Miracle-dz/UniFAR-FTUs huggingface dataset:
Contribution of Soil Organic Carbon to the Ion Exchange Capacity of Tropical Soils

ABSTRACT Highly weathered soils represent about 3 billion ha of the tropical region. Oxisols represent about 60% of the Brazilian territory (more than 5 million km2), in areas of great agricultural importance. Soil organic carbon (SOC) can be responsible for more than 80% of the cation exchange capacity (CEC) of highly weathered soils, such as Oxisols and Ultisols. The objective of this study was to estimate the contribution of the SOC to the CEC of Brazilian soils from different orders. Surface samples (0.0 to 0.2 m) of 30 uncultivated soils (13 Oxisols, 6 Ultisols, 5 Alfisols, 3 Entisols, 1 Histosol, 1 Inceptisol, and 1 Molisol), under native forests and from reforestation sites from São Paulo State, Brazil, were collected in order to obtain a large variation of (electro)chemical, physical, and mineralogical soil attributes. Total content of SOC was quantified by titulometric and colorimetric methods. Effective cation exchange capacity (ECEC) was obtained by two methods: the indirect method—summation—estimated the ECECi from the sum of basic cations (Ca+ Mg+ K+ Na) and exchangeable Al; and the direct ECECd obtained by the compulsive exchange method, using unbuffered BaCl2 solution. The contribution of SOC to the soil CEC was estimated by the Bennema statistical method. The amount of SOC varied from 6.6 g kg−1 to 213.4 g kg−1, while clay contents varied from 40 g kg−1 to 716 g kg−1. Soil organic carbon contents were strongly associated to the clay contents, suggesting that clay content was the primary variable in controling the variability of SOC contents in the samples. Cation exchange capacity varied from 7.0 mmolc kg−1 to 137.8 mmolc kg−1 and had a positive correlation with SOC. The mean contribution (per gram) of the SOC (1.64 mmolc) for the soil CEC was more than 44 times higher than the contribution of the clay fraction (0.04 mmolc). A regression model that considered the SOC content as the only significant variable explained 60% of the variation in the soil total CEC. The importance of SOC was related to soil pedogenetic process, since its contribution to the soil CEC was more evident in Oxisols with predominance of Fe and Al (oxihydr)oxides in the mineral fraction or in Ultisols, that presented illuviated clay. The influence of SOC in the sign and in the magnitude of the net charge of soils reinforce the importance of agricultural management systems that preserve high levels of SOC, in order to improve their sustainability.
The 'Write' Size of Trading Behavior: Overconfidence, Prices, and Bubbles in Experimental Asset Markets

This study analyzes the role that overconfidence plays in investor trading behavior. Using a unique measure of confidence (signature size) with an experimental economics approach, we find that those who are more confident bid significantly higher for assets in simulated trading exercises. This is consistent with previous research that overconfident individuals put too much weight on private signals and/or valuations. We further find that markets with a higher percentage of overconfident individuals experience more mispricing and more overpricing.
Triangular PPP

We propose a triangular PPP analytical framework in this paper, which is theoretically justified and empirically validated. The peg of the RMB to the US dollar causes a triangular PPP effect that the dollar euro exchange rate is not a function of the relative prices in the US and Euroland; instead, it becomes a function of the relative prices in PRC and Euroland. The results are supportive of triangular PPP for the dollar euro exchange rate in a three-economy world of the US, Euroland and PRC.
Informality Revisited

Maloney develops a view of the informal sector in developing countries primarily as an unregulated micro-entrepreneurial sector and not as a disadvantaged residual of segmented labor markets. Drawing on recent work from Latin America, he offers alternative explanations for many of the characteristics of the informal sector customarily regarded as evidence of its inferiority. This paper - a product of the Office of the Regional Chief Economist, Latin America and the Caribbean Region - is part of a larger effort in the region to understand the impact of macroeconomic crises.
Water regime as a key factor differentiating habitats of spotted eagles Aquila clanga and Aquila pomarina in Biebrza Valley (NE Poland)

