Miracle-dz/UniFAR-FTUs huggingface dataset:
Twin-Rate Uncertainty, Debt and Investment Decisions – Evidence from Dow Jones Panel Data

This article modifies the intertemporal optimization model proposed by Bo and Sterken (2002) by considering firm debt composition to derive a more suitable physical investment function and evaluates how twin-rate(i.e., interest rate and exchange rate) uncertainty, derived from the issuance of domestic and foreign debts, influences firmsâ€™ investment decisions. The new model focuses on the effects of financial leverageâ€”the use of debt and its role in the financial structure of a companyâ€”on firm decisions under uncertainty. Empirical results reveal that from the viewpoint of market standing, companies in Dow Jones Indexes decrease their investment as uncertainty increases. Moreover, when the foreign interest rates are lower along with lower exchange rate volatility, companies in the Dow Jones Indexes are inclined to increase the issuance of overseas firm debt in order to finance their planned investments.
Vertical Integration and Technology Adoption

This paper examines vertical integration incentives in the presence of a cost-reducing technology. Combining the technology adoption and vertical merger literatures in a simple duopoly model, I show that asymmetric integration can occur even in a purely symmetric set-up, without synergies or foreclosure incentives. This paper makes three further contributions. First, in this model, integration is profitable whenever it allows the firm to adopt the technology faster and to become a profitable technology leader for a longer period of time. Second, comparing preemption and precommitment game, I show that the asymmetric equilibrium may exist under both types of game. Third, integration generally reduces consumers' surplus, but often competition authorities should not forbid such vertical mergers if they seek to maximize social welfare.
Precontractual Investment and Modes of Procurement

Consider a repeated game in which a buyer must decide whether to procure goods whose design may prove defective through auctions or negotiations. To reduce the likelihood of failure, the buyer must motivate the potential suppliers to make a precontractual investment. Because the noisy signal of the supplier's investment is non-verifiable the buyer can induce the suppliers to invest only through relational contracts. I find that auctions may not enable the buyer to implement a surplus-increasing relational contract even when the players are very patient. Therefore, negotiations may be adopted, since they are more effective in stimulating the supplier's investment.
Urbanization affects food webs and leaf-litter decomposition in a tropical stream in Malaysia

Urbanization is occurring rapidly in southeastern Asia where streams are increasingly pressured. We assessed the ecological integrity of Ampang River in Kuala Lumpur by comparing structural and functional measures between forested and urban sites. We assessed 4 forested, 1 intermediate (deforested, not channelized), and 5 urban, channelized sites. Urbanization altered substrate (concrete at urban sites), riparian vegetation, light, temperature, O2, conductivity, nutrients, and major ion levels, and simplified food webs. Invertebrate composition shifted from pollution-intolerant taxa at forested sites to tolerant taxa at urban sites. Richness in Surber samples was 56 species at forested sites and 27 taxa at urban sites. Basal food sources at forested sites were leaf litter and biofilm, whereas at urban sites they were a sediment mat comprising organic matter, cyanobacteria, iron bacteria, and algae. Organic matter biomass on ceramic tiles was greater at urban than forested sites, but chlorophyll a was not. Faunal abundance was greater in litter bags at urban (mean = 72.6 animals/bag, 68% chironomids) than at forested sites (27.9 animals/bag; 33% chironomids), but species richness was higher in forested sites. Food webs at forested sites were more complex and differed from those at urban sites, which lacked shredders, and grazers differed in taxonomic composition and diet between urban and forested sites. At forested sites, insect larvae grazed biofilm, whereas at urban sites, snails consumed the organic mat. Leaf decomposition was fastest at the most disturbed site indicating rapid microbial decomposition caused by increased temperatures (+4.5°C) and nutrients, and possibly increased physical breakdown caused by rapid flow carrying abrasive sediment and garbage. Urbanization has had severe impacts on ecosystem function in Ampang River that could be alleviated by preventing pollution, restoring riparian vegetation, and providing natural substrate.
Stock Market Reaction to Green Vehicle Innovation

We study the stock market reaction to announcements of global green vehicle innovation over a 14-year time span (1996 to 2009) using the event study methodology. We document that the stock market generally reacts positively to automakers’ announcements of environmental innovations, consistent with prior research on the wealth effects of innovation announcements. Our results indicate that crucial green product development decisions such as innovation type and market segment choices exert direct influence on a firm’s market value. We also find that these results hold when controlling for firm size, leverage, profitability, R&D intensity, and oil price changes.
Learning Versus Stealing: How Important are Market-Share Reallocations to India’s Productivity Growth

The new trade theory emphasizes the role of market-share reallocations across firms (“stealing”) in driving productivity growth, while the older literature focused on average productivity improvements (“learning”). The authors use comprehensive, firm-level data from India’s organized manufacturing sector to show that market-share reallocations did play an important role in aggregate productivity gains immediately following the start of India’s trade reforms in 1991. However, aggregate productivity gains during the overall 20-year period from 1985 to 2004 were driven largely by improvements in average productivity. By exploiting the variation in reforms across industries, they document that the average productivity increases can be attributed to India’s trade liberalization and FDI reforms. Finally, they construct a panel dataset that allows them to track firms during this time period; their results suggest that while within-firm productivity improvements were important, much of the increase in average productivity also occurred because of firm entry and exit.
Services Contribution to Manufacturing Exports and Value-Added: Evidence from India and China

The importance of services inputs in enhancing manufacturing productivity and competitiveness has been well documented in the literature on global value chains and economic development. In this context, we investigate the nature and strength of the interlinkage between the services and manufacturing sectors in India and China, using value-added and exports data from the OECD Trade-in-Value-Added Database over 2005-15. Three principal observations emerge from our analysis. First, manufacturing value-added in exports is significantly overstated in conventional BOP statistics for both countries; it is much lower when we use the value-added approach. Second, China’s services value-added contribution is concentrated in traditional services such as trade and distribution and transport services, reflecting the high demand from its competitive manufacturing sector. In contrast, services exports and value-added in India display a higher utilization of modern services, notably, information technology (IT). Third, in both the countries, services show potential for raising their value-added contribution to manufacturing exports, particularly in high-value sectors like IT services. The analysis suggests a need for further deregulation, liberalization, and diversification of the service sector along with greater policy recognition of the importance of services for spurring manufacturing as well as overall competitiveness.
CLOSTRIDIUM PERFRINGENS BETA-TOXIN: CHARACTERIZATION AND ACTION

Beta-toxin produced by Clostridium perfringens type C is an important agent of a necrotizing and inflammatory disease, necrotic enteritis, caused by the microorganism in the small intestine. The deduced amino acid sequence of beta-toxin has significant homology with that of Staphylococcus aureus alpha-toxin, gamma-toxin and leukocidin. Furthermore, beta-toxin forms a heptameric oligomer as a functional pore in rafts on HL60 cells. The toxin also forms the oligomer in artificial membranes. These findings provide that beta-toxin belongs to the same family as alpha-toxin which forms a functional oligomer in membranes. Beta-toxin is lethal to animals and dermonecrotic, but not hemolytic. The toxin directly or indirectly acts not only on the central nervous system but also on peripheral nerves.
Redevelopment Values in Multi-Family Properties: Evidence from En bloc Sales in Singapore

“Teardown” or redevelopment is an effective policy tool to increase supply elasticity in land scarce cities, like Singapore. Unlike the single-family teardown process in the US, redevelopment in Singapore requires the consents of majority owners to collectively sell their strata units in a multi-family property in a process, which is widely known as “en bloc” sales. Using resale private multi-family housing transaction data in Singapore from 1995 to 2018, we find properties identified with redevelopment potentials command significant premiums of between 5.4% and 5.6%, and the redevelopment option premiums are significantly higher by 6.2% after the majority owners have indicated their intention to sell the redevelopment rights. The anticipative effects in resale transactions are observed as early as one year prior to the en bloc sale events, and the redevelopment premiums increase incrementally from 6.4% to 7.4% when sales occur in 6 to 9 months and within 6 months from the en bloc event, respectively. The results are robust and orthogonal to supply constraints in the markets.
Factors Determining Pochard Nest Predation Along a Wetland Gradient

