Miracle-dz/UniFAR-FTUs huggingface dataset:
Disasters Risk and Business Cycles

To construct a business cycle model consistent with the observed behavior of asset prices, and study the effect of shocks to aggregate uncertainty, I introduce a small, time-varying risk of economic disaster in a standard real business cycle model. The paper establishes two simple theoretical results: first, when the probability of disaster is constant, the risk of disaster does not affect the path of macroeconomic aggregates - a "separation theorem" between macroeconomic quantities and asset prices in the spirit of Tallarini (2000). Second, shocks to the probability of disaster, which generate variation in risk premia over time, are observationally equivalent to preference shocks. An increase in the perceived probability of disaster leads to a collapse of investment and a recession, an increase in risk spreads, and a decrease in the yield on safe assets. To assess the empirical validity of the model, I infer the probability of disaster from observed asset prices and feed it into the model. The variation over time in this probability appears to account for a significant fraction of business cycle dynamics, especially sharp downturns in investment and output such as 2008-IV.
Variation in DNA content of 21 individual chromosomes among six subspecies in common wheat.

In order to consider at chromosomal level the phylogeny of wheat, DNA content of 21 individual chromosomes was measured cytophotometrically at M1 or A1 of meiosis in monosomic plants and compared among seven strains belonging to six subspecies of common wheat, Triticum aestivum.1) Nuclear DNA content at pollen tetrad did not differ at all among seven strains.2) DNA content of individual chromosomes varied from chromosome to chromosome in any strain.3) Significant difference was found among three genomes, A, B and D, the ratio being 1.14:1.21:1.00. This ratio apparently differed from those of two earlier reports based on nuclear DNA content of putative diploid ancestors (T. monococcum: Aegilops speltoides: Ae. squarrosa). The authors suggested diploid species of section Sitopsis, with a little higher DNA content than Ae. speltoides as B genome donor to polyploid wheat.4) There was not significant difference among seven homoeologous groups, but homologous chromosomes.5) Total DNA content of seven strains calculated from DNA content of individual chromosomes was very similar to one another, being clearly compatible with the results of nuclear DNA content at pollen tetrad.
What’s in a Name? A Cautionary Tale of Profitability Anomalies and Limits to Arbitrage

Recent literature investigating profitability anomalies defines profitability in various ways (i.e. gross, operating, and cash-based). We show that limits to arbitrage are associated with returns of gross and cash-based operating profitability anomalies, suggesting mispricing. In contrast, returns from the operating profitability strategy have no relation with barriers to arbitrage and exhibit no evidence of mispricing. Additionally, we show that the differential effects of limited arbitrage-related mispricing of gross and cash-based operating profitability anomalies are attributable to their respective correlations with SG&amp;A expense and accruals anomalies. Interestingly, we find SG&amp;A return predictability, like that of accruals, is related to limits to arbitrage. These findings suggest that investors and researchers should proceed with caution when searching for return predictability by redefining profitability measures.
Development Babies

We empirically investigate how macroeconomic experiences shape individual attitudes towards risk and time in a developing country context with rapid and volatile economic change. To do so, we link a large longitudinal data set from Indonesia, containing repeat measurements of risk aversion and patience, with province-level real GDP growth statistics. We exploit variation between cohorts, within cohort over time, and within cohort in the cross-section, allowing us to better control for unobserved individual and cohort heterogeneity. Our results indicate that macroeconomic experiences shape risk and time preferences differently. Measured risk aversion changes in response to experienced growth volatility, with individuals living through more volatile economic times becoming more risk averse. This effect declines in magnitude by age at first measurement, consistent with "formative years'' theories of preference formation, and is much stronger for men. In contrast, we find weak evidence that measured patience changes in response to average experienced growth, with individuals living through more rapidly improving economic times becoming less patient on average. We further investigate whether the observed effects are driven by changes in beliefs or constraints, or by other factors highlighted in the literature, such as exposure to violence or natural disasters. When doing so we find that changes in measured patience can be accounted for primarily by changes in income and inflation expectations, but that changes in measured risk aversion are not entirely driven by these or other factors. Our results suggest the existence of a hitherto unknown behavioral channel for the effects of macroeconomic policy.
Growth Opportunity Bias

