Miracle-dz/UniFAR-FTUs huggingface dataset:
Descriptive Analysis of Finnish Equity, Bond and Money Markets

This paper gathers together for the first time the longest available historical monthly return series for the Finnish equity, bond, and money markets as well as inflation. The series are investigated in order to analyze the statistical characteristics of the returns investors would have received in these markets. We also survey the literature concerning the history of these markets and review the main developments to facilitate future research on long-term development of the Finnish markets. Using a new total return stock market index for Finland we find, in an approach similar to Mehra and Prescott (2003), the equity premium for Finland 1913-2009 to be 10.14 percent.
The Contributions of Savings and Loans on GDP Growth: The Case of Indonesia

The capital consists of savings, loans, FDI, and DDI and is important production factors. The contribution of savings and loans are estimated using panel regression and Generalized Method of Moment (GMM). The results show that savings and loans (investment, working capital, and consumption) have significant effect on economic growth with the respective negative and positive effects. Moreover, FDI, DDI, School Enrollment Rate, and Population Growth also play a significant role on growth with distinctive coefficient describing respective effects for each variable on growth. Furthermore, sector-specific analysis gives very dynamic effects on growth in the case of Indonesia. In order to identify long-run bidirectional relationship between variables, we employ Granger Causality Test using Vector Error Correction Model (VECM). As presents in the result and analysis, only loan for consumption performs causal relationship with GDP growth during the period.
Detecting changes in morphospace occupation patterns in the fossil record: characterization and analysis of measures of disparity

Abstract Recently, there has been much interest in detecting and measuring patterns of change in disparity. Although most studies have used one or two measures of disparity to quantify and characterize the occupation of morphospace, multiple measures may be necessary to fully detect changes in patterns of morphospace occupation. Also, the ability to detect morphological trends and occupation patterns within morphospace depends on using the appropriate measure(s) of disparity. In this study, seven measures were used to determine and characterize sensitivity to sample size of the data, number of morphological characters, percentage of missing data, and changes in morphospace occupation pattern. These consist of five distance measures—sum of univariate variances, total range, mean distance, principal coordinate analysis volume, average pairwise dissimilarity—and two non-distance measures—participation ratio and number of unique pairwise character combinations. Evaluation of each measure with respect to sensitivity to sample size, number of morphological characters, and percentage of missing data was accomplished by using both simulated and Ordovician crinoid data. For simulated data, each measure of disparity was evaluated for its response to changes of morphospace occupation pattern, and with respect to simulated random and nonrandom extinction events. Changes in disparity were also measured within the Crinoidea across the Permian extinction event. Although all measures vary in sensitivity with respect to species sample size, number of morphological characters, and percentage of missing data, the non-distance measures overall produce the lowest estimates of variance (in bootstrap analyses). The non-distance measures appear to be relatively insensitive to changes in morphospace occupation pattern. All measures, except average pairwise dissimilarity, detect changes in occupation pattern in simulated nonrandom extinction events, but all measures, except number of unique pairwise character combinations and principal coordinate analysis volume, are relatively insensitive to changes in pattern in simulated random extinction events. The distance measures report similar changes in disparity over the Permian extinction event, whereas the non-distance measures differ. This study suggests that each measure of disparity is designed for different purposes, and that by using a combination of techniques a clearer picture of disparity should emerge.
Do Trade and Financial Links Foster Business Cycle Synchronization in a Small Economy?

We estimate a system of equations to analyze whether bilateral trade and financial linkages influence business cycle synchronization directly and/or indirectly. Our paper builds upon the existing literature by using bilateral trade and financial flows for a small, open economy (Spain) as benchmark for the results, instead of the US as generally done in the literature. We find that both the similarity of productive structure and trade links promote the synchronization of cycles. However, bilateral financial links are inversely related to the co-movement of output. This might point to financial integration allowing an easier transfer of resources between two economies, which could enable their decoupling, as predicted by a standard model of international business cycles. Both the effects of trade and financial links on output synchronization are statistically significant and economically relevant.
Atmospheric pollen in Santiago, Chile

