Miracle-dz/UniFAR-FTUs huggingface dataset:
Levered Returns

Do financial markets properly reflect leverage? Unlike Gomes and Schmid (2010) who examine this question with a structural approach (using long-term monthly stock characteristics), my paper examines it with a quasi-experimental approach (using short-term a discrete event). After a firm has declared a dividend (i.e., after the news release), but in the few days that precede the payment date, an investor in the traded equity owns a claim to the dividend cash plus the remaining firm equity within the corporate shell. After the payment date, the shell contains only the dividend-sans-cash firm equity. The empirical evidence confirms rational increases in volatilities but shows unexpected decreases in average returns. The best explanation is behavioral.
Comparative measurements of resistance to insecticides in three closely-related old and new world bollworm species

Toxicity measurements were made with three closely-related Bollworm species, Heliothis virescens F. , Helicoverpa zea (Boddie), and Helicoverpa armigera (Huebner) using insecticides of 3 different chemical classes. Tests were carried out by a leaf-dip method using neonate larval stages, a topical application test on 3rd larvae, and a topical test with imagines. H. armigera populations from Ivory Coast, Turkey, Thailand, and India were obtained and investigated. H. virescens originated from the USA and Colombia, and H. zea from Guatemala and Nicaragua. Resistance was expressed in all species, the sensitive reference strains having similar LC50s in tests with monocrotophos, profenofos, thiodicarb, and methomyl. Since resistance appeared not to be a quality related to species but rather a feature common to all of the samples investigated, its origin must be connected with the type of cotton culture and the selection pressure they were subjected to in their respective agro-ecosystem. Resistance was highest for monocrotophos and cypermethrin in Central American countries, differences in the treatment regime being reflected by the resistance levels attained. In all stages tested, resistance was sufficiently well expressed to make a monitoring system based on neonate larvae, the 3rd larval stage, or imagines of the species possible. The final decision as to which should be used for a general, comparative monitoring system, therefore, should be governed by the technical parameters of the testing process.
CHARACTERIZATION OF MG2+-DEPENDENT 3'-PROCESSING ACTIVITY FOR HUMAN IMMUNODEFICIENCY VIRUS TYPE 1 INTEGRASE IN VITRO : REAL-TIME KINETIC STUDIES USING FLUORESCENCE RESONANCE ENERGY TRANSFER

Human immunodeficiency virus type 1 integrase (HIV-1 IN) catalyzes the integration of HIV-1 DNA into the host chromosome. In vitro reactions with endogenous viral DNA require Mg2+ as the metal cofactor, whereas in vitro studies performed with short oligonucleotide substrates utilize Mn2+. In this study, we report that the donor processing activity of HIV-1 IN alters depending on the structure and length of the oligonucleotide substrates. Increases in the length of the substrate cause alterations in the efficiency of Mg(2+)-dependent donor processing activity, thereby reconciling this discrepancy between the in vivo and in vitro HIV-1 IN mediated reactions. We have also found that the 3'-processing activity of HIV-IN is responsible for cleaving the junction between the viral and target sequences of the recombination intermediate. Its mechanism differs from the previously described disintegration reaction in that the donor strands are regenerated without a joining reaction of the target strands. Kinetic studies of 3'-processing activity suggest that the kcat (0.24/h) is very low. This implies that HIV-1 IN remains as a complex with the processed DNA prior to the strand transfer reaction.
Evaporative Water Loss: Humidity Acclimation in Anolis carolinensis Lizards

Anolis carolinensis lizards maintained for 7+ days in dry air ( 95% rh). Evaporation rates from skin isolated from lizards living in dry air were also less than half those from skin of lizards kept in humid air. These results indicate that A. carolinensis can improve its water balance status in desiccating conditions by reducing water loss via evaporation, and that reduction of cutaneous evaporation is an important component of this adjustment. The plasticity of evaporation rates of individual lizards in response to prior conditioning is large, and raises the question of whether the well-known correlation between evaporation rate and habitat aridity in reptiles reflects primarily inherited or acquired characteristics.
Stakeholders’ Influence on Environmental Sustainability of Reusing Religious Heritage in the UK: A Case of Historic Churches

