Miracle-dz/UniFAR-FTUs huggingface dataset:
The Value Relevance Variation of Capital Stocks and Earnings Quality: Potential of Banking Analogy.

Banks regulations manage to enhance understanding of key supervisory issues, and improve the quality of banking supervision worldwide. Financial crisis over the past decades had built challenges to the banks and regulators, where they need to optimally manage the risks of credit, market and operations. The earnings quality of the banks are considered a significant variable to follow and analyze to present how far this earnings quality is changing as to be improved, and to protect banks against any risk management failure and loss. This paper examines the association between the banks’ earnings quality and the value relevance variation of banks capital stocks at a time period for a purposive sample of number of international banks, in order to show what is expected in the future for the banks regulations and earnings quality, based on what is currently analyzed in the banking industry. Measuring earnings quality for the purpose of analysis in this paper requires the measure of the changes in earnings quality variables, as an indication for the association between banks' earnings quality and the value relevance variation of capital stocks in the banking sector. This paper answers a main question of: Is the international banking sector currently efficient enough to warrant high earnings quality, and consequently affects the value relevance variation of capital stocks in banks? This is significantly helpful to measure the proper improvements in the economies and the anticipations for the future protection for the banks financial position and operations and their markets. For the current stage of this paper, regression analysis is optimal to apply for the analysis and interpretations by building a model that is proper to examining the value relevance variation of capital stocks in relation to earnings quality. I find that the change in non-interest income, and the change in the weight assigned to operational risk are positively associated with the value relevance variation of capital stocks in banks, and the estimation of fair value for liabilities is negatively associated with the value relevance variation of capital stock at a significance level of 0.10, this represent the significance of the three variables to be considered in banks for future sustainability and profitability, whereas the statistical inference shows for this regression model a high explanatory power to predict this significant association. This paper has a major limitation in respect to the size of the sample of banks used in the regression model, but has an optimistic vision about what the analysis will represent for the current and the future stages of banking analogy in this regard for the purpose of sustaining future protection in the banking sectors and the future economies for future generations. Thus, future research can find a useful trend to generalize the findings by expanding more empirical methodologies.
Development of the strophiole in seeds of white clover (Trifolium repens L.)

Abstract The seed coat of Trifolium repens L. was studied with special emphasis on the development of the strophiole, which is the site for water entry during imbibition in leguminous seeds. The epidermal cells of the strophiole are longer than the cells in the remainder of the seed epidermis in the mature ovule. During seed development the median cells of the strophiolar epidermis divide periclinally into an outer layer of palisade cells and an inner layer of isodiametric cells. Prior to maturity a fissure is formed between some of the palisade cells in the centre of the strophiole. It is suggested that tension develops between the palisade cells and the iso-diametrical cells during later maturation stages causing the formation of the fissure which it is believed functions in water uptake. It is indicated that the ‘light line’ is caused by alteration of cellulose microfibrillar orientation in palisade cell walls. It is confirmed that removal of the epicuticular wax from hard seeds by rinsing in absolute alcohol or hexane does not induce water imbibition. Only when seed coats are mechanically abraded do hard seeds germinate.
Proline and Glycine Betaine in a Diluent for Freezing Canine Spermatozoa

An attempt to improve the post-thawing quality of dog semen was made, using proline and glycine betaine in three different concentrations. These amino acids, used in combination and individually, showed cryoprotective properties when they were added to a ram semen extender, and this study was carried out to determine whether these compounds could also be effective for frozen canine sperm. In this study, semen from 13 dogs was pooled and frozen in a Tris-fructose-citric acid extender containing various concentrations of proline and glycine betaine, both alone or in combination. The following parameters were evaluated post-thawing as indicators of semen quality: progressive motility, live : dead ratio and acrosomal integrity. Analysis of variance at 0, 0.5, I , 2 and 4 h post-thaw indicated that proline, in all the evaluated concentrations, exerts a beneficial effect on the post-thaw canine spermatozoa motility and longevity, as well as on the acrosomal integrity. Glycine betaine alone or combined with proline, did not show any difference compared with the control samples for any of the concentrations used.
How Does Feedback Impact New Ventures? Fundraising in a Randomized Field Experiment

