Miracle-dz/UniFAR-FTUs huggingface dataset:
Mediating Influence of Islamic Microfinance on agricultural Antecedents and Agribusiness Performance in Jigawa State, Nigeria

The object of research is the relationship between farm technical know-how (FTK), farmers’ cooperatives (FC) and agribusiness performance (ABP) in Jigawa State, Nigeria. Despite the importance of the agribusiness in terms of economic growth and development of Jigawa state, yet, the agribusiness performance is decreasing in the state. The findings from the sector revealed inconsistency due to that this study is motivated to includes Islamic microfinance as a mediating variable on the relationship between the study variables. <br><br>The study seeks to establish a relationship between agricultural antecedents and Agribusiness Performance. Also, to explore the mediating impact of Islamic microfinance on the relationship between agricultural antecedents and Agribusiness Performance in Jigawa state, Nigeria. <br><br>The study used a quantitative approach with 320 questionnaires and analysed by Partial Least Square Structural Equation Modelling (PLS-SEM) through Smart PLS software. <br><br>The findings of the study indicated that there is a positive relationship between farm technical know-how, farmers’ cooperatives, and agribusiness performance. Similarly, Islamic microfinance was found to mediate the relationship between farm technical know-how, farmers’ cooperatives and agribusiness Performance. <br><br>The study recommended that Jigawa state government decision-makers, agribusiness associations and farmer cooperatives should consider use of Islamic microfinance as a solution to the problems of Agribusiness Performance through which poverty reduction and unemployment can be solved. In relation to this, Islamic micro-financial institutions should provide more opportunities to support agribusiness activities.
The Political Economy of Open Borders: Theory and Evidence on the Role of Electoral Rules

Institutions matter for the political choice of policies, and hence the consideration of the median voter's preferences should not be considered sufficient. We study theoretically and empirically how different electoral systems affect the level of openness of a country or city, zooming on the labor market as the main source of heterogeneous economic preferences towards immigration. The general result is that a polity is more open to immigration the less likely it is that policy making can be supported by a plurality of voters who do not constitute the absolute majority. There is evidence for this result at all levels in terms of correlations, and we establish causality via regression discontinuity design for the Italian case.
Wasted in Waste? The Benefits of Switching from Taxes to Pay-as-you-throw fees: The Italian Case

Solid waste management is one of the most important functions performed by Italian municipalities and is mostly financed through local property taxes. Alternative financing schemes, known as ‘pay-as-you throw’ (PAYT), are designed to price each additional unit of waste and are becoming increasingly frequent at international level. Their advantages in terms of efficiency and equity, as well as of care for the environment, have been investigated both theoretically and empirically. This paper estimates the impact of PAYT schemes on the amount of waste produced and on the costs of its disposal for Italian municipalities. Results show that PAYT schemes deeply affect user behavior: total waste decreases (unsorted waste almost halves). Overall, the costs incurred by municipalities adopting PAYT fall by roughly 10 to 20 per cent in per capita terms, reflecting a reduction of one third in the cost of managing undifferentiated waste.
Does the market understand the ex ante risk of expropriation by controlling shareholders?

Abstract We examine how the market values operating assets in the presence of time-varying ex ante risk that these assets may be tunneled away. We analyze pairs of Chinese publicly listed firms and their non-listed parents and examine the market valuation of current assets (cash balances, trade receivables, receivables due from the controlling shareholders, inventories) and fixed assets on the publicly listed firm's balance sheet. Our results show that in periods when the risk of tunneling from the publicly listed firm to its controlling shareholder increases, operating assets that are easy to tunnel (cash and receivables due from the controlling shareholder) are valued at larger discounts, while operating assets that are not easy to tunnel (trade receivables, inventories, fixed assets) are not valued at such discounts.
The Spillover Effect of the Bangladesh Bank Cyber Heist on Banks’ Cyber Risk Disclosures in Bangladesh

Bangladesh Bank (BB), the central bank of Bangladesh, experienced a highly organized cyber heist in February 2016 that seriously impaired the legitimacy of the cyber security systems of the country’s overall banking sector. This study examines the spillover effect of that cyber heist on the cyber risk disclosures of the banking sector in Bangladesh. Building on institutional theory, we propose that in emerging markets, after a notable cyber heist experienced by the country’s central bank, the banking sector of the country tends to increase cyber risk disclosures as an institutional strategy to regain legitimacy. Analyzing the disclosures in the annual reports of 38 commercial banks from 2014 to 2018, we find that banks’ cyber risk disclosures significantly increased after the BB cyber heist.We also find that the political embeddedness of the banks and their adherence to Islamic Shariah negatively influence a bank’s tendency to use cyber risk disclosures as a legitimacy-regaining strategy after the heist. Our institutional perspective offers new insights into why the banks in an emerging country engage more in cyber risk disclosures after such an atrocious cyber attack.
Ethics Institutionalization and Employees Performance in Pakistan: The Role of Work-Life Quality

