Miracle-dz/UniFAR-FTUs huggingface dataset:
Effect of Stock Price Information on Timing of Share Repurchases

Objective – This study investigates whether private information newly incorporated into stock price enhances performance in timing share repurchases. <br><br>Methodology/Technique – Cost saving gained in share repurchases is used a proxy for performance of market-timing in share repurchases and firm-specific stock return variation is used to gauge stock price informativeness. A sample of 334 U.S. repurchasing firms are tested using panel data regression. <br><br>Findings – The paper concludes that managers possess better market timing skill by obtaining more cost saving from their share repurchases when private information is reflected in stock price. Stock price informativeness may be the tool for managers to improve their market timing skill to take advantage of the stock market. Furthermore, firms with smaller size and a higher market-to-book ratios, and firms with higher cash-to-assets ratios are found to achieve more cost saving in buying back their shares indicating that these firms are able to time the market in share repurchasing. <br><br>Novelty – Despite numerous previous studies focusing solely on using share repurchases announcement for computing cumulative abnormal returns in testing managerial market timing, this study contributes to the literature in several ways: (i) providing evidence relating stock price informativeness and performance of market-timing in share repurchases; (ii) developing a better timing measure constructed using actual repurchasing data; (iii) adopting a cost saving measure as the timing measure instead of cumulative abnormal return. <br><br>Type of Paper: Empirical.
Does Urbanisation Affect Rural Poverty? Evidence from Indian Districts

Although the high rate of urbanization and the high incidence of rural poverty are two distinct features of many developing countries, we still do not know the effects of the former on the latter. We address this issue by exploring the mechanisms through which urbanization may alleviate rural poverty, disentangling “first round” effects, due to migration of rural poor to cities, and “second round” effects, due to positive externalities of city growth on surrounding rural areas. We test our theoretical predictions on a sample of Indian districts in the period 1981-1999, and find that urbanization has a substantial and systematic poverty reducing effect in surrounding rural areas. This effect is largely attributable to positive spillovers from urbanisation rather than to the movement of the rural poor to urban areas per se. Results using IV estimation suggest that this effect is causal in nature (from urbanisation to rural poverty).
Genetic and cropping cycle effects on proximate composition and antinutrient contents of flour made from eleven Musa genotypes

Eleven Musa genotypes comprising ten hybrids and one local check were grown for two cropping cycles (plant crop and ratoon crop) in a sub-humid location of southeastern Nigeria. Flour was processed from unripe fruits harvested thereof. Proximate qualities and antinutrient factors were determined for each genotype during the two cropping cycles. Variance components analysis revealed significant (P Keywords : flour quality, Musa hybrids, Principal component analysis Global Journal of Pure and Applied Sciences Vol. 12(2) 2006: 177-182
Every Choice Function is Pro-Con Rationalizable

Dogan and Yildiz introduce and analyze the pro-con model that is inspired by Franklin’s prudential algebra. Consider an agent who is endowed with two sets of orderings: pro- and con-orderings. For each choice set, if an alternative is the top-ranked by a pro-ordering (con-ordering), then this is a pro (con) for choosing that alternative. The alternative with more pros than cons is chosen from each choice set. Each ordering may have a weight reflecting its salience. In this case, the probability that an alternative is chosen equals the difference between the total weights of its pros and cons. Although, this is an additive model similar to the random utility model with structurally invariant primitives, authors show that every (random) choice function is (random) pro-con rational. Their technique requires a generalization of Ford-Fulkerson theorem. The connection between the random model and its deterministic counterpart demonstrates a fruitful use of classical integer programming techniques in choice theory.
Governance Matters V: Aggregate and Individual Governance Indicators for 1996-2005

