Miracle-dz/UniFAR-FTUs huggingface dataset:
Banking Networks, Systemic Risk, and the Credit Cycle in Emerging Markets

This paper extends a large literature on systemic risk in the US, Europe, and other developed countries to emerging markets, which are relatively under-researched. Findings are based on a large-scale empirical examination of systemic risk among 1048 financial institutions in a sample of 23 emerging markets, broken down into 5 regions, along with 369 U.S. financial institutions. Using an additively decomposable systemic risk score that combines banking system interconnectedness with default probabilities, systemic risk is quantified for each region, across time. The empirical analyses suggest that emerging markets’ systemic risk is heterogeneous across regions, is strongly dependent on the interconnectedness of the banking system within each region, and predicts the level of default risk in each region, while the regions are compartmentalized away from each other and insulated from the United States. The systemic risk score may be used as a policy variable in each emerging market region to manage the credit cycle.
High diversity, expanding populations and purifying selection in phytoplasmas causing coconut lethal yellowing in Mozambique

In this study, the putative phytoplasma species causing coconut lethal yellowing disease in Mozambique and Tanzania were characterized. The 16S rRNA and secA genes were sequenced. Phylogenetic analysis revealed that Mozambican coconut phytoplasmas belong to three different types: ‘Candidatus Phytoplasma palmicola’ 16SrXXII-A, a second strain that was previously isolated in Tanzania and Kenya (16SrIV-C), and a third strain that was different from all known lethal yellowing phytoplasma species. The third strain potentially represents a novel species and is closely related to pine phytoplasma. Co-infection with ‘Ca. Phytoplasma pini’-related and ‘Ca. Phytoplasma palmicola’ 16SrXXII-A strains was observed. Furthermore, sequence variation in ‘Ca. Phytoplasma palmicola’ at the population level was consistent with purifying selection and population expansion.
Apple pomace from eleven cultivars: an approach to identify sources of bioactive compounds - DOI: 10.4025/actasciagron.v32i1.3176

The dried apple pomace composition of 11 cultivars was assessed in this work. Significant differences in lipids, malic acid, total polyphenol compounds, total reducing sugars, and alimentary fiber content were observed among the samples. Dietary fiber was composed of 35% pectin and 65% insoluble fiber. Total polyphenol compounds (TPC), measured as chatechins, ranged from 2.29 to 7.15 mg/Kg of apple pomace. Antioxidant activity, expressed as total equivalents of antioxidant capacity (TEAC) values, varied from 17.41 to 77.48 mmMol/g and a high correlation coefficient was observed between antoxidant and polyphenol levels (R2 = 0.82). PCA results showed that apple pomaces from different cultivars may have different composition profiles and different antioxidant activity. The drying kinetics of apple pomace fitted a third order model. The results also pointed that dehydrated apple pomace could be used as raw material for inverted sugar production, after purification, and as an interesting ingredient for the production of foodstuffs rich in alimentary fibers, TPC, and antioxidants.
Ontogeny of enzymatic activities in fed and fasting turbot, Scophthalmus maximus L.

The presence and localization of acid and alkaline phosphatase, non-specific proteases, aminopeptidase, amylase, non-specific esterase and lipase was investigated by histoenzymologic methods in fed and fasting turbot from day 1 to day 40 post-hatching and compared with published data. Alkaline phosphatase and aminopeptidase activities were delected at day 1 in the distal region of the developing digestive tube. At day 3 (opening of the mouth) aminopeptidase and alkaline phosphatase activities were found all along the intestine. Sites of non-specific esterase and protease activities became apparent in the digestive tract at days 2 and 3 respectively. Amylase was present in the exocrine pancreas at day 3 and in the lumen of the intestine at day 4. Acid phosphatase was active in the cellular structure surrounding the yolk stores and in the lipid droplets at day 1 and in the intestinal epithelium at day 3. Lipase was found at day 15 when the larvae metamorphose into juveniles. All the investigated enzymes were detected in fasting animals, except for lipase. However, the intensities of the enzymatic activities were weaker in the fasting specimens relative to the fed specimens between days 7 and 10.
Hedge Fund Leverage, Asset Liquidity, and Financial Fragility

Using newly available data on hedge fund leverage that specifies the type of leverage employed (e.g. gross or net), we examine the potential for a credit spiral and financial fragility in hedge funds. We find that funds belonging to fund families that are highly levered, have multiple prime brokers or whose holdings are illiquid have outflows that are over two times more sensitive to prior poor performance than the average hedge fund. Furthermore, negative returns predict future poor returns, and this return persistence is strongest in illiquid and highly leveraged funds. Despite the apparent risks of high leverage that we document, aggregate hedge fund leverage at the end of 2014 exceeded its pre-crisis level even though financial-sector leverage declined over the same period.
Is the Whole More Than the Sum of Its Parts? Underpricing and Long-Run IPO Performance

