Miracle-dz/UniFAR-FTUs huggingface dataset:
Are Advertising and R&D Complements?

Escalation of advertising or R&D expenditure can give rise to endogenous barriers to entry. This paper investigates whether escalation of investments in R&D raises the return to investments in advertising or vice versa. We provide three empirical tests using a dataset which combines stock market and balance sheet data with information on patents, patent citations, trade marks and trade mark citations from the Internet. Results from Tobin’s q regressions show that advertising is a complement to R&D for companies that rely mainly on R&D. R&D is not a complement to advertising for companies relying mainly on advertising. The same results hold in regressions of the gross-profits ratio on R&D to sales and advertising to sales ratios. These results are derived using two stage GMM regressions in which we instrument the ratios using information on patents and trade marks. Finally, quantile regression is used to exclude the possibility that R&D and advertising are complements to a common unobserved variable. We confirm that advertising is a direct complement to R&D for companies relying mainly on R&D.
Estimation of mortality profiles from non-adult human skeletons in Edo-period Japan

Reconstruction of the mortality profiles of non-adult human skeletons from an archeological site should greatly assist the interpretation of the sanitation, health, disease, and behavior of past human populations. The purposes of this study are to examine non-adult skeletons from the Sakaikango-toshi 871 (SKT 871) site in Edo-period (17–19th centuries AD) Japan, to estimate their age-atdeath distribution, and to discuss whether paleodemographic estimates can yield appropriate mortality patterns of this sample. The use of the Bayesian method for fetal age estimation, assuming uniform priors, yielded a peak of deaths at 10 months of gestation. The age-at-death distribution obtained from the whole population further indicated the peak of deaths being at the fetal stage and the number of deaths decreasing with age. The concentration on full-term of gestation implied deaths related to birth, which is consistent with natural mortality. Another important finding of this study is that individuals aged less than 7 years accounted for about 98% of the deaths and there was no burial for adults. An explanation for the lack of adults is preferential mortuary practices, in which the very young are buried separately from adults. It is concluded that this paleodemographic study of non-adults provides us with important information on mortality profiles and mortuary practices in Edo-period Japan.
Loan Collateral and Accounting Conservatism

We examine the relation between the use of collateral and accounting conservatism for a sample of Chinese firms during 2001 to 2006. China provides a powerful setting for testing the direct effect of accounting conservatism on collateral requirements because of the government’s tight control over interest rates during our sample period, which severely limits lenders’ use of loan pricing (through interest rates) to differentiate across borrowers with different risks. We document that accounting conservatism and the use of collateral are negatively related, after controlling for firm performance and risk. The negative relation is consistent with collateral and accounting conservatism being used as substitute mechanisms to reduce the agency cost of debt. Further analyses reveal that the substitutive relation is attenuated by borrower and lender state ownership. These results are consistent with our hypotheses that the marginal benefit of accounting conservatism, as reflected in reduced collateral requirements, is less pronounced for state-owned enterprises and for firms that obtain more loans from state-owned banks.
Extra-pair copulations in common murres I: a mate attraction strategy?

We investigated the behavioural context of pair (PCs) and extra-pair copulations (EPCs) in individually-marked socially-monogamous, long-lived seabirds, common murres (Uria aalge). Since forced EPCs have been documented for this species, we first examined which sex controls successful (cloacal contact achieved) copulation. The finding that all successful copulations required female cooperation and crouching suggested that benefits of successful EPCs accrue primarily to females. In a group of murres for which paternity analyses indicated no extra-pair paternity, behavioural observations over five breeding seasons showed that individual females engaged in EPCs primarily under two circumstances: (1) before they were reunited with their mates, and (2) when they were in the process of re-pairing. There was no such relationship between EPCs and re-pairing for males. Successful EPCs occurred with familiar neighboring males of apparent high quality, indicated by their high ledge attendance and prior reproductive success rates. Thus, EPCs may be used by females to attract potential high quality mates in situations where females are attempting to re-pair as a result of divorce or mate death.
Rearing dairy calves on irrigated tropical pastures. 2. Effect of levels of maize and cottonseed meal on growth of weaner calves

