Miracle-dz/UniFAR-FTUs huggingface dataset:
Post Keynesian Perspectives and Complex Ecologiceconomic Dynamics

This paper considers the implications of complex ecologiceconomic dynamics for three broad, Post Keynesian perspectives: the uncertainty perspective, the macrodynamics perspective and the Sraffian perspective. Catastrophic, chaotic and other complex dynamics will be seen as reinforcing the conceptual foundations of Keynesian uncertainty. Predatorprey models will be seen as deeply linked to Post Keynesian macrodynamic models. Finally, certain cases in ecologiceconomic systems will be seen as generating such Sraffian, capital theoretic conundra as reswitching. Ecologiceconomic models considered besides predatorprey will include fisheries, forestry, lake dynamics and global climaticeconomic dynamics.
Liquidity, Durations and Bid-Ask Spread in Limit Order Markets

The complex pattern of the dependence that exists between liquidity, durations and spread in a limit order market is examined. These relationships evolve during the trading day and can change on an hourly basis. Using intraday data for a NASDAQ 100 stock we confirm that limit orders, placed in five levels on both bid and ask side, provide liquidity and are an important conduit of information flow along with the spread. The bid side and ask side liquidity can play different roles in different trading sessions. Informed traders resort to limit order placement in a controlled fashion by relating it with the trade durations and influencing the trades through the spread. Once information flow is complete, the market is driven by order and trade durations.
Effects of Plant Density and Diversity on the Population Dynamics of a Specialist Herbivore, the Striped Cucumber Beetle, Acalymma Vittata (Fab)

To determine the effects of plant density and diversity on the population dynamics of a specialist herbivore, the striped cucumber beetle (Acalymma vittata (Fab.)), cucumbers (Cucumis sativus L.) were planted in monocultures and in polycultures with corn (Zea mays L.) and broccoli (Brassica oleracea L.). Population densities of A. vittata and its insect predators, as well as cucumber growth, survivorship, and reproduction were monitored in these experimental plots. By controlling total plant density, host plant density, and plant diversity, it was possible to distinguish the effects of these three confounding variables. Densities of A. vittata were 10-30 times greater in monocultures than in polycultures, both per plot and per plant, even when total plant density and host plant density were held constant. The lack of any effect of plant density on per-plot beetle abundances emphasized the importance of diversity per se in influencing beetle populations. These differences in beetle abundances caused by diversity resulted from differences in tenure time and movement patterns among plots, rather than from dif- ferences in colonization, reproduction, or predation. In mark-recapture studies, a greater proportion of beetles marked in monocultures than in polycultures was later found, and of those marked in monocultures, a greater number were later found in monocultures than in polycultures. All measures of growth (leaf area, growth rate, and vine length) and reproduction (fruit production and number of flowers) of Cucamis sativas were most strongly affected by diversity, but also were affected by plant density. Both per-plot and per-plant values were greater in monocultures than in polycultures. The number of beetles was strongly correlated with the total amount of plant growth and reproduction in monocultures but not in polycultures. For plots with equal amounts of leaf area, monocultures had an order of magnitude greater number of beetles; thus, differences in host plant quantity did not explain the differences in beetle abundances between monocultures and polycultures. Numbers of beetles were much more strongly related to total plot characteristics than individual plant characteristics. Although defoliation was negligible, beetles significantly decreased cucumber survi- vorship and longevity by disseminating bacterial wilt disease (Erwinia tracheiphila (E. F. Sm.)). Kevy t'ords: Acalymma vittata; Cucumis sativus; insectlplant relationships; insect population dynamics; plant diversity; plant spatial pattern; resource concentration; specialist herbivore.
Macroeconomic Consequences of Outsourcing

Outsourcing of non-core activities by firms is nowadays a common business strategy. This paper provides a theoretical framework for analyzing a firms' incentive to follow such a strategy and its consequences for macroeconomic variables like growth and product variety. We divide production activities into core and non-core activities. Non-core activities can be performed within the firm or can be mediated by the market. We will derive conditions under which outsourcing will occur and under which outsourcing will be socially desirable. These conditions do not necessarily coincide due to two externalities. Outsourcing may hence be a profitable strategy for firms, while it is socially suboptimal. Crucial parameters in the model are the relative scale of core versus non-core activities, traditional management costs, transaction costs and taste for variety of consumers. This paper suggests that declining transaction costs are a crucial factor in explaining the observed increase in outsourcing.
High Oleic Acid Mutant in Soybean Induced by X-Ray Irradiation