Abstract Waterfowl management on breeding grounds focuses on improving nest success, but few studies have compared waterfowl nest success and factors affecting nest survival along a wetland gradient and simultaneously identified nest predators. We monitored nests (n = 195) of common pochards (Aythya ferina) in Trebon Basin Biosphere Reserve, Czech Republic, during 1999–2002. Daily nest survival rates (DSRs, logistic-exposure) declined from island (0.985, 95% confidence interval, 0.978–0.991) to overwater (0.962, 0.950–0.971) and terrestrial (0.844, 0.759–0.904) nests. The most parsimonious model for DSRs included habitat class (DSRs: island > overwater > terrestrial) and nest visibility. Nest survival was improved by reduced nest visibility, increased water depth, and increased distance from the nest to habitat edge in littoral habitats. On islands, nest success increased with advancing date and increased distance to open water. A model of constant nest survival best explained the data for terrestrial nests. There were no observer effects on DSRs in any habitat. In 2003, artificial nests (n = 180; 120 contained a wax-filled egg) were deployed on study plots. The model that best explained variation in DSRs for artificial nests included only 1 variable: habitat class (DSRs: island ≥ overwater > terrestrial). Mammalian predation of artificial nests (by foxes [Vulpes vulpes] and martens [Martes spp.]) was more likely in terrestrial habitats than in littoral habitats or on islands. By contrast, corvids and marsh harriers (Circus aeruginosus) prevailed among predators of overwater and island nests. Our data indicate that artificial islands and wide strips of littoral vegetation may represent secure breeding habitats for waterfowl because those habitats allow nests to be placed in areas that are not accessible to, or that are avoided by, mammalian predators. Management actions should be aimed at preserving these habitats. This, along with creation of new artificial islands, could help to enhance breeding productivity of pochards and possibly other waterfowl species inhabiting man-made ponds.
Alterations in the physiology of CO2 exchange in tomato plants grown in CO2-enriched atmospheres

Young, greenhouse-grown tomato plants were transferred to growth cabinets where they were maintained in normal air (0.03% CO2) or in air enriched to 0.1 or 0.5% CO2. CO2 enrichment increased net assimilation rate but decreased leaf area ratio. As a result, relative growth rate was greatest at 0.1% CO2 and was less in 0.5% CO2 than in 0.03% CO2. Gas exchange measurements were made on the third true leaf of plants from different CO2 regimes. They indicated that growth under conditions of CO2 enrichment affected photosynthesis at an early stage of leaf development (leaf plastochron index (PI) = 5) but not at a later stage (PI = 10.5). The effects were linked to changes in mesophyll resistance, not stomatal resistance. At PI = 5 and under equivalent test conditions of irradiance and CO2 concentration, net photosynthesis tended to be increased following growth in 0.1% CO2 but was decreased or unchanged by 0.5% CO2. Young leaves developed in 0.1% CO2 were less subject to photosynthetic inhibition by atmospheric.
Influence of Service Quality, Product Quality, Price, Brand Image, and Promotion to Consumer Satisfaction Affecting on Consumer Loyalty (Online Shop)

When the United States withdrew from the Paris Climate Agreement, 100 private corporations reaffirmed their commitment to fighting climate change. While governments are often tasked with facing climate change, many major private institutions are taking steps to significantly reduce carbon emissions, reaping the benefits of favorable public image and reduced operational costs from energy and other savings. On September 5, 2018, ELI held an expert panel discussing the role of private institutions in climate change mitigation, the incentives for private actors pursuing carbon reduction initiatives, key factors in successful case studies, and methods for developing and evaluating successful private climate initiatives. Below, we present a transcript of the discussion, which has been edited for style, clarity, and space considerations.
Home Production

Studying the incentives and constraints in the non-market sector — that is, home production — enhances our understanding of economic behavior in the market. In particular, it helps us to understand (1) small variations of labor supply over the life cycle, (2) large variations of employment relative to wages over the business cycle, and (3) large income differences across countries.
Payments Data: Do Consumers Want to Keep Them in a Safe or Turn Them into Gold?

