Miracle-dz/UniFAR-FTUs huggingface dataset:
Two-phase flow through square and circular microchannels - Effect of channel geometry

An adiabatic experiment was conducted to investigate the effect of channel geometry on gas-liquid two-phase flow characteristics in microchannels. A mixture of water and nitrogen gas was pumped through a 96 μm × 96 μm square microchannel and the flow pattern, void fraction and pressure drop data were obtained and compared with those previously obtained in a 100 μm circular microchannel. The frictional pressure drop was determined from the measured total pressure drop, and the two-phase flow pattern and void fraction were determined from image analysis of the video recordings. In the square channel, 136 runs were performed over a range of 0.09 ≤ jG,AVG ≤ 62 m/s for the average superficial gas velocity and 0.01 ≤ jL ≤ 4 m/s for the superficial liquid velocity. The frictional pressure drop data showed that the calculations based on a separated–flow model were best at estimating the frictional pressure drop for both microchannels. No particular effect of the channel shape was found for the two-phase frictional pressure drop. The void fraction-to-volumetric quality relationship was also found to be similar for both shapes of microchannels, exhibiting an exponential increase in void fraction with increasing volumetric quality. The empirical correlation that describes the void fraction-to-volumetric quality relationship for the square microchannel was developed earlier from the measured data for the circular microchannel. Observations of the recorded images indicated the two-phase flow patterns to be primarily intermittent with liquid and gas slugs. The liquid film surrounding the gas core displayed a smooth or ring-like structure. The probability of each interfacial structure occurring was examined in detail to develop a novel flow pattern map consisting of four regions named slug-ring flow, ring-slug flow, multiple flow and semiannular flow. Between the square and circular microchannels, the two-phase flow maps exhibited transition boundaries that were shifted depending on the channel shape. The region of ring-slug flow that appears in the circular microchannel collapsed in the square microchannel, possibly due to the suppression of the liquid-ring film in the corners of the square channel.Copyright © 2003 by ASME
Bank of Zambia’s Autonomy Amidst Political Turnovers in Zambia*

This working paper analyses the role of Zambia’s central bank, the Bank of Zambia (BOZ), in delivering on its mandate, following banking reforms in the early 1990s. Despite occasional political pressures arising out of the competitive clientelist democracy, especially with regards to banking supervision and appointments of governors, BOZ has been able to deliver on its mandate and is regarded as a ‘pocket of effectiveness’. Its relatively independent position has been attributed to the conscious efforts of its top echelon to entrench BOZ’s autonomous position and work towards legislative independence in 2016. Besides changes in the legislative framework, BOZ’s countervailing powers were strengthened by the acknowledgement on the part of political leaders that the central bank acts as an important ‘signaller’ to international financial markets; a strong tradition of self-assessment; and an emphasis on public accountability. Historically, the BOZ governor plays an important role in defending BOZ’s mandate vis-à-vis the Executive, with the ability to stress the necessity for BOZ to abide by international and regional central banking standards. BOZ’s autonomy was briefly under threat in 2011. This transition coincided with a major political and ideological shift, which saw Patriotic Front (PF)’s short-lived attempt to confront conventional central banking policies. In this paper, BOZ’s effectiveness is measured in terms of price and financial stability and organizational and leadership capacities, traced in the context of Zambia’s changing political settlements.
Does the early release of retirement savings prolong labor market participation for workers approaching retirement? Evidence from Australia's “Transition to Retirement Income Streams” program

Abstract Australia's “Transition to Retirement Income Streams” (TRIS) program aims to prolong labor force participation for older workers (aged 55–65 years) by offering early access to a worker's compulsory retirement savings (superannuation). Using a difference-in-differences design, our results suggest a small labor supply response, which increases after the program's initial years. The size of the effects appears to be consistent with the program adoption profile, which was low initially. For this reason, our estimates should be viewed as a lower bound for the true effects. We find that individuals with higher incomes are more likely to adopt TRIS. At least half of the program participants appear to be using strategies to minimize tax, a behavioral response that seems at odds with the program's intent.
Toxicity of the organic fraction of atmospheric particulate matter

