Miracle-dz/UniFAR-FTUs huggingface dataset:
Tests of the Fama and French Three Factor Model in Jordan

A dynamic capital market is an important segment of the financial system of any country in which it plays a significant role in mobilizing savings and channeling them for productive purposes. The efficient fund allocation depends on the stock market efficiency in pricing the different securities trade in. The objective of this paper is to specify a model that may predict the stock return in the industrial companies sector in Amman Stock Exchange (ASE). Another objective is to find out if the applicable models employed in the developed markets explain the cross sectional variations on stock return at the industrial sector in Amman Stock Exchange. We used Generalized Methods of Moments (GMM) to regress the two main models. The results showed that two of the three factors of the Fama and French (FF) model were applicable in the industrial sector in ASE (Market return and Size). We also found that the FF model explains the common variation and captures the cross section variation in stock return better than the Capital Asset Pricing Model (CAPM). In Jordan, specific evidence has not been published on the FF three factor model. One feature of the FF which reduces its appeal (when compared to its simpler counterpart, CAPM) is the difficulty surrounding the nature and construction of the size and book-to-market factors. This is particularly so in smaller markets where extensive and reliable data over sufficiently long time-series are prohibitively expensive to compile or often simply do not exist. Consequently, the primary objective of the current paper is to identify a relatively simple way around this problem.
MEK Kinase Is Involved in Tumor Necrosis Factor α-Induced NF-κB Activation and Degradation of IκB-α*

Signal-dependent activation of the transcription factor NF-κB is dominantly regulated by degradation of IκB-α protein. However, the signaling pathways that lead to the degradation are not clear. Here we report that mitogen-activated protein kinase/extracellular signal-regulated kinase kinase (MEK) kinase, an activator of stress-activated protein kinases/jun kinase-1 (SAPKs/JNK1), is involved in such signaling pathways. The transient overexpression of MEK kinase in NIH3T3 fibroblasts activates κB-CAT reporter expression in a synergistic manner with TNFα stimulation. In contrast, overexpression of kinase-negative MEK kinase suppresses TNFα-induced reporter expression. The overexpression of MEK kinase suppresses the inhibitory activity of co-transfected IκB-α on the κB-CAT or human immunodeficiency virus-long terminal repeat-luciferase reporter expression and causes the simultaneous disappearance of the overexpressed IκB-α. The disappearance of exogenous IκB-α by the overexpression of MEK kinase is prevented by calpain inhibitor-I, an inhibitor of IκB-α degradation. These results suggest that MEK kinase is a signal mediator involved in TNFα-induced NF-κB activation and that the activation of NF-κB by MEK kinase is regulated through the degradation of IκB-α.
EFFECTS ON BODY WEIGHT AND FEED CONVERSION OF BROILER CHICKENS FROM THREE COMMERCIAL CROSSES REARED WITH THE SEXES SEPARATED OR INTERMINGLED

Two tests, each including 1,728 sexed broiler chicks, were conducted with the sexes both intermingled and separated. The chicks, progeny of three commercial meat-type strains of hens mated to a single strain of males, were hatched in the same incubators on the same day and reared in 48 pens in a windowless house.Results to nine weeks of age revealed no significant effects of rearing the sexes separately or intermingled, on body weight, feed conversion or uniformity of body weights.
To Give an Insight into Financial Crisis from Corporate Governance

