Miracle-dz/UniFAR-FTUs huggingface dataset:
Market Power and Risk-Taking of Banks: New Consolidating Evidence from Emerging Economies

This paper investigates the competition-stability puzzle in the banking market and provides new consolidating evidence at the bank level. Using bank-level data from 35 emerging economies during the period of 2000-2014, we investigate the impact of market power of banks on their risk-taking behavior. We set up a semiparametric model of the market power-bank risk nexus, conduct estimation by applying the Bayesian inference, and provide consistent evidence that there is a significant nonlinear relationship between market power and risk-taking of banks. Bank stability is found to be bolstered with higher market power, but this relationship tends to weaken and even reverse as banks’ market power grows over a threshold level. Our empirical findings support the “competition-fragility” view of the relationship between market power and banks’ risk-taking, until the “competition-stability” view comes into effect when banks’ market power increases to a very high level. We also discuss useful policy implications based on these empirical findings.
The Implementation of an Adjusted Relative Strength Index Model in the Foreign Currency and Energy Markets of Emerging and Developed Economies

A new model called Adjusted RSI (AdRSI) is proposed and tested over the most actively traded currency pairs. The simultaneous analysis of the crude oil and natural gas energy markets, allows to shed light on potential cross-market relationships. The analysis is robust tested over a pre and post financial crisis period, using daily data over 2001-2015. The model is benchmarked with the traditional RSI model and a buy-and-hold strategy. Findings support an inverse relationship between energy and foreign currency markets, where foreign currency markets relatively outperformed in the post crisis period, under the buy-and-hold model. The RSI model produced negative reward-to-volatility values in both pre and post crisis periods. Emerging markets tend to outperform developed ones under the buy-and-hold model, and developed markets tend to lead in the RSI model. While energy markets tend to have higher risk, the Chinese yuan had the lowest annualized risk across all models. The AdRSI model produced higher annualized returns than the RSI, with relatively lower number of trades, slightly higher annualized risk. Overall, the buy-and-hold model was superior in generating relatively higher reward-to-volatility values for all markets, except for the AUD/USD, JPY/USD and CHF/USD where the AdRSI outperformed all models.
Épocas e intensidades de poda de frutificação na goiabeira ' Paluma' , em Pinheiros-ES

The objective of this work was to evaluate the effects of different pruning times and intensities on the phenology and yield of 'Paluma' guava trees, in Pinheiros, Espirito Santo State, Brazil. The plants were submitted to three pruning intensities (heavy, medium and light), in four dates (November 25, 2005; December 21, 2005; January 27, 2006 and February 23, 2006). The period between pruning and the beginning of fruit ripening varied from 189 (pruning in November and December) to 203 days (pruning in February). Regardless of pruning time, the larger numbers of buds and established branches occurred in plants submitted to light pruning. Plants submitted to heavy pruning produced the smallest numbers of buds, established branches and fruits per plant, as well as the smallest index of fruit sets and yield; however they produced higher fruit weight. The largest yield and number of fruits per plant occurred in plants pruned in February. The time and intensity of pruning affect 'Paluma' guava tree sprout and yield.
Price Differences between Equity Classes: Corporate Control, Foreign Ownership or Liquidity?

This paper is the first comprehensive study of price differences for dual class equity at the Oslo Stock Exchange. It analyzes the relative importance of corporate control, foreign ownership restrictions and stock market liquidity for the price differences. The Norwegian market has the peculiar feature that in part of the sample period nonvoting shares were trading at a premium to voting shares, i.e., what is usually termed the "voting premium" was negative. This result can be rationalized by restrictions on foreign ownership. In the later part of the period, with no regulatory restrictions on foreign ownership, the voting premium is positive, and related to corporate governance and liquidity.
Soybean Protein Dispersions at Acid pH. Thermal and Rheological Properties

The influence of pH, protein concentration, and ionic strength, on rheological properties of thermally treated acidic soy protein dispersions, was studied, Structural changes due to pH effect and thermal treatment were analized. DSC-thermograms at pH 3.5 showed a shoulder at 74.11±0.16°C that could be attributed to both β-conglycinin and the hexameric form of glycinin; and a peak at 81.88±0.29°C corresponding to 11S dodecameric form. At pH 2.75 one endotherm corresponded to denaturation of β-conglycinin. The acidic dispersions presented pseudoplastic behavior with η app values higher than those at pH 8.0. At pH 3.50 the η was higher than at pH 2.75. The maximum viscoelasticiy was obtained with addition of 0.1 and 0.25M NaCl in the dispersions of pH 3.50 and 2.75, respectively. The increase in viscoelasticity was enhanced by the formation of 11S native fraction dimers.
Stock-Based Pay, Liquidity, and the Role of Market Making

We study the role of trading, and in particular market making, for the provision of stock-based incentives to managers. Market making provides liquidity as it allows trading on private information about the value of the firm. But in a liquid market the stock price does not react much to the order flow, including the order flow of informed traders. Market making therefore makes it more difficult to detect shirking and to provide stock-based incentives. Our model provides novel comparative statics, e.g., the manager may receive more stock-based pay when traders' information becomes worse, clarifies the role of public information such as accounting numbers as an additional performance measure, and shows that economic efficiency can be independent of stock-market efficiency because the optimal incentive contract adjusts to market conditions.
Determination of the optimum dietary lysine concentration for boars and gilts penned in pairs and in groups in the weight range 60 to 100 kg

Three trials were conducted to determine the optimum dietary lysine concentration for maximum growth rate (ADG) or minimum food conversion ratio (FCR) of boars and gilts from 60 to 90 kg (in pairs) and 80 to 100 kg (in pairs or groups). Ninety pairs of pigs and six treatments (dietary lysine concentrations) were used in experiment 1 (60 to 90 kg), 144 pairs and eight treatments in experiment 2 (80 to 100 kg) and groups of 13 pigs (no.=42 groups) and six treatments in experiment 3 (80 to 100 kg). Experiments were arranged as randomized-block designs, blocked on the basis of sex and start weight. Isoenergetic diets (13·8 MJ digestible energy per kg) were based on barley, wheat, soya-bean meal, with added vitamins, minerals and amino acids. Dietary lysine concentrations were: 7·9, 8·8, 9·7, 10·7, 11·7 and 12·5 g/kg in experiment 1; 7·0, 7·9, 8·8, 9·7, 10·7, 11·7, 12·5 and 13·5 g/kg in experiment 2; and 7·0, 7·9, 8·8, 9·7, 10·7 and 11·7 g/kg in experiment 3. In experiment 1 (60 to 90 kg pairs), ADG increased (quadratic, P
Foraging areas of Magellanic penguins Spheniscus magellanicus breeding at San Lorenzo, Argentina, during the incubation period

During October 1994, 10 miniature global location sensors were attached to Magellanic penguins before they departed to sea to forage while their mates remained a t the nest incubating. The devices indicated that birds swam a mean distance of 70.4 km (SD 42.1) on the first and last days of the foraging trips, thus distancing themselves rapidly from the colony. On other days the mean distance swum was 50.2 km (SD 31.4, mode 35) Maximum distance from the colony during the foraging trip by any bird was 303 km, but highest bird densities occurred at a point 120 km east of the colony and coincided w ~ t h the presence of a front.
Economic Integration and the Currency and Equity Markets Nexus

The paper examines the impact of economic integration on the relationship between the currency and equity markets for a group of Asian emerging economies using both linear and nonlinear frameworks. We first derive the dynamic conditional correlations between the two markets and then examine the impact of economic integration on their relationship. Our main results are: (i) there is a negative correlation between real exchange rate changes and equity return differentials for all countries apart from China, which becomes deeper during the GFC for some of the countries; (ii) economic integration, both real and financial, has an asymmetric impact on the relationship between the two markets both in the short-run and in the long-run; and (iii) applying a linear framework does not bring out the impact of financial integration.
Foreign Exchange Market Intervention in Emerging Markets: Motives, Techniques and Implications

