Miracle-dz/UniFAR-FTUs huggingface dataset:
Follow-On Equity Crowdfunding

Equity crowdfunding (ECF) provides outside equity to unlisted and mainly early stage entrepreneurial firms and the UK is the leading ECF market. This paper investigates the determinants of first follow-on campaigns and of their probability of success for a sample of 790 firms that conducted an initial campaign on one of the three major UK platforms – Crowdcube, Seedrs, and SyndicateRoom – over the 2011-2017 period. Among these, some 106 sample firms conducted a first follow-on campaign. Our two stage Heckman results show that the probability of conducting a first follow-on campaign is positively impacted by novel platform and campaign characteristics such as overfunding on the initial campaign, campaigns with a lead investor, and those with a nominee account structure protecting all crowdfunding shareholder rights. The paper investigates for the first time the determinants of a successful first follow-on campaign. The probability of the latter is positively impacted by the degree of overfunding on the initial campaign and by the related social capital that initial campaign success garners. The probability of success also increases with the ratio of the initial capital raised relative to the follow-on target capital. The implication is that the capital raised in the initial campaign acts as a reference point for the follow-on target capital.
Advances in defining the life histories of myopsid squid

Recent years have seen the emergence of extensive studies of myopsid squid growth of the family Loliginidae. This has greatly advanced our understanding of their life histories. Growth data have accumulated from both statolith-based field studies and culture work. Validation studies on loliginids continue to support that statolith increments are laid down daily. Ageing work has also revealed that short lifespans are typical, with nine of the 21 species studied having lifespans 1 year. While growth is continuous and non-asymptotic, the marked plasticity in size-at-age has hindered the development of a general model to describe squid growth. Many loliginids are multiple spawners that continue to feed while growing and reproducing, although there has been some documented loss of conditon in mature individuals. An exception is Loligo opalescens, which has a terminal spawning strategy with a marked loss of condition and post-spawning mortality. Quantification of the cost of living and the energetics of loliginids are likely to be best achieved by combining field and culture studies on a species such as the Indo-Pacific squid Sepioteuthis lessoniana.
Is Ricardo Still Relevant? An Empirical Re-Examination of Ricardian Trade Theory

Ricardian trade theory predicts that countries should produce and export according to their comparative advantage, exporting relatively more in industries in which they can produce at a lower relative cost. Although this is one of the fundamental theories of international trade, it has received little attention in the modern empirical literature, except for the recent key contribution by Costinot et al. (2012). I adopt their innovative theoretical framework to re-estimate Ricardian comparative advantage using the first direct comparison of relative exports and relative productivities. Thus, in this paper, I provide the first theoretically consistent estimation of the extent to which relative bilateral trade flows can be explained by relative productivity differences i.e. Ricardian Comparative Advantage. I show that, although there is a significant positive correlation between the degree of a country's comparative advantage and its bilateral trade flows, relative productivity differences only explain a very small percentage of relative bilateral trade flows. I then estimate the impact of Ricardian Comparative Advantage across a number of sub-samples of industries and countries to explore the drivers of deviations from comparative advantage in the patterns of international trade. Following this analysis, I argue that Ricardian Comparative Advantage better predicts trade in goods than trade in services.
Heterogeneous Expectations in Asset Pricing: Empirical Evidence from the S&P 500

This paper empirically estimates a heterogeneous agents model using S&P 500 data. While previous studies on heterogeneous agents models typically resort to simulation techniques, our empirical results indicate that the market is populated with fundamentalists, chartists, and noise traders. In addition, agents switch between these groups conditional on their previous performance. As a result, the model is capable of explaining the inflation and deflation of bubbles. Finally, it is reported that the model can explain the stylized facts of financial market such as heavy tails and volatility clustering.
A Phylogenetic Study of the Blackbirds Based on Variation in Mitochondrial DNA Restriction Sites

We used a generalized parsimony model to estimate the phylogeny of 47 species in the avian subfamily Icterinae using restriction enzyme cleavage sites in mitochondrial DNA (mtDNA). Deep branches in the tree are poorly resolved, either because blackbirds radiated rapidly after the origin of the dade or because substitutions have saturated sites in the mtDNA. Our tree is similar to one published by Lanyon (1994, Evolution 48:679-693) based on mtDNA sequences, which suggests that lack of basal resolution might be attributable to closely spaced speciation events. Both data sets had similar consistency and retention indices, suggesting comparable information content in these two types of data. Neither the restriction-site tree nor the sequence tree support the monophyly of the genus Agelaius. The restriction-site tree suggests that several traditional taxonomic rearrangements are likely based on phenotypic resemblance rather than phylogeny and that the feature viewed as a key innovation of blackbirds (gaping) might not be the basal condition; gaping might be a composite of characters rather than a single homologous condition. The re? striction-site tree suggests that the brood-parasitic cowbird species are not monophyletic, contra the sequence data. A combined analysis of sequences and restriction sites for cowbirds supports the sequence tree of Lanyon (1994); however, we suggest an alternative view of the evolution of brood parasitism that is also consistent with the combined data tree. Polygyny appears to be independently derived within blackbirds. Icterus galbula and I. bullockii, which hybridize and are therefore currently considered a single biological species, are not sister taxa; these are likely phy? logenetic species. (Blackbirds; generalized parsimony; maximum likelihood; brood parasitism; mating systems; phylogenetic species concept.)
Political Knowledge and Attitudes Toward (De)Centralization in Europe