Growth opportunity bias (GOB), measured as the difference between market and fundamental values of a firm’s growth opportunity, has an ability to predict future stock returns. In the portfolio sort, downward-biased GOB firms earn higher returns than upward-biased GOB firms, which is unexplained by the common asset pricing models. Cross-sectional regression results also confirm GOB’s power in predicting stock returns. To explain the anomaly, we show that the GOB premium is more pronounced when investor sentiment is high or when limits-to-arbitrage is severe, which suggests that the GOB is more likely to capture behavioral biases than systematic risk.
Re-examining the Role of Service Quality Dimensions and Trust in Predicting Customer Satisfaction in Brunei Postal Services

Postal Services face many challenges or issues including competition, privatization, technology and substitution from electronic and digital services. From previous studies have examined the relationship between service quality, customer satisfaction, perceived value, convenience and trust. These studies adopted the SERQUAL model to examine relationship between service quality, perceived value, convenience, trust and customer satisfaction towards Postal Service in Brunei Darussalam. Also, to measure the service quality in postal services which may be five dimensions. This study has the proposed to measure the service quality by applying three dimensions: tangibles, reliability and empathy; these dimensions to examine the relationship of service quality, perceived value, convenience, trust and customer satisfaction among postal services customers in Brunei Darussalam. One hundred and fifty-four respondents have responded to the questionnaire. Data were analyzed by correlation and regression analyses in order to test all the relationship between the variables in the model. The results show that all independent variables have positive relationship with customer satisfaction as expected. <br>
The life history of Galaxias vulgaris Stokell, with a comparison with G. maculatus attenuatus

Summary Galaxias vulgaris Stokell is a totally freshwater fish species and the adults usually live a cryptic life under stones. The life history of this species, with special emphasis on its embryology, growth rate, and sex ratio, is described. Comparisons are made with other members of the family Galaxiidae, especially G. maculatus attenuatus
Introduction of non‐native species of Kappaphycus (Rhodophyta, Gigartinales) in subtropical waters: Comparative analysis of growth rates of Kappaphycus alvarezii and Kappaphycus striatum in vitro and in the sea in south‐eastern Brazil

We compared the growth rates of Kappaphycus alvarezii (Doty) Doty ex P. Silva and Kappaphycus striatum (Schmitz) Doty, both, in vitro under different conditions of light and temperature, and in the sea. Temperature was the most important factor controlling the growth of both species, in vitro and in the field. In the sea there was a clear seasonal pattern in growth rate, attributed to temperature and salinity variation. The lower growth rates were registered in winter and spring, and the highest in summer and autumn months for both species. Based on growth rate in the field, and the production of viable tetraspores during the summer in Kappaphycus striatum, we conclude that is more profitable, and ecologically safer, to only continue with the introduction program of Kappaphycus alvarezii.
Dividend derivatives

Abstract Dividend derivatives are not simply a by-product of equity derivatives. They constitute a distinct growing market and an entire suite of dividend derivatives are offered to investors. In this paper, we look at two potential models for equity index dividends and discuss their theoretical and practical merits. The main results emerge from a downward jump-diffusion model with beta distributed jumps and a stochastic logistic diffusion model, both able to capture the particular dynamics observed for dividends and cum-dividends, respectively, in the market. Smile calibration results are discussed with market data on the Dow Jones Euro STOXX50 DVP dividend index for futures and European call and put options.
Tn5‐induced Xenorhabdus bovienii lecithinase mutants demonstrate reduced virulence for Galleria mellonella larvae

