Miracle-dz/UniFAR-FTUs huggingface dataset:
Interacting Cascades: An Experiment on Between-Group Information Spillovers

This paper reports the results of an experiment on information spillovers between groups. We find that a player who is a member of multiple groups aggregates information and serves as a conduit through which information from one group spills over to another. We also find that such players are more influential than similarly-situated players who are members of only a single group. We introduce a novel measure of the magnitude of information spillovers, and we identify the behavioral characteristics of the players that determines these magnitudes. While between-group spillovers occur, we find that their magnitudes are smaller than social learning theory predicts.
Stock Markets’ Integration in Post Financial Crisis Era: Evidence from Literature

Research Question: This study is conducted to organize the literature on long-run equilibrium of stock markets during the post-financial crisis era (2010-17), to document the latest developments. Motivation: Integration-status of markets contribute significantly to the decision of investment-diversification by a portfolio manager. Studies on the topic exist for pre-financial crisis period (e.g. Sharma and Seth (2012)); however, we intend to organizes literature on the subject in post-financial crisis era. Financial crisis is a significant event of 21st century and knowing about developments in the area of market-integration is expected to enhance portfolio decision making. Idea: A collection and organisation of the published literature for review period to present a broader picture as opposed to empirical results of few selected markets. Data: Multiple studies have been published, however, we include 76 research articles [published in indexed Journals] in the area of market integrations during the period under review (2010-17). Method/Tools: We classified the publications based on country of origin; sample countries studied, sample periods, data frequency &amp; econometric techniques used, and yearly publication trends, during the period under review. A selected review of findings is incorporated. Findings: Our findings suggest that developed and developing, larger GDP as well as Smaller GDP, countries have been researched during the period under review. Certain economic regions—Central Asia, East Europe, Africa (North, South, and Central), South America—have got less focus in research during the period under review, and offer potential research avenue. A period ranging from 9-17 years is the most widely used study period during the review period. Most widely used techniques to study market equilibrium are Correlation cointegration, regression and Granger causality. On the issue of integration, results indicate increase in integration of markets in various regions. Contributions: Our findings serve as a reference point for future researches in the area of portfolio diversification, potentially. To the best of our knowledge, no study has been conducted to organize the literature on market integration, covering post-financial crisis era. <br>
IJOMS Vol 19-4-35.indd

Nihon University Graduate School of Dentistry at Matsudo, Oral Function and Rehabilitation, Matsudo, Chiba 271–8587, Japan Division of Oral Function and Rehabilitation, Department of Oral Health Science, Nihon University School of Dentistry at Matsudo, Matsudo, Chiba 271–8587, Japan Departments of Neurosurgery/Head and Neck Surgery and Internal Medicine, Nihon University School of Dentistry at Matsudo, Matsudo, Chiba 271–8587, Japan Faculty of Law, Seiwa University, Kisarazu, Chiba 292–8555, Japan Sleep Research Group, Charles Perkins Centre, University of Sydney, Sydney 2006, Australia Sydney School of Health Sciences, Faculty of Medicine and Health, University of Sydney, Sydney 2006, Australia
Does Additional Mandatory Reporting Alter Charity or Donor Behavior? Examining the 2006 Pension Protection Act

Financial disclosure requirements are common accountability measures placed on publicly funded organizations. However, the impact of financial disclosure requirements on organizational structure or on financial contributors’ behavior is not well understood in the context of non-profit organizations. I explore this question by analyzing mandatory Form 990-T disclosure included in the Pension Protection Act. This contributes to the understanding of organizational and financial contributor response to mandatory disclosure in an environment already requiring operation data disclosure. I use a difference-in-differences approach, comparing organizations filing a Form 990-T at least once in the three years prior to passage to those who did not. I find that one in four filing organizations create a subsidiary in the following two filing years. Subsidiary tax filings are not subject to disclosure, indicating that non-profits can restructure their organizations in a manner allowing them to circumvent disclosure requirements. While charities alter their organizational structure, I find no evidence of net changes in donor behavior towards charities, as aggregate total contributions and government grants received do not change.
Side-Channel Attacks on RISC-V Processors: Current Progress, Challenges, and Opportunities

