Miracle-dz/UniFAR-FTUs huggingface dataset:
Outside CEOs of Financial and Non-Financial Firms As Independent Directors on Bank Boards

We analyze the appointments of outside CEOs of financial and non-financial firms as independent directors on US bank boards and their implications for the banks and the outside CEO firms. We show that outside CEOs from financial firms match with less traditional banks and their appointment generates long-term benefits for both the appointing bank and the outside CEO firm. CEOs from non-financial firms match instead with more lending-oriented banks but their appointment benefits only the outside CEO firm. Overall, although considered highly skilled directors, outside CEOs do not always contribute to the advising and monitoring quality of bank boards.
Time Varying Prospective Utility and Optimal Asset Allocation for Stocks and Bonds: The Case of Australia and Japan, 1926-1995

Many of the empirical investigations in behavioural finance are focused on US markets; with their focus on investor psychology, biases and heuristics these explanations may well not be robust when exposed to different countries, races and cultures. This paper investigates a popular explanation for the equity risk premium, namely Myopic Loss Aversion, in the two very different market environments of Australia and Japan. We also extend previous studies by explicitly allowing for time-varying distributions of asset returns. We present evidence that the concept of the frequency of portfolio evaluation required to produce indifference (in Prospective Utility terms) between Stocks and Bonds is highly dependent upon the sample period. For each of these two Pacific Rim markets, we pose two questions - given prospect theory preferences, taking account of a selection of plausible evaluation periods, how do the prospective utilities of stock, bond and optimally mixed portfolios evolve with time, and how does the optimum allocation ratio of stocks in a mixed stock/bond portfolio vary? Our asset allocation profiles indicate both distinctions and similarities between the markets of Australia and Japan; and (by reference to earlier work) differing patterns of behaviour of the Australasian markets when compared to those of the U.S. and U.K. However, perhaps the biggest surprise, given how different the political, cultural and investment experiences of these countries are, is how similar are the optimal asset allocations for much of the time.
Comparison Between Risk and Return of Financial Conglomerates in Indonesia: Vertical, Horizontal and Mixed (TOPSIS Analysis)

Financial conglomeration in Indonesia is a unique form because Indonesia has three financial conglomeration types that existed. There are vertical, horizontal, and mixed types. In fact, many countries are implementing vertical financial conglomerates because the supervision is easier to carry out than other types. This study tried to compare the performance of vertical, horizontal, and mixed financial conglomerates. Is it true that a vertical financial conglomerate is the best financial conglomerate compared to a horizontal and mixed one with the TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) analysis? This study used return indicators and risk indicators to measure financial conglomerates' performance in the banking industry. The results showed that vertical financial conglomerates were the most superior compared to horizontal and mixed financial conglomerates. It might be attributed that vertical financial conglomerates usually have the same activities and have an explicit direct relationship between the parent company and subsidiary company so as it is more easily to supervising.
Biochemical characterization and antioxidant activities of the edible part of globe artichoke cultivars grown in Tunisia

ABSTRACT A renewed interest has been observed recently in globe artichoke as a promising source of polyphenols, a heterogeneous class of secondary metabolites characterized by various well-documented healthy properties. However, only few studies have characterized Tunisian cultivars. Therefore, the present study aimed at evaluating the chemical parameters [fatty acids (FAs), volatiles, and phenolic derivatives content] in the edible part, the receptacle, of two globe artichoke cultivars (‘Violet d’Hyéres’ and ‘Blanc d’Oran’), including their antioxidant activities. The FA profiles of the receptacles showed that the most abundant acids were linoleic and palmitic ones. Forty-one volatile compounds, accounting for 97.6–96.3% of the receptacle aroma emission, were identified. Sesquiterpenes hydrocarbons represented the main chemical class; in particular β-selinene, followed by β-caryophyllene, reached the highest levels in ‘Violet d’Hyéres’ (48.7% and 14.5%, respectively). Total phenols and tannins (p ≤ 0.05), o-diphenols and flavonoids (p ≤ 0.01) were significantly higher in the receptacles of ‘Violet d’Hyéres’ cultivar (73.0, 17.2, 15.4, and 12.2 mg 100 g−1 of fresh weight, respectively). The antioxidant activity was notably phenolic derivatives content-dependent, where higher values were observed in the ‘Violet d’Hyéres’ cultivar. Results suggested that globe artichoke receptacles could represent a good source of health-promoting polyphenols with high antioxidant activity and this fact could encourage their consumption. Further investigations are needed to evaluate the variation of the considered compounds in other Tunisian cultivars.
The Effects of Concentrated LIHTC Development on Surrounding House Prices

