Miracle-dz/UniFAR-FTUs huggingface dataset:
Life‐history traits of invasive bighead goby Neogobius kessleri (Günther, 1861) from the middle Danube River, with a reflection on which goby species may win the competition

Summary Life history traits of an invasive population of bighead goby Neogobius kesslerei (Gunther, 1861) from the middle Danube, including absolute and relative fecundity, egg size, number of spawning batches and size at first maturation, were examined and evaluated within an epigenetic context. Ripe bighead goby females attained 42.8-142.5 mm LS, with absolute fecundities ranging from 669 to 5646 eggs (mean 2109 eggs), and relative fecundities of 61.6-174.0 eggs g )1 body weight (mean 119.6 eggs). Egg diameters varied between 0.04 mm and 1.70 mm (mean = 0.57 mm). In the pre-spawning period there was no clear size distinction in eggs (0.12-1.45 mm; mean = 0.52 mm) in 34.1% of females; whereas in 65.9% of females, two egg size groups were distinguished: group I diameters of 0.06-0.85 mm (mean = 0.43 mm), and group II diameters of 0.55-1.70 mm (mean = 1.17 mm). Females with size-group II eggs at the beginning of the reproductive season were assumed to be ready to spawn and the others to be subsequent spawners. Bighead goby appears to be altricial compared to the round goby, although in both species a shift from highly precocial towards a less precocial life history was observed. These differences, affected by epigenetic mecha- nisms and resulting in alternative ontogenies, may have important implications for a species potential success in novel environments, favouring the round goby over short time periods (several years) and bighead goby over longer periods of time (decades and longer).
Audit Market Regulation around the World: Descriptive Evidence, Market Structure, and Audit Quality

The main objectives of recent audit market regulations are to (1) increase audit quality, (2) decrease audit market concentration, and (3) foster competition between audit firms. However, the empirical evidence on whether such regulations fulfill these goals is limited. We construct a unique database of the regulations in effect in the audit markets of 29 countries to explore the link between audit market regulation and the abovementioned objectives. The staggered implementation between 2002 and 2014 across the sample countries allows better identification of the role of audit market regulation than in single-country studies. We find that only one of the analyzed regulations, the restriction of auditor liability, is positively associated with all three goals. Mandatory auditor rotation, fee disclosures, and fee caps appear to be detrimental: The associations with two of the objectives are in the wrong direction, with no positive counterbalancing effect with regard to the third goal. Restricting non-audit services is associated with a lower degree of concentration within the group of market leaders and higher audit quality, but is negatively related to competition. The role of audit partner rotation and that of joint audits remain ambiguous. Our findings are helpful for regulators and academics and represent a necessary first step for a comprehensive cost-benefit analysis of audit market regulations.
Backtesting Stochastic Mortality Models: An Ex-Post Evaluation of Multi-Period Ahead-Density Forecasts

This study sets out a backtesting framework applicable to the multi-period-ahead forecasts from stochastic mortality models and uses it to evaluate the forecasting performance of six different stochastic mortality models applied to English & Welsh male mortality data. The models considered are: Lee-Carter’s 1992 one-factor model; a version of Renshaw-Haberman’s 2006 extension of the Lee-Carter model to allow for a cohort effect; the age-period-cohort model of Currie (2006), which is a simplified version of Renshaw-Haberman; Cairns, Blake and Dowd’s 2006 two-factor model; and two generalised versions of the latter with an added cohort effect. For the data set used herein the results from applying this methodology suggest that the models perform adequately by most backtests, and that there is little difference between the performances of five of the models. The remaining model, however, shows forecast instability. The study also finds that density forecasts that allow for uncertainty in the parameters of the mortality model are more plausible than forecasts that do not allow for such uncertainty.
Satellite tracking of two Lesser Spotted Eagles, Aquila pomarina, migrating from Namibia