Current global pressures on energy consumption have elevated the objective of energy efficiency both within the scientific and legislative agenda. This is due to increasing scarcity of natural resources and impacts on climate change originating from traditional fossil fuel-based energy generation. However, as the momentum gathers for improving environmental sustainability of buildings, it is inevitable that no aspect of building sector could be left out in meeting the carbon emission reduction target for the building sector. An aspect identified for potential reduction in energy use is religious heritage; especially those currently undergoing reuse for other public uses. Presently, little is achieved with regards to reducing environmental impacts of reusing these buildings. The paper aims is to investigate influence of heritage building stakeholders on strategies to improve environmental sustainability of reusing historic churches. The objective is geared towards improved process and approach for their sustainable reuse. Using a questionnaire survey, this study engaged heritage professionals involved in the refurbishment of religious heritage across the UK. Findings shows that environmental impacts of reusing historic churches have not yet been factored into these projects and that heritage building professionals’ influence and perception is vital to reducing environmental impact of these buildings. Further findings suggests other material issues for improved process and/or decision involving reuse of these buildings should include holistic sustainability objectives and agenda for effective energy use management. The paper conclude greater emphasis on energy management and waste reduction would need to be integrated into the strategic and business planning for sustainable reuse of these buildings.
Effects of Lipopolysaccharide on the Recruitment of T Cells in the Seminal Tract of Roosters

The aim of this study was to determine whether T cells were recruited in the chicken seminal tract in response to lipopolysaccharide (LPS). The epididymis and ductus deferens were collected from matured roosters before and after 3 or 6 h of intravenous injection with 0.5 mg LPS per kg body-weight (LPS group) or phosphate buffered saline (con-trol group). Their cryostat sections were immunostained using anti-chicken CD4 and CD8 antibodies. The frequencies of immunopositive cells in the rete testis, efferent duct and epididymal duct in the epididymis and ductus deferens were analyzed under a microscope with image analysis software. Both types of T cells were identified predominantly in the connective tissue underlying the mucosal epithelium and occasionally in the epithelium of the ducts in the epididymis and ductus deferens in all birds. Frequency of CD4 + T cell was increased in the ductus deferens 6 h post LPS injection. Their frequency in the efferent duct and ductus deferens was greater in the LPS group than in the control group after 6 h of injection. The frequency of CD8 + T cells in the LPS treated group was significantly increased in the efferent duct after 3 h and in the ductus deferens after 6 h of LPS injection. Significantly higher frequency of CD8 + T cells in the LPS group than in the control group was identified after 6 h of injection in the rete testis, efferent duct and ductus deferens. These results suggest that both CD4 + and CD8 + T cells are recruited in response to LPS stimulation in the rooster seminal tract, and the T cell-mediated local immune system is active in that organ. J. Poult. Sci., 50: 68 - 73, 2013
Glandular trichomes of Rosmarinus officinalis L.: Anatomical and phytochemical analyses of leaf volatiles

Abstract Rosmarinus officinalis is known for the production of volatile compounds used in medicinal and food preparations. Leaves of R. officinalis are densely covered with capitate and peltate glandular trichomes where biosynthesis of volatiles mainly occurs. This study aims to conduct a morphological assessment to identify anatomical characteristics of both leaves and trichomes, as well as a chemical analysis of leaf volatile compounds, using histochemistry and stem distillation extraction. Specifically, anatomical and chemical constituents of the secretory structures of R. officinalis leaves were investigated using light and scanning electron microscopy, in addition to gas chromatography. One peltate and three types of capitate glandular trichomes were observed on the leaves of R. officinalis. Histochemical tests showed positive reactions to lipophilic compounds for both capitate and peltate trichomes, with only a slight detection of terpenoids with carbonyl group in peltate glands. Gas chromatography revealed camphor (23.2%) as the main volatile compound, mostly accumulating in peltate glandular trichomes. This phytochemical study of volatile compounds, together with anatomical and histochemical analyses of R. officinalis leaves, demonstrated the importance of leaves as a center of volatile production in peltate and capitate trichomes, as well as the nature of volatile composition, which is involved in species survival.
Value Relevance of Environmental, Social, and Governance Disclosure