Discussion about corporate governance (CG) mostly centers on corporate performance or the function of the board of directors. In this study, we incorporate external monitoring mechanisms into the analysis of CG to establish a comprehensive set of CG mechanisms. We then combine these mechanisms with financial crises (FCs) to elucidate (1) whether fulfilling CG reduces the risk of an FC when all other factors are controlled and (2) whether poor CG compromises subsequent company operations and causes an FC. In this study, we analyze companies listed on the Taiwan Stock Exchange between 2003 and 2010 except for financial/securities companies. The empirical results show that conventional director and supervisor functions and external monitoring mechanisms influence the 3-year likeliness of an FC. For director and supervisor functions, the 3-year likeliness of an FC simultaneously increases with board size, share pledge ratio of directors and supervisors, and deviation from stock pledge responsibilities of directors and supervisors. For external monitoring mechanisms, the 3-year likeliness of an FC simultaneously increases with a decrease in information disclosure and accountant selection stringency. Moreover, the likeliness of an FC increases once a specific portion of board seats is occupied by independent directors and supervisors. In companies with a chairperson or chief executive officer, the risk of an FC simultaneously decreases with an increase in the shareholding ratio of the chairperson due to the coexistence of interest. Finally, we conduct a subsequent analysis to identify the common predictors in each year of the 3-year research period and adjust the scope of research to reinforce our argument that CG is the cause of FCs.
Do Autocratic States Trade Less?

The paper analyzes whether the political regime of a country influences its involvement in international trade. Firstly, we develop a theoretical model that predicts that autocracies trade less than democracies. Secondly, we test the predictions of the model empirically using a panel of more than 130 countries for the years 1962 to 2000. In contrast to the existing literature, we use data on individual importing and exporting countries, rather than a dyadic set-up. In line with the model, we find that autocracies import substantially less than democracies, even after controlling for official trade policies. This finding is very stable and does not depend on a particular set-up or estimation technique.
Testing for Zeros in the Spectrum of an Univariate Stationary Process: Part II

It is well known that traditional inference do not apply when the spectral density of a stationary process vanishes for some frequency. This paper examines some properties of several new non parametric tests of this hypothesis which have been recently proposed by Lacroix (1999). These tests exploit the asymptotic behavior of the periodogram for some well-chosen sequence of frequencies. In particular, we investigate the power properties of the tests from both theoretical and empirical approach. We first derive the limiting properties of the tests under a sequence of local alternatives. Then, we use Monte Carlo experiments to study the size and power of the tests for two particular ARMA models. The distribution of the statistics in finite sample is also investigated.
Breeding Behaviour and Ecology of the Australian Pelican, Pelecanus Conspicillatus, in New South Wales.

Australian pelicans (Pelecanus conspicillatus) were studied in colonies at 2 lakes in New South Wales. Adults regurgitated food for the young. Those up to 2 weeks old took liquid food from inside the tip of the adult's upper beak. Older ones took solid food from the adult's gullet, to age of about 3.5 months. After being fed, the young had convulsions lasting about 1 min; that did not happen after a second feeding immediately after the convulsion. Where there were 2 young of different sizes, only the larger convulsed, and sometimes the smaller was prevented from feeding and died of starvation. The survivor continued to have convulsions after feeding, as did single young, when there was no competition for food. Food was mainly fish; the most abundant fish was goldfish (Carassius auratus); a minor item was perch (Perca fluviatilis). Fish were 60 to 247 mm long and weighed 17 to 320 g. Crustaceans were less important and included freshwater crayfish (Cherax destructor) and shrimp (Macrobrachius sp.).
Predicting Long-Term Financial Returns: VAR vs. DSGE Model - A Horse-Race

This paper considers an institutional investor who is implementing a long-term portfolio allocation strategy using forecasts of financial returns. We compare the performance of two competing macro-finance models, an unrestricted Vector AutoRegression (VAR) and a fully structural Dynamic Stochastic General Equilibrium (DSGE) model, at forecasting financial returns. We show that the DSGE model outperforms the unrestricted VAR at forecasting financial returns in the long term and generates substantially higher Sharpe ratios for mean-variance allocations. Even if it contains fewer unknown parameters, the DSGE model benefits from economically grounded restrictions that help anchor financial returns in the long term.
Female antennal sensilla of Epidinocarsis lopezi and Leptomastix dactylopii (Hymenoptera: Encyrtidae), parasitoids of pseudococcid mealybugs