Fifty-two Australian Friesian Sahiwal (AFS) calves were weaned at 70 kg liveweight onto irrigated and fertilised couch (Cynodon dactylon)- pangola (Digitaria decumbens) pastures in North Queensland. They were offered supplements of maize (9.5% crude protein) or a mixture of 5 maize: 1 cottonseed meal (15% crude protein) fed at 1.0 or 1.5 kg/calf.day in a 2 x 2 factorial experiment. Calves entered the experiment after weaning and were removed when they exceeded 130 kg liveweight. More calves were reared in spring and summer than in autumn and winter, and stocking rate varied between 20 weaners/ha (summer) and 12.5 weaners/ha (winter). Additional supplementation with maize above 1 kg/calf.day did not increase liveweight gain in calves of up to 130 kg liveweight. Inclusion of cottonseed meal in the supplement increased calf growth at the higher level of supplementation (P<0.01) and calves reached 130 kg liveweight 2 weeks earlier than calves fed maize (P<0.05). The interaction of level of feeding with protein content of the supplement was significant at P = 0.058. Calves reared in the wet season gained less (0.47 kg/day) than calves reared in the dry season (0.60 kg/day) (P<0.01). Animal responses to supplementary feeding were similar in both seasons, but even at high levels of supplementation, and with added protein, calves reared in the wet season did not maintain desired growth rates over this period.
Tracking Recovery Patterns in Acidified Lakes: A Paleolimnological Perspective

Long‐term data are often lacking to effectively assess patterns of lake acidification and recovery. Fortunately, paleolimnological techniques can be used to infer past changes in lakewater acidity and related variables by means of biological indicators, such as diatom valves and chrysophyte scales, preserved in 210Pb‐dated sediment cores. We summarize paleolimnological data that we have gathered from 36 Sudbury (Ontario) and 20 Adirondack Park (New York) lakes to estimate the magnitude of lake acidification and any subsequent recovery in these lake systems. In both regions, many lakes were shown to have acidified considerably, some over two pH units, since the 1850s. Although some recovery was noted in both lake regions, Sudbury lakes generally showed larger increases in inferred lakewater pH with recent declines in sulfur emissions. Possible explanations of these differences include the greater decrease in sulfate deposition in the Sudbury area, as well as generally longer residence times of lakes in Sudbury, perhaps allowing for more in‐lake alkalinity generation. In addition, Sudbury lakes generally had higher pre‐industrial pH levels, suggesting that lakes with higher natural buffering capacities are more likely to recover more quickly with declines in deposition, even if they had been acidified to a great extent.
SEO Risk Dynamics

We theoretically and empirically investigate firm-level risk dynamics around seasoned equity offerings (SEOs). Empirically, beta increases before SEOs and decreases gradually thereafter. Using real options theory, commitment-to-invest generates a gradual post-issuance beta decline whereas instantaneous investment and time-to-build do not. In a behavioral theory, systematic mispricing can cause increasing pre-issuance and decreasing post-issuance risk but idiosyncratic mispricing cannot. In the empirical cross-section, investment, own-firm runup, SEO proceeds, and primary issuance--associated with the real options theory--predict beta declines. Sentiment proxies have weaker effects in the full sample, but are significant in a post-1996 subsample. SEOs coincide with low firm- and market-volatility, suggesting volatility-timing in corporate decisions. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org. , Oxford University Press.
Population genetics of Fomitopsis rosea– a wood‐decay fungus of the old‐growth European taiga

The genetic structure of the wood‐decay fungus Fomitopsis rosea (Alb. et Schw. Fr.) Karst is presented for populations sampled in Russia, Sweden and Finland. A total of 11 variable arbitrary primed (AP)–PCR markers were found to be segregated in a 1:1 ratio. The genotype for each fruiting body was inferred from the genotypes of the haploid single‐spore isolates. Observed heterozygosity was lowest in southern Fennoscandia, the area with the longest history of forestry management. Overall, there was a deficit of heterozygotes compared with frequencies of heterozygotes predicted from Hardy–Weinberg expectations. When we partitioned the deficit of heterozygotes into the hierarchical genetic structure by means of F‐statistics we found that the possible causes for it were both limited gene flow between regions and local nonrandom mating within all populations. Future management for the conservation of F. rosea populations and how the results relate to the life cycle of basidomycete fungi are discussed.
Application of methyl jasmonate reduces growth but increases chemical defence and resistance against Hylobius abietis in Scots pine seedlings