Financial models assume startups learn from feedback, but it is hard to test it empirically. First, because demand and supply of information are endogenous. Second, because business education and acceleration bundle feedback with confounding treatments. This paper is the first randomized experiment testing how unsolicited written feedback impacts fundraising of high-stakes entrepreneurs. All 88 teams entered a global accelerator and received $40,000. A random half of them additionally received feedback to business-plans. Treated startups fundraised on average $15,000 more, being more likely to get funding and to survive. Results are consistent with feedback improving ventures, rather than just screening them
Complete Nucleotide Sequence of Mitochondrial Genome in Silkie Fowl (Gallus gallus var. domesticus)

Whole mitochondrial DNA of the Silkie fowl (Gallus gallus var. domesticus) was sequenced in order to elucidate the genetic position of the Silkie fowl in its related species based on mitochondrial DNA sequence. The length of Silkie mitochondrial DNA was found to be 16,784 base pairs. The similarity between Silkie and White Leghorn was found to be 99.77% (39 nucleotide differences in 16,784 base pairs). Since the sequences of NADH dehydrogenase subunit 2 and cytochrome b genes have been reported in six species [Japanese quail : Coturnix japonica, Ring-neck pheasant : Phasianus colchicus, Grey partridge : Perdix perdix, Chinese bamboo partridge : Bambusicola thoracia, Chicken (White Leghorn) : Gallus gallus var. domesticus, and Redhead : Aythya americana], nucleotide sequences of these two genes were used for a phylogenetic analysis of Silkie against these six species using neighbor joining and maximum likelihood methods. The Silkie and White Leghorn are in the same phylogenetic cluster with a bootstrap value of 1000/1000.
Expropriation of Minority Shareholders and Payout Policy

This paper studies the payout policy of Italian firms controlled by large majority shareholders (controlled firms). The paper reports that a firm’s share of dividends in total payout (dividends plus repurchases) is negatively related to the size of the cash flow stake of the firm’s controlling shareholder and positively associated with the wedge between the controlling shareholder’s control rights and cash flow rights. These findings are consistent with the substitute model of payout. One of the implications of this model is that controlled firms with weak corporate governance set-ups, in which controlling shareholders have strong incentives to expropriate minority shareholders, tend to prefer dividends over repurchases when disgorging cash.
Manufacturing sector in Pakistan: A Comprehensive Review for the Future Growth and Development

The key objective of the present study is to provide a comprehensive review of the manufacturing sector and its growth from the context of Pakistan. For this purpose, decent review of existing literature with the industrial output is provided while taking some other regions as well. Review of the empirical findings of existing literature and industrial output explains that there is a great need of sectoral growth in Pakistan in present time. The country is facing various issues like higher inflation, low employment opportunities, declining foreign investment and very little focus on economic growth. For the long run financial stability in the economy, significant policy development and implication is a need of time through which more economic development and growth can be achieved. However, a key limitation of the study is not contributing in an empirical context regarding the economic growth, manufacturing sector and its present contribution while taking the economic indicators like GDP, export and import etc. Originality/value of the study can be viewed through its contribution in existing literature while considering the manufacturing sector which is not very well addressed in the earlier literature.
CHARACTERIZATION OF OSTREOPSIS AND COOLIA (DINOPHYCEAE) ISOLATES IN THE WESTERN MEDITERRANEAN SEA BASED ON MORPHOLOGY, TOXICITY AND INTERNAL TRANSCRIBED SPACER 5.8S rDNA SEQUENCES 1