Antennal sensilla were compared in females of two encyrtid Hymenoptera, Epidinocarsis lopezi and Leptomastix dactylopii, parasitoids of adults and larvae of Pseudococcidae. The external morphology of these sensilla was studied using scanning electron microscopy and their ultrastructure observed under transmission electron microscopy using ultrathin sections. Female antennae have seven different types of sensilla, morphologically very similar in the two species: trichoid sensilla, which are putative mechanosensilla, sensilla chaetica types 1 and 2, which are presumably contact chemosensilla, and sensilla chaetica types 3 and 4, basiconic sensilla, and placoid sensilla, which are all presumed to be olfactory sensilla. Sensilla chaetica types 2 and 4 are thought to be directly involved in host discrimination. The only differences between the two species are in the number and distribution of some types of sensilla. These differences might be related to the varied tritrophic ecological context of the two speci.
Can the Global Economy Activity Predict Cryptocurrency Returns

We investigate whether the global economic activity (GEA) index provided by Kilian (2009) can predict the dynamics of the cryptocurrency. First, we find that the lagged two-month GEA index can predict positively the cryptocurrency monthly returns, especially for Bitcoin. It implies that the investor tends to invest more in the Bitcoin when the economic condition was good two months ago. Furthermore, Bitcoin investors would decrease (increase) their investment when the decline (rise) of the S&amp;P 500 index. In addition, we find the Bitcoin return predictability of the GEA index only exists in the one-month-ahead period.
Investor Attention and Option Returns

This paper examines the attention effect in the options market. We show that option investors (especially retail investors) buy more calls and puts on both daily winner and loser stocks, and this buying pressure leads to an overvaluation, as shown in subsequent lower hedged returns. The overvaluation is due to a combination of differences of opinion, risk aversion, and margin requirements. The economic magnitude is large. For instance, a zero-financing portfolio involving options on loser stocks renders an alpha of 2.90% per month. Aside from contributing to the broad literature of investor attention versus asset returns, our study also sheds light on an important yet largely neglected topic: the impact of margins on option trading and pricing. This paper was accepted by Lukas Schmid, finance.
How Important are Local Knowledge Spillovers of Public R&D and What Drives Them?

Abstract This paper analyzes the magnitude of local knowledge spillovers of public R&D in Germany and its determinants using patent application data. We identify three distinct transmission channels. First, firms file more patent applications when collaborating with (local) public institutions. Second, firms file more patent applications when citing a public patent. Third, local public R&D seems to increase the number of patent applications by local firms also via non-specific knowledge spillovers. Using a fixed effect instrumental variable regression approach, we find evidence for substantial local spillovers and that these are driven by non-specific knowledge spillovers.
The Relationship between Corporate Performance and Financial Structure: An Empirical Study of Construction and Real Estate Firms in Nigeria

This paper evaluates the relationship between corporate performance and financial structure as well as the effect of financial structure on corporate performance of construction and real estate firms in Nigeria. The data were collected from Nigerian Stock Exchange factbook for the period of twenty one years from 1993 to 2013. The unit root test was conducted on the variables and was found to be stationary at the second difference. The Johansen Co-integration was applied to assess the relationship while the pooled OLS was used to determine the effect of financial structure on corporate performance. Two models were developed with two dependent variables: return on assets and return on equity representing firm corporate performance and five independent variables: total debt to equity ratio, total debt to total assets ratio and short term debt to total equity ratio reflecting financial structure; growth opportunity and taxation as control variables. The Johansen Co-integration analysis shows the presence of a long run relationship between corporate performance and financial structure. When return on assets was used as a measure of corporate performance of firms, only debt to equity ratio and growth opportunity exhibited a positive relationship while total debt to total assets ratio, short term debt to total equity ratio and taxation indicated a negative relationship. On the other hand, when return on equity was applied as corporate performance proxy, all the financial structure variables and taxation signalled a negative relationship while growth opportunity showed a positive relationship. Therefore, the findings disclosed that firm’s corporate performance and financial structure are correlated and financial structure negatively affect firm corporate performance. This supports the pecking order theory and consistent with previous studies that financial structure and corporate performance are negatively related. Based on the findings, we may conclude that the optimal financial structure does not play a significant role in the construction and real estate firms listed in Nigerian Stock Exchange. This paper will assist financial managers in making healthier decisions and scholars can develop new idea for further research on the nexus between financial structure and corporate performance of firms.
Law, Endowment and Inequality in Access to Finance

