Miracle-dz/UniFAR-FTUs huggingface dataset:
Naturalisation and Investments in Children's Human Capital: Evidence from a Natural Experiment

This paper assesses educational attainment of immigrant children, in particular evaluating whether naturalised parents invest more in their children’s human capital than non-naturalised parents. Findings of the literature indicate that citizenship is associated with lower return migration probability. Since the returns to investments in (country-specific) human capital increase with the duration of residence, naturalised parents may have more incentives to invest in the educational success of their children. I exploit a natural experiment that took place in Germany in the year 2000 that reduced the required years of residence for naturalisation from 15 to 8 and therefore exogenously increased naturalisation. Multivariate estimations (based on the German Socio-Economic Panel) show a positive and significant correlation between parents’ citizenship status and their children’s educational attainment. Results of difference-in-differences and instrumental variable models are also positive but not significant.
Estimation of short-term centers of activity from an array of omnidirectional hydrophones and its use in studying animal movements

A method for studying animal movements based on data from independent data-logging acoustic receivers is described. The method takes presence or absence data from multiple receivers arranged in an array and converts them to position estimates based on weighted means of the number of signal receptions at each receiver during a specified time period. The method is equivalent to a short-term center of activity rather than a precise estimate of location at a single time. The utility of the method was assessed using data from a study of neonate blacktip sharks (Carcharhinus limbatus). Periods between 5 and 60 min were tested to find the most appropriate interval for estimating positions. The results from the method agreed closely with a simulated shark track and data from actively tracked sharks. The median distances between successive locations from the mean-position algorithm were between 28% and 42% of those from active tracking because of the center-of-activity nature of the method. The results presented d.
How to Play Out of Equilibrium: Beating the Play

Beating the play is a novel method for how to play a simultaneous move game without conjectures about how others play the game. A strategy beats the play if its payoff is higher than when playing like others play the game, regardless of how they play the game. Only Nash equilibrium strategies of the hypothetical game in which you play against copies of yourself can beat the play. It is possible to beat the play in numerous games. Many extensions are presented and a close connection to evolutionary game theory is uncovered.
Exploring Diversification Benefits in Asia-Pacific Equity Markets

This paper examines the benefits of regionally and globally diversified portfolios from the perspective of investors holding domestic-only portfolios from different Asia-Pacific countries. Three groups of regional portfolio are constructed, with sorting based on relative strength ranking technique of Levy (1967). The step-down spanning technique is employed to uncover evidence that the global minimum-variance portfolio of a local investor can be improved by investing regionally or globally, but the evidence that the tangency portfolio can be improved is weak in all cases. The results also show an increase in Sharpe ratio when the investor invests regionally or globally but this benefit declines under the assumption of short-selling. The paper concludes that there are gains in diversifying globally but higher gains are realized by investing regionally.
Cellodextrin Phosphorylase from Clostridium thermocellum YM4 Strain Expressed in Escherichia coli

A cellodextrin phosphorylase (CDP) gene was cloned from Clostridium thermocellum YM4 strain by using a PCR cloning method. The nucleotide sequence of the gene contained an open reading frame of 2952 by encoding a polypeptide of 984 amino acid residues. The deduced protein sequence was very close to that of CDP from C. thermocellum ATCC 27405 (92% identity) but not so similar to that of CDP from C. stercorarium (20%). The recombinant CDP phosphorolyzed cellooligosaccharides larger than cellotriose and utilized cellooligosaccharides larger than cellobiose as the acceptor molecule. The enzyme was stable up to 60°C and showed highest activity at pH 7.5.
Trade in International Transport Services: The Role of Competition

We are concerned with trade in transport services (not cabotage but rather international shipping, transport, and related logistical services) and the importance of competition and market structure in the sector. We examine implications of liberalization for profits, trade, and national gains from trade. Though past GATS maritime negotiations involved the maritime nations, we also flag interests of consuming nations (particularly poorer developing countries). We further illustrate issues raised in the analytical section through a computational example, to provide a rough sense of orders of magnitude and the importance of the issues raised for basic gains from improved market access.
Financial Accessibility and Economic Growth-Evidence from SAARC Countries.