On 2 and 3 December 2004, the BIS hosted a meeting of Deputy Governors of central banks from major emerging market economies to discuss foreign exchange market intervention. Some flavour of the discussion can be gleaned from the following central bank papers, along with papers prepared by BIS staff. The views expressed are those of the authors and do not necessarily reflect the views of the BIS or the central banks represented at the meeting. Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned.
Monetary Policy Transmission through Financial Heterogeneity: Firm-Level Evidence∗

This paper studies the distributional effects of financial heterogeneity at firm-level on determining the monetary policy transmission to the business sector. I first show that firms with higher leverage and/or longer maturity in debt are less responsive to monetary policy surprises in corporate investment. These effects are consistent with the distributional effects of S&P credit ratings. I then show that the almost zero leverage firms who do not rely on external finance are triple responsive but much less persistent comparing to other firms. Finally, I show that the distributional effects are of aggregate importance, the quarter of firms with lower leverage and shorter maturity accounts for most of the total investment, which suggests an awareness of heterogeneous financial status across businesses in policymaking.
Water temperature, light intensity and zooplankton density and the feeding activity of juvenile brook charr (Salvelinus fontinalis)

SUMMARY 1. The objective of this study was to evaluate the effects of zooplankton biomass (as a measure of density), fish biomass, light intensity and water temperature on the attack rate and swimming characteristics (i.e. swimming speed and angle of turn) of juvenile (1+) brook charr (Salvelinus fontinalis) in field enclosures. We used a portable underwater camera system in a series of pelagic enclosures to quantify the feeding behaviour of brook charr over a gradient of natural conditions. 2. In simple linear or non-linear regression models we found (i) that attack rate and angle of turn were positively related to water temperature, (ii) that attack rate and swimming speed were positively related to zooplankton biomass and light intensity and (iii) that attack rate was positively related to swimming speed. In multiple regression models, fish biomass, light intensity and variance of the angle of turn accounted for 87% of the variation in attack rate. Light intensity and water temperature accounted for 86% of the variation in swimming speed. Fish gut fullness and attack rate accounted for 83% of the variation in the variance of the angle of turn executed by fish. 3. The increase in the number of attacks as zooplankton biomass increases conforms to the general positive functional response observed in other fish species. Our results also support the hypothesis that swimming speed increases with prey biomass. We did not observe a plateau in attack rate as zooplankton biomass increased. As our experiments were performed under natural biotic and abiotic conditions, factors other than zooplankton biomass might affect or limit this response, such as water temperature and light intensity. 4. Because zooplankton biomass was correlated with water temperature and light intensity, it was not possible to evaluate the independent contribution of these factors on the attack rate and swimming characteristics (swimming speeds and angle of turn) of brook charr. However, this study highlighted the impact of these factors on the feeding behaviour of juvenile brook charr when feeding in the pelagic habitat under natural conditions, and their importance in future models of optimal foraging and fish habitat quality.
Growth of the Deep-Water Mud Shrimp Solenocera Melantho De Man, 1907 (Decapoda, Penaeoidea, Solenoceridae) in Kagoshima Bay, Southern Japan

The deep-water mud shrimp Solenocera melantho is commercially important as the main target species for small-scale trawlers in Kagoshima Bay, southern Japan. A total of 4,837 specimens were collected from the central area of the bay from January 1993 to June 1994. Length frequency analysis was used to examine the growth and longevity of S. melantho. Both males and females were first recruited in winter with modal sizes of around 15 mm carapace length. Growth was best described by the Pauly & Gaschutz growth equation as Lt = 33.09{1 - exp[-0.857(t/12 + 0.525) - (0.538/2π) sin(2π (t/12 - 0.404))]} for males and Lt = 45.76{1- exp[-0.777(t/12 + 0.401) - (0.452/2π) sin(2π (t/12 - 0.583))]} for females, where Lt is carapace length (mm) at age t (months). Females grow faster and reach larger sizes earlier than males of the same age group. Growth rates and the occurrence of soft-shelled individuals in both sexes were highest between winter and spring, and lowest during the spawning season between summer and early winter (June to December). The longevity of both malc and female S. melantho was estimated to be around 37 months. The allometric relationship between body weight and carapace length was represented by significantly different equations between sexes.
Regional Equilibrium and Migration Patterns in the Americas 1960-2005: Spatial Data Panel Analysis

