Miracle-dz/UniFAR-FTUs huggingface dataset:
Pre-Trade Transparency and Return Co-Movements in Commercial Real Estate Markets

This paper proposes an empirical framework that is based on pre-trade transparency to test for information-based return co-movements among international commercial real estate markets. We introduce a benchmark portfolio that includes property markets with a higher pre-trade transparency to assess expected returns in less transparent markets. Investors can earn abnormal returns in opaque markets relative to the reference portfolio. Revealed post-trade information in the benchmark portfolio results in spillover effects to less transparent markets. Conditional on the reference portfolio, we analyze learning externalities to less transparent markets. Specially, we identify cultural familiarity as a source of learning-based return co-movements.
Effect of Total Digestible Nutrient Intake from Birth to Four Years of Age on Growth and Reproductive Development and Performance of Dairy Bulls

Summary Neonatal Holstein bull calves were assigned to four levels of energy intake representing 70, 100, 115, and 130% of the National Research Council recommended TDN allowances for growing dairy calves. The groups were designated L, N, M, and H, respectively. Two additional groups were on a changeover at 104 wk. of age–LH changed from 70 to 130% and HL from 130 to 70%. Data were collected on growth (body weight, height at withers, and heart girth), onset of semen production, and semen quantity and quality until the bulls reached 208 wk. of age. The average age at the onset of semen production was 61, 45, 41, and 44 wk. , respectively, for the L, N, M, and H groups. Comparable figures for body weight at the onset of semen production were 523, 643, 675, and 784lb. At 80 wk. of age, the average motile sperm output per ejaculate was 1.15 billion for the L group; this was about 50% of that for the H group. After 112 wk. of age there was no difference in output of motile sperm per ejaculate associated with level of energy intake. Between 156 and 208 wk. of age, the H bulls became much slower in sexual reaction time than bulls in other groups. During this period weaknesses of the feet and legs also became evident in the H bulls. Depletion trials at 4 yr. of age confirmed the relatively low sexual responses of the H bulls and also showed that M as well as H bulls were deficient in their ability to recover response after satiation to a stimulus animal. Sperm output and extra-gonadal sperm reserves were similar among bull groups. Limited fertility data collected on the L, N, and H groups showed no marked difference in fertility attributable to the level of TDN intake.
Retail Trading Activity and Major Lifecycle Events: The Case of Divorce

The effect of stressors on financial market investment decisions is underexplored. We investigate the association of a common stressful life event, divorce, with the trading behavior of individual investors. In the critical three year period around their divorce, investors realize lower returns compared to a control sample, as well as compared to their own portfolios in other years. After controlling for a number of demographic variables, we document that men and women both underperform immediately around divorce. Two years after, the trading performance of women recovers to pre-divorce levels, while that of men continues to be significantly lower.
The Hierarchical Equal Risk Contribution Portfolio

Building upon the fundamental notion of hierarchy, the "Hierarchical Risk Parity" (HRP) and the "Hierarchical Clustering based Asset Allocation" (HCAA), the Hierarchical Equal Risk Contribution Portfolio (HERC) aims at diversifying capital allocation and risk allocation. HERC merges and enhances the machine learning approach of HCAA and the Top-Down recursive bisection of HRP. In more detail, the modified Top-Down recursive division is based on the shape of dendrogram, follows an Equal Risk Contribution allocation and is extended to downside risk measures such as conditional value at risk (CVaR) and Conditional Drawdown at Risk (CDaR). The out-of-sample performances of hierarchical clustering based portfolios are evaluated across two empirical datasets, which differ in terms of number of assets and composition of the universe (multi-assets and individual stocks). Empirical results highlight that HERC Portfolios based on downside risk measures achieve statistically better risk-adjusted performances, especially those based on the CDaR.
Carbon Tax in a Production Network: Propagation and Sectoral Incidence

We analyse the propagation of carbon taxation through input-output production networks. To do so, we use a static multi-sector general equilibrium model including France, the rest of the European Union and the rest of the world to simulate the impact of carbon tax scenarios on economic activity. We find that a tax increase on sectors' and households' greenhouse gas emissions corresponding to a carbon price of 100 euros per ton of carbon dioxide equivalent entails a decrease in French aggregate real value added by 1.2% at a 5-to10-year horizon when implemented in France only, vs. 1.5% when implemented in the whole EU. Impacts on sectoral real value added range from -20% to negligible. The most affected sectors are generally the most polluting ones, but the tax also propagates across sectors via intermediate inputs. Specifically, the network structure tends to affect comparatively more upstream sectors than downstream ones, given their taxation levels. International financial markets also play an important role by neutralizing the positive response of final demand that would result from the redistribution of the tax proceeds to domestic households.
Hedge Funds and Limits-to-Arbitrage: Does Financial Intermediaries’ Risk Predict Hedge Fund Returns?