Several isolates of epiphytic dinoflagellates belonging to the genera Ostreopsis Schmidt and Coolia Meunier from the western Mediterranean Sea were examined by LM and EM, toxicity assays, and internal transcribed spacer (ITS) regions of nuclear rDNA, and 5.8S rDNA were sequenced. Morphological comparisons based on the analyses of cell shape, size, thecal plates, and surface ornamentation revealed two distinct species in the western Mediterranean: O. cf. siamensis Schmidt from the Catalan, Andalusian, and Sicilian coasts and O. ovata Fukuyo from the Ligurian coast, southern Tyrrhenian Sea, and Balearic Islands. Both Ostreopsis species were toxic; however, no differences in toxicity were detected between the two Ostreopsis species. Coolia monotis Meunier was nontoxic. The morphological studies were supported by phylogenetic analyses; all western Mediterranean isolates of O. cf. siamensis showed ITS and 5.8S rDNA sequences identical to each other and so did those of O. ovata, whereas high genetic diversity was detected between the western Mediterranean and Asian isolates of O. ovata. The nucleotide sequence analyses of the C. monotis strains showed that all C. monotis isolates from Europe formed a homogeneous clade. Further, the genetic diversity was high between the European and Asian C. monotis isolates. In this study, genetic markers combined with morphology and toxicity analyses was useful in the taxonomic and phylogenetic studies of the Ostreopsidaceae in a temperate area.
Water Acquisition From The Seasonal Wetland and Root Development of Pearl Millet Intercropped With Cowpea in A Flooding Ecosystem of Northern Namibia

Abstract Seasonal Wetlands, Locally Called Oshanas, Are Characteristic of The Densely Populated Northern Namibia, A Desert Country in Southwest Africa. The Formation of Seasonal Wetlands, Which Will Sustain The Water Balance of A Semiarid Environment, Was Quite Unstable Depending Entirely On The Variable Rainfall in The Upper Catchments of Angola. The Objective of The Present Study Was To Evaluate The Use of Seasonal Wetland Water By Pearl Millet, The Local Staple Food Crop intercropped With Cowpea, To Discuss The Water Competition Pattern of intercropped Species. Root System Development of The intercropped Species Was Also Evaluated Together With The Water Source Analysis. For This Purpose, Field Experiments Using Pearl Millet intercropped With Cowpea in The Seasonal Wetland in Namibia University (Exp. 1) and Monocropped Pearl Millet in The Local Farmers Field (Exp. 2) Were Conducted in Northern Namibia. Both Pearl Millet and Cowpea Developed Deeper Root Systems As The Distance From The Seasonal Wetland Water increased. At Flowering Time, The δD Value of intercropped Cowpea Was Similar To That of Wetland Water, While That in Pearl Millet Was Much Lower Than Those of Both The Wetland Water and Groundwater. This indicated That intercropped Pearl Millet Did Not Have Full Access To The Wetland Water When There Was Competition With Cowpea For Water Derived From Various Water Sources. Under Such Circumstances, intercropped Pearl Millet Probably Relies More On The Rainfall Water, Which Is Just Sufficient To Sustain Its Growth in A Semiarid Environment. By Contrast, intercropped Cowpea Wins in The Competition With Pearl Millet and Can Acquire Water From The Existing Stored Wetland Water.
The Promise of Fintech in Emerging Markets: Not as Disruptive

Fintech innovations – innovations by financial services providers based on digital technology – are widely believed to have a disruptive effect on the financial services industry. The purpose of the paper is to investigate how financial services industry participants perceive the effect of digital disruption as well as to explore what strategies are being adopted by incumbents in the face of potential disruption from fintech challengers. Based on an exploratory study with stakeholders from the financial ecosystem in the Middle East and North Africa (MENA), the findings show that the fintech sector is still nascent, but is likely to be disruptive in selected product and customer segments. Multiple regulatory, structural, and cultural obstacles stand in the way of fintech adoption. Incumbents’ preferred strategy to face the future disruption is the bank-fintech collaboration, which will create new value for ecosystem partners and speed up innovation. Our study adds useful insights to the body of knowledge related to disruptive innovations in general and fintech in emerging markets in particular. Specifically, the collaborative response is inconsistent with the strategies usually recommended for incumbents in disruptive innovation theory. We hypothesize that our participants’ preference for partnering can be explained in the light of the distinctive characteristics of the digital economy. We propose a framework for creating a financial services platform embedded in a broader ecosystem to facilitate the bank-fintech collaboration.
Fuel Hedging and Behavior Bias: An Empirical Look at the U.S. Airline Industry

