Miracle-dz/UniFAR-FTUs huggingface dataset:
PII: S0167-2681(99)00081-5

This study presents a framework deriving the demand and supply of target firm shares in merger, and tests it using event study methodology and regression analysis. Target and bidder behavior are not mirror images; instead bidders rank and pursue targets which either accept or reject bids. Merger cycles are motivated by bidder demand shifts, target quality is as important as strategic fit for bidders, and transaction type is confirmed as the most reliable predictor of variation in premiums. Target institutional investors raise the cost to the bidder. ©2000 Elsevier Science B.V. All rights reserved. JEL classification:D21; G34; L10
Investor Disagreement, Disclosure Processing Costs, and Trading Volume: Evidence from Investors Who Interact on Social Media

We use posts on the investor-focused StockTwits social media network to generate new insights regarding investor disagreement, disclosure processing costs, and trading volume around earnings announcements. Using social media-based measures of disagreement, we find that trading volume is positively associated with both preannouncement disagreement and increases in disagreement around an earnings announcement. Drawing upon the disclosure processing costs literature, we provide evidence that the effects of disagreement increase when disclosure processing costs are lower. Our social media measures of disagreement remain significant after including traditional analyst earnings estimate measures of disagreement in the model. Our study provides new evidence on the importance of disclosure processing costs and is consistent with lower disclosure processing costs amplifying both the resolution of preannouncement disagreement and new disagreement about earnings information.
Can Shorts Predict Returns? A Global Perspective

Using multiple short-sale measures, we examine the predictive power of short sales for future stock returns in 38 countries from July 2006 to December 2014. We find that the days-to-cover ratio and the utilization ratio measures have the most robust predictive power for future stock returns in the global capital market. Our results display significant cross-country and cross-firm differences in the predictive power of alternative short-sale measures. The predictive power of shorts is stronger in countries with nonprohibitive short sale regulations and for stocks with relatively low liquidity, high shorting fees, and low price efficiency.
Do Large Shocks in VIX Signal a Flight-to-Safety in the Gold Market?

The recent financial crisis provides an opportunity to examine flight-to-safety in response to various levels of market uncertainty. This study is the first to examine the degree of market uncertainty as measured by the CBOE volatility index (VIX). Findings suggest that large increases in the VIX index result in positive abnormal returns for equities in the gold and silver ore industries and SPDR Gold Shares (GLD) exchange traded funds (ETF). The performance of common stocks in the gold and silver ore industries and the GLD ETFs are examined relative to the level of uncertainty in the market. The level of uncertainty in the market is proxied by 10%, 25%, and 50% increases in the VIX index relative to its 75 day moving average. Evidence of flight-to-safety during a financial crisis exists in response to 25% increases in the VIX.
Pitfalls in Risk Assessment Arising from Spurious Seasonality

To determine the appropriate level of risk capital financial institutions are required to empirically estimate and predict specific risk measures. Although regulation commonly prescribes the forecasting horizon and the frequency with which risk assessments have to be reported, the scheme with which the underlying data are sampled typically remains unspecified. We show that, given assessment frequency and forecasting horizon, the choice of the sampling scheme can greatly affect the results of risk assessment procedures. Specifically, sequences of variance estimates are prone to exhibit spurious seasonality when the assessment frequency is higher than the sampling frequency of non-overlapping asset return data. We derive the autocorrelation function of such sequences for a general class of weak white noise processes and for a general class of variance estimators. The problem of spurious seasonality can be overcome by using overlapping return data for estimation of risk measures.
Steady flow in a rapidly rotating spheroid with weak precession: Part 2