For policymakers seeking to protect consumer data or financial stability and financial institutions that wish to keep their customers satisfied it is key to know consumers’ attitudes towards payments data usage. This paper provides detailed insight into these attitudes based on unique surveys held among Dutch consumers. Privacy is considered an important payment instrument attribute, especially by low-educated, low-income, and elderly consumers and consumers who have little trust in other people or in their bank. Attitudes towards payments data usage depend on the context. For example, most people support the use of payments data to improve security or services but find sharing payments data with other companies unacceptable. Moreover, the latter practice would result in a significant decline of trust in banks. Depending on the purpose of the data use, attitudes relate to socio-demographic factors, online behaviour, satisfaction with the bank and perceptions of current data usage practices. Lastly, many consumers are unwilling to share their payments data with non-banks to use a payment app or get a financial overview. This holds especially for consumers with low trust in other people and in banks.
The Consumption Response to Positive and Negative Income Changes

A set of newly added questions in the 2011 to 2014 Bank of England/NMG Consulting Survey reveals that British households are estimated to change their consumption by significantly more in reaction to temporary and unanticipated falls in income than to rises of the same size. Household balance sheet characteristics (including the presence of a savings buffer), concerns about credit market access and higher subjective risk of lower future income account for a sizable share of this spending asymmetry and explain significant variation in the marginal propensity to consume across households. Our findings have important implications for predicting the response of aggregate consumption to expansionary and contractionary macroeconomic policies.
Reconciling Behavioral Finance and Rational Finance

In this paper, we explain main concepts of Prospect Theory and Cumulative Prospect Theory within the rational dynamic asset pricing framework. We derive option pricing formulas when asset returns are altered by a generalized Prospect Theory value function or a modified Prelec’s weighting probability function. We introduce new parametric classes for Prospect Theory value functions and probability weighting functions consistent with rational dynamic pricing theory. After the behavioral finance notion of “greed and fear” is studied from the perspective of rational dynamic asset pricing theory, we derive the corresponding option pricing formulas when asset returns follow continuous diffusions or discrete binomial trees. We define mixed subordinated variance gamma process to model asset return and derive the corresponding option pricing formula. Finally, we apply the proposed probability weighting functions to study the greedy or fearful disposition of option traders when asset returns follow a mixed subordinated variance gamma process. The results indicate availability bias and diminishing sensitivity of option traders.
Effects of Genetic Merit of Herdmates on Sire Summaries for Type in Holstein Cattle

Abstract Official classification records (755,744) of the Holstein Association of America were used to ascertain effects of genetic merit of herdmates on sire evaluations for type. Progeny were stratified into three groups on herdmate average for final score: low (less than 79.75), middle (79.75 to 81.75), and high (more than 81.75). Predicted Differences for type were computed in each group for 670 sires with 20 or more progeny in each of the herdmate groups. Mean Predicted Differences for type for three herdmate groups were . 12, −. 28, and −. 45, indicating that failure to adjust for non-random use of sires affected herdmate comparisons for type. The correlation between herdmate average and average Predicted Difference for type of herd mates’ sires was . 48, and between herd mate average and average Cow Index Type of herdmates was . 45. Two iterative procedures and a mixed model comparison were examined as alternatives to sire evaluation by herdmate comparison. All were effective in reducing differences by herdmate groups. However, proofs in the low group still were favored slightly by all three models. The mixed model comparison appeared to be the most effective in reducing effects of nonrandom usage.
Does CEO Acquisition-Selectivity Skill Matter to Firm Value?