Major airlines rely on fuel hedging to manage risk of volatile fuel prices. We show that fuel hedging leads to lump sum gain or loss, which does not affect airlines' purchase cost of fuel (variable cost), but is incorporated into the reported airline fuel costs. Our estimation results suggest that differences in reported fuel costs across airlines (due to heterogeneous fuel hedging outcomes) lead to significant differences in ticket prices. In particular, a 10% reduction in the reported fuel cost (due to hedging gain) leads to a 2.2% reduction in ticket prices. We conduct several robustness checks, and rule out explanations such as intertemporal profit smoothing. Moving beyond pricing, we find that hedging outcomes have no impacts on the number of routes and flights which airlines operate. On the other hand, when enjoying hedging gain, airlines use larger aircrafts and reduce airtime of their flights. These impacts, while statistically significant, are fairly small in magnitude. Our results provide empirical evidence that fixed/sunk costs can affect firms' optimal price decisions and some non-price decisions, and establish a link between the financial market and the product market.
Politics and Finance – Disagreement in National Parliaments and Firms’ Cost of Equity Capital

This paper analyzes the effects of parliamentary disagreement over economic policy concepts across 19 developed democratic countries on firms' cost of equity capital. We model parliamentary disagreement as the seat-weighted dispersion of policy positions among all represented parties and find that a change in local disagreement by one standard deviation is associated with an increase in the country-wide average cost of equity capital by 24 basis points. This is the largest effect among all macro variables we analyze. Furthermore, we empirically identify parliamentary disagreement as a relevant factor and potential driver of firms' cost of equity capital. Finally, we provide supporting evidence that the financing and investment conditions of companies are positively affected by a larger geographical diversification, which apparently acts as a hedge against local political uncertainty.
Evaluating the Corporate Governance Based Performance of Participation Banks in Turkey with the House of Quality Using an Integrated Hesitant Fuzzy MCDM (Türkiye’de Katılım Bankalarının Kurumsal Yönetiminin Çok Değişkenli Entegre Bulanık Karar Verme Yaklaşımı Kullanılarak Kalite Evi ile Değerlendiri

<b>English Abstract:</b> Turkey with the house of quality. For this purpose, an integrated model is constructed to evaluate the criteria and analyze the fuzzy pairwise and decision matrices. The method is proposed with the hesitant fuzzy DEMATEL for weighting criteria and hesitant fuzzy TOPSIS for ranking the alternatives. According to the expert opinions, it is concluded that foreign participation banks have better performance in comparison with state-owned participation banks with respect to corporate governance. For this reason, it can be said that state-owned participation banks should take actions to increase their performance regarding corporate governance by focusing on important criteria emphasized in the study. <b>Turkish Abstract:</b> Bu çalışma Türkiye’de faaliyet gösteren katılım bankalarının kurumsal yönetim temelli performanslarının değerlendirilmesine yönelik olarak hazırlanmıştır. Bu amaçla, kriterleri değerlendirmek ve bulanık ikili ile karar matrislerini analiz etmek için bütünleşik bir model oluşturulmuştur. Bu yöntem, kriterleri ağırlıklandırmak için bulanık DEMATEL ve alternatifleri sıralamak için bulanık TOPSIS yöntemlerini önermektedir. Çalışma sonucunda, yabancı katılım bankalarının kamu katılım bankalarına kıyasla kurumsal yönetim açısından daha iyi performans gösterdiği belirlenmiştir. Dolayısı ile kamu katılım bankaları kurumsal yönetim performanslarını artırmak için bu çalışmada vurgulanan önemli hususlara odaklanmak sureti ile aksiyon almalıdırlar.
ECOLOGY, BEHAVIOR AND BIONOMICS Biologia de Spodoptera eridania (Cramer) (Lepidoptera: Noctuidae) em Diferentes Hospedeiros