Atmospheric particulate matter (PM) is a recognized risk factor for the global burden of disease in human populations and a widespread threat to all living organisms. PM is primarily emitted from combustion processes and comprises a significant fraction of organic compounds, such as polycyclic aromatic hydrocarbons (PAHs). In order to improve air quality strategies it is important to clarify the toxic potential of particulate samples of different characteristics and originated in different ambient conditions, as well as to investigate the inherent toxic mode of action of PM organic constituents. In addition, if specific tools could be developed to promptly discriminate the toxic potential of PM, based on the mode of action of its constituents rather than on PM mass concentration, which is currently used in air quality legislation, a more straightforward management approach could be accomplished. The main objective of this Thesis was to investigate the toxicity of the organic fraction of atmospheric PM and a cost-effective approach that could be easily applied to diagnose potential toxicity of exposure to this fraction. To tackle this objective, a general strategy was adopted, in which in vitro and in vivo assays and molecular tools were employed to assess biological effects elicited by different PM samples. The main toxicological assays employed in the present work were a yeastbased assay for dioxin-like activity (the aryl hydrocarbon receptorrecombinant yeast assay, AhR-RYA) and a zebrafish embryotoxicity test (ZET assay). In Chapter 2 of this Thesis, organic extracts of particulate air samples of urban origin (Barcelona, Spain) were first screened using the AhR-RYA, and then tested with the ZET assay. The samples tested corresponded to a period of 14 months. Maximal dioxin-like activity values and phenotypical adverse effects were found for samples collected during late autumn months, correlating with high concentrations of PAHs. Vehicleand fuel burning-related sources appeared as potentially most toxic, whereas total PM mass and mineral content appeared to be poor predictors of biological activity of the samples. Samples collected at different particle size cut-offs (10, 2.5, and 1 μm) did not differ significantly in dioxin-like PAH levels and biological activity, indicating that the sub-micron particle fraction (PM1) concentrated essentially the observed toxicity. Results of Chapter 2 support the need for a tighter control of sub-micron particle emissions and show that total PM mass and, particularly, PM10 and PM2.5, may not fully characterize the toxic potential of particulate air samples. Chapter 3 investigated the toxic potential of urban and rural PM of different sizes and associations of observed effects with organic constituents of particles. Six PM size fractions with aerodynamic diameters ranging from >7.2 to <0.5 μm, collected in urban and rural sites during warm and cold periods of 2012/2013, were tested using the AhR-
Quality of Work Life of Food Chain Employees in Region XI: A Causal Model

The study was conducted with the following objectives: to identify the level of cultural value orientation, organizational commitment, personality dimension and Quality of Work Life (QWL); to determine the significant relationship between the exogenous cultural value orientation, organizational commitment and personality dimension to the endogenous QWL; to determine the influence of the exogenous variables towards the endogenous QWL; and to recognize the best fit model that predicts QWL. Quantitative research design was employed in this study specifically the causal comparative. The study was conducted in the Davao Region, which was participated by 412 respondents. Primary data was utilized in gathering information. The survey questionnaire utilized in the study were sourced from various related researches. The data gathered was subjected to analysis and interpretation using the fundamental statistical tools, Pearson Product Moment Correlation, multiple regression and Structural Equation Modelling (SEM). Findings of the study revealed that QWL, cultural value orientation, organizational commitment and personality dimension is high which means that it is oftentimes observed by the respondents. Cultural value orientation, organizational commitment and personality dimension has a significant relationship to QWL. Moreover, overall regression results shows that cultural value orientation, organizational commitment and personality dimension has a significant influence on QWL. Furthermore, there is a best fit model that predicts QWL of food chain employees in Region Xl. This study may be utilized by food chain companies specifically the human resource department in instigating programs and activities that will boost the desire of employees to stay in the organization.
The Concept of ‘Melo-Psycho-Nutrition’ (MPN), in Psycho-Gastronomy Studies

