Miracle-dz/UniFAR-FTUs huggingface dataset:
Contagion in the CoCos Market? A Case Study of Two Stress Events

The post-crisis regulatory framework has fostered the development of the contingent convertible bonds (CoCos) market. These instruments permit banks to absorb losses as a going concern but their critics warn that they could have potentially destabilizing effects in stress situations. We analyse the dynamics of the European CoCos market during two stress episodes that occurred in 2016 and that were triggered by news of substantial unexpected losses faced by a European systemically important bank. Our econometric approach aims to disentangle the fundamental channel by which the contagion of such bank’s distress spreads to the rest of the market from a possible CoCo-specific contagion channel. We find evidence of significant CoCo-specific contagion in the two stress episodes, which could be the result of investors’ reassessment of the CoCos’ riskiness or of uncertainty about their supervisory treatment. Moreover, we find that the CoCo-specific contagion was weaker in the second stress event, suggesting that as investors learn about the specific features of these instruments and their supervisory treatment the CoCos market becomes more resilient.
Role of Venture Capital as a Source of Finance for Small and Medium Enterprises in Afghanistan

Venture capital is an important source of finance for small businesses although it is least understood. The Venture Capital financing market in Afghanistan is inactive and mainly targets large companies instead of small to medium enterprises. The study sought to evaluate the role of venture capital as a source of finance for small to medium enterprises (SMEs) in Afghanistan. The objectives of the study were to review the types of venture capital financing in Afghanistan, identify the factors that drive the venture capital financing and impact of venture capital on small business development. The study adopted a quantitative methodology in order to investigate the subject. Questionnaires were administered on respondents. The respondents were from the Ministry of Commerce, ACCI, AISA, MISFA, and financial Institutions. An overall response rate of 89.66% was achieved. The study established that government was the main financer of venture capital financing in Afghanistan. Further, stable economic environment, investor protection and corporate governance and well developed capital markets were found to be main determinants of venture capital financing. The study also established that the role of venture capital financing played an important role in the areas of employment creation, investment, export growth as well as innovation and creativity. Overall venture capital financing is an alternative financing option for SMEs. However, the development of venture capital market is being constrained by the economic environment, lack of a vibrant capital market, no regulatory framework regards corporate governance and investor protection. The study recommends that development of entrepreneurship by having an active venture capital market, stable macroeconomic environment and regulatory framework that protect investors.
Estrogen and the Brain: Beyond ER‐α, ER‐β, and 17β‐Estradiol

Abstract: The brain of both sexes is a major target of estradiol and a site of estrogen synthesis during development and in the adult. In addition to the classical intranuclear estrogen receptors (ERs) ER‐α and ER‐β, we have recently identified a novel, plasma membrane‐associated ER that is neither ER‐α nor ER‐β in the brain and uterus, which we have designated “ER‐X”. ER‐X is a developmentally regulated estrogen‐binding protein that is present in wild‐type, ER‐α gene‐disrupted (αERKO) and ER‐α‐null mice. ER‐X is re‐expressed after ischemic brain injury and in adult transgenic mice with Alzheimer's disease. Although ER‐X shares some homology with the C‐terminal region of ER‐α, it is not an alternative splicing variant of ER‐α and may be a new gene. ER‐X mediates 17α‐estradiol and 17β‐estradiol activation of MAPK/ERK. In contrast, ER‐αdoes not elicit ERK activation but, surprisingly, is inhibitory. The potential importance of 17α‐estradiol, the preferred ligand of ER‐X, for the brain is underscored by our findings by liquid chromatography/tandem mass spectrometry that the endogenous levels of 17α‐estradiol are significantly elevated in the postnatal day‐7 and adult mouse neocortex and hippocampus, as compared with 17β‐estradiol. That there is so much more 17α‐estradiol than 17β‐estradiol in the brain suggests that this enantiomer would be readily available to the brain. In considering estrogens for postmenopausal treatment, one should consider all the ERs present in the brain, not just ER‐α and ER‐β, but ER‐X as well, and focus on ligands such as 17α‐estradiol that may be more selective for this ER.
Paying Too Much for Growth: What have Investors Missed?