A derivative of Tn5 was used to construct a variety of stable insertion mutations in the entomopathogenic bacterium, Xenorhabdus bovienii T228/1. Mutants which had altered expression of Congo Red binding ability, ampicillin resistance, haemolytic activity and lecithinase were isolated. Isolates with altered lecithinase activity had either lost ability to produce this enzyme or showed reduced expression. The role of lecithinase in pathogenesis of X. bovienii T228/1 for Galleria mellonella larvae was examined by LD 50 analysis. Maximum killing of G. mellonella was observed at 72 h post infection for both the wild-type parent strain and a lecithinase mutant 34(45). However, the LD 50 value for the wild-type parent strain (8.7 cells per larva) was significantly less than that calculated for the lecithinase mutant (35.5 cells per larva). The data suggested that although lecithinase is a virulence factor produced by X. bovienii, lecithinase activity alone is not sufficient for killing of G. mellonella larvae.
Market integration, systemic risk and diagnostic tests in large mixed panels

Abstract This study investigates an AR (autoregressive)-filtered version of several conventional diagnostic tests for cross-sectional dependence in large mixed panels when both N and T are large, including the adjusted Lagrangian Multiplier test (LM), the cross-section dependence test (CD), and the Schott test. We show that conventional tests of cross-sectional dependence based on Pearson correlation coefficients could diverge if the components are not all I(0) processes and the modified tests possess the asymptotical normality property. The distinctive feature of these new tests is their ease of implementation, even though the exact time series properties of each component of a mixed panel are unknown or unobservable in practice. Simulations show that the AR-filtered version of the CD test (CDAR ) performs well relative to the other testing procedures in the finite sample and computation time, especially for those cases with a large cross-sectional dimension. Given the good statistical properties of CDAR test, we also propose to use it as an early warning indicator for market risk or crisis.
PERFORMANCE OF A GPS ANIMAL LOCATION SYSTEM UNDER BOREAL FOREST CANOPY

An automated animal location system, based on Global Positioning System (GPS) technology, is being used for wildlife research. The GPS is a divergent technology, and positional accuracies vary between millimeters and tens of meters, depending on the system used and operating conditions. Before GPS-based tracking data can be used for habitat analyses, the influence of habitat on GPS-collar performance must be evaluated under various canopy conditions, including the optimal condition of no canopy. We evaluated performance of nondifferentially corrected GPS collars in an experimental forest with mature, evenly spaced trees and on wild free-ranging moose (Alces alces) to determine the influence of canopy on positional accuracy and observation rate. In an experimental forest with mature, evenly spaced trees (henceforth called spacing trial), canopy characteristics of tree species, spacing, height, basal diameter, and canopy closure had no influence on positional accuracy (P > 0.05), but had an influence on GPS observation rate (P < 0.001). Location error was greater if positions were based on 2-dimensional rather than 3-dimensional mode of operation (P < 0.001), with location errors of 65.5 and 45.5 m, respectively. Location error in 3-dimensional mode did not differ from the expected error of 40 m (P = 0.43). As tree density increased, observation rate decreased and the probability of the GPS receiver operating in 2-dimensional mode increased (P < 0.001), resulting in increased location error. With future development of differentially corrected GPS collars, location errors of <10 m are expected. J. WILDL. MANAGE. 59(3):543-551
Nesting Stage and Nest Defense by Common Terns

Abstract Several hypotheses predict that nest defense should increase as the nesting cycle progresses, but the predicted pattern of increase differs. Previous studies of nest defense in gulls and terns have given conflicting results. Most of these have treated colonies as a unit, thus breeding asynchrony may have obscured temporal patterns. Common Tern (Sterna hirundo) nest defense against Great Black-backed Gulls (Larus marinus) was observed during two years, and responses of individuals or pairs of known nesting stage were recorded. Responses of terns to observers were also recorded. Mobbing of gulls did not increase as incubation progressed, contradicting parental investment models, but did increase as chicks aged. Chicks were defended more strongly by parents than were eggs. Responses to Great Black-backed Gulls were more frequent during the second wave of nesting, when the potential for re-nesting would be very low. There was no association between clutch size and nest defense. Aggression by terns to observers was rare during incubation, but became common immediately after hatching and remained frequent until the chicks fledged. The temporal pattern of mobbing in the semi-precocial Common Tern most closely resembles that predicted for species with altricial young. However, interpretation is complicated by the fact that gulls prey more frequently on chicks than eggs.
Bank Monitoring

