Miracle-dz/UniFAR-FTUs huggingface dataset:
Intertemporal Pricing with Resellers: An Empirical Study of Product Drops

Product drops occur when a retailer releases a limited-edition product line on a specific date for a short period of time. Due to limited inventory of the product and the short sales horizon, a resale market emerges where products may resell at higher prices once the firm stocks out. The firm faces a central trade-off: pricing too high may lead to a longer stock-out time and future markdowns; pricing too low may lead to lost revenue with large markups in the resale market. Any firm in this position may ask, "How do resellers impact my profit? " To answer this question we build a dynamic structural model that can be used as a framework for managers to estimate the preferences of consumers that engage in strategic behavior to resell as well as capture the business requirement to sell inventory in a timely fashion. We estimate our model using a unique data set from a retailer of baby clothing with weekly product drops, where customers engage in a resale marketplace through Facebook groups. We find that ignoring the resale market in pricing reduces firm profit by 7.0%.
Empirical Research on Ethical Preferences: How Popular Is Prioritarianism?

We survey the empirical literature on ethical preferences, covering both survey studies and incentivized laboratory experiments. Crucial axioms such as the Pigou-Dalton transfer principle are not accepted by a large fraction of the subjects. Moreover, in formulating their distributive preferences subjects attach much importance to the sources of income differences. Their preferences behind a veil of ignorance do not coincide with their preferences in the position of a social planner. These results suggest that prioritarian policy proposals will not necessarily be supported by a majority of the population. Although the majority opinion does not necessarily reflect the ethically desirable perspective, the empirical results still raise some interesting normative challenges.
Does COVID-19 Affect the Financial Market?

This paper studies the relationship between the COVID-19, an infectious disease, and different financial assets. We find that the change in the newly confirmed cases per thousand people in US rather than that in China can positively predict the S&amp;P 500 return. Moreover, we find that the change in the newly disease confirmed cases per thousand persons in US is negatively correlated with the change in the T-Bill spread. However, we observe that the change of China disease newly confirmed cases per thousand people can positively or negatively affect the change in the T-Bill spread. Furthermore, the change in the newly confirmed cases per thousand people cannot predict the Bitcoin return whatever of US or China.
What We Do In The Shadows: Chinese Shadow Credit Growth and Monetary Policy

This paper evaluates the effect of Chinese monetary policy shocks on credit creation through the shadow banking sector in mainland China. I identify monetary policy shocks by constructing a measure of monetary policy surprises based on changes to the 1-Year Interest Rate Swaps on the 7-Day Repo Rate on monetary policy announcement dates. A two-stage local projection was then estimated, using the surprise measure as an instrument. The results give two key findings: 1) shadow credit expands in response to contractionary monetary policy, and 2) I provide additional evidence of the transmission of monetary policy through the interest rate channel.
Accounting Information, Corporate Governance and Debt Covenants: Egyptian Evidence

Purpose – The purpose of this paper is to develop a new model for the effect of accounting information and corporate governance mechanisms on public and private debt covenants of firms listed on the Egyptian stock exchange. <br><br>Design/methodology/approach – The paper uses the multiple regression model. This model includes three main variables of accounting information: change in net cash flows from operating activities, change in earnings before extraordinary items, and accounting disclosure levels. In addition, the model incorporates ten corporate governance mechanisms. The sample used in the current study consists of 66 observations of Egyptian firms that issued bonds or were granted bank loans in the period from 2003 through 2013. <br><br>Findings – The paper concludes that the new model is useful in explaining the changes in the design of debt covenants. It finds that there is a significant negative relationship between accounting information and corporate governance mechanism on one side and price terms in the private debt contracts on the other side. There is a significant negative relationship between accounting information and corporate governance mechanism on one side and the non-price terms in the private debt contracts on the other side. There is a significant negative relationship between accounting information and corporate governance mechanism on one side and the price and non-price terms in private debt contracts on the other side. <br><br>Practical implications – The findings have implications for lenders (banks and bondholders); through helping them in making credit decisions, as they rely on accounting information and corporate governance mechanisms when designing debt covenants that are imposed on public and private debt contracts. <br><br>Originality/value – To the best of the authors’ knowledge, there are no Egyptian studies to date examining the effect of accounting information and corporate governance mechanisms on public and private debt covenants of firms listed on the Egyptian stock exchange. Consequently, this paper contributes to the limited literature by suggesting a new model for the effect of accounting information and corporate governance mechanisms on public and private debt covenants. Furthermore, this paper develops a new measure for non-price terms in debt contracts by creating a new index containing 109 terms of public and private debt covenants. <br>
Does Stricter Disclosure Regulation of Private Meetings Improve the Information Environment?