This paper analyzes the migration dynamics in the Americas from 1960 to 2005 using an equilibrium approach. The migration flow is evaluated using spatial econometrics techniques and controlling for the labor mobility effect and regional wages. Additionally, the estimated model looks for variations in migration by taking into account the distinctive population features in each country, namely the working age population, unemployment rate and relative wages. The estimated model shows that the spatial equilibrium related to net migration is negatively affected by wages and positively influenced by labor supply in the region.
A Step Towards Demystifying High-Beta Stocks Asset Pricing Puzzles: A New Bootstrap Pricing Error Test for High-Beta Stocks Under Conditional Correlation and Heteroskedasticity

High-beta stocks seem to be an asset pricing mystery involving puzzles that have been intensively discussed in the most recent finance literature (Christoffersen and Simutin, 2017; Moreira and Muir, 2017). This papers derives novel implications for pricing high-beta stocks in the presence of dynamic correlations and conditional heteroskedasticity. First, it establishes that the widely-used asymptotic Gibbons, Ross, Shanken (1989) test statistic fails as an asset pricing test when applied to high-beta stocks because it dramatically overrejects the null hypothesis. Second, it proposes a new bootstrap procedure that considerably lowers the size distortions and that under certain scenarios generates the correct size in line with the stringent criterion for robustness (Bradley, 1978; Serlin, 2000).
Potential for biocontrol of Lasiodiplodia theobromae (Pat.) Griff. & Maubl. in banana fruits by Trichoderma species.

Abstract Fifteen Trichoderma isolates were tested for their antagonistic ability against Lasiodiplodia theobromae. Trichoderma harzianum exhibited the greatest inhibition in dual culture. Microscopic investigation demonstrated direct parasitism and coiling of T. harzianum and T. viride around hyphae of L. theobromae, causing swollen, deformed, shortened, or rounded cells of the pathogen. Granulation of cytoplasm and disintegration of the hyphal walls of L. theobromae also were noted in dual culture. Trichoderma viride reduced rotting by 29.07 to 65.06% in artificially inoculated banana fruits. Treatment of banana fruits with T. viride 4 h prior to inoculation with L. theobromae provided better protection than simultaneous application or treatment 4 h after inoculation.
Aggregate Implications of Credit Relationship Flows: a Tale of Two Margins

This paper documents the aggregate properties of credit relationship flows within the commercial loan market in France from 1998 through 2018. Using detailed bank-firm level data from the French Credit Register, we show that banks actively and continuously adjust their credit supply along both intensive and extensive margins. We particularly highlight the importance of gross flows associated with credit relationships and show that they are (i) volatile and pervasive throughout the cycle, and (ii) can account for up to 48 percent of the cyclical and 90 percent of the long-run variations in aggregate bank credit.
Corporate Governance Practices and Working Capital Management Efficiency: Special Reference to Listed Manufacturing Companies in Sri Lanka

The main objective of the study is to find out the significant difference between corporate governance practices on working capital management efficiency in listed manufacturing firms in Sri Lanka. Secondary literature reviews and Secondary data collection methods were used to conduct the study. Twenty five listed manufacturing firms were selected as sample size in Colombo Stock Exchange for the periods 2007, 2008, 2009, 2010 and 2011. Independent sample one-way Anova (f-test) and Independent sample t-test have been utilized to find out the significant difference between corporate governance practices on working capital management efficiency. The results revealed that there is no significant mean different between the levels of working capital management efficiency among corporate governance practices as board committees, board meetings and proportion of non-executive director except board leadership structure. Based on the findings, we recommended that the effective policies in the working capital management must be formulated through the corporate governance practices in the listed manufacturing firms in Sri Lanka.
The Short‐Term Effectiveness of a Remedial Mathematics Course: Evidence from a UK University

While there is growing debate in the USA about the effectiveness of remedial university courses, there have been fewer questions raised in the UK. Using a sharp regression discontinuity approach and data from a large School within a post‐1992 UK university, we estimate the effect of remediation on student outcomes. We find no evidence that taking a math remedial course improves student performance in the first year. This finding is consistent and complements that of a recent study by Lagerlöf and Seltzer (2009, Journal of Economic Education, Vol. 40, pp. 115–136), which is based on data from a pre‐1992 UK university.
The Evolution of ASEAN Cooperation, Identity-Formation, and Goals Towards Creating an ASEAN Community