The authors report on the latest version of the worldwide governance indicators, covering 213 countries and territories and measuring six dimensions of governance from 1996 until end-2005: voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, rule of law, and control of corruption. The latest indicators are based on hundreds of variables and reflect the views of thousands of citizen and firm survey respondents and experts worldwide. Although global averages of governance display no marked trends during 1996-2005, nearly one-third of countries exhibit significant changes [for better or for worse]on at least one dimension of governance. Three new features distinguish this update. (1) The authors have moved to annual reporting of governance estimates. This update includes new governance estimates for 2003 and 2005, as well as minor backward revisions to biannual historical data for 1996-2004. (2) The authors are, for the first time, publishing the individual measures of governance from virtually every data source underlying the aggregate governance indicators. The ready availability of the individual data sources underlying the aggregate governance indicators is aimed at further enhancing the transparency of the methodology and of the resulting aggregate indicators, as well as helping data users and policymakers identify specific governance challenges in individual countries. (3) The authors present new evidence on the reliability of expert assessments of governance which, alongside survey responses, form part of the aggregate measures of governance.
Is There a Causal Link between Currency and Debt Crises?

Though currency and debt crises quite often occur simultaneously, the links between these two types of crises are not well understood. We review how currency and debt crises could be related due to (1) common causes, (2) internal contagion effects from one crisis to the other, and (3) complementary budget financing aspects. The relationship between currency and debt crises is illustrated with a small theoretical model. Using panel data for 80 countries over the period 1975-2000, we analyze the relationship between currency and debt crises empirically in two steps. First, we investigate the determinants of each crisis separately. Second, we estimate links between both crises employing instrumental variables techniques. We find that, while there is a negative lagged influence of currency crises on debt crises, the occurrence of a currency crisis significantly increases the risk of a contemporaneous debt crisis and vice versa. Both types of crises are significantly more likely if the debt burden is higher.
Herpes Simplex Virus Disrupts NF-κB Regulation by Blocking Its Recruitment on the IκBα Promoter and Directing the Factor on Viral Genes*

Herpes simplex viruses (HSVs) are able to hijack the host-cell IκB kinase (IKK)/NF-κB pathway, which regulates critical cell functions from apoptosis to inflammatory responses; however, the molecular mechanisms involved and the outcome of the signaling dysregulation on the host-virus interaction are mostly unknown. Here we show that in human keratinocytes HSV-1 attains a sophisticated control of the IKK/NF-κB pathway, inducing two distinct temporally controlled waves of IKK activity and disrupting the NF-κB autoregulatory mechanism. Using chromatin immunoprecipitation we demonstrate that dysregulation of the NF-κB-response is mediated by a virus-induced block of NF-κB recruitment to the promoter of the IκBα gene, encoding the main NF-κB-inhibitor. We also show that HSV-1 redirects NF-κB recruitment to the promoter of ICP0, an immediate-early viral gene with a key role in promoting virus replication. The results reveal a new level of control of cellular functions by invading viruses and suggest that persistent NF-κB activation in HSV-1-infected cells, rather than being a host response to the virus, may play a positive role in promoting efficient viral replication.
Diversity and Stability of Ecological Communities: A Comment on the Role of Empiricism in Ecology

The diversity-stability hypothesis developed over the past 25 years appears widely misunderstood by ecologists, although it simply states that species diversity mediates community functional stability through compensating interactions to environmental fluctuations among co-occurring species. Fluctuations in the abundances of species with different adaptive modes may be a mechanism stabilizing community function in a varying environment. The available empirical evidence, including data from an experimental perturbation of successional old fields and data on the impact of environmental fluctuations on properties of grasslands in the Serengeti-Mara ecosystem of Tanzania and Kenya, suggests that the hypothesis is true at the primary producer level. As components of natural science, models are true only insofar as they are verified as accurate descriptions of the systems they purportedly characterize. The data on diversity-stability relationships in plant communities indicate that the traditional verbal model is considerably more robust in application than recent "more rigorous" mathematical models.
Is egg carrying attractive? Mate choice in the golden egg bug (Coreidae, Heteroptera)