We use the estimate of an IPO’s intrinsic value derived from its initial price range and the degree to which the overallotment option is exercised to decompose IPO underpricing into a Market Inefficiency and an Underwriter Bias component. The former reflects the difference between the closing price on the first day of trading and the intrinsic price and the latter the difference between the intrinsic price and the offer price. We show that although an investment strategy that goes long on undervalued and short on overvalued IPOs based on underpricing does not result in any significant return profitability, a similar strategy based on Underwriter Bias (Market Inefficiency) earns statistically and economically significant returns of 28% (15%) over the three-year period following the IPO. Multivariate results indicate that Underwriter Bias is strongly positively related to future returns but Market Inefficiency does not exhibit significant incremental information content. Our results are robust to numerous sensitivity analyses, including different model specification and different measures of long-run returns. We conclude that the inability of prior research to document a relation between IPO underpricing and future return performance can be explained by the counteracting effects of the two components of underpricing and that the IPO’s future long-run return performance can be predicted by the deviation of the intrinsic value from the offer price.
Influence of Dietary Fiber on the Growth and Protein Metabolism of the Rat

Growth study was made on 96 male rats with treatments (15g diet, 03.g N/day): wheat bran (B) 5%, 2.1% neutral (NDF) and acid (ADF) detergent fibers, pectin (P), cellulose (C) and no-fiber (No-F) at two levels of energy (57 and 67 Kcal/day) for 4 wk and extended period. II. until 8 wk. In Period II. B and NDF diet resulted in significantly higher (P < 0.05) weight gain and protein efficiency ratio than No-F, in spite of increased fecal N excretion. Urinary N excretion was the most for NoF and the biological value the least (P < 0.05). Data suggest, at marginal intake of protein and energy closer to the requirement, dietary fiber has a role in the rat's growth and improved utilization of absorbed N.
What Makes Bullies: Evidence from Randomized Intervention

Parenting makes bullies. We show that children who were raised by parents who used harsh parenting during early childhood are more likely to bully others during early adolescence. Evidence is based on a randomized intervention where the parents receive training programs aimed at improving their disciplinary strategies. 10 years after the intervention, children whose parents received the intervention were less likely to bully their peers. Victimization was unaffected. The results support the interpretation of bullying as a type of social interaction skill with large negative externalities that are shaped by early-childhood parenting.
Earnings Smoothing, Analyst Following and Firm Value

This paper examines whether earnings smoothing based on accounting discretion is positively associated with value when less information is otherwise available. We estimate a smoothing index which measures the decrease in earnings per share volatility related to the use of discretionary accruals, and proxy for a firm’s information environment using the number of analysts following the firm. In unconditional tests, we find a modest though statistically significant premium for firms that smooth earnings. However, consistent with our hypothesis, we find that this premium is concentrated among firms with low or no analyst following. On average, we find no relation between firm value and earnings smoothing for firms with a high analyst following. These findings are consistent with findings that earnings smoothing increases the informativeness of earnings.
Do Banks Really Sell Securities to Smooth Earnings?

Accounting research has long claimed that banks time sales of available-for-sale securities to smooth earnings. We find that what the prior literature calls smoothing is more accurately characterized as boosting of low earnings. That is, the “smoothing” behavior is asymmetric, occurring at the low end of the earnings distribution, where banks sell at gains to boost low earnings. Furthermore, the intent behind some of this gain-selling at the low end of the earnings distribution appears to be to manage reported earnings from negative to positive, rather than to create a smooth earnings path. We also find that these gain-selling tendencies are of low frequency. At the high end of the earnings distribution, we find little statistically or economically significant earnings smoothing via realization of securities losses or realization of smaller-than-normal securities gains. Previously unavailable data that separates the net realized gain/loss into its gross components reveals that banks generally are reluctant to sell securities at losses, and when they do realize losses they typically offset the losses with realized gains. Overall, results suggest that when accounting standards insulate earnings from unrealized changes in security fair values, the primary form of earnings management that occurs is occasional gain-selling to boost low earnings or beat the zero-earnings benchmark.
Loss Aversion, Economic Sentiments and International Consumption Smoothing

We examine an unexplored connection between loss aversion and international consumption smoothing. In the face of expected income declines, loss-averse behaviour implies that any adjustments in consumption are delayed until they are necessary. However, if the expected fall in income materialises, the eventual adjustments in consumption are larger. Therefore, loss aversion could weaken international consumption smoothing. We test this mechanism using measures of economic sentiment. These provide a sense of the expected direction of future income changes. We demonstrate that prevailing confidence and uncertainty, our proxies for economic sentiment, reduce the degree of international consumption smoothing. We provide evidence that this effect arises from loss-averse behaviour, using a test of the asymmetric response of consumption to positive and negative output fluctuations that occur following periods of weak economic sentiment. Our findings have important implications for public institutions and private initiatives that aim to improve cross-country risk sharing.
Wage Differentials between the Public and the Private Sectors in India

