Miracle-dz/UniFAR-FTUs huggingface dataset:
The Effect of Foreclosure Regulation: Evidence for the US Mortgage Market at State Level

Do laws to protect borrowers curb foreclosures? This question is addressed by analysing the impact of foreclosure laws on default rates at state level in the US mortgage market. Using panel data techniques, we find a statistically significant effect of regulation on the different stages of the foreclosure process. More precisely, we analyse the effect of regulation on 60-day delinquencies and foreclosure starts, with a focus on three protective elements commonly found in state foreclosure laws, namely requiring a judicial process, granting a redemption period and banning a deficiency judgment. We find that, whereas protective states exhibit, on average, lower 60-day delinquency rates, more protection does not ultimately bring about lower foreclosure rates. Lenders seem to ration credit to mitigate costly protective laws, thereby reducing delinquency rates; but this effect is overshadowed by a moral hazard problem since, once borrowers are delinquent, they have incentives to take advantage of the protection due to the lower costs of foreclosure. We also find that the recent housing market crisis has exacerbated that behaviour. Finally, we show that lengthening the foreclosure process is no cure for the foreclosure crisis.
When DNA puts ecological works back on the right track : Genetic assessment and distribution patterns of mudsnail populations in the Evros Delta lagoons

The present study aims to assess the distribution patterns of mudsnail populations in the Evros Delta lagoons and to investigate the key environmental variables affecting them. As a correct species assignment is crucial for ecological studies, the data presented here are substantiated using DNA sequences from the mitochondrial genome to verify the systematic status of the mudsnail taxon in question. A comparative molecular analysis involving almost all brackish-water taxa of Hydrobiinae indicates that the populations from the Evros Delta belong to the Pontic species Ventrosia maritima, a taxon that was not reported before from the Mediterranean. Moreover, it appears that in previous studies, the mudsnail populations from the Evros Delta were misidentified. Principal Component Analyses using environmental variables defined station groups among which V. maritima showed a significant variation in density. Mudsnail specimens were absent at stations with an immediate access to the sea (salinity 32-34 PSU, very fine to fine sand, organic matter 0.3-1.4 %), they showed intermediate densities (up to 3,000 ind./m 2 ) in innermost lagoonal parts (34-35 PSU, very fine sand, organic matter 1.0-1.4 %) and relatively high densities (up to 7,000 ind./m 2 ) only in isolated parts (15-17 PSU, fine sand, organic matter 0.5-0.8 %). Contact with the sea, which is strongly correlated with seawater renewal rate and hydrodynamism, was found to be the most important factor affecting mudsnail distributions. The data presented, being the first detailed ecological information available for V. maritima, are compared with the available information for other mudsnail taxa. The present study not only lays the foundation for future comparative eco-genetic works of mudsnail taxa, it also stresses the absolute need for the routine usage of molecular markers in ecological studies involving frequently utilized but systematically poorly understood invertebrate species.
Information Shocks, Disagreement, and Drift

Abstract We examine the effects of investor disagreement on price discovery using a recurring public information event in the highly liquid crude oil futures market, a market free of short sale constraints. We show that prices reflect positive news within one-half second of trading but continue to drift for five minutes when news is negative. Evidence suggests the drift arises from a systematic surge in buying pressure that impedes the price discovery process when news is negative. Our results are consistent with price drift arising from differences in trading horizons, where traders taking long positions condition trades on information beyond the news.
Flutuação das variáveis séricas em cabras e estudo comparativo da absorção de anticorpos em cabritos recém-nascidos utilizando colostro bovino e caprino