The Shenzhen Stock Exchange (SZSE) in China is unique worldwide in requiring disclosure of the existence and content of private meetings between firm managers and outside investors. We investigate whether the SZSE’s increased disclosure requirements in July 2012 led to tangible benefits for market participants. We use a difference-in-differences design (where possible) and a dataset that includes Shanghai Stock Exchange (SHSE) firms as a control group. Despite allegedly ‘improved’ disclosures, we find the SZSE’s information environment experienced increased stock price volatility and reduced information efficiency relative to pre-July 2012 and relative to SHSE firms. After July 2012, private meetings became quasi-public and disclosures became more positive and less informative. Mutual fund participation in private meetings increased – especially for funds with little or no ownership in the host firm. Increased participation by these less informed institutional investors is one explanation for observed higher stock volatility and lower information efficiency around these meetings.
Assessing and Mitigating Fire Sales Risk Under Partial Information

We consider the problem of assessing and mitigating fire sales risk for banks under partial information. Using data from the European Banking Authority's stress tests, we consider the matrix of asset holdings of different banks. We first analyse fire sales risk under both full and partial information using different matrix reconstruction methods. We then investigate how well some policy interventions aimed at mitigating fire sales risk perform if they are applied based on only partial information. We compare the performance of policy interventions under full and partial information. We find that even under partial information, using suitable network reconstruction methods to decide on policy interventions can significantly mitigate risk from fire sales. Furthermore, we show that some interventions based on reconstructed networks significantly outperform ad hoc methods that decide on interventions only based on the size of an institution and do not account for overlapping portfolios.
Impact of Real Exchange Rate on Non-Oil Exports in Nigeria

This study examined the impact of real exchange rate on non-oil export in Nigeria using Johansen’s cointegration method and Vector Error Correction Model to analyze time series data from 1975 – 2017. The results indicate a long run relationship between non-oil exports, real exchange rate, trade openness and interest rate. The variables were found to be stationary at I(1) and cointegration confirmed after determining the lag length. The result of the vector error correction method showed a negative impact of real exchange and trade openness on non-oil export while interest rate impacted positively on non-oil export. Based on these findings, this study recommends that a full deregulation of the exchange rates should be pursued, while it is good to expose local industries to competition they should equally be protected and finally promotion of non-primary exports should be encouraged.
Entrepreneurial Orientation and Supply Chain Performance Among SMEs in South-South Nigeria

The complexity of today’s business environment requires an entrepreneurial mindset in managing global supply chains. This paper attempted the application of entrepreneurial orientation (EO) to the management of small and medium enterprise supply chains. Specifically, the study investigated the interaction between EO and supply chain performance (SCP) amongst small and medium enterprises (SMEs) in the South-South geopolitical region of Nigeria. Empirical data from 57 purposively selected SME supply chain executives in the area were collected via the survey questionnaire and analysed via the Pearson' product-moment correlation and multiple linear regression. The results indicated that EO variables: innovativeness, risk-taking, and proactiveness were vital capabilities for SMEs supply chain managers. A strong positive relationship was also found between the dimensions EO and measures of supply chain performance. The more the SMEs are open to innovative supply chain management ideas, and are willing to encourage risk-taking tendencies, and be proactive in making supply chain-related decisions, the better the performance outcomes.
On the Stability of Stablecoins

This paper investigates the volatility processes of stablecoins and their potential stochastic interdependencies with Bitcoin volatility. We employ a novel approach to choose the optimal combination for the power law exponent and the minimum value for the volatilities bending the power law. Our results indicate that Bitcoin volatility is well-behaved in a statistical sense with a finite theoretical variance. Surprisingly, the volatilities of stablecoins are statistically unstable and contemporaneously respond to Bitcoin volatility. Also, whereas the volatilities of stablecoins are not Granger-causal for Bitcoin volatility, lagged Bitcoin volatility exhibits Granger-causal effects on the volatilities of stablecoins. We conclude that Bitcoin volatility is a fundamental factor in the valuation of stablecoins.
Revisiting the Relationship among Growth, Poverty and Inequality to Comprehend SDGs Pathways: Evidence from Panel Data of 23 Countries

