Miracle-dz/UniFAR-FTUs huggingface dataset:
The Impact of Managerial Mood on Public Firms’ Decisions: Evidence from Corporate Tax Avoidance

We examine the impact of managerial mood on corporate tax avoidance—a ubiquitous corporate decision. Using variation in local sunshine as exogenous shocks to managerial mood, we report strong, robust evidence that negative mood induced by cloudy weather leads firms to undertake more aggressive tax positions. Reinforcing the intuition underlying our main result, we find that negative weather-induced mood is positively associated with managers’ subjective perceptions of firms’ financial constraints, but not with their actual financial constraints. In the cross-sectional analysis, we find that the importance of weather-induced mood to tax avoidance subsides when the board has more financial expertise and the tax audit threat is greater—i.e., in situations when managers are held more accountable for their tax planning decisions. Taken together, our findings cast weather-induced managerial mood as a salient contextual factor shaping corporate tax avoidance decisions.
Everyday Regular Prices

Using a novel dataset from a large supermarket retailer in a European country that never engages in temporary sales, we establish that prices are actually as sticky as regular prices. Circumventing the debate on whether sales have to be included or excluded from price adjustments, we find evidence consistent with state-dependent price setting in a multiproduct firm. In particular, our data exhibit responsiveness of prices to changes to aggregate demand shifts, a more than trivial share of very small price changes, synchronization of price changes across items especially within the same product category. Price rigidity and the extent of state-dependence is heterogeneous across items. In particular, we find that pricing of top sales items (and even more of private label ones) is more flexible and state-dependent, which is consistent with price setting in a multiproduct firm characterized by rational inattention.
'Escaping TARP'

This paper studies the factors that were associated with a bank’s early exit from TARP in 2009. Executive pay restrictions were often a rationale cited for early TARP exit, and high levels of CEO pay were associated with banks being significantly more likely to escape TARP. In addition, we find that larger publicly traded banks with better accounting performance, stronger capital ratios, and fewer troubled loans and other assets exited early. Banks that raised private capital in 2009 were significantly more likely to return the taxpayers’ money early. The original eight TARP recipients, which received $165 billion of the $245 billion passed out, had weak tangible common equity ratios at the end of 2008, relative to other TARP recipients. Those eight banks raised common equity capital in 2009, and all at least partially exited the government’s embrace.
Impact of Coordinated Capacity Mechanisms on the European Power Market

There is an ongoing debate on the introduction of capacity markets in most European countries while a few of them have already established capacity markets. Since the implementation of independent national capacity markets is not in line with the target of a pan-European internal electricity market we investigate the impacts of uncoordinated capacity markets compared with coordinated capacity markets. A probabilistic approach for the determination of capacity requirements is proposed and a European electricity market model (E2M2s) is applied for evaluation. The model simultaneously optimizes investments and dispatch of power plants. Besides the impact on generation investments, market prices and system costs we analyze effects on production and security of supply. While coordinated capacity markets reveal high potentials for cross-border synergies and cost savings, uncoordinated and unilateral implementations can lead to inefficiencies, in particular free riding effects and endanger security of supply due to adverse allocation of generation capacity.
Internal Migration, Regional Labour Market Dynamics and Implications for German East-West Disparities - Results from a Panel VAR

This paper analyses the causal linkages between regional labour market variables and internal migration flows among German states between 1991-2006. We adopt a Panel VAR approach to identify the feedback effects among the variables and analyse the dynamic properties of the system through impulse-response functions. We also use the model to track the evolution of the particular East-West migration since re-unification aiming to shed more light on the East German "empirical puzzle", characterized by lower migration responses than expected from the regional labour market position relative to the West. We indeed get evidence for such a puzzle throughout the mid-1990s, which is likely to be caused by huge West-East income transfers, a fast exogenously driven wage convergence and the possibility of East-West commuting. However, we also observe an inversion of this relationship for later periods: That is, along with a second wave of East-West movements around 2001 net flows out of East Germany were much higher than expected after controlling for its weak labour market and macroeconomic performance. Since this second wave is also accompanied by a gradual fading out of economic distortions, this supports the view of "repressed" migration flows for that period.
Maillard glycation of β‐lactoglobulin induces conformation changes

