Miracle-dz/UniFAR-FTUs huggingface dataset:
Is the Devil in the Shadow? The Effect of Institutional Quality on Income

The positive relationship between institutional quality and “official” income is well documented. It is unclear, however, whether this relationship holds once the “unofficial” economy is accounted for. An improvement in institutional quality tends to shift production out of the shadow and into the official sector, resulting in an increase in official income. However, this shift comes at the expense of the informal economy, potentially negating the perceived gains in output. This paper uses data from 5,506 Brazilian municipalities to explore the effects of institutional quality on total income per person. We additionally estimate the effect of institutions on informal sector size. Our most robust finding suggests that higher‐quality institutions using our broadest measure are significantly related to development. While good institutions do decrease the size of the informal sector, the consequential switch to formality raises overall productivity.
Direct and correlated responses to selection on iridoid glycosides in Plantago lanceolata L.

Plantago lanceolata L. (ribwort plantain) produces two costly terpenoid secondary plant compounds, the iridoid glycosides aucubin and catalpol. We performed an artificial selection experiment to investigate direct and correlated responses to selection on the constitutive level of iridoid glycosides in the leaves for four generations. Estimated realized heritabilities (±SE) were 0.23 ± 0.07 and 0.23 ± 0.04 for upward and downward selection, respectively. The response to upward selection was caused by selection for a developmental pattern characterized by the production of fewer leaves that on average contain more iridoids, and by selection for a development‐independent increase in the level of these compounds. Significant correlated responses were observed for plant growth form. Upward selection resulted in plants with larger sized, but fewer leaves, fewer side rosettes, and fewer spikes, corresponding to a previously distinguished ‘hayfield’ ecotype, whereas downward selection produced the opposite pattern, corresponding to a ‘pasture’ ecotype. This indicates that the level of iridoid glycosides is genetically correlated with morphological traits in P. lanceolata, and is part of the complex of genetically correlated traits underlying the two ecotypes. The genetic association between iridoid level and growth forms suggests that there may be constraints to the simultaneous evolution of resistance to generalist insects (by iridoid glycosides) and to larger grazers (by a high production rate of prostrate leaves and inflorescences) in open grazed habitats where the ‘pasture’ ecotype is found.
Formal Insurance and Informal Risk Sharing Dynamics: The Role of Social Preferences

The literature has mixed results on how formal insurance affects informal risk sharing. Whether such effect is motivated extrinsically or intrinsically also remains unclear. We design a lab experiment in which formal insurance is introduced and removed unexpected and the insurance purchase decisions are either voluntary or forced. We find, quite surprisingly, that informal risk sharing is significantly improved after the removal of formal insurance, primarily for subjects making asymmetric insurance take-up decisions voluntarily. Investigating the dynamics suggests that it is those who take the insurance acting first to share more risk for their partners. We propose a model based on a particular feature of social preferences, guilt aversion, to explain our findings.
Consumption-Based Asset Pricing When Consumers Make Mistakes

I analyze the implications of allowing consumers to make mistakes on the risk-return relationships predicted by consumption-based asset pricing models. I allow for consumption mistakes using a model in which a portfolio manager selects investments on a consumer's behalf. The consumer has an arbitrary consumption policy that could reflect a wide range of mistakes. For power utility, expected returns do not generally depend on exposure to single-period consumption shocks, but robustly depend on exposure to both long-run consumption and expected return shocks. I empirically show that separately accounting for both types of shocks helps explain the equity premium and cross section of stock returns.
Landscape fragmentation influences winter body mass of roe deer

Body size of large herbivores is a crucial life history variable influencing individual fitness-related traits. While the importance of this parameter in determining temporal trends in population dynamics is well established, much less information is available on spatial variation in body size at a local infra-population scale. The relatively recent increase in landscape fragmentation over the last century has lead to substantial spatial heterogeneity in habitat quality across much of the modern agricultural landscape. In this paper, we analyse variation in body mass and size of roe deer inhabiting a heterogeneous agricultural landscape characterised by a variable degree of woodland fragmentation. We predicted that body mass should vary in relation to the degree of access to cultivated meadows and crops providing high quality diet supplements. In support of our prediction, roe deer body mass increased along a gradient of habitat fragmentation, with the heaviest deer occurring in the most open sectors and the lightest in the strict forest environment. These spatial differences were particularly pronounced for juveniles, reaching � 3 kg (ca 20% of total body mass) between the two extremes of this gradient, and likely have a marked impact on individual fates. We also found that levels of both nitrogen and phosphorous were higher in deer faecal samples in the more open sectors compared to the forest environment, suggesting that the spatial patterns in body mass could be linked to the availability of high quality feeding habitat provided by the cultivated agricultural plain. Finally, we found that adults in the forest sector were ca 1 kg lighter for a given body size than their counterparts in the more open sectors, suggesting that access to nutrient rich foods allowed deer to accumulate substantial fat reserves, which is unusual for roe deer, with likely knock-on effects for demographic traits and, hence, population dynamics.
Why the Rich Drink More and Smoke Less: The Impact of Wealth on Health Behaviors