Expectation errors, generally defined, have been used by previous studies to show why investors pay too much for growth. In contrast, our study analyses what actual mistakes investors have made and how they could have been avoided. We show that investors ignore the negative impact of growth on asset turnover, a piece of information that is available to them ex ante. The use of an ex ante sensitivity measure enables us to differentiate the mispricing explanation from the rational explanation of the asset growth phenomenon. Our explanation also provides a consistent prediction in the international context.
Achievement Gap Estimates and Deviations from Cardinal Comparability

This paper assesses the sensitivity of standard empirical methods for measuring group differences in achievement to violations in the cardinal comparability of achievement test scores. The paper defines a distance measure over possible weighting functions (scalings) of test scores. It then constructs worst-case bounds for the bias in the estimated achievement gap (or achievement gap change) that could result from using the observed rather than the true test scale, given that the true and observed scales are no more than a fixed distance from each other. The worst-case weighting functions have simple, closed-form expressions consisting of achievement thresholds, flat regions in which test scores are uninformative, and regions in which the observed test scores are actually cardinally comparable. The paper next estimates these worst-case weighting functions for black/white and high-/low-income achievement gaps and gap changes using data from several commonly employed surveys. The results of this empirical exercise suggest that cross-sectional achievement gap estimates tend to be quite robust to scale misspecification. In contrast, achievement gap change estimates seem to be quite sensitive to the choice of test scale. Standard empirical methods may not robustly identify the sign of the trend in achievement inequality between students from different racial groups and income classes. Furthermore, ordinal methods may be more powerful and will continue to have the correct size when the test scale has been misspecified.
Non-Linear Forecasting Methods: Some Applications to the Analysis of Financial Series

The evolution of financial data shows a high degree of volatility of the series, coupled with increasing difficulties of forecasting the shorter is the time horizon, when using standard (i.e., based on linear models) forecasting methods. Some alternative forecasting methods for non-linear time series, based on the literature on complex dynamic systems, have been recently developed, which can be particularly useful in the analysis of financial time series. In this paper we present a summary of some of these new techniques, and then show some applications to the analysis of several financial series (i.e., exchange rates, stock prices, and interest rates), which illustrate the usefulness of the approach. Since non-linear forecasting methods require the usage of very long time series, the availability of high-frequency data for these variables make them the best candidates among economic time series for the application of this methodology.
Influence of organic amendments on Fe, Cu, Mn, and Zn availability and clay minerals of different soils

The effects of application of composted olive mill wastewater sludge (A) and depotassified sugarbeet vinasse (V) on total diethylenetriaminepentaacetic acid (DTPA) and sequential extracted micronutrients were investigated. The mineralogy of the fine fraction of soils was also studied. The soils used were a Typic Rhodoxeralf (soil R), a Typic Xeropsamment (soil S), and a Typic Xerorthent (soil C). Fertilization with A and V during 3 years, in general did not significantly affect the total concentration of Fe, Cu, Mn, and Zn versus the control. However, the elements extracted with DTPA generally increased with the organic amendments, more with A than with V. The BCR (European Community Bureau of Reference) sequential extraction indicated that the addition of organic matter generally increased Zn and Mn in the two more available fractions. A great amount of Fe was found in the second and third fractions from the unamended and amended soils. Nevertheless, the sum of the three fractions was enhanced for the organic amendment, except for calcareous soil. The distribution of these elements in the different fractions was significantly affected by the type of soil. The addition of both fertilizers caused modifications in particle size and consequence redistribution of the calcite content between the different fractions.
Asymptotic Theory for QMLE for Real-Time GARCH(1,1) Model

We investigate the asymptotic properties of the Gaussian Quasi-Maximum-Likelihood estimator (QMLE) for the Real-time GARCH(1,1) model of Smetanina (2017). The developed theory relies on the new dependence measure developed in Wu (2005) and is substantially different to the standard asymptotic theory for GARCH models. We prove consistency and asymptotic normality for the parameter vector at the usual <i>√T</i> rate. Finally, as part of the developed theory we also demonstrate how convergence rates of uniform laws of large numbers can be established via the powerful maximal inequalities for high-dimensional heavy-tailed time series using uniform functional dependence measure.
The Effects of Forest Change on Agricultural Productivity: Evidence from Indonesia

We examine how forest cover change can affect agricultural productivity using household panel data and remote sensing data on forest change. The focus is on rural Indonesia, where intensive biodiversity loss is occurring from deforestation while agriculture is the main industry. We estimate an agricultural production function and find that farmers experienced reduction of agricultural productivity of 44% or $2.63 billion across rural Indonesia between 2001 and 2014. In addition, we explore the mechanisms underlying the productivity loss and find that biological pest control is the most plausible explanation.
Wealth and Financial Crises: The Collateral Channel

Wealthier economies experience less frequent but more severe financial crises. To investigate this puzzle, we propose a model of collateralized lending in which: (1) borrowers endogenously determine collateral quality, and (2) lenders can produce costly information about collateral. In equilibrium, lenders do not produce information and borrowers in wealthier economies optimally use lower quality collateral. Crises are triggered by unexpected shocks to collateral quality. Wealthier economies experience more severe crises because collateral quality is ex ante lower, and experience less frequent crises because borrowers have larger incentives to bailout collateral. We examine the implications of our model in a country-year panel and find supporting evidence.
Temperature stratification in the lower River Murray, Australia: implication for cyanobacterial bloom development