One immature and one subadult Lesser Spotted Eagle, Aquila pomarina, were followed by satellite telemetry from their non-breeding areas in Namibia. Both birds were fitted with transmitters (PTTs) in February 1994 and tracked, the immature for six months and three weeks, the subadult for eight months and two weeks, over distances of 10 084 and 16 773 km, respectively. During their time in Namibia both birds' movements were in response to good local rainfall. The immature eagle left Namibia at the end of February, the subadult at the end of March. They flew to their respective summer quarters in Hungary and the Ukraine, arriving there 2.5 and 1.5 months later than the breeding adults. The immature eagle took over two months longer on the homeward journey than a breeding male followed by telemetry in a previous study. On returning, the immature eagle followed the narrow flightpath through Africa used by other Lesser Spotted Eagles on their outward migration. It reached this corridor, which run roughly between longitudes 31° and 36° East from Suez to Lake Tanganyika, veering from the shortest route in a direction east-northeast through Angola and Zambia to the southern end of Lake Tanganyika. The route taken by the subadult bird on its return migration differed markedly from that of all Lesser Spotted Eagles tracked to date, running further west through the Democratic Republic of Congo where, level with the equator, it flew over the eastern rainforest of that country. The outward migration, however, followed the same corridor and coincided in time with the migration of adults. Ein immat. und ein subad. Schreiadler wurden im Februar 1994 in Namibia mit Satelliten-Sendern versehen und über Zeiträume von sechs Monote und drei Wochen bzw. acht Monate und zwei Wochen und über Distanzen von 10.084 bzw. 16.773 km telemetriert. Während des Aufenthalts in Namibia erfolgten erhebliche Ortsveränderungen. Die Adler suchten Gegenden mit überdurchschnittlichem Niederschlag auf. Der immat. Adler verließ Namibia Ende Februar, der subad. Ende März. Sie zogen in Übersommerungsgebiete in Ungarn bzw. in der Ukraine, wo sie zweieinhalb bzw. eineinhalb Monate später als brütende Altvögel ankamen. Der immat. Schreiadler nahm sich über zwei Monate mehr Zeit für den Heimzug als ein in einer anderen Studie untersuchter männlicher Brutvogel. Er folgte der bei anderen Schreiadlern auf dem Herbstzug festgestellten recht engen Zugschneise durch Afrika und erreichte diesen Korridor, der etwa zwischen dem 31. und 36. Längengrad E von Suez bis zum Tanganyika-See verläuft, indem er zunächst stark von der kürzesten Route abweichend in Richtung ENE durch Angola und Sambia bis zum Südende des Tanganjika-Sees zog. Die Route des subadulten Vogels auf dem Heimzug unterschied sich hingegen stark von der aller anderen bisher telemetrierten Schreiadler und verlief deutlich weiter westlich durch den Kongo, wobei in Höhe des Äquators Regenwaldgebiete im Osten des Landes überquert wurden. Der Wegzug verlief hingegen ebenfalls innerhalb des Korridors und etwa zeitgleich mit adulten Adlern.
Unlocking Credit

Pledging collateral to secure loans is a prominent feature in financing contracts around the world. Existing theories disagree on why borrowers pledge collateral. It is even more challenging to understand why in some countries collateral coverage exceeds, e.g., 300% of the value of a loan. This study looks at the association between collateral coverage and country-level governance and various institutional proxies. It investigates the economic implications of steep collateral coverage and sketches policy options to lower ex-ante asymmetric information and ex-post agency problems. Within this framework, should a lender collect the debt forcibly on default and liquidated assets fetch prices below outstanding loan values, the lender’s loss is covered through credit insurance, which would significantly reduce the need for steep collateral coverage. This proposal may increase level of private credit, investment and growth; particularly, in a number of developing countries where collateral spread is the main inhibitor of finance.
Efeito do tratamento de sementes no controle de Rotylenchulus reniformis em dois cultivares de algodão

The objective of this work was to evaluate, under greenhouse conditions, the effect of different nematicides in the treatment of cotton seed for the control of Rotylenchulus reniformis. The products Imidacloprid, Clothianidin, Thiametoxam, Abamectin, Thiodicarb + Imidacloprid, and Thiodicarb were used. Nematode inoculation with 2,000 juveniles + eggs + immature females of R. reniformis per pot was carried out concomitantly with seed sowing (cvs. Fibermax 966 and IAC 25 treated and non-treated). After 22 and 44 days from the inoculation, evaluations were made of the plant height, fresh root weight, dry top weight, nematode number in the roots and nematode multiplication. The results showed that seed treatment with Thiodicarb + Imidacloprid, Thiodicarb + Imidacloprid + Clothianidin, Thiodicarb 350 and Thiametoxam 350 FS + Abamectin 500 FS were effective to protect roots against R. reniformis penetration.
The Value of Visibility

We analyze the relation between firm visibility and stock returns using comprehensive data on news coverage of U.S. firms ranging from 1924 to 2019. Carefully controlling for firm characteristics, we find that firms with persistently higher levels of visibility exhibit predictably higher returns. Visibility also predicts improvements in corporate governance, higher sales and profitability growth. The visibility return premium is driven by earnings announcement months and industry-years when the visibility-fundamentals sensitivity is high. The evidence is consistent with visibility creating value through a monitoring and advertising channel, while stock markets underprice the benefits of firm visibility.
Effects of recreational scuba diving on Mediterranean fishes: evidence of involuntary feeding?

Despite a large body of literature assessing the impacts of recreational scuba diving on marine habitats, little attention has been paid to the potentially harmful effects this has on fishes. The aim of this study was the assessment of the immediate response of different fish species to divers’ activities. A decrease of fishes’ natural diffidence towards divers is shown, probably due to an enhanced availability of their prey as a result of divers’ contacts with the substrate.
What Drives Risky Investments Lower at Retirement?

