Miracle-dz/UniFAR-FTUs huggingface dataset:
The Debt of Italian Non-Financial Firms: An International Comparison

In the run-up to the financial crisis Italian firms significantly increased their debt in absolute terms and in relation to equity and GDP. The positive gap in firms’ leverage between Italy and other euro-area countries has widened in recent years, despite the outstanding debt of Italian firms has decreased since 2011. In this work we document the magnitude of this gap using both aggregate macro data and firm-level information. We find that, controlling for several firm-specific characteristics (i.e. age, profitability, asset tangibility, asset liquidity, turnover growth), the leverage of Italian firms is about 10 percentage points higher than in other euro area countries. Differences are systematically larger among micro and small firms, whereas they are small and weakly significant for firms with assets above 300 million euros.
What Explains Taxation by Resource-Rich Rebels? Evidence from the Islamic State in Syria

Greed-based theories of civil war predict that rebel groups will only engage in taxation and other state- building activities in areas where they lack exploitable resources. However, this prediction is contradicted by the Islamic State’s pattern of taxation across time and space. A new dataset mapping seven types of revenue-extracting policies imposed by the Islamic State, a jihadist rebel group, in the 19 Syrian districts that it governed between 2013 and 2017 indicates that these policies were just as prevalent in resource-rich as in resource-poor districts. I propose a new theory that better explains this pattern — a rebel group’s pattern of taxation is codetermined by (1) ideology and (2) the costs of warfare — and establish the plausibility of this theory through a case study of al-Mayadin, the most oil-rich district governed by the Islamic State and therefore an ideal site in which to investigate the puzzle of taxation by resource-rich rebels.
Non-Performing Loans, Cost of Capital, and Lending Supply: Lessons From the Eurozone Banking Crisis

This paper develops a theoretical model as a foundation of empirical analysis of the transmission channel of non-performing loans (NPLs) on bank cost of capital, credit and liquidity creation in the Eurozone. Empirical results confirm the model’s predictions and suggest that holding non-performing loans increases the cost of capital for banks in the short-term and the long-term. Moreover, the increased cost of capital reduces credit and liquidity creation, and the more so the less capitalized is the bank. This phenomenon is found to be economically more significant for European periphery country banks than for core country banks. The identification of the transmission channel is robust to the Granger predictability test.
Austerity and Public Debt Dynamics

This paper studies the impact of multi-year fiscal consolidation plans on public debt dynamics. Studying the dynamic impact of narratively identified fiscal adjustment plans we find that tax based adjustments result in significant slowdowns of output and inflation but have almost no effect on the debt GDP ratio over a short to medium-term horizon. Spending cuts have instead milder recessionary effects, but contribute to a sustained reduction in the debt GDP ratio. Extending our model to study non-linearities in the dynamics related to the business-cycle and the public debt to GDP ratio, we find that the heterogeneous impact of tax-based and expenditure-based plans on debt mainly emerges mostly in recessions and when debt is increasing rapidly.
Bribery and Allocation Efficiency: Evidence From Public Procurement Auctions in Korea

Bribery may result in efficient allocation as more productive firms pay larger bribes to corrupt officials and as a result obtain more government contracts (the grease-the-wheels hypothesis), or may result in inefficient allocation as corrupt officials favor less productive firms to maximize bribe receipts (the grabbing-hand hypothesis). We examine the relationship between bribery and allocation efficiency under the institutional setting of Korea where all the public procurement contracts are allocated via competitive auctions. Our game-theoretic analysis confirms both possibilities regarding bribery and allocation efficiency. We carry out empirical analysis using the data of Korean firms participating in public procurement auctions. Firm-level bribe payments are identified from the changes in corporate entertainment expenses in response to a recently adopted anti-corruption regulation (Improper Solicitation and Graft Act of 2016). The empirical analysis shows that less productive firms pay larger bribes and bid more aggressively in procurement auctions, resulting in inefficient allocation.
Fuzzy Portfolio Optimization for Power Generation Assets