The Low-Income Housing Tax Credit is the largest supply-side housing subsidy in the United States, costing over $8 billion per year. LIHTC properties tend to be concentrated in low-income urban communities. Numerous studies have examined the spillover effects of these properties but have not accounted for their clustering or teased out the effects of introducing additional LIHTC developments to neighborhoods. We combine an interrupted time series model with a difference-in-difference approach to estimate the additive property value effects in Chicago and surrounding Cook County, Illinois. The development of subsequent LIHTC properties within a neighborhood augments the positive effects of the initial property as far as half a mile away, in both low-income and higher-income areas. The effects are most pronounced in neighborhoods with low median incomes.
Effects of formal home care on spousal health outcomes

This study estimates the impacts of formal home care provided by paid professionals on spousal health outcomes. We use data from the Survey of Health, Ageing, and Retirement in Europe, a panel of older adults living in several European countries, and match new formal home care users to non-users to account for the endogeneity of the decision to seek formal home care. After considering underlying mechanisms, our results suggest that at least in the short run, the use of formal home care does not impact spousal physical or mental health. We also find that formal home care use increases spousal informal caregiving —along the extensive margin—, although in our sample and short time horizon, spousal informal caregiving does not seem to impact health.
The Macroprudential Toolkit: Effectiveness and Interactions

We use a DSGE model with financial frictions and with macroprudential limits on both banks and mortgage borrowers, in the form of capital requirements and maximum debt‐service ratios. We then examine: (i) the impact of different combinations of macroprudential limits on key macroeconomic aggregates; (ii) their interaction with each other and with monetary policy; and (iii) their effects on the volatility of key macroeconomic variables and on welfare. We find that capital requirements on banks are the optimal tool when faced with a financial shock, as they nullify the effects of financial frictions and reduce the effects of the shock on the real economy. Instead, limits on mortgage debt‐service ratios are optimal following a housing demand shock, as they disconnect the housing market from the real economy, reducing the volatility of inflation. Hence, no policy on its own is sufficient to deal with a wide range of shocks.
Unconventional Monetary Policy and the Search for Yield

We use U.S. syndicated loan market data to examine how banks responded to the unprecedented injection of reserves by the Fed over several rounds of quantitative easing (QE). We show that higher reserves boost bank lending. To establish a causal interpretation for this finding, we construct a novel instrument for the bank-level exposure to QE by using confidential data on daily bank reserves. Next, we identify a mechanism that can explain this link. We show that the connection between banks' reserves and lending volume depends upon the net return that banks enjoy on reserve balances. Our findings demonstrate that the search for yield component of the risk taking channel — wherein banks increase risk-taking to achieve nominal profitability targets during periods of low interest rates — is also a relevant consideration for policymakers during massive reserve injections.
Microstructure and mechanical properties of glass-ceramics from the MgO-Al₂O₃-SiO₂ system for ballistic protection

Afin d'examiner les effets de la cristallisation sur certaines proprietes mecaniques, l'evolution du module de Young (E), du module de cisaillement (G) et du coefficient de Poisson, ainsi que la sequence des phases cristallines formees au cours d'un traitement thermique en deux etapes ont ete accompagnees sur un verre baptise 75-25, du systeme MgO-Al2O3-SiO2 (MAS), en utilisant TiO2 comme le principal agent de nucleation. L'evolution de la durete et de la resistance a la rupture a aussi ete examinee. La diffractometrie de Rayons X a haute temperature a revele, apres cristallisation, la presence de spinelle (MgO.Al2O3) rutile (TiO2), karooite (MgO.2TiO2), sillimanite (Al2O3.SiO2) et la saphirine (4MgO.5Al2O3.2SiO2). Les modules elastiques et de cisaillement des vitroceramiques (VC) se sont montre environ 20% plus eleves que ceux du verre precurseur. Les valeurs de durete obtenues sont proches de 10 GPa et KIC proche de 1,2 MPa.m1/2. Dans le but de fabriquer des VCs transparentes et incolores, de nouvelles formulations, denommees ZT1B4, 75-25/ZT et 75-25/25TI, avec des teneurs en TiO2 reduites et des teneurs en ZrO2 plus elevees, ont ete proposees et cristallisees. La formulation ZT1B4 a produit une VC transparente avec une durete maximale de 8GPa et une tenacite a la fracture (TF) a peu pres 40% plus elevee que celle du verre de base. Les formulations 75-25 ZT et 75-25/25Ti ont produit des VC transparentes avec des valeurs de durete allant jusqu'a 9GPa et une tenacite a la fracture jusqu'a 35% plus elevee que celle du verre de base. Une serie de verres ont ete fondus en utilisant Ag metallique, au lieu de ZrO2 et TiO2, en tant qu'agent de nucleation. Les traitements thermiques appliques ont produit des VCs non-homogenes, qui perdent la forme en raison des temperatures de cristallisation elevees. Ces nouveaux verres precurseurs ont donc ete ecartes. La transmittance dans la region de l'ultraviolet et visible a ete mesuree dans les echantillons de verre et VCs de formulation 75-25, 75-25 / ZT et 75-25 / 25TI. La formulation 75-25 / ZT a presente la plus haute transmittance soit a l'etat vitreux ou en forme de vitroceramique. En conclusion, parmi les nouvelles compositions, la formulation 75-25 / ZT est la plus adequate pour une utilisation en tant que protection balistique, lorsque la transparence a la lumiere visible est necessaire.
Short Sellers and Long-Run Management Forecasts