In the city of Santiago (33°27'S70°38'W), Chile, an atmospheric pollen was monitored for three years using a volumetric Hirst-type pollen trap. The aims of the study were: to assess the pollen types present in the atmosphere, their actual concentrations and dynamics (means and maxima); to establish the pollen calendar for Santiago; and to analyze the aerobiologic characteristics distinguishing introduced and native taxa. Results show that atmospheric pollen mainly originates from the following taxa: Platanus , Poaceae, Acer , Cupressus , Chenopodiaceae, Urticaceae, Morus , Plantago and Oleaceae. For the most frequent pollen types graphs of their atmospheric presence constructed and a table with relevant yearly data for the three studied (July-June) is presented. It is concluded, that the airborne pollen is originating mainly from introduced taxa, many of which are considered allergenic. Native taxa showed no high concentrations. The highest aiborne pollen concentrations where observed in September, however, atmospheric pollen thought to be capable of causing pollinosis, where present during the whole year. The highest pollen concentrations are mostly from trees.
Seasonal Analysis of Abnormal Returns after Quarterly Earnings Announcements

This study examines whether the Indian stock market is efficient in semi-strong form and seasonality exists. For this purpose, we take the first and fourth quarters‟ results of companies for the years 2008 to 2011. We divide companies into good news and bad news portfolios on the basis of percentage changes in net profits and net sales. We use event study methodology. The results reveal that average abnormal returns occur randomly and cumulative average abnormal returns are significant for both portfolios. Fourth quarter results give better positive signals to the market than first quarter results. We conclude that seasonality exists in the Indian stock market and it is also semi-strong form inefficient and investors can use this opportunity to buy and earn abnormal profit.
Macroeconomic Effects of High Interest Rate Policy: Mexico's Experience

We study the effects of the high interest rate policy implemented in Mexico under the inflation targeting (IT) scheme on the price level and on GDP and its components. We specify a macroeconomic model inspired by the theory of the effective demand, and on this basis we demonstrate, through comparative statics, the complex set of relationships between the variables involved, and the chain of reactions that a shock to the interest rate is likely to provoke. Our main conclusions show that an interest rate rise may be instrumental to control inflation. However, this rise contributes to appreciate the exchange rate, which is the main channel through which inflation is tamed. Currency appreciation raises the share of wages in GDP even as it reduces the debt service of firms indebted in dollars. It follows that the interest rate rise may have, under certain conditions, an indirect positive impact on output. Thus, our results diverge from those entailed by the theory that is at the basis of the inflation-targeting strategy, and even from some contemporary non-conventional approaches.
Modificações na produtividade e nas características físicas e químicas da madeira de Eucalyptus grandis causadas pela adubação com lodo de esgoto tratado

Eucalyptus grandis is the most planted species in Brazil due to its productivity and quality of wood. The effect of growing rates of treated sewage sludge (0 to 40 Mg. ha -1 dry base) and one rate of mineral fertilizer on physicochemical attributes of Eucalyptus grandis wood were evaluated. The studied trees were five years old. The experimental area is located in the municipality of Itatinga, State of Sao Paulo, Brazil. The soil was characterized as a Dystrophic Red-Yellow Latosol (clay = 120 g kg -1 at 0-20 cm layer). The climate was characterized as a humid mesothermic (Cwa), according to Keppen classification. The plots were established in a randomized complete block design, with 6 treatments and 4 replicates. The height, diameter at breast height (DBH) and solid wood volume was measured in all plots. Samples of 8 trees belonging to the most frequent DBH were collected. Five disks (4 cm thick) were removed from each tree at 0, 25, 50, 75 and 100% of the commercial height. The physicochemical characterizations were carried out according to the norms of the Brazilian Pulp and Paper Technical Associations. The sewage sludge reduced the basic density of wood. The contents of cellulose and lignin extracts and calorific power of wood were not changed. The decrease in wood density promoted by sewage sludge application was compensated by the increase in wood growth.
Analysis of Rice Value Chains - A Study of Bihar and Karnataka States in India