This paper investigates the impact of Environmental, Social, and Governance (ESG) disclosure by companies around the world on market value. Using a large sample of non-financial companies listed in 38 countries during the period 2008-2012, we test for value relevance by employing the modified version of the Ohlson (1995) model developed by Collins, Maydew, and Weiss (1997). We find support for the value relevance of disclosure of ESG both in aggregate form and for its individual components. These findings support the expectation of disclosure theory that disclosure of relevant information (such as ESG) has a positive impact on value. The results are robust to several alternative specifications. Consistent with the finance literature on the impact of legal origin (La Porta, Lopez de Silanes, & Shleifer, 2006; La Porta, Lopez de Silanes, Shleifer, & Vishny, 1998, 2000, 2002), the results for ESG disclosure are stronger in common-law countries. Our results provide new evidence for researchers, investors, and policy makers of the value relevance of ESG disclosure in a broad international setting. The evidence shows that globally investors benefit from the disclosure of both aggregate ESG and the individual factors and this supports regulators in pushing companies to provide additional ESG information.
Correcting wildlife counts using detection probabilities

One of the most pervasive uses of indices of wildlife populations is uncorrected counts of animals. Two examples are the minimum number known alive from capture and release studies, and aerial surveys where the detection probability is not estimated from a sightability model, marked animals, or distance sampling. Both the mark-recapture and distance-sampling estimators are techniques to estimate the probability of detection of an individual animal (or cluster of animals), which is then used to correct a count of animals. However, often the number of animals in a survey is inadequate to compute an estimate of the detection probability and hence correct the count. Modern methods allow sophisticated modelling to estimate the detection probability, including incorporating covariates to provide additional information about the detection probability. Examples from both distance and mark-recapture sampling are presented to demonstrate the approach.
Economic Policy Uncertainty, Monetary Policy Uncertainty, and Bank Earnings Opacity

Using a sample of U.S. banks and indices for economic policy uncertainty and monetary policy uncertainty developed by Baker et al. (2016), we investigate whether these two sources of policy uncertainty affect bank earnings opacity. When economic and monetary policies are relatively uncertain, it is easier for bank managers to distort financial information, as unpredictable policy changes make assessing the existence and impact of hidden “adverse news” more difficult for external stakeholders such as investors and creditors. Policy uncertainty also increases the fluctuation in banks’ earnings and cash flows, thus providing additional incentives and opportunities for bank managers to engage in earnings management. Our results show that uncertainty in economic policy and monetary policy are positively related to earnings opacity, proxied by the magnitude of discretionary loan loss provisions and the likelihood of just meeting or beating the prior year’s earnings, and negatively related to the level of accounting conservatism (i.e., the timeliness of recognition of bad news relative to good news). Collectively, our results suggest that economic policy uncertainty and monetary policy uncertainty lead to greater earnings opacity. We also find that the impact of policy uncertainty on financial reporting distortion is less pronounced for stronger banks (i.e., banks with high capital ratios).
The Source of Resources Providing Competitive Advantage: Evidence from Netflix’s Entry

A firm’s resources are well understood to be a source of competitive advantage. However, how a firm comes to acquire resources with the traits that provide competitive advantage is less clear. To explore this question, this paper studies a setting where heterogenous incumbent firms were affected by a common environmental shock and investigates the characteristics of firms that successfully adapted to the new environment. Netflix’s entry into the television show production forced the United States incumbent networks to alter how some television shows are made. The paper finds that incumbent networks with prior experience in the new practice did not fare better than their peers. However, those with existing deep supplier relationships were better able to manage this transition. This result suggests the resources providing competitive advantage may come primarily through serendipity rather than active planning by firms.
The Extracellular Proteases Secreted in vitro and in planta by the Phytopathogenic Fungus Sclerotinia sclerotiorum