In several species of fish, females select males that are already guarding eggs in their nests. It is a matter of debate as to whether a female selects a good nest site for her offspring (natural selection) or a male for his attractiveness (sexual selection). The golden egg bug, Phyllomorpha laciniata Vill, resembles fish in the sense that mating males carry more eggs than single males, but in the bugs, female mate choice is decoupled from egg site choice. The sexual selection hypothesis predicts that if females select males using male egg load as a cue for male quality, they should not mate with a male when eggs are removed, regardless of his mating attempts. When individual females were enclosed with an egg–loaded male and an unloaded male, they mated equally often with both males, although the loaded males courted more. In addition, when only successful males were used, females mated equally often with the loaded male and the unloaded male irrespective of sex ratio. Male choice rather than female choice affected mating frequency when sex ratio was equal. Therefore, females do not select the male by the eggs he carries, but successful males may receive many eggs due to egg dumping by alien females while they mate or as a consequence of mate guarding.
'Superstitious' Investors

We reconsider the Shiller (1981) volatility puzzle through the lens of a model in which agents believe they can predict dividend growth when in fact they cannot. Besides excess volatility in the time series, the model explains the value premium, and the explanatory power of the value factor. In support of the model, we show that analysts' earnings forecasts align with market valuation and that analysts are far more optimistic about growth stocks than value stocks. Using both survey and price data, we show that the same mechanism can explain the excess returns earned by investing in high-interest rate currencies.
A Urn-Based Nonparametric Modeling of the Dependence Between PD and LGD with an Application to Mortgages

We propose an alternative approach to the modeling of the positive dependence between the probability of default and the loss given default in a portfolio of exposures, using a bivariate urn process. The model combines the power of Bayesian nonparametrics and statistical learning, allowing for the elicitation and the exploitation of experts’ judgements, and for the constant update of this information over time, every time new data is available. <br><br>A real-world application on mortgages is described using the Single Family Loan-Level Dataset by Freddie Mac.
Effect of light and predator abundance on the habitat choice of plant‐attached zooplankton

Summary 1. The diurnal variations in the habitat choice of the periodically plant-attached cladoceran Sida crystallina together with light environment and predator abundance were studied. 2. The density of S. crystallina attached to floating leaves of Nuphar lutea increased between 18:00 and 20:00 hours, when light intensity underneath the leaves was temporarily increased, and decreased again when light intensity declined. A proportion of S. crystallina remained in the swimming mode underneath the leaves even during daylight, indicating that the water column sheltered by the leaves is safer than the open water. 3. In the water adjacent to the leaves, the density of S. crystallina increased steeply in the dark. The increase was not accompanied by a decrease in S. crystallina attached to plant leaves, indicating that the nocturnal increment in the open water density of S. crystallina was due to migration from daytime refuges other than floating leaves. 4. Sida crystallina was most intensively consumed by perch (Perca fluviatilis). Predation threat by fish had weaker effects on the density of S. crystallina attached to plant leaves than on cladocerans in the adjacent water. Cladocerans underneath floating plant leaves, whether attached or not, are probably less vulnerable to fish predation than those outside the leaf cover. 5. The results suggested that light intensity is the proximate factor regulating the attachment of zooplankton to the lower surfaces of floating macrophyte leaves. Light intensity has a positive effect on the density of S. crystallina attached to the floating leaves and a negative effect on density in the water. Predation threat by fish has a strong effect on the migration of zooplankters into the open water habitat.
Biochemical composition of caviar as a tool to discriminate between aquaculture and wild origin