Fuzzy sets theory is proposed as an alternative to the probabilistic approach for assessing portfolios of power plants, in order to capture the complex reality of decision-making processes. This paper presents different fuzzy portfolio selection models, where the rate of returns as well as the investor's aspiration levels of portfolio return and risk are regarded as fuzzy variables. Furthermore, portfolio risk is defined as a downside risk, which is why a semi-mean-absolute deviation portfolio selection model is introduced. Finally, as an illustration, the models presented are applied to a selection of power generation mixes. The efficient portfolio results show that the fuzzy portfolio selection models with different definitions of membership functions as well as the semi-mean-absolute deviation model perform better than the standard mean-variance approach. Moreover, introducing membership functions for the description of investors' aspiration levels for the expected return and risk shows how the knowledge of experts, and investors' subjective opinions, can be better integrated in the decision-making process than with probabilistic approaches.
Non-Coded Biosynthesis of N-acetylaspartyl Peptides in Mouse Brain Homogenates

Abstract N-acetylaspartate and labelled glutamate, aspartate, γ-aminobutyrate and taurine were incorporated into a number of low-molecular weight peptides in mouse brain homogenates, as detected by autoradiography on thin-layer chromatography plates. Peptide biosynthesis was dependent on N-acetylaspartate, cAMP, ATP and an ATP regenerating system. The number of peptides varied from 5 to 12 after incubation for 40 min. The original labelled amino acids were determined by re-chromatography of the acid hydrolysates of the peptides, and the probable structures (N-acetylaspartyl-glutamyl-taurine, [N-acetyl] aspartyltaurine and N-acetylaspartyl [aspartyl, glutamyl]-taurine) were assumed to be present.
Minsky, Monetary Policy and Mint Street: Challenges for the Art of Monetary Policymaking in Emerging Economies

This paper examines the emerging challenges to the art of monetary policymaking using the case study of the Reserve Bank of India (RBI) in light of developments in the Indian economy during the last decade (2003-04 to 2013-14). The paper uses Hyman P. Minsky’s financial instability hypothesis as the conceptual framework for evaluating the endogenous nature of financial instability and its potential impact on monetary policymaking, and addresses the need to pursue regulatory policy as a tool that is complementary to monetary policy in light of the agenda of reforms put forward by Minsky. It further reviews the extensions to the Minskyan hypothesis in the areas of setting fiscal policy, managing cross-border capital flows, and developing financial institutional infrastructure. The lessons learned from the interplay of policy choices in these areas and their impact on monetary policymaking at the RBI are presented.
Characterization of two Bacillus thuringiensis ssp. morrisoni strains isolated from Thaumetopoea pityocampa (Lep., Thaumetopoeidae)

Abstract The pine processionary moth Thaumetopoea pityocampa Den. and Schiff. (Lep., Thaumetopoeidae) is one of the most harmful insect pests for pine species in Mediterranean countries including Turkey. Two Bacillus thuringiensis isolates obtained from T. pityocampa were identified and characterized in terms of crystal shape using electron microscopy, SDS–PAGE analysis, cry gene contents, H-serotype and insecticidal activity. Examination by a scanning electron microscope showed that Tp6 and Tp14 isolates have flat square and bipyramidal crystal shapes, respectively. PCR analysis showed that Tp6 contains cry3 gene and Tp14 isolate contains cry1 and cry2 genes. On the other hand, the presence of Cry3 and Cry1 proteins were confirmed by observation of approximately 65- and 130-kDa proteins by SDS–PAGE in Tp6 and Tp14 isolates, respectively. According to H-serotype results, these isolates were identified as Bacillus thuringiensis ssp. morrisoni (H8a8b). Toxicity tests were performed against six insect species belonging to Lepidoptera and Coleoptera. The highest insecticidal activity was 100% for Tp6 isolate on larvae of Agelastica alni and Leptinotarsa decemlineata and 100% for Tp14 isolate on larvae of Malacosoma neustria. Our results indicate that isolates Tp6 and Tp14 may be valuable biological control agents for various coleopteran and lepidopteran pests.
Mineral Fertilizers and Green Mulch in Chinese Cabbage [ Brassica pekinensis (Lour.) Rupr.]: Effect on Nutrient Uptake, Yield and Internal Tipburn