The paper centers on the achievement of a unitary psycho-gastronomy concept on direction of the phonic impact upon nutrition. There are aggregated a series of fragmentary observations of gastrophysics linked to the psychologic impact of musical sounds in relation to the feeding manner, to gastronomy. The paper methodologically approaches vibrational frequencies in the relation between harmonious sounds and living organism. There are defined the phrase „organismic meloimpact” (for all positive, neuter or negative situations, at all species) and „melotherapy” (when the effect is positive, especially in relation to the human species). There is defined the concept and highlighted the melo-psycho-nutrition method necessary to the harmonization of all the elements of the process of organismic meloimpact, with consequences in equilibrating the metabolic balance regarding nutrition and food assimilation. There is taken into consideration productivity growth at planetary level, or in animal production, as well as the improvement of the dynamic balance regarding food digestibility at the human species, as final element in the trophic chain. As for man and human society in general, there are mainly analyzed aspects linked to the finality of the alimentary act by culinary production, in relation to the problem of psycho-gastronomy. There are exemplified certain practical applications at the level of the restauration system and, in general, in the hospitality industry.
Biphenyl- and Fluorene-Based o-Carboranyl Compounds: Alteration of Photophysical Properties by Distortion of Biphenyl Rings

Four biphenyl- and fluorene-based o-carboranyl compounds, 4-[2-(p-n-butylphenyl)-1-o-carboran-1-yl]biphenyl (1B), 4,4″-bis[2-(p-n-butylphenyl)-1-o-carboran-1-yl]biphenyl (2B), 2-[2-(p-n-butylphenyl)-1-o-carboran-1-yl]fluorene (1F), and 2,7-bis[2-(p-n-butylphenyl)-1-o-carboran-1-yl]fluorene (2F), were prepared and fully characterized by multinuclear NMR spectroscopy and elemental analysis. The crystal structures of 1B and 2B, analyzed by single-crystal X-ray diffraction, exhibited distinct distortions of the central biphenyl rings with dihedral angles of 44.2 and 33.1°. In photoluminescence measurements, fluorene-based carboranyl compounds in the rigid state (e.g., in solution at 77 K and as films) exhibited a noticeable emission in the low-energy region below 400 nm. 1F displayed a low-energy emissive trace in solution at ambient temperature, whereas biphenyl-based carboranes mainly exhibited high-energy emissions above 400 nm. TD-DFT calculations on the first excited singlet (S1) state of each compound s.
The Impact of Risk Cycles on Business Cycles: A Historical View

We investigate the effects of financial risk cycles on business cycles, using a panel spanning 73 countries since 1900. Agents use a Bayesian learning model to form their beliefs on risk. We construct a proxy of these beliefs and show that perceived low risk encourages risk-taking, augmenting growth at the cost of accumulating financial vulnerabilities, and therefore, a reversal in growth follows. The reversal is particularly pronounced when the low-risk environment persists and credit growth is excessive. Global-risk cycles have a stronger effect on growth than local-risk cycles via their impact on capital flows, investment, and debt-issuer quality.
Corporate Malpractice in Banks and The Price of Mistakes

This paper explores the challenges of existing corporate governance, analyzing the existing policy, ownership structure, and Bank performance. In doing so, this paper attempts to investigate the pattern of ownership composition and ownership concentration scenario towards sponsorship in Banks, the relationship between the ownership structure, firm performance, and, finally, the impact of ownership structure on the bank's performance. Besides, it tries to investigate the leading causes of banks' poor performance, financial scams, Non-Performing Loans (NPLs) regarding the recent crisis understanding the feedback of bankers, depositors, and stakeholders. In this aspect, how corporate governance is practiced through ownership structure as well as how its loan policy is influenced by different ownership patterns is analyzed through a survey result conducted in State-Owned Commercial Banks (SOCBs) and Private Commercial Banks (PCBs) in Bangladesh. Thus, the main features of the existing corporate governance are identified, and some action plans are suggested in this paper to restore sound corporate governance in the banking sector of Bangladesh.
Reverse stress testing: Scenario design for macroprudential stress tests

