Miracle-dz/UniFAR-FTUs huggingface dataset:
The Leverage Factor: Credit Cycles and Asset Returns

Research has found strong links between past credit booms and adverse outcomes for macroeconomic aggregates like output and investment. However, are price impacts also seen more widely in broad asset classes such as equity and fixed-income markets? We document such a robust and significant connection using a large sample of historical data for many advanced countries since 1870. Credit boom periods with a high “leverage factor” tend to be predictably followed by unusually low returns to risky equities, in absolute terms and relative to a safe fixed-income portfolio. Fixed income is a safe haven at these times and has slightly higher than normal returns. We show these properties hold in-sample and out-of-sample. Return predictability because of the leverage factor is distinct from that because of momentum (lagged return) and value (cashflow relative to price). Trading strategies built on the leverage factor accrue meaningful excess profits out-of-sample. This paper was accepted by Victoria Ivashina, finance.
An Analysis of Master Dissertations: A Case Study of Central University of Technology (CUT), South Africa

Knowledge is built on the foundation of information which may be gathered from various sources, including from dissertations. Gathering information from postgraduate dissertations can highlight the differences between, and in, disciplines, with regard to specific variables. Moreover, it has been reported that African postgraduate students struggle to complete their dissertations, as they do not know how to structure them correctly, which may include not knowing how many words, pages, images and tables to include in their dissertations. The purpose of this article is to analyse 157 Master dissertations spanning a 10-year period in order to identify the average number of supervisors, words, pages, images and tables that have been used in successful research studies in order to highlight the differences between disciplines and to provide a guideline regarding the average length of a standard dissertation. An ex-post facto study is employed where informetric analysis is used to obtain quantitative data. Results reveal that the five variables vary dramatically per faculty. Management Sciences produced the highest number of average words (40 467), the highest number of average pages (194) and the highest number of average tables (28), while Engineering produced the highest number of average images (53) per dissertation. Health and Environmental Sciences had the highest average number of supervisors (2.2) per dissertation. An important implication of this research is that it may help postgraduate students to better understand how to structure their dissertations when considering their length. A key recommendation is to include the results of this study in brochures which are distributed to postgraduate students at the start of their studies, giving them a better idea of the differences between, and in, disciplines with regard to the number of supervisors and the length of a standard dissertation.
Antibacterial activity of methanolic extract of bitter leaf (Vernonia amygdalina) from various component fractions using column chromatography

This research work determined the antibacterial activities of various components at different ratios from column fractions of methanolic extract of bitter leaf (Vernonia amygdalina), meanwhile column chromatography been the best method of separating component nowadays. The column chromatography was perform using several type of solvent such as non-polar, semi-polar, polar solvent as well as their mixture in deference ratio. The phytochemical screening was carried out on the leaves extract of (Vernonia amygdalina) which revealed the presence of some active ingredients such as alkaloids, flavonoids, tannins, saponins, glycosides, cardiac glycoside and saponin glycosides in the extract, while anthraquinones and volatile oil were not identified. The research conclude that acetonemethanol 50:50 column fraction of methanolic extract of Vernonia amygdalina exhibits antibacterial activity against both gram positive and gram negative bacteria.
Monetary Policy and Financial Stability: The Role of Inflation Targeting

This article examines the relationship between Inflation targeting (IT) and financial instability from 1990 to 2015 for Asian economies. To measure financial instability, a multidimensional financial conditioning index is calculated following the ECB's approach. Using a fixed effects panel data model the study finds that adoption of IT policy in Asian economies has an adverse impact on financial stability, thus rejecting the ‘conventional wisdom’ hypothesis. Further, the Vector Autoregression (VAR) result shows that an IT regime increases housing returns and encourages investors to take higher risks.
The Source Credibility in Social Media

This study will discuss about the importance of Source credibility in social media for Indonesia traveler in planning a vacation. The paper aims to examine the information’s credibility sources information on information seeking motive, entertainment motive, relationship maintenance motive and information sharing motive to help the process of making decision in travelling. This research gathered data from 324 Indonesia’s traveler that using media social for planning their vacation and analyses using SEM (Structural Equation Modelling). The study revealed that source credibility has a positive and significant effect on the motive for maintaining information sharing and intentions but does not affect the motive for information seeking and entertainment motives. Motivation to seek information positively and significantly affect the intention to provide information. Entertainment motives do not affect the intention to share information. The motive for maintaining relationships has no influence on the purpose of sharing information.
Exploring blockchain implementation in the supply chain