Wealthier individuals engage in healthier behavior. This paper seeks to explain this phenomenon by developing a theory of health behavior, and exploiting both lottery winnings and inheritances to test the theory. We distinguish between the direct monetary cost and the indirect health cost (value of health lost) of unhealthy consumption. The health cost increases with wealth and the degree of unhealthiness, leading wealthier individuals to consume more healthy and moderately unhealthy, but fewer severely unhealthy goods. The empirical evidence presented suggests that differences in health costs may indeed provide an explanation for behavioral differences, and ultimately health outcomes, between wealth groups.
The Role of Credit Attributes in Explaining the Homeownership Gap between Whites and Minorities since the Financial Crisis, 2012–18

Homeownership rates have been slow to recover since the financial crisis. Minority groups such as Blacks and Hispanics have been particularly slow to transition into homeownership. Using uniquely constructed anonymized household panel data obtained from a credit bureau, we find that Blacks and Hispanics were, respectively, one-half and two-thirds as likely as Whites to transition into mortgage ownership between 2012 and 2018. We analyze the role of credit attributes, among other factors, in explaining the racial/ethnic gap in transition into mortgage ownership by 2018 for a sample of individuals who were non-mortgage holders in 2012. <br><br>First, we investigate the major determinants of obtaining new mortgages in the post-crisis period. While age, income, marital status, and mortgage inquiries are big drivers of mortgage entry, other factors such as student loan debt, gender, and education level play lesser, although important, roles. Consumers with missing credit scores, insufficient or inadequate credit histories are less likely to transition. Second, using the Blinder-Oaxaca decomposition technique for a nonlinear equation, we find that racial/ethnic differences in credit attributes explain a large portion of the White-minority gap in the transition rates. However, there are key differences in experience across the two minority groups. While racial/ethnic differences in geographic location contribute substantially to the White-Hispanic gap in the mortgage transition rate, racial/ethnic differences in household composition and income growth matter more in explaining the White-Black gap in the mortgage transition rate. Lastly, we find there is considerable heterogeneity across states in the contribution of credit attributes and geography to the White-minority gap in the transition rate. <br>
Demography linked to climate change projections in an ecoregional case study: integrating forecasts and field data

Anticipating species movement under climate change is a fundamental concern in 21st century conservation. For blue oak (Quercus douglasii), an endemic, flagship species in California, we modeled potential responses to future climate, then tested the fit of those projections to empirical field data from natural populations. Specifically, we tested how well species forecasts captured observed recruitment and adult tree mortality, and whether recruitment was structured spatially as a function of fine-scale micro-topographic and hydrologic environments. In this ecoregional case study, observed demographic patterns were broadly consistent with theoretical expectations. Adult survivorship was three times lower in areas forecasted to be least suitable as a result of climate change than in areas projected to become suitable. This novel field validation exercise documents patterns of adult tree mortality consistent with model predictions of an emergent shift in distribution. Seedlings and saplings showed evidence of spatial structuring into local refugia in areas projected to contract, suggesting that climate change may reshape how blue oak associates with California landscapes and highlighting the potential importance of micro-environmental diversity in enhancing species resilience to warming.
When Do Firms Oversell or Undersell Environmental Sustainability?: An Empirical Analysis of Sustainability Communications

This study proposes an empirical framework to catalogue the varieties of corporate sustainability communications, and investigates characteristics and factors affecting how firms promote their environmental sustainability. We build three types of environmental communication: (1) neutral, (2) vocal, and (3) silent, based on a firm’s relative environmental communication (EC) and performance (EP). We also define two focus groups based on the discrepancy between EC and EP: (1) greenwashing, and (2) silent green, which are subsets of environmentally vocal and silent EC groups, respectively. Based on a sample of 3,316 observations from 529 publicly traded US firms from 2005 to 2013, our main empirical findings are as follows. First, there is a negative association between a firm's EC and EP, suggesting that a firm with a lower level of EP is likely to choose to be vocal about its environmental sustainability. Second, regulatory challenges and public norms significantly influence a firm's sustainability communication strategy -- high public attention tends to make a firm more vocal. Third, silent firms with a higher level of discrepancy exhibit lower price-earnings ratio (PER) and earnings per share (EPS). On the other hand, vocal firms tend to exhibit higher Tobin's q as their discrepancy increases. This suggests that there might exist significant market incentives on the firms when they oversell environmental sustainability.
An Analysis of Entrepreneurial Skills and Competencies of Students: The Case of a Philippine University

