Miracle-dz/UniFAR-FTUs huggingface dataset:
Do Mutual Funds Profit from the Accruals Anomaly?

Using data on both fund stockholdings and fund returns, we show that actively-managed equity mutual funds are able to make significant excess returns net of actual transaction costs from trading on the accruals anomaly. We find that the top 10% of mutual funds that most actively follow the accruals strategy have Fama-French 3-factor alphas of 2.83% per year. We also find that mutual funds more active in using the accruals strategy exhibit higher return volatility and higher flow volatility. These factors may represent the adverse consequences of arbitrage risk that funds face when they trade on the accruals anomaly (Shleifer & Vishny 1997).
Photosynthesis and respiration decline with light intensity in dominant and suppressed Eucalyptus globulus canopies.

Within canopy gradients in light-saturated photosynthesis (Amax), foliar nitrogen ([N]area) and leaf dark respiration (R15) were studied in the canopies of dominant and suppressed trees within an even-aged (4-year-old) Eucalyptus globulus (Labill) stand in southern Tasmania. Despite being an even-aged stand growing in a relatively uniform environment with respect to nutrient and water availability, the stand exhibited considerable structural complexity. Diameter at 1.3 m ranged between 3 cm and 21 cm, trees average 12 m height and stand leaf area index was ~6 m2 m-2 leading to strong gradients in light availability. We were interested in understanding the processes governing canopy production in trees of contrasting dominance classes. Vertical gradients in photosynthesis and foliar respiration were studied within the canopies of dominant and suppressed trees during 2006 and 2007. Amax varied from ~18 μmol m-2 s-1 in the upper canopy to 3 μmol m-2 s-1 at lower canopy positions. On average, Amax were higher in the dominant trees than in the suppressed trees. However, at any given height, Amax were similar in suppressed and dominant trees and were strongly related to leaf nitrogen content. Dark respiration varied from ~1.4 μmol m-2 s-1 in the upper canopy to 0.2 μmol m-2 s-1 in the lower canopy positions. In contrast to the patterns for Amax, dark respiration rates in the suppressed trees were higher than dominant trees at similar canopy positions. Respiration rates were also strongly related to [N]area and to Amax.
Mandatory Governance Reform and Corporate Risk Management

Abstract Using the Sarbanes-Oxley Act of 2002 as a quasi-natural experiment to identify the impact of corporate governance reform on foreign exchange risk hedging, we find that the substantial improvements in governance standards increased derivatives hedging and reduced foreign exchange exposure. The results are robust whether we consider initial reform gap or actual implementation, focus on legally required governance measures or include voluntary concomitant reforms. The economic magnitude of the effect is large. Our findings are corroborated by cross-sectional evidence, showing that firms with larger foreign markets exposure and a larger distortion in CEO incentives react more strongly to the reform. Financial hedges are implemented rapidly whereas exposure measures that encompass operational hedges take more time to adjust.
Age estimation by skeletochronology and advertisement call variation in the black-spotted pond frog (Rana nigromaculata)

Abstract Advertisement calls may contain information about the callers and the calling spot, which can be used during mate selection. The relationships between variations in advertisement call characters and age, snout-vent length (SVL), and water temperature were analyzed for the black-spotted pond frog (Rana nigromaculata). After recording the advertisement calls, we measured the SVL of the callers and the water temperature of the calling spot, then we collected a toe clipping from each of the 25 individuals recorded. The age of each frog was determined using the skeletochronological method. The frogs were two to eight years old and the asymptotic size was 6.3 cm when fitted to the von Bertalanffy growth equation. Age was not linearly correlated with SVL. In the analysis of 743 recorded advertisement calls from 25 individuals, the water temperature caused a decrease in males’ call duration with more pulse groups, each having higher pulse rates, irrespective of age and SVL. Older males produced calls with more pulse groups and shorter pulse-group duration, which led to increasing call durations irrespective of the water temperature. Larger males produced lower dominant frequency, irrespective of the water temperature. Advertisement calls of the black-spotted pond frog provide information about the quality of males and the manner in which females use this information during mate selection. In this study, we provide information on how frequency reflects male size while temporal characters reflect age.
Once Bitten, Twice Shy: The Role of Inertia and Personal Experiences in Risk Taking

