Miracle-dz/UniFAR-FTUs huggingface dataset:
How Sovereign is Sovereign Credit Risk? Global Prices, Local Quantities

Sovereign default insurance price fluctuations are dominated by common risks. In contrast, fluctuations in their quantities are primarily explained by country-specific factors. Using net positions in sovereign default insurance contracts for 60 countries between 2008 and 2015, we show that a country's debt and size explain 75% of cross-country differences in net insured interest. We develop an economic framework showing that high commonality in prices and low commonality in quantities can arise jointly only if insurance demand and supply shift in opposite directions in response to global shocks. We identify hedge funds as primary net suppliers of sovereign default protection.
Information Content of Annual Earnings Announcements: Evidence from Moroccan Stock Market

The objective of our work is to study the information content of accounting results of listed companies in the Casablanca Stock Exchange. Applying the methodology adopted by Beaver (1968), we analyze the market reaction, in terms of changes in prices and volumes around the announcement of annual earnings. Our study focuses on 75 companies listed on the Casablanca Stock Exchange for the period [2010 to 2015]. It accounts for the presence of an informational content for the accounting results around the announcement date. Thus, this confirms the hypothesis of financial market efficiency in its semi-strong form (Fama, 1970) and the results obtained in other financial markets (US, French, Chinese .).
Services Productivity, Trade Policy, and Manufacturing Exports

This paper analyzes the linkage between services and manufacturing productivity performance, using firm-level data for over 100 developing countries. We find strong evidence for such a linkage, although the effect is small: at the average rate of services input intensity, a 10% improvement in services productivity is associated with an increase in manufacturing productivity 0.3%, and a resulting increase in exports of 0.2%. Services trade restrictiveness indices (STRI) are found to be a statistically significant determinant of manufactured exports performance, a finding that is robust to the inclusion of the overall level of trade restrictiveness that is applied against manufactured exports directly. The main channel through which services trade restrictions negatively affect manufactured exports is through FDI, a finding that is consistent with the stylized fact in the literature that FDI is a key channel for trade in services and an important vehicle through which services technology and know-how is transferred across countries. At the sectoral level, restrictions on transport and retail distribution services have the largest negative impact on exports of manufactures.
Some factors that contribute to poor survival of rhizobia on preinoculated legume seed

Abstract. Preinoculation of seed is a convenient alternative method to inoculating seed on-farm. With preinoculation, a range of plant-growth and protection agents, polymer adhesives, colour pigments or dyes, and powder materials may be incorporated into an inoculant adhesive-slurry prior to seed coating. However, our recent point-of-sale surveys support findings of previous studies that survival of rhizobia on preinoculated seed is variable and can be poor. We focussed our research, both in the laboratory and at commercial facilities, on some of the factors that may contribute to poor survival of rhizobia on preinoculated seed. We found that rhizobial survival was affected by water quality; filtration improved cell survival but was not equal to distilled water. We also found that polymers affected cell survival differently for each rhizobial strain, and that slowing the desiccation rate reduced the cell rate of decline. Although fewer in cell number, older inoculant afforded more protection for survival of rhizobial cells. There is a need to test each ingredient and stage in the seed-coating process for compatibility to determine the best practices to promote rhizobial survival on seed. Failure to act on these factors prolongs the status quo of the findings from recent retail surveys.
Endogenous Rational Shortlist Method

We study a shortlisting model of choice where the decision-maker applies a sequence of rationales in order to increasingly filter her choice. In contrast to the existing literature where the rationales are exogenously given, the model allows them to be endogenously triggered by the inferior alternatives in the menu. In addition, this filtering process may be done by any number of the endogenous rationales; thus, the model generalizes the existing literature in which the shortlisting boils down to the “two-stage” processes. Endogenous Rational Shortlist Method captures the choice anomalies in the multi-attribute space where the shortlisting seems to be a natural heuristic, and where the<br>existing literature comes short. Moreover, while the model explains the direct relevance of the inferior alternatives, it further predicts the indirect relevance of the non-inferiors. <br>
Inequality and Incentives with Societal Other-Regarding Preferences

Abstract The article is concerned with understanding the impact of social preferences and wealth inequality on aggregate economic outcomes. We investigate how different manifestations of societal other-regarding preferences affect labor relationships and incentive contracts at the microeconomic level and how these in turn translate into macroeconomic outcomes. Increasing the workers’ sensitivity to inequality raises effort and reduces wage costs for poor but not necessarily for rich workers. A parameterized version of the model roughly mimicking relevant key features of the industrialized world shows that, at the general equilibrium, increased initial wealth differences raise aggregate profit and output but entail distributional utility losses and increased inequality.
Do Dynamic Properties of Stock Return Vary Under Hostile Environment? A Study During and After the Ethnic Conflict in Sri Lanka

