Miracle-dz/UniFAR-FTUs huggingface dataset:
The Cost of Equity Effect of Accruals Quality and Ownership Structure

This study examines the cost of equity effects of two sources of information risk; the quality/precision of information and the information asymmetry between the ultimate controlling party and other shareholders, for a sample of Malaysian listed companies. Consistent with previous research, all the earnings quality measures (accrual quality, discretionary current and total accruals) as proxy to information quality are significantly associated with the cost of equity. Asymmetric information between the controlling party and other shareholders is measured by the cash flow/voting rights ratio of the controlling party. Whilst there is no evidence of relationship between cash flow/voting rights and cost of equity, there is a significant and consistent evidence of market confidence vested in the presence substantial shareholders. This suggests substantial shareholder has a distinct cost of equity effect for the role in reducing information asymmetry and in leaking proprietary information to the public.
The Diffusion of Government Microblogging: Evidence from Chinese Municipal Police Bureaus

Governments across many countries are adopting new social media (e.g. twitter), and police departments are engaging in the bandwagon too. We empirically examine the spread of police microblogging in Chinese municipal police departments from the perspective of organizational innovation diffusion. The results show that government size, internet penetration rate, regional diffusion effects and upper-tier pressure are positively and significantly associated with the adoption and earliness of police microblogging, whereas fiscal revenue, economic development and openness, E-government and public safety have no significant effects. We also find that police microblogging diffusion is contingent on different variables at different phases.
Future Expectations of the German Textile Industry: The Role of Tradition on the Threshold of the Fourth Industrial Revolution

In this paper, I examine the role of tradition in the German textile industry with regard to how SMEs will manage future technological change. The study is based on a sample of 38 semi-structured in-depth interviews with C-level executives from German textile manufacturing companies and textile machinery manufacturing companies. The results indicate that tradition is a relevant factor that influences the way in which enterprises behave when faced with technological changes at various levels: marketing, technology management, human resources and corporate culture. Tradition does matter and can be a key resource for SMEs poised on the threshold of Industry 4.0.
Entrepreneurial Risk, Collateral Constraints and Macroeconomic Fluctuations

We present a calibrated general equilibrium model in which collateral constraints substantially amplify and propagate aggregate shocks through their impact on asset prices and capital allocation. Compared to previous studies, this result is more robust and comes with more realistic interest rate dynamics. Agents productivities as workers and entrepreneurs evolve stochastically, creating a mismatch between wealth and skills. Negative shocks to aggregate productivity cause the capital allocation to deteriorate as constrained agents' wealth falls and their number rises. We capture these non-linear dynamics of the wealth distribution and show that amplification is sizable and asymmetric, making recessions sharper than booms.
Bank Deregulation and Stock Price Crash Risk

This paper examines the relation between bank branch deregulation and corporate borrowers’ stock price crash risk. Using a large sample of U.S. public firms over the period 1962-2001, we provide robust evidence that intrastate branch reform reduces firms’ stock price crash risk. Our finding is consistent with the notion that branch reform improves banks’ monitoring efficiency, thus allowing them to better constrain borrowing firms’ bad-news-hoarding behavior. Further analysis shows that the negative relation between bank branch deregulation and stock price crash risk is more pronounced among firms that are more dependent on external finance and lending relationships. Overall, our results suggest that, as a reform aimed at removing restrictions on bank branch expansion, bank deregulation also helps protect shareholders’ wealth.
The Fatty Acid Composition of Five Species of Macroalgae

The authors determined the fatty acid composition of five species of macroalgae (Undaria pinnatiflda, Sargassum muticum, Himanthalia elongata, Fucus vesiculosus and Codium fragile) by gas chromatography. The content of total lipids varied from 2 to 4% of the dry weight depending on the species. Fourteen major fatty acids were identified. For all the species studied, except Codium fragile, monoand polyunsaturated fatty acids were dominant.
Residents’ Perceptions of Sports Tourism Impacts: Host Provinces Perspective of Sporting Events in Thailand

The purpose of this study is to examine Thai residents’ perceptions towards the sports tourism impacts. A total of 1,104 useful questionnaires selected residents from Bangkok/Chiang Mai/Chonburi/Nakhon Ratchasima/Phuket were analyzed. An original sports tourism impacts scale comprising 23 items was purified by exploratory factor analysis, revealing 21 impacts items with four impact factors: cultural, environmental and social benefits, cultural, social, and economic costs, economic benefits, and environment deterioration. It was found that four factors which explained 59.96% of variance in residents’ perceptions were both benefits and costs. The findings of this study can be used as valuable information for realizing how residents perceive the impacts of sports tourism, and consequently government/related organizations should consider.
Earnings announcement return extrapolation