Objetivou-se determinar a flutuacao no nivel de anticorpos sericos em cabras nos periodos pre e pos-parto e a eficiencia do processo de aquisicao de imunidade passiva em cabritos recem-nascidos utilizando colostros bovino e caprino, visando a avaliacao de uma alternativa de manejo de colostro. Foram utilizadas 18 cabras e suas respectivas crias, num total de 33 animais. A coleta de sangue das cabras foi iniciada 45 dias antes da data prevista para o parto e foi realizada em intervalos de cinco dias ate o 5o dia apos o parto. Os cabritos foram distribuidos em dois grupos: um grupo recebeu colostro caprino e o outro colostro bovino. As coletas de sangue foram feitas as 0, 12, 24 e 48 horas e aos 5, 10, 15, 17, 20, 25, 30, 35, 40, 50 e 60 dias de vida. Foram analisadas as concentracoes sericas de proteina total e imunoglobulinas, alem da concentracao de imunoglobinas no colostro. O delineamento experimental foi o inteiramente casualizado e as variaveis sericas analisadas como medidas repetidas. A ausencia de queda na concentracao serica de proteinas totais e imunoglobinas no periodo pre-parto indica que a mobilizacao de anticorpos para glândula mamaria ocorre em concentracoes que permitem o animal manter essas variaveis sem grandes alteracoes. No grupo que recebeu colostro bovino, a data de concentracao maxima de proteinas totais (7,16 ± 0,28 g/dL) foi verificada as 48,68 ± 0,70 horas de vida e a de imunoglobinas, as 48,75 ± 0,73 horas, com media de 37,56 ± 2,38 unidades ZST (turvacao por sulfato de zinco). No grupo que recebeu colostro caprino, os valores maximos de proteinas totais e imunoglobinas sericas ocorreram mais tardiamente, aos 20,05 ± 1,36 e 20,11 ± 1,72 dias de vida, com medias de 5,91 ± 0,22 g/dL e 28,17 ± 2,05 unidades ZST, respectivamente. O colostro caprino pode ser substituido pelo colostro bovino, que promove melhor aquisicao inicial de imunoglobulinas aos neonatos.
Ion relations of haemolymph, palliai fluid, and mucus of Lymnaea stagnalis

The concentrations, and where possible, activities of the main inorganic ions were measured in haemolymph, palliai fluid, and mucus of Lymnaea stagnalis appressa Say (Gastropoda: Pulmonata), and in the artificial pond water (APW) in which the snails were stored. Activity coefficients of Na, K, Ca, and Cl in pallial fluid and in APW were compared with values calculated from Debye–Huckel theory. Some Na and Ca in pallial fluid, and Ca in APW are probably bound in organic or inorganic complexes. Comparison of the Nernst potentials with the transepithelial potential difference supports the idea that Na, K, Ca, and Cl must be actively taken up from APW by the snail. Pallial fluid is not identical to haemolymph and is probably a mixture of urine and haemolymph. Pallial fluid contaminates mucus during mucus collection. A method of correcting for this contamination is given. After correction, mucus had higher Ca and K, and possibly higher Mg concentrations than did haemolymph. Mucus had a high concentration of NH.
Mortality, recruitment and growth of the tree communities in three forest formations at the Panga Ecological Station over ten years (1997-2007)

ABSTRACT The area evaluated in this study was a continuous stretch comprising three vegetation formations: gallery forest, semi-deciduous seasonal forest and cerradao (woodland savanna). The aim of this study was to examine the tree community dynamics in a forest gradient—from gallery forest to cerradao —at Panga Ecological Station, in the city of Uberlandia, located in the state of Minas Gerais, Brazil. The study was based on data from a previous inventory of the continuous forest conducted in 211 permanent 10 × 10 m sample plots in eight parallel transect running perpendicular to Panga Creek. Trees with a diameter at breast height ≥ 4.77 cm were sampled in 1997, 2002 and 2007. With the exception of the cerradao , there was a net reduction in tree density over the studied period of ten years, because mortality rates were higher than the recruitment rates. The basal area in creased during the period of the study, especially at cerradao . The mean mortality rate in the studied area was 2.64%. yr
Etude Génétique du Virus de la Stomatite Vésiculaire: Classement de Mutants Thermosensibles Spontanés en Groupes de Complémentation

