Miracle-dz/UniFAR-FTUs huggingface dataset:
Crocodile farming and its present state in global aquaculture.

Crocodiles are hunted for their skins, meat, oil and claws. Over catching of this animal has led to the decline of this species in wild populations. Although it is not a new idea, breeding this animal under captivity is a developing industry in some parts of the world. Crocodiles have been bred in farms since early 20th century. The majority of these farms were tourist attrac-tions with wild caught alligators or crocodiles under captivity. Decline of the wild populations led to the prohibitions around the word. In crocodile farming operations, the idea is to obtain skins, meat and other products without stressing wild populations. This animal has its own characteristics and they should be learned well before any economic investment. In this review, our aim is to identify these characteristics and inform farmers about the challenges, downsides and advantages of crocodile farming with emphasis on their biology and present farming oper-ations.
Internationalization Behavior of Small and Medium- Sized Enterprises from Emerging Markets - Implications for Sustainability

This study examines the internationalization behavior of small and medium-sized enterprises from Paraguay exploring their internationalization activities using the Uppsala model as the theoretical framework. The research methodology is a comparative multiple-case study research design. The sample consists of 28 typical Paraguayan firms from different industries. The findings of this study show how and why the the firms of the case study select new foreign markets as well as market entry and market growth modes, then compares the results with the set theoretical framework, and offers explanations for the ones that differ. The study provides a guideline for internationalization to international managers and offers insights to the literature on the Uppsala model.
Regime-Dependent Good and Bad Volatility of Bitcoin

This paper analyzes high-frequency estimates of good and bad realized volatility of Bitcoin. We show that volatility asymmetry depends on the volatility regime and the forecast horizon. For one-day ahead forecasts, good volatility commands a stronger impact on future volatility than bad volatility on average and in extreme volatility regimes but not across all quantiles and volatility regimes. For 7-day ahead forecasting horizons the asymmetry is similar to that observed in stock markets and becomes stronger with increasing volatility. Compared with stock markets, the persistence and predictability of volatility is low indicating high variations of volatility.
Biased Supervision

When verifiable performance measures are imperfect, organizations often resort to subjective performance pay. This may give supervisors the power to direct employees towards tasks that mainly benefit the supervisor rather than the organization. We cast a principal-supervisor-agent model in a multitask setting, where the supervisor has an intrinsic preference towards specific tasks. We show that subjective performance pay based on evaluation by a biased supervisor has the same distorting effect on the agent's effort allocation as incentive pay based on an incongruent performance measure. If the principal can combine incongruent performance measures with biased supervision, the distortion in the agent's efforts is mitigated, but cannot always be eliminated. We apply our results to the choice between specialist and generalist middle managers, where a trade-off between expertise and bias may arise.
A comparison of the host preference of monarch butterflies (Danaus plexippus) for milkweed (Asclepias syriaca) over dog‐strangler vine (Vincetoxicum rossicum)

Observations in the field indicate that monarch butterflies will oviposit on dog‐strangler vine, an invasive introduced species in the same family as milkweed (Asclepias spp.), the principal larval host of monarchs. The potential impact of this behaviour depends on the strength of the preference of monarch adults to oviposit on these two hosts and the relative ability of larvae to survive on each. We determined the preference for milkweed vs. dog‐strangler vine of ovipositing adults and first instar larvae in choice and no‐choice tests. We also compared the ability of larvae to consume, develop, and survive on either host. In the presence of both hosts, adults exhibited a strong preference to oviposit on milkweed over dog‐strangler vine (mean 80.7 eggs compared to 0.4 eggs over 48 h, respectively). In the absence of milkweed, adults ceased oviposition (mean 0.9 eggs in 48 h), but resumed oviposition when the dog‐strangler vine was replaced with milkweed (mean 99.1 eggs in 48 h). Given a choice between hosts over 24 h, 92% of larvae moved to milkweed leaves and consumed 3.94 cm2 of milkweed leaves compared to 2% of larvae that moved to dog‐strangler vine and consumed negligible amounts of leaf material (0.01 cm2). Without a choice, larvae on dog‐strangler vine never consumed more than mean 0.02 cm2 larva−1 in a 24‐h period, did not develop beyond the first instar, and died within 96 h. We obtained no data in support of an effect of the presence of dog‐strangler vine on monarch butterfly populations.
The Potential Impact of Conservation Practices in US Agriculture on Global Climate Change

ABSTRACT Increase in the use of conservation practices by agriculture in the United States will enhance soil organic carbon and potentially increase carbon sequestration. This, in turn, will decrease the net emission of carbon dioxide. A number of studies exist that calibrate the contribution of various individual, site-specific conservation practices on changes in soil organic carbon. There is a general absence, however, of a comprehensive effort to measure objectively the contribution of these practices including conservation tillage, the Conservation Reserve Program, and conservation buffer strips to change in soil organic carbon. This paper fills that void. After recounting the evolution of the use of the various conservation practices, it is estimated that organic carbon in the soil in 1998 in the United States attributable to these practices was about 12.2 million metric tons. By 2008, there will be an increase of about 25 percent. Given that there is a significant potential for conservation practices to lead to an increase in carbon sequestration, there are a number of policy options that can be pursued.
Changes in Wealth Distribution in Italy (2002-2012): Who Gained from the Great Recession

The aim of the paper is to analyze changes in families’ assets between 2002 and 2012; to measure changes in the degree of inequality; and to identify which social groups (or classes) have gained from these changes, using the decomposition procedure of the Gini concentration ratio proposed by Dagum (1997). The paper introduces two important methodological innovations. First, the definition of household wealth employed here is net wealth minus the value of the household’s home (if owned). Second, we develop a new method for computing the Gini coefficient in presence of negative values, and for decomposing it.
The Impact of Misvaluation on Financing Decisions: Evidence from the Real Estate Investment Trust (REIT) Sector

We investigate the effects of misvaluation (defined as fluctuation in the market value of equity relative to its intrinsic value) on financing decisions of REITs (Real Estate Investment Trusts). Our findings reveal that misvaluation increases the likelihood of capital-increasing decisions (i.e., equity issues, debt issues and dual issues) and decreases the likelihood of capital-reducing decisions (i.e., equity repurchases and debt retirements). The impact of misvaluation on the equity-related decisions is consistent with market timing behaviour, whereas its impact on debt-related decisions is peculiar. Our further analyses document that due to exogenously capital constraints, highly misvalued REITs, which are motivated to undertake merger activities or new investments, issue both equity and debt financing because single equity capital might be insufficient to finance their new projects. In addition, the effects of misvaluation on debt-related decisions are different between REITs and non-real estate firms (non-REs).
Review of the Disability Discrimination Act 1992

The terms of reference for this public inquiry into the Disability Discrimination Act 1992 asked the Commission to look at how effective the Act had been been in achieving its objectives, and to assess the costs and benefits of the Act. In its final assessment, the Commission identified ways in which the DDA could be improved, including the introduction of an explicit duty to make reasonable adjustments. The Commission did not suggest changing the objectives of the Act.
Securities Market Reforms and Market Segments for IPOs: An Analysis of Listing and Delisting Decisions in Germany

This study investigates the listing of IPOs and the delisting from the Prime Standard, the highest regulated stock exchange segment in Germany. The German Stock Exchange instituted this market segment subsequent to the high-technology new economy period in 2003. For a sample of 531 firms, we analyze the economic reasons and consequences of firms entering and leaving this stock market segment during the 2003 to 2015 period. The main reasons are bankruptcy, acquisitions, delisting and most importantly transfers to lower market segments. We used several logit and firm-fixed effects regressions to provide new evidence for firms’ delisting and segment change decisions. Low growth opportunities and low operating performance increase the probability that firms switch to a lower market segment. Consequently, the firms’ cost-benefit considerations are an important explanation for selecting the preferred stock market segment and the transfer to a less regulated market environment.
The role of root border cells in aluminum resistance of pea (Pisum sativum) grown in mist culture