Glycation by the Maillard reaction is an ubiquitous reaction of condensation of a reducing sugar with amino groups of proteins, which products could improve the functional and/or biological properties for food and non-food uses. It can induce structural modifications in proteins, modifying their properties. The aim of this work was to investigate the association behavior and the conformational changes of (3-lactoglobulin (BLG) after its glycation by the Maillard reaction with several alimentary sugars (arabinose, galactose, glucose, lactose, rhamnose and ribose). Protein samples were heated in the presence or in the absence (heated control) of different sugars during 3 days at 60 C. Glycation induced oligomerization of BLG monomers. Depending on the reactivity of the sugar, the population of produced oligomers showed smaller or greater heterogeneity in molecular masses. Analysis of modified BLG by circular dichroism and by its susceptibility to pepsinolysis showed that the conditions of heating used did not significantly alter the conformation of BLG. Heating of BLG in presence of sugars induced only minor structural modification, when using the less reactive sugars such as lactose and rhamnose. It was, however, at the origin of major three-dimensional destructuring in the case of the more reactive sugars such as arabinose and ribose. Pepsinolysis of glycated BLG did not affect about 62 and 35% of the protein molecules modified with lactose or rhamnose, and arabinose or ribose, respectively. The increase of susceptibility of glycated BLG to pepsinolysis could be related to the alteration of the conformation of the protein when glycation was performed with highly reactive sugars, as observed by circular dichroism and calorimetry analysis. La glycation par la reaction de Maillard est une reaction de condensation d'un sucre reducteur avec des groupements amines des proteines. Dans cette etude, les effets de la glycation sur les changements chimiques et structurels de β-lactoglobuline modifiee par plusieurs sucres (arabinose, galactose, glucose, lactose, rhamnose et ribose) sont evalues. Les changements dans la structure de la β-lactoglobuline dependent de la reactivite des sucres utilises.
Adverse Selection in Tax Credit Programs for Biotechnology and Other Technology Startups

Politicians invest millions of public money in programs with the goal of creating new jobs in order to increase the overall wealth in their countries. While most State and Federal programs focus on small business without differentiating between high-potential startups and small businesses likely to remain small, the New Jersey Technology Business Tax Certificate Transfer Program (NOL) focuses on high-potential technology and biotechnology companies. Whilst there is recognition in business and research literature about the importance of early-stage companies in boosting economic growth and the necessity of government programs aimed at supporting them, in the literature there is little or no documentation of market failures occurring due to informational asymmetries. In this paper, we evaluate the effectiveness of the NOL program in creating high wage, high quality jobs in the state of New Jersey. Analyzing the level of wages and the number of jobs created by the beneficiary companies over a five-year interval, we focus on the difference in growth performance between biotechnology and other technology industries. Employing data provided by the New Jersey Economic Development Authority (NJEDA), we created a brand new panel database of beneficiary companies. Controlling per industry and per year, we find that the beneficiary biotechnology companies outperform the beneficiary other technology companies, pointing to an adverse selection bias due to asymmetric information in the pool of applicants.
Multinationals’ Tax Evasion: A Financial and Governance Perspective

This paper examines the corporate tax evasion puzzle from both a financial and governance perspective: one, the impact of tax evasion on a multinational's financial performance and secondly, whether corporate governance levels affect the probability of the multinational committing tax evasion. We specifically address: (i) whether multinationals (MNCs) suffer any adverse short and long-term effects on their financial performance following news that the firm in question has committed, or is suspected of committing, tax evasion and (ii) whether country and corporate level governance has any influence on the likelihood of MNC’s evading tax. In the short-term, we find that share prices drop in the event window around the announcement date. However, we find no evidence that multinationals suffer long-term reputational damage from tax evasion; leaving no impact on firm profitability or value. We also find that country governance levels do not have any significant relationship with the MNC’s likelihood to commit tax evasion nor we find corporate level governance has any consistent prediction power.
Chloroperoxidase-Mediated Oxidation of Organophosphorus Pesticides☆☆☆