Sommaire L'isolement de mutants spontanes thermosensibles a permis d'entreprendre l'etude genetique du Virus de la Stomatite Vesiculaire. Ces mutants donnent des plages a 30° sur un tapis de fibroblastes de poulet mais n'en donnent pas a 39.8 ± 0.2°. Cet article rapporte le resultat de tests de complementation conduisant a classer 71 mutants en 5 groupes. Summary Seventy-one spontaneous thermosensitive mutants of Vesicular Stomatitis Virus were isolated and tested for complementation. The spontaneous mutation rate seems to be very high since 2.3% of mutants were found in wild-type clones. Experiments were performed at 30° (permissive temperature) and 39.8° (non-permissive temperature). The mutants can be classified into five complementation groups. 58 mutants fall into the first group.
Localization of p21/waf-1/cip-1 mRNA at the Terminal Differentiated Stage in Rat Dental Tissues

The purpose of the present study was to investigate the expression pattern of p21/ waf-1/ cip-1 mRNA on developing and adult oral tissues in rats. The paraffin sections were obtained from the lower and upper jaws of 18-day rat fetuses and of 2-month-old Sprague-Dawley rats. In order to observe the expression pattern of the p21/ waf-1/ cip-1 mRNA on the tissue sections, the in situ hybridization method was carried out. In the fetal oral tissues, dental papilla next to the internal dental epithelium, and preodontoblasts expressed the mRNA. In the adult oral tissues, the localization of p21/ waf-1/ cip-1 mRNA was observed in the suprabasal, spinous and granular layers of the oral epithelium. The late maturation stage of ameloblasts in the incisor, the osteoblasts, and the cementoblasts and the fibroblast-like cells of the acellular cementum-side in the periodontal ligamant also expressed the mRNA. These results indicated that p21/ waf-1/ cip-1 mRNA was expressed at the area of the terminal differentiation in the dental tissues.
Derivative Cash Flows and Corporate Investment

Abstract According to an influential argument, corporate hedging supports corporate investment when internal cash flows are volatile and external financing is costly (Froot, Scharfstein and Stein, 1993). Despite its vast influence, the predictions of this theory have not yet been directly tested using actual derivative cash flows. This study uses hand-collected data on cash flows from derivative positions in the oil and gas industry between 2000 and 2015. Strikingly, on average, an extra dollar in derivative cash flows translates into one more dollar in capital expenditure. During industry recessions, the median ratio of derivative cash flows to capital expenditure rises to 20% for hedging firms, suggesting that derivatives play a crucial role in sustaining investment when the cost of external financing rises abruptly.
A 'Reverse Robin Hood'? The Distributional Implications of Non-Standard Monetary Policy for Italian Households

We study empirically the distributional implications of a non-standard monetary policy expansion, considering the measures implemented by the Eurosystem in 2011-2012 and exploiting a rich micro dataset on Italian households’ income and wealth, in order to take contemporaneously into account a number of income- and wealth-related channels. Our results do not support the claim that an unconventional monetary loosening acts as a “reverse Robin Hood”. Larger benefits accrue to households at the bottom of the income scale, as the effects via the stimulus to economic activity and employment outweigh those via financial variables. The response of net wealth is U-shaped: less wealthy households take advantage of their leveraged positions, wealthier households of their larger share of financial assets. Overall, the effects on inequality are negligible. The results also suggest that the risk of an “expropriation of savers” is not likely to materialize, as the decrease in the remuneration of savings is compensated by support to labour income and by capital gains.
On the Dynamic Analysis of Cournot-Bertrand Equilibria

We consider a setting where firms in the first stage invest in cost-reducing R&D. In the market stage, one fi rm sets a quantity, and another sets a price. We prove that the quantity-setting fi rm invests more in R&D, has a lower price, and produces higher quantity than the price-setting fi rm. We also consider welfare implications.
Time-Dependency in Producers' Price Adjustments: Evidence from Micro Panal Data