We propose that extrapolative beliefs about earnings announcement (EA) returns may contribute to the understanding of EA return patterns. We construct a theoretically motivated measure of extrapolative investors’ expectations based on a stock’s recent history of EA returns. We then show that this measure explains cross-sectional variation in stock returns and investor behavior around EAs. Stocks expected to have high EA returns, according to our measure, experience predictable increases in prices before EAs and predictable decreases afterward. These patterns are economically significant: investors that buy (sell) a portfolio that is long firms with high recent EA returns and short firms with low recent EA returns in the pre-EA (post-EA) period earn daily five-factor abnormal returns of 16.1 bps (18.3 bps). Using individual investor trades data and a measure of institutional trading, we find that individual and institutional investors are more likely to purchase stocks with high recent EA returns, consistent with at least a subset of investors forming extrapolative beliefs about EA returns.
The utilization of irrigated pastures by dairy cows II. The effect of stocking rate

1. An experiment was carried out over 2 years to study the effect of stocking rate on the efficiency of pasture utilization by dairy cows on irrigated perennial pasture. 2. Two matched groups of milking cows grazed throughout the experiment on two unequal areas of pasture at stocking rates of 1·0 and 1·7 cows/acre during the first season and 1·2 and 2·0 cows/acre during the second season (L and H groups, respectively). The same rotational grazing technique was used on both areas. 3. In each season the experimental period lasted 249 days. During the first 200 days and 215 days of this period in the first and second seasons, respectively, pasture, grazed or conserved (from the same proportion of both areas), comprised the entire ration. 4. The H group produced 57 and 59% more milk per acre than the L group during the first and second seasons, respectively. Milk production per cow in the H group was not significantly depressed. The solids-not-fat content of the milk in both seasons, and the butterfat content in the first season, were significantly depressed at the higher stocking rate. 5. The body-weight gain of the cowa in the H group, relative to those in the L group, was depressed by 68% (from 170 to 55 lb./cow) and 88% (from 172 to 20 lb./cow) in the first and second seasons, respectively. 6. The yield per acre of utilized pasture, based on the nutrient requirements of the cows, was 39 and 38% higher at the higher stocking rate in the first and second seasons, respectively. The estimated individual intake of these cows in the two seasons was depressed by 14 and 20%, respectively. The estimated yield per acre of utilized pasture ranged from 4092 lb. s.e. at 1·0 cows/acre to 6519 lb. s.e. at 2·0 cows/acre. 7. The mean daily herbage intake during the second season, estimated by a herbage clipping technique, was 29·5 and 22·9 lb. dry matter per cow for the L and H treatments, respectively. The cows in the H group ate, at each grazing, all the herbage that had grown since the previous grazing, whereas the estimated intake of the L group was equivalent to only 80% of this regrowth. However, the estimated rate of regrowth of the swards on the two treatments was the same. 8. Herbage intake estimates derived from a faecal-indicator technique, and observations of the grazing behaviour of the cows provided more detailed information on the pattern of herbage availability on successive days during the grazing of paddocks at each stocking rate. 9. The results of this experiment are discussed in relation to the design of grazing experiments and to farming practice.
Platform Competition and User-Generated Content: Evidence from Game Wikis

Today, many platforms rely on contributions by users to create value. While they play an increasing role in today's digital economy, little is known about how dominant user-driven platforms emerge and what determines the production of content here. We aim to extend our understanding of this phenomenon by studying the relationship between the level of competition and user activity. We argue that a platform's competitive position influences user behavior through two mechanisms: First, a more dominant position entails more favorable beliefs, leading to increased activity at the extensive margin, i.e. a higher number of users. Second, the level of competition affects the non-pecuniary benefits users can derive, impacting their activity at the intensive margin, i.e. how much and how frequently each contributes. We study these dynamics in the context of two competing game wiki platforms and exploit content updates as a source of exogenous variation in a quasi-experimental research design. We find that a more dominant position is associated with higher levels of user activity and productivity in aggregate, which is primarily driven by the extensive margin of content creation. In addition, this creates spill-overs in the form of higher social benefits, leading to increased activity at the intensive margin, which is especially pronounced for highly-productive users.
Financial Stress, Regime Switching and Spill-Over Effects: Evidence from a Multi-Regime Global VAR Model

The globalization process leads to increasing synchronization of business cycle among different countries. As a consequence, many policy makers and Central Banks are afraid of vulnerabilities of their country arising from external risk drivers. In this paper we develop a multi-regime global VAR model to study the spill-over effects in financial markets, in goods markets and between financial markets and good markets across countries, which are assumed to be in a high financial stress regime or a low financial stress regime. It turns out that in both high and low stress regimes financial shocks to a country, big or small one, can have large and persistent impacts on financial markets of other countries, and only in the high stress regime financial shocks to a country can have some negative output effects on other countries. In high stress regime output shocks of a big country can have larger effects on financial stress than those of a small country, while in a low stress regime output shocks of a country, big or small, have little impact on financial conditions. Further, we study the effects of global and regional shocks, as well as the spillover effects of national monetary policies and internationally coordinated policies on the financial and real sectors.
The Effect of Legal Quality on Accounting Quality in the European Union Has East Met West?