Abstract Chloroperoxidase from Caldariomyces fumago was tested for the oxidation of 10 organophosphorus pesticides. Organophosphorus pesticides containing the phosphorothioate group, azinphos-methyl, chlorpyrifos, dichlorofenthion, dimethoate, parathion, phosmet, and terbufos were oxidized by chloroperoxidase in the presence of hydrogen peroxide and chloride ions. The products were identified as oxon derivatives (phosphates), where the sulfur atom from the thioate group is substituted by an oxygen atom. No hydrolysis products were detected after enzymatic oxidation of these pesticides, and no halogenation of substrates was detected. Chloroperoxidase oxidation of relatively toxic organophosphorus pesticides produces metabolites similar to those formed by cytochrome P450 during the metabolic activation of pesticides in vivo. However, the major difference between these biocatalysts is that further cleavage of oxons, which is typical of the P450-catalyzed reaction, was not observed with chloroperoxidase.
Mechanical and Aphid Transmission of an Ivory Coast Strain of Groundnut Rosette Virus

Groundnut rosette was first observed in 1907 by ZIMMERMAN SNTOREY and BOTTOMLE(Y19 28) described the transmission of its causal agent(s) by the aphid, Aphis craccivora Koch. , and other authors transmitted several strains of groundnut rosette virus using several races of Aphis craccivora (STOREYa nd RYLAND1 955, BRUNTa nd BONNEY1 964, WATSONa nd OKUSANYA 1967). They did not, however, distinguish exactly between the main stages of transmission : acquisition, inoculation and retention, nor did they test for transmission to progeny.
Project Risk Management Incorporating Knight, Ellsberg & Kahneman

This work investigates the Practice Standard for Project Risk Management (PSPRM) in light of the fundamental organizational risk research. As a result of this investigation, the work finds that the PSPRM is lacking some key concepts from the extant organizational risk literature and that other fundamental risk concepts are not applied in a manner consistent with the literature. Building on these findings, the work illustrates how project risk management and project risk research might be effected by these deficiencies and recommends some simple measures that could be implemented to usefully augment the PSPRM and project risk research.
What is the Effect of an Additional Dollar of IPO Proceeds?

Abstract We examine the effect of IPO proceeds on post-IPO liquidity and market monitoring. To do so we exploit variation in the amount of proceeds raised that is unrelated to firm size and manager decisions using an instrumental variable approach. We find that marginal increases in IPO proceeds lead to large increases in liquidity, analyst coverage, and institutional ownership in the first two years a firm is public. Increases in IPO proceeds also lead to more frequent follow-on offerings and longer survival as a public firm. We find evidence that immediate shocks to ownership dispersion represent one plausible channel through which changes in IPO proceeds affect long-run liquidity and market monitoring. Overall, our findings support the theoretical liquidity and market quality benefits associated with reductions in ownership concentration.
Share Price Response to Earnings Disclosures in Sweden

The aim of this study is to evaluate the usefulness and relevance of earnings disclosures, as the key determinant for share price changes. The main objective is to examine whether earnings response coefficient (ERC) behavior could explain more fully the share price changes, as to the reason why the stock price change is not equal to the amount of announced earnings. The study is conducted on Sweden as a developed economy for a recent period of fourteen years, 2001-2014. Two measures of abnormal returns are regressed against the size of the announced earnings. The first regression uses measures from individual events. The second regression uses a portfolio measure; that is, from portfolios that are made of all observations sorted by size of earnings into ten portfolios. The aim of the portfolio method was to control possible idiosyncratic-errors-in-variables problem using individual event measures. The findings using individual-event measures resulted in reasonable ERC sizes with high R2 explanatory power, a little higher than those reported in prior studies on other countries. Importantly, the portfolio-based ERC of the country is somewhat close to the magnitude of the earnings which supports the famous value relevance theory in accounting. This finding is new to this literature.
Unemployment Exits Before and During the Crisis