This study uses 1993-94 and 1999-2000 India Employment and Unemployment surveys to investigate wage differentials between the public and private sectors as well as workers' decisions to join a particular sector. To obtain robust estimates of the wage differential, we apply three econometric techniques each relying on a different set of assumptions about the process of job selection. All three methods show that differences in wages between public sector workers and workers in the formal-private and informal-casual sectors are positive and high. Estimates show that, on average, the public sector premium ranges between 62% and 102% over the private-formal sector, and between 164% and 259% over the informal-casual sector, depending on the choice of methodology. Our review of wage differentials (estimated using similar methodologies) across the world shows that India has one of the largest differentials between wages of public workers and workers in the formal private sector. The wage differentials in India tend to be higher in rural as compared to urban areas, and are higher among women than among men. The wage differential also tends to be higher for low-skilled workers. There is considerable evidence of an increase in the wage differential between 1993-1994 and 1999-2000.
Two-Way Fixed Effects Estimators with Heterogeneous Treatment Effects

Linear regressions with period and group fixed effects are widely used to estimate treatment effects. We show that they estimate weighted sums of the average treatment effects (ATE) in each group and period, with weights that may be negative. Due to the negative weights, the linear regression coefficient may for instance be negative while all the ATEs are positive. We propose another estimator that solves this issue. In the two applications we revisit, it is significantly different from the linear regression estimator.
Save National Budget or Human Lives? A UTUAT Theory and Malaysian MRT3 Saga Perspective

Malaysia’s public transportation system has significantly improved over the years. With the introduction of several railway corporations, the Malaysian transportation system, particularly, that of Kuala Lumpur (KL) has seen a massive refinement. In the successful establishment of the Mass Rapid Transit (MRT) 1 and 2 initiatives, road transport death rates, air, and noise pollution, intense traffic congestions, and road associated health issues have faced a tremendous decrease in recent years. However, these initiatives have caused the Malaysian government an overwhelming amount of financial capital and have likely increased her national debt. Considering recent proposals to initiate another new MRT3 (MRT Circle Line) initiative, the Malaysian government is thus, in a dilemma of either enjoying the myriad benefits of the MRT3 initiative or redeeming itself from another potentially disturbing huge financial costs and national debt. It is hence, unclear how much of the Malaysian populace in KL intend to utilize a new MRT3 or save their national budget. This study, therefore, attempts to investigate the significance of the MRT3 initiative, and why it should be given considerable attention for plausible execution by the Malaysian government. The results show that Social Influence (SI), Effort Expectancy (EE), Performance Expectancy (PE), and Facilitating Conditions (FC) have positive influences on Behavioral Intentions (BI) of the KL populace. While BI largely predicts the MRT3 Use, it also mediates the positive impacts of SI, EE, PE, and FC on MRT3 Use. Likewise, FC has no direct influence on MRT3 Use. Policy implications and recommendations are also discussed.
Genetic diversity, relationships and demographic history of the small yellow croaker, Larimichthys polyactis (Pisces: Sciaenidae) from Korea and China inferred from mitochondrial control region sequence data

Abstract Genetic variation was surveyed at the mitochondrial control region (766bp) to test for the presence of genetic stock structure in the small yellow croaker, Larimichthys polyactis from the Yellow and East China Seas. Individuals of the small yellow croaker could not be distinguished on the basis of its location, as demonstrated using the neighbor-joining (NJ) method, unweighted pair-group method, arithmetic average (UPGMA) and the minimum spanning network (MSN). Analysis of molecular variance revealed no significant differences among collections of the small yellow croaker taken from the four locations (two locations each in Korea and China). Neutrality tests and a mismatch distribution analysis indicated that this species has recently expanded. Our findings suggest either that the small yellow croaker has a high migration capability that enables it to overcome the effects of genetic drift, or that this species expanded relatively recently and has not yet had sufficient time to differentiate.
Analyst Coverage and Innovation: Evidence from New Product Introduction