Root border cells are considered to contribute to aluminum (Al) resistance by protecting the root apex from Al toxicity. In the present study, the responses of root apices of pea (Pisum sativum) to Al exposure in mist culture with border cells stripped off or not were compared. Inhibition of root elongation, induction of callose synthesis, and accumulation of Al were more pronounced in root apices stripped from border cells. Aluminum application led to higher Al concentrations in border cells than in root apices. The same trend was found for Al contents in cell walls of border cells compared to root apices. The analysis of cell-wall pectin indicated that the concentrations of total sugars, uronic acids, and 2-keto-3-deoxyoctonic acid (KDO) were higher in border cells than in root apices, especially when exposed to Al. Together, these results suggest that root border cells enhance the Al resistance of root apices by immobilizing Al in their cell-wall pectin, thus protecting the root apex.
Linguistic Cues of CEOs’ Future Focus in Earnings Conference Calls: The Impact on Corporate Policies

Building on the Upper Echelons Theory we investigate the impact of CEO future sightedness on corporate policies and firm performance. We capture CEOs future orientation through an unobtrusive, validated tool of linguistic analysis of textual characteristics expressed by CEOs during 2008-2012 earnings conference calls for the top 1.000 NYSE companies. We then provide three levels of results. Firstly, we show that - all other factors equal - the presence of a future-oriented CEOs impacts on Corporate Financial Policies, both in terms of book leverage and cash holdings. Secondly, we analyse the differences in capital structure as result of CEOs’ active financing decision. In line with the Pecking Order Theory (and conditional to the presence of net financing deficit) highly future focused CEOs negatively affect the attraction of external resources via debt and equity issuance and prefer internal sources of financing in terms of retained earnings. Finally, we integrate our sample with acquisition announcements and estimate a series of linear probability models to assess whether CEO future focus has a material impact on firm acquisitiveness. Future focused CEOs in our sample are, indeed, less likely to attempt an acquisition in a given year, more likely to pay for the acquisition with acquirer stocks, and less likely to conclude a cross-sector acquisition.
Is the Naira-US Dollar Real Exchange Rate Misaligned?

Policy makers are generally interested in knowing the degree of real exchange rate (RER) misalignment because of its connection to currency crises and other external sector imbalances. In Nigeria, the Naira-US Dollar RER appreciated by 81.3 per cent between 2000 and 2008 and depreciated afterwards by 10.10 per cent to close at an average of N150.72 in 2009, due to the impacts of the global financial crisis. The main thesis of this study is: Are the movements in Naira RER during Q1:2000 to Q2:2011 in line with the economic fundamentals or not? Based on the theory of co-integration and error correction models as well as calibrated values of relevant explanatory variables, the study obtained estimates of sustainable Naira equilibrium RER and computed the corresponding misalignment levels in a time series perspective. It was confirmed that the RER appreciation of 2002-2008 and depreciation of 2009 were consistent with the long run equilibrium trend. It was also found that the RER oscillated quite closely around its equilibrium path during the study period as it was misaligned by 0.29 per cent. Lastly, the study found a slight RER misalignment (0.03 per cent) during the RDAS/WDAS regimes and thus recommends that the current exchange rate policy in the country be retained while ensuring that official interventions in the foreign exchange market are guided by movements in relevant macroeconomic fundamentals.
Infection of commercial laying hens with Salmonella Gallinarum: clinical, anatomopathological and haematological studies