We study how inertia and personal experiences affect individual risk taking. Our research design relies on active portfolio decisions relating to inheritances to separate the effect of personal experiences from inertia, which otherwise would be observationally equivalent. Experience derives from investments in banks that defaulted following the financial crisis. We classify experiences into first-hand experiences, resulting from personal losses; second-hand experiences, from the losses of close family members; and third-hand experiences, from living in municipalities where banks defaulted. Our results demonstrate that experiences gained personally, aside from inertia or common shocks, explain substantial heterogeneity in individuals' risk taking.
Pod wall trichomes and resistance of two wild cowpea, Vigna vexillata , accessions to Maruca testualis (Geyer) (Lepidoptera: Pyralidae) and Clavigralla tomentosicollis Stål (Hemiptera: Coreidae)

Experiments were conducted to investigate the role of pubescence in the resistance of two wild cowpea varieties, TVNu 72 and TVNu 73, to feeding and damage caused by two cowpea pests, Maruca testulalis (Geyer) and Clavigralla tomentosicollis Stal. The fine structure of the trichomes was also studied by electron microscopy in order to try to determine the role played by trichomes in the resistance of these varieties to both pests. Feeding and development were deterred in both insects on pods of TVNu 72 and TVNu 73 with or without trichomes compared to the susceptible variety, IT84E-124. In M. testulalis , the same effect was observed on seeds and flowers. However, M. testulalis larvae fed and developed better, as indicated by the higher growth index values, when trichomes were removed. Growth index estimates showed a 13-fold decrease when trichomes were left intact on both TVNu 72 and TVNu 73 compared to the cultivated susceptible control. It was concluded that resistance to M. testulalis was based on trichomes in the first instance (as a first line of defence) and phytochemicals. Survival of C. tomentosicollis nymphs was not affected by trichome removal even though adult feeding damage was slightly increased. This is explained in line with previous reports which indicate that phytochemicals may be the principal factor in the resistance of TVNu 72 and TVNu 73 to this species. Glandular and non-glandular trichomes were found to be present on both the cultivated and wild cowpea. Trichomes in the two types of cowpea differ significantly only in trichome number (susceptible cultivated cowpeas have more) and non-glandular trichome length (those on wild cowpea are ca 20 times longer). Trichome length and angle to pod surface seemed to be more important than density per se .
Antidumping Law as a Collusive Device

In the United States many antidumping petitions are withdrawn before the investigations are completed. Prusa (1992) argues that petitions are used by domestic industries to induce foreign industries into collusive agreements. In his model, all antidumping petitions should be withdrawn, which is not the case. This paper provides a model in which only some petitions are withdrawn. Withdrawal depends on two key parameters: coordination cost and bargaining power of domestic and foreign industries. A new data set is constructed to test the model on the U.S. experience for the period 1980-97. The econometric analysis supports the theoretical conclusions of the model. (This abstract was borrowed from another version of this item.)
Tamanho de parcelas em experimentos com trigo irrigado sob plantio direto e convencional

Abstract – The objective of this work was to estimate plot size for evaluation of the grain yields of wheat, underirrigated conditions, in no-tillage system and conventional tillage. Each experiment was formed by 30 rows of30 m of length, with spacing of 20 cm among rows and density of 380 seeds/m 2 . The harvest was made in basicunits (bu) of a row meter (0.2 m 2 ), being harvested, in each assay, the central 12-meter of the 24 central rows,totaling 288 bu. The plot size was estimated using the methods of maximum curvature, modified maximum curvature,comparison of variances and method of Hatheway. The plot sizes presented great variation because of themethod used in its estimation. Smaller plots, with larger number of replications, were more efficient in the use ofthe experimental area than larger plots with smaller number of replications. Plots size varying between 1.6 and2.4 m 2 of useful area promoted appropriate evaluation of the grain yields in the different studied conditions. Index terms:
Use of genomic DNA restriction fragment length differences to identify nematode species

