Miracle-dz/UniFAR-FTUs huggingface dataset:
The Cost of Public Financing: Crowding Out in the Context of Political Campaigns

While economists have extensively studied crowing out in the context of donations to charity, the question of whether public financing for political campaigns crowds out private donations remains unanswered. Seattle’s Democracy Vouchers program, which provides public financing for municipal campaigns in the form of vouchers that registered voters can donate to campaigns, provides a unique setting that I use to answer this question. In this paper, I use difference-in-differences to study the extent of crowding out resulting from Democracy Vouchers. I estimate that each dollar of government spending reduced private contributions by about $0.29. The program increases total campaign contributions and expenditures and small donations while decreasing large donations. Crowding out was incomplete, indicating that public financing can substantially increase total campaign funding and that donors behave similarly in political and charitable settings.
Spectrum Flexibility and Mobile Development

In this paper we study the effects on mobile market outcomes from three specific attributes linked to a flexible spectrum policy: the presence of a secondary market for spectrum trading, a technological neutrality approach, and the possibility of conducting sharing agreements among operators. In terms of market outcomes, we identify four possible variables: capital investment, network coverage, service pricing, and adoption. After designing a precise causal approach linking the above-mentioned variables, we were able to identify a significant impact on the four independent variables from the spectrum policies. When those three policies are jointly adopted, mobile capital investment is 35.9% larger than when that is not the case. In addition, promoting these policies can increase network coverage by 9.8% after two years, bring down mobile broadband prices by -5.8%, and increase mobile broadband unique subscribers’ penetration by 0.9%. When we consider a wider period of 5-years, dynamic effects take over, resulting in mobile broadband prices being reduced in -14.3% and mobile broadband unique subscribers’ penetration potentially increasing in 2.4%. These results were verified to be robust after the addition of control variables and when controlling for potential endogeneities associated to these causal frameworks. In sum, we believe, based on this evidence, that a flexible approach towards spectrum management that allows for secondary trading, technological neutrality and network sharing can contribute significantly to the development of the mobile sector, thereby maximizing socioeconomic welfare.
Enhancing Financial Reporting Quality through Corporate Ethics Commitment

Objective - A rising number of cases involving ethical misconduct within firms have of late received considerable attention in Malaysia. Despite the country's declaring having a strong corporate governance policy, strengthened through the Code of Ethics for Company Directors and Malaysia Code of Corporate Governance, unethical practices, and lack of integrity within firms remain an issue. This paper aims to review the current implementation of corporate ethical conducts among corporate governance practitioners as well as factors that influence corporate ethics commitment in a firm. Methodology/Technique - This paper is developed from extensive readings of previous literature on corporate governance practices and their effect on the quality of financial reports. Findings - This paper discloses collective approaches of corporate ethics practiced in Malaysian firms and how the implementation has enhanced the firms' overall financial reporting quality. It demonstrates current issues and the importance of corporate ethics commitment to enhance financial reporting quality. Firms that emphasize ethical commitments, reduce the risk of financial statement fraud and firms will naturally gain trust from their stakeholders. Novelty - This paper stresses the importance of sound ethical conduct above other factors that influence the financial reporting quality of firms in Malaysia. This paper is the result of extensive research on corporate ethics commitment and financial reporting quality. Type of Paper - Review. Keywords: Corporate Ethics; Corporate Governance; Financial Reporting Quality JEL Classification: G34, M41.
Are Start-ups Funded by Public Venture Capital Different? New Cross-Country Evidence from Micro-Data

Given the sizeable amount of public investments in venture capital (VC) in many countries, an emerging empirical literature investigates the impact of government venture funds on firm performance. We reassess the key findings of this literature using a new database on innovative start-ups and VC investments, which is unprecedented for granularity and comprehensiveness and covers a longer, more recent time period. Our analysis confirms the established finding that start-ups backed by government venture capital underperform start-ups backed by private investors. Differently from the extant literature, instead, we do not find that mixed public-private investments in the first stage are associated with additional private investments in later funding rounds. We interpret this as evidence that public VC is bound to fail without an ongoing commitment throughout the process of development and growth of new ventures.
Characteristics-Driven Returns in Equilibrium

We reverse-engineer the equilibrium construction process of asset prices in order to obtain returns which depend on firm characteristics, possibly in a linear fashion. One key requirement is that agents must have demands that rely separately on firm characteristics and on the log-price of assets. Market clearing via exogenous (non-factor driven) supply, combined with linear demands in characteristics, yields the sought form. The coefficients in the resulting linear expressions are scaled net aggregate demands for characteristics, as well as their variations, and both can be jointly estimated via panel regressions. Conditions underpinning asset pricing anomalies are derived and underline the theoretical importance of the links between characteristics. Empirically, when the number of characteristics is small, the value and momentum anomalies are mostly driven by firm-specific fixed-effects, i.e., latent demands, which highlights the shortcomings of low-dimensional models.
Sunshine after the Rain? The Stock Market Performance of Family Firms In and After Financial Crises