Large applications of mineral fertilizers in Chinese cabbage [ Brassica pekinensis (Lour.) Rupr. ] increased growth, total nitrogen and nitrate concentrations at harvest, and increased the occurrence of internal tipburn. Green mulch, as the only fertilizer or in combination with small amounts of mineral fertilizers, resulted in slower growth and lower total nitrogen and nitrate concentrations at harvest, and also prevented the occurrence of internal tipburn. No visible symptoms of nutrient deficiencies were detected, but plant analyses showed that the concentrations of magnesium, zinc, manganese and copper were below the estimated sufficiency limits in all fertilizer regimes. High soil pH, 6.4-6.8, and large amounts of calcium in the soil decreased the availability of these elements. The results demonstrate the importance of simultaneous analyses of several elements in revealing suboptimal concentrations and/or imbalances that depress yield and quality but do not result in visible symptoms. The results also indicate that organic fertilizers such as green mulch may be more suitable than mineral fertilizers in preventing the occurrence of physiological disorders such as tipburn.
Much Ado About Nothing? Smoking Bans and Germany’s Hospitality Industry

Over the last years, public smoking bans have been introduced in most European countries. Unlike elsewhere, in Germany such bans were introduced at state level at different points in time, which provides important intra-country regional variation that can be exploited to identify the effects of such bans on the hospitality industry. Using monthly data from a compulsory survey carried out by the German Federal Statistical Office, we study the short-run effects that these bans had on establishments’ sales. In contrast to the largely US-based literature, we find that smoke-free policies had a negative (yet moderate) effect on establishment sales. Closure rates of businesses in the hospitality industry.
Banks' Size, Scope and Systemic Risk: What Role for Conflicts of Interest?

We show that the effect of diversification on systemic risk exposures varies with bank size and a country's institutional setting. Non-interest income reduces large banks' systemic risk exposures, whereas it increases that of small banks. However, exploiting heterogeneity in countries' institutional setting, we show that the bright side of innovation by large banks (lower systemic risk exposure for diversified banks) disappears in countries with more private and asymmetric information, more corruption and in concentrated banking markets. These empirical findings support Saunders and Cornett (2011) their conjectures on which features make the materialization of conflicts of interest more likely.
Desempenho de híbridos de milho em diferentes arranjos espaciais de plantas

Due to recenthy introduced maize genotypes, the reassessement of recommendations of management practices is necessary, among them, the spatial arrangement of plants. In this way, this study has as aim to evaluate the best plant arrangement for the corn hybrids XB 6010, XB 6012, XB 7253, XB 9003 and AG 9010 in spacings between rows of 0.45 and 0.90 m and at populations of 50,000, 60,000, 70,000, 80,000 and 90000 plants ha-1. The experiment was carried out on the crop year of 2009 in Selviria (MS), following a randomized block design with two spaces arranged in bands within each block and the 25 combinations hybrid x populations randomized within spacing. The results were submitted to F test, with the effects of hybrids and spacing compared by Tukey test (p<0.05) and populations by regression analysis. Independent of hybrid and population, the spacing influenced only the stalk diameter, and the use of 0.45 m between rows proportioned the production of plants with larger stalk diameter. Stalk diameter, ear length, ear diameter, prolificacy and weight of one hundred grains decreased linearly with increasing plant population, while plant height was not affected. The best arrangements were: AG 9010 with 90,000 plants ha-1 and spacing of 0.45 m; XB 7253 with 72,000 plants ha-1 in both row spacings; and as XB 6010, XB 6012 and XB 9003 did not respond to such arrangements, being recommended 50,000 plants ha-1 in the two spacings.
Mortalidade pós-fogo em espécies lenhosas de campo sujo submetido a três queimadas prescritas anuais

