Miracle-dz/UniFAR-FTUs huggingface dataset:
Annual Report 2009-10

The Productivity Commission's 2009-10 Annual Report was released on 28 October 2010 and forms part of the Commission's annual report series. Effective policy development demands careful analysis of different options, drawing on available evidence. Good process is the key to ensuring that this happens, whether in developing new policies or evaluating existing programs. Evidence-based analysis and good process matter because getting policy right matters. Public policy measures can have pervasive effects on the wellbeing of the community. The community deserves assurance that policies are designed and implemented to produce the outcomes it seeks in a cost-effective way. Reforms that raise the quality of spending can reduce taxation imposts and enable the objectives of regulation to be met more efficiently, contributing to growth in productivity, employment and income. In contrast, policies conceived without proper assessment carry risks of locking in productivity-sapping impacts and reducing the capacity to fund more worthwhile initiatives. During the 1980s and 1990s, Australia gained an international reputation for policy processes and reforms which involved the assembly of evidence and transparent consideration of options. But there is scope to do better. In the theme chapter of the Annual Report 2009-10, the Commission draws on its experience in conducting inquiries and research studies over the years to identify ways of strengthening evidence-based policy development in the future.
Predicting bank failures using simple static and time-varying models

<br>We compare the out-of-sample accuracy of three methodologies—the time-varying hazard model of Shumway (2001), the static probit model used by Cole and Gunther (1998), and a static logistic regression model similar to Cole and White (2012)—in forecasting U.S. bank failures. When we limit all models to financial data available at the time of prediction, we find that the logistic and probit models outperform the hazard model, indicating that the superior performance of hazard model documented in previous empirical research is attributable to use of more timely financial data rather than to incorporation of time-varying covariates. We also find that the logistic model slightly outperforms the probit model. Finally, we also find that a parsimonious specification fit to data over 1985-1993 performs well in forecasting bank failures during 2009-2011—evidence that the characteristics of “distressed banks” have experienced little change over the past two decades despite substantial changes in structure and regulation of the U.S. banking industry. Our findings support supervision focusing on banks’ traditional CAMELS risk ratios. We also add to the literature finding that simpler models outperform more complex models in out-of-sample forecasting. <br>
Why are University Endowments Large and Risky?

We build a model of universities combining their real production decisions with their choice of endowment size and asset allocation. Variation in opportunity cost, that is, the productivity of internal projects, has a first-order effect on these choices. Adding the UPMIFA-mandated 7% payout constraint, the endowment size and asset allocations match those empirically observed. This constraint has little effect on universities that do not value the output of their internal projects but harms those that do: it prevents the endowment's use as an effective buffer stock, thereby increasing the volatility of production, and it slows the growth of the most productive universities.
Does Return Dispersion Explain the Accrual and Investment Anomalies?

Recent research shows that high return dispersion (RD) is associated with economic conditions characterized by high discount rates, which are not conducive to growth and investment. We propose that RD risk can explain the accrual and investment anomalies. We conduct asset-pricing tests that include RD as a potential risk factor and show that low-accrual and low-investment firms have significantly higher exposure to the risk captured by RD. RD significantly explains future returns and the excess returns to accrual and investment hedge portfolios shrink in magnitude and become insignificant during periods of low RD. We conclude that risk explains the accrual and investment anomalies.
Conditional Co-Skewness in Stock and Bond Markets: Time Series Evidence

In the context of a three-moment Intertemporal Capital Asset Pricing Model specification, we characterize conditional co-skewness between stock and bond excess returns using a bivariate regime-switching model. We find that both conditional U.S. stock co-skewness (the relation between stock return and bond volatility) and bond co-skewness (the relation between bond return and stock volatility) command statistically and economically significant negative ex ante risk premiums. The impacts of the US stock and bond co-skewness on the conditional stock and bond premium on average is as large as the average of corresponding unconditional premium on these markets. The basic findings are quite robust in another country (U.K.) and in the recent post-WWII period.
Efficient Computation of Value at Risk with Heavy-Tailed Risk Factors

The probabilities considered in value-at-risk (VaR) are typically of moderate deviations. However, the variance reduction techniques developed in the literature for VaR computation are based on large deviations methods. Modeling heavy-tailed risk factors using multivariate $t$ distributions, we develop a new moderate-deviations method for VaR computation. We show that the proposed method solves the corresponding optimization problem exactly, while previous methods produce approximations to the exact solution. Thus, the proposed method consistently outperforms existing methods derived from large deviations theory under various settings. The results are confirmed by a simulation study.
Subject Matters

Controversies over the status of the subject have been at the forefront of debates in political theory, feminism, and nearly every aspect of critical thought. Is the subject wholly constituted or an essential entity? How do we account for the bodily materiality of subjects? Or their raced identity? Answers to these questions determine how we define citizens, women and identity. Judith Butler has been a major influence in this controversy since her definition of the radically constructed subject in Gender Trouble. In this paper I argue that in her recent work Butler has turned away from a strictly constructionist position on the subject and developed a theory that both avoids the essentialist/constructed dichotomy and accounts for the material existence of subjects in a social world. I argue that it is a conception of the subject that defines the subject as both legitimately constituted and materially located. This conception provides an approach to the subject that successfully addresses the issues in our contemporary debates.
Product Market Competition and Internal Governance: Evidence from the Sarbanes Oxley Act

We use the Sarbanes Oxley Act (SOX) as a quasi-natural experiment to examine the link between product market competition and internal governance mechanisms. Consistent with notion that competition plays an important role in aligning incentives within the firm, SOX led to a larger improvement in the operation of firms in concentrated industries than in non-concentrated industries. Further, within concentrated industries, the effect is especially pronounced among firms with weaker governance mechanisms prior to SOX. We corroborate these findings using two additional regulatory changes in the U.S. and abroad. Overall, our results indicate that corporate governance is more important when firms face less product market competition.
The Impact of Sarbanes-Oxley on Internal Control Remediation

This study uses logistic regression analysis to examine the determinants of internal control weakness remediation on a sample of firms that reported internal control weaknesses at the end of fiscