Miracle-dz/UniFAR-FTUs huggingface dataset:
Structures of Aerated-Liquid Jets in High-Speed Crossflows

d0 = injector orifice diameter GLR = aerating gas-to-liquid mass ratio The structures of aerated-liquid jets injected into subsonic crossflows were studied experimentally. An aerated-liquid injector with a diameter of 0.5 mm was flush mounted on the bottom plate of a subsonic wind tunnel to provide normal injection. Freestream Mach numbers, M, of 0.2 and 0.3 were tested. Water at room temperature was used as the test injectant. Wide ranges of test conditions for jet-to-air momentum flux ratios, q0, and aeration levels, GLR, were tested. A phase Doppler particle analyzer (PDPA) was utilized to quantitatively measure droplet and spray plume properties. The obtained data was used to develop correlations for the properties of droplet and spray plume for aerated-liquid jets, using the least squares method. It was found that the atomization processes of a typical aerated-liquid jet are completed at a relatively short x/d0. The droplet size decreases as the GLR and M increase. The droplet velocity increases with GLR, x/d0, and M and has no significant dependence on q0. The cross-sectional area of the spray plume increases with GLR, q0, and x/d0 and decreases with M. As GLR increases, the increase in the cross-sectional area of spray plume, Aj, mainly comes from the increase in spray penetration height. The spray width, however, is fairly independent of GLR. The aspect ratio of the spray plume increases with GLR. It was also found that A70%/Aj and A30%/Aj of aerated-liquid jets increase with GLR and x/d0 and have values of 32.5 and 10.6, respectively. For the present study, the values of A70%/Aj and A30%/Aj for the pure-liquid jets are 29.3 and 8.5, respectively. h = spray penetration height L = nozzle passage length M = freestream Mach number Oh = Ohnesorge number, μL/(ρL(SMD) σ) Q = volumetric flow rate q0 = jet-to-freestream momentum flux ratio at GLR=0, ρLw0/ρ∞u∞ SMD = Sauter mean diameter, Σ di/Σ di, i for all droplets T = temperature u = velocity component in the x direction w = velocity component in the z direction; also spray width We = Weber number, ρL(SMD)(u∞-up)/σ x = distance in the freestream direction y = distance in the cross stream direction z = distance in the direction of liquid injection θ = jet injection angle
Market Price of Risk Specifications for Affine Models: Theory and Evidence

We extend the standard specification of the market price of risk for affine yield models of the term structure of interest rates, and estimate several models using the extended specification. For most models, the extended specification fits US data better than standard specifications, often with extremely high statistical significance. Our specification yields models that are affine under both objective and risk neutral probability measures, but is never used in financial applications, probably because of the difficulty of applying traditional methods for proving the absence of arbitrage. Using an alternate method, we show that the extended specification does not permit arbitrage opportunities, provided that under both measures the state variables cannot achieve their boundary values. Likelihood ratio tests show our extension is statistically significant for four of the models considered at the conventional 95% confidence level, and at far higher levels for three of the models. The results are particularly strong for affine diffusions with multiple square-root type variables. Although we focus on affine yield models, our extended market price of risk specification also applies to any model in which Feller's square-root process or a multivariate extension is used to model asset prices.
Reporting Technologies and Textual Readability: Evidence from the XBRL Mandate

The eXtensible Business Reporting Language (XBRL) can standardize numerical disclosures and make it easier for computers to process and compare financial reports. This perceived benefit of XBRL has prompted the U.S. Securities and Exchange Commission to mandate that public firms must submit financial statements in the XBRL format as part of their financial reports. Leveraging the research opportunity created by the XBRL mandate, we examine whether financial reporting technologies affect how firms construct textual disclosures. We find that the initial adopters’ HTML-formatted annual reports become harder to read after the XBRL mandate. Further analysis reveals that this effect is concentrated among adopters with more quantitative disclosures, a smaller firm size, or a higher level of financial complexity. Importantly, we show that managers’ reduced attention to preparing HTML-formatted annual reports, rather than increased disclosures, is likely the explanation for this decrease in textual readability. We also find that the negative effect on textual readability persists at least in the subsequent year. Our findings suggest that the XBRL adopters need to pay attention to process optimization and technology enablement to mitigate the possible negative effect of XBRL adoption on the readability of financial reports.
Fractional Carbon Dioxide Laser versus Fractional Carbon Dioxide Laser with Autologous Intralesional Platelet-rich Plasma in the Treatment of Stable, Non-segmental Vitiligo: A Randomized Comparative Study