This is a continuation of our companion paper (Kida 2020b Fluid Dyn. Res.) in which the steady flow in a precessing spheroid is studied in the strong spin and weak precession limit, and the elliptic flow with uniform vorticity, the direction of which is perpendicular to the spin axis on the plane spanned by the spin and the precession axes, is shown to be excited in the interior inviscid region. In this paper we examine the boundary-layer flow connected to this elliptic flow and also the higher-order inviscid flow modified by this boundary-layer flow. The explicit expression of the velocity and pressure fields is obtained for arbitrary aspect ratio c of the polar and equatorial radii of the spheroid. The boundary-layer approximation breaks down at two critical circles on which the boundary-layer thickness as well as the normal component of velocity diverge to infinity. The flow field in the neighborhood (called the critical regions) of the critical circles is analyzed to find the same structure, up to scales, as that for a sphere. The radial component of velocity in the critical region induces the conical shear layers along the characteristic cones in the inviscid region. They reflect on the spheroid surface, and the reflection takes place endlessly in general. On the other hand, it is proved that for a spheroid of which the aspect ratio is expressed as c=3cot[(π/2)(m/n)] (m/n being an irreducible fraction) the reflection terminates at (n − 2) times and the conical shear layers form a regular pattern. Since such special values of c are distributed densely over all the positive numbers, we may observe practically always a regular pattern of the conical shear layers. Such closed conical shear layers are clearly visualized by the pressure field numerically calculated in the asymptotic formulation. Furthermore, the total angular momentum of the steady flow is expressed explicitly up to the non-trivial leading order for all the three components over the whole range of the aspect ratio.
Anti-gout potential of selected Malaysian local fruits

This study aimed to investigate the in vitro xanthine oxidase (XO) inhibitory activity and phytochemical content of guava, water rose apple, Malay gooseberry, pineapple and ambarella. The xanthine oxidase inhibitory activity was measured spectrophotometrically at 295 nm. The phytochemical analysis tested were total phenolic, total flavonoid and total anthocyanin contents of each methanolic extract of the fruits. The highest amount of phenolic was found in ambarella (0.245 mg GAE/g) while guava had the highest amount of flavonoid (0.472 mg RE/g). Meanwhile, water rose apple had the highest anthocyanin content (5.001 mg c-3-ge/g). For the XO inhibitory activity, water rose apple displayed the lowest IC50 value (26.86 µg/mL), showing better anti-gout activity as compared to that of other fruit samples. Positive correlation between total phenolic content and XO inhibitory activity was also observed in this study. Further study on the isolation of bioactive compounds from the fruit samples that act as XO inhibitor is greatly needed in the future.
Study on robustness of rebound hammer and ultrasonic pulse velocity measurement in several concrete damage levels

The results of reading the rebound number in a hammer test and velocity in an ultrasonic pulse velocity (UPV) test are usually associated with concrete compressive strength. A correlation or regression is provided to convert those parameters. However, several factors can influence this correlation. One of them is the level of concrete damage. The purpose of this study is to look at the robustness of hammer and UPV reading data in various concrete damage conditions. Experiments were carried out by testing three groups of concrete strength: 25, 35, and 45 MPa. All the concrete was tested using the UPV and rebound hammer test. The damage was determined as concrete which has decreased compressive strength by 30% (low), 50% (medium), and 80% (high) of the initial strength. The initial strength was the maximum compressive strength on each concrete group which was determined by compression testing. The rebound hammer data shows the correlation results that are almost the same as the correlation provided by the manufactures for concrete without damage and slight damage. But this is not the case with medium and highly damaged concrete, showing the results of the highly distorted correlation. The greater the level of damage, the greater the deviation. For concrete which damage level up to 80%, there is a deviation ratio of up to 3.6 times compared to the correlation value provided by the tool. Furthermore, the reading of UPV has a constant correlation without being affected by damaged concrete conditions up to the velocity of 3500 m/s. Thus, in a rapid assessment of the strength and safety of existing concrete structures, the robustness of a hammer test implements in concrete with sound and slight damage, but for concrete with beyond of elastic damage conditions, it must be accompanied by other tools such as UPV or sampling core.
Growth performance of ICCRI 06 H cocoa seedling in response to different microclimate and soil moisture conditions