This paper investigates the empirical evidence on the relationship between financial accessibility and development in a nation. The primary objective was to test the conventional hypothesis which states that improved financial accessibility leads to financial development and economic growth. Initially, a dynamic panel model on the relationship between financial accessibility and economic growth was built with a set of controlled variables. Several financial access indicators from South Asian low and middle income economies were used for analysis. The study period was from 2007 to 2015, applying the Generalized Method of Moments (GMM) estimators to estimate their relationship. From these estimations, it was found that high financial accessibility leads to high income in general. In addition, it was found that an increase in financial access indicators had a greater impact on economic growth in low-income countries than it did on economic growth in middle-income countries.
Does Limited Liability Matter? Evidence from a Quasi-Natural Experiment

We use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes for a group of Canadian public firms known as income trusts. We show that the switch from unlimited to limited liability increases the trusts’ net external financing, investments, profitability, payouts, and equity volatility. Our results are stronger for energy trusts, which are more capital-intensive. Furthermore, our event study results show significantly positive cumulative abnormal returns around the introduction of limited liability legislation. Overall, we present a novel approach to test the impact of limited liability on firms.
Ethical aspects of multi-stakeholder recommendation systems

Abstract In this article we analyze the ethical aspects of multistakeholder recommendation systems (RSs). Following the most common approach in the literature, we assume a consequentialist framework to introduce the main concepts of multistakeholder recommendation. We then consider three research questions: Who are the stakeholders in a RS? How are their interests taken into account when formulating a recommendation? And, what is the scientific paradigm underlying RSs? Our main finding is that multistakeholder RSs (MRSs) are designed and theorized, methodologically, according to neoclassical welfare economics. We consider and reply to some methodological objections to MRSs on this basis, concluding that the multistakeholder approach offers the resources to understand the normative social dimension of RSs.
The Concave Association Between Tax Reserves and Equity Value

This study examines the form of the association between tax reserves and firm value. I find firm value is increasing in tax reserves at a diminishing rate until an optimal level is reached, after which firm value is decreasing in tax reserves. This concave association is consistent with investors having a firm-specific, optimal level of tax reserves where the expected benefits equal the expected costs. Conditional conservatism moderates this association such that investors of conservative firms are less sensitive to changes in tax reserves. I also decompose firm value into the numerator (expectations of future cash flows) and the denominator (cost of capital) and find the numerator impact is the primary driver of the concave association between tax reserves and firm value. The results highlight the importance of understanding how investor valuation of tax reserves may vary depending on the current level of tax reserves.
Mitochondrial DNA lineages in composite flocks of migratory and wintering dunlins (Calidris alpina).

ABssmAcr. -Mitochondrial DNA (mtDNA) control-region sequences of 52 migratory and wintering Dunlins (Calidris alpina) from around the world were determined with direct sequencing of PCR products. The genetic lineages detected in these birds are identical to those found previously in a much larger sample of 155 breeding Dunlins from their northern circumpolar range. Samples of nonbreeding Dunlins from both sides of the Pacific reveal a mixture of two lineages that breed separately in eastern Siberia and Alaska. The presence of Dunlins with an eastern Siberian haplotype along the west coast of North America indicates that the Bering Strait does not represent a biogeographic barrier to Dunlin migration. Dunlins wintering in eastern Asia most likely originated from the discrete breeding population in northern Alaska because they possess haplotypes that were found predominantly in birds from this region. Similarly, Dunlins from staging and wintering sites in Europe and western Asia reveal a mixture of two mtDNA lineages that were previously found confined largely to European and central Siberian breeding grounds. Limited gene flow between these breeding areas, however, precludes definitive allocation of individuals to their population of origin on the basis of mtDNA analysis alone. Body mass, time of migration, and molting pattern seem to be associated with the mtDNA types of migratory Dunlins in Europe, but data are too sparse to determine whether these characters are useful adjuncts in assigning nonbreeding birds to populations that correspond to the major genetic lineages. Overall, the genetic composition of nonbreeding populations indicates the confluence of breeding populations on southward migration. Because of strong phylogeographic population structure in Dunlins on their breeding grounds, mtDNA analysis can be extremely useful in defining broad migration corridors or flyways, and in determining staging and wintering areas used by the major breeding populations. Received 6 June 1994, accepted 27 January 1995.
Water cisterns as death traps for amphibians and reptiles in arid environments

SUMMARY Arid regions are increasingly being anthropogenically altered. In the north-western Sahara, a growing road network facilitates the use of habitats adjacent to roads. In regions where livestock is the traditional and main economic resource, local people are currently building numerous water cisterns for watering livestock, leading to an increase in the extent of pasturing of domestic livestock. Cisterns may attract desert vertebrates and act as death traps for species with already sparse populations in these arid areas. This paper is the first to examine the impact of cisterns as lethal traps for amphibians and reptiles in the Sahara, using a survey of 823 cisterns in south-western Morocco to identify and quantify species affected. Four amphibians and 35 reptiles were trapped in cisterns, some of which were listed as threatened. At least 459 017 individual amphibians and reptiles were trapped annually within the study area. The low productivity and low population densities of terrestrial vertebrates in this arid region suggest cisterns have a substantial impact upon amphibian and reptile species. As cistern construction is increasing, management actions are required to mitigate this impact on the herpetological community.
Oil Shock, Household Income and Expenditure: Evidence from Nigeria