This paper investigates the systematic role of limits to arbitrage in the risk and return profile of hedge funds. We follow He et al. (2017) and define these frictions in financial markets as the shocks to the equity capital ratio of primary dealer counterparties of the New York Federal Reserve. This paper demonstrates that this financial intermediaries risk is an important determinant in the cross-section of future hedge fund returns. Funds significantly loading on financial intermediaries' risk outperform low-loading funds in the next month by about 6.48% annually. The results are robust to the inclusion of other hedge fund risk factors. The paper highlights the importance of limits-to-arbitrage to understand the hedge fund industry and its risks.
A Radiotelemetry System for Monitoring the Treadle Snare in Programmes for Control of Wild Canids.

A capture-status alarm system was developed to be used in conjunction with a humane snare device used for control of wild canids in Victoria. The alarm unit transmits a unique identity code as well as indicating the capture status of the snare. Large numbers of alarm units can be allocated to a single frequency as data transmission is short and governed by a pseudo-random timer. All status information is presented in alphanumeric format on a light-emitting diode display. The system is user-friendly and does not demand a high degree of skill to operate. The alarm can be incorporated with a number of trapping devices and should enhance the efficacy and humaneness of any trapping operations.
Rich Pickings? Risk, Return, and Skill in the Portfolios of the Wealthy

This paper investigates the risk and return characteristics of household wealth. The analysis is based on a high-quality administrative panel that reports the financial assets, real estate, private equity, and debt of Swedish residents. We show that the mean return on gross wealth strongly increases with net worth, primarily because wealthy households bear high systematic risk. By contrast, the mean return on net wealth is U-shaped in net worth because the middle class hold levered positions in real estate. Moreover, wealthy households bear high idiosyncratic risk but do not seem to earn abnormally high returns. Finally, we show that returns on wealth largely explain the inequality dynamics at the top.
Características da laranjeira 'Valência' sobre clones e híbridos de porta-enxertos tolerantes à tristeza

Variability and selection potential of 396 hybrids of Rangpur lime 'Limeira', (Citrus limonia) (C), Sunki mandarin (C. sunki) (S), Sour orange 'Sao Paulo'(C. aurantium) (A) and Trifoliate orange 'Davis A'(Poncirus trifoliata) (T) tolerant to the tristeza disease were studied, comparatively to the genitors Rangpur lime, Sunki and Trifoliate orange. Hybrids TxA, TxS, SxT, CxS, SxC, CxA and SxA were investigated as to yield of first three crops, productivity and several vegetative and industrial characteristics of Valencia sweet orange onto them. Rangpur lime, Trifoliate orange and T x S, S x T, T x A, C x A hybrids initiated yielding before Sunki and S x C, C x S, S x A hybrids. This result indicates a dominance of the precocious yield of Trifoliate even in the hybrids with Sunki and conversely, the opposite trend of Sunki and its hybrids, except in the combination with Trifoliate orange. Yield per canopy area induced by Trifoliate orange was low, contrasting with Rangpur lime, Sunki mandarin and T x S, S x T hybrids. It was observed a close relationship between the diameter of scions, the diameter of rootstocks right after transplant to the field and the same parameters in the subsequent years. Height, canopy, rootstock and scion trunk diameters were highly correlated and useful for composing an index vigor. Trifoliate orange and Sunki mandarin are the most divergent genitors regarding vigor, and the hybrids between them the most variable group. Vigor and yield in 2000 were correlated with scion diameter in 1996, indicating the suitability of customary practice of choosing the most vigorous seedlings for transplanting to commercial fields. Such strategy would be most beneficial if applied for pre-selecting hybrids, before transplant to selection fields. Partial scion/rootstock incompatibility observed in Valencia/ Trifoliate orange was present in Trifoliate hybrids but was not correlated with early yield or industrial attributes of this rootstock. Juice ratio of Trifoliate orange and its hybrids was higher than the ones of Sunki mandarin and Rangpur lime. Yields of Rangpur lime were higher than those of Sunki mandarin and Trifoliate orange. The hybrids displayed considerable genetic variability provided 228 had significant higher yields than Trifoliate orange, 100 higher than Sunki mandarin, and 47 higher than Rangpur lime. The results indicate a good potential selection of such hybrids.
Technological Diversification and R&D Productivity: The Moderating Effects of Knowledge Spillovers and Core-technology Competence