The proteolytic enzymes secreted by Sclerotinia sclerotiorum were characterized using mechanistic inhibitors, affinity chromatography and analytical electrophoresis. The proteolytic system mainly constituted of acidic proteases but a neutral protease (serine protease) was also found at the initial stage of plant infection by the fungus. In vitro and in planta protease profiles were shown to be similar. Properties of the enzymes produced were matched with the ambient pH indicating that the set of enzymes secreted reflected the environmental niche created during mycelial growth.
Analysis of U.S. Household Final Consumption Expenditure Using LA/AIDS Approach

<br>The main objective of this article is to analyze the U.S. household final consumption expenditure using a Linear Approximate Almost Ideal Demand System (LA/AIDS) model for the period of 1989 through 2015. The six major groups of goods and services are (1) food and alcoholic beverage, (2) housing, (3) apparel and service, (4) transportation, (5) health care, (6) and other goods and services. The LA/AIDS model has been used through homogeneity and symmetry restrictions by using the seemingly unrelated regressions (SUR) method. The results show that price parameters are homogeneous of degree zero and confirm the symmetry hypothesis for the nominal price parameters of goods and services with exception of the cross-price parameters between food and beverage expenditure and health care expenditure. The uncompensated own-price elasticity with negative signs in all groups are statistically significant with exception of uncompensated own-price elasticity demand for apparel and service. The estimated expenditure elasticity showed that medical care (not significant) and food and beverages can be considered as necessary goods whilst apparel and services, transportation, and other goods and services are close to being considered as luxury goods and services. Of the major six groups covered in this study, housing has a unit expenditure elasticity. Furthermore, the compensated own- price elasticity of all groups are relatively inelastic, and statistically significant with exception of compensated own-price elasticity for food and beverages and apparel and services. <br><br><br>[This article has published in "International Journal of Current Advanced Research"]
Diversité agro-morphologique des accessions de fonio [ Digitaria exilis (Kippist.) Stapf.] au Niger

La variablite morphologique de 67 accessions de fonio [Digitaria exilis (Kippist.) Stapf. ] collectees au Niger a ete evaluee au cours de deux annees (2011 et 2012). Seize (16) caracteres agro morphologiques (dont 14 caracteres quantitatifs et 2 caracteres qualitatifs) ont ete evalues en station dans deux zones agroecologiques differentes (Tarna en zone sahelo-saharienne et Tara en zone soudanienne). La classification acsendante hierarchique (CAH) et l’analyse factorielle discriminante (AFD) ont mis en evidence quatre groupes (GI, GII, GIII et GIV). Les accessions du groupe GIV ont en moyenne un cycle de maturite compris entre 85 et 90 jours tandis que les autres groupes presentent un cycle de maturite superieur a 90 jours dans nos conditions experimentales. Les resultats montrent que les variables les plus discriminantes qui permettent de decrire la variabilite entre les groupes identifies sont la biomasse seche (tige et feuille) par hectare, la longueur des entrenoeuds, le rendement en graine par hectare et dans une certaine mesure le cycle de la plante. L’observation des caracteres qualitatifs a montre que cinq accessions (representant 7% du total) ont des graines non decortiquees de couleur rouge et quatre accessions (6% du total), une tige de couleur rouge. Les caracteres analyses peuvent ainsi constituer des criteres de base pour differencier les accessions des autres regions de l’Afrique de l’Ouest et servir pour une etude de variabilite entre les restes des accessions de fonio collectees au Niger. Des possiblites d’amelioration peuvent egalement etre envisagees une fois que le regime de reproduction de l’espece est bien identifie. Mots cles : Digitaria exilis, variabilite morphologique, accessions, diversite, fonio, Niger.
REVERSAL OF THE PHALLIC COMPLEX IN THE GENERA CIULFINA GIGLIO‐TOS AND STENOMANTIS SAUSSURE (MANTODEA: MANTIDAE: IRIDOPTERYGINAE * )