There is great interest in blockchain in the supply chain yet there is little empirical research to support the consideration of the technology. Ferdows (2018) calls for research aimed at learning from pioneers in the field and Gartner points out that the interest in blockchain holds similarities to the interest surrounding RFID 15 years ago. As a result, there may be opportunities to leverage insights from RFID research to inform the consideration of blockchain. The purpose of this paper is to explore how the Reyes et al. (2016) framework for the implementation of RFID may inform the consideration of blockchain in the supply chain. ,A two-stage approach is used to explore RFID implementation considerations from the Reyes et al. (2016) RFID implementation framework, using an initial exploration of managers interested in blockchain using a focus group and a survey and to more in depth explore three case companies pioneering blockchain. ,Several RFID implementation considerations can inform the consideration of blockchain but there are also differences in considering blockchain. A framework is developed that details considerations found to be relevant by implementation stage. ,This paper adds to the limited amount of empirical research on blockchain in the supply chain and advances research beyond the consideration of use cases into the exploration of actual implementation of blockchain in the supply chain. The decision framework developed both leverages and nuances findings from RFID research and can inform managerial decision making. It also adds to research a multi-stage approach to implementation and uncovers rich opportunity to further learn from pioneers.
Risk Premia, Asset Price Bubbles, and Monetary Policy

We develop a dynamic equilibrium asset pricing model with heterogeneous beliefs to study the effects of monetary policy on prices, risk premia, asset price bubbles, and financial stability. Bubble risk premia arise from an interaction between disagreements among investors and dynamic trading constraints. Under a non-accommodative monetary policy, liquidity adjusted risk and bubble risk premia increase. We propose a new framework for monetary policy with respect to bubbles. What matters for policy is the trading constrained fraction/mass of agents that disagree about fundamentals (i.e. optimists/pessimists). Accommodative policy can lead to a larger fraction of trading constrained agents that disagree, larger bubbles, and increased systemic risk. Policy implementation issues are discussed.
The experience of work of allied health professionals employed by higher education institutions in England and its implications for them and their employers

The study considered the experience of work of allied health professionals employed in higher education institutions in England. Academic staff from three disciplines were included in the study, namely occupational therapists, physiotherapists and radiographers. The sample was drawn from four higher education institutions in England. The institutions were selected on the basis of their type, that is ‘old’, ‘new’ or university college, in keeping with Watson’s (2000a) typologies. Perceptions were explored using a mixed-method approach. A survey was undertaken using a questionnaire based on the National Health Service National Staff Survey (Commission for Health Improvement, 2003a and 2003b). Further data was collected by conducting focus groups with academic staff and interviews with their managers. The study was underpinned by two models of human resource management, the Human Resource Architecture and the NHS Model (Mitchie and West, 2003) and the Bath People and Performance Model (Purcell, et al., 2003a). These models were used to structure the design of the study and the interpretation of results. Quantitative data were analysed using the Chi-square Test of Association. Qualitative data was analysed by identifying key themes. Despite common external drivers, a pattern of difference emerged between the institutions and, to a lesser degree, the disciplines. These differences related to leadership and management and organisational culture and climate. These findings were found to be associated with respondents’ perception of their employing institution, job satisfaction and organisational commitment. A critical finding, which was consistent across the institutions and disciplines, was that respondents worked significantly more than their contracted hours and felt they had to compromise their work-life balance to do their jobs. Additionally, despite statutory requirements to do so, the majority were not able to maintain their clinical capacity. Recommendations which followed from these findings included the need for a more strategic approach to human resource management and staff development in higher education.
Opinion of Commercialization of Ready-to-Eat Korean Foods by Food-Related Lifestyle Segments in Koreans and Non-Koreans

The purposes of this study were to explore food-related lifestyle segments for commercialization of ready-to-eat Korean foods, to identify their demographic characteristics, and to evaluate perceptions and preferences related to Korean foods. The subjects consisted of 266 Koreans and 212 non-Koreans in Seoul, Gyeonggi, and Daejeon, Korea including in Grapevine of the US. Koreans' scores for food-related lifestyle of taste seeking and convenience seeking were significantly higher than those of non-Koreans. Through cluster analysis, four segments for Koreans were identified: health-oriented group, diet-oriented group, rationality-oriented group, and price-sensitive group. The clusters for non-Koreans were classified into four segments: taste-oriented group, rationality-oriented group, diet-oriented group, and convenience-oriented group. Significant differences were detected among the four segments in terms of demographic characteristics. There were significant differences in perceptions and preferences related to Korean foods by food-related lifestyle segments of non-Koreans. Japchae, Bibimbap, and Naengmyeon were selected as the most likely to purchase ready-to-eat food items for Korean clusters, whereas Bulgoggi and Bibimbap were selected for non-Korean clusters. This study shows that food companies wanting to promote commercialization of Korean foods should consider characteristics of each segment of food-related lifestyle.
Dangerous Liaisons between the Catholic Church and State: the religious and political alliance of the nationalist right with the conservative Church in Poland