In response to the Millennium Development Goals’ (MDGs) limitations in tackling rising inequality, this issue has been addressed in Sustainable Development Goals (SDGs) along with growth and poverty. Though the intertwined relationship among growth, poverty and inequality has already been hypothesized by Kuznets (1955), it is still questioned by many other scholars. To reveal the relationship among growth, poverty and inequality in the aftermath of MDGs’ failures for better understanding the pathways of SDGs, this paper revisits the issue through analysing panel data of 23 countries (from 1990-2014) using Panel Corrected Standard Error (PCSE) procedure and dynamic panel GMM approach. The study found a negative linear relationship among growth and poverty, and ‘U-shaped’ (opposed to Kuznet’s inverted U-shape) non-linear relationship among growth, poverty and inequality; indicating that the inequality will be higher in initial stage of development, with declination in middle stage of development, before starting to rise further. This finding creates an agenda for the academicians to rethink the relationship patterns and theorise the relationship through comprehensive research. Moreover, the pattern is useful for the government as well as international organisations and policy making professionals to formulate and implement effective policies to achieve economic growth, poverty reduction and inequality minimisation in response to the SDGs. <br>Keywords:
Stock Return Predictability and Cyclical Movements in Valuation Ratios

According to present-value models, a financial valuation ratio should predict future stock returns or cash flows but empirically shows little power. This paper develops insights about stock return predictability and reconciles the contradicting findings. We decompose a financial ratio into (1) a slow-moving component which reflects the local time-varying expected values of the financial ratio as the results of persistent shocks, and (2) a cyclical component which reflects a more rapid mean-reversion of the financial ratio toward the local time-varying mean. The cyclical component shows statistically significant power for predicting future stock returns, both in-sample and out-of-sample, and the predictability is also economically significant. Conversely, the slow-moving component fails to predict returns and therefore disguises the predictive information contained in the dividend-price ratio for future returns. To ascertain our findings, we provide a direct line linking our decomposition approach to the present-value framework and the predictive regression system.
Leverage and Information: Are Short Sellers and Margin Traders Twin Sisters or Stepsisters?

As leveraged investors, are margin traders as informed as short sellers? Using a unique dataset on stock-level short selling and margin trading from three international stock markets, we find that margin trading has no cross-sectional predictability but short selling does. Compared to short selling, margin-trading activities exhibit stronger comovement across stocks and are weak predictors of firm fundamentals. This finding suggests that margin traders are less likely to have a firm-specific information advantage and that their trades tend to be driven by market-wide factors. Tests at the investor account level also show that participants in margin trading are less sophisticated than those who participate in short selling.
COVID‐19 impact, sustainability performance and firm value: international evidence

Abstract We examine the impact of COVID‐19 on changes in firm value, and the moderating role of firm‐level sustainability performance on this relationship. We find that firms domiciled in countries where the COVID‐19 impact is more devastating experienced greater decline in firm value. The negative impact of COVID‐19 on firm value is less pronounced for firms with better sustainability performance. Firms domiciled in countries with higher levels of environmental‐ and stakeholder‐value‐oriented culture experienced less decline in firm value from the impact of COVID‐19. Findings suggest a firm’s stakeholder‐value orientation contributes to preserving a firm’s value when general stakeholder value declines.
A Theory of Revealed Indirect Preference

A preference over menus is said to be an indirect preference if it is induced by a preference over the objects that make up those menus, i.e., a menu A is ranked over B whenever A contains an object that is preferred to every object in B. The basic question we address in this paper is the following: suppose an observer has partial information of an agent’s ranking over certain menus; what necessary and sufficient conditions on those rankings guarantee the existence of a preference over objects that induces the observed menu rankings? Our basic result has a wide variety of applications. (1) It gives a characterization of rankings over prices that could be extended to a bona fide indirect utility function. (2) It leads to a generalization of Afriat’s (1967) theorem that allows for imperfectly observed choices. (3) It could be used to characterize observations that are consistent with a multiple preferences model. (4) It leads to a characterization of a model of choice generated by minimax regret.
Entrepreneurship, Growth and Productivity with Bubbles

Entrepreneurship, growth and total factor productivity are larger when there is a financial bubble. We explain these facts using a growth model with financial bubbles in which individuals face heterogeneous wages and returns on productive investment. The heterogeneity in the return of investment separates individuals between savers and entrepreneurs. Savers buy financial assets, which are deposits or a financial bubble. Entrepreneurs incur in a start-up cost and borrow to invest in productive capital. The bubble provides liquidities to credit-constrained entrepreneurs. These liquidities increase investment and entrepreneurship when the start-up cost is large enough, which explains that growth and entrepreneurship can be larger with bubbles. Finally, productivity can be larger when the bubble further increases the investment of more productive entrepreneurs. This can occur when the return of investment is correlated with wages.
A New Model for Measuring Supply Chain Financial Performance Under Crisis