The allocation of competences between the EU and Member States is one of most burning issues in the history of the European integration. From a theoretical economic perspective, this ongoing process calls into question the theory of fiscal federalism. In this paper, we study empirically the impact of European citizens’ knowledge about the EU on their attitudes toward the allocation of competences. We use micro-data from the Eurobarometer survey. We find that more knowledgeable citizens are more willing to favour centralization of competences to the EU in areas where public intervention by individual Member States causes externalities, where scale economies in the provision of public goods are important and where redistributive and stabilization functions have to be pursued.
Ecological Heterogeneity in Streams: Why Variance Matters

Variability in the spatial and temporal patterns of stream biota has been well documented, yet the causes and consequences of this variability are poorly understood. Most early work focused on how changes in mean environmental parameters over space or time influence the abundance or distribution patterns of biota. We argue for an increased focus on the study of variability in these parameters. To date, only a few lotic studies have used variance as a dependent variable i.e., showing that changes in the variance in some parameter can be related to changes in the mean of that or another parameter. These studies have suggested interesting links between ecological patterns and processes at a variety of scales. The use of variance as an independent variable and its experimental manipulation (i.e., hold the mean of some parameter constant while altering its variance) may also lead to new understandings of how pattern and process are linked. We begin by outlining when and why the study of variance may be important to lotic ecology. Next, we suggest a 3-step process in the use of variance in stream studies: 1) documentation of a pattern with respect to variance; 2) examination of descriptive data to explore potential causes of the pattern; and 3) direct manipulation of variance in experiments. We provide an example of this 3-step process using data from preliminary experiments in a warmwater stream that suggested spatial variability in the abundance of chironomids and copepods could be related to flow variability. We close by suggesting that future directions for the use of variance in stream ecology should attempt to couple scale-dependent physical patterns with biological patterns or processes, develop experimental frameworks to determine if species interactions or other biotic processes vary with scale, embrace statistical methods for determining the relative importance of variance-generating processes, develop methods for the quantification of variance in biologically meaningful ways, and focus on the identification and interpretation of domains of homogeneous variance in streams.
Learning, Optimal Default, and the Pricing of Distress Risk

I propose a tractable asset pricing model to study distressed firms' returns when agents dynamically learn about firm solvency and make optimal default decisions. As distressed firms' access to finance depends on investors' information quality, the future speed of learning critically affects prices and risk premia. Through this feedback channel, the cost of equity can decrease with leverage and become negative, contrary to typical interpretations of Modigliani and Miller (1958). The model yields closed-form solutions and sheds light on key asset pricing puzzles related to financial distress, including the momentum anomaly and abnormal returns following private placements of public equity.
Estimation of genetic parameters of apple (Malus domestica) fruit quality from open‐pollinated families

Abstract Variance components of Julian harvest date, fruit weight, and eight sensory fruit traits (amount of over‐colour, russet, firmness, crispness, juiciness, acidity, sweetness, and astringency) were estimated on two of the four initial sublines of the Apple Genetics Population in New Zealand. The sublines, both established at three sites, consisted of 119 and 50 families with sufficient fruiting trees, and had a median of c. 40 trees/family. These families were derived from open‐pollinated seed from apple cultivars (Malus domestica Borkh.), as well as crab apples (Malus spp.) from a number of countries. Fruit weight was taken as the mean of six fruit, and sensory traits were scored on a 0 (no detectable presence) to 9 (full expression) scale by a pair of assessors in one laboratory. Additive and variance stabilising (AVAS) transformations were performed for scored traits before analysis. Genotype‐by‐environment interaction variance was less than half that among families. Heritability estimates of harvest date and fruit weight were high (>0.70), but those of the sensory traits were, at most, moderate (russet 0.35–0.54 and firmness 0.26–0.59). Estimates from the two sublines were in broad agreement, and exclusion of the crab apple families generally made little difference to the estimates. Phenotypic and genetic correlations were similar, and mostly below 0.3 in magnitude (median magnitude 0.12).
Effects of all‐trans‐retinoic acid on skeletal pattern, 5′HoxD gene expression, and RAR β2/β4 promoter activity in embryonic mouse limbs