We propose a systematic algorithmic reverse‐stress testing methodology to create “worst case” scenarios for regulatory stress tests by accounting for losses that arise from distressed portfolio liquidations. First, we derive the optimal bank response for any given shock. Then, we introduce an algorithm which systematically generates scenarios that exploit the key vulnerabilities in banks' portfolio holdings and thus maximize contagion despite banks' optimal response to the shock. We apply our methodology to data of the 2016 European Banking Authority (EBA) stress test, and design worst case scenarios for the portfolio holdings of European banks at the time. Using spectral clustering techniques, we group 10,000 worst‐case scenarios into twelve geographically concentrated families. Our results show that even though there is a wide range of different scenarios within these 12 families, each cluster tends to affect the same banks. An “Anna Karenina” principle of stress testing emerges: Not all stressful scenarios are alike, but every stressful scenario stresses the same banks. These findings suggest that the precise specification of a scenario is not of primal importance as long as the most vulnerable banks are targeted and sufficiently stressed. Finally, our methodology can be used to uncover the weakest links in the financial system and thereby focus supervisory attention on these, thus building a bridge between macroprudential and microprudential stress tests.
"Up" and "Down" Levy Jumps and Market Risk Premia Implications from S&P500 Options

We model the S&amp;P500 index options dynamics using the CGMY distribution, with independent "up" and "down" return jumps, and diffusive jump intensities. Allowing the up and down parts to be separately parameterised accounts for the dynamic smirk effect, without correlation between returns and intensities. We filter the up and down intensity factors and associated options risk premia. Both factors are informative for dynamic risk premia of equity and corporate debt. We argue that the former is a liquidity effect, and the latter an equilibrium effect. The magnitudes of the estimated, dynamic equity premia are consistent with the "equity premium puzzle".
Does the Long-Run Risk Explain the Cross-Section of Corporate Bond Returns?

We test whether long-run consumption risk can explain the cross-section of corporate bond risk premiums. We find that a one-factor model with long-run consumption growth explains the risk premiums on bond portfolios sorted on credit spreads, maturity, credit rating, downside risk, idiosyncratic volatility, and the betas with respect to shocks to financial intermediary's capital of He, Kelly, and Manela (2017). Furthermore, the estimated risk aversion coefficient declines as we increase the horizon to measure consumption growth, and a model with relatively low values of risk-aversion can match the observed risk premiums if we use 24-month growth rate as a risk factor.
Commercial Success and Creativity: A Resource Dependence View

Does commercial success diminish creativity? With arguments both for and against, the question remains one the biggest of puzzles in the study of creativity. In this paper, using novel measures of creativity and success, we identify the causal impact of success on subsequent levels of creativity. While exploration/exploitation framework predicts an increase in exploitation (lower creativity) after success a resource dependence perspective points out that commercial success might facilitate greater creative risk-taking by enhancing access to important complementary resources. We find that creativity decreases after commercial success. More specifically, creativity risk goes down by a 1/3 standard deviation after a successful movie. Creativity does not go down for filmmakers with family connections in the industry because they are disproportionately more likely to retain their popularity and access to financial and other resources than directors without such connections. We conclude with the methodological and theoretical contributions of the study and discuss its implications on policy and practice for creativity and innovation management.
Gift Exchange under Sources of Uncertainty