We pose three research questions: What is the effect of 2015 oil shock on household income? Does the effect vary depending on sector of employment and state of residence of households? What effect did income have on household food spending for the period under review? To this end, panel data covering 4616 households for the period of 2010, 2012 and 2015, and a two-stage method of estimation are used. The first stage estimates the effect of oil shock on household income. Interaction of oil shock with sector of employment, and oil shock with state of residence are used as instruments for income. This first stage reveals that 2015 oil shock significantly decreased household income by 8.3%. It also shows that the effect was felt more by households employed in oil sector and those residing in oil-producing states. More specifically, household employed in oil sector and those residing in oil-producing states earned 6.9% and 17% less respectively. The Second stage estimates how income affected households spending on food. The result shows that a 1% increase in income will lead to significant increase in food spending by 0.507%. The estimates are robust to the use of different instruments.
GENETIC VARIATION IN ASTERIONELLA FORMOSA (BACILLARIOPHYCEAE): IS IT LINKED TO FREQUENT EPIDEMICS OF HOST‐SPECIFIC PARASITIC FUNGI? 1

Understanding of the genetic basis for susceptibility and resistance is still lacking for most aquatic host–parasite systems, for instance, for phytoplankton and their fungal parasites. Fungal parasites can have significant effects on phytoplankton populations, mainly through their ability to decimate algal host populations during epidemics. We used random amplified polymorphic DNA (RAPD) and amplified fragment length polymorphism (AFLP) analysis to study levels of genetic variation within a population of the freshwater diatom Asterionella formosa Hassall in relation to parasitism by the obligate, host‐specific, fungal parasite Zygorhizidium planktonicum Canter. The level of genetic variation within the A. formosa population in Lake Maarsseveen, The Netherlands was found to be high despite the presumed absence or very low frequency of sexual reproduction in this species, the limited gene flow, and the severity of parasite attack that would purge the population from susceptible genotypes. RAPD analysis revealed four distinct banding patterns, with 3 of 21 markers (14%) being polymorphic. In AFLP analysis, every single isolate of A. formosa showed a unique banding pattern, and 120 of the 210 AFLP markers (57%) were found to be polymorphic. Furthermore, character compatibility analysis revealed that sexual reproduction may be one of the mechanisms that generates and maintains genetic variation in the A. formosa population in Lake Maarsseveen. The presence of genetic variation in A. formosa was reflected in infection experiments, which showed that genetically different A. formosa strains differed in their susceptibility to various Z. planktonicum strains and that parasite strains differed in their ability to infect particular host strains.
Improving Competition in the Non-Tradable Goods and Labour Markets: The Portuguese

This study assesses the macroeconomic impacts of increasing competition in the non-tradable goods and labour markets in Portugal. We lean on evidence that the maintenance of low competition in these markets may have contributed to the recent poor performance of the Portuguese economy. The analysis is performed using PESSOA, a dynamic general equilibrium model for a small-open economy integrated in a monetary union, featuring Blanchard-Yaari households, a multi-sectoral production structure and a number of nominal and real rigidities. We conclude that measures aimed at increasing competition in the Portuguese non-tradable goods and labour markets could induce important international competitiveness gains and be valuable instruments in promoting necessary adjustments within the monetary union frame-work. However, in the short run, real interest rates are likely to increase temporarily, driving consumption and output temporarily downwards.
Feeding preference of adult japanese beetles (Coleoptera: Scarabaeidae) for Asian elm species and their hybrids

Selected elm, Ulmus spp. , and their hybrids growing at The Morton Arboretum, Lisle, IL, were evaluated in bioassays for feeding preference by the Japanese beetle, Popillia japonica Newman. No-choice bioassays revealed that the hybrids U. ‘Morton’-Accolade ( U. japonica x U. wilsoniana ), U. elongata, U. laciniata, U. lamellosa, U. macrocarpa, U. parvifolia, U. ‘Morton Plainsman’-Vanguard ( U. japonica x U. pumila ) x U. davidiana, and U. Morton Plainsman-Vanguard ( U. japonica x U. pumila ) x U. japonica-wilsoniana-pumila had low ( 68%) amounts of leaf tissue consumed. Rankings for the dried fecal pellet weights, field defoliation survey, and multiple-choice studies were consistent with the no-choice studies for these same elm genotypes. Leaf pubescence on U. glaucescens, U. lamellosa, and U. macrocarpa seems to be a feeding deterrent for the adult beetle as evidenced by low levels of feeding damage (<26%) in the laboratory studies, low dried fecal pellet weights (<24 mg), and field defoliation ratings no to very light feeding (<0.6). The genotypes of U. Morton-Accolade ( U. japonica x U. wilsoniana), U. elongata, U. laciniata, U. lamellosa, U. macrocarpa, U. parvifolia, U. Morton Plainsman-Vanguard ( U. japonica x U. pumila ) x U. davidiana, and U. Morton Plainsman-Vanguard ( U. japonica x U. pumila ) x U. japonica-wilsoniana-pumila show promise for use for future elm breeding programs.
Audit Firm Internal Governance, Auditor Behavior, and Financial Reporting Quality