In recent years, ethics, quality of work-life (QWL), and job satisfaction are increasingly being identified as progressive indicators related to the function and sustainability of business organizations. Ethical cultures create trust within and outside corporations. Trust encourages appropriate risk-taking, which leads to innovation, which propels progress—and ultimately profitability. LRN(2006). However, little is known about ethics QWL nexus and how it impacts performance outcomes. This study aims to investigate the association between the institutionalization of ethics, QWL, and employee job-related outcomes and motivation to contribute to society (WMCS) in Pakistan. We proposed a theoretical framework modifying Koonmee et. al. (2010) model to include social responsibility factors. We hypothesize that Ethics institutionalization (in 1. Implicit and 2. Explicit form), as well as Social responsibility toward workers, positively affect employees QWL. And QML would in turn improve Job satisfaction, Organizational commitment, Team spirit, and Motivation to contribute to society. Empirical validity was established by conducting a survey using a close-ended questionnaire. Data was collected from 300 human resource managers of companies listed on the Pakistan Stock Exchange (PSX). It was analyzed using confirmatory factor analysis and structured equation modeling. Our study results reveal a positive relationship between both forms of ethics institutionalization, as well as Social responsibility towards workers, on QWL. Whereas, QWL seems to have a positive effect on all four outcomes i.e. Job satisfaction, Organizational commitment, Team spirit, and Motivation to contribute to society. Hence, QWL positively mediated the effect of both implicit and explicit ethical institutionalization along with Social responsibility towards workers, on all four outcomes. We also witnessed a direct effect of explicit form on Job satisfaction, and Motivation to contribute to society, and a similar direct effect of implicit form on Organizational commitment, and Team spirit. Implications and limitations of the study are discussed.
Nowcasting World GDP Growth with High-Frequency Data

The Covid-19 crisis has shown how high-frequency data can help tracking economic turning points in real-time. Our paper investigates whether high-frequency data can also improve the nowcasting performances for world GDP growth on quarterly or annual basis. To this end, we select a large dataset of 151 monthly and 39 weekly series for 17 advanced and emerging countries representing 68% of world GDP. Our approach builds on a Factor-Augmented MIxed DAta Sampling (FA-MIDAS) which allows us to take advantage of our large database and to combine different frequencies. Models that include weekly data significantly outperforms other models relying on monthly or quarterly indicators, both in- and out-of-sample. Breaking down our sample, we show that models with weekly data have similar nowcasting performances relative to other models during “normal” times but strongly outperform them during “crisis” episodes (2008-2009 and 2020). We finally construct a nowcasting model of annual world GDP growth incorporating weekly data which give timely (one every week) and accurate forecasts (close to IMF and OECD projections, but with a 1 to 3 months lead). Policy-wise, this model can provide an alternative “benchmark” projection for world GDP growth during crisis episodes when sudden swings in the economy make the usual “benchmark” projections (from the IMF or the OECD) rapidly outdated
Insider Ownership and Investment Efficiency

Agency problems in firms are known to influence suboptimal capital investment decisions. Using panel data of publicly listed firms in India, we find evidence that increased insider ownership is associated with lower investment efficiency, i.e. as insider ownership increases, firms show tendency to make capital investments beyond the optimal level. However, we do not find evidence of increased insider ownership leading to underinvestment (below the optimal level of capital investment). A plausible explanation, consistent with theory, is that such insiders are making capital investments for private gain and empire-building rather than in the best interest of the firm. Additional analyses show that the presence of independent directors on the board of firms mitigates such value-destroying investments stemming from increased insider ownership.
The Dynamic Effects of the ECB’s Asset Purchases: A Survey-Based Identification

This paper estimates the dynamic effects of the ECB's asset purchase programme (APP) using a proxy structural vector autoregression. We construct a novel proxy for structural APP shocks as unexpected changes in the size of additional purchases announced by the ECB. Unexpected changes are inferred from public expectations released in quantitative surveys just before monetary policy announcements. The results consistently show that innovations to APP have expansionary effects on both output and prices: an immediate increase in asset purchases of one percent of GDP leads to a maximum impact in industrial production and consumer prices by 0.15 percent and 0.06 percent, respectively. Overall, APP shocks account for less than a fifth of the long-run macroeconomic variability. Finally, our counterfactual analyses indicate that APP and its successive recalibrations were central in supporting inflation. For example, we find inflation would have fallen into negative territory without December 2015 and March 2016 APP recalibrations.
Entrepreneurial Competency, Innovation,andSmall BusinessPerformance