The relationship between temperature stratification of the water column, river discharge and meteorological forcing was examined for the lower River Murray by using a combination of field measurements and a simple mixing criterion. Wind was found to be the dominant variable affecting the degree of temperature stratification under low flow conditions typical of summer. The results of a three-month intensive study were used in conjunction with six years of historical data to determine the stratification potential of the lower River Murray and its implication for water quality and cyanobacterial bloom development. The physical characteristics and therefore stratification behaviour of the water column in the river section studied are not conducive to sustained blooms at any time of the year because of a combination of strong winds and sufficiently high river discharges.
Inconsistent Signals, Earnings Announcements and Market Uncertainty

We test the proposition in Johnstone (2016) that new information may lead to higher, rather than lower, uncertainty about firms’ future payoffs. Based on the Bayesian rule, we hypothesize earnings news that is inconsistent with investors’ prior belief will lead to higher market uncertainty. Using earnings signals in the past few quarters to proxy for investors’ prior belief, we find supporting evidence that, relative to consistent earnings news, inconsistent news results in an increase in market uncertainty measured by implied volatility. Inconsistent earnings news has a larger effect on market uncertainty when prior beliefs are stronger and when the news is negative. Overall, our evidence highlights the importance of prior belief and inconsistent signals in understanding the effect of earnings news on market uncertainty.
Boards’ Corruption Culture and Bank Loan Contracts

This paper investigates the impacts of board’s corruption culture on the financing costs of firms. Evidence shows that lending banks attach higher loan spreads, higher total costs of borrowing, and stricter covenants to firms with a strong corruption culture in their boards. The results are robust to controlling for the endogenous matching between firms and boards using a variety of econometric techniques. We further document that the effect of the board’s corruption becomes stronger when firms have weak governance mechanisms. Our paper suggests that banks recognize board’s culture of corruption as a sort of agency problem when they make lending decisions.
UTILISATION DES PROTÉINES PAR LE VEAU PRÉRUMINANT A L'ENGRAIS. III. -- INFLUENCE DU REMPLACEMENT DES PROTÉINES DU LAIT PAR CELLES DU POISSON SUR LA VIDANGE STOMACALE

RÉSUMÉ Nous avons étudié chez le Veau préruminant les effets sur la vidange stomacale du rempla- cement des protéines du lait écrémé par celles de deux concentrés protéiques de poisson. L’un des concentrés (Poisson hydrolysé) est obtenu à partir de poissons blancs par hydrolyse enzyma- tique ménagée ; le second (Poisson micronisé) est une farine de poisson de Norvège délipidéc à l’hexane et finement broyée. Avec les 2 aliments contenant les protéines de poisson, la vidange stomacale des matières azotées et des matières grasses est accélérée ; de plus, un afflux plus important de protéines non hydrolysées et moins dénaturées dans le duodénum est observé au cours des premièrcs heures qui suivent le repas. La vidange stomacale des matières azotées totales, mais non celle des matières azotées protéiques, est davantage accélérée avec le Poisson hydrolysé, probablement à cause de sa plus grande solubilité. Les phénomènes digestifs qui se produisent au niveau de la caillette semblent donc être influencés par l’origine et la technologie de préparation des protéincs alimentaires. Les modifications observées en remplaçant les protéines du lait par celles du poisson pourraient expliquer en partie la digestibilité moins élevée de ces dernières.
Does Social Proximity Enhance Business Partnerships? Theory and Evidence from Ethnicity’s Role in US Venture Capital

We develop a formal model to understand the selection and influence effects of social proximity between business partners. Consistent with the model’s predictions, we find that US venture capitalists (VCs) are more likely to select startups with coethnic executives for investment, particularly when the probability of the startups’ success appears low. Ethnic proximity between VCs and the startups they invest in is positively related to performance, measured by the probability of the companies’ successful exit through acquisitions and initial public offerings (IPOs), and net income after IPO. Two-stage regression estimates suggest that these positive performance outcomes are largely due to influence, that is, superior communication and coordination between coethnic VCs and startup executives after the investment. To the extent that VCs expect to work better with coethnic startups, they invest in coethnic ventures that are of lower observable quality than non-coethnic ventures.
Is the Price of Gold to Gold Mining Stocks Asymmetric?