Summary The over-exploitation of sturgeons for caviar production has led to drastic decreases of the commercially harvested sturgeon stocks. As a consequence, all sturgeon species were world-wide listed in Annex II or I of the CITES regulations. Since caviar trade needs to be controlled precise source (farmed vs wild) and species identification of the caviar are essential. Species discrimination is successfully performed by molecular genetic techniques. Whereas the origin of caviar either from wild stocks or from aquaculture cannot yet be differentiated using these techniques. As a consequence, the lack of an applicable technique for source identification complicates the control of black marketing of illegally produced sturgeon products. The determination of the chemical and biochemical composition of caviar, both of wild caught and farmed animals was attempted in this study to explore the potential of biochemical techniques for source identification. The results on size, protein and fat content, fatty acid (FA) composition of triglycerides (TG) and phospholipids (PL), as well as the concentrations of relevant heavy metals and chlorinated hydrocarbons from 38 samples of wild caught and 12 samples of farmed sturgeon were investigated. Significant differences with respect to the origin of the caviar were revealed in FA composition only. TG and PL contained more n-3 FAs, especially eicosapentaenoic (20:5 n-3) and docosahexaenoic acid (22:6 n-3) than n-6 FAs. Specific differences in the TG profile of wild caught and intensively farmed fish, depended on the feed sources utilized. It is therefore suggested to use specific FAs as additives to the formulated diets in order to provide the opportunity to ease the verification of the farm origin in traded sturgeon commodities.
Why Don't Share Issue Privatizations Improve Profitability in China?

Previous studies show that profitability does not improve after share issue privatization (SIP) in China. We explore the possibility that the positive privatization effect can be overwhelmed by a negative listing effect, leading to an overall negative or insignificant SIP profitability change. Using the difference-in-differences approach with various matched samples, we show that there is a positive privatization effect and there is a negative listing effect on profitability. We also document evidence of a significant improvement in profitability after separating the “pure” privatization effect from the SIP effect. Our findings are robust to alternative variable specifications and methodological changes.
The information content of corporate social responsibility disclosure in Europe: an institutional perspective

This study examines how firm value (measured via stock prices) is related to corporate social responsibility (CSR) disclosure and how the institutional environment influences this relationship. To test our hypotheses, we apply textual analysis to our data on firms listed in the STOXX Europe 600 for the period 2008–2016. Our investigation of topic-specific CSR disclosure indicates that when firms shifted from voluntary to mandatory reporting, following the announcement of Directive 2014/95/EU, the association between their share price and CSR disclosure became significantly negative. For the period before the announcement, this relationship is either positive or statistically insignificant. We also show that the institutional environment can impact this relationship in four distinct ways: the level of CSR awareness, the level of employee protection, the degree of enforcement and the strength of the legal environment. We find that the first two have a negative impact on the incremental value relevance of specific CSR disclosure, whereas the last two have a positive impact. Lastly, our results also indicate that the magnitude of (a) the relationship between a firm’s CSR disclosure and its value and (b) the impact that the firm’s institutional environment has on this relationship depends on the specific CSR topics.
Bank Earnings Forecasts, Risk and the Crisis

This paper explores the ability of financial analysts to gauge the risk taken by banks and investigates the impact of the recent financial crisis. Using a sample of 36,343 analyst forecasts issued for 411 European banks over 2003-2009 we find that analyst forecasts are influenced by risk, the type of forecaster (optimistic or pessimistic) and vary over time. Optimistic analyst forecasts are significantly influenced by insolvency, market and credit risk over the acute-crisis period (July 2007 to March 2009) resulting in larger forecast errors. Of our risk indicators only credit risk (5-year CDS spreads) significantly influences analyst forecasts pre- and during the crisis period - higher levels of credit risk are reflected in less accurate forecasts. Leverage is negatively linked to forecast error as is market volatility which has a differential impact on forecasts over time. As analyst forecasts respond to different types of risk in a varying manner this questions the role of analysts in the market discipline process.
Uncertainty in Managers’ Reporting Objectives and Investors’ Response to Earnings Reports: Evidence from the 2006 Executive Compensation Disclosures