Capsule Foraging sites of Aquila clanga compared to Aquila pomarina are characterized by a considerably longer duration of flooding within the year and higher mean and maximum depths of flooding. A. clanga is particularly associated with shallow (approx. 20 cm) spring flooding, lasting at least up to the beginning of May (on average up to 90 days per year). Variation in habitat selection with respect to water regime might be due to different food preferences and adaptation to landscape differences in the ranges of these two species.
Redistributive Growth

We study long term effects of the technological shift to intangible capital, whose creation relies on the commitment of skilled human capital in firm production. Humancapital cannot be owned, so firms need less financing. Human capital cannot be credibly committed so firms need to reward it by deferred compensation, diluting future profits. As human capital income is not tradeable, total investable assets fall. The general equilibrium effect is a gradual fall in interest rates and a re-allocation of excess savings into rising valuations of existing assets such as real estate. The concomitant rise in house prices and wage inequality leads to higher household leverage.
Influence of Abiotic Factors on Activity in a Larval Stream Salamander Assemblage

Abstract Larval stream salamanders are the numerically dominant predators in many headwater stream systems. Nonetheless, little is known about their activity patterns or the extent to which their movements are influenced by prevailing environmental conditions. In this study, we used capture rates from passive trapping as an index of activity level and sought to identify the environmental variables most responsible for fluctuations in larval stream salamander activity. Over the course of two months, we captured stream salamanders in aquatic funnel traps during both day- and night-trapping sessions at a first-order stream in the North Carolina Piedmont. Using an information-theoretic approach, we constructed models to elucidate the effects of (1) water temperature, (2) cloud cover, (3) days since last rainfall, and (4) time of day on larval salamander activity. We found that the model incorporating time of day and cloud cover was the best predictor of larval salamander activity. In our study, larval salamander activity was highest at night and also demonstrated a weak positive correlation with increasing cloud cover. Using model-averaging, we further determined that our time of day and cloud cover variables demonstrated a significant correlation with observed activity levels. This pattern of peak activity under low light conditions could be a behavioral adaptation that limits predation risk for larval salamanders.
The Economic Costs of Organized Crime: Evidence from Southern Italy

I examine the post-war economic development of two regions in southern Italy exposed to mafia activity after the 1970s and apply synthetic control methods to estimate their counterfactual economic performance in the absence of organized crime. The synthetic control is a weighted average of other regions less affected by mafia activity that mimics the economic structure and outcomes of the regions of interest several years before the advent of organized crime. The comparison of actual and counterfactual development shows that the presence of mafia lowers the growth path, at the same time as murders increase sharply relative to the synthetic control. Evidence from electricity consumption and growth accounting suggest that lower GDP reflects a net loss of economic activity, due to the substitution of private capital with less productive public investment, rather than a mere reallocation from the official to the unofficial sector.
Endocrine Biomarkers of Growth and Applications to Aquaculture: A Minireview of Growth Hormone, Insulin‐Like Growth Factor (IGF)‐I, and IGF‐Binding Proteins as Potential Growth Indicators in Fish

Abstract Growth in fish and other vertebrates is under endocrine control, particularly through the growth hormone (GH)–insulin-like growth factor (IGF) axis. For this reason, it has been of interest to aquaculture researchers and the industry to establish endocrine biomarkers that can both reflect and predict growth rates in fish subject to various biotic and abiotic manipulations. Ultimately, by understanding the hormones that control growth and utilizing them as biomarkers, we hope to achieve optimal growth conditions in the aquaculture environment with less need for lengthy and costly grow-out trials. While the most appropriate endocrine biomarkers for growth can be both species and situation specific, IGF-I may be the most promising candidate for measuring instantaneous growth in fish. This is based on the direct contributions of IGF-I in regulating cell proliferation and ultimately somatic growth, along with its previously established correlations with the specific growth rate in fish under various c.
Business Cycles, Optimal Interest Rate, and Recession Forecast From Yield Curve, Unemployment, GDP, and Payrolls