O fogo e um dos principais agentes de modificacao da estrutura e composicao das comunidades vegetais em ecossistemas savânicos. Neste estudo, foram avaliados os efeitos do fogo sobre as taxas de mortalidade de individuos, mortalidade da parte aerea, considerando os individuos que apresentaram destruicao do caule, com rebrotas basais e/ou subterrâneas, e numero de caules destruidos dos individuos de plantas lenhosas, incluindo a soma dos individuos que sofreram mortalidade da parte aerea e os individuos mortos; estes ultimos nao apresentaram nenhum tipo de rebrota, sendo eliminados da area. Nao foi considerado o recrutamento de individuos. Foram realizadas queimadas prescritas anuais, nos anos de 1998, 1999 e 2000, em campo sujo, na Reserva Ecologica do IBGE, Brasilia, DF. Em area de 2.500 m2, foram inventariadas todas as plantas do estrato arbustivo-arboreo, com diâmetro igual ou superior a 2 cm a 30 cm do nivel do solo. Os dados foram analisados com o teste c2 (p<0,05). O inventario totalizou 39 especies, com total de 636 individuos. As taxas de mortalidade para as queimadas anuais foram de 22,5, 7,9 e 11,5%, apos as queimadas de 1998, 1999 e 2000, totalizando reducao de cerca de 37% no numero de individuos vivos. A mortalidade afetou principalmente os individuos de menor porte, entre 1 e 2 m alt. e entre 2 e 3 cm diâm. Apos as tres queimadas, os individuos mortos adicionados aos que sofreram morte da parte aerea representaram cerca de 73% do total.
Portfolio Returns and Consumption Growth Covariation in the Frequency Domain, Real Economic Activity, and Expected Returns

The slope of the portfolio return and consumption growth cospectrum contains predictive information about future real economic activity, future recession probabilities, the risk aversion coefficient, as well as future expected returns. Commonly used economic variables do not subsume the predictive power of the cospectrum slope and while the interest rate term spread largely fails to predict the Financial Crisis, the set of cospectrum slopes predicts the crisis with a 75% probability. The cospectrum slope significantly improves the fit of long-horizon expected return models and contains more significant predictive information than the current dividend yield.
The Impact of the Exchange Rate Volatilities on Stock Markets Dynamics: Evidence from Tunisia and Turkey

This research aims to identify the impact of exchange rate volatility on the fluctuations of stock markets prices, considering two countries from MENA zone. Several gaps in the literature have been identified, indeed, previous works used very short periods of study, many important variables were neglected, and all results were contradictory. In this study, we integrate assorted determinants of stock market indices that have not been used simultaneously before, and we spread out our research period up to 15. The GARCH model is employed. The results show that exchange rate volatility have a significant effect on stock market fluctuations.
Cross-Country Efficiency of Secondary Education Provision: A Semi-Parametric Analysis with Non-Discretionary Inputs

We address the efficiency of expenditure in education provision by comparing the output (PISA results) from the educational system of 25, mostly OECD, countries with resources employed (teachers per student, time spent at school). We estimate a semi-parametric model of the education production process using a two-stage procedure. By regressing data envelopment analysis output scores on nondiscretionary variables, both using Tobit and a single and double bootstrap procedure, we show that inefficiency is strongly related to GDP per head and adult educational attainment.
Withholding Taxes, Compliance Cost and Foreign Portfolio Investment

We examine the effect of compliance frictions in reclaiming foreign withholding tax overpayments on foreign portfolio investment (FPI) using data on bilateral FPI around the globe and on U.S. institutional investors’ foreign holdings. Exploiting variation in withholding tax overpayments for 36 investor countries and 110 issuer countries, we find that withholding tax overpayments adversely affect FPI because of the high compliance costs to international investors in claiming foreign tax credits. Cross-sectional tests further show that the adverse effect of withholding tax overpayments on FPI is reduced when compliance costs in claiming these overpayments from foreign countries are lower. Our results indicate that eliminating most of the compliance costs in the reclaim process by implementing a relief at source mechanism could increase FPI by about 7.6%.
Institutional Investor Distraction and Expectations Management