This study investigates the relationship between technological diversification and the productivity of firms’ R&D. Using a panel dataset of U.S. manufacturing firms during the period of 1983-2002, we find the following: First, the firm-specific pool of knowledge spillovers has a non-linear moderating effect on the relationship, which is positive at low levels of technological diversification but becomes positive beyond a certain level of technological diversification. Second, firm-specific core-technology competence has a positive moderating effect on the relationship. Third, the moderating role of core-technology competence in the relationship is more pronounced for firms operating in high-tech industries or competitive industries. Finally, after controlling for the moderating effects, the stand-alone (or direct) effect of technological diversification on R&D productivity is U-shaped. Our findings imply that firms should consider their pools of knowledge spillovers and technological competence in the field of their core technology in order to better utilize technological diversification.
Effects of flower number and position on self-fertilization in experimental populations of Eichhornia paniculata (Pontederiaceae)

We examined the effects of daily inflorescence size (three-, six-, nine- and 12-flowered) and the position of flowers within an inflorescence (bottom, middle and top) on the frequency of self-fertilization using genetic markers and experimental manipulation of garden populations of Eichhornia paniculata, a self-compatible bee-pollinated plant. Based on the observed tendency for bees to forage upwards on inflorescences and a model of the relation between pollen carry-over and the number of flowers visited per inflorescence, we predicted that the frequency of self-fertilization should increase from bottom to top flowers and with increasing inflorescence sizes. Electrophoretic analysis of open-pollinated progeny arrays supported both of these predictions
Potential for increasing the amounts of bioavailable zinc in dry beans (Phaseolus vulgaris L) through plant breeding

A whole-body radioassay procedure was used to assess the bioavailability to rats of zinc (Zn) in seeds of 18 genotypes of beans (Phaseolus vulgaris L) that were grown hydroponically. Dry beans that were labelled intrinsically with 65Zn were added to test meals fed to rats that were marginally Zn-deficient. The amount of Zn in the seeds varied between genotypes and ranged from 26.7 to 62.4 µg g−1 (from 0.41 to 0.95 µmol g−1) dry weight (DW). Similarly, the amount of iron (Fe) in the beans varied nearly twofold (from 52.3 to 96.3 µg g−1 DW), and Zn and Fe concentrations were positively correlated. Concentrations of myo-inositolhexaphosphate (IP6) plus myo-inositolpentaphosphate (IP5) varied from 18.1 to 27.3 µmol g−1 DW. Cultivars with white-coloured seeds contained relatively small amounts of tannins varying from 0.12 to 0.16 mg g−1 DW (determined as catechin equivalents) compared to those with coloured seed coats (up to 2.58 mg g−1 DW). All rats readily ate the test meals so that Zn intake varied directly with seed-Zn concentration. As indicated by 65Zn absorption, the bioavailability to rats of Zn in the seeds varied between genotypes and ranged from about 78 to 95% of the total Zn in the seeds. The bioavailability of Zn to marginally Zn-deficient rats was not affected markedly by either IP5 + IP6 or tannin in the dry beans. These results demonstrate that the concentration of Zn in dry beans can be increased through traditional plant-breeding techniques and that this may result in significant increases in the amount of bioavailable Zn in the beans. Increasing the amount of Zn in beans may contribute significantly to improving the Zn status of individuals dependent on beans as a staple food. © 2002 Society of Chemical Industry
Learning from Online Appraisal Information and Housing Prices

This paper studies how housing prices react to an information shock due to the update in the most popular home valuation algorithm. I find that housing prices react gradually to the information shock: while the reaction in the first month is small, a 1% increase in the online appraisal leads to a 0.65% increase in sale prices 12 months after the shock. The magnitude of the reaction in a ZIP Code increases with its average trading volume over the sample period. In ZIP Codes with top 5% average trading volume, I find that a 1% increase in the online valuation leads to a 1.6% increase in sale prices 12 months after the shock, suggesting overreaction to the information shock. Findings in this paper indicate that machine-learning-based online valuations causally affect housing market transaction prices.
Accounting for multiple climate components when estimating climate change exposure and velocity

The effect of anthropogenic climate change on organisms will likely be related to climate change exposure and velocity at local and regional scales. However, common methods to estimate climate change exposure and velocity ignore important components of climate that are known to affect the ecology and evolution of organisms. We develop a novel index of climate change (climate overlap) that simultaneously estimates changes in the means, variation and correlation between multiple weather variables. Specifically, we estimate the overlap between multivariate normal probability distributions representing historical and current or projected future climates. We provide methods for estimating the statistical significance of climate overlap values and methods to estimate velocity using climate overlap. We show that climates have changed significantly across 80% of the continental United States in the last 32 years and that much of this change is due to changes in the variation and correlation between weather variables (two statistics that are rarely incorporated into climate change studies). We also show that projected future temperatures are predicted to be locally novel (<1·5% overlap) across most of the global land surface and that exposure is likely to be highest in areas with low historical climate variation. Last, we show that accounting for changes in the variation and correlation between multiple weather variables can dramatically affect velocity estimates; mean velocity estimates in the continental United States were between 3·1 and 19·0 km yr−1 when estimated using climate overlap compared to 1·4 km yr−1 when estimated using traditional methods. Our results suggest that accounting for changes in the means, variation and correlation between multiple weather variables can dramatically affect estimates of climate change exposure and velocity. These climate components are known to affect the ecology and evolution of organisms, but are ignored by most measures of climate change. We conclude with a set of future directions and recommend future work to determine which measures of climate change exposure and velocity are most related to biological responses to climate change.
Local Comparative Advantage: Trade Costs and the Pattern of Trade