Investors’ choice in investment is affected by a number of factors such as natural disasters, ethnic conflicts, war, political instability, economic recessions etc. Therefore, socioeconomic stability is important in building trust among investors. Nearly three decade-long ethnic conflict in Sri Lanka during 1983 to 2009 may have influenced the investment environment. Several researchers have already examined the dynamic properties of stock return in Sri Lanka. However, those findings are not consistent when there is an impact from ethnic conflict. Therefore, this study aimed to investigate the behavioural patterns of volatility clustering, asymmetric effect and leptokurtic condition of the return during and after the ethnic conflict. Similarly, risk-return trade-off condition is also tested. Daily observations of All Share Price Index from 1985 to 2012 are categorized into conflict period and post-conflict period. While GARCH (m, s) model is employed for volatility clustering, both TGARCH and EGARCH models are applied for testing the Asymmetric effect. Descriptive statistics and GARCH (M) model are used to assess the leptokurtic condition and risk-return trade-off respectively. The study found that volatility clustering existed for the conflict periods’ return as well as for the post-conflict periods’ return. However, it was relatively higher during the conflict period. Moreover, the research found that asymmetric effect was more critical for the post-conflict periods’ return. Irrespective of the ethnic conflict, stock return has satisfied the leptokurtic condition and positive relationship between risk and return.
Variação sazonal e abundância de Rynchops niger no estuário de Cananéia-Iguape-Ilha Comprida, São Paulo

This work aims to make available basic information about the occurrence and abundance of the Black Skimmer in the Cananeia-Iguape-Ilha Comprida estuary of Sao Paulo. Black Skimmer are found throughout the year at the study area. Censuses were made from January to December 2005, on a weekly basis. A total of 48 censuses were completed in each of five areas in the estuary. The results show that Black skimmer was a common species at the estuary and the number of individuals varied among the sites. The Black skimmer was more frequent in the mud flats of the Baixio do Arrozal (Cananeia), in the summer and autumn, in the summer-winter in Boqueirao Norte and Sul and in the autumn-winter in the Baixio of the Boguacu. All the estuary, the population presented accentuated fluctuations along the year, with the largest seasonal abundance in summer, when the production of the Anchoviella lepidonstole increase.
A Shortage of Short Sales: Explaining the Underutilization of a Foreclosure Alternative

The Great Recession led to widespread mortgage defaults, with borrowers resorting to both foreclosures and short sales to resolve their defaults. I first quantify the economic impact of foreclosures relative to short sales by comparing the home price implications of both. After accounting for omitted variable bias, I find that homes selling as short sales transact at 9.2% to 10.5% higher prices on average than those that sell after foreclosure. Short sales also exert smaller negative externalities than foreclosures, with one short sale decreasing nearby property values by 1 percentage point less than a foreclosure. So why werenâ€™t short sales more prevalent? These home price benefits did not increase the prevalence of short sales because free rents during foreclosures caused more borrowers to select foreclosures, even though higher advances led servicers to prefer more short sales. In states with longer foreclosure timelines, the benefits from foreclosures increased for borrowers, so short sales were less utilized. I find that one standard deviation increase in the average length of the foreclosure process decreased the short sale share by 0.35 to 0.45 standard deviation. My results suggest that policies that increase the relative attractiveness of short sales could help stabilize distressed housing markets.
Do Lower Minimum Wages for Younger Workers Raise Their Employment? Evidence from a Danish Discontinuity

We estimate the impact of youth minimum wages on youth employment by exploiting a large discontinuity in Danish minimum wage rules at age 18, using monthly payroll records for the Danish population. The hourly wage jumps up by 40 percent at the discontinuity. Employment falls by 33 percent and total input of hours decreases by 45 percent, leaving the aggregate wage payment almost unchanged. We show theoretically how the discontinuity may be exploited to evaluate policy changes. The relevant elasticity for evaluating the effect on youth employment of changes in their minimum wage is in the range 0.6-1.1.
Total sulfur and sulfate accumulation in onion is affected by sulfur fertility

Abstract Because sulfate (SO4 ‐2) accumulation patterns were unknown in onion, a study was conducted to determine how three onion varieties accumulated total bulb‐sulfur (S) and bulb‐SO4 ‐2 in response to increasing S‐fertility. Plants were greenhouse grown in pots containing washed river sand and fertilized with five different nutrient solutions possessing SO4 ‐2 concentrations of 5, 25, 50, 75, or 150 mg liter1 until the plants were mature. Bulbs were harvested and analyzed for total‐S, SO4 ‐2, and pungency, as measured by enzymatically developed pyruvic acid (EPY). Bulbs accumulated significant levels of SO4 ‐2 and S. The amount of bulb‐SO4 ‐2 and bulb‐S increased linearly as S‐fertility increased. The three varieties differed in total bulb‐S, bulb‐SO4 ‐2, the percent of total bulb‐S accumulated as SO4 ‐2, and EPY. Bulb‐SO4 ‐2 ranged from 0.047 to 0.318 % dry mass in response to S‐fertility level and variety, while total bulb‐S ranged from 0.154 to 0.535% dry mass. Diverse S and SO4 ‐2 accumulation and.
Valuing the Effects of the Environmental Factors on Health Problems in Britain