If an asymmetric relation exists between the prices of gold and gold mining stocks, then these firms possess real option characteristics, and therefore, a premium should be added to their valuation. This article examines this proposition, by firstly, using quantile regressions, which are ideally suited to examine asymmetries, and secondly, by accounting for endogenously determined structural breaks in the data. Our findings provide no support for an asymmetric relation. Furthermore, we also show that out-of-sample forecasting shows there is no causality from the gold price to the prices of those gold mining shares used in the sample.
Nest site choice in relation to the presence of old nests and cavity depth in the starling Sturnus vulgaris

Hole nesting birds are frequently faced with the problem of old nests from previous breeding seasons in their nest cavities. Many studies investigated birds' site selection preferences, but mostly in connection with the level of ectoparasites occurring in old nests. But the presence of old nest material in a cavity may also result in a shallower nest site, making the eggs or nestlings more vulnerable to predators. However, the presence of an old nest in a cavity may function as a cue for site safety. Nest site choice of the starling Sturnus vulgaris in relation to cavity depth and the presence of old nests was studied for four years. Nest boxes with or without old nests and of varying depths were used in field experiments. This study found that the starling prefers deeper nest boxes and those without old nests. Nest sites with old nest material could have been avoided either because of the presence of ectoparasites or inappropriate cavity depth. It seems that the starling does not assess site quality by the presence of an old nest. However, the results of this study did not show which of these factors was the stronger indicator for the birds' preference of a site. The presence of old nests and cavity depth on starlings' breeding ecology and ethology are discussed.
Symbiotic microoiganisms in aphids (Homoptera, Insecta): A secret of one thriving insect group

Most, if not all, aphids harbor intracellular bacterial symbionts, called Buchnera, in their bacteriocytes, huge cells differentiated for this purpose. The association between Buchnera and aphids is so intimate, mutualistic and obligate that neither of them can any longer reproduce independently. Buchnera are vertically transmitted through generations of the host insects. Evidence suggests that Buchnera were acquired by a common ancestor of aphids 160–280 million years ago, and have been diversified, since then, in parallel with their aphid hosts. Molecular phylogenetic analyses indicate that Buchnera belong to the g subdivision of the Proteobacteria. Although Buchnera are close relatives of Escherichia coli, they contain more than 100 genomic copies per cell, and their genome size is only one seventh that of E. coli. The complete genome sequence of Buchnera revealed that their gene repertoire is quite different from those of parasitic bacteria such as Mycoplasma, Rickettsia and Chlamydia, though their genome sizes have been reduced to a similar extent. Whereas these parasitic bacteria have lost most genes for the biosynthesis of amino acids, Buchnera retain many of them. In particular, Buchnera's gene repertoire is characteristic in the richness of the genes for the biosynthesis of essential amino acids that the eukaryotic hosts are not able to synthesize, reflecting a nutritional role played by these symbionts. Buchnera, when housed in the bacteriocyte, selectively synthesize a large amount of symbionin, which is a homolog of GroEL, the major stress protein of E. coli. Symbionin not only functions as molecular chape rone, like GroEL, but also has evolutionarily acquired the phosphotransferase activity through amino acid substitutions. Aphids usually profit from Buchnera's fuction as a nutritional supplier and, when faced with an emergency, consume the biomass of Buchnera cells as nutrient reserves.
Managing expectations

Followers of law, politics and business commonly relate stories of individuals who appear to predict an expected performance level below what they believe themselves to be capable of. The standard explanation for such rhetoric is that it hedges against the negative consequences of unanticipated failures and takes advantage of unexpected successes. Although the strategy appears highly attractive, some individuals do provide honest evaluations of their abilities, and some overpromise. We develop a model of strategic communication designed to explain this variation. Underpromising is especially attractive when observers have strong incentives to watch a preliminary performance; however, when high-quality individuals are in large supply and when the costs of performing badly are neither too high nor too low, underpromising can result in individuals being ignored. To ensure that they are not, individuals must give up the opportunity to outperform a promise and risk an underperformance.
Unveiling the Relationship between the Transaction Timing, Spending and Dropout Behavior of Customers

The customer lifetime value combines into one construct the transaction timing, spending and dropout processes that characterize the purchase behavior of customers. Recently, the potential relationship between these processes, either at the individual customer level (i.e. intra-customer correlation) or between customers (i.e. inter-customer correlation), has received more attention. In this paper, we propose to jointly unveil the direction and intensity of these correlations using copulas. We investigate the presence of these correlations in four distinct product categories, namely online music albums sales, securities transactions, and utilitarian and hedonic fast-moving consumer good retail sales. For all product categories, we find a substantial amount of inter- and intra-customer correlation. At the inter-customer level, on average frequent buyers tend to spend more per transaction than the other customers. In addition, on average, large buyers have a longer lifetime. At the intra-customer level, we find that the existence and intensity of compensating purchase behaviors vary across product categories and across customers. From a managerial viewpoint, our approach improves the forecasts of the firm's future cash flows, especially for the product categories and customers where the correlations are the strongest. Moreover, the correlation parameters also provide additional insights to traditional customer valuation analysis on the magnitude, durability and volatility of the cash flows that each customer generates. We conclude by discussing how these insights can be used to improve customer portfolio decisions.