Restriction endonuclease digestion of genomic DNA generates DNA fragments of unique size, dependent upon the particular base sequence. Following fractionation by agarose gel electrophoresis, repetitive DNA can be visualized as distinct bands in stained gels and the restriction fragment length of such bands used as diagnostic characters. Restriction fragment length differences were detected between species within the genera Trichinella, Caenorhabditis, Romanomermis, Steinernema (syn. Neoaplectana) and Meloidogyne. This technique provides a new tool for the taxonomist, which is independent of phenotypic variation and it enables the rapid and reliable separation of closely related species.
Nuwuvi (Southern Paiute), Shifting Fire Regimes, and the Carpenter One Fire in the Spring Mountains National Recreation Area, Nevada

Abstract This paper focuses on the 2013 Carpenter One Fire in the Spring Mountains National Recreation Area (SMNRA) to understand how linked social and ecological factors affect fire regimes in ecosystems that exist in close proximity to human settlement and places culturally significant to Indigenous peoples. Ignited in July, this fire ultimately spread to 11,283 ha and cost USD $18.5 million to contain and extinguish. Priority was placed on protecting various private landholdings within the National Forest and on its periphery, which included several seasonal, high-value vacation homes. Nuwuvi (Southern Paiute) consider the Spring Mountains landscape in Nevada to be their creation place and the center of their ancestral territory. Their oral history states that the Creator charged them with balancing the land, which is sentient and considered a close relative, at different points in time. This relationship includes a fire management model that creates small-scale landscape disturbances such as patch burns and fuels reduction, and protects fire-resilient trees. Assembling together ethnographic and United States Census data and literature, we argue that a decrease in indigenous fire management and a concurrent increase in fire suppression through Forest Service policy, old growth timber harvest, grazing, the introduction of nonnative invasive species, and private landholdings facilitated the unprecedented size and intensity of this wildfire. These circumstances are generalizable to many contexts in the American West. We conclude with recommendations for a Nuwuvi/Forest Service collaborative stewardship framework to conduct consultation on mutually compatible outcomes, including fuels reduction and controlled burns.
A Stackelberg Order Execution Game

We study a sequential order execution differential game over a finite time horizon in the Stackelberg duopoly framework, in contrast to the simultaneous Nash game investigated by Carlin et al (2007). In our game, there are two players, one leader and one follower, who maximize their expected trading payoffs respectively by trading a single risky asset whose price dynamics follows the linear-price market impact model of Almgren &amp; Chriss (2001). We derive a closed-form solution for the unique open-loop Stackelberg equilibrium. We then develop new and complementary managerial insights by looking at both players' equilibrium behavior in terms of trading speeds, inventory positions, price dynamics, and first mover's advantage. We also quantify different behavioral metrics of the same players under our sequential game and the aforementioned simultaneous Nash game of Carlin et al (2007).
Who Are the Bitcoin Investors? Evidence from Indirect Cryptocurrency Investments

Cryptocurrencies have received growing attention from individuals, the media, and regulators. However, little is known about the investors whom these financial instruments attract. Using administrative data, we describe the investment behavior of individuals who invest in cryptocurrencies with structured retail products. We find that cryptocurrency investors are active traders, prone to investment biases, and hold risky portfolios. In line with attention effects and anticipatory utility, we find that the average cryptocurrency investor substantially increases log-in and trading activity after his or her first cryptocurrency purchase. Our results document which investors are more likely to adopt new financial products and help inform regulators about investors' vulnerability to cryptocurrency investments.
A Dated Phylogeny of Marsupials Using a Molecular Supermatrix and Multiple Fossil Constraints