This study applies financial crises as an exogenous shock to family and non-family firms to identify differences in stock market performance. We investigate 278 firms listed on the German Stock Exchange in the world financial crisis starting in 2007 as well as the Euro crisis starting in 2010. Based on the methodology of Gompers, Ishii, and Metrick (2003), we form portfolios with and without family blockholders and apply equally- as well as value-weighted four-factor models to identify differences in stock market performance. Results show that family firms do not necessarily perform better than non-family firms in years of economic downturn. But our models suggest that they outperform non-family firms three years after the beginning of the world financial crisis and in and after the Euro crisis. This implies that family firms recover faster than their non-family counterparts. We follow that the financial preconditions of family firms, differing financial strategies during recessions and the controlling incentives and capacities that are rooted in the long-term orientation and risk aversion of family blockholders, as well as the country-specific corporate governance framework of Germany, explain these differences. The paper contributes to the ongoing academic exploration on family firm performance as well as crisis resilience of family firms and suggests practical implications for policymakers in countries with high levels of family ownership among firms
The Capital Structure Puzzle: What Are We Missing?

Abstract An important piece of the capital structure puzzle has been missing, and it is not a contracting friction. It is recognition that managers do not have sufficient knowledge to optimize capital structure with any real precision. The literature critique in this paper i) identifies the conceptual sources of the main empirical failures of the leading models of capital structure and ii) shows how those failures can be repaired by taking into account imperfect managerial knowledge and several other factors. The analysis yields a compact set of principles for thinking about capital structure in an empirically supported way.
Economic measurement and feminist economics: an Austrian approach

In trying to construct a more humanistic economic science in which women’s contribution is duly acknowledged, feminist economics proposes quantitative methods to compute non-market activities in traditional or novel economic indicators. Additionally, feminist economists seek to refocus economists’ attention from material dimensions such as income to subjective categories such as well-being. For this purpose, the capability approach is introduced to widen the concept of well-being beyond materialistic, gendered conceptions. However, from a subjectivist Austrian viewpoint, it is erroneous to quantitatively measure non-market activities and subjective dimensions such as well-being or happiness. Moreover, the use of quantitative methods (including the capability approach) strengthens a gender dichotomy --rigor is associated with quantitative techniques, an androcentric bias--, leading feminist economics to a contradiction. It is more coherent to use a qualitative methodology, such as that provided by Austrian economics, to study and describe economic phenomena and so that the contribution of women can be more accurately highlighted.
Macroeconomics Matter: Leading Economic Indicators and the Cross-Section of Global Stock Returns

Leading economic indicators assist in forecasting future business conditions, but can they predict aggregate stock returns? To answer this, we examine six decades of data from 39 countries. Past short-term changes in the composite leading indicator (CLI) positively correlate with future stock returns in the cross-section. The quintile of markets with top CLI increases outperforms the quintile with the lowest CLI change by 1.43% per month. The effect survives extensive robustness checks and cannot be explained by known predictors of country equity returns. Furthermore, it may be directly translated into exploitable investment strategies and be harvested with exchange-traded funds.
The Nexus Relationship between Exports and Government size Dynamic Panel Evidence from the MENA Region

Objective - This article aims to detect empirically, the nexus relationship between exports and government size in seven middle-income MENA countries, namely, Algeria, Egypt, Jordan, Lebanon, Morocco, Palestine, and Tunisia, from 2000 to 2019. Methodology/Technique - This article employs two econometric techniques, simultaneous equations using OLS, and recent Dynamic Panel Data system analysis. Findings - Article results show a significant and robust negative association between exports and government size that indicates the need for government adoption of a series of policies for exports promotion strategies and likewise, openness can increase both variables. Growth and FDI increase exports and decrease government size, while ODA decreases exports and increases government size with Inflation-decreasing exports. Novelty - This article shines a light on the expanded government size capable of hindering growth and exports through the adoption of unfavourable policies to support the private sector, growth, and exports. Ultimately, this determines whether government policies are favourable or not. Type of Paper - Empirical Keywords: Exports, Government size, MENA, GMM DPD system. JEL Classification: F14, H11, C33
Benchmarking Individual Corporate Bonds

We propose an alternative approach to the linear factor model to estimate and decompose asset risk premia in empirical asset pricing. To resolve the high-dimensional sort difficulty in forming characteristic-based benchmark portfolios, we introduce a benchmark combination model (BCM) that combines multiple basis portfolios as the pricing kernel. With a non-arbitrage objective, our approach minimizes cross-sectional pricing errors and identifies the sources of risk through the combination of basis portfolios. For a 40-year sample for U.S. corporate bonds, we find that BCM outperforms standard factor models in pricing corporate bonds. Second, our study shows that credit ratings, downside risk, and short-term reversal are primary sources of bond risk premia. Finally, incorporating machine learning forecasts into the BCM, we find strong evidence of return predictability.
Does the speculative frenzy in bitcoin spread to the stock market?