Among the global efforts to improve the operation of financial markets, one is better accounting standards (i.e., IFRS). Research has shown that besides high quality accounting standards there is also a need for functional institutions, regulations, incentives and enforcement to achieve financial reporting quality (Holthausen, 2009). A factor often included in accounting research is the legal system, but the research has yielded little information about the law’s effect. This paper connects, theoretically and empirically, the operation of law with the quality of reporting in 25 EU countries. The setting is Europe, which is a “natural experiment” for analyzing the effect of law on financial reporting. For more than 40 years, ten countries in eastern Europe that are now part of the EU were communist countries. The rest of the EU maintained legal systems based on capitalist principles of property rights. If remnants of communism remain that still affect the legal climate in the eastern EU, it is possible to test whether and how different legal conditions are reflected in managers’ reporting decisions. The “natural experiment” is strengthened by the adoption of IFRS throughout the EU. This eliminates the possibility that financial reporting quality varies according to different national accounting rules. It does not, however, eliminate the possibility of earnings management. Different legal climates can reasonably be linked to different levels of truthfulness in reporting to investors. Results show empirically that legal climates are not uniform within the EU, and that the legal quality is associated with reporting quality.
Effect of temperature and dissolved oxygen concentration on the metabolic rate of the turbot and the relationship between metabolic scope and feeding demand

Turbot Scophthalmus maximus maximum oxygen uptake following feeding and exhaustive exercise increased from 107 mg O2 kg−1 h−1 at 6° C to c. 218 mg O2 kg−1 h−1 at 18° C, then increased slightly from 18 to 22° C to 224 mg O2 kg−1 h−1. Standard oxygen uptake increased exponentially as a function of temperature from 11 mg O2 kg −1 h−1 at 6° C to 66 mg O2 kg−1 h−1 at 22° C. Gradual reduction in oxygen concentration to 87–90% air saturation at 6, 10. 18° C and 100% saturation) had little effect. Metabolic scope attained a maximum of 176 mg O2 kg−1 h−1 at 18° C. Interpolation of the results showed that this value changed little between 16 and 20° C. It is suggested that this temperature range is optimal for turbot of c. 500 g. A comparison with a previous study on feeding demand in intensive farming conditions showed a linear relationship between appetite and metabolic scope. It is concluded that the ability of a fish to supply energy (including the energy requirement of digestive metabolism) above a standard level is a limiting factor in the manifestation of its feeding demand.
Liquidity, Liquidity Risk and Stock Returns – Evidence from Vietnam

The question of whether liquidity is priced is a subject for a huge volume of papers in the asset-pricing literature. Asset-pricing theory suggests a negative relationship between these two variables as investors demand higher returns to compensate for less liquid stocks. However, the empirical evidence is not unanimous. This paper investigates the relationship between liquidity and stock return in Vietnam by employing an updated dataset of market and financial data of listed companies in the Ho Chi Minh City stock exchange ranging from 2007 to 2012. Our results suggest that the relationship between liquidity and stock returns is different in Vietnam stock market. In other words, we document a reliable positive relationship between liquidity measures and stock returns and negative relationship between illiquidity measures and stock returns. However, we do not find evidence in supporting the relation between risk associated with fluctuation in liquidity and stock returns.
Applying Complexity Theory to Interest Rates: Evidence of Critical Transitions in the Euro Area

Abstract We apply complexity theory to financial markets to show that excess liquidity created by the Eurosystem has led to critical transitions in the configuration of interest rates. Complexity indicators turn out to be useful signals of tipping points and subsequent regime shifts in interest rates. We find that the critical transitions are related to the increase of excess liquidity in the euro area. These insights can help central banks to strike the right balance between the intention to support the financial system by injecting liquidity and potential unintended side-effects on market functioning. Zusammenfassung Wir wenden Komplexitätstheorie auf Finanzmärkte an, um zu zeigen, dass die vom ­Eurosystem geschaffene Überschussliquidität zu kritischen Übergängen bei der Konfiguration der Zinssätze geführt hat. Komplexitätsindikatoren erweisen sich als nützliche Signale von Kipppunkten und nachfolgenden Regimeverschiebungen bei Zinssätzen. Wir stellen fest, dass die kritischen Übergänge mit dem Anstieg der Überschussliquidität im Euroraum zusammenhängen. Diese Einblicke können Zentralbanken helfen, das richtige Gleichgewicht zwischen der Absicht, das Finanzsystem mit zusätzlicher Liquidität zu unterstützen, und möglichen unbeabsichtigten Nebenwirkungen auf das Marktgeschehen zu finden. JEL Classification: E43, E58, E52
Oil Price Shocks and Stock Market Returns: Evidence from Oil-Importing and Oil-Exporting Countries