Existing micro evidence of firms’ price changes tends to show a downward sloping hazard rate – the longer the price of a product has remained the same, the less likely it is that the price will change. Using a panel of Norwegian plant- and product-specific prices, we also find a downward sloping hazard when applying a Kaplan–Meier model. After having controlled for both observed and unobserved characteristics, we find flat hazards with spikes in the first and twelfth months. This suggests time-dependent price-setting by at least some of the producers. The spike after 12 months might be explained by seasonal demand effects, but also by the pricing season effect related to information acquisition and processing, negotiation and signing of price contracts. The revealed price adjustment pattern is at odds with the predictions of the Calvo model, a central element in many dynamic stochastic general equilibrium models, as this assumes constant frequencies of price adjustments over time. Our empirical findings instead point to a modified Calvo model where firms in some periods experience lower menu costs. Finally, the empirical findings may have implications for the effectiveness of monetary policy interventions.
Stability of Oil-in-Water Emulsions with Different Saturation Degrees from Beef Tallow Alcoholysis Products

In this study, methyl esters with different saturated fatty acids (SFA) were prepared by urea fractionation to make an oil-in-water emulsion. Emulsion characteristics (emulsion stability and oxidative stability) of the methyl ester emulsion were then studied at different percentages of methyl ester saturation (5, 28, 39, 50, and 72%, termed SFA5, SFA28, SFA39, SFA50, and SFA72, respectively). The stability of emulsions (ES) with different SFA content was 46.0 (SFA5), 39.5 (SFA28), 32.7 (SFA39), 32.6 (SFA50), and 27.3 (SFA72). Results from Turbiscan showed that creaming or clarification, based on the backscattering intensity, was more pronounced with increases in the saturation degree of the emulsion. These results implied that the emulsions with lower saturation were more stable. During 30 days of storage, the lipid peroxide value increased for all emulsions, with the increase less pronounced with the increasing saturation of the emulsion; 1.880 ( SFA5), 1.267 (SFA28), 1.062 (SFA39), 0.342 (SFA50) and 0.153 (SFA72) mg emulsion. In addition, thiobarbituric acid reactive substances (TBARS) values were significantly lower in emulsions with high saturation (4.419 mg for SFA50 and 4.226 mg for SFA72) than emulsions with low saturation (6.229 mg for SFA5, 6.801 mg for SFA28 and 6.246 mg for SFA39). In conclusion, the emulsions with a higher saturation degree of methyl esters showed lower emulsion stability but better oxidation stability.
Why Do Banks Issue Contingent Convertible Bonds?

This study investigates why banks issue Contingent Convertible Bonds (CoCos). We find that a bank’s systemic risk level is a possible reason for CoCo issuance. Contrary to the pecking order theory, earnings management practices play a lesser role, and there is no evidence of banks becoming riskier after issuing CoCos. However, we find systemically riskier banks are more likely to issue CoCos. Thus, riskier banks may be utilising CoCo loss absorption mechanisms to partially internalise the costs of future loan losses. If banks are issuing such instruments without regulatory prompting, then an issuance may signal the need to provide greater oversight. Conversely, if such issuances do result from regulatory prompting, then banks may be engaging in risk management strategies, minimising their cost of equity issuance.
The Labour Market Effects of Financial Crises

This paper examines how the 2008&#8211;2009 financial crisis affected labour markets in Europe, and how this impact depended on employment protection laws. Using a difference&#8208;in&#8208;differences approach, our estimates isolate the effect of the lack of credit on the labour market from that of the general decline in aggregate economic activity. We find large and negative impacts of the credit shock on total employment, particularly on temporary, unskilled and young workers. These impacts were significantly larger in countries with stronger legal protection of permanent workers from dismissal. This suggests that the differential impact of the crisis across countries was not entirely driven by the heterogeneity of the credit shock, but also by labour regulations. Given regulatory inflexibility in adjusting the permanent workforce, firms responded to tightening financial constraints by disproportionately laying off temporary workers (who tend to be younger and less skilled than permanent workers).
The Introduced Hawaiian Avifauna: Biogeographic Evidence for Competition