We find that the speculative frenzy in bitcoin affects stock prices. Stocks that have non-fundamental return co-movement with bitcoin exhibit temporary over-valuation and subsequent return reversal that exceeds −1% per month. Instrumental variables analysis using Tether flows and authorizations supports a causal interpretation of our findings. Overall, the evidence is consistent with the rapid spread of speculative interest in high skewness strategies from the social transmission of ideas and suggests that investors may evaluate these stocks in a way that is consistent with the predictions of prospect theory.
The Effect of Sociopolitical Legitimacy on Foreign Firm Political Strategy

This paper investigates how the perceived legitimacy of foreign firms in the eyes of host-country stakeholders determines their host-country political strategies. Building on international business research, we propose that home-country political systems influence host-country legitimacy assessments of foreign firms. In turn, a foreign firm’s sociopolitical legitimacy, driven in part by home-country characteristics, will influence whether it lobbies through in-house lobbyists or outsources the activity to lobbying firms to maximize the effectiveness of its political activities. Using a novel instrumental variable approach for identification and a panel dataset of lobbying activities of foreign firms in the United States, the results support our arguments that a foreign MNE is less likely to use in-house lobbyists if its legitimacy is negatively impacted by home-country characteristics. Our study contributes to the international business and nonmarket strategy literatures.
Cyclosporine A Protects Retinal Explants against Hypoxia

The retina is a complex neurological tissue and is extremely sensitive to an insufficient supply of oxygen. Hypoxia plays a major role in several retinal diseases, and often results in the loss of cells that are essential for vision. Cyclosporine A (CsA) is a widely used immunosuppressive drug. Furthermore, treatment with CsA has neuroprotective effects in several neurologic disorders. No data are currently available on the tolerated concentration of CsA when applied to the retina. To reveal the most effective dose, retinal explants from rat eyes were exposed to different CsA concentrations (1–9 µg/mL). Immunohistochemistry with brain-specific homeobox/POU domain protein 3a (Brn3a) and TUNEL staining was performed to determine the percentage of total and apoptotic retinal ganglion cells (RGCs), as well as the responses of micro- and macroglial cells. Furthermore, optical coherence tomography (OCT) scans were performed to measure the changes in retinal thickness, and recordings with multielectrode array (MEA) were performed to evaluate spontaneous RGC spiking. To examine the neuroprotective effects, retinas were subjected to a hypoxic insult by placing them in a nitrogen-streamed hypoxic chamber prior to CsA treatment. In the biocompatibility tests, the different CsA concentrations had no negative effect on RGCs and microglia. Neuroprotective effects after a hypoxic insult on RGCs was demonstrated at a concentration of 9 µg/mL CsA. CsA counteracted the hypoxia-induced loss of RGCs, reduced the percentage of TUNEL+ RGCs, and prevented a decrease in retinal thickness. Taken together, the results of this study suggest that CsA can effectively protect RGCs from hypoxia, and the administered concentrations were well tolerated. Further in vivo studies are needed to determine whether local CsA treatment may be a suitable option for hypoxic retinal diseases.
The Relation among Teeth and Maxillary Dental Arch Dimensions with Anterior Teeth Angulation and Inclination

Objectives This study aimed at finding out whether anterior teeth angulation and inclination have a relationship with the maxillary teeth and dental arch dimensions. Methods Fifty study models with normal occlusion were selected from the archive of the Department of Orthodontics at Baghdad Dental Faculty. Maxillary dental arch width and length at different points were determined in addition to measuring anterior teeth angulation, inclination, crown thickness, overjet, overbite, and Bolton's ratios. The unpaired t-test and Pearson's correlation coefficient test were used for data analysis. Results No statistical gender differences were reported in all measurements except the dental arch widths and length where males had significantly higher mean values. Only the maxillary incisor's inclination showed a direct weak significant correlation with the total arch length. Conclusions The inclination of upper incisors had a minimal effect on increasing dental arch length.
A retrospective observational study of the impact of 16s and 18s ribosomal RNA PCR on antimicrobial treatment over seven years: A tertiary hospital experience