We examine whether the information content of the earnings report, as captured by the earnings response coefficient (ERC), increases when investors’ uncertainty about the manager’s reporting objectives decreases, as predicted in Fischer and Verrecchia (2000). We use the 2006 mandatory compensation disclosures as an instrument to capture a decrease in investors’ uncertainty about managers’ incentives and reporting objectives. Employing a difference-in-differences design and exploiting the staggered adoption of the new rules, we find a statistically and economically significant increase in ERC for treated firms relative to control firms, largely driven by profit firms. Cross-sectional tests suggest that the effect is more pronounced in subsets of firms most affected by the new rules. Our findings represent the first empirical evidence of a role of compensation disclosures in enhancing the information content of financial reports.
Canopy Architecture and Yielding of Different Tomato Morphotypes Under Glasshouse Conditions

Canopy Architecture and Yielding of Different Tomato Morphotypes Under Glasshouse Conditions Two tomato morphotypes (cvs. Favorita, Organza and Azarro) of different fruit size were grown during 2005-2006 on a rockwool substrate under greenhouse conditions. Leaf area index (LAI), solar radiation absorption coefficient (TAO) and leaf area duration (LAD) were determined. Tested tomato cultivars proved different yielding strategies expressed by dissimilar values of the measured and calculated physiological indices (LAI, LAD, TAO and the canopy yielding efficiency). Cv. Organza showed the highest canopy yielding efficiency, cv. Azarro showed a negative dependence between LAD and yield, while cv. Favorita canopy architecture allowed to achieve better penetration of light energy to lower canopy layers and showed better tolerance of this cultivar to thermal stress. Pokrój Roślin a Plonowanie Różnych Morfotypów Pomidora w Warunkach Szklarniowych W latach 2005-2006 uprawiano w warunkach szklarniowych na podłożu z wełny mineralnej dwa morfotypy pomidora (odm. Favorita, Organza i Azarro) o różnej wielkości owoców. Oznaczono wskaźnik powierzchni liści (LAI), współczynnik absorpcji promieniowania słonecznego (TAO) oraz wskaźnik długotrwałości powierzchni liści (LAD). Badane odmiany pomidora wykazały różne strategie plonowania wyrażone poprzez odmienne wartości pomierzonych i obliczonych wskaźników fizjologicznych (LAI, LAD, TAO i wydajność plonotwórczą łanu). Odm. Organza odznaczała się najwyższą wydajnością plonotwórczą, odm. Azarro wykazywała ujemną zależność pomiędzy LAD a plonem, natomiast architektura łanu odm. Favorita umożliwiała lepszą penetrację energii promieniowania do dolnych warstw listowia i wykazywała większą tolerancję u tej odmiany na stres termiczny.
Uncertainty and Corporate Innovation: Evidence from Terrorist Attacks

We examine the causal effects of uncertainty on corporate innovation by exploiting terrorism events. During the five-year window after terrorist attacks, firms near the strikes experience meaningful declines in R&D spending, patenting, citations, patent originality, and innovation value. These firms are more likely to have inventors move to distant companies but less likely to hire new inventors. These results prove robust to numerous controls including the influence of the 9/11 attacks. Our findings suggest that terrorism curtails innovation by aggravating the economic uncertainty affecting firms near the attacks and by worsening the uncertainty about personal security faced by their inventors.
Do Wealth Creating Mergers and Acquisitions Really Hurt Bidder Shareholders?

We examine the economic benefits of acquisitions of U.S. public firms. Estimating revelation biases concerning internal investment opportunities, we find that it produces a significant negative bidder announcement effect, often interpreted as shareholder wealth destruction. Examining exogenously failed bids, which lack revelation bias, we estimate that bidders capture roughly 77% of economic gains. The combined firm’s economic gains represent 15.4% of total assets. Adjusting for revelation bias over the acquisition bid cycle, we find that conventional methodologies understate bidder returns. We confirm the neoclassical view that takeovers are highly profitable for typical bidders, consistent with acquisitions generally being profitable investments.