We developed a factor regression model, nicknamed “GUPTY”, to study the business cycles, and their relation to the monetary policy. It covers several major macro-economic quantities, including unemployment rate, GDP, and weekly payrolls in the U.S. after WWII. The model postulates that these macro-economic quantities are predominantly a nonlinear function of the 10Y and 3M interest rates in the Treasury yield curve, and their regressions share similar model specification. The concept of the business cycle is injected into the model through the yield spread between 10Y and 3M rates. The notion of the natural rate of unemployment and GDP growth comes out of the model naturally. An optimization framework is proposed to determine the optimal short-term interest rate, which is a central concern for policymakers – Once the model parameters are obtained from regressions, the model is inverted to calculate the optimal 3M rate via optimization of the squared errors. Its first-order analytic solution is derived. We find that FED’s interest rate policy has leaned heavily on the unemployment data. We also observe that, on the optimality, the model GDP growth rate matches the realized data almost perfectly. We discuss some policy challenges, and attempt to provide an explanation for the plunge of GDP growth after 2009 due to super-low 10Y rate, in which the “2% GS10 floor hypothesis” is suggested. Unemployment’s 1Y momentum and its 6M acceleration are used to construct a Hidden Markov Model for real-time recession probability. Furthermore, a Random Forest model is developed to forecast recession up to 24 months ahead. And we show recession forecast is closely associated with yield spread inversion.
Erwinia chrysanthemi: description of two new biovars (bv 8 and bv 9) isolated from kalanchoe and maize host plants

(.) Une autre classification en biovars est proposee, reposant sur des criteres biochimiques. Deux nouveaux biovars sont decrits dans cette etude. Le biovar 8 contient 4 souches de mais provenant d'Inde, des Etats Unis et de France, et le biovar 9 regroupe 3 souches de kalanchoe originaires du Danemark, de Suisse et de France. Les 2 nouveaux biovars different des bvs 3 et 7 par le test arginine dihydrolase. On presente l'interet d'utiliser le systeme des biovars a la place de la classification actuelle d'E.c. en pathovars. En particulier, il permet de rendre compte de la diversite de cette espece qui peut se trouver maintenant sur plus de cinquante plantes hotes
Influence of feeding time on sexual maturity and carcass composition in female broiler breeders

One thousand two hundred and ninety six Arbor Acres females and 144 males were used to study the influence of feeding time on sexual maturity and carcass composition. Treatments were: T1 = feeding at 6:30 am, T2 = 50% feeding at 6:30 am and 50% at 3:30 pm (dual), T3 = feeding at 11:00 am, T4 = feeding at 3:30 pm. Nutrition and management were as recommended to the commercial line. Variables studied were: sexual maturity at 5% production (SM), mean egg production percentage (PEP) body weight (BW), carcass composition, tibia weight (TIBW) and tibia calcium (Ca) and phosphorus (P) contents. Analysis of variance was used, and the means were compared using Student's t test. T2 females reached SM at 25.92 weeks, which was earlier (p 0.10) on carcass dry matter (DM), ether extract (EE), crude protein (CP) and ash (ASH). DM, EE, TIBW, Ca and P increased (p<0.05) whereas CP and ASH decreased with age. Time of feeding influenced body weight, but not carcass composition. Hens fed twice a day had earlier sexual maturity and similar egg production compared to those fed once at 6:30 am.
In situ responses to elevated CO2 in tropical forest understorey plants