As ASEAN moves closer to the 2015 deadline proposed in the ASEAN Community Roadmaps, the question of what constitutes community in ASEAN becomes an important issue. This study uses Constructivism, Institutionalism, and the process of Constitutive Localization to look at the existence and evolution of collective identity among the organization's administrators, and how this affects cooperation. By studying the documents that the organization produces, and other related discourse written about the results, the changes in ASEAN's goals and nature can be seen. This shows the unique nature of ASEAN and why the form of community and cooperation that has arisen in Southeast Asia may be the best fit for such a diverse region.
Habitat Use and Movement Patterns of Brook Trout in Nipigon Bay, Lake Superior

Abstract Brook trout Salvelinus fontinalis are one of two salmonine species native to Lake Superior. Abundant and widely distributed a century ago, Lake Superior's brook trout (coasters) have been reduced to a few remnant stocks, probably as a result of exploitation and habitat loss. Twenty brook trout captured in Nipigon Bay, Lake Superior, were surgically implanted with radio transmitters and were located from June 1999 to October 2000. Brook trout locations were used to determine the characteristics of utilized lake habitat and to identify streams used for spawning and the spawning areas within them. These locations were also used to establish daily and seasonal movement patterns. A total of 638 locations were obtained during the tracking period, 483 occurring within Nipigon Bay and the remaining 155 within tributaries. Brook trout were located almost exclusively within the shallow nearshore areas of Nipigon Bay; 92% of the locations were less than 7 m deep and 94% were less than 400 m from shore. Broo.
Production Potential and Cost-Benefit Analysis of Agrihorticulture Agroforestry Systems in Northeast India

ABSTRACT Tree growth, crop yield and cost benefit analysis of guava (Psidum guajava cv. Allahabad safeda) and Assam lemon (Citrus lemon cv. Local) based agrihorticulture agroforestry system (AFS) was analyzed in a split plot experiment on acid alfisol under rainfed conditions at ICAR Research farm, Umiam, Meghalaya, India. Three rice varieties, RCPL-1-24, RCPL-1-25 and RCPL-1-29, were intercropped with guava and Assam lemon fruit trees. While guava plants attained a height growth of 4.30 m, the Citrus lemon attained a height of 1.94 m, after 5 years of transplantation. The canopy spread was 3.60 and 2.33 m, respectively, for guava and Assam lemon. Average grain yield and total yield of all the three rice varieties was significantly (P = 0.05) higher in control plots than in guava and Assam lemon blocks, but no significant differences were obtained in the productivity of rice varieties under guava and Assam lemon. On average, RCPL-1-24 exhibited maximum grain yield (42.70 q/ha in guava block and 41.66 q/ha in Assam lemon) as compared to other rice varieties. Total biomass production was also highest in RCPL-1-24 upland rice under guava and Assam lemon. Fruit yield of guava and Assam lemon was, respectively, 70.62 q/ha and 50.12 q/ha. The average monetary input was Rs. 25,440 (US$ 553.00), Rs. 24,650 (US$ 536.00) and Rs. 21,440 (US$ 466.00) to guava block, Assam lemon block and control plots, respectively. The net monetary benefit was significantly (P = 0.05) higher in tree-based systems than the control. Between species, the guava based system showed significantly (P = 0.05) higher net benefit than the Assam lemon based system. On average, net monetary benefit was Rs. 20,610/ha (US$ 448.00) to guava based AFS, followed by Assam lemon based AFS (Rs. 13,787.60/ha or US$ 300.00), irrespective of rice varieties. Thus the guava and Assam lemon based agrihorticultural AFS exhibited, respectively, 2.96 and 1.98-fold higher net return as compared to control. Agrihorticulture AFS was found most suitable to the rainfed agricultural system of Meghalaya. The implications of the results are discussed in the context of suitability of the fruit tree species and their usefulness in agroforestry systems.