The present investigation was aimed for analyzing comparative value chain addition of rice production and marketing in Bihar and Karnataka States, based on primary data having 300 stakeholders selected using random sampling method from two purposively selected districts East Champaran and Davangere of Bihar and Karnataka, respectively, duly categorized into paddy growers, paddy wholesalers, millers, rice wholesalers, rice retailers and consumers. Farmers were the first value adding actors, and earned on an average of the gross return Rs 44,641.8/ha (East Champaran) and Rs 1, 32,117.26/ha (Davangere) by cultivating paddy. They added value of Rs 115.71 per quintal by drying, Rs 86.77 per quintal by selling in markets and Rs 127.27 per quintal by storing (speculation) of produce to sell in future in case of East Champaran district and in case of Davangere district. Paddy wholesalers, the second important key players, and added value of average Rs 65.8 per quintal and Rs 75.67 per quintal in case of both districts under study, respectively. Rice millers were important value adder in rice value chain and added value in three stages purchasing and milling of paddy and selling of rice. The value addition by rice millers estimated about 81.21 per cent and 26.55 per cent, and 60.63 per cent and 32.95 per cent by marketing and milling in East Champaran and Davangere district, respectively. Rice wholesalers were the fourth actor in value chain, value addition by them was about 10.69 per cent and 11.05 per cent in both districts, respectively. The profit earned from rice was Rs 2.38 per kg (East Champaran) and Rs 3.11 per kg (Davangere). Rice retailers, the final value chain actor received less value addition and the profit earned was estimated to be Rs 2.57 per kg and Rs 3.62 per kg in both the districts under study.
Roles of Transformational Leadership That Encourage Employees to Have the Innovation Work Behavior

The roles of transformational leadership can affect the innovation work behaviors of employees in various ways. If the employees are aware of the transformational leadership of their supervisors such as encouraging or promoting the employees to be creative in work or finding new ways to solve problems arising from work, it will stimulate employees to have the innovation work behaviors. This is because the innovation work behaviors is based on creating new ideas for work. However, if the leaders in the organizations do not support or encourage employees in their organizations to create new ideas, the work behavior in creating innovation will not happen. It will also affect the competence of the organization so that the organization cannot compete with the competitors having constant organizational development.
Fintech and the Value of Financial Disintermediation

We develop and estimate an equilibrium model of marketplace lending to quantify its welfare implications relative to traditional lending. We have access to the universe of data from one of the leading Chinese peer-to-peer lending platforms that allows for both direct and platformintermediated lending through portfolio products. The dataset includes detailed information on borrowers, loans, lenders’ portfolio and platform investment. We use our structural model to quantify the value of financial disintermediation, one of the key differences between marketplace and traditional lending. We do so simulating counterfactual scenarios where the platform resembles a bank in its intermediated lending by making maturity transformation and bearing liquidity risk. We find different welfare effects, measured as borrowers’ and lenders’ surplus and platform profits, depending on the level of liquidity and on the composition of lenders on the platform. While marketplace lending provides higher welfare with high liquidity and return oriented investors, traditional lending leads to better outcomes with low liquidity and liquidity oriented investors.
Ploughs, Fairs and Skills: the Volga Germans and Technology Adoption in Late Imperial Russia

This paper examines knowledge spillovers across ethnic boundaries using the case of German immigration to the Russian Empire. We digitize the data on Saratov province in the early 20th century, and find that distance to German colonies predicts the prevalence of heavy iron ploughs, fanning mills and wheat sowing among Russian peasants, who traditionally ploughed with a light wooden ard and sowed rye. The main channel of technology adoption was German fairs. We show that heavy ploughs increased the labor productivity of Russian peasants. However, communication barriers precluded Russians from adopting skill-intensive occupations like blacksmithing, mechanics, carpentry, and other crafts. The results suggest that a skilled minority may enhance development through introduction of advanced tools without transmitting their skills to a receiving society.
The Cambridge Handbook on the Law of the Sharing Economy

This is a draft of the table of contents and introduction of the forthcoming Cambridge Handbook on the Law of the Sharing Economy (2018). The handbook grapples conceptually and practically with what the sharing economy – which includes entities ranging from large for- profit firms like Airbnb, Uber, Lyft, TaskRabbit, and Upwork to smaller, nonprofit collaborative initiatives – means for law, and how law, in turn, is shaping critical aspects of the sharing economy. Featuring a diverse set of contributors from multiple academic disciplines and countries, the book compiles the most important, up- to- date research on the regulation of the sharing economy. The first part surveys the nature of the sharing economy, explores the central challenge of balancing innovation and regulatory concerns, and examines the institutions confronting these regulatory challenges. The second part turns to a series of specific regulatory domains, including labor and employment law, consumer protection, tax, and civil rights. This groundbreaking work should be read by anyone interested in the dynamic relationship between law and the sharing economy.
Onshore transport of plankton by internal tides and upwelling-relaxation events