Climate and environmental factors play an important role for cocoa (Theobroma cacao L.) optimal growth and production. This study aims to evaluate growth performance and stomatal characteristics of cocoa seedling in response to microclimate, i.e. temperature, relative humidity, light intensity and soil moisture condition. The cacao variety of ICCRI 06 H was used for greenhouse experiment arranged by a completely randomized design with three replications. The first factor was evapotranspiration (ETa) i.e. ETa-1 100% (control), ETa-2 50% (moderate stress), and ETa-3 25% (severe stress). The second factor was microclimate condition defined by its location in the greenhouse, i.e. inside the glass box (IB) and outside the glass box (OB). IB microclimate conditions were modified through the installation of 50-Watt LED artificial lamps. Our seven weeks observations demonstrated the specific microclimate condition created both in IB and OB. An insignificant effect of different soil moisture level to cocoa seedling growth was evidenced. Conversely, microclimate condition shows a significant effects especially the plant height and stem diameter. The multiple regression analysis suggests the presence of connection between microclimate and crop growth, i.e. plant height, stem diameter, and number of young cocoa leaves in IB. The stomatal characteristics indicate the more stressed condition created outside the box.
Mapping of Blackspots Accident Area at North South Expressway to Produce Expressway Advisory System

The study was carried out to produce an advisory system based on the blackspot accidents mapping at the North-South Expressway (NSE). Blackspots are location where the road traffic crashes have historically concentrated by type of accident in which the accident caused fatalities, severe injuries, minor injuries and damage. This research aims to identify accident blackspot and plotting accident data into a digital map of the study area to produce advisory systems for highway users. The software used in this study namely Google Earth Pro, ArcMap and ArcGIS online. Results showed that blackspot location are known in the form of mapping where it can be performed online. In addition, the path with high number of accident points weightage location were identified and prioritized. By applying Google Earth Pro and ArcGIS software, the advisory system was created, and these blackspot locations can also be easily accessed by highway users. Therefore, the advisory system helps in facilitate the users for trip planning base on the accident status locations as a precautionary measure and initiative to reduce the rate of road accident in expressway.
Impact of different salt levels on the seedling growth and root development of Bruguiera sexangula for the regeneration of mangroves

At present mangrove forests have been degraded in North Sumatra, Indonesia. It is therefore the rehabilitation efforts are needed to betterment of mangrove forests. Salinity influences plant growth and development because salinity conditions that are not suitable leading to plant growth and development. This research aims to study the impact of difference salinity concentration on the growth and development of Bruguiera sexangula seedlings. The study was performed using five treatments levels of salinity, namely 0%, 0.5%, 1.5%, 2% and 3%, respectively with ten replications for five months in the greenhouse of Faculty of Agriculture, Universitas Sumatera Utara. There were differences in the growth response of B. sexangula to variations in salinity concentrations. These results indicated that the best growth and development of B. sexangula seedlings at 0.5% salinity concentration of with six best parameters, namely superior height, diameter, number of leaves, number of lateral roots, main root diameter and lateral root diameter.
On reducing lift and drag forces of a stationary circular cylinder using side-by-side pair of inward rotating cylinders

Effect of side-by-side pair of inwardly rotating circular cylinders on the nature of drag and lift forces of the stationary circular cylinder is numerically investigated for Reynolds number Re = 100. Non-dimensional rotation rates of cylinders in consideration are α = 0, 1, 3, and 5. Center to center gap spacing between rotating cylinders is taken as 6D (D is cylinder diameter), and the stationary cylinder is centrally placed in the gap. For the case of two side-by-side inward rotating cylinders, above a certain critical rotation rate, Chan et al. [1] reported the formation of a virtually elliptical body accompanied by vortex suppression. Drag on both the cylinders became almost zero after the formation of a virtually elliptical body. The present study aims to use the same concept of a virtually elliptical body to reduce the drag and lift forces on a stationary circular cylinder. At α = 3, complete suppression of vorticity is observed, followed by the formation of a virtual elliptical body at α = 5. With an increase in α from 0 onwards, the drag coefficient for the stationary cylinder reduces and becomes zero at α = 5.
Supercriticality of the Dynamo Limits the Memory of the Polar Field to One Cycle