1. Plants growing in deep shade and high temperature, such as in the understorey of humid tropical forests, have been predicted to be particularly sensitive to rising atmospheric CO2. We tested this hypothesis in five species whose microhabitat quantum flux density (QFD) was documented as a covariable. After 7 (tree seedlings of Tachigalia versicolor and Beilschmiedia pendula) and 18 months (shrubs Piper cordulatum and Psychotria limonensis, and grass Pharus latifolius) of elevated CO2 treatment (c. 700 μl litre–1) under mean QFD of less than 11 μmol m–2 s–1, all species produced more biomass (25–76%) under elevated CO2. 2. Total plant biomass tended to increase with microhabitat QFD (daytime means varying from 5 to 11μmol m–2 s–1) but the relative stimulation by elevated CO2 was higher at low QFD except in Pharus. 3. Non-structural carbohydrate concentrations in leaves increased significantly in Pharus (+ 27%) and Tachigalia (+ 40%). 4. The data support the hypothesis that tropical plants growing near the photosynthetic light compensation point are responsive to elevated CO2. An improved plant carbon balance in deep shade is likely to influence understorey plant recruitment and competition as atmospheric CO2 continues to rise.
Impact of M&A on the R&D Process. An Empirical Analysis of the Role of Technological and Market Relatedness

While the impact of M&A on R&D and innovation examined at the aggregate level left inconclusive evidence, we find that at the level of the R&D process both the technological and the market relatedness between the target and the acquirer are helpful dimensions to identify effects. Using information on 31 in-depth cases of individual M&A deals, we show that technological relatedness between M&A partners directly affects the inputs and organizational structure of the R&D process. M&A partners that operate in the same technological fields tend to reduce their R&D effort and rationalize the R&D process after the M&A compared to firms that are active in complementary technological fields. These firms will also face less technological competition in the technology market, but risk creating a more bureaucratic R&D process with a less motivated workforce. Market relatedness between partners, while having comparable aggregate effects on the R&D process, operates on different dimensions of the R&D process. Former rivals that engage in a M&A are significantly less likely to expand into new R&D fields or leverage their technological competences across the products and markets of the new entity. Non-rival firms that join forces, in contrast, significantly increase R&D output and productivity through these activities.
Firm-Specific Attributes and Financial Performance of Listed Deposit Money Banks in Nigeria

The nature and extent of relationship between firm attributes and bank financial performance have continued to attract the interest of researchers in view of the role that banks play in the economy of every nation. This study assesses the effect of firm specific variables on financial performance of Deposit Money Banks (DMBs) in Nigeria. The study formulates ten (10) hypotheses and applies panel data regression to analyse the extent to which market share, liquidity, credit risk, interest rate spread, leverage, efficiency, operating expenses, deposits, capital management, and bank size affect the financial performance of the banks. The study utilises secondary data extracted from the financial statements of the 13 banks listed on the Nigerian Stock Exchange (NSE) that have their financial statements available over the period 2005 to 2014. Due to absence of cross-sectional effect in the dataset as confirmed by the result of Breusch Pagan Lagrangian Multiplier test and presence of heteroskedasticity, the study uses robust pooled panel regression result for analysis and interpretation. The result of the robust pooled regression model reveals that financial performance of banks in Nigeria is significantly affected by market share, liquidity, interest rate spread, leverage, and operating expenses. The result also reveals that default risk, efficiency, deposits, capital management and size have no significant effect on financial performance of DMBs. In view of this, the study recommends that the Central Bank of Nigeria (CBN) should formulate policies that will motivate banks to increase their market share so that banking structure will be based on market share rather than reduction in the number of players. In addition, the CBN should at least maintain the current liquidity reserves for the banks in view of the strong positive relationship it has with banks’ financial performance. On their part, banks’ management should strive to put deposit to more profitable use in order to increase interest rate spread while shareholders should continue to put in place policies and strategies that will ensure effective management of their capital, size and efficiency for increased profitability.
Animal and Forage Responses on Rotationally Grazed ‘Floralta’ Limpograss and ‘Pensacola’ Bahiagrass Pastures

The objective was to compare animal performance on limpograss and bahiagrass when they were rotationally grazed to 20- to 25-cm and 6- to 8-cm stubble heights, respectively, and fertilized with N after each grazing. Seasonal average daily gain (ADG) did not differ between grasses in any year, and mean ADG over the 3-yr period was 0.41 kg for steers (Bos sp.) grazing limpograss and 0.38 kg for those on bahiagrass. Hand-plucked samples of Pensacola had higher CP than those of Florata, averaging 116 and 83 g kg −1 dry matter (DM), respectively, but in vitro digestible organic matter (IVDOM) concentration of bahiagrass was 581 vs. 613 g kg −1 OM for limpograss
Does Corporate Board Diversity Affect Corporate Payout Policy?