This study aimed at evaluating the susceptibility of commercial laying hens to Salmonella Gallinarum (SG). Two experiments were carried using a mutant strain of Salmonella Gallinarum resistant to nalidix acid (SGNALr). In the first trial, the resistance of birds was evaluated based on clinical signs, faecal shedding, and mortality. It was carried out with six lines of commercial layers being three light white layers, considered to be resistant to SG (W1, W2, W3), and three semi-heavy brown varieties (B1, B2, B3), considered susceptible to SG. Each group contained 15 one-day-old birds. Hens were inoculated in the crop at 5 days of age with 0.2 mL of SGNALr neat culture. In addition, to each brown variety, a new group of 15 birds was challenged with 0.2mL of the same SGNALr culture diluted at 10-3. At the end of the first experiment, the surviving birds were sacrificed, and microbiological culture of liver and spleen was performed. In the second experiment, white and brown birds were inoculated with neat culture at five days of age. Samples were collected for evaluation of blood parameters and histopathology assessment at 1, 3, 5, 7, 9, 12, and 14 days post-infection. The results of the first experiment showed higher resistance of white birds (p<0.05), although there was no uniformity in the responses against fowl typhoid among the birds within these groups. In the second experiment, there were differences between white and brown birds both in blood parameters and in organ lesion intensity.
Cladistic analysis of Heliconius butterflies and relatives (Nymphalidae: Heliconiiti): a revised phylogenetic position for Eueides based on sequences from mtDNA and a nuclear gene

A new phylogenetic hypothesis for Heliconius and related genera is presented, based on DNA sequence data from mtDNA combined with a region of the wingless gene. This study also adds eight new taxa to a previous cladistic hypothesis based on the mtDNA alone. Simultaneous phylogenetic analysis of the two gene regions together supports a topology largely in agreement with traditional views of heliconiine relationships based on morphology and suggests that the mtDNA support for the sister relationship between Eueides and H. charithonia is due to convergent evolution of homoplasious mtDNA sites.
Effects of different factors on the forward extraction of soy protein in reverse micelle systems

Reverse micelle extraction is a new technology for the extraction of protein. In this research, three kinds of reverse micelle systems, anionic surfactant sodium bis(2-ethylhexyl) sulfosuccinate (AOT) reverse micelle system, sodium dodecyl sulfate (SDS) reverse micelle system, and cationic surfactant cetyltrimethyl ammonium bromide (CTAB) reverse micelle system, were used to extract soy protein respectively. Effects of soy flour concentration, Wo ([H 2 O]/[AOT]), temperature, time, pH, ionic strength and ultrasonic power on forward extraction efficiency of soy protein were investigated. The effect of AOT reverse micelle diameter was studied as well. AOT reverse micelle system had higher extraction efficiency than SDS and CTAB systems. The main factors that affected the forward extraction were soy flour concentration, temperature and pH. The optimal conditions in AOT system were soy flour concentration being 0.007 g/ml, Wo 16, pH 6.5, temperature 34°C, time 20 min, KCl concentration of 0.1 mol/L and ultrasound power of 240 W. Under these conditions, the extraction efficiency of soy protein was 85.5%. The forward extraction efficiency of soy protein in AOT reverse micelle system increased with the increase of the reverse micelle diameter. Reverse micelle extraction is an effective way to extract soy protein. Key words: Soy protein, reverse micelle, forward extraction, sodium bis(2-ethylhexyl) sulfosuccinate (AOT), sodium dodecyl sulfate (SDS), cetyltrimethyl ammonium bromide (CTAB).
Comparison of growth, feeding and cortisol level in Platichthys bicoloratus juveniles between estuarine and nearshore nursery grounds

Growth rates estimated using the RNA : DNA ratio of field-collected stone flounder Phatichthys bicoloratus juveniles were significantly higher in fish from brackish estuarine sites than from exposed nearshore sites. Gut fullness of juveniles indicated that prey availability was higher in estuaries than in nearshore areas. The whole-body cortisol concentration of juveniles, however, was approximately four times higher in fish from the estuarine than the nearshore sites. This elevated cortisol level was possibly attributable to the much higher fluctuations in temperature and salinity over a diel cycle than in nearshore habitats where both environmental factors were comparatively stable. High growth rates, feeding conditions and densities of stone flounder juveniles in estuarine nursery grounds indicated that the elevated cortisol level was within a physiologically tolerable range and did not impair fish performance.
The impact of diversification of a rice–wheat cropping system on crop productivity and soil fertility