The polar magnetic field precursor is considered to be the most robust and physics-based method for the prediction of the next solar cycle strength. However, to make a reliable prediction of a cycle, is the polar field at the solar minimum of the previous cycle enough or do we need the polar field of many previous cycles? To answer this question, we performed several simulations using Babcock–Leighton-type flux-transport dynamo models with a stochastically forced source for the poloidal field (α term). We show that when the dynamo is operating near the critical dynamo transition or only weakly supercritical, the polar field of cycle n determines the amplitude of the next several cycles (at least three). However, when the dynamo is substantially supercritical, this correlation of the polar field is reduced to one cycle. This change in the memory of the polar field from multiple to one cycle with the increase of the supercriticality of the dynamo is independent of the importance of various turbulent transport processes in the model. Our this conclusion contradicts the existing idea. We further show that when the dynamo operates near the critical transition, it produces frequent extended episodes of weaker activity, resembling the solar grand minima. The occurrence of grand minima is accompanied by the multicycle correlation of the polar field. The frequency of grand minima decreases with the increase of supercriticality of the dynamo.
Performance of square steel tubular stub columns in-filled with fly ash and silica fume self-compacting concrete under concentric loading

Concrete filled steel tube (CFST) column is a composite member comprising of structural hollow steel tube and concrete core. This paper evaluates the effect of fly ash (FA) and silica fume (SF) on square CFST stub columns’ behavior under concentric loading. The self-compacting concrete (SCC) grade used is M60 with the addition of 50% FA and 10% SF as a partial replacement of Portland cement. The performances of the fly ash-silica fume selfcompacting (FSS) CFST columns are examined through the axial compression capacity, the load-shortening response, and the failure mode of stub columns. The axial load of the FSS CFST columns is compared with the international design codes to validate the available design codes’ accuracy. The results yield that the FSS CFST columns’ ultimate axial load capacities range between 1408.80 kN and 808.70 kN, while the reference CFST columns’ capacities range between 1332.80 kN and 789.20 kN. FSS concrete improves the concrete contribution ratio and strength index of the square CFST stub columns. However, reference CFST columns demonstrate better ductility than FSS CFST columns. This is attributed to the brittleness of the FSS concrete. All the square CFST stub columns fail via local buckling. Eurocode 4 slightly over predicts the square CFST columns’ ultimate capacity by an average of 4.58%. The American Concrete Institute (ACI) code, on the other hand, over predicts the axial capacity of the CFST stub columns by an average of 17.46%.
Amino acid, nutrient digestibility and FCR of juvenile vannamei shrimp (Litopenaeus Vannamei) at various dosage tofu waste using mixed organism in feed

Tofu dregs are industrial waste that can be used as a source of carbohydrates. However, its use in feed formulations is limited because it contains high crude fiber and low quality. The fermentation process uses a mix of microorganisms. proven to improve the nutritional quality of tofu pulp. This study ams to determine the dosage of fermented tofu pulp in feed against feed amino acids, nutrient digestibility and juvenile food conversion ratio (FCR) of vaname shrimp. The study was designed in a completely randomized design with treatment of 4 doses of fermented tofu pulp in the feed, namely 5, 10, 15 and 20%. The feed was given as much as 10% of total body weight/day to juvenile vaname shrimp measuring 0.5 g per individual kept in a glass aquarium with 20ppt media passage for 60 days. Amino acid measurement results are within the range sufficient for the needs of vaname shrimp. Analysis of variance showed that treatment had a significant effect on total digestibility, protein, crude fiber, carbohydrates and fat, but not on FCR. The highest yield was shown at a dose of 15% protein digestibility (85.62±1.576), crude fiber (87.30±1.117), carbohydrates (90.67±1.231) and a dose of 20% fat digestibility (98.75 ± 0.070) and total digestibility ( 79.70±0.222), the FCR ranges (3.237±.0.35) to (4.141±.0.64). The dosage of fermented tofu dregs with mixed microorganisms can be used 15% in the feed formulation.
Influence of Heat Treatment on the Characteristic of SnO2 Thin Films for Gas Sensor Application