Dry seeds of soybean [Glycine max (L.) Merr. var. Bay] were irradiated by X-rays (21.4 kR) and the M2 generations were examined for the oleic acid content in their oil. The genetic variability of oleic acid content in the oil of the Bay variety was significantly increased by the X-ray treatment when compared with the Bay control. A mutant, designated as M23, was selected from 2747 M2 plants, having an oleic acid content of 46.1%, twice as much as that in the normal Bay variety. A distinct inverse relationship was observed between the oleic and linoleic acid contents in M23. Mutant M23 isolated from the M2 generations was confirmed to be always associated with a high oleic acid content under different environmental conditions in the M3 generations.
Riqueza, abundância e sazonalidade de Sphingidae (Lepidoptera) num fragmento de Mata Atlântica de Pernambuco, Brasil

In the Atlantic Rainforest of Pernambuco, NE-Brazil (Reserva Biologica de Gurjau, Cabo de Santo Agostinho) a survey of Sphingidae was performed from December 2002 to November 2003. The hawkmoths were collected with vapor mercury light during two consecutive nights per months near new moon. Species richness, abundance and seasonality were determined. Eighty-nine specimens of 23 species in13 genera were recorded; 84% the individuals were males. Most species were rare and from 13 species only one exemplar was collected. Xylophanes loelia (Druce, 1878), X. libya (Druce, 1878), Hemeroplanes triptolemus (Cramer, 1779), Eumorpha anchemolus (Cramer, 1779), Manduca brasilensis (Jordan, 1911), M. hannibal (Cramer, 1779), Adhemarius gannascus (Stoll, 1790) e Protambulyx astygonus (Boisduval, [1875]) were recorded for the first time in Northeastern Brazil. The sphingofauna showed no seasonal patterns and species richness and hawkmoths abundance were not correlated with mean monthly precipitation and temperature.
The Wick in the Candle of Learning: Epistemic Curiosity Activates Reward Circuitry and Enhances Memory

Curiosity has been described as the "wick in the candle of learning" but its underlying mechanisms are not well-understood. We scanned subjects with fMRI while they read trivia questions. The level of curiosity when reading questions is correlated with activity in caudate regions previously suggested to be involved in anticipated reward or encoding prediction error. This finding led to a behavioral study showing that subjects spend more scarce resources (either limited tokens, or waiting time) to find out answers when they are more curious. The fMRI also showed that curiosity increases activity in memory areas when subjects guess incorrectly, which suggests that curiosity may enhance memory for surprising new information. This prediction about memory enhancement is confirmed in a behavioral study- higher curiosity in the initial session is correlated with better recall of surprising answers 10 days later.
Horizontal vs. Vertical Learning: Divergence and Diversification of Lead Firms in the Hangji Toothbrush Cluster, China

Horizontal interaction and networking between competitors as opposed to vertical value-chain-based linkages has long been under-conceptualized in the literature on the internal and external structure of clusters. Combining labor mobility/spill-offs, friendship ties among competitors, the role of trade fairs/professional conferences, and competitive interaction, a framework of clusters is developed that focuses on the horizontal dimension as an alternative way to interpret local and external learning. This model is applied to investigate divergent strategies and learning activities of three lead firms in the Hangji toothbrush industry, China, drawing on both vertical linkages in global value chains and horizontal interaction in competitive networks. Although both frameworks can explain differences in strategies among the lead firms in the cluster, the notion of competitive networks is particularly significant as horizontal interaction may provide additional explanations beyond producer-buyer linkages and learning.
The Fine Structure of Variance: Pricing VIX Derivatives in Consistent and Log-VIX Models

We analyze pricing models for VIX derivatives which account for the theoretical link to stock options, taking Log-VIX models as a benchmark. We focus on up to three risk factors to model variance risk. To assess the performance of the models, we do not only look at the pricing errors, but also at the level and dynamics of the VIX' risk-neutral moments which vary considerably over time. We find that both model classes, consistent- and Log-VIX models, can reproduce the empirical patterns if three risk factors are included. In both approaches, a stochastic central tendency is of first order importance to capture the term structure of VIX futures prices, i.e. the first moment of the risk-neutral distribution. A stochastic vol-of-vol then helps to match the prices of VIX options, i.e. the higher order moments. Finally, variance jumps add the finishing touches to the model performance. All in all, consistency comes at notable costs in-sample, while out-of-sample performances are close. We find that the main difference between both model classes is the ability to capture the second moment of the VIX risk-neutral distribution.
Stock Price Response to Earnings Announcements: United Kingdom

This study aims to evaluate the usefulness and relevance of earnings disclosures, as the key determinant for stock price changes. The main objective is to examine whether earnings response coefficient (ERC) behavior could explain more fully the stock price changes, as to the reason why the stock price change is not equal to the amount of announced earnings. The study is conducted on the United Kingdom as a major developed economy for the period of 2001-2014. Two measures of abnormal returns are regressed against the size of the announced earnings. The first regression uses measures from individual events. The second regression uses a new measure; that is, from portfolios made out of all observations sorted by size of earnings into ten portfolios. The portfolio method used was aimed at controlling possible idiosyncratic-errors-invariables problem using individual event measures. The results using individual-event measures resulted in reasonable ERC sizes with high R2 explanatory power, a little higher than those reported in prior studies on other countries. Importantly, portfolio-based ERC, 0.86, is very close to the magnitude of the earnings which supports the famous value relevance theory in accounting. This finding is new to this literature.
How the grass carp (Ctenopharyngodon idella) chooses and chews its food—some clues

Grass carp were allowed to feed on a variety of plants, presented one species at a time. They were filmed and their faeces collected. Canadian pondweed, a grass and a filamentous alga were readily taken; greater duckweed, shining pondweed and the leaves of reedmace were not so acceptable. Limiting factors in feeding seem to vary: with the two pondweeds foraging is limiting, probably because the leaves make it difficult for the fish to extract a single, manageable stem. Transport is limiting with the grass—the fish cannot swallow it quickly enough. Chewing is limiting with reedmace leaves (they are too tough) and the filamentous alga (for no apparent reason). Duckweed is rejected, probably because it has an unpleasant taste. All plants are chewed at the same frequency of jaw movement, independent of the texture of the plant.
The Impact of Fiscal Decentralization on Local Economic Growth. The Case of Romania

The paper looks into the fiscal decentralization developments that took place recently in Romania, focusing on the local economic benefits. Similar to previous studies, the analysis uses an econometric growth model that tests the relationship between fiscal decentralization and local economic growth in the Romanian counties between 2000-2015. Results suggest that the current fiscal decentralization system is not growth-enhancing as there seems to be a wrong assignment of expenditures and revenues between the central and the local governments. Nonetheless, an increase of the local fiscal autonomy might reverse the negative relationship and lead to significant local economic growth.
Ethnic Entrepreneurship and Assimilation

We study the assimilation of ethnic minority individuals to the native labor market and the impact of integration policies on assimilation. In our model, ethnic individuals choose between 1. entrepreneurship, 2. assimilating to the native labor market, and 3. being employed by co-ethnic entrepreneurs. We find that when integration policies increase the returns of assimilation to the native labor market, there will be more ethnic entrepreneurs and more workers hired in the ethnic sector. This counter-intuitive result is due to wage adjustment in the ethnic sector. The equilibrium is inefficient and we propose a policy mix to restore efficiency.
Pattern and rate of dissipation of pretilachlor and mefenacet in plow layer and paddy water under lowland field conditions: a three-year study.

Field trials were conducted at the National Institute of Agro-Environmental Sciences experiment station from 1995 to 1997. Each trial was carried out from mid-May to early July every year. Determining the pattern and rate of dissipation of pretilachlor and mefenacet in paddy soil at three different depths (0-1, 1-5 and 5-10 cm) and in paddy water was the primary objective of the experiments. Half-lives (DT 50 ) of the herbicides were calculated using both the simple first order kinetics (SFOK) and the biphasic first order kinetics (BFOK). The pattern and rate of dissipation of pretilachlor in both soil and water were quite different from that of mefenacet. At the 0-1 cm soil layer (oxidative), dissipation of pretilachlor was quite rapid during the first 3 weeks but slowed down afterwards. In case of mefenacet, dissipation was a steady decline until the last sampling day. The DT 50 in this layer was between 9 to1 1 days and 7 tolO days for mefenacet and pretilachlor, respectively. At the lower soil layers (1-5 and 5-10 cm; reductive) pretilachlor appeared to leach from the upper layer within the first two weeks and then quickly disappeared after wards. Faster degradation of pretilachlor was noted in these reductive soil layers. On the other hand, mefenacet dissipation declined steadily at these layers. Also, leaching of mefenacet was not as evident as in pretilachlor. Mefenacet concentration in paddy water peaked over the second to third day and its dissipation was rapid until the fourth week. Dissipation pattern of pretilachlor was a steady curvilinear decline. In paddy water, DT 50 was about 3.3 to 4.1 1 days for mefenacet and 3.0 to 3.6 days for pretilachlor. Calculating the half-life In soil (0-1 cm layer) using SFOK appears sufficient for mefenacet while a more complex model such as the BFOK describes that of pretilachlor better. The half-life and dissipation pattern of both herbicides did not vary considerably across years. There was no evidence of residue build-up due to continuous application of the herbicides in the same plots.
Can 'Homo Spiritualis' Replace Homo Economicus in the Business Curriculum?

The authors suggest that it is time to incorporate spiritual values into the business curriculum. About 80% of students are interested in spirituality. Spirituality is not religion so there are few problems with discussing this in a class. Spiritual values include making work meaningful, respect for the creativity of employees, and improving the world. The authors also present examples of firms that have incorporated spiritual values into the way they conduct business.
Labor Market Pooling

The paper provides an empirical investigation of labor market pooling. The analysis concentrates on Italian industrial districts and shows that there is scattered evidence of a widespread wage premium. In particular, there is no evidence of district differentials for the returns to seniority while there is evidence of negative differentials for the returns to education. Moreover, dwelling in a district has no impact on the probability of being self-employed and only a minor impact on the likelihood of transiting from wage-and-salary to self-employment. Finally, there is no evidence of higher district worker mobility across jobs.
Pharmaceutical Cost‐Sharing Systems and Savings for Healthcare Systems from Parallel Trade

This paper studies the consequences of parallel trade in a two&#8208;country model. It compares a coinsurance scheme (consumers pay a percentage of the drug price) and an indemnity insurance scheme (reimbursement is independent of the drug price) with respect to changes in copayments and public health expenditure. In the destination country, copayments for patients decrease to a larger extent under indemnity insurance, whereas reductions in public health expenditure occur only under coinsurance. In the source country, copayments increase less under coinsurance, whereas health expenditure is reduced more under indemnity insurance. In both countries, total expenditure under parallel trade is lower.
Well-being inequality and reference groups: an agenda for new research

In this paper it is argued that subjective well-being (SWB) of the individual depends on two types of variables. The first type consists of characteristics of the individual himself, such as age, health, income, etc. The second type of variables consists of the characteristics of the individuals belonging to his reference group. The vast literature about happiness, quality of life, and well-being informs us extensively about the effects of objective variables. How the second type affects well-being is much less investigated. It is argued that the concept of well-being inequality cannot be properly defined without taking the referencing process into account. The reference effect depends on how frequently individuals compare with others and on the degree of social transparency in society. We attempt to give a structural embedding of the idea of reference groups in SWB-models. In this paper we employ the reference-extended model for incorporating in happiness studies the concept of inequality in happiness or SWB. Finally, we plead for an extension of the present happiness paradigm by setting up a new additional agenda for empirical research in order to get quantified knowledge about the referencing process. As a first step we suggest a new question module to be included in new survey questionnaires.
The Role of Sovereign Credit Ratings in the Transnationalization of Finance

It is a matter of debate in how far credit ratings contribute to allocative efficiency or to excessive volatility of asset prices and cross-border capital flows. Yet it is generally taken for granted that ratings play a significant role in the transnationalization of financial relations. That hypothesis is tested in this paper with regard to data on sovereign credit ratings and foreign portfolio investment. A rating-related gravity model of finance is derived from the choice-theoretical framework of Okawa and van Wincoop (2012) and estimated in three stages, based on the IMF’s Coordinated Portfolio Investment Survey (CPIS) for the 2000s and unilateral datasets going back to the 1970s. At the first stage, it is explored to which extent the introduction and evolution of sovereign ratings has affected inward portfolio investment stocks and flows in the host countries. At the second stage, it is examined to which extent sovereign ratings predict levels of investors’ home bias, as measured by the share of outward portfolio investment holdings in the home countries’ portfolios. At the third stage, the focus is set more specifically on rating determinants of the size of bilateral portfolio investment. Evidence for a significant role of credit ratings in the transnationalization of finance is found at all three stages.
Paying Politicians

We consider a society that has to elect an official who provides a public service for the citizens. Potential candidates differ in their competence and every potential candidate has private information about his opportunity cost to perform the task of the elected official. We develop a new citizen candidate model with a unique equilibrium to analyze citizens' candidature decisions. Under some weak additional assumptions, bad candidates run with a higher probability than good ones, and for unattractive positions, good candidates freeride on bad ones. We also analyze the comparative static effects of wage increases and cost of running on the potential candidates' entry decisions.
Open-end Organizational Structures and Limits to Arbitrage

We provide evidence that open-end structures undermine asset managers’ incentives to attack long-term mispricing. First, we compare open-end funds with closed-end funds. Closed-end funds purchase more underpriced stocks than open-end funds, especially if the stocks involve high arbitrage risk. We then show that hedge funds with high share restrictions, having a lower degree of open-ending, also trade against long-term mispricing to a larger extent than other hedge funds. Our analysis suggests that open-end organizational structures are not conducive to long-term risky arbitrage.
Divergence of Opinion and Long-Run Performance of Private Placements: Evidence from the Auction Market

In this paper, we propose and construct a direct measure of investors' divergence of opinion based on auction bids data of the private placements in China. We find that the firms with higher bids dispersion generate lower long-run stock returns after the issuance of private placements. This effect is economically significant and robust when controlling for mar- ket discount, earnings management, alternative dispersion measures, and self-selection bias. Moreover, this negative relation is stronger for stocks with more stringent short-sale con- straints. Our findings therefore provide strong evidence in support of the Miller (1977)'s overvaluation hypothesis.