I hypothesize that managers exploit institutional investor distraction by issuing more pessimistic earnings guidance to reduce earnings expectations. I empirically test this conjecture and address endogeneity by exploiting plausibly exogenous variation in firm-level institutional investor distraction caused by attention-grabbing events in unrelated parts of institutional investors’ portfolios. I show that institutional investor distraction leads to managers publishing significantly more earnings forecasts with a negative forecast error, compared to the actual earnings published later. This finding is consistent with institutional investor distraction positively affecting managers’ propensity to engage in downward expectations management. The effect is mainly driven by distraction of transient investors and by distraction of a firm’s largest shareholders. It is stronger in quarters preceding net insider selling, and if the prior quarter’s guidance was already downward-biased.
Higher-Order Tail Moments in Asset-Pricing Theory

We review the literature about the use of third- and fourth-order moments in finance, the main papers on asset pricing theory with higher-order moments, and the definitions of skewness and kurtosis in the statistical literature. Contagion, skewness and kurtosis investor preferences, and tail regimes are some of the topics discussed in this paper. We derive theoretical results about the higher-order moments of the bivariate truncated normal distribution, and analyze the implications of the results for previous empirical tests. We provide these results as a tool to be used in the empirical testing of asymmetries and heavy-tailedness of assets returns.
The Properties of Co-Quantiles and Their Applications to Momentum Spillovers

This paper introduces a generalization of quantiles, order statistics, and concomitants that we term co-quantiles, and investigates their statistical properties. The probability density functions for the co-quantiles are obtained along with their moments under the assumption that the distribution of the underlying data are multivariate normal. In contrast to the conventional order statistics that rank and record the same attribute of a population, or concomitants that consider different attributes observed over the same time period, co-quantiles allow the ranking and recording of different attributes across different time periods. The co-quantile results naturally reduce to those for order statistics and concomitants, and generalize those on the distributions of linear combinations and the maxima of vector valued random variables obtained in Arellano-Valle and Genton (2007, 2008) and those on cross sectional momentum returns obtained in Kwon and Satchell (2018). By applying the results to momentum spillover returns, we establish theoretically that these returns are susceptible to sudden changes in the skewness and the kurtosis during periods of market uncertainty. Since momentum spillover and cross sectional momentum are structurally very similar, this provides a theoretical explanation for the momentum crashes reported in the empirical literature over such periods.
Revisiting the Impact of Bank Capital Requirements on Lending and Real Activity

Several studies undertaken in the aftermath of the 2007-2009 crises found a relatively small impact of an increase in capital requirements on lending and real activity both in the short- and long-run. The calibrations of some recent equilibrium models deliver a significantly larger impact of changes in capital requirements on lending and real activity than these earlier studies. This paper revisits the issue reviewing the recent literature and providing novel evidence using international data panels at a firm and country level. This new evidence and the counterfactual experiments of some calibrated equilibrium models suggest that the negative short-run and long-run impact of an increase in capital requirements on bank lending and real activity is significantly larger than previously thought.
Fiscal Stabilisation Plans and the Outlook for the World Economy

The topic of counter-cyclical fiscal policies has been put squarely under the spotlights since the outbreak of the current world-wide financial and economic crisis in September 2008. As governments have devised billion dollar stimulus packages, debates have raged in both the media and academia surrounding the effectiveness of such measures. This paper brings together material written on fiscal stabilisation plans in 2009 and a more recent macroeconomic projection for the world economy, which was made in early 2010. It attempts to provide an overview of the theory and empirical evidence on the effects of fiscal policies, placed in the current context of global recession and financial distress. It then goes on to address the question of where the world economy is headed given the now generally unsustainably high levels of public sector deficits and debt and given the possibility that the global financial crisis will have lasting adverse effects on potential output levels. This text is a very much abridged version of the full paper (80 pages in length) that was presented at the Bank of Italy’s Fiscal Policy Workshop, held in Perugia on 25 27 March 2010. The full paper can be obtained upon simple email request sent to the author.