Nano-crystalline SnO2 films were deposited on glass substrates using dip coating by sol–gel technique for gas sensor applications. These films have been annealed in air at 300, 350 400, and 450 °C for 60 min, and at 400 °C for 15, 30 min. The films have been analyzed through x-ray diffraction and optical absorption spectroscopy. The deposited films have shown tetragonal rutile structures. The average crystallite size increased as annealing temperature increased. The crystallite sizes of the annealed films were 8 nm at 300 °C, 10 nm at 350 °C, 14 nm at 400 °C, and 22 nm at 450 °C for 60 min. Whereas the crystallite sizes showed 16 and 15 nm at annealing temperature of 400 °C for 15 and 30 min, respectively. The energetic values of optical band gaps of the films showed increment with the elevation in annealing temperatures. The optical band gap energies were 2.86, 2.86, 3.14 and 3.35 eV at annealing temperatures of 300, 350, 400, and 450 °C, for 60 min, respectively, and 3.43 and 3.35 eV at annealing temperature of 400 °C for 15 and 30 min, respectively. Electrical D.C. conductivity were measured at temperatures ranging from 30 °C to 170 °C, and these measurements showed an exponential increment as the temperature and time increased. The films were studied in the matter of sensing capabilities for CO gas through evaluation at various times and temperatures. The optimum sensitivity was found at annealing temperature 400 °C. The outcomes revealed a high sensitivity of the deposited films for carbon monoxide at operation temperature of 200 °C.
Biosorption of copper ions from aqueous solution using Kappaphycus striatum

Biosorption is an eco-friendly alternative technology for the removal of heavy metals from industrial waste and effluents using low-cost and effective biosorbent. Abundant of natural materials like agricultural biomass, industrial waste, and microbial biomass can be used as a promising biosorbent. In the present study, red algae Kappaphycus striatum biomass will be used for the adsorption of copper ions in aqueous solution. The free (non-immobilized) and immobilized form of red algae Kappaphycus striatum biomass and biosorption rate were investigated for the adsorption process. The maximum biosorption of copper ions was achieved when immobilized form of algae biomass were used at the condition pH of 5, biomass dosage, 0.25 g/L, contact time of 90 minutes, and at the temperature of 50 °C with a 65.8% of removal. The experiment data for biosorption rate with time also was used to evaluated two kinetic models (pseudo-first-order and pseudo-second-order) and two isotherm models (Langmuir and Freundlich). The results reveal that metallic ions biosorption on the immobilized Kappaphycus striatum followed the pseudo-second-order kinetic model with a R 2=0.9996 and Langmuir isotherm model with a R 2=0.9999. The present work shows that the red algae of Kappaphycus striatum as a potential biosorbent for the removal of heavy metal ions from aqueous solution.
Research on the application of Fama and French three-factor and five-factor models in American industry

By conducting ordinary least square estimations using the Fama and French Three-Factor and Five-Factor models on thirty U.S. based industry portfolios, the significant rate of all the variables is compared. Using the comparison, the impacts of the COVID-19 Pandemic on the markets and the Fama and French models are significant. As a result, the significance level of all the independent variables has increased during the COVID-19 Pandemic. The Five-Factor model fares a more substantial increase in efficiency during the Pandemic, and some variables, such as HML and CMA, see tremendous changes. The market becomes less sophisticated during the Pandemic, and the Fama and French Five-Factor model may be more suitable for estimation under certain market environments, contrary to many previous studies.