Abstract Background: The treatment of vitiligo is often challenging and requires a multi-modality approach. Fractional carbon dioxide (FCO2) laser has been studied as an adjuvant therapy in cases of vitiligo. Autologous platelet-rich plasma (PRP) is rich in growth factors, which may contribute to the growth of melanocytes, and thus help in the repigmentation of vitiligo patches. We aimed to study the combination of these two modalities for the treatment of vitiligo. Aims and Objective: The aim of this study was to compare the efficacy and safety of FCO2 laser with PRP and FCO2 laser alone as an adjuvant therapy in stable non-segmental vitiligo (NSV) patients. Settings and Design: A prospective, randomized, comparative, open-label interventional study was carried out for a period of 18 months from December 2017 to June 2019, at a tertiary care hospital. Materials and Methods: Seventy patients with stable, NSV were assessed for eligibility; 66 patients were randomized equally into two groups. Group A received treatment with FCO2 laser with intralesional PRP, whereas Group B was treated with FCO2 laser alone. Patients in both the groups were treated with one therapy session and were followed up monthly for a period of 3 months. All the patients received topical psoralen with ultraviolet A (UVA) PUVA-sol treatment. Baseline and monthly assessments were done by VITILIGO AREA SEVERITY INDEX and standardized photographs. Results: VASI score reduction was significantly more in the Group A with (mean ± standard deviation [SD]) 9.5 ± 0.22, 5.8 ± 1.12, and 3.6 ± 1.81 as compared to Group B 11.9 ± 2.83, 9.9 ± 3.11, and 8.9 ± 3.46 at each subsequent follow-up visits, respectively. Side effects such as burning sensation, erythema, and crusting were seen less frequently and lasted for a short period in Group A in comparison to those in Group B. Conclusion: Combination of FCO2 laser and autologous intralesional PRP has a synergetic effect in treating patients with vitiligo as an adjuvant therapy with minimal adverse effects.
Price Leadership and Asynchronous Movements of Multi-Market Listed Stocks

We examine the asynchronous price movements of the same assets traded on multiple markets. Our sample of stocks simultaneously traded in three different financial markets (Shanghai Stock Exchange, New York Stock Exchange, and Stock Exchange of Hong Kong) represents an ideal setting to investigate the stock price co-movement, directions, and leadership. We find strong evidence that foreign prices lead home prices, but not the reverse effect. Contrary to theory predictions, investors in the firms’ home market respond to idiosyncratic fluctuations in the stock returns in the host markets. It suggests investors pay attention to fluctuations in the stocks listed on the more institutionally developed markets.
Banking Relationships and Financial Decisions of REITs

Banking relationships are key factors influencing financing decisions of real estate investment trusts (REITs) that are mandated to hold highly specific assets. Using a comprehensive data set of loan facilities by REITs across different markets, this paper empirically tests the effect of REIT-bank relationships on credit costs and other non-price credit terms. We find that REITs with past banking relationships enjoy favourable loan terms that include lower loan rates, higher loan amount, and a less stringent collateral requirement. These favorable terms were kept by relationship banks during the Global Financial Crisis from 2007 to 2009.
Additional Comments on “Testing a Culturally Adapted Colorectal Cancer Screening Decision Aid Among American Indians: Results from a Pre–Post Trial”

To the Editor: We read the study by Frerichs et al. concerning a culturally sensitive colorectal cancer (CRC) screening decision aid campaign targeting American Indians (Native Americans) with great interest in light of the increase in CRC-related deaths worldwide. Culture is basically associated with environmental and lifestyle factors as well as health care access, all of which are related to the incidence of CRC. Therefore, adapting methods in consideration of a given population’s culture—especially important for a population with close community networks—in the health care system will offer new insights into development, efficacy, and delivery of the CRC screening instruments themselves. Interestingly, their report showed that American Indians preferred colonoscopy (60%) to the fecal occult blood test (FOBT; 21%). However, besides showing that more education leads to more knowledge and positive attitude, their report still leaves much unclear. What precisely in the intervention is responsible for these results? The authors noted that collectivism and privacy were main concerns of this community, and ‘‘concepts were explained using easy-to-understand media’’ from community members. Wouldn’t an approach incorporating these components be positive for other communities? For example, in Japan, the FOBT-first screening system has been widely accepted, suggesting the preference of the general population for the FOBT despite risk of false-positive results. According to a previous study of other ethnic populations, the rates of choosing FOBT or colonoscopy were almost equal (35% for FOBT and 41% for colonoscopy) and subpopulations who were not interested in screening tests tended to choose FOBT. Other factors may be associated with these disparate results. That is, preferences concerning screening tests might partly stem from the system design. Is screening simply following national mandates, or is community consensus considered? How are risks such as intestinal bleeding and perforation explained? What is the role of health care providers and insurance providers? This last point seems important since cost influences actual implementation of testing—almost 75% of Frerichs et al.’s sample had yearly income < USD 40,000, so colonoscopy’s high cost might deter some individuals in practice despite stated preference. Overall, the authors are to be commended for creating a culturally sensitive awareness campaign about CRC as an advanced view of screening system. We look forward to further in-depth research (considering the concerns presented here) linking better community health outcomes with this decision aid, which also clarifies effective mechanisms in the intervention. This may reduce the inequality in CRC-related deaths.
Does Religious Affiliation Protect People's Well-being? Evidence from the Great Recession After Correcting for Selection Effects