Scots pine (Pinus sylvestris L., Pinaceae) produces a terpenoid resin which consists of monoterpenes and resin acids that offer protection against herbivores and pathogen attacks. Methyl jasmonate (MJ) is a potential plant elicitor which induces a wide range of chemical and anatomical defence reactions in conifers and might be used to increase resistance against biotic damage. Different amounts of MJ (control, 10 mm, and 100 mm) were applied to Scots pine to examine the vigour, physiology, herbivory performance, and induction of secondary compound production in needles, bark, and xylem of 2‐year‐old Scots pine seedlings. Growth decreased significantly in both MJ treated plants, and photosynthesis decreased in the 100 mm MJ treated plants, when compared to 10 mm MJ or control plants. The large pine weevil (Hylobius abietis L.) (Coleoptera: Curculionidae) gnawed a significantly smaller area of stem bark in the 100 mm treated plants than in the control or 10 mm treated plants. The 100 mm MJ treatment increased the resin acid concentration in the needles and xylem but not in the bark. Furthermore, both MJ treatments increased the number of resin ducts in newly developing xylem. The changes in plant growth and chemical parameters after the MJ treatments indicate shifts in carbon allocation, but MJ also affects plant physiology and xylem development. Terpenoid resin production was tissue‐specific, but generally increased after MJ treatments, which means that this compound may offer potential protection of conifers against herbivores.
On the Global Financial Market Integration ‘Swoosh’ and the Trilemma

We propose a simple measure of de facto financial market integration based on a factor model of monthly equity returns, which can be computed back to the first era of financial globalization for 17 countries. Global financial market integration follows a “swoosh” shape – i.e. high pre-1913, still higher post-1990, low in the interwar period – rather than the other shapes hypothesized in earlier literature. We find no evidence of financial globalization reversing since the Great Recession as claimed in other recent studies. De jure capital account openness and global growth uncertainty are the two main determinants of long-run global financial market integration. We use our measure to revisit the debate on the trilemma between financial openness, the exchange rate regime, and monetary policy autonomy, and on whether the trilemma has recently morphed into a dilemma due to global financial cycles. We find evidence consistent with the trilemma and inconsistent with the dilemma hypothesis, both throughout history and for the recent decades; non-US central banks still exert more control over domestic interest rates when exchange rates are flexible in economies open to global finance.
Narrow Substrate Niche of Cheilanthes lanosa, the Hairy Lip Fern, is Determined by Carbohydrate and Lipid Contents in Gametophytes

Abstract Cheilanthes lanosa is a xerophytic fern that inhabits rock cliffs and crevices. Morphological features such as cuticle and trichomes assist sporophyte survival. However, the gametophyte stage appears to lack any water-saving features. Previous studies suggest that the gametophyte may balance its water through carbohydrate production and a strong internal osmotic gradient. To investigate the basis for gametophyte survival, lipids and carbohydrates were quantified using the vanillin and anthrone assays. Results suggest that lipids and carbohydrates increase in percent of total biomass (w/w) throughout development. In addition, lipid and carbohydrate content can change with varying culture conditions. Young gametophytes, with high carbohydrate and low lipid content, are relegated to substrates with a potential for a small but continuous water source.
Invasion of a Headwater Stream by Non-Native Fishes in the Swartkops River System, South Africa