This paper investigates whether and how CEO acquisition-selectivity skill differences have significant cross-sectional effects on firm value. We document that CEO acquisition-selectivity skill and firm performance are diverse in the cross-section of acquiring firms. CEOs with low acquisition-selectivity skill, about 49% of our sampled deals, experienced significant negative abnormal returns. On the contrary, CEOs with exceptional acquisition-selectivity skill (20%) created not only the highest abnormal returns by carrying out positive NPV acquisitions but also significantly raised the long-term efficiency gains of acquiring firms. Our results are robust to several endogeneity concerns including an analysis of exogenous CEO departures to other firms and CEO sudden deaths.
Output Fluctuations Persistence: Do Cyclical Shocks Matter?

The aim of this paper is to identify the different sources of persistence of output fluctuations. We propose an unobserved components model that allows us to decompose GDP series into a trend component and a cyclical component. We let the drift of the trend component switch between different regimes according to a first order Markov process. To calculate an appropriate value for a test of linearity we propose a bootstrap procedure, which allows for general forms of heteroscedasticity. The performance of the bootstrap is checked by means of a Monte Carlo simulation. Our study concerns the USA. We find that cyclical shocks appear to play an important role on the observed persistence of output.
Time Compression

Economists have generally ignored the notion that perceived time may differ from clock time. Borrowing from the behavioral psychology literature, we investigate the case of time compression whereby perceived time passes more quickly than actual time. A framework is presented to embed time compression in economic models. We then apply the principle to a standard lifecycle permanent income model with endogenous labor. Time compression provides an alternative explanation of why older individuals, even those without declining labor productivity, may choose to reduce their work effort.
Hybridization between Yellowstone Cutthroat Trout and Rainbow Trout in the Upper Snake River Basin, Wyoming

Abstract Human-induced hybridization between fish populations and species is a major threat to aquatic biodiversity worldwide and is particularly relevant to management of the subspecies of cutthroat trout Oncorhynchus clarkii. The upper Snake River basin in Wyoming contains one of the largest remaining populations of Yellowstone cutthroat trout O. clarkii bouvieri, a subspecies of special concern throughout its range; however, little is known about levels of hybridization between Yellowstone cutthroat trout and exotic rainbow trout O. mykiss or about the overall genetic population structure for this river basin. There is concern that the Gros Ventre River is a source of hybridization for the Snake River basin. We sampled across the upper Snake River basin to estimate levels of hybridization and population structure and to describe hybrid zone structure and spatial patterns of hybridization throughout the basin. We used this information to help resolve whether the Gros Ventre River was acting as a potenti.
DNA synthesis in osmoprimed leek (Allium porrum L.) seeds and evidence for repair and replication

Abstract Osmopriming of leek seeds (Allium porrum L.) in PEG 6000 solution (−10 bars) at 15°C for 14 days leads to reductions in both the spread of germination and mean time to germination, especially in low-vigour seed lots. In vivo methyl [3H]-thymidine pulse-labelling studies have demonstrated constant and low levels of DNA synthesis in leek embryo tissue during the osmopriming treatment. DNA synthesis during osmopriming was not inhibited by aphidicolin, an inhibitor of nuclear DNA replication. Replicative and repair-type DNA synthesis was investigated using BND-cellulose chromatography and these studies revealed that about 30% of the DNA synthesis after 1 day of priming was of a repair-type. DNA repair-type synthesis contributed to approximately 20% of the [3H]thymidine incorporated into DNA during the rest of the priming period in embryo tissue from both high-vigour and low-vigour seed lots. After 1 day of germination following priming, enhanced levels of both replicative and repair-type DNA synthesis were demonstrated. The replicative type of DNA synthesis detected in leek embyros during the priming period was not inhibited by aphidicolin and appears to represent a significant level of mitochondrial DNA synthesis. DNA synthesis could be detected in both nuclei and mitochondria of leek embryo tissue during the osmopriming treatment in the absence of any detectable cell division.