This paper investigates the effect of religious affiliation on individual well-being. Using Gallup’s U.S. Daily Poll between 2008 and 2017, we find that those who are engaged in their local church and view their faith as important to their lives have not only higher levels of subjective well-being (SWB), but also acyclical levels. We show that the acyclicality of SWB among Christians is not driven by selection effects or the presence of greater social capital, but rather a sense of purpose over the business cycle independent of financial circumstances.
How Do Regulatory Costs Affect M&A Decisions and Outcomes?

Regulations introduce significant fixed costs, and add to operating leverage. “Regulatory operating leverage”, introduced by Ince and Ozsoylev (2020), quantifies the ratio of regulatory fixed costs over a firm’s cost structure. Regulatory operating leverage decreases a firm’s value through implied cost of equity and profitability channels. Due to economies of scale, large firms are less exposed to the negative value implications of regulatory operating leverage. This motivates large firms with high regulatory operating leverage to acquire other firms in the same industry. Moreover, it increases the likelihood of a small firm being target. Finally, regulatory operating leverage driven acquisitions are value increasing.
Firm-Level Political Risk and Capital Structure Dynamics

We examine the role of firm-level political risk in the capital structure dynamics for the U.S. listed firms from 2002 to 2017. We find that firm-level political risk facilitates firms' speed of adjustment towards its target leverage, and such a positive effect holds for categorical political risk. We also find that the positive effect is visible in overleveraged firms. Additionally, the cost of equity sensitivity and value of financial flexibility are identified as the possible mechanisms. The results remain intact after addressing identification issues and are robust to alternative leverage measures, model specifications, and estimation techniques. Our findings highlight the importance of accounting for heterogeneous exposure to political risk in capital structure dynamics.
Capital Share, Consumption Volatility and Long-run Redistribution Risks

Pricing of capital share risks provides a novel link between macroeconomics and finance. Our paper adopts the Epstein-Zin type utility framework and the Bansal and Yaron’s (2004) long-run risk model to derive an heterogeneous asset pricing model that extends Lettau et al.’s (2019) capital share study. Our model introduce heterogeneity within the stock market and highlights the role of elevated consumption volatility of high income stockholders in capital risks. We also uncover contracting evidences as the capital share growth has strong volatility effects in the short-run and capital share variability enters systematic risks in the long-run.
Financial Hedging, Corporate Cash Policy, and the Value of Cash

We study the implications of financial hedging for corporate cash policy. Using a web crawler program to collect data on the use of financial derivatives, we find that firms with financial hedging programs have smaller cash reserves but a higher value of cash than firms without hedging contracts in place. Our empirical results are robust when controlling for potential endogeneity issues, corporate governance, cash regimes, and alternative measures of cash holdings. Further, we find that the positive effect of financial hedging on the value of cash is more pronounced for financially constrained firms and firms with higher asymmetric information. Collectively, our paper highlights the importance of corporate cash policy as a channel through which corporate risk management increases firm value.
Social Networks and Supply and Demand on Online Lending Marketplaces

We show that social networks (Facebook connections) impact both the demand for and supply of consumer and small business loans originated on lending marketplaces. Loan demand increases substantially with past borrowing activities of geographically distant but socially connected areas, with an elasticity of 0.37. Borrower-area social connectedness increases funding likelihood by 8.11% and improves ex-post loan performance. We establish causality by utilizing exogenous demand-side shocks from natural disasters and supply-side lending capacity variations associated with housing price fluctuations. Social networks improve capital allocation by increasing the awareness of alternative lending platforms and facilitating the transmission of less accessible information complementary to loan-specific data.
Monetary Policy Transmission Over the Leverage Cycle: Evidence for the Euro Area

We study state dependence in the impact of monetary policy shocks over the leverage cycle for a panel of 10 euro area countries. We use a Bayesian Threshold Panel SVAR with regime classifications based on credit and house prices cycles. We find that monetary policy shocks trigger a smaller response of GDP, but a larger response of inflation during low states of the cycle. The shift in the inflation-output trade-off may result from higher macro-economic uncertainty in low leverage states. For an alternative regime classification based on turning points we find larger effects on GDP during contractions.
The Effect of Business Group Affiliation on Trade Credit Financing: An Empirical Analysis of Public Firms in Korea