This paper investigates whether board diversity has a significant impact on corporate payout decisions. Previous studies exclusively focus on examining the relation between a measure of firm performance and board diversity. The major advantage of our study is to investigate the direct impact of board diversity on a major corporate decision - i.e., dividend payout policy. We find that firms with diverse boards are more likely to pay dividends and tend to pay larger dividends than those with non-diverse boards. After controlling for various firm characteristics and exploring alternative explanations for the positive association between board diversity and dividend payout policy, our results suggest that board diversity has a significant impact on dividend payout policy. The impact of board diversity on dividend payout policy is particularly conspicuous for firms with potentially greater agency problems of free cash flow, suggesting that diverse board helps mitigate the free cash flow problem. Our findings are consistent with the argument that board diversity enhances the monitoring function of directors for the benefit of shareholders. We also show that significantly larger portion of firms pay dividends after they added a diverse director to their boards and that firms pay significantly higher dividends after adding a diverse director for the first time. However, the change in dividend payout ratio is not significant when firms add another diverse director to their already diverse boards. Also, the benefits of board diversity are not materialized when directors share the same gender or ethnic tie with the CEO. Our findings have an important implication for policies aiming to increase the number of diverse directors in corporate boardrooms. What makes the significant difference is not the sheer number of diverse directors in the board but the diversity they bring to the board.
Examining the Impacts of Airbnb's Review Policy Change on Listing Reviews

In July 2014, Airbnb, one of the biggest firms in the sharing economy, decided to change the way the guests and the hosts review each other on the platform. Before this change, the guests and hosts were able to post reviews about their experiences asynchronously - the host/guest would be able to see the other party’s review whenever it was posted. The new review policy though, rolled out a simultaneous review system in which reviews are viewable only after both the host and the guest posting their own reviews. Our aim in this study was to examine the impacts of this new review policy on guest reviews. Using Regression Discontinuity Design, Panel Data Analysis and a variety of techniques in the text analytics domain, we discovered that the new review policy made the reviews more diverse in terms of topics discussed in the reviews, lengthier, more objective, less positive, and more diverse in terms of their sentiment. Interestingly, we also discovered that the review policy had a long-lasting impact on the constructs related to personal opinions (i.e., sentiment and the diversity of sentiment in the reviews). However, the impact of review policy on informational content (i.e., diversity of topics, depth, and objectivity of the reviews) was short-lived.
Economic-state Variation in Uncertainty-Yield Dynamics

We show there is a much stronger negative, dynamic relation between changes in economic uncertainty and Treasury yields over weaker economic times since at least 1990. We document this economic-state variation in uncertainty-yield dynamics for weekly and monthly change horizons, for nominal yields and real-yield proxies, for multiple economic-state identification methods, and for different economic uncertainty metrics. We present additional findings that suggest short-term fluctuations in precautionary-savings and consumption-smoothing forces are more impactful on interest rate dynamics during weaker economic times, especially relying on surveys of expected economic growth and inflation. Received February 8, 2019; editorial decision August 24, 2020 by Editor Nikolai Roussanov. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
Profit Shifting and Tax Response of Multinational Banks

This paper analyzes multinational banks’ response to taxation. For the empirical analysis we use firm-level bank data from the Bankscope database. We find significant tax effects on reported profits of bank subsidiaries. The magnitude for the tax response of reported profits doubles the effects found in previous studies for non-financial MNEs. The response to tax incentives is significantly smaller in the aftermath of the financial crisis in 2008. Additional analysis reveals that in particular trading gains are highly tax responsive. Results also reveal significant tax effects on loan loss provisions and debt financing.