I solve the life-cycle portfolio allocation problem of a disappointment averse (DA) agent with labor income risk. DA preferences overweight disappointing outcomes and are consistent with behavior highlighted by the Allais paradox. I show that unlike constant relative risk aversion (CRRA) investors, DA investors drastically cut their allocation to stocks when they retire. This result is consistent with empirical evidence on portfolio shares and with the allocation rules of target-date retirement funds. I also show that sufficiently disappointment averse agents abstain from stocks after retirement, which is consistent with the observed low rates of stock market participation among retirees. I further show that when crashes are possible, agents with low levels of wealth invest little (or nothing) in the stock market.
How Financial Shocks Transmit to the Real Economy? Banking Business Models and Firm Size

Abstract The paper analyzes the credit supply of commercial banks and universal banks over the 2003-2009 period. Relying on a unique database of credits, banks and firms covering more than 8,000 firms from SMEs to large firms, I show that universal banks and commercial banks had a similar credit supply prior to the crisis. However, during the 2008 financial crisis, universal banks had a strongly lower credit supply, leading to real effects on firms’ investment. An analysis of transmission channels highlights a specific binding constraint applying to universal banks: their liquidity risk through off-balance-sheet commitments. While smallest firms are usually considered more vulnerable, the paper shows that small firms were less impacted by credit rationing than medium and large firms due to their bank-firm relationships prior to the crisis.
Birth weight effect in twin‐born lambs from mid‐pregnancy shearing is associated with changes in maternal IGF‐I concentration

Abstract A number of studies have shown an increase in the birth weight of lambs in response to mid pregnancy shearing. The present study sought to determine whether the birth weight effect of mid‐pregnancy shearing is mediated through changes in maternal insulin‐like growth factor‐I (IGF‐I) and insulin‐like growth factor binding protein‐I (IGFBP‐I) concentrations. Single‐ and twin‐bearing ewes from three genetically divergent IGF‐I lines were either left unshorn or shorn at a mean day 90 of pregnancy (P90). Maternal plasma concentrations of IGF‐I and IGFBP‐I were measured at P89, P108 and P136. Lamb liveweight at birth and weaning weremeasured, andplasmaconcentrations of IGF‐I determined at weaning. Shearing increased the birth weight of twin lambs by over 350 g (P < 0.05) without having any effect on singleton birth weight. The increased birth weight of twin lambs born to shorn ewes was associated with a decline in maternal plasma IGF‐I concentration (P < 0.05) from P108 toP136. Low IGF‐I line ewes had lower (P < 0.001) plasma IGF‐I than high IGF‐I line ewes at each stage measured but higher plasma IGFBP‐I at P89 and P108. Birth weights were higher in lambs born to low IGF‐I line ewes than in those born to high IGF line ewes. These results suggest that the difference in birth weight between twin lambs from shorn and unshorn dams was mediated through a decline in maternal plasma IGF‐I concentrations in late pregnancy. In support of previous studies, there was an inverse relationship between IGF‐I selection line and lamb birth weight.
Understanding Lenders' Investment Behavior in Online Peer-to-Peer Lending: A Construal Level Theory Perspective

Online peer-to-peer lending (i.e., P2P lending) has grown rapidly in recent years and is a new source of fixed income for investors. However, we have a rather limited understanding of factors affecting lenders’ decision making in this context, which is characterized as high risk and prosocial in nature. In our research, drawing upon incentive theory of motivation and construal level theory (CLT), we theorize how interest rate and psychological distance caused by the borrower’s demographic attributes (i.e., geographic location and educational level) relative to those of the lender jointly affect the bidding value submitted by the lender. Using a rich data set from a popular online P2P lending platform in China, we apply multiple identification strategies and estimation methods to conduct the analysis. We find that interest rate is the driving factor for the lender’s bidding value on a loan listing and that such positive effects are strengthened by the geographic and educational distance between the lender and the borrower. In addition, geographic distance decreases the lender’s bidding value on a loan listing (i.e., home bias effect), whereas educational distance increases the bidding value (i.e., educational distance effect). Theoretical contributions and practical implications are discussed.
What Drives Welfare in Europe’s Approach to Electricity Market Coupling?