Using administrative data from Spain, we compare the pattern and the determinants of individual unemployment durations and the stability of jobs found after unemployment before and during the recent crisis. We find particularly strong effects of the crisis on the hazards in the beginning of the unemployment spell. The groups hit hardest by the crisis are men, immigrants, older workers, and low&#8208;educated individuals. The disadvantage of men is mainly due to the more pro&#8208;cyclical nature of men's jobs. The increase in average unemployment duration and the fall in the duration of new jobs are not explained by composition effects.
Complete mitogenome of Chinese shrew mole Uropsilus soricipes (Milne-Edwards, 1871) (Mammalia: Talpidae) and genetic structure of the species in the Jiajin Mountains (China)

The complete mitochondrial genome of the Chinese shrew mole, Uropsilus soricipes (Soricomorpha: Talpidae) was determined (GenBank accession no. JQ658979). The mitogenome is 16,575 base pairs and contains 13 protein-coding genes, two ribosomal RNA genes, 22 transfer RNA genes and one control region. Phylogenetic relationship analysis based on 12 concatenated protein-coding genes revealed that Uropsilus occupies a basal position within Talpidae, which is consistent with previous studies. Additionally, low nucleotide diversity (0.0028) and high haplotype diversity (0.936) of U. soricipes in the Jiajin Mountains and the neutrality test statistics (D=−1.59491, p=0.045; Fs=−4.171, p=0.016) suggest that this population experienced a demographic expansion at about 46,600 years ago. The phylogenetic analysis of the combined data (cytochrome b and D-loop) revealed two clades. Divergence of these clades occurred in the middle Pleistocene 0.986 million years ago. Mountains played a substantial role in shaping the geographical populations of this species.
Creation of Micro and Small Enterprises (MSEs) Among Young Entrepreneurs in Sarawak: A Qualitative Perspective

Entrepreneurship is related to main characteristics such as originality and imagination, independence and aptitudes to make a critical decision and manage resources. The emergence of micro and small businesses may be an ideal job for young entrepreneurs as it depends on creativity and individuality of them. Due to limited information regarding the standpoint of an individual’s decision entering into entrepreneurship, the discussion among young entrepreneurs’ venture in MSEs needs to be explored further. This paper undertakes the key question; to what extent the entrepreneurial activities in MSEs being pursued by young entrepreneurs? A qualitative approach is applied as the first phase of data collection by using semi-structured interviews. The contribution of this paper is to identify the roles of MSEs as a career option among young entrepreneurs. The paper concludes that young people are likely to venture in MSEs rather than working in an employed job. Given the constraint and limited amount of previous literature on the subject, future study should consider the potential constraints of a start-up in MSEs among the young people.
NORFLOXACIN HAS A NOVEL BACTERICIDAL MECHANISM UNRELATED TO THAT OF OTHER 4‐QUINOLONES