type="main" xml:lang="en"> When there are costs of trade, such as transport or other costs, the pattern of trade may not be well described by the usual measures of comparative advantage, which simply compare a country's costs or autarky prices to those of the world. Instead, a better comparison takes into account the costs of trade. This paper shows first, in an example, how trade patterns can vary with costs of trade. It then provides restatements of the law of comparative advantage, first in a Ricardian model with trade costs, then extending a 1980 result due to Deardorff and to Dixit and Norman to include trade costs explicitly in a general framework. It uses this latter result to derive two correlations relating trade patterns to measures of comparative advantage that take account of both autarky prices and the costs of trade. Finally, the paper examines the solution to a trade model with product differentiation in order to make the potential role of trade costs more explicit, both algebraically and graphically. With product differentiation either by country or by firm, net trade in an industry, both bilaterally and globally, depends on a country's costs of both production and trade relative to an index of those costs for other countries.
Further Notes on the Population Ecology of the Spadefoot Toad

Luttermoser, G. W. 1943. A note on the life cycle of Australorbis glabratus (Say, 1818) Pilsbry, 1934. A snail intermediate host of Schistosoma mansoni. J. Parasitology, 29: 231. Pimentel, D. , P. C. White and V. Ildefonso. 1957. Vagility of Australorbis glabratus, the snail intermediate host of Schistosoma mansoni in Puerto Rico. Amer. Jour. Trop. Med. and Hygiene. Pimentel, D. , and P. C. White (in manuscript). Physiochemical environment of Australorbis glabratus, the snail intermediate host of Schistosorna mansoni in Puerto Rico.
Nonlinear Pricing for Yield Management and Countering Strategic Consumer Behavior

Many models in operations management assume that faced with excess inventory, retailers offer price discounts to increase sales. This discount is assumed to be a certain dollar amount per unit or a certain percent of the regular price. However, many retailers use nonlinear pricing, e.g. "Buy one, get one for 50% off" and "Buy two, get the third free", which we refer to as BOGO. We analyze BOGO promotions within the newsvendor model framework and identify the reasons for its popularity among retailers. We describe the type of products for which BOGO promotions are suitable, identify the optimal BOGO discount, and its effect on the retailer's profit. We compare the BOGO promotions to the straight price reduction promotions and analyze the newsvendor's optimal choice between them. We also examine the two promotions in the presence of strategic consumers. We find that for reasonable values of consumer marginal utility and a given order quantity, BOGO reduces strategic consumers' chances of obtaining a unit at a discount and their incentive to wait. Therefore, the newsvendor orders a larger quantity with BOGO than with a straight price reduction. Thus, BOGO promotions can be used by the newsvendor to counter strategic consumer behavior. Also, we find that in the presence of strategic consumers, there are some cases where it is optimal for the retailer to wait and discount the product at the end of the season. However, with BOGO it is always optimal to offer the BOGO promotion at the start of the season when realized demand is low.
Occurrence and importance of plant-parasitic nematodes in organic farming in Germany

In an attempt to evaluate the occurrence and economic importance of plant-parasitic nematodes in organic farming in Germany, a survey was conducted with the main emphasis on vegetable and cereal production systems. For vegetables, the survey included quantification and identification of plant-parasitic nematodes in soil samples and a questionnaire for growers querying production factors and damage levels. For cereals, the survey focused on quantification and identification of plant-parasitic nematodes in soil and plant samples. Overall, Pratylenchus and Tylenchorhynchus were the most prominent nematode genera under both production systems with an incidence of over 90% of the samples. Meloidogyne was detected in 51% of the samples in both systems. Other nematode genera showed differences between the two production systems. In production systems with a high frequency of vegetables, Paratylenchus was detected in 56% of the samples and Heterodera in 15%, whereas in rotations with a high cropping frequency of cereals, incidences of plant-parasitic nematodes were 56% for Heterodera, 47% for Trichodorus and 45% for Paratylenchus. Yield losses could exceed 50% on carrots, onions and cereals and were most pronounced on sandy soils. In many cases, nematode problems started 5 to 10 years after conversion to organic farming. The survey indicated that plant-parasitic nematodes are widely spread in organic farming in Germany and can cause severe damage which may result in complete loss of the crop.