ABSTRACT This article describes the history of relations between the Catholic Church and the Polish state in the period from the 1990s to the present. The authors defend a thesis that, although political elites and the state underwent pressure from the Church, the society had many opportunities to separate its religious beliefs from its own political choices, begin the slow process of secularization and learn the lessons of Enlightenment in this part of Europe. The political pressure of the Church on parliamentarians and its alliance with right-wing politicians is presented through the example of the In Vitro Fertilization Act. The authors analyse statements of the episcopate and speeches of right-wing politicians during a debate in the Senate. The article also refers to surveys to show a growing gap between the clerical state and the increasingly secularized society. Furthermore, the authors describe the growing political and religious alliance of “throne and altar” – especially under PiS rule – and the predominance of nationalist and conservative ideas in the Catholic Church in Poland.
An examination of three-way interactions of paternalistic leadership in China

ABSTRACT The tight and simultaneous combination of moral, benevolent and authoritarian leadership as well as the negative impact of authoritarian leadership imposes challenges to paternalistic leadership researchers. We used three-way tests to investigate the relationships among three dimensions of paternalistic leadership and our results indicate that the relationship between benevolent/moral leadership and leadership effectiveness is stronger for high than for low authoritarian leadership. In addition, when a leader has low benevolent and/or moral leadership, low authoritarianism has higher leadership effectiveness than high authoritarianism. However, when both benevolent and moral leadership are high, high authoritarianism works better than low authoritarianism.
TAX AND ECONOMIC GROWTH IN NIGERIA: AN ARDL APPROACH

This study investigates the relationship between tax and economic growth (GDP) using the Auto-Regressive Distributed Lag (ARDL) bound test approach. The study further decomposed tax into company income tax (CIT), petroleum profit tax (PPT), value-added tax (VAT) and excise and custom duties (ECD), then examined the effect of each of them on economic growth. The data for the study were obtained from Federal Inland Revenue Service (FIRS) and Central Bank of Nigeria (CBN) bulletin, spanning from 1981-2014. The ARDL results show no cointegration among the variables. Interestingly, the short run results reveal that total tax is insignificant while the decomposed taxes are significant. Petroleum profit tax and value-added tax have positive relationship with GDP while company income tax and excise and custom duties have negative relationship with GDP. From these findings, the study recommends an effective use of taxation so as to improve the impact of tax on the Nigerian economy. Also, efficient tax regulation should be put in place to mitigate the issue of tax evasion, especially among firms and corporate entities, and improve the contribution of CIT to economic growth.
Growth machines and social movements in mature tourist destinations Costa del Sol-Málaga

Abstract The purpose of this study is to analyse the new processes of tourism growth and its conflicts from the perspective of social movements. First, the urban growth machine analysis model is applied by the systematisation of six projects. Second, the resistance movements against those projects and whether this resistance could be the start of local tourism degrowth policies are examined. The methodology is qualitative, based on documentary analysis, participatory observation, discussion groups and interviews. The case study is the destination of Costa del Sol-Málaga. The results enable the development of the urban growth machine model in tourist destinations. Meanwhile, social movements demystify the argument based on neoclassical economic progress. The social movements condemn the effects of large-scale top-down projects, and implement alternative bottom-up proposals. Although the social movements do not reject tourism, they call for greater control over its impact, denounce unlimited growth, overtourism and the loss of urban quality of life. These movements advocate a lifestyle linked to the everyday space, which they believe is threatened by excessive urban-tourism growth. They are a symptom of the need to devise a proposal using the principles of degrowth.
The Impact of TBT and SPS Measures on Japanese and Korean Exports to China