In South Africa, fishes in headwater streams are increasingly being threatened by non-native fish invasions. These invasions originate primarily from source populations in mainstream rivers and impoundments. In the Blindekloof stream, a Swartkops River headwater tributary, the non-native Micropterus salmoides was eradicated from the stream by conservation authorities in 1989. As a result of this eradication subsequent occurrences of non-native fishes are most likely a result of upstream invasions from the mainstream Swartkops River. The Blindekloof stream therefore provided a unique opportunity to investigate whether M. salmoides would reinvade after its removal in 1989 and if the more recently introduced Clarias gariepinus and Tilapia sparrmanii would invade the Blindekloof stream. During snorkel and electrofishing surveys four non-native species were recorded (M. salmoides, M. dolomieu, T. sparrmanii, C. gariepinus). The large predators, M. salmoides, M. dolomieu and C. gariepinus were neither abundant nor widespread and T. sparrmanii was the only non-native species that had successfully established in the Blindekloof stream. Where M. salmoides and M. dolomieu were observed, all other fish species were absent. By contrast, the native species were present at all sites where C. gariepinus and T. sparrmanii were found. The Pseudobarbus afer population was predominantly limited to a 1.7 km section of the stream that was not invaded and is located above a waterfall. The limited distribution range of this Endangered species makes it particularly vulnerable to predation by non-native fishes. The results of this study indicate that these non-native fishes rapidly invaded the Blindekloof stream following their introduction into the mainstream.
Comportamento de 16 porta-enxertos para o tangor Murcott na região de Itirapina-SP

Sixteen rootstocks were compared in a trial started in 1990, for Murcott tangor, nucellar clone "J", in Itirapina, Brazil. The rootstocks tested were Orlando tangelo (Citrus reticulata Blanco x C. paradisi Macf.), sweet orange [C. sinensis (L.) Osbeck] cv. Caipira DAC, Rangpur lime (C. limonia Osbeck), Poncirus trifoliata (L.) Raf. cv. Kryder 8-5, P. trifoliata (L.) Raf. cv. EEL and the mandarins Cleopatra (C. reshni hort. ex. Tanaka), Sunki [C. sunki (Hayata) hort. ex. Tanaka] and Batangas, Oneco, Swatow, Szinkon, Satsuma, Cravo, Dancy, Suen Kat and Pook Ling Ming (C. reticulata Blanco). Fruit yield was measured per plant, in a period of seven years (1996-2003). The best yielding rootstocks were Cleopatra, Suen Kat, Pook Ling Ming and Sunki mandarins (> 40 kg tree-1). The two Trifoliate, sweet orange cv. Caipira DAC and Cravo mandarin presented the lowest yields (< 25 kg tree-1). No significant variation was observed for fruit quality characteristics of trees on different rootstocks.
Indications of breed by environment interaction for lamb weights in Norwegian sheep breeds

With high variation in environmental conditions, especially during the extensive grazing season, genotype by environment interaction is potentially important to lamb production in Norway. Using breed as an indicator of genotype, the interaction between breed and environment, i.e. production level of farm and year calculated as solutions of a random farm*year variable, on 52 farms keeping both long-tailed Dala and short-tailed Spæl during 1989–98 was studied. The dataset included 48,946 Dala lambs and 38,299 Spæl lambs. The breed by environment interaction affected lamb autumn weights, and though Dala lambs were always heavier, the difference was substantially smaller at lower than at higher production levels: 1 kg increase in production level was related to Dala lambs’ weights increasing 0.09 kg more than the Spæl lambs’ weights. The results indicate that breed by environment interaction may be of importance, and potential bias in the data and need for further research is discussed.
Size frequency and length-weight relationships of spined anchovy, Stolephorus tri from the coastal waters of Besut, Terengganu, Malaysia.