The profiles and Personal Entrepreneurial Competency (PEC) of all BS Agribusiness Management (BSABM) and Master of Management (MM) students enrolled in the University of the Philippines Los Baños during the second semester of Academic Year (AY) 2013-2014 were analyzed. Statistical differences among the PEC scores were tested using the Mann-Whitney U Test. In turn, the relationship or association of independent variables with dependent variables were tested using the Spearman Rank Correlation (for metric variables namely, age, number of siblings, sibling rank and student classification) and Chi Square Test of Independence (for nonmetric variables namely, sex, family business, exposure to symposiums, engagement in organization, business experience). The PEC results showed that in general, BSABM students excelled in three competencies which include goal setting, information seeking, and systematic planning and monitoring. On the other hand, MM students scored the highest in seven competencies, particularly opportunity seeking, persistence, goal setting, information seeking, systematic planning and monitoring, persuasion and networking and self-confidence. The average mean of PEC revealed that MM graduate students were better than BSABM students in nine (9) competencies which were opportunity seeking, persistence, commitment to work contract, demand for quality and efficiency, goal setting, information seeking, systematic planning and monitoring, persuasion and networking and self-confidence. However, BSABM students were able to outscore MM students in terms of risk-taking. The Chi-Square Test of Independence showed that exposure to symposiums was significantly correlated with opportunity seeking and information seeking. Engagement in organization was found to be significantly associated with opportunity seeking, and persistence. Moreover, having a family business was also found to be significantly related with information seeking. The ordinal logistic regression analysis showed that male students had lower persuasion and networking competency levels and students with their own businesses had higher demand for quality and efficiency, systematic planning and monitoring and information seeking competency levels. Given the above benchmark information, the Department of Agribusiness Management and Entrepreneurship (DAME) should focus on redesigning its existing degree program curricula to enhance the entrepreneurial preparedness and competencies of the students to meet the needs of the modern workplace and the competitive world of business in general. In particular, there is a need to advance the skills of the students in different areas of communication, presentation, negotiation, and networking. In support of the entrepreneurial competency development of the BSABM and MM students, the study implies the need to upgrade the knowledge and skills of the DAME faculty to build their credibility and better equip them to teach entrepreneurship courses.
The Impact of Economic Policy Uncertainty on Stock Liquidity: Cross-sectional Effects and Economic Channels

We document a negative impact of economic policy uncertainty on stock liquidity. This impact is stronger for firms with: (i) higher sensitivity of stock returns to economic policy uncertainty; (ii) higher level of political risk; and (iii) heavier dependence on government spending. We identify three underlying economic channels that influence the adverse impact of policy uncertainty on stock market liquidity: higher cash flow risk; greater information asymmetry problems; and lower funding liquidity. Overall, our findings highlight the significant role of economic policy uncertainty in determining secondary market liquidity.
On the meaning of competition and the mechanisms of competitive superiority

Thompson (1987) evaluated my theory of plant competition, community structure and succession (Tilman, 1980, 1982, 1985, 1986a) by considering how five assumptions or predictions of my work compared with the ideas and data of Grime (1979). Thompson's predisposition toward believing the ideas in Grime (1979) is clearly indicated by his closing sentence, which stated that my work 'opens up arguments about the nature of competition (above and below ground and at low and high resource levels) and the evolution of life histories in response to stress, which I had hoped had been settled 10 years ago,' i.e. with the publication of Grime (1979). However, few issues in science are ever settled, once and for all time. Although Grime (1979) had a significant impact on the field, there is new observational, experimental and theoretical evidence that supports alternative conceptual approaches. In this paper, I shall show the flaws in Thompson's evaluation of my work, suggest an alternative interpretation of Grime's work and present additional evidence that supports my theory. In doing this, I want to stress that it is not my purpose to try to dichotomize my work and that of Grime. Indeed, when viewed in a dispassionate manner, there are some broad, qualitative similarities between Grime's approach and mine. As Austin (1986) pointed out, both Grime and I agree that soil nutrient levels, light, disturbance and competition are important factors influencing plant community structure. However, Grime (1979) and I disagree about the ways in which these factors interact to structure plant communities. These differences are the subject of Thompson's paper and thus of this reply. In responding to Thompson, I shall first discuss the five points that he raised, and then consider some broader issues.
Long‐term effects of daily grazing orbits on nutrient availability in Sahelian West Africa: I. Gradients in the chemical composition of rangeland soils and vegetation