Purpose: The purpose of this study is to establish a mediational model of business performance in small and medium enterprises. In this paper, the authors examine how the entrepreneur’s personal entrepreneurial competencies: systematic planning and information-seeking influence small business performance. The objective through this model is to show that it is through the process of innovation these resources are transformed into business success. Design/methodology/approach: Based on data obtained from a sample of 462 private small firms drawn from the Amhara Region, Ethiopia, the study used a structural equation modelingto validate the mediational model of small business performance. Findings: The results have shown that businesses that want to attract and increase the number of customers and thereby make more profit, obtain market share and reputation need to be innovative. Nonetheless, the degree to which they will innovate depends on their capacity to systematically plan ahead and monitor and their capacity to seek and manage external information. The entrepreneurial capabilities (planning and information seeking) are important to realize small business success because they boost innovation, and it is the innovation that expedites small business performance. The findings also established a positive relationship between nonfinancial performance and financial performance. Success must be achieved on key non-financial measures such as high customer loyalty and a positive image and reputation and attract new customers better than organizations that do not prior to realizing success on key financial measures such as profit and sales. Research and practical implications:The results of this study provide a contribution to both research and practice. The study provides a new contribution to the extant entrepreneurship literature by introducing innovation as a mediator in the relationships between entrepreneurial competencies and small business performance. The entrepreneurialcompetencies are the key qualities for converting an entrepreneurial vision into successful products or services required to meet or surpass market needs, which in turn, influence the overall performance of businesses. Understanding the small business performance through entrepreneurial competencies offer entrepreneurs with knowledge about the way they would run their business and enables them to be aware of the potential positive or negative influences of their own behavior or actions. Originality:This paper extends the existing entrepreneurial literature by developing the mediational model of small business performance. To the authors’ knowledge, this paper is the first to examine the indirect effects of systematic planning and information-seeking behavior of entrepreneurs on small firm performance through the mediation of innovation.
Collateral Menus, Bank Risk, and Profitability

What is the impact of a larger collateral menu on banks’ lending business? Using reforms which expanded the set of pledgeable assets in secured lending, we find heterogeneous effects in the cross-section of banks. Smaller banks have safer loans and earn a lower risk-adjusted net interest income following the reforms, after controlling for lending volume; a fall in their operating costs offsets the negative effect. Larger banks increase lending volume. No existing theory explains all our empirical findings simultaneously. To guide our empirical analysis, we present an adverse selection model of lending in which collateral substitutes bank screening.
Linking Risk Management Under Expected Shortfall to Loss-Averse Behavior

We introduce and solve an optimal asset allocation problem under a weighted expected shortfall (WES) constraint, which contains the risk management problem under an expected shortfall constraint of Basak and Shapiro (2001) as a special case. Furthermore, we link our risk management problem under the WES constraint with an optimal asset allocation with a multiple-reference-based preference (MRBP) and find that the optimal wealth with MRBP owns the same form as the optimal solution under the WES constraint. For the degenerate case with a fixed reference level, we are able to determine the critical maximal allowed expected shortfall constraint as a function of the loss aversion parameters to achieve equivalence. It is interesting to observe that, while no equivalence can be in general obtained between the WES<br>and the MRBP solution, the optimal terminal wealth of the WES can be made to coincide with the<br>MRBP terminal wealth in the most favorable and in the worst market states. <br>In addition, we carry out a general equilibrium analysis in the presence of a WES/MRBP risk manager.
Determination of Weights for an Optimal Credit Rating Model Based on Default and Nondefault Distance Maximization

The reasonableness of indicator weights is a key determinant of the reliability of a credit rating system. An unreliable credit rating system can lead to incorrect decisions on security investments, loan approvals and other relevant issues. Several combinations of weights are possible in such systems. Thus, it may be straightforward to determine a reasonable weight for a single indicator, but difficult to determine those for a group of indicators, and especially difficult to determine the optimal weights for such a group in a credit rating system. This study proposes a credit rating model that accurately identifies default and nondefault companies by maximizing intergroup credit score deviations and minimizing intragroup deviations. Further, this study establishes a model for determining the optimal weights for a set of indicators in a credit rating system. The empirical results show that the proposed optimal weight-based model outperforms four other weighting models (entropy weighting model, average variance weighting model, coefficient of variation weighting model and deviation weighting model). Lastly, the results show that nonfinancial indicators have a greater effect on the credit status of Chinese small and medium-sized enterprises than financial indicators do.
Fabrication of a graphene coated nonwoven textile for industrial applications