This paper examines how trade credit demand and supply are determined in Korea, where large business groups are dominant in most of the segments and hierarchies of many industries. In particular, we investigate the effects of business group affiliation on trade credit financing, finding that a firm’s affiliation with a large business group has a positive effect on trade credit demand but a negative effect on trade credit supply. The results suggest that the extra bargaining power of large business groups enables group affiliates to provide substantially less trade credits but to demand more when they face financial constraints. However, we do not find evidence that trade credit financing functions as an instrument to subsidize member firms through the internal capital markets within a business group. These findings explain the effects of business group affiliation on trade credit demand and supply in short-term debt markets from the perspective of the unique characteristics of the Korean economy.
Fund Performance Measurement Respecting an Industry Benchmark

We develop an axiomatically consistent way of ranking and scoring funds that respects an industry benchmark. Our performance measure, termed MAP, accounts for the feature that investors may exhibit skepticism when evaluating investment strategies versus a benchmark. Linking developed theory to data and using the CRSP value-weighted index as the benchmark, we feature evidence on (i) desirability of popular investment strategies, (ii) whether investors gain by selling the tails of return distributions, (iii) rank-ordering of actively managed mutual funds, (iv) predicting fund flows using MAP, (v) variables that forecast MAP performance of mutual funds, and (vi) distribution of fund performance.
Knowledge Reshapes Destiny: The Causal Effects of Education on Social Attitudes

I study the causal effects of education on social attitudes exploiting the staggered implementation of the 1986 Compulsory Education Law in China. Exposure to the Compulsory Education Law increases average years of schooling by 2.45 years. Using exposure to the Compulsory Education Law as an instrumental variable, I find that additional years of schooling increases the likelihood of agreeing with gender equality, independence and individualism rather than the traditional Chinese gender role and family ethics, and also increases the perceived severity of social problems. There is little evidence that education affects trust attitudes. These results suggest that educational policies can be powerful tools to change individuals' attitudes and social norms.
Trapping Fake Discounts as Drivers of Real Revenues: A Case Study on the Consumer’s Behavior in India

This empirical study contributes towards identifying the effect of both fake and real discounts in the Indian marketing environment. A common, but unsustainable practice in India is to increase the selling price and then offer a discount on the product. Increasing sales based on fake discount pricing strategy is a primary business development objective in India. The discounts however vary across store type, time and based on product features. The selected databases were collected from all the Indian e-commerce portals and from popular brick and motor outlets of tier 2 and tier 3 cities in India. The empirical results indicate that offers based on price in India had an impact of 2.8 times much higher than the actual quality of the product. The outcomes suggested that marked price has a significant impact on consumer’s behavior. The results also indicate the existence of a strong correlation between trapping fake discounts and purchase by deceiving and persuading customers in India. Research is empirical in nature and respondents have been selected based on purposive sampling. The study is limited to tier 2 &amp; 3 cities of India and has been done in a developing country India and has been conducted over 250 days only and the results are applicable only to online and offline retail stores.
Do Stylised Facts of Order Book Markets Need Strategic Behaviour?

This paper studies the role of strategy and the order book market mechanism in price dynamics and the order flow behaviour. To this end we analyse a zero-intelligence agent model of a dynamic limit order market. Stylised facts of limit order markets are shown to be influenced and, in some cases, governed by the market mechanism rather than strategic interaction. Positive correlation in order types, for instance, is the result of the market architecture, and price movements may be predicted in the short term from analysing the state of the order book. In contrast the absolute probabilities of order submission highlight the contribution of strategic behaviour.
Properties of Implied Cost of Capital Using Analysts' Forecasts

We evaluate the influence of measurement error in analysts' forecasts on the accuracy of implied cost of capital estimates from various implementations of the 'implied cost of capital' approach, and develop corrections for the measurement error. The implied cost of capital approach relies on analysts' short- and long-term earnings forecasts as proxies for the market's expectation of future earnings, and solves for the implied discount rate that equates the present value of the expected future payoffs to the current stock price. We document predictable error in the implied cost of capital estimates resulting from analysts' forecasts that are sluggish with respect to information in past stock returns. We propose two methods to mitigate the influence of sluggish forecasts on the implied cost of capital estimates. These methods substantially improve the ability of the implied cost of capital estimates to explain cross-sectional variation in future stock returns, which is consistent with the corrections being effective in mitigating the error in the estimates due to analysts' sluggishness.