behaviour around dividend announcements in Pakistan

This paper investigates the information content (signalling) of dividend announcements by firms listed on the Karachi Stock Exchange (KSE) over the period 2005 to 2009. This sample period was selected in order to avoid contamination of the dividend signal with a capital gains tax effect since a capital gains tax was introduced in Pakistan from 2010 onward. The paper contributes significantly to literature about the Pakistani market which has a unique institutional background. The findings show that no significant unexpected returns can be earned on the announcement date by trading on dividend news in Pakistan. It supports the semi-strong form of the efficient market hypothesis. The results also show that earnings are the dominant signal rather than the dividend announced. Moreover, there is some evidence of information leakage as significant unexpected returns were uncovered two days before the dividend announcements.