A cost effective electrically conductive textile for large scale applications would revolutionise numerous industries. Herein, we demonstrate a novel processing approach to produce conductive textiles for industrial applications. A conductive nonwoven textile was successfully fabricated using a simple dip coating method. The nonwoven polyester was coated with liquid crystallite graphene oxide with subsequent non-toxic chemical reduction. The process is readily scalable. The graphene coated fabric has been characterized by electron microscopy as well as by electrical, mechanical, thermal and abrasion resistance measurements. It was found that the electrical surface resistivity of the prepared polyester–graphene composite fabric was 330 Ω □−1. The electrical surface resistivity was 3 and 150 times lower than that of polypyrrole coated woven polyester fabric and graphene coated nonwoven fabrics, respectively, in previously published reports. The hybrid polyester–graphene textile prepared here should find applications in high-performance geotextiles or as heating elements.
Global Financial Crisis: Mere Dry Run for COVID-19?

This paper compares the stock and credit default swap market reactions to the COVID-10 announcement with the reaction to the Lehman bankruptcy, investigating the effects of both negative news and policy measures announcements by industry. We find that the CDS market reaction is not statistically different in the two outbreaks, implying a similar increase in average credit risk across firms. In stock markets, however, although the initial response is significantly larger for COVID, it is mitigated during the days after the shock, possibly because prices reflect a search for investment opportunities rather than credit risk.
The Pricing of an Experience Good in a Competitive and Opaque Market

This paper explores the price determinants of fine wines in a competitive and opaque market. Intense international competition, high production costs and information asymmetries, result in Swiss wine prices that mostly depend on collective reputation, production techniques, and product positioning. Following an exogenous currency shock, producers have reacted with a 5% price increase. Finally, a reduction in information asymmetries with the arrival of an influential wine expert on the market had a positive price effect on rated wines and producers. These two findings suggest that wine producers have used this situation to review their wines' pricing and positioning.
Banks' Reactions to Creditor Rights Changes

We study how banks adjust their portfolios in response to a deterioration in creditor rights. We construct a comprehensive creditor rights index based on a series of quasi-natural experiments in Italy and exploit a unique proprietary credit-level database of one of the largest Italian banks. Our data includes the universe of the bank’s portfolio over time, allowing us to provide evidence on the banks’ reaction to changes in creditor rights. We document a fall in recovery rates, an increase in interest rates, and a reduction in credit. There is also a movement away from smaller firms and towards secured loans with floating rates. Features such as the strength of lending relationships and the bank’s market power mitigate the magnitudes of these responses. Our analysis reveals that these features constitute important tools to attenuate the effect of poor creditor rights on firms’ access to financing. Our results support the seminal works of Rajan (1992) and Petersen and Rajan (1995).
Regulatory and Institutional Determinants of Credit Risk Taking and Bank's Default in Emerging Market Economies: A Two Step Approach

Regulatory and institutional environment is not without effect on bank's risk taking and therefore on bank's default. In this article, we investigate regulatory and institutional determinants of credit risk taking and bank's default probability in emerging market economies. Using a two step logit model applied to a database of banks from emerging economies, we confirm the role of the institutional and regulatory environment as a source of excess credit risk, which increases bank's default risk. In particular, the rule of law appears to be a crucial element of an efficient regulatory environment, which may reduce excessive risk taking incentives.
Liquidity Support and Distress Resilience in Bank-Affiliated Mutual Funds

We study whether the stability of mutual funds and the propensity of a run among investors depend on the ownership structure. Flows of funds run by banks or by firms that belong to the same financial group as a bank are less volatile and less sensitive to bad past performance. This enables bank-affiliated funds to better weather distress and to hold lower precautionary cash buffers in comparison with their unaffiliated peers. Banks provide liquidity support to distressed affiliated funds increasing their stakes in funds that are experiencing large outflows. We find that liquidity support and other benefits of bank affiliation are stronger if the parent bank is more liquid and better capitalised. Analyzing the aftermath of two exogenous shocks to financial markets -- the Brexit referendum and political uncertainty in Italy -- we show that distress in the banking system spills over to the mutual fund sector via ownership links. <br>
When Green Meets Green

We investigate whether and how the environmental consciousness (greenness for short) of firms and banks is reflected in the pricing of bank credit. Using a large international sample of syndicated loans over the period 2011-2019, we find that firms' are indeed rewarded for being green in the form of cheaper loans--however, only when borrowing from a green consortium of lenders, and only after the ratification of the Paris Agreement in 2015. Thus, we find that environmental attitudes matter "when green meets green. " We further construct a simple stylized theoretical model to show that the green-meets-green pattern emerges in equilibrium as the result of the third-degree price discrimination with regard to firms' greenness.