Abstract. An investigation of the long‐term effects of livestock grazing on the spatial distribution of plant nutrients was conducted in the Sahelian region of West Africa. The study area was located along the transhumance corridor used for at least the past century by a long‐established population of agropastoralists in central Mali. Spatial variation of plant and soil chemistry across eighteen sites was investigated with respect to a grid, whose axes are defined by distance from a pan from which livestock disperse to graze primarily during the early dry season (D1) and by distance from the nearest of three pans used primarily during the rainy season (D2). Particle size distribution, pH, total C, N, and P of surface soil (0–10 cm) was determined for four composite samples collected at eleven of the eighteen ecological sites. Elemental analysis (N, P, Ca, Mg, K, Mn, Fe, Zn, Cu) was performed on above‐ground tissue samples (excluding seeds) of the three most common grasses and the most common legume collected at all eighteen sites at the end of the rainy season.
Angiosperm Phylogeny Based on 18S/26S rDNA Sequence Data: Constructing a Large Data Set Using Next-Generation Sequence Data

The utility of 18S and 26S in broad phylogenetic analyses has been much maligned due in large part to the low signal in both genes. However, few analyses have employed complete 26S rDNA sequences over a broad range of taxa, and most alignments of the two genes are done de novo, without taking into account the secondary structure of the two rRNA genes. Here we mine next-generation sequence data to compile large matrices (429 taxa) of complete 18S + 26S gene sequences, and we compare both de novo alignment methods with curated alignments done by eye that take into account secondary structure and hard-to-align regions (profile alignments). The combined 18S + 26S topology is overall very similar to recently published gene trees for the angiosperms based on three or more genes. Overall support for the backbone or framework of the combined tree is low (bootstrap support below 50%). Few major clades have bootstrap support above 50%. Most well-supported clades are tip clades (families and orders sensu APG III 2009). Importantly, the 18S + 26S rDNA topology is consistent with current estimates of relationships: the basalmost angiosperms are recovered (Amborellaceae, Nymphaeales, Austrobaileyales), as are most major clades, including Mesangiospermae, eudicots (Eudicotyledoneae sensu Cantino et al. 2007), core eudicots (Gunneridae sensu Cantino et al. 2007), rosids (Rosidae sensu Cantino et al. 2007), asterids (Asteridae sensu Cantino et al. 2007), and Caryophyllales. Most clades recognized at the ordinal level (sensu APG III 2009) are also recovered. However, there are also some unusual placements in the 18S + 26S topology, but none of these receives bootstrap support above 50%. The profile and de novo alignments gave very similar topologies. 18S + 26S trees remain useful sources of data in large combined analyses. This is the first time a large data set of complete 26S gene sequences has been employed at this scale; this gene in particular proved to be useful phylogenetically. Targeted sequencing of 18S/26S rDNA is not advocated here, but given that these regions provide useful phylogenetic information and are abundant in next-generation sequencing runs, we suggest that the data be used rather than discarded.
Banks, Low Interest Rates, and Monetary Policy Transmission

This paper studies how low interest rates weaken the short-run transmission of monetary policy and contract the long-run supply of bank credit. As U.S. bond rates have fallen, the pass-through of monetary shocks to loan and deposit rates has weakened while the spread on U.S. bank loans has risen. I build a model in which banks earn deposit and loan spreads, deposits compete with money, and banks’ lending capacity depends on their equity. The short-run transmission of monetary policy is dampened at low rates, because deposit spreads act as a better hedge for bank equity against unexpected monetary shocks. In the long run, persistent low rates decrease banks’ “seigniorage” revenue from deposit spreads, hence bank equity and loan supply contract, and loan spreads increase. JEL Classification: E4, E5, G21
Electromyographic Studies on the Respiratory Muscles of the Chicken

Abstract SOUM (1896), and Zimmer (1953) studied the respiratory movement of birds. Their reports have described which muscles participate in the respiratory movements, based upon the effects of sectioning and the anatomical structure of muscles in the thorax and abdomen. However, since the publication of these reports, very little systematic experimental work has been conducted on the respiratory movements of birds. As is well known, chickens lack diaphragm muscles and have well developed air sacs in the body cavities. These characteristics suggest that chickens would exhibit different respirator patterns from that of mammals or man. Generally, it is difficult to determine the actions and functions of the respiratory muscles by observation by naked eye or by the anatomical structure of the animal. Thus, this problem has been a subject of controversy for a long time. Recently, with the aid of the electromyographic technique, detailed mechanism of the respiratory movement in man …