We discuss the patterns of introduction and extinction of the species of land birds (passeriforms and columbiforms) introduced to the Hawaiian Islands over the last century. The data are consistent with the idea that rising extinction rates will eventually match immigration rates leading to a dynamic equilibrium. Turnover in species composition is a prominent feature of the introduced Hawaiian avifauna with extinctions common even among populations that had persisted for decades. We could not detect an effect of island size on extinction rate. However, the per species extinction rates do increase with the number of species on the island. This suggests that the species mutually affect each other's chances of extinction. Other explanations for an increasing per-species extinction rate do not seem to be consistent with our data. Thus, interspecific competition seems to have been an important process in determining extinction rate and, by extension, the equilibrium number of species on these islands.
Obsessive compulsive symptoms in Gilles de la Tourette syndrome and obsessive compulsive disorder

The distribution of obsessive compulsive symptoms was compared in 16 individuals with primary obsessive compulsive disorder (OCD) and 16 individuals with Gilles de la Tourette syndrome (GTS) and associated obsessive compulsive behaviors (OCB). The two groups showed significant differences in the distribution of OC symptomatology. Furthermore, those OCD probands who shared a similar symptom profile with GTS individuals all had a positive family history of OCD. All of the other OCD probands were isolated cases. Implications of this finding on the etiology and pathogenesis of the two disorders are discussed.
Stakeholders on Board: Impact in Microfinance Sustainability and Social Outreach

Purpose: This study develops an applicable governance structure based on multi-theoretical approach with relevant factors by using Bangladesh as a case study for doing microfinance governance research by considering stakeholders participation on board and its impact on double bottom-line performances. <br><br>Design/Methodology/Approach: This research utilized longitudinal dataset (80 MFIs with 13 years and 1040 observations), with econometrics modelling to ascertain cause and effect relationship among the variables. <br><br>Findings: In view of ‘social-welfare &amp; commercial logic’ it found MFI’s services to the poor are non-linearly influenced by profitability. If MFIs pursue high profit it tends to decrease the outreach. It contributes the existing literature by supporting stewardship theory that is CEO duality is important for developing countries. It develops new dimensions of variables considering MFIs age and size as a moderating role based on stakeholder and resource dependence theory which explain the positive and significant impact on dual performances. <br><br>Practical Implications: The findings of this study suggest that MFIs can appoint a social director, as the microfinance board of directors, have to make sure that the MFIs follow the social duty. This kind of directors has been representing the clients for the MFIs. <br><br>Originality/Value: This study has emphasized on governance indicators by considering board effectiveness which may be prejudiced by MFIs’ competency. Meanwhile, board associates should uphold stakeholders’ wellbeing rather than administrations. Ensuring microfinance governance there is a necessity for comprehensive superintendent principles. <br><br>Limitation/Implication: This study copes with limitations considering data availability, time constraint, geographical, or cultural differences, etc. In Bangladesh, there is no centralized data based on microfinance research. It is persistently afflicted by information limitations. So, future research may consider those approaches and develop the extent of MFIs’ outreach to the poor as well as institutional sustainability.
Arbitrage Portfolios

We propose a new methodology for forming arbitrage portfolios that utilizes the information contained in firm characteristics for both abnormal returns and factor loadings. The methodology gives maximal weight to risk-based interpretations of characteristics’ predictive power before any attribution is made to abnormal returns. We apply the methodology to simulated economies and to a large panel of U.S. stock returns. The methodology works well in our simulation and when applied to stocks. Empirically, we find the arbitrage portfolio has (statistically and economically) significant alphas relative to several popular asset pricing models and annualized Sharpe ratios ranging from 1.31 to 1.66.