We examine how short sellers affect long-run management forecasts using a natural experiment (Regulation SHO) that relaxes short-selling constraints on a group of randomly selected firms (referred to as pilot firms). We find that compared to other firms, the pilot firms issue more long-run good news forecasts but do not change the frequency of long-run bad news forecasts. The increase in good news forecasts is greater when the pilot firms have higher quality forecasts, more uncertainty about firm value, or higher manager equity incentives. Overall, these results and the results of additional analyses indicate that the reduction in short-selling constraints and the increase in short-selling threat induce managers to enhance disclosures through more long-run forecasts, primarily in the case of good news, to discourage short sellers.
Board Gender Diversity and Investment Inefficiency

This paper investigates the effect of board gender diversity on a firm’s investment inefficiency and finds that a firm with at least one female director on its board has significantly less investment inefficiency than firms without one. The fraction of female directors on the board has a significantly negative association with investment inefficiency. An instrumental variable approach shows that this relation is robust after addressing endogeneity concerns. Furthermore, the effect of board gender diversity on investment inefficiency is more pronounced for over-investment than under-investment. Consistently, the effect is stronger for firms that have a propensity to over-invest ex-ante. It is also found that board independence is a channel for board gender diversity to reduce investment inefficiency.
Would Marketing Capability and Network Resource Inϐluence Business Performance? The Case of Bumiputera Online Entrepreneurs in Malaysia

The rapid development of information communication technologies has created business opportunities for individuals to create wealth, where these individuals may or may not be employed by organizations. Online business has gained popularity as it allows individuals to generate income at their convenience, regardless of their age, marital status or ethnicity. Nevertheless not all individuals are successful with their online business. The performance differences were found to be present among Bumiputera online entrepreneurs, which then raised the question of what factors contributed to such differences. Using resource-based view as the underpinning theory, this research argued that marketing capability and network resource would be the contributing factors towards their business performance. Hence, this research was conducted to determine the relationship between marketing capability, network resource, and performance of Bumiputera online entrepreneurs. Using face-to-face and online survey, a total of 158 responses were collected from Bumiputera online entrepreneurs throughout Malaysia. Results from regression analysis found that both marketing and network had direct relationship with most of the performance indicators. However, the influence of network as the moderator was not significant, and need to be further explored. The findings of the research can be useful to the online entrepreneurs, and contribute to the content development of entrepreneurship programs. It is recommended to strengthen measurements for marketing capability and network resources of online entrepreneurs for future research.
The Effect of Roles, Intent to Serve the Public Interest and Organizational Fit on Accounting Professionals’ Perceptions of Their Firms’ Ethical Environment, Reporting Intent, and Whistle Blowing: Evidence from Pakistan

It has been witnessed that the financial organization’s ethical environment plays important role in encouraging ethical behavior but prior research has shown organizational leaders perceive an ethical environment stronger than non-leaders. Hence, this paper aims to investigate Accounting Professionals’ (AP) Roles in firms’ ethical environment, their Intent to serve the public interest, and Organizational Fit. We also explored their combined effect on Audit firms’ Ethical Environment, as well as the ethicality of Finance professionals. We further investigated the impact of these variables on auditors’ reporting intent and their likelihood of reporting the client’s irregularities (Whistle Blowing). Drawing upon Bobek et. al. (2015) model of the ethical environment, we develop a conceptual framework explaining when and why whistleblowing takes place. We hypothesize that higher designation and positions would increase the APs’ Role to shape a firm’s ethical environment (R). Along with their Intent to serve Public Interest (P), and perceived Organizational Fit (OF), leads towards better Ethicality for firms as well as for APs. This increased ethicality decides the reporting intent of irregularities (RI) or even whistleblowing (WB). Empirical validity was established by conducting a survey using a close-ended questionnaire. Data was collected from 300 FPs and analyzed using confirmatory factor analysis and structured equation modeling. Results suggested that roles have a significant and positive impact on the ethical environment. Similarly, the ethicality of APs seems to affect RI positively, whereas RI leads to whistleblowing. Firms’ size also seems to have a positive effect on RI. Hence, reporting intent positively mediates the effect of the ethicality of APs and firm size on whistleblowing. Implications and limitations of the study are discussed.
Crowdfunding: Definitions, Foundations and Framework