Abstract Phylogenetic relationships within marsupials were investigated based on a 20.1-kilobase molecular supermatrix comprising 7 nuclear and 15 mitochondrial genes analyzed using both maximum likelihood and Bayesian approaches and 3 different partitioning strategies. The study revealed that base composition bias in the 3rd codon positions of mitochondrial genes misled even the partitioned maximum-likelihood analyses, whereas Bayesian analyses were less affected. After correcting for base composition bias, monophyly of the currently recognized marsupial orders, of Australidelphia, and of a clade comprising Dasyuromorphia, Notoryctes, and Peramelemorphia, were supported strongly by both Bayesian posterior probabilities and maximum-likelihood bootstrap values. Monophyly of the Australasian marsupials, of Notoryctes + Dasyuromorphia, and of Caenolestes + Australidelphia were less well supported. Within Diprotodontia, Burramyidae + Phalangeridae received relatively strong support. Divergence dates calculated using a Bayesian relaxed molecular clock and multiple age constraints suggested at least 3 independent dispersals of marsupials from North to South America during the Late Cretaceous or early Paleocene. Within the Australasian clade, the macropodine radiation, the divergence of phascogaline and dasyurine dasyurids, and the divergence of perameline and peroryctine peramelemorphians all coincided with periods of significant environmental change during the Miocene. An analysis of “unrepresented basal branch lengths” suggests that the fossil record is particularly poor for didelphids and most groups within the Australasian radiation.
UK’s Stock Market Reaction to Brexit Process: A Tale of Two Halves

We examine the UK’s stock market reaction to 27 events associated with the likelihood of Brexit. Though the overall market reactions to these events is negative, a dissection of these events into the pre and post Brexit referendum events unearth interesting facts. In particular, we find that the market reaction is negative and significant to the events leading up to and including the announcement of Brexit results. This negative reaction is not confined to the day of announcement of the outcome of Brexit referendum only rather it spans over the events that enhanced the likelihood of the Brexit in the pre-Brexit referendum period. However, our results show a positive market reaction to events that occurred after the Brexit referendum. These findings suggest that initially market reacted negatively to the Brexit; however, as the UK’s future economic relations with EU started to take a shape, the market started to see the positive side of Brexit. Consistent with this notion, our cross-sectional analysis shows a positive market reaction for the firms that are engaged in foreign sales and that much of the negative market’s reaction relates to the firms that openly stated the negative effect of Brexit on their operations. Finally, we do not find evidence of market reaction to UK firms depending on European Labour force; however, we do find significantly positive stock market reaction to the firms involved more in international trade. An important caveat of our study is that our reported results are sensitive to the choice of market index.
A Comparison of National Saving Rates in the UK, Us and Italy

We develop the approach of Gokhale, Kotlikoff & Sabelhaus (1996), based on the lifecycle model of savings, to decompose the differences in the national saving rates between the UK, US and Italy. Our work suggests that the US saving rate is lower principally because Americans on average retire later. In contrast, the Italian saving rate is higher predominantly because Italians are credit constrained, particularly when young. We also found that demography and the different tax and benefit systems are able to explain little of the cross-sectional differences in saving rates. The study accounts for the possible importance of intergenerational private transfers in determining saving rates.
When Rational Sellers Face Non-Rational Buyers: Evidence from Herding on Ebay

We document that eBay bidders exhibit a biased preference for auctions with more bids, even if these are non-diagnostic of quality, creating an incentive for sellers to lower starting prices to attract early bids. We find that lowering starting prices succeeds in increasing the likelihood that an auction will receive additional bids, conditioning on its current price. We also find that, conditioning on dollar amount bid by bidders, those who engage in non-rational herding are less likely to win, and when they do win they pay higher prices. Supporting the premise that this is a mistake, experience reduces dramatically the tendency to engage in non-rational herding. Remarkably, the seller side of the market is in equilibrium: a high enough share of sellers chooses low starting prices for expected revenues to be identical for high and low starting prices. In sum, market forces in eBay eliminate the rents associated with exploiting the behavioral bias we identify, but not the bias itself.
The French Block of the Escb Multi-Country Model