Mouse embryos were exposed to all-trans-retinoic acid on day 11 or day 12 of development and the resulting skeletal pattern alterations compared with early effects on Hoxd-11 and Hoxd-13 expression domains and RAR-beta 2/beta 4 promoter activity. The effects on skeletal pattern showed a clear correlation between the timing of retinoic acid exposure and the sequence of mesenchymal condensation. Ectopic RAR-beta 2/beta 4 promoter activity was detected within 2 hr of exposure to retinoic acid, and was present throughout the limb bud after 5 hr; it remained high in the apical ectodermal ridge and proximal mesenchyme after 12 hr, by which time the abnormal digital pattern could be seen. HoxD gene expression domains in the distal handplate were narrowed by 5 hr after maternal retinoic acid administration on day 11. Following retinoic acid treatment on both day 11 and day 12, the normal downregulation of Hoxd-11 and Hoxd-13 in the digital mesenchymal condensations was retarded. There was no evidence to suggest that RAR-beta 2/beta 4 promoter activity mediates the effects of RA on HoxD gene expression, but ectopic promoter activity is a useful indicator of at least some of the sites in which RA levels are raised. We suggest (1) that the apical ectodermal ridge is the most functionally significant of these sites, (2) that raised retinoic acid levels in the ridge result in altered gene expression and/or altered cell proliferation within this epithelium, (3) that both altered HoxD gene expression domains and altered skeletal pattern formation are secondary to this effect. There was a good correlation between the effects of retinoic acid on Hoxd-11 and Hoxd-13 expression and delay of skeletal differentiation, suggesting that this may be a direct effect.
Estimation of yield ‘Loureira’ variety with an aerobiological and phenological model

Abstract The knowledge of potential grape production is of great value for harvest and post-harvest planning because it enables the winery to estimate requirements in terms of crop insurance and grape-picking workforce, to optimise post-harvest processes, and the detection of frauds as a consequence of grape introduction from outside into the denomination areas. An aerobiological and phenological study of the ‘Loureira’ grape variety was carried out at a Ribeiro Designation of Origin vineyard (Ourense, Spain) from 2004 to 2009. Aerobiological data were obtained using a Lanzoni VPPS-2000 volumetric trap placed inside the vineyard, while phenological observations were conducted on 20 selected vines, using the BBCH (Biologische Bundesanstalt, Bundessortenamt and chemical industry) standardised scale. During the grapevine cycle, the highest total fungal spore amount was recorded in 2008 (Botrytis cinerea: 40 773 spores, Uncinula necator: 4141 spores, Plasmopara viticola: 921 spores). The highest number of flowers per plant (8449) and the highest final grape production (3885 kg) was recorded in 2004, while the lowest number of flowers per plant (1645) and grape production (1178 kg) in 2008. This information along with meteorological data was used to develop a model for predicting ‘Loureira’ yield. The equation obtained accounted for 98.3% of harvest variability, thus enabling accurate prediction of grape production one month in advance.
Benchmarking Technology in the Stochastic Frontier Maize Production of Northern Vietnam: Difference in Difference Approach

Northern Vietnam is famous for its maize production nationally, however, due to the conventional farming practice of farmers, the efficiency of maize production is still unmatched its potential. The government has already legislated many agricultural policies toward supporting by farmers by subsidies, finance support and agricultural practice training for years. This study examines the efficiency of contemporary government policies by applying benchmarking in technical efficiency analysis then using Difference in Difference method to determine the change in technical efficiency from 2008 to 2010. In term of functional form, the result suggests that the translog function is best fit for technical efficiency estimation of maize production in Northern Vietnam. In production function, cultivation land is found to be having significantly effects on both subsidised and non-subsidised farmers from 2008 to 2010. Furthermore, location of farmers is statistically significant that signifies cultivation site as one crucial element of technical efficiency determinants. DID estimator is 0.005 indicating that subsidised farmers had increased faster in technical efficiency compared to those who are not received the subsidies. As a result, subsidy programs has potentially positive impact on farmer’s technical efficiency.
Taxation and Market Power

We analyze the incidence and welfare effects of unit sales tax increases in experimental monopoly and Bertrand markets. We find, in line with economic theory, that firms with no market power are able to shift a high share of the tax burden to consumers, independent of whether buyers are automated or human players. In monopoly markets, a monopolist bears a large share of the burden of a tax increase. With human buyers, however, this share is smaller than with automated buyers, as the presence of human buyers constrains the pricing behaviour of a monopolist. Several control treatments corroborate this finding.
Extraordinary Acquirers