This paper empirically explores the monitoring behavior of banks. We are able to infer bank monitoring activity by observing changes in internally-generated risk metrics for corporate credits. We use these measures of monitoring activity to better understand the bank monitoring motives and abilities. We find banks more closely monitor those credits to which they are most exposed. In contrast, we do not detect that syndicate agents monitor more than other banks. Banks with a larger share of a loan appear to passively monitor public credits more closely, but there is little evidence of proactive monitoring by banks with large syndicate shares. Banks risk estimates predict equity returns and ratings changes, consistent with a 'special' role for banks as claimants with proprietary information.
Aquatic Hypoxia Is an Endocrine Disruptor and Impairs Fish Reproduction

There is increasing concern that certain chemicals in the aquatic environment can disrupt endocrine systems, leading to reproductive impairment and threatening survival of wild populations of invertebrates, fish, bird, reptiles, and wildlife. For the first time, we report that hypoxia is also an endocrine disruptor and poses a significant threat to the reproduction and hence sustainability of fish populations. Serum levels of testosterone, estradiol, and triiodothyronine significantly decreased in carp (Cyprinus carpio) upon chronic exposure to hypoxia. These hormonal changes were associated with retarded gonadal development in both male and female carp, reduced spawning success, sperm motility, fertilization success, hatching rate, and larval survival, indicating that adverse effects of hypoxia on reproductive performance resulted from endocrine disruption. Since aquatic hypoxia commonly occurs over thousands of square kilometers in aquatic systems worldwide, our results imply that endocrine disruption and reproductive impairment in fish may be a widespread environmental problem.
Nutritive Value of Spirulina, Green Algae, for Poultry Feed

Spirulina is a kind of algae, Cyanophyceae, grown in fresh water of slightly alkaline, which has been used as food in Chad and Mexico and others for a long time. As introduced by YAMADA1), artificial cultivation of spirulina to obtain protein source has been studied in many countries. Nutritive value of samples of spirulina were examined in France, and the outline of experiments and results was introduced by KAWAMURA2). Growth rate of meat-type chicks fed graded levels of spirulina from 0 to 30% decreased in proportion to dietary spirulina level3). Feeding spirulina at dietary level higher than 10% resulted in lowered digestibility. Metabolizable energy determined by growing chicks was 2.50kcal/g3). A sample of spirulina tested and reported in this paper was Ethiopia origin, and was cultured in pure from at Thailand. Nutritive values of the sample were determined by bioassay and reported in this paper.
A practical protocol for particle bombardment-mediated transformation of Phyllostachys bamboo suspension cells

We developed a particle bombardment-mediated transformation protocol in Phyllostachys bamboo by optimizing the growth efficiency of a target cell culture system. Under the optimal condition, i.e. Murashige and Skoog medium containing 680 mg l−1 KH2PO4 and 10 μM Picloram, bamboo suspension cells actively proliferated at ca. 80 ml sedimented cell volume per 100 ml medium in 2 weeks. Log phased cells, i.e. 8 to 13-day-old suspension cells, which showed synchronous cell divisions with uniform morphology, were selected for the bombardment. We found that a target distance, 6 cm was much better for the transient gene expression (222 GUS-positive cells/dish/shot in average) than that of 9 cm (38 GUS-positive cells/dish/shot in average) in the target cells. When the bombardment was carried out using lag phased cells, e.g. 5-d-old cells, no or less GUS-positive cells could be seen. A high generation of stable transgenic bamboo cells was achieved with constructs expressing hygromycin phosphotransferase gene and enhanced fluorescent protein genes namely AcGFP1 and mCherry.
Genotype×Environment Interaction in Growing Chickens: Comparison of Four Genetic Groups on Two Rearing Systems under Tropical Conditions