This paper presents the French country block of the ESCB Multi-Country Model for the euro area, which has been built in collaboration by the ECB and the Banque de France. The theoretical structure of the model is in line with most current macroeconometric models, i.e. supply factors determine the long-run equilibrium, while in the short run aggregate demand determines aggregate output. The paper is structured as follows. We first present the theoretical background of the model. Then we review the long run relationships as well as the estimated short term dynamic equations. Finally, we simulate the effects of six exogenous shocks to the economy and discuss the dynamic properties of the model.
Distribuição espacial da granulometria, cor e carbono orgânico do solo ao longo de um transecto em microbacias na Amazônia meridional

The study was conducted in forested headwater catchments near Juruena, Mato Grosso with the objective of determining the spatial distribution of soil physical characteristics including clay content, redness ratio, and soil organic carbon along a transect that encompassed distinct soil classes. Soil samples from 0-20 cm and 40-60 cm depths were collected from 34 points. Variables were analyzed using descriptive statistics and geostatistics. The parameters analyzed by ordinary kriging demonstrated that the highest spatial variability occurred within the soil class Typic Kandiustox. In the study area, Plinthustults and Ultisols (with plinthic characteristics) were only found to occur in landscape positions less than 280 m above sea level; Oxisols were found exclusively above 280 m.a.s.l. The redness ratio and clay content were the soil parameters with the highest spatial variability across the transect. Poorly drained areas (demonstrated by lower values of redness ratio) demonstrated the lowest degree of spatial variability, and correspondingly, the highest consistency of color within the diagnostic horizons.
Monitoring of the course of fixation of plant cells

The fixation of cells of petiolar hairs of tomato was monitored by phase contrast and Nomarski interference contrast microscopy. Because the cuticle covering these hairs is relatively impermeable some fixatives enter only the base of the hair so that a ‘fixation front’ can be followed through a single cell. The basal end of such a cell may be immobilized by the fixative while the apical end is still streaming. A variety of fixatives were tested at room temperature and at 273–278 K. All procedures tested failed to stabilize a pleomorphic canalicular system that is a dominant feature of these cells so that no clue to the presence of this system can be seen in sectioned material. It is therefore very desirable that images of fixed cells be compared to the structure of similar cells which are still alive.
Polychaete distribution patterns revisited: an historical explanation

Brooks Parsimony Analysis (BPA) was used to determine the patterns of relationships among areas (and their polychaete species), and whether or not they were caused by vicariance events. Ten clades representing 195 species and 24 global marine areas of endemism were analysed. Phylogenetic and distributional data were sourced from the literature. BPA yielded two minimal-length area cladograms differing only in the placement of the South-west Atlantic. Both area cladograms indicated three large-scale area groups (=realms) related as follows: (Austral, (Boreal, Pantropical)), which correspond to the same three realms, albeit differently related, for terrestrial taxa. Within the Pantropical realm areas were grouped into east and west Tethyan subrealms and within the Boreal realm Atlantic and Pacific subrealms were found. This result is largely concordant with earth history under Plate Tectonics theory and indicates that vicariance has been influential in shaping the present-day distribution of polychaetes. A model describing the hypothesised sequence of major vicariance events since the Late Jurassic (150 Ma) is illustrated. The existence of three marine biogeographic realms suggests that, for shallow water polychaetes at least, systematic studies would be more effectively conducted at the realm scale rather than global or regional scales.
Bank Asset and Informational Quality

We examine the relationship between bank asset and informational quality. We use a diversified panel of 699 banks from 84 countries and measure opacity (lack of informational quality) with rating disagreements between issuer-specific ratings by the Big 3 credit rating agencies (S&P, Moody’s and Fitch). We find that poor asset quality increases the probability of greater credit rating disagreements, and the assignment of a rating by S&P mitigates this effect on the rating disagreement between Moody’s and Fitch. Considering the recent regulatory requirements on the reduction and transparent reporting of non-performing loans, our findings have important policy implications.