Study on length-weight relationships of anchovy, Stolephorus tri collected from Benting Lintang (Lat. 5°44'33.62 N and Long. 102°39'22.84 E), the coastal waters of Besut, Terengganu was carried out on June and July 2010. Stolephorus tri are important component of marine ecosystems and commercially significant marine food resources in Malaysia. The mean size length of Stolephorus tri was 63.53 mm with a range of 51.0-76.0 mm. The average weight of Stolephorus tri was 1.57 g. The relationship between total length and body weight of Stolephorus tri was Log W = 3.0384 Log TL-5.2923 (W = 0.00001 TL3.0384). It is revealed that the exponent ‘b’ for Stolephorus tri was very close to the isometric value (b = 3). Therefore, the relative growth of Stolephorus tri was isometric in the coastal waters of Besut, Terengganu.
Assessing the Time-Varying Nature of the Over-Reaction Effect in UK

Previous studies on the overreaction effect in UK show that prior losers consistently outperform prior winners in the period 1975 to 1990. This paper extends current knowledge by assessing the presence of the effect in the UK market for the period of 1987 to 2007. In contrast to earlier research, we produce evidence of a weak presence of the overreaction effect in the UK for the last decade. Further examination reveals that after adjusting for size, the effect almost disappears, while any considerable excess post-formation return to prior-losers is related to alternative market cycles and especially the periods 1987-1990 and the post-2002 era. These studies together imply that the presence of the overreaction effect in the UK stock market is time-varying and difficult to exploit in practice.
Cyclical Earnings and Stock Index Crash Risk

Stock market fundamentals would not seem to meaningfully predict returns over a shorter-term horizon --- yet some economic agents could be particularly concerned about severe tail risk, rather than just mean returns. Motivated by present value logic, and the literature's suggestion that required equity returns have declined over time, I first estimate the cointegrating relationship between the log S&P Composite Index and log earnings over 1871 to 2016. I combine this estimate with smoothed earnings to construct a trend valuation benchmark. The price-versus-benchmark residual reflects, in part, the cyclical component of earnings, and gives an economically and statistically significant estimate of crash risk while improving on alternatives such as the dividend yield and price momentum.
Ação da fitase sobre a disponibilidade biológica do fósforo, por intermédio da técnica de diluição isotópica, em dietas com farelo de arroz integral para suínos

RESUMO - Esta pesquisa foi realizada para determinar as perdas endogenas fecais de fosforo e a acao da fitase sobre a disponibilidade biologica do P nas racoes e no farelo integral de arroz (FAI), para suinos em crescimento, por meio da tecnica de diluicao isotopica. Os leitoes foram distribuidos em delineamento inteiramente casualizado, com quatro tratamentos e tres repeticoes. Os tratamentos consistiram de duas dietas sem FAI (com ou sem 1250 FTU [Unidade de Atividade de Fitase]/kg racao), com 0,34% de P total, e outras duas com FAI (sem ou com 1250 FTU/kg racao), com 0,56% de P total. No 11o dia do experimento, foram aplicados em cada animal, por via endovenosa, 7,4 MBq de 32P. As perdas endogenas fecais nao foram influenciadas pela acao da fitase. A adicao de fitase reduziu o P total excretado nas fezes e melhorou a absorcao e a disponibilidade biologica do P das dietas com farelo de arroz integral.
A Note on Markowitz Model

The Markowitz's model can be very useful in practice. Portfolio managers and private investors can use it easily having the necessary software for its correct application. In our study we show that the Markowitz model is able to provide portfolios that beat reference market portfolios (FTSE 100 and FTSE All-Share Index), obtaining higher returns with a lower risk. Both the FTSE 100 and the FTSE All-Share Index are not efficient portfolios, not reflecting the behaviour of the theoretical market portfolio. Therefore, the Markowitz model, as a tool for investment selection, provides portfolios with better performance than market benchmarks.
Financial Volatility and its Economic Effects

I empirically investigate the economic effects of uncertainty about the performance of financial firms. More specifically, I focus on the simple standard deviation of stock market returns across financial firms at every quarter, referring to this measure as financial volatility. First, I show that the idiosyncratic risk highlighted by models with a financial accelerator channel is an important exogenous component of this measure. Then, using a dynamic stochastic general equilibrium model and structural vector autoregressions, I show that exogenous movements in financial volatility cause substantial and persistent effects in credit, investment, and GDP; account for about 20% of the variation in these variables; and have played an important role during the last two credit crunches: the early 1990s recession and the Great Recession. Additionally, I show evidence of a feedback effect between credit spreads and financial volatility.