This study explores the effects of air pollution on specific diseases. Moreover, this study explores the willingness to pay for improving the air quality in the UK. The estimates are based on data from the British Household Panel Survey (BHPS) and rely on variations in pollution level and health diseases between interviews over time for the same individual. The effects of air pollution on individuals' health diseases are estimated and their monetary value is calculated. In particular, two air pollutants are examined; ground-level ozone (O3) and carbon monoxide (CO). Moreover, two different approaches are followed. The first approach refers to panel discrete choice binary models, Logit and Probit while the second model is the dynamic Probit Random Effects model. Regarding the skin conditions and allergy health problems the annual monetary values for O3 range between £45-£65 per year for a drop of one unit, while the respective values for the CO range between £70-£87. The respective values for O3 and CO range between £173-£208 and £185-£218 respectively for chest and breathing health problems. Regarding the heart health problems the monetary values for O3 and CO respectively range between £178-£216 and £189-£222. Lastly, the MWTP for an inpatient day in hospital for a one unit reduction in pollution are presented under the current regime (free consultation) as well as under the possible fee of £20 per stay proposed by a former Health minister in UK. Considering that the inpatient elective-planned stay cost per day is £2,749, a 4-5 unit decrease in air pollutants will lead to a MWTP equivalent to the inpatient cost.
The Impact of Stock Liquidity on Firm Value: Evidence from Vietnam

This study explores the effect of stock liquidity on firm value in the context of Vietnam. Theory suggests that liquid stocks have been shown to facilitate more efficient management compensation, reduce managerial opportunism decisions and promote trade by informed investors; hence improving the firm performance. Based on a sample of largest firms in Vietnam from 2012 to 2016 and panel regression models, we find that there is no relationship between Tobin’s Q and turnover volume as a proxy of stock liquidity. However, a significant relationship between Tobin’s Q and Amihud Illiquidity has been confirmed from the random effect regression model. For instance, a rise in stock liquidity in one stand deviation improves the firm value by 7.31%.
Informationally Simple Incentives

We consider a mechanism design setting in which agents can acquire costly information on their preferences as well as others’. A mechanism is informationally simple if agents have no incentive to learn about others’ preferences. This property is of interest for two reasons. First, it is a necessary condition for the existence of dominant-strategy equilibria in the extended game. Second, this endogenizes an “independent-private-value” property of the interim information structure. We show that, generically, a mechanism is informationally simple if and only if it satisfies a separability condition that rules out most economically meaningful mechanisms.
Did Trump's Trade War Impact the 2018 Election?

We findthat Republican candidates lost support in the 2018 US congressional election in counties more exposed to trade retaliation, but saw no commensurate electoral gains from US tariff protection. The electoral losses were driven by retaliatory tariffs on agricultural products, and were only partially mitigated by the US agricultural subsidies announced in summer 2018. Republicans also fared worse in counties that had seen recent gains in health insurance coverage, affirming the importance of health care as an election issue. A counterfactual calculation suggests that the trade war (respectively, health care) can account for five (eight) of Republicans' lost House seats.
Effect of including whole oats into pellets on performance and plumage condition in laying hens housed in conventional and furnished cages

In an experiment including 2400 layers, a diet with 40% whole oats incorporated into 3 mm pellets (experimental diet) was compared with a complete diet, also as 3 mm pellets, but containing no whole oats (control diet). These diets were examined in conventional 3-hens cages and two furnished cage systems with 8 or 16 birds per group including nest, perches and litter. The effects of diet, rearing condition and cage system on performance, plumage condition, comb lesions and rear body wounds were studied. Furthermore, the effect of feed structure on gizzard characteristics and interactions with access to litter during rearing and laying periods were examined. The hybrids LSL and Shaver 2000 were included in the experiment. Egg production was lower (P<0.05) in furnished cages than in conventional cages. No difference in plumage condition was found between diets, but a significantly poorer plumage condition (P<0.05) was observed with increasing group size. Also, the frequencies of rear body (P<0.05) wounds increased as the group sizes increased, while no such effect was observed for comb lesions. Higher (P<0.05) feed consumption was observed in furnished cages than in the conventional, causing a corresponding increase (P<0.05) in feed conversion rate (FCR). Higher (P<0.05) FCR was observed for birds fed pellets with whole oats than the control. Whole oats also increased (P<0.05) the weight of gizzard and gizzard contents. For LSL, better (P<0.05) plumage condition was found for birds reared on a deep litter floor compared to cage rearing. It was concluded that no beneficial effect of replacing high amounts of ground oats with whole oats was observed. Genotype and rearing method may interact with housing system.
Comparaison des performances de l'oie, du canard mulard et du canard de Barbarie soumis au gavage