Crowdfunding is a form of financing or fundraising where a large number of investors pool their small (typically) individual contributions to support a project offered by an entrepreneurial firm. It is sometimes credited to be one of the top 10 innovations of the twenty-first century. This chapter discusses the basics of crowdfunding. It starts with a description of new innovative terminology related to crowdfunding. Examples include such terms as project founders/originators, project supporters/backers, crowdfunding platform etc. It then focuses on the foundations and details of the main types of crowdfunding, which includes reward-based crowdfunding, equity-based crowdfunding, debt-based crowdfunding and donation-based crowdfunding. We then discuss some major theories of crowdfunding including asymmetric information-based and moral hazard-based theories. For each theory, its major implications are presented and compared with available evidence. Particular attention is paid to the basics of crowdfunding in the public sector. We discuss government participation in crowdfunding and its role in the context of previously discussed theories. The benefits of government participation in crowdfunding projects include increasing trust in projects, improving information and increasing transparency related to projects, and reducing project risk.
Price and Volume Effects of Changes in MSCI Indices - Nature and Causes

Using changes in the MSCI Standard Country Indices for 29 countries between 1998 and 2001, we document that stock returns and volumes exhibit "index effects" in international markets similar to those detected by the studies of US stocks. The stocks added to the indices experience a sharp rise in prices after the announcement and a further rise during the period preceding the actual change, though part of the gain is lost after the actual change date. The stocks that are deleted from the indices, on the other hand, witness a steady and marked decline in their prices. Trading volumes increase significantly and remain at high levels after the change date for the added stocks. There are also considerable cross-country variations in these effects. Tests using data on various measures reflecting the different hypotheses fail to turn up any evidence in support of information effects. Our evidence appears to be more supportive of the downward sloping demand curve hypothesis. There is some evidence of price-pressure and mild evidence of liquidity effect, particularly in Japan and UK.
Information Asymmetry and the Pricing of Privately Placed Debt

<br>Based on a dataset including 11,636 private debt placements issued globally between 1999 and 2016, we investigate the association between borrower-lender information asymmetry and the cost of debt for issuers. We observe that information asymmetry due to being a private or unrated firm is associated with higher cost of private debt. Our results equally inform corporate financing decisions and government initiatives aimed at promoting private debt markets in order to expand funding sources for the private sector.
Machine Learning in Management Accounting Research: Literature Review and Pathways for the Future

This paper explores the possibilities of employing machine learning (ML) methods and new data sources in management accounting (MA) research. A review of current accounting and related research reveals that ML methods in MA are still in their infancy. However, a review of recently published ML research from related fields reveals several new opportunities to utilize ML in MA research. We suggest that the most promising areas to employ ML methods in MA research lie in (1) the exploitation of the rich potential of various textual data sources; (2) the quantification of qualitative and unstructured data to create new measures; (3) the creation of better estimates and predictions; and (4) the use of explainable AI to interpret ML models in detail. ML methods can play a crucial role in MA research by creating, developing, and refining theories through induction and abduction, as well as by providing tools for interventionist studies.
Alternative Lottery Measure and Cross-Sectional Returns

We construct a new lottery measure (ALM) to evaluate the lottery preference feature of stocks. The new measure is different from the common used lottery proxies: maximum daily return (MAX) and skewness (SKEW). In the U.S. stock market, the relationship between the ALM and expected returns is negative and it can be explained by MAX. Additionally, the negative predictability of ALM is significant and cannot be explained by other controls when the investor sentiment is high. While no significant relationship has been detected between the ALM and the stock returns during the periods of low investor sentiment.
Interplay between Accounting Conservatism, Auditing Conservatism and Quality of Earnings in Oman

This paper examines the impact of accounting conservatism and auditing conservatism on earnings quality. Four proxies were used to measure earnings quality; persistence, accrual quality, value relevance and smoothness. <br><br>We use the published annual reports of all the listed firms in the Muscat Securities Market (MSM) for the 6-year period from 2012-2017 to assess the interplay between accounting conservatism, auditing conservatism and earnings quality. <br><br>The result reveals a positive and significant effect of auditing conservatism on earnings quality but no significant effect of accounting conservatism on earnings quality in terms of smoothness of earnings. This implies users tend to rely on auditors’ reports when assessing earnings quality. <br><br>Our results are robust to the inclusion of four control variables; size of the firm, risk, audit firm size and industry type, the use of an additional analysis of one special case of auditing conservatism and earnings quality, and tests of potential relationship between auditing conservatism. <br><br>The findings have implications to regulators when formulating standards and guidelines, auditors in the course of an audit, investors in reviewing the financial statements, and preparers when preparing their financial reports. <br><br>The study recommends that the Omani stockholders as well as international stockholders rely heavily on auditing conservatism which means that stockholders are prepared to receive modified audit reports.