Supply Chain Financial Performance has drawn much attention due to the recession created by the global financial crisis of 2008, which caused severe financial problems to companies worldwide and forced them to find new forms of financing their business plans to avoid bankruptcy. The main objective of this paper is to propose a new model for measuring Supply Chain Financial Performance in times of crisis. For this purpose, the SWORD model is developed, a composite rating system that can be applied to every kind of business and based on selected metrics, aims to classify a firm’s financial position.
Underwriter Compensation, Marketing Effects, Investor Attention, and IPO Performance

The literature suggests that underwriters perform significant marketing functions in securities offerings. We argue that underwriter’s efforts related to marketing can be estimated by the abnormal component of IPO underwriting spread. This is feasible using a large sample of Chinese IPOs, which demonstrate a significant cross-sectional variation in underwriting spreads relative to highly clustered spreads in the U.S. We find that underwriter’s efforts produce short-term marketing effects as measured by pre-IPO institutional investors’ participation and offer price up-ward revision. Moreover, we document that underwriter’s efforts enhance the persistence of investor attention in the long run. We show that abnormal underwriting spread is positively associated with various measures of post-IPO investor attention including analyst coverage, media coverage, the number of institutional investors holding the stock, as well as aftermarket liquidity. Further, we show that underwriter’s efforts are negatively associated with IPO underpricing and positively related to total firm value.
Financial Literacy – A Bibliometric Analysis

The purpose of the present study is review the existing literature on financial literacy construct and to present the current state of the art of publications in the field of financial literacy. The study relies upon bibliometric analysis. The present study proposed financial literacy is an act of being Financially Smart and Financially Educated. The study reveals that a significant increase in the number of publication, in this research area, has been witnessed in past few years only. The study highlights that the authors from United States of America, United Kingdom and Australia dominate this domain of research. There is a need for further research in the context of developing economies. The study highlights the most influencing authors and papers. The findings of this study may act as a reference point for future researchers.
Extraction of Uranium Nitrate with 30% (v/v) Tributyl Phosphate in Kerosene in a Pilot Annular Pulsed Disc-and-Doughnut Column—Part II: Axial Mixing and Mass Transfer Performance

ABSTRACT Mass transfer experiments were carried out in an annular pulsed disc-and-doughnut column (APDDC) using 30% (v/v) TBP-kerosene + uranium nitrate + nitric acid + water system (uranium nitrate system) for both extraction and stripping processes. Parameters in the axial dispersion model (ADM) and plug-flow model (PFM), namely, the axial dispersion coefficient of the continuous phase and the number of mass transfer units, were regressed by correlating the respective model with the experimental concentration profile. The mass transfer coefﬁcient is calculated, and new correlations are developed to predict the axial mixing coefficient of the continuous phase and the volumetric mass transfer coefficient. The height of a transfer unit is also calculated. The influence of axial mixing on mass transfer performance for the uranium nitrate system is discussed.
Keep Calm and Do Nothing - Trading Behavior of Swedish Retirement Investors during the COVID-19 Pandemic

How did investors in the Swedish Premium Pension System (PPS) react to the stock markets shock ignited in 2020 by the COVID-19 pandemic? The share of investors that traded more than doubled, and trades shifted capital from equity funds to low risk interest funds. In economic terms, however, trading activity stayed at very low levels—less than two percent of investors traded in March 2020 and there was no effect on pension withdrawals. Given the vast evidence on retail investors’ strongly increasing trading volume in crisis times, the reaction of PPS investors looks surprisingly smart, i.e., avoiding the many mistakes that investors incur when they try to outsmart the market. Potentially, the often-criticized choice architecture of the PPS that induces strong inertia provided positive side effects in times of a severe market shock.
For Whom the Bell Tolls: The Effects of Automation on Wage and Gender Inequality Within Firms

This paper investigates the impact of investment in automation- and AI- related goods on within-firm wage inequality in the French economy during the period 2002-2017. We document that most of wage inequality in France is accounted for by differences among workers belonging to the same firm, rather than by differences between sectors, firms, and occupations. Using an event-study approach on a sample of firms importing automation and AI-related goods, we find that automation/AI spikes are not followed by an increase in within-firm wage and gender inequality. Instead, wages tend to increase at different percentiles of the distribution, revealing a relatively spread allocation of rents from automation/AI within the firm. This adds to previous findings showing picture of a `labor friendly' effect of the latest wave of new technologies.