Abstract Theoretical work suggests an ambiguous relationship between the strength of institutions and the distribution of access to finance. Using a sample of listed firms from 70 countries, this study constructs country-level measures of inequality in access to external finance, and explores its relation to institutions. We show that inequality of access is positively related to financial development as well as inequality in the distribution of firm size, firm revenue, and residents’ incomes. Countries with stronger investor protection for equity and debt have higher inequality in equity and debt financing respectively, presumably as a result of higher efficiency in fund allocation. Finally, we find that the historical determinants of institutions, including the civil law tradition and the disease environment encountered by colonizers, are negatively related to inequality in access to external finance.
Equilibrium Value and Size Premia

A general equilibrium production economy with heterogeneous firms and irreversible investment generates the value premium. Investment irreversibility prevents unprofitable value firms from optimally scaling down their capital stock. In contrast, profitable and fast growing - growth - firms can optimally use investment to provide consumption insurance. Value firms are riskier and have higher expected returns than growth firms, especially in bad times when consumption volatility is high. The value premium is larger for small stocks as small value firms are more severely affected by irreversibility. Firms’ investment and capital predict the cross-section of stock returns much like book-to-market and market equity both in the model and data. The model can replicate the failure of the unconditional CAPM. Multifactor models, including the Fama and French (1993) factor model, and to a lesser extent, conditional versions of the CAPM, outperform the unconditional CAPM.
The Politics of Welfare Retrenchment: Evidence from Mass Medicaid Disenrollment in Two States

Abstract In 2005, Missouri and Tennessee tightened eligibility for their public health insurance programs, resulting in widespread coverage losses. Leveraging county-level variation in subsequent disenrollment, I show that voters in Tennessee punished the incumbent governor for the Medicaid cuts. In Missouri, by contrast, disenrollment had no impact on the subsequent gubernatorial election but did increase support for Democrats in 2006 state legislative elections, possibly due to the strategic entry and exit of candidates. In both states, the loss of Medicaid coverage was associated with lower support for Democratic presidential candidates, although these declines appear part of a longer-term trend that preceded the coverage loss. The results speak to the potential political costs of welfare spending cuts and the electoral consequences of reducing income-targeted social programs.
Key Factors in Impulse Buying: Evidence from Taiwan

This study aims to explore the influence of website design, electronic word-of-mouth, perceived value, buying emotion on impulse buying-using 7Net as an example. A questionnaire survey was conducted on the users of the 7Net websites in north, central, and south/east of Taiwan and offshore island. The data were analyzed statistically. The results show that: (1) Website design has a significant positive and direct impact on electronic word-of-mouth, perceived value, and buying emotion; electronic word-of-mouth, perceived value, and buying emotion has a significant positive and direct impact on impulse buying. (2) The demographic variables of the 7Net users including educational attainment, current residence, average monthly income, experience in using/browsing online shopping and the frequency to use/browse online shopping each month have a significantly different perception on the website design, electronic word-of-mouth, perceived value, buying emotion and impulse buying.
Adubação foliar: I. Épocas de aplicação de fósforo na cultura da soja