The phallic complex in male mantids is complex and highly asymmetrical and is generally assumed to be fixed in chirality. Mirror image reversal of the male phallic complex in eleven of a total of seventeen putative species of Ciulfina and Stenomantis is now described. At several sites in and near Bundaberg, Queensland, both the normal and reversed orientations have been found in what is assumed on the basis of external and genitalic morphology and of cytological evidence to be the one species. The genitalia of all females dissected were complex but markedly symmetrical.
Environmental and Genetic Factors Affecting Milk Production of Butana Cattle in the Sudan

Summary A study was made of the production records of 353 Butana cows with 1,311 calvings during the years 1943–57 in a governmental dairy farm herd on the north of Atbara, Northern Province, Sudan. Prom the performance records of this herd, it was found that (a) heifers averaged 44 months old at first calving, (b) the average interval between consecutive calvings was 416 days, and (c) the average milk yield in 253 days was 3,129 lb, with a standard deviation of 1,709 lb. The records also showed highly significant differences between all production traits at different years. No real differences were evident in milk yield records due to month of calving or age of cows in lactation. Based on reported data, repeatability estimates of single-record milk yield, calving intervals, lactation periods, and dry periods were: 0.415±0.037, 0.111±0.039, 0.415±0.043, and 0.221±0.037, respectively. Heritability of a single-record milk yield was estimated as 0.278±0.232 and of two records as 0.302±0.286. Further statistical analysis showed that the total generation length was 25.87 yr, and it is estimated that the annual genetic improvement in milk yield has amounted to about 0.7% of the herd average. Most of this improvement has been brought about by the selection of the sires used.
Can the New Deal Solve the Old Problem of Aid Orphans and Darlings? Aid Effectiveness in Fragile States

The New Deal for Engagement in Fragile States marks an important ideological shift in development co‐operation. Despite this progress, no practical response has been found to the problem of aid co‐ordination. This article traces the issue of aid allocation and highlights lessons from the ‘aid orphan’ and ‘aid darling’ debate. It examines the significant, yet under‐reported, policy process of the New Deal. It argues that deeper engagement with the concept of trust, and renewed focus on the political elements of the agreement, should be key priorities for the International Dialogue on Peacebuilding and Statebuilding.
Climate‐induced response of commercially important flatfish species during the 20th century

The consequence of elevated ocean temperatures on commercial fish stocks is addressed using time series of commercial landings (1906–2004) and juvenile survey catch data (1904–2006) collected around Denmark. We analyze (i) whether warm-water sole (Solea solea) has increased relative to Boreal plaice (Pleuronectes platessa) and (ii) whether two related warm-water species (turbot, Psetta maxima and brill, Scophthalmus rhombus) show similar responses to increasing temperature or, alternatively, whether turbot (which has a broader juvenile diet) has been favored. Since the early 1980s, both sole and turbot have constituted an increasing part of the commercial landings and survey catches, as compared with plaice and brill, respectively. These changes in species composition were linked to sea surface temperatures, Northern Hemisphere temperature anomalies (NHA) and the North Atlantic Oscillation. NHA was closely related and explained 43% of the observed variation in sole survey catches relative to the plaice catches and almost 38% of the observed variation in the sole landings relative to the plaice landings. For the less common species, turbot and brill, none of the global change indicators explained more than 15% of the variation, although all showed a positive relationship. Survey catch per unit effort increased significantly for both sole and turbot around the early 1980s, whereas catch per unit effort for plaice and brill remained constant. The results indicate that the abundance of warm-water species is likely to increase with increasing temperature but also that species with similar life histories might react differently according to degree of specialization.