Side-channel attacks on microprocessors, like the RISC-V, exhibit security vulnerabilities that lead to several design challenges. Hence, it is imperative to study and analyze these security vulnerabilities comprehensively. In this paper, we present a brief yet comprehensive study of the security vulnerabilities in modern microprocessors with respect to side-channel attacks and their respective mitigation techniques. The focus of this paper is to analyze the hardware-exploitable side-channel attack using power consumption and software-exploitable side-channel attacks to manipulate cache. Towards this, we perform an in-depth analysis of the applicability and practical implications of cache attacks on RISC-V microprocessors and their associated challenges. Finally, based on the comparative study and our analysis, we highlight some key research directions to develop robust RISC-V microprocessors that are resilient to side-channel attacks.
The Use of Real Options Theory in Scandinavia's Largest Companies

We survey the CFOs of 1500 largest companies from Norway, Denmark and Sweden (500 from each country) about their capital budgeting process with focus on the real options analysis. Only 6% of the respondents use real options, whereas the most used technique, the net present value, is used by 74% of the CFOs. Real options are more often used by companies in the energy and biotech sectors, large companies and companies with high capital and R&D expenditures. Lack of familiarity is the most important reason for non-use, where 70% of respondents report to not be familiar with real options concepts and techniques. For the respondents familiar with the framework, the complexity of real options is the main hinder for implementation.
Relation between Corporate Social Performance and Stakeholders’ Shared Value: A Cross Country Study on the Asian Companies

The economic value generated by the business operations, is to be strategically distributed to all the stakeholders. Again, these values simultaneously contribute to the sustainability and competitiveness of business organizations. This has been identified as ‘shared value’ (Porter and Kramer, 2006). Since, the concept has been initiated recently, little progress of scholarly studies can be found on the developing nation. Therefore, in the present study an empirical attempt has been made on the findings of the relationship between the farms’ competitiveness and the value distributed. The sample consists of some selected Asian companies. Data are collected from the published reports during the period 2010 to 2012. Descriptive statistical tools and regression model has been used in this study. The result shows that the companies with higher level of social performance and value distribution for the stakeholders have better financial performance than the companies with lower social performance and lower level of value distribution for the stakeholders. It also shows that the value distribution is associated with both the market value social performance. It also indicates that the better socially performing firms with higher level of value distribution for the stakeholders have comparatively high market value than the lower value distributing firms with lower social performance.
Cost Stickiness and Accrual Models

Previous research has shown that costs exhibit a sticky behavior: Costs increases when sales rise are larger than cost decreases when sales drop. Given that the traditional accrual models rely on the assumption of costs responding equally to sales increases and to sales decreases, the sticky behavior of costs can make these models misspecified. In this paper, we analyze how cost stickiness affects to three of the most common accrual models –the Jones model (J. Jones, 1991), the Dechow and Dichev model (P. Dechow &amp; Dichev, 2002), and the McNichols model (Maureen McNichols, 2002)– and provide modifications of those models to control for cost stickiness. Our results show that the Jones model is misspecified in sumbsamples of sales decreases, whereas the Dechow and Dichev model and the McNichols model are misspeficied in both samples of sales increases and sales decreases. Controlling for the sign of the sales variation contributes to mitigate such misspecification, as well as to increase their power for detecting positive manipulations in sales-decreasing companies and negative manipulations in sales-increasing companies.
Return Predictability, Expectations, and Investment: Experimental Evidence

We design an experiment to study how investors form their expectations and make risky investments under different market conditions. Together with the past realizations of a risky asset, our subjects observe a signal a that, in some rounds, helps predict future returns. When subjects perceive a as useless, they irrationally extrapolate from recent return realizations. When they perceive a as useful, instead, they correctly incorporate it and extrapolate much less. We interpret those findings in a forecast model in which subjects have imperfect ability to detect predictability and face uncertainty about the correlation between signal a and future returns. We also find that the level of risky investment and its elasticity to forecasts are larger when a is perceived as useful, suggesting that subjects recognize that predictability in our setting reduces risk. Yet, the elasticity of investments to forecasts remains low -- a puzzle relative to their high risky investment. <br>
Individual Ambidexterity and Management Controls – A Systematic Literature Review

Purpose – According to Merchant and Van der Stede (2017), top managers use management controls to increase the likelihood that employees will act in the best interests of the organization. Nowadays, increasing numbers of companies expect their employees to perform well simultaneously on exploitation and exploration. This is referred to as individual ambidexterity (e.g., Mom et al., 2019). Due to the increasing importance of the topic, the main purpose of the present article is to summarize findings from top tier management journals and to detect findings with implications for result, action, and personnel/cultural controls. <br><br>Methodology – We apply a structured approach to detect the most relevant studies for our examination and search for ambidexterity and ambidextrous in title, abstract, and keywords. The final sample consists of 45 articles published in top tier management journals, including all subfields. <br><br>Findings – In the first step, we provide an overview of both methods and theories used to study individual ambidexterity. In a second step, we summarize and analyze the insights on how organizations can use results, action, and personnel/cultural controls to enable individuals to achieve higher ambidextrous performance. In the final step, we highlight directions for future research with the hope of motivating further research from scholars in the management accounting field to address this relevant topic. <br><br>Originality – Given the increasing importance of ambidexterity, the present study introduces the relevant concepts and definitions and translates existing research into the language of management control. We therefore facilitate future research on this highly relevant topic within the management accounting field.
Maximizing the Sharpe Ratio: A Genetic Programming Approach