Decision making under uncertainty depends not only on the likelihoods but also on the sources of uncertainty in terms of the degree of ambiguity, competence, and familiarity. This study goes beyond valuation experiments to examine the source dependence in the setting of gift exchange. We randomly assign 4,203 Amazon Mechanical Turk participants to different conditions, under which they receive a lottery as a gift to motivate their performance on a real effort task. These lotteries vary in both the likelihood of winning and the source of uncertainty---betting on the stock index of a familiar or an unfamiliar region. We observe a twofold pattern: The lottery with the familiar (unfamiliar) source of uncertainty motivates higher effort when the likelihood of winning is moderate to high (low). Moreover, effort exhibits more insensitivity to the likelihood of winning under the unfamiliar source compared with the familiar source. Our findings support the generalizability of source dependence in applied settings.
A Justified Envy Minimal Variation of the Top Trading Cycles Mechanism

For priority-based allocation of indivisible objects to agents with unit demand, when each object has exactly one copy, Abdulkadiroglu et al. (2019) show that the priority-based top trading cycles mechanism is justified envy minimal, in the sense that no strategy proof and Pareto efficient mechanism has strictly less justified envy than it. It remains open whether there is a unique justified envy minimal mechanism. We propose a strategy proof and Pareto efficient variation of the top trading cycles mechanism and show that it is also justified envy minimal.
Audit Committee Independence and a Contracting Perspective on Goodwill Impairment: Singaporean Evidence

Purpose <br>This study examines factors influencing and constraining the decision to recognize zero goodwill impairment by listed firms in Singapore. <br><br>Research approach <br>The Singaporean firms selected are those that encountered book-to-market ratios above one for three consecutive years from 2010-2012. With the book-to-market ratios persistently above one for three continuous years, these firms have indications that goodwill may be impaired, yet they reported zero goodwill impairment. The regression analysis is performed using binary logistic regression with the dependent variable sets to one for firms that are regarded as choosing to recognize zero goodwill impairment, and zero otherwise. <br><br>Findings<br>Based on 52 Singaporean listed firms with market indications that the goodwill may be impaired, the regression results reveal that the decision to recognize zero goodwill impairment by Singaporean listed firms is driven by the desire to avoid debt covenant violation, supporting the debt hypothesis. However, a high proportion of independent directors on the audit committee is more likely to constrain this recognition choice. <br><br>Theoretical implications <br>The findings of this study contribute to the literature on IFRS by providing evidence to support the applicability of the debt hypothesis, which was developed in an advanced market with firms that have dispersed ownership, in explaining the decision to recognize zero goodwill impairment by Singaporean listed firms with concentrated ownership. The results of this study also contribute to the corporate governance literature by supporting the results of prior studies that found effective governance mechanisms acts as a constraint to managerial opportunism related to reporting goodwill impairment. <br><br><br>Practical/policy implications <br>This study provides important implications for managers, policy makers and relevant authorities. To enhance the quality of the financial statements, especially for Singaporean listed companies, the relevant authorities need to closely monitor firms’ reporting incentives and further strengthen corporate governance mechanisms.
The Rich Get Richer and the Poor Get Poorer: Behavior of Investors in Pharmaceutical Firms Post-IPOs

This paper analyzes stocks’ price behavior after IPO events in the pharmaceutical sector and explores the role of social media in determining this behavior. The results indicate positive and significant cumulative average abnormal returns (CAAR) of 3.70% in the first 20 days following an IPO until the end of quiet period, and a decline of tens of percent over the next three years. However, when dividing the sample into two sub-samples according to firm size, using a separation market value of $500 million, the overall picture changes dramatically. Firms with a market value lower than $500 million yielded a positive yet not significant CAAR 20 days post-IPO and a significant negative CAAR from day 50 onwards. Firms with a market value higher than $500 million experienced a significant positive CAAR from day 20 after the IPO and throughout the following year. These findings can be attributed to the limited attention of investors. Attention to the new IPOs increases until the end of quiet period and, in the case of small-sized firms, diminishes during the post-IPO years. An examination of social media and share returns demonstrates a robust correlation between the two, which may indicate that investors’ attention to these firms is also reflected in social media.