Ali, K. O. , Katule, A. M. , and Syrstad, O. (Department of Animal Science, Agricultural University of Norway, P.O. Box 5025, N-1432 Aas, Norway, Department of Animal Science and Production, Sokoine University of Agriculture, P.O. Box 3004, Morogoro, Tanzania and Centre for International Environment and Development Studies, Agricultural University of Norway, P.O. Box 5001, N-1432 Aas, Norway). Genotype×environment interaction in growing chickens: comparison of four genetic groups on two rearing systems under tropical conditions. Accepted April 7, 1999. Acta Agric. Scand. , Sect. A, Animal Sci. 50: 65–71, 2000. © 2000 Taylor & Francis.
How Shadow Banks Impact Monetary Policy Effectiveness

We analyze the link between monetary policy and the growth of shadow banks, and by extension, financial stability in Canada. Using monthly financial market data from 1991-2015 in a two-stage time-varying coefficient Bayesian vector autoregression approach, we find that greater shares of shadow bank deposits and business loans reduce the effectiveness of monetary policy. Further investigations indicate that these drags are the result of deposits and credit shifting between shadow banks and traditional banks. We also find that contractionary monetary policy increases financial instability by shifting household mortgage loans and business loans from chartered banks to shadow banks.
Institutional Investors and Analyst Coverage in Malaysia

This study examines the relationship between institutional investors’ ownership and analyst coverage for firms in Malaysia during the period of 1999 to 2009. Based on 940 firm-year observations, this study documents that institutional demand for information is likely to affect analyst decision on which firms to follow. This gives evidence to suggest that institutional investors play a governance role by promoting better transparency which attracts higher analyst coverage.
Financial Policy and Local Development in SMS' Italian Firms

The present study explains both capital-structure and debt-maturity choices for small and medium-size Italian firms in terms of institutional differences at the local level, taking into consideration local financial development, the effectiveness of the local enforcement system, and other firm-specific characteristics. The ability of the local financial market to efficiently provide funds is of particular interest to small and medium-sized firms, due to the fact that large firms can tolerate imperfections in the local financial system by moving to international, more highly integrated financial markets. The empirical analysis is strictly based on the indicator created by Zingales et al. (2004) while the methodological approach is similar that of Barclay et al. (2003). The main findings of the analysis suggest that capital-structure and debt-maturity choices interact with each other and that corporate financial decisions are not only the result of firm-specific or industry-specific characteristics but are also based on the institutional climate in which a firm operates. In contrast to Barclay et al. (2003) and to reports in the Italian literature, the results of the analysis showed that leverage and debt-maturity are directly related as complementary factors. After controlling for the heterogeneity in a firm's characteristics, leverage was found to be positively influenced by local financial development while the enforcement system was less relevant. Conversely, debt maturity was longer in regions with high enforcement of the law, whereas local financial development did not play a relevant role. Other interesting findings about the role of credit worthiness, measured through the corporate financial rating, are also discussed.
Quantum Prices

Online data was collected for 350,000 products from over 65 fashion retailers in the U.S. and the U.K. Many retailers practice an extreme form of stickiness described as quantum prices: a large number of differentiated products are priced using few sparse prices, with price changes occurring rarely and in large magnitudes. Quantum prices exist within categories (similar products) and across product introductions (over time). Most surprisingly, it also occurs across categories (very different products). Normalized measures indicate substantial price clustering beyond the role of popular prices, assortment size, or digit endings. Quantum prices imply frictions in lumpy price adjustments through product mix, inflation measurement, and in the law-of-one-price.