Over the last decades, two basic design alternatives for spot markets for electricity have been established: The zonal approach as used, for example, in Europe and the nodal approach as applied notably in US markets. Since 2015, Flow-Based Market Coupling is used as an advanced market coupling approach to facilitate the exchange of electricity between the zonally organized markets in Central Western Europe. But how good is this state-of-the-art zonal approach compared to its nodal benchmark? And can enhancements to its relatively new rules and procedures improve the performance of Flow-Based Market Coupling? <br><br>We develop a model framework to analyse and quantify the welfare of Flow-Based Market Coupling relative to benchmarks like nodal designs in a real-world setting. We find that under ideal circumstances, where price zones are well-configured, Flow-Based Market Coupling approaches the efficiency of nodal pricing - realising 87% of the possible gains in comparison to a scenario with unlimited trade as lower benchmark. We also find it to be relatively robust in the presence of forecast errors. When taking the current European price zone configuration into account, however, the efficiency of Flow-Based Market Coupling decreases significantly. Only 59% of the efficiency of the nodal market design can be attained, creating societal losses of more than 500 million Euros each year. Moreover, we find the measures envisaged by European regulators to do further harm in terms of welfare. These measures are designed to enhance trade but, to a certain extent, ignore the physical reality of the transmission network. This entails significant increases of redispatch quantities, and operational system costs further rise by about 100 million Euros per year.
Going against the flow: an examination of the propulsive movements made by young brook trout in streams

We examined the propulsive movements and behaviour of young-of-the-year (YOY) brook trout (Salvelinus fontinalis) swimming in their natal streams. Our findings demonstrated that swimming performance was influenced by temporal and spatial heterogeneity in water flow. Pectoral fins were used commonly, even by individuals swimming in fast flowing water. There also was spatial variation in the speed attained for a given tail-beat frequency and amplitude. After controlling statistically for variation in spatial location, fork length, and tail-beat amplitude, the swimming speeds brook trout attained for a given tail-beat frequency were lower than values expected from laboratory studies of steady swimming but higher than values expected from laboratory studies of unsteady swimming in standing water. Trout holding station made short-term adjustments in tail-beat frequency also suggesting a degree of unsteady swimming. A field experiment demonstrated that introduction of a current-velocity refuge reduced swimming .
Does Money Illusion Delude Investors?

This study investigates the role of money illusion in a broad set of anomaly-based strategies. To the extent that anomalies reflect mispricing, I examine whether money illusion predicts anomaly returns. I find that, following periods of high inflation, anomalies are stronger and returns in short leg portfolios are lower. However, following periods of deflation, returns in short leg portfolios are not lower and long-short strategies are not profitable. These findings indicate that money-illusioned investors excessively extrapolate the upside potential of stocks in short leg portfolios following periods of high inflation and, subsequently, experience negative returns. I find the effect of money illusion to remain largely unchanged after controlling for sentiment. Overall, this study presents evidence that money illusion leads to mispricing in the stock market.
Lockups Revisited

Abstract Lockups are agreements made by insiders of stock-issuing firms to abstain from selling shares for a specified period of time after the issue. Brav and Gompers (2003) suggest that lockups are a bonding solution to a moral hazard problem and not a signaling solution to an adverse selection problem. We challenge this conclusion theoretically and empirically. In our model, insiders of good firms signal by putting and keeping (locking up) their money where their mouths are. Our model yields two comparative statics: lockups should be shorter when a firm is i) more transparent and/or ii) more risky. Using a sample of 4,013 initial public offerings and 3,279 seasoned equity offerings between 1988 and 1999, we find empirical support for our theoretical predictions.
Labour Supply Responses to Rainfall Shocks

Agricultural production in developing countries is heavily rainfall dependent. Any unexpected variation in rainfall can therefore have considerable impacts on the welfare of households. Using unit record data from India, this paper shows that households respond to agricultural productivity (rainfall) shocks by varying the time allocation of individual members to different activities. There is a gender differentiated aspect to this response. We also examine the heterogeneity of effects across rain-fed and dam-fed districts. Rainfall shocks adversely affect women's opportunities for human capital accumulation and leads to considerable within household re-organization of activities, with women paying disproportionately higher costs, though primarily in rain-fed districts. Our results point to the importance of the National Rural Employment Guarantee Scheme (NREGS) and to the role of adequate infrastructure as ex-post and ex-ante mechanisms that will help dampen the impact of shocks.
The Moderating Role of Family Ownership in Board Gender Diversity and Corporate Social Performance

This study examines the relationship between board gender diversity (BGD) and corporate social performance (CSP) and the moderating role of family ownership in the relationship between BGD and CSP. This study has leveraged on 4 theories (i.e. social role theory, feminist theory, institutional theory, and stewardship theory). The population of this study represents the top 100 public listed companies in Malaysia based on their market capitalization in year 2016 and the final sample is 83 companies. Secondary data was used for this study and all the variables were measured using content analysis method. The result shows a positive relationship between BGD and CSP. In terms of family ownership, the empirical evidence suggests that the presence of family ownership moderates the relationship between BGD and CSP. This study provides useful insights, practically, this study helps managers, NGO’s and fundraisers to understand the dynamism of CSP, BGD and family owned companies better and able to apply them in their daily life. Not only that, this study also provides implications for enforcing female quotas on corporate boards of directors. This is because greater gender diverse board may lead to greater monitoring of the firm.