While common machine learning algorithms focus on minimizing the mean-square errors of model fit, we show that genetic programming, GP, is well-suited to maximize an economic objective, the Sharpe ratio of the usual spread portfolio in the cross-section of expected stock returns. In contrast to popular regression-based learning tools and the neural network, GP can double their performance in the US, and outperform them internationally. We find that, while the economic objective plays a role, GP captures nonlinearity in comparison with methods like the Lasso, and it requires smaller sample size than the neural network.
Exploring Urban High-Tech Landscapes to Overcome Standard Industrial Classification: A Cross-Industry Network Analysis in Paris and Toronto

Despite periodic updating, conventional administrative datasets and industry codes often fail to provide classifications for services and the emerging industries of the twenty-first century. For researchers, these data challenges present particular barriers to understanding the nature of business activities. For policymakers, these information gaps feed through into policy gaps, which can limit the ability to design effective interventions to encourage local entrepreneurship and innovation in high-technology sectors. The present paper worked with non-traditional data sources to avoid current classification systems. Using metadata about high-tech firms from CrunchBase, this paper studied the structure of cross-industry landscape, individual network characteristics, and major technological complementarities of high-tech industry networks. We investigate two of the most promising high-tech hubs, Paris and Toronto, to explore the potential of such approach. Results shed light on the complex networks of cross-sectoral horizontal and vertical linkages that characterize the two hubs and help policy makers and venture capitalists to deeply understand the business landscape of high-tech local companies.
Elements of Economics of Uncertainty and Time with Recursive Utility

We address how recursive utility affects important results in the theory of economics of uncertainty and time, as compared to the standard model, where the focus is on dynamic models in discrete time. Several puzzles associated with the standard theory are less puzzling with recursive utility, even if this type of preference representation seems close to the standard one at first sight. An inconsistency with the axioms behind the standard, separable and additive expected utility representation is pointed out and extended to also be relevant for recursive utility. The basic difference from the standard model is that recursive utility allows a form of separation of consumption substitution from risk aversion. This also means that the timing of resolution of uncertainty matters. In dynamic models, however, this turns out to be a rather crucial step.
Life-cycle Investing with Personal Disaster Risk

This paper extends the life-cycle model by allowing for a small risk of a personal disaster with permanent effects on labour income. We calibrate the model to long-term unemployment (LTU) in the US, where it is only partially insured and is known to entail scarring effects. Despite its low probability, such risk boosts early investment in the risk-free asset. Consequently, the optimal equity portfolio share is relatively flat over the life cycle, consistent with observed investment profiles. A negligible probability of LTU or full insurance against it result in both higher optimal risk taking and equity profiles that are downward sloping in age.
Does Bid-Ask Spread Affect Trading in Exchange Operated Dark Pool? – Evidence From a Natural Experiment

We exploit the exogenously instituted minimum tick size change to examine the dynamic relationship between the bid-ask spread in the lit market and dark trading activity in the exchange operated dark pool in Japan. Using a difference – in – differences methodology, we document a significant treatment effect where stocks that are affected by the minimum tick size change have a lower share of trading in the exchange operated dark pool. Overall, our empirical findings provide first-hand evidence that a significant amount of dark trading is liquidity seeking. Reducing minimum tick size can help lit venues regain market shares over dark venues.
Corporate Name Changes: The Case of M&As within the S&P 500 Index

In this study, we examine the effect of name change on mergers and acquisitions (M&amp;As) among S&amp;P 500 companies from 1979 to 2017. We find a significant name change effect on the S&amp;P 500 index change announcement, although information about the name change was public at the time of the M&amp;A announcement. The annualized short-term abnormal return for the name change within a week is about 60%, and the 1-year buy and hold abnormal return for the name change is about 10%. We further estimate that the impact of price pressure on index trading is 0.34%.
Does Employee Ownership Reduce Strike Risk? Evidence from U.S. Union Elections