Using proprietary PCAOB data on audit firms’ internal inspection programs, we study the effect of audit firm internal governance on auditor behavior and financial reporting quality. Internal inspection programs are an important quality control mechanism within large audit firms. We find that internal inspections are often predictable. Engagement partners predict not only when they will be inspected, but also which of their engagements will be inspected. The engagement team takes advantage of this predictability and concentrates effort on the audit that ultimately is selected for an internal inspection. We further find that the engagement team changes audit effort in response to the inspection outcome. If the outcome is favorable, the team reverts audit effort back to the pre-inspection level. However, if the outcome is unfavorable, the team increases effort on future engagements of the client for multiple years. The higher effort in preparation for an internal inspection and in response to an unfavorable outcome improves the client’s financial reporting quality only if the internal inspection program is considered effective by the PCAOB. These results suggest that higher effort under ineffective internal inspection programs likely involves excessive documentation and reflects lower audit efficiency. Collectively, our evidence highlights the importance of an effective internal inspection program in shaping financial reporting quality.
Board Characteristics, Ownership Structure and Firm Value of Listed Petroleum Companies in Nigeria

Corporate governance is increasingly becoming a topical issue in Nigeria especially given the number of events that led to reforms meant to strengthen sound firm practices in the country. The events which include growth and decline in the equity market, expansion in the number of shareholders and a variety of corporate scandals have continued to raise the concern of policy makers, investors, analysts and academics on corporate governance practices of corporations and how these practices affect firm value. This paper examined the effect of board characteristics and ownership structure on firm value of listed petroleum companies in Nigeria. The study used six (6) listed petroleum firms that had consistently published their annual audited financial reports from 2008 to 2015, and analyzed the data based on robust pooled-OLS multiple regression result due to absence of panel effect in the dataset as confirmed by the result of Breusch Pagan Lagrangian Multiplier test. The results revealed that board size, board independence as well as managerial shareholding had significant negative effect on firm value. In the case of board gender diversity, it was discovered that the inclusion of females on the board of petroleum firms in Nigeria had a significant positive effect on firm value. The study concluded that overall, board characteristics and ownership structure components of board size, board independence, board gender diversity, ownership concentration and managerial shareholding affect the value of listed petroleum firms in Nigeria, though the direction and extent of the association vary from one component to the other. In view of the findings, the study recommended an optimal board size of between five (5) and sixteen (16) directors, beyond which an additional board member will create added costs greater than the benefit derivable from the added board member. Also, females should be elected to boards based on their skills, education, expertise and experience. In addition, concentrated shareholding should be encouraged at lower levels, while a large managerial ownership structure should be moderated to create a strong incentive to reduce the abuse of shareholders resources. <br>
Cerebroid Ganglion is the Presumptive Pacemaker of the Circadian Rhythm of Electrical Response to Light in the Crayfish

One of the most widely studied circadian rhythms in invertebrates is that of light responsiveness whose underlying mechanisms seem to involve different groups of oscillators which act as pacemakers. Although, in crayfish, there are clear circadian rhythms in the electroretinogram (ERG) amplitude, the precise location of the pacemaker system driving this rhythm is uncertain. Some data suggest that the circadian pacemaker could be located in a group of neurosecretory cells of the supraesophageal ganglion (the cerebroid ganglion or brain) and that the sinus gland plays a determinant role in the generation and expression of this rhythm through periodic release of pigment-dispersing hormone (PDH). The aim of this work is to examine the role of the brain in the expression of the ERG circadian activity. The hypothesis we test is that the electrical activity at the brain level has a circadian behavior in the firing pattern of spontaneous multiunit activity (MUA) and in visual evoked potentials (VEPs). The results indicate that there are robust circadian rhythms in both MUA, recorded from several regions of the brain, and in the averaged VEPs recorded from the protocerebrum area. These rhythms are 180° out of phase to one another. The rhythm of VEPs showed a main peak at midnight which was in close phase relationship with the ERG amplitude rhythm.