(1) Background: As countries with troubled histories, China, Japan, and Korea have, in recent times, attempted to overcome political and economic differences in a bid to forge strong trade relationships. However, Non-Tariff Measures (NTMs) have emerged in recent times, which has the potential to complicate matters. (2) Method: Our study analyzes the impact that two forms of NTM, technical barriers to trade (TBT) and sanitary and phytosanitary measures (SPS), have on Japanese and Korean exports to China. In order to effectively measure their impact, we utilize a modified version of the Gravity model and the Poisson Pseudo Maximum Likelihood method (PPML). Using three measures (coverage ratio, frequency index, and the dummy variable) to determine their impact, our study displayed a range of findings. (3) Results: The key results from our study showed that from a coverage ratio perspective, our research clearly demonstrates that Chinese TBT measures, reduce Japan and Korea’s manufacturing and total exports as a whole, while Chinese SPS measures encourage Korean agricultural exports. Moreover, the frequency index results and dummy variable estimations in the main also supported the coverage ratio findings with SPS measures promoting Korean agricultural goods exports. (4) Conclusions: Our research highlights the important role the TBT measures have played to shelter China’s emerging industrial sector from the rigors of highly competitive Korean and Japanese exporters. In doing so, the Chinese government is able to actively pursue some of its key sustainable development strategies such as “Made in China 2025” and “Industrial 4.0”.
The Role of Temporary Use in Urban Regeneration: Ordinary and Extraordinary Approaches in Bristol and Liverpool

ABSTRACT This paper attempts to extend research on the temporary reuse of brownfield land through an examination of its role in regeneration strategies. The analysis draws upon empirical experience in two case study areas: one, Bristol’s Temple Quarter where regeneration policy has tried purposely to promote temporary use, and the other, Liverpool’s Creative Quarter, where policy has attempted retrospectively to capitalize upon ‘meanwhile’ development. Drawing on interviews with key regeneration and development actors, the paper demonstrates that regeneration strategies in different local economic contexts are poorly attuned to the needs of temporary users, who assume disproportionate levels of risk.
Does Microcredit Really Matter for Healthcare Expenditure of the Poor Fish-Farmers? Perspective from Rural Bangladesh

ABSTRACT The prime objective of this study was to assess the impact of microcredit on the household health care expenditure of the fish farmers in Bangladesh. Primary data was collected from the landless, marginal and small fish farmers from Tangail and Gazipur districts of Bangladesh. The simple random sampling (SRS) technique was used to select the samples for this study. The propensity score matching (PSM) technique was also used to assess the impact of microcredit on the household health care expenditure. The study showed that the intervention of microcredit could not make any significant impact on the health care expenditure.
IFRS adoption, value relevance and conditional conservatism: evidence from China

Purpose This study sought to evaluate the relationship between value relevance of financial information and conditional conservatism of non-financial companies listed in China. Design/methodology/approach Using panel data comprising of 28,723 firm years, the authors determine the value relevance of financial information before and after mandatory International Financial Reporting Standards (IFRS) adoption while incorporating the relationship with conditional conservatism. The authors further examined how this relationship varies between state and non-state owned companies. Findings Conditional conservatism is positively (negatively) related to value relevance prior (post) to mandatory IFRS adoption while it makes no difference as to whether a company is state or non-state owned, as IFRS has a positive and significant effect on value relevance. Conservatism, on the other hand, has a negative and insignificant relationship with market value of both state and non-state owned firms during the pre- and post-IFRS period. Originality/value By exploring an emerging economy, the authors provide evidence on the variations in value relevance amongst state and non-state owned firms. In particular, the authors establish the positive effect of IFRS on the value relevance of non-state firms as compared to state-owned institutions.
Real Estate Time-to-construct, Housing Market Dynamics, and Aggregate Fluctuations in China

ABSTRACT We study how construction delays determine the influence of various external shocks on China’s real estate market and macroeconomic fluctuations. We find that construction delays amplify housing price fluctuations due to demand-side shocks, but mitigate the effect of supply-side shocks; moreover, such delays weaken the influence of policy shock on output volatility, while increasing its influence on house price fluctuations. Under the presence of construction delays, loan-to-value ratio is more effective to stabilize housing market in the short run, whereas interest rate policy has more persistent impact over the longer term. To maintain both steady economic growth and stable housing prices, the government should encourage real estate enterprises to innovate and improve housing returns, while relaxing various approval processes to accelerate investment and encourage more timely supply of housing.
Back to the factory: the continuing salience of industrial workplace history

ABSTRACT Factories remain significant sites of employment, crucial to capitalism. In the twentieth century, scholars registered achievements in documenting their history, but since the late 1980s, and for a generation, the field lost impetus within labour history although insights continued to accumulate through work in adjacent disciplines. The factory has not featured on the agenda of ‘transnational’ and ‘global’ labour history, but we suggest that it can and should contribute to that broader global project, reinvigorating labour history, not least by contributing a dimension close to workers’ everyday experience.