This paper investigates the impact of employee stock options (ESO) on labor unions’ likelihood to initiate strikes. Using the unique setting of union elections in U.S. firms, we find that firms offering higher levels of equity incentives to their employees are exposed to significantly lower post-unionization strike risk. Furthermore, firms strategically grant more stock option incentives to employees in response to the unionization of the labor force. The increase in option incentives is more pronounced among firms holding union elections in states with stronger union bargaining power and when the strike risk is perceived to be higher.
The Effects of CSR Reputation and CSR Crisis Response Strategy on Investor Judgments

I use a controlled experiment to examine, in the context of CSR crises, whether investors’ investment judgments are influenced by a firm’s CSR reputation and CSR crisis response strategy. I find that for good CSR reputation firms, the use of a rebuild or deny crisis response strategy does not lead to improvements in investment judgments. However, for bad CSR reputation firms, the use of a deny response strategy leads to improvements in investment judgments while the use of a rebuild strategy does not.
Who Benefits from State Corporate Tax Cuts? A Local Labor Markets Approach with Heterogeneous Firms: Comment

Suárez Serrato and Zidar (2016) identify state corporate tax incidence in a spatial equilibrium model with imperfectly mobile firms. Their identification argument rests on comparative statics omitting a channel implied by their model: the link between common determinants of a location’s attractiveness and the average idiosyncratic productivity of firms choosing that location. This compositional margin causes the labor demand elasticity to be independent from the product demand elasticity, impeding the identification of incidence from the four estimated reduced-form effects. Assigning consensual values to the unidentified parameters, we find that the incidence share borne by firm owners is closer to 25 percent than 40 percent. (JEL H22, H25, H32, H71, R23, R51)
The Impact of Mandated Maternity Leave Policies on the Gender Gap in Promotions: Examining the Role of Employer-Based Discrimination

This paper examines how mandated maternity leave policies impact the gender gap in promotions. I present a model of the gender gap in promotions where firms must choose whether to invest in the training of their employees, but they are uncertain about their employees' future choice of hours of work. If women are more likely than men to reduce their hours of work during childrearing years, firms will invest less in women early in their careers, leading to a gender gap in promotions. In the presence of asymmetric information about workers' future preferences, mandated maternity leave policies can exacerbate this gap. Using the Multi-City Study of Urban Inequality and the Panel Study of Income Dynamics, I test the predictions of the model in the context of the Family and Medical Leave Act of 1993 (FMLA). Women hired after the enactment of the FMLA are three percentage points more likely to remain employed but eight percentage points less likely to be promoted than those who were hired before the FMLA. Furthermore, I find evidence suggesting that information asymmetry, in addition to selection, is driving the increase in the gender gap in promotions.
The Impact of Cash, Debt, and Insiders on Open Market Share Repurchases

We employ a conditional event study to analyze managers’ motives to announce a share repurchase in the context of a model of economic factors that impact a firm’s abnormal announcement return. Firms with greater free cash flow and less debt are more likely to initiate a repurchase. Share repurchases have greater impact on share prices when they are large and occur during the stock price downtrend – smaller, routine share repurchases have a lesser impact on share prices. Managing insiders in repurchasing firms tend to decrease their selling activity and increase their buying activity in a pronounced manner before repurchase announcements. After the announcement, the differences in insider trading activity between repurchasing firms and non-repurchasing firms are largely insignificant. The results suggest a repurchasing firm’s managers possess little to no private information advantage relative to the market; however, managing insiders trading behavior is consistent with short term profitable opportunities.
Measuring Customer Satisfaction Index and Its Effect on Corporate Profitability

Customer satisfaction has undeniably played an essential role for cooperate in developing their goods and services or business operation to better serve customers’ need. Satisfaction can induce to a loyalty and then lead to the impact on firm’s performance. Technique in constructing the index has been criticized concerning its bias caused by sample selection bias of the observed customers. This study intends to propose more appropriated technique in constructing customer satisfaction index which can be unbiasedly compared. The process begins by first estimating Structure Equation Model (SEM) of the factor determining customer satisfaction in order to construct the index that already controls impacts of other factors. Then, the impact of over-rating and under-rating of the customers in each group is eliminated by subtracting minimum value of the group and dividing by the range of the group. As a result, the adjusted customer satisfaction can be appropriately used in comparing customer satisfaction indices across different business clusters. Furthermore, we applied the customer satisfaction index to determine the relationship between customer satisfaction and cooperate profitability. The findings unveil the significantly positive relationship between customer satisfaction index and cooperate performance in an aspect of firm’s profitability, including return on asset (ROA), return on equity (ROE), gross profit margin (GM) and net profit margin (NM).