Firm fixed effects alone explain as much of the variation in acquirer returns as all the firm- and deal-specific characteristics combined. An interquartile range of acquirer fixed effects is over 6%, comparable to the interquartile range of acquirer returns. Acquirer returns persist over time, but mainly at the top end of the distribution. Persistence continues under different chief executive officers (CEOs), and attributes of the broader management team do not explain the fixed effect. Firm-specific heterogeneity in acquirer returns suggests that some organizations are extraordinary acquirers irrespective of the leadership at the top and the deal structures they choose. Implications for the M&A research are discussed.
Loss of Nutrients Caused by Excessive Weediness at the Early Stage of Maize Vegetation Period

Abstract The experiment was carried out in a field previously not exposed to herbicides, in which jimsonweed (Datura stramonium L.) and wild hemp (Cannabis sativa spp. spontanea) were the dominant weeds. Using sites identified with global positioning system (GPS) coordinates, changes in abundance of weeds in time were investigated. Before the trial in autumn, soil samples were taken for analysis. Nutrient uptake was determined and compared with the results of the spring plant examinations. One month after the sowing of maize (Zea mays L.), the total number of weeds and the number of weed species present at the sampling sites were determined, and aerial fresh and dry weights of the crop and weed plants were measured. Plant tissue samples were assayed for contents of nitrogen, phosphorus, potassium, and calcium, and data obtained from weedy and weed‐free control areas were compared. Similarly, maize yields were determined, and their dependence on plot weediness was evaluated. We found that uptake of large amounts of nutrients by jimsonweed and wild hemp at the early stage of the development of maize is an important factor in crop‐weed competition.
Aggregate Investment

The 90s have witnessed a revival in economists' interest and hope of explaining" aggregate and microeconomic investment behavior. New theories, better econometric" procedures, and more detailed panel data sets are behind this movement. Much of the progress" has occurred at the level of microeconomic theories and evidence; however aggregation and general equilibrium aspects of the investment problem also has been significant. " The concept of sunk costs is at the center of modern theories. The implications of these costs for" investment go well beyond the neoclassical response to the irreversible-technological friction" they represent, for they can also lead to first order inefficiencies when interacting with" informational and contractual problems.
The Role of the Discount Rate in Investment and Employment Decisions

Abstract Time variation in the discount rate affects investment and employment decisions in a manner consistent with Q-theory predictions. This evidence is uncovered when using cyclical consumption as a proxy for the discount rate. The results, which are consistent across both U.S. and international data, suggest that firms respond rationally to variations in the cost of capital and that the discount rate has a substantial impact on macroeconomic dynamics and hence business cycle fluctuations.
Spatial Complementarity of FDI: Example of Transition Countries

This paper investigates spatial determinants of FDI location. In particular, FDI in neighboring countries and foreign market potential are two variables it focuses on. The sample includes a panel of 27 transition countries in 1993-2007. The spatial links are found positive and economically large. Omitting spatial FDI leads to a serious misspecification of the model and biases estimation of the coefficient of the foreign market potential variable, which is found to be a non-robust determinant of FDI location. As the analysis of sub-samples of the data indicates, the FDI complementarity is stronger for the CIS countries and for earlier period. The spatial complenmentarity is stronger for disaggregated data such as bilateral FDI flows and industry level data. I find substantial heterogeneity of spatial FDI spillovers across industries. Spillovers are large and positive for services sectors and non-significant or even negative for manufacturing sectors.
A prospective model for the phenology of Microctonus hyperodae (Hymenoptera: Braconidae), a potential biological control agent of argentine stem weevil in New Zealand

A predictive phenological model is described for the parasitoid Microctonus hyperodae, introduced to New Zealand as a potential biological control agent against Argentine stem weevil Listronotus bonariensis. The model is based on development/temperature relationships obtained from experiments on the parasitoid in quarantine prior to its release, allowing early predictions of its phenology in different parts of the target pest's New Zealand range. In particular the model was used to predict the number of parasitoid generations each year, the degree of temporal synchrony between parasitoid adults and the susceptible adult pest stage, the order of parasitism and reproduction in the pest's life cycle as a possible basis for a simplified, discrete host/parasitoid population model, and the likely significance of ecotypic differences in development and diapause characteristics of the parasitoid. These applications demonstrate the potential for simple models to help in climate matching of classical biological con.
100 Quotes from the Global Financial Crisis: Lessons for the Future

The finance literature has not documented the feeling, the shock and the pain that ordinary people had to go through during the 2008 global financial crisis especially in the United States where it all began. In an effort to shed new light on the global financial crisis, it has become important to present a view of the financial crisis from the lens of those who were affected by the crisis, those who were responsible for the crisis, those who could have prevented the crisis, as well as the views of other observers. The views or quotes in this chapter are concise, useful and thought provoking. They create an opportunity to help reconsider the events of 2008 from a fresh perspective, so that a lot more can be done by everyone, including banks, governments and citizens, to prevent a repeat of those events in the future of finance. Finally, most of the views or quotes reported in this chapter have within them some important lessons and wisdom to guide us on what to do before another future crisis comes.