Cent vingt palmipedes repartis en 3 lots sont eleves a la station experimentale des palmipedes a foie gras d'Artigueres a raison de: 40 oisons de type Landais mâles et femelles, 40 canards mulards mâles, 40 canards de Barbarie mâles. Ces animaux subissent un programme d'alimentalion propre a chaque type de palmipede et destine a optimiser leur preparation en vue d'une mise en gavage. En revanche, de nombreux facteurs (choix du mais, des locaux de gavage, materiel, operateur.) sont harmonises. Au cours du gavage d'une duree identique de 13 j, tous les palmipedes engraissent de facon spectaculaire (+41 % de gain de poids pour les canards de Barbarie et respeclivement +53 et +54% pour les oisons et pour les canards mulards). Les quantites de foie gras produites sont differentes, les foies d'oies sont les plus lourds (793 g), les foies de canards mulards sont intermediaires (702 g), les foies de canard de Barbarie sont les plus legers (560 g). La qualite technologique des foies exprimee par l'aptitude a retenir les graisses pendant la cuisson classe les animaux dans le meme ordre: le foie gras d'oie presente la meilleure qualite. Pour la production de viande, c'est le canard de Barbarie qui presente le meilleur rendement (les muscles des cuisses et des pectoraux representent 17,3% du poids vif contre 15% et 13% respectivement chez le canard mulard et chez l'oie). Les oisons sont les moins performants, mais ils sont places en gavage a un âge (13,5 semaines) qui ne correspond pas a la pleine maturite. Finalement, en fonction des objectifs poursuivis, tous les types de palmipedes peuvent etre choisis, mais nous montrons pourquoi le canard mulard tres rustique et qui presente toujours des niveaux de production proches des meilleurs est le palmipede le plus employe en gavage
An econometric model for intraday electricity trading

This paper develops an econometric price model with fundamental impacts for intraday electricity markets of 15-min contracts. A unique dataset of intradaily updated forecasts of renewable power generation is analysed. We use a threshold regression model to examine how 15-min intraday trading depends on the slope of the merit order curve. Our estimation results reveal strong evidence of mean reversion in the price formation mechanism of 15-min contracts. Additionally, prices of neighbouring contracts exhibit strong explanatory power and a positive impact on prices of a given contract. We observe an asymmetric effect of renewable forecast changes on intraday prices depending on the merit-order-curve slope. In general, renewable forecasts have a higher explanatory power at noon than in the morning and evening, but price information is the main driver of 15-min intraday trading. This article is part of the theme issue ‘The mathematics of energy systems’.
Discretion in Bank Loan Loss Allowance, Risk Taking and Earnings Management

We study whether banks use the allowance for loan losses (ALL) for efficiency or for opportunistic reasons. We find that banks that had higher abnormal ALL during the period prior to the 2007&#8211;2009 crisis engaged in less risk taking during the pre&#8208;crisis period and had a lower probability of failure during the crisis period. In testing earnings management to meet or beat earnings benchmarks, we find that abnormal ALL is unrelated to next period's loss avoidance and just meeting or beating the prior year's earnings. Our results suggest that banks use ALL for efficiency and not for opportunistic purposes.
Production energetics of a population of sockeye salmon, Oncorhynchus nerka

The life stages and population structure of sockeye salmon from Babine Lake, British Columbia, are outlined. The total biomass produced by an average cohort of smolts is determined by tracing the monthly growth and mortality rates for each of three age-classes during ocean life, based on models responsive to life history, temperature, and body weight. From an energy budget previously deduced for an average 4-year-old sockeye salmon, the growth efficiency of the cohort is derived (22.8%). Assumptions and possible sources of error are discussed, concluding with comments on the high energy conversion efficiency of an average sockeye salmon population during marine life.
A Microcomputer-monitored Mosquito Flight Activity System

A microcomputer data-acquisition interface for a mosquito acoustic actograph system is described. The actograph has 32 activity chambers, each with its own microphone and circuit board. Each recording chamber is connected to an Apple IIe microcomputer with peripheral units. The computer simultaneously monitors the flight activity of all the mosquitoes in the 32 chambers and determines an activity score, total number of flights, and the total flying time for each mosquito in each 30-min period of a day, Data collection is facilitated by a multifunction program that allows the activity of all 32 mosquitoes to be monitored throughout an experiment. The user may look back at any 30-min period recorded on the data disk file. At the conclusion of an experiment, the computer prints a log report of group averages, activity scores, number of flights, and flying time.