A busca de novas alternativas para o aumento da produtividade da soja tem sido constante objetivo de pesquisadores e produtores. As respostas da cultura a aplicacao do fosforo via solo sao bem definidas, sendo esse nutriente de grande importância no desenvolvimento da mesma, implicando seu uso em aumento do rendimento. A adubacao foliar nessa cultura vem sendo muito difundida por empresas deste ramo, surgindo como uma opcao viavel de fornecimento suplementar de nutrientes, principalmente quando constatados niveis baixos na planta em caso de deficiencias. Visando dar maiores subsidios aos produtores, objetivou-se com este trabalho estudar o efeito da adubacao foliar de fosforo aplicado em diferentes estadios da planta compreendendo: V5, R1, R4, V5+R1, V5+R4, R1+R4, V5+R1+R4, V5+R1+R4+R6 e tratamento testemunha. O ensaio foi implantado em uma lavoura de soja, cultivar Monarca, na Fazenda Palmital em Ijaci-MG, utilizando delineamento de blocos casualizados com 9 tratamentos e tres repeticoes. Foi utilizado como fonte de fosforo o produto Quimifol P30 quelatizado na forma liquidacom 30 % do nutriente soluvel em CNA + agua na dose de 2,0 l.ha-1sendo as aplicacoes realizadas com pulverizador costal de gas carbonico, bico leque, a pressao constante de 2,8 kgf/cm2. As diferentes epocas de aplicacao de fosforo alteraram significativamente o rendimento de graos, proporcionando aumentos significativos de ate 16% para as epocas V5, V5 + R1, V5 + R4, V5 + R1 + R4, V5 + R1 + R4 + R6, quando comparados a testemunha, expressando claramente o efeito positivo dessas aplicacoes na epoca V5. As caracteristicas altura da planta, insercao do 1o legume e indice de acamamento nao foram alteradas significativamente pelas diferentes epocas avaliadas. Observou-se resposta significativa para os teores foliares de nutrientes somente para os indices de K e Zn, exclusivamente no tratamento V5+R4, e nas epocas V5, V5 + R1 e V5 + R1 + R4 + R6 respectivamente.
Mislearning and (Poor) Performance of Individual Investors

We study individuals' incentives to make investment decisions. Using data from a large pension system in Chile we find that individuals who are active in managing their investments have, on average, poor performance. We provide robust evidence suggesting that learning plays an important part in this phenomenon. Indeed, individuals who have made successful investment decisions in the past go on to trade more frequently. However, this result holds when using a naive definition for successful decisions. Also, average performance is negatively related to the number of investment decisions, casting doubt on the existence of market timing skills.
The development of the embryo sac of sunflower Helianthus annuus before fertilization

The degeneration of one synergid denotes the initiation of embryo and endosperm development in the embryo sac of sunflower Helianthus annuus L. The other synergid, the persistent synergid, is present until the late globular stage of embryogenesis. The primary endosperm nucleus divides before the zygote nucleus forming a coenocytic nuclear endosperm. When about eight endosperm nuclei are present during the early globular stage of embryogenesis, endosperm wall formation starts at the micropylar end of the embryo sac. The walls continue to grow toward the chalazal end of the embryo sac apparently as a result of the activity of Golgi located at the tips of the growing walls. Most endosperm wall formation is not associated with a mitotic spindle apparatus in sunflower. The suspensor of the embryo consists of a large basal cell during the proembryo stages, a single row of cells during the early globular stages, and at the late globular stage a double tier of cells near the radicle end of the embryo and a single.
A Bayesian Dynamic Hedonic Regression Model for Art Prices

Hedonic pricing models are based on the premise that the prices of marketed goods are related to their attributes. The traditional OLS regression applied to hedonic pricing models assumes that, when using time series, the estimated coefficients with respect to each of the attributes remain constant. This does not have to be the case. We propose a Bayesian dynamic estimation of the hedonic regression model in which the estimated coefficients are time-varying and apply it to art prices. We find that, using a sample of 27,124 paintings sold at auction by 63 Pop artists (2001-2013), the estimated coefficients from the dynamic regression model fluctuate noticeably through time, and also that certain types of artworks, which might be regarded as “safer”, declined in price by less than less safer paintings during the financial crisis (2008-2009). We also estimated a Pop-Art price index, finding that, in the semesters prior to the crisis, Pop-Art prices increased much faster than what an OLS estimation would have suggested.