Identifying biophysical mechanisms of larval transport is essential to understanding the delivery of larvae to adult habitats. In addition, harmful algal blooms (HABs) can be trans- ported onshore from populations that form offshore. In summer 2011, we measured sea surface and bottom temperatures and daily phytoplankton abundance and intertidal cyprid (barnacle post larvae) settlement at Carmel River State Beach, California, USA. Using time-series analysis, we compared the abundance of Pseudo-nitzschia spp. and daily cyprid settlement to physical forcing mechanisms (e.g. internal tides and upwelling-relaxation events) that could generate onshore delivery. Minimum bottom water temperature was significantly cross-correlated with the springneap tidal cycle; minimum temperatures occurred between neap and spring tides, and maximum temperatures were recorded around neap tides. When the temperature data were transformed to remove the relationship between tides and temperature, we found significantly higher maximum sea surface temperatures during upwelling-relaxation events. We observed 4 pulses in Pseudo-nitzschia spp. abundance. Pseudo-nitzschia spp. chains were longest at the start of pulses and then decreased, suggesting that they had been transported to shore from a more productive site offshore, likely the upwelling front. Pulses occurred during periods of maximum sea surface temperature associated with upwelling-relaxation events. In contrast, cyprid settle- ment was significantly cross-correlated with the springneap tidal cycle, with settlement peaks occurring during fortnightly periods of cold bottom temperatures; onshore transport of cyprids appears to have been due to the internal tides.
Does the Appointment of Independent Directors Drive Multiple Effects?

We analyze the announcement price behavior of independent director appointments stemming from monitoring, signaling, advising effects and moderating effects of controlling shareholders. Based upon appointments samples made by firms listed on the Taiwan Stock Exchange, we find that the cumulative abnormal returns (CARs) of the announcement of voluntary independent director appointments are significantly higher than those of the announcement of mandatory appointments. This empirical result indicates that the market may well recognize that voluntary appointments of independent directors could represent a signaling vehicle. Our findings also show that the monitoring and advising effects of independent directors has failed under the presence of controlling shareholders.
Genotypic identification and diversity evaluation of a sweet potato (Ipomoea batatas (L). Lam) collection using microsatellites

Characterization and genotype identification are essential for rational conservation, management and genetic diversity evaluation. In this work, simple sequence repeat (SSR) markers were used to identify 57 accessions of sweet potato kept at the ‘in vitro’ Gene Bank of INTA, Argentina. This collection includes primitive materials from primary zones of dispersion, commercial varieties, breeding clones and foreign materials from different parts of the world (Africa, Asia and USA). Average similarity between the materials evaluated was 0.367. Grouping analysis revealed six clusters and a strong association with skin colour of storage roots. The set of selected SSR markers allowed us to verify identity, detect duplicates and estimate the genetic similarity of the materials analysed. This characterization complements morphological data and provides tools to estimate the variation of diversity between local and foreign germplasm groups.
Do audience effects lead to relaxed male sexual harassment

Several recent studies reported on so-called audience effects in male Atlantic mollies (Poecilia mexicana), in which the visual presence of a potential rival affects male sexual activity. We asked whether and how audience effects interact with male sexual harassment. Poecilia mexicana almost constantly attempt to mate, while females are mostly non-responsive to male approaches. Females flee from this sexual harassment and, thus, are more vigilant in the presence of males, so females may have hampered feeding opportunities. Do audience effects lead to altered male sexual harassment? Focal females were given an opportunity to feed in the presence of a male or a female partner and the difference in feeding times was interpreted as an effect caused by male harassment. Tests were conducted without an audience (1), or an audience male was visually presented either directly inside the test tank (2), or further away (in an adjoining compartment (3)). We found that levels of pre-mating behaviour did not vary significantly among treatments, but males exhibited more copulation attempts (thrusting) in treatment (3), suggesting that males respond to increased risk of sperm competition with higher sperm expenditure. Females fed less (and started feeding later) when a harassing partner male was around, and this effect was not dependent on the audience treatment, but, overall, females spent more time feeding (and started feeding earlier) when an audience was presented. Hence, feeding time reductions appear to be independent of audience effects, but perceived 'safety in numbers' may lead to increased foraging in larger groups.