While the relationship between oil prices and stock markets is of great interest to economists, previous studies do not differentiate oil-exporting countries from oil-importing countries when they investigate the effects of oil price shocks on stock market returns. In this paper, we address this limitation using a structural VAR analysis. Our main findings can be summarized as follows: First, the magnitude, duration, and even direction of response by stock market in a country to oil price shocks highly depend on whether the country is a net importer or exporter in the world oil market, and whether changes in oil price are driven by supply or aggregate demand. Second, the relative contribution of each type of oil price shocks depends on the level of importance of oil to national economy, as well as the net position in oil market and the driving forces of oil price changes. Third, the effects of aggregate demand uncertainty on stock markets in oil-exporting countries are much stronger and more persistent than in oil-importing countries. Finally, positive aggregate and precautionary demand shocks are shown to result in a higher degree of co-movement among the stock markets in oil-exporting countries, but not among those in oil-importing countries.
Spatial dispersion of spotted owl sites and the role of conspecific attraction on settlement patterns

Because spotted owls (Strix occidentalis) are territorial, the theory of habitat selection predicts that they should occupy sites that are relatively dispersed. We examined this prediction using data from a long-term study by measuring the spatial dispersion of occupied sites within years, and the spatial dispersion of sites relative to their occupancy among years. We also examined how experience, based on individual origin (local or immigrant recruit), and age of individual, influenced settlement distance relative to already occupied sites. We estimated that occupied sites were more dispersed than expected by chance, and sites with similar occupancy rates were dispersed rather than clumped. However, immigrants tended to settle closer to already occupied sites compared to individuals that switched sites within the study area. This suggested that immigrants might have been using conspecifics as cues to settle in potentially suitable habitat. Such a pattern of settlement may have long-term consequences on population dynamics if spotted owls select sites based on something other than intrinsic quality. Further, these results also suggest spotted owls may be slow to re-colonize areas once they have been extirpated.
Testing the accruals anomaly based on the speed of price adjustment

In this study, we investigate the nature of the accruals anomaly by analyzing the speed of price adjustment to accruals information. Consistent with the mispricing hypothesis, we find that a relatively larger proportion of accruals premium is distributed near the filing dates among low limits-to-arbitrage stocks and during periods of increased arbitrage activity. We also discuss our findings in the context of q-theory.
Earnings Quality, Corporate Governance Structure and Corporate Social Performance of Manufacturing Companies Listed on the Stock Exchange of Thailand

The objective of this study is to investigate the relationship between earnings quality, corporate governance structure and corporate social performance (CSP) emphasizing on 317 manufacturing companies listed on the Stock Exchange of Thailand (SET). Earnings quality is calculated from four measurements while corporate governance structure is represented by ownership concentration, foreign ownership, board independence and CEO duality. In this study, CSP disclosure index is constructed in accordance with Thai institution guideline based on GRI (Global Reporting Initiative) framework in order to assess the extent of CSP. Regression analysis reveals a significant positive relationship between earnings quality and CSP. The result also indicates a significant positive relationship between ownership concentration and CSP. It implies that ethical and transparent character of Thai companies and ownership concentration contributes to CSP commitment.
Beliefs, Portfolio Constraints, Speculation and Asset Pricing: A General Equilibrium Analysis

This paper studies the interaction of borrowing and short-sale constraints and their ultimate effects on asset pricing properties in a simultaneous presence of the constraints in a dynamic general equilibrium model with heterogeneous risk aversions and heterogeneous beliefs in the aggregate cash flow growth. The constraints negate the binding of each other, and hence they virtually never bind at once. Instead, there exist clear regions with alternative binding modes of the constraints with different constraints more likely to bind in different states of economy. The borrowing constraint is more active in bad times and the short-sale constraint is so in good times. The constraints bind intermittently—alternately at times—in transitory states of economy where their relative strength is balanced. Qualitatively matching empirically documented patterns of asset prices, I find that the constraints moderate their price effects but amplify their negative volatility effects, thereby can help curb the market volatility. However, a motive for speculation, featured by a speculative premium, arises due to any constraints, and thus can exist in any states of economy, not only in good times.