H o w e v e r , n o r f l o x a c i n was s u r p r i s i n g l y f o u n d t o e x h i b i t a n a b i l i t y t o k i l l n o n d i v i d i n g E . c o l i ( T a b l e ) . A s i m i l a r o b s e r v a t i o n h a s a l s o b e e n r e p o r t e d b y Z e i l e r a n d G r o h e ( 1 9 6 4 ) . T h i s n o v e l b a c t e r i c i d a l a c t i v i t y o f n o r f l o x a c i n w o u l d h e n c e seem t o b e u n r e l a t e d t o m e c h a n i s m B o f c i p r o f l o x a c i n a n d o f l o x a c i n b e c a u s e i n n u t r i e n t b r o t h c o n t a i n i n g r i f a m p i c i n , n o r f l o x a c i n i s d e v o i d o f b a c t e r i c i d a l a c t i v i t y ( R a t c l i f f e a n d S m i t h , 1 9 S 4 ) . R e c e n t l y i t h a s b e e n s n o w n i n v i t r o t h a t n o r f l o x a c i n c a n b i n d t o D I I A w i t h a g r e a t e r a f f i n i t y t h a n t h a t o f a n y o t h e r 4 q u i n o l o n e i n c l u d i n g c i p r o f l o x a c i n , a n d t h e b i r . d i n g o f n o r f l o x a c i n t o D N A o c c u r s i n t h e a b s e n c e o f D N A g y r a s e ( S h e n 2 n d P e r n e t , 1 9 8 5 ) . T h i s f i n d i n g m a y s u b g e s t t h a t t h e n o v e l b a c t e r i c i d a l m e c h a n i s m o f n o r f l o x a c i n w e d e s c r i b e c a n o n l y t a k e p l a c e w h e n g y r a s e i s n o t a s s o c i a t e d w i t h D N A ( a s w o u l d o c c u r i n n o n d i v i d i n g b a c t e r i a ) b u t c o u l d n o t f u n c t i o n w h e n g y r a s e b e c o m e s a s s o c i a t e d w i t h D N A , w h i c h i s t h e s i t u a t i o n a p p l i c a b l e t o n u t r i e n t b r o t h c u l t u r e s .
How Does Contingent Work Affect SSDI Benefits?

Some studies have found that contingent workers – including independent contractors, consultants, and those in temporary, on-call, and “gig economy” jobs – make up an increasing share of the labor force. How does this group of workers interact with Social Security Disability Insurance (SSDI)? This project uses the Health and Retirement Study linked to administrative data on SSDI applications and earnings to answer this question. Specifically, the paper examines how SSDI application, receipt, potential benefits, and insurance status differ for workers who hold contingent arrangements in their 50s and early 60s, compared to those who work in more traditional jobs at those ages. This study is among the first to examine how contingent work is likely to affect participation in a public program, specifically disability benefits. <br><br>The study finds that SSDI application rates are about one-quarter smaller for older eligible contingent workers than for traditional workers of the same ages. Contingent workers are also about one-third less likely to be awarded disability benefits. The lower application and award rates are likely due in part to contingent workers’ lower eligibility rates and lower potential benefits. The application and award rates are also lower for contingent workers who have a chronic condition, work limitation, or limitation in their Activities of Daily Living. These results suggest that contingent workers would benefit from a greater availability of information and assistance in navigating the SSDI application process.
International Migration and Export Flows: Evidence from the People's Republic of China

Since China’s opening to international trade, the rapid growth of the country’s export sector has been coupled by an intensification of migratory outflows of ethnic Chinese. The literature has already stressed the beneficial role of migration in enhancing bilateral trade. The present paper applies a gravity model in order to capture the impact of migration on Chinese exports for a relatively long period of time (1995-2017) where significant developments take place. We estimated four regressions, each of them confirming the positive network effects of migration for boosting export growth. Apart from the main finding, it appears that the role of institutional and geographical proximity can prove to be complementary for trade enhancement. The results finally suggest mixed effects due to the countries’ import openness, indicating that China’s free trade agreements acts as a substitute for smoothing trade competition from third countries.
Foreign Direct Investment and Spillover Effects in Africa: An Empirical Review

The purpose of this paper is to holistically present relevant empirical findings on FDI, economic growth and spillover effects in the African continent, focusing primarily on technology transfer. This review shows evidence to suggest the FDI coming into Africa is low compared to other continents, even though foreign investments have consistently yielded higher returns. The paper also presents stylized facts of FDI inflows and examines the strands in literature. Aunique graphical framework showing technology transfer channels is well elaborated. The study provides a sufficient empirical view of FDI and technology transfer in the African contextand suggests this transfer of technology could be the means of bridging the technology gap between developed and developing economies.