Field experiments were conducted at the Crop Research Centre of Govind Ballabh Pant University of Agriculture and Technology, Pantnagar during 1996/97 and 1997/98. Each experiment comprised 10 crop sequences: (a) wheat–rice, (b) chickpea–rice, (c) lentil–rice, (d) pea–rice, (e) wheat–mungbean green manure–rice, (f) wheat–Sesbania green manure–rice, (g) wheat–fodder–rice, (h) chickpea–fodder–rice, (i) lentil–fodder–rice and (j) pea–fodder–rice, in a randomized block design with four replications. The crop sequences were compared in terms of economic rice equivalent yield (REY), protein production, apparent nutrient balances and effect on soil fertility status. Amongst crop sequences involving two crops each year (200% cropping intensity), chickpea–rice gave highest REY and protein production. Of the sequences involving three crops each year (300% cropping intensity), chickpea–fodder–rice and wheat–fodder–rice were superior to others. The P balances were positive for all sequences, whereas K balances were generally negative except for sequences involving green manure legumes. Green manuring with Sesbania or mungbean helped restore soil fertility, indicating the advantage of green manure for higher productivity and sustainability of rice–wheat system. Chickpea–rice and chickpea–fodder–rice appeared promising alternatives to rice–wheat crop sequence.
Does Size Matter in Predicting Hedge Funds’ Liquidation?

In this study, we propose a set of covariates that exploit information content of hedge funds’ relative size, performance, growth, tail risk, and past liquidation rate, in predicting their liquidation. Empirical results show that our proposed covariates exhibit significant predictive power for up to two years even when we control for fund specific characteristics. Furthermore, we estimate separate liquidation prediction models for small, medium, and large funds. Our findings suggest that liquidation likelihood of hedge funds is inversely related to fund size, and statistical significance of factors affecting their liquidation vary across different size categories.
The Cost of Sin: The Effect of Social Norms on Audit Pricing

In this paper we provide evidence for the effects of social norms on audit pricing by studying companies belonging to the alcohol, firearms, gambling, military, nuclear power, and tobacco industries, which are often described as “sin” companies. We hypothesize that the disparities between “sin” firms operations and prevailing social norms create an adverse context which heightens the client’s business risk assessment by auditors and is, thereby, reflected in the pricing decisions for audit and consulting services. Having controlled for the impact of variables relating to client attributes, auditor attributes and engagement attributes, we demonstrate that audit firms charge significantly higher audit and consulting fees to companies that deviate from prevailing social norms. Additionally, we show that audit pricing levels within the “sin” group depend both on prevailing political views and on the vlevel of “vice” exhibited by “sin” companies.
The Role of Venture Capital in the Entrepreneurial Finance Ecosystem: Future Threats and Opportunities

Despite the enduring relevance of venture capital as a source of funding for new firms, the last decade has seen the emergence of multiple alternative sources of funding, radically reshaping the start-up ecosystem and posing new questions for both academics and practitioners. In this review paper, we provide a comprehensive analysis of the challenges and opportunities opened by these new financing structures, trying to shed light on the features, investment policies and risk-return profiles of institutional and informal investors providing capital to early stage companies. <br><br>We begin by critically reviewing the strengths and weaknesses of the main alternative capital providers. We then highlight that traditional closed-end venture capital funds, while experiencing competitive pressure, still play a critical role in the financing structure of new firms because of their unique production process and distinctive competencies. With conclude by providing a comprehensive representation of the complex and multidimensional nature of startups that can be useful to identify more effective fundraising strategies and tackle new and yet unexplored research questions. <br>