Does greater analyst coverage improve or inhibit �? rms’ incentives to introduce new products? Using a novel dataset on consumer goods product introduction, I �? nd that higher analyst coverage is associated with more introductions of breakthrough new products. Following exogenous loss in one analyst, �? rms experience, on average, a 3% reduction in the number of breakthrough new products. The effect is concentrated among �? rms with higher asymmetric information, higher growth opportunities, and �? rms that have introduced breakthrough new products prior to the analyst shocks. Affected �? rms also raise less equity capital and reduce their pay-for-performance sensitivity. Overall,my �? ndings suggest that analysts spur corporate innovation through their role as information intermediary.
Low and variable reproductive success of a neotropical tyrant-flycatcher, Chapada Flycatcher (Suiriri islerorum)

Abstract The decline of several bird populations has been related to reduced reproductive success. Here we used the logistic-exposure method to model the temporal (age, daily, annual) variation in reproductive success of a neotropical tyrant-flycatcher, the Chapada Flycatcher (Suiriri islerorum), which has been described only recently (2001). We monitored 56 nests, in a reserve in central Brazil, over four seasons from 2003 to 2006. Predation affected 66% of the monitored nests, but varied greatly across years. The probability of daily survival decreased 7% day−1 with the age of the nest and the reproductive success varied greatly between years (16.8, 75.4, 6.7 and 21.4%, 2003–06 respectively). Mean reproductive success (using three analytical methods) ranged from 21 to 25%, but from only 13 to 16% when results from 2004 were excluded. Such low and variable reproductive success is atypical for a neotropical bird. In combination with the small population size and known decline of this population, our findings raise conservation concerns for this isolated population.
Temporal Causality between House Prices and Output in the U.S.: A Bootstrap Rolling-Window Approach

This paper examines the causal relationships between the real house price index and real GDP per capita in the U.S., using the bootstrap Granger (temporal) non-causality test and a fixed-size rolling-window estimation approach. We use quarterly time-series data on the real house price index and real GDP per capita, covering the period 1963:Q1 to 2012:Q2. The full-sample bootstrap non-Granger causality test result suggests the existence of a unidirectional causality running from the real house price index to real GDP per capita. A wide variety of tests of parameter constancy used to examine the stability of the estimated vector autoregressive (VAR) models indicate short- and long-run instability. This suggests that we cannot rely on the full-sample causality tests and, hence, this warrants a time-varying (bootstrap) rolling-window approach to examine the causal relationship between these two variables. Using a rolling window size of 28 quarters, we find that while causality from the real house price to real GDP per capita occurs frequently, significant, but less frequent, evidence of real GDP per capita causing the real house price also occurs. These results imply that while the real house price leads real GDP per capita, in general (both during expansions and recessions), significant feedbacks also exist from real GDP per capita to the real house price.
The lichen flora on Picea abies in a suboceanic spruce forest area in Central Norway with emphasis on the relationship to site and stand parameters

The lichen flora on 400 Picea abies trees (branches, trunks and trunk bases) in 100 patches of suboceanic spruce forest in Central Norway has been investigated. Relationships between occurrence of the species and a number of habitat and tree variables were analysed by detrended correspondence analysis (DCA). A total of 122 lichen species were recorded. Total species number was found to be about the same on branches and trunk bases (considerably lower on trunks), but with higher β-diversity on trunk bases. Most species could be classified as branch specialists, generalists, trunk or trunk base specialists. Among the measured habitat variables, stand age, altitude and vegetation type were found to be the most important for explaining the patterns of species distributions. Alectoria sarmentosa, Mycoblastus sanguinarius and several dry bark species on trunks, including Caliciales species, were more or less confined to old forests, while Usnea spp. were more abundant in young form. Trentepohlia-containing trunk base species like Arthonia vinosa, Dimerella pineti, Lecanactis abietina and Sclerophora coniophaea showed preference for vegetation types indicating nutrient-rich substrates. The number of branch species was highest on lower altitudes while the opposite was true for trunk species. Larger trees with rough bark in older stands had a more species-rich lichen flora, probably because of higher substratum area and availability of more diverse microsites.
Strategic Scope and Bank Performance

One of the most dramatic trends in banking since the 1980s has been the secular movement away from core banking and interest generating activities towards enhanced reliance on non-interest-generating activities that focus largely on fees and trading profits. In this paper, we draw on a dataset covering nearly a million quarterly observations on more than 12,000 US banks and find no evidence that this shift in the bank business model harms bank profitability. To the contrary, a higher share of non-traditional bank income is associated with a higher profitability. The increase in profitability does not seem to come at the cost of substantially larger bank-level risk taking, at least not for large banks, which are the banks mostly involved in non-traditional bank business. There is also no conclusive evidence that a larger share of non-traditional income is associated with a larger contribution to systemic risk. The net benefits of non-traditional income increased in the 2000s, when both interest rates and bank margins started to decline. Estimation techniques that mitigate endogeneity concerns resulting from unobserved heterogeneity also show larger net benefits associated with greater bank reliance on generating non-traditional income.