Spodoptera eridania (Cramer) is a pest under expansion in cotton and soybean fields in the cerrado, and biology studies are needed on different hosts. In order to gain knowledge about the biology and leaf intake of S. eridania on cotton, soybean and morning glory (Ipomoea grandifolia), newly-hatched caterpillars were individualized and reared in the laboratory (27 ± 2 o C, R.H. 60 ± 10%, photophase of 14h). Parameters related to biology, leaf intake and reproduction were observed. The larval development period of caterpillars was shorter when fed on cotton and morning glory leaves than on soybean leaves, even though, the survival on soybean had been satisfactory (80%). Caterpillars fed on cotton and morning glory leaves had similar mean pupal weights, however 1.3 and 1.4 times higher than those obtained for male and female pupae, respectively, on soybean leaves. The soybean also influenced prepupal (37.5%) and pupal survival (68.3%) negatively, in contrast with the values obtained on the two other hosts, which were above 91.8%. In general, the soybean leaves were the least suitable for the development of S. eridania, causing 6.3% of pupal deformities. Variables like the pre-oviposition and oviposition periods, number of egg clutches/female and total number of eggs/female were not affected by the diets. Even though cotton leaves were less consumed, they provided good development to the insect. The morning glory weed was shown a suitable alternate host for the species, allowing its development and reproduction in the absence of cultivated hosts.
On Self-Presentation: The Relational versus Transactional Dimensions of Job Seeking in a Technologically Mediated Labor Market

This paper presents a novel investigation of applicant job seeking actions in a contemporary technology-mediated labor market. Job seeking is conceptualized as a form of self-presentation, normatively circumscribed by three components: the applicant, employer, and task. How job applicants present themselves to employers should therefore vary along relational (applicant to employer) and transactional (applicant to task) dimensions. Successful self-presentation along these two dimensions is hypothesized to differ as a function of the job seeker’s demonstrable ability. When an applicant lacks cues of their ability to perform the job being considered for, relational presentation is likely disadvantageous. Instead, transactional presentation should be more successful because they ameliorate ability concerns. Conversely, relational presentations should be preferred under conditions of demonstrable ability because, conditional on being able to perform the job, nicer applicants should be preferred. Support is provided through unsupervised machine learning and sentiment analyses of over 9.6 million written job proposals by over 300,000 applicants on an online platform for gig-economy freelancers. Regression analyses support the contentions. Contributions to hiring, technology mediated markets and linguistic text-analysis are discussed.
Preference for Ambiguity and Difficult Choices

A well-known finding in behavioral economics is that people often avoid ambiguous gambles whose outcome probabilities are unknown in favor of risky gambles whose outcome probabilities are known, a phenomenon that is called ambiguity aversion. In a novel preregistered online experiment with 1195 participants, we test the hypothesis that people show a higher preference for ambiguous gambles when they find it hard to rank its outcomes, where the outcomes themselves are simple monetary lotteries. The experiment results confirm our hypothesis. These results imply that theoretical models of choice under uncertainty should be modified in a way that allows them to assign different degrees of ambiguity aversion or seeking based on the difficultly of comparing the outcomes of uncertainty.
Forecasting Stock Indices: A Comparison of Classification and Level Estimation Models

Despite abundant research which focuses on estimating the level of return on stock market index, there is a lack of studies examining the predictability of the direction/sign of stock index movement. Given the notion that a prediction with little forecast error does not necessarily translate into capital gain, we evaluate the efficacy of several multivariate classification techniques relative to a group of level estimation approaches. Specifically, we conduct time series comparisons between the two types of models on the basis of forecast performance and investment return. The tested classification models, which predict direction based on probability, include linear discriminant analysis, logit, probit, and probabilistic neural network. On the other hand, the level estimation counterparts, which forecast the level, are exponential smoothing, multivariate transfer function, vector autoregression with Kalman filter, and multilayered feedforward neural network. Our comparative study also measures the relative strength of these models with respect to the trading profit generated by their forecasts. To facilitate more effective trading, we develop a set of threshold trading rules driven by the probabilities estimated by the classification models. Empirical experimentation suggests that the classification models outperform the level estimation models in terms of predicting the direction of the stock market movement and maximizing returns from investment trading. Further, investment returns are enhanced by the adoption of the threshold trading rules.