Background Although culture-based methods remain a staple element of microbiology analysis, advanced molecular methods increasingly supplement the testing repertoire. Since the advent of 16s and 18s ribosomal RNA PCR in the 2000s, there has been interest in its utility for pathogen detection. Nonetheless, studies assessing the impact on antimicrobial prescribing are limited. We report a single-centre experience of the influence of 16s and 18s PCR testing on antimicrobial treatment, including a cost-analysis. Methods Data were collected retrospectively for all samples sent for 16s and 18s PCR testing between January 2014 and December 2020. Results were compared to any culture-based result. Assessment focused on any change of antimicrobial treatment based on PCR result, or use of the result as supportive evidence for microbiological diagnosis. Results 310 samples relevant to 268 patients were referred for 16s/18s rRNA PCR testing during the period. Culture was performed for 234 samples. Enrichment culture was performed for 83 samples. 82 of 300 samples sent for 16s PCR had positive results (20.8%). When culture was performed, enrichment reduced the outcome of 16s PCR only positive results (4/36 [11.1%] versus 14/35 [40.0%], p = 0.030 where a pathogen found). 18s PCR yielded 9 positive results from 67 samples. The 16s PCR result influenced antimicrobial change for 6 patients (2.2%). We estimated the cost for 16s PCR testing to result in one significant change in antimicrobial therapy to be €3,340. 18s PCR did not alter antimicrobial treatment. Conclusion There was limited impact of 16s PCR results on antimicrobial treatments. Relevance to practice was affected by relatively long turn-around-time for results. Utility may be increased in specialised surgical centres, or by reducing turn-around-time. Enrichment culture should be considered on samples where 16s PCR is requested. There remains limited evidence for use of 18s PCR in clinical management, and further studies in this area are likely warranted.
Self-Injuries and Their Functions with Respect to Suicide Risk in Adolescents with Conduct Disorder: Findings from a Path Analysis

Non-suicidal self-injuries (NSSIs) have been identified as one of the most predictive factors of suicidal behaviours in adolescents. However, it remains unknown whether certain functions of NSSIs are associated with suicide risk, and what are the underlying mechanisms. Therefore, we aimed to investigate the association between functions of NSSIs and suicide risk in adolescents with conduct disorder (CD), which shares some common characteristics with NSSIs. Participants were 215 adolescents (155 females, 72.1%) with CD. Functions of NSSIs, depressive symptoms, the levels of impulsivity, anxiety, self-esteem and aggression were examined. There were 77 adolescents with lifetime history of NSSIs (35.8%). Among them, adolescents with lifetime history of suicide attempt were significantly more likely to report anti-dissociation and anti-suicide function of NSSIs. They had significantly higher levels of anxiety as well as significantly lower self-esteem. Higher lifetime number of NSSIs was associated with higher odds of reporting anti-dissociation and anti-suicide functions. Moreover, these two functions fully mediated the association between lifetime number of NSSIs and suicide risk after co-varying for depressive and anxiety symptoms as well as self-esteem. The present findings indicate that anti-suicide and anti-dissociation functions of NSSIs might be crucial predictors of suicide risk in adolescents with CD.
Classifying Oligometastatic Non-Small Cell Lung Cancer

Simple Summary Around half of patients with non-small cell lung cancer (NSCLC) have metastatic disease at the time of diagnosis. Some patients will have a limited number of metastatic sites, termed oligometastasis, rather than widespread disease. Aggressive treatment of oligometastasis has been supported by improved survival rates in retrospective studies, meta-analyses, and randomized phase II trials. Patient selection for aggressive local treatment of oligometastatic NSCLC would be facilitated by a common definition of what constitutes oligometastasis. We review the definitions of oligometastatic NSCLC proposed by consensus statements and those used in current treatment guidelines and previous trials of local consolidative therapy. Abstract An oligometastatic cancer state was first postulated in the 1990s by Hellman and Weichselbaum and described limited metastatic spread to a single or few sites of disease. It was hypothesized that this metastatic entity falls along a continuum of the natural history of cancer progression from a localized primary tumor to widespread metastases. Support for oligometastatic non-small cell lung cancer (NSCLC) has since been provided by multiple retrospective studies and then prospective randomized trials demonstrating better survival in this patient population after aggressive consolidative treatment. However, the lack of a universal definition of oligometastatic NSCLC has hindered a comparison between different studies and prevented well-defined recommendations for local consolidative treatment in this patient population. Attempts have been made to establish a common definition for use in clinical management and for the identification of inclusion criteria for future trials. In this review, we seek to summarize the current definitions of oligometastatic NSCLC based on recent expert consensus statements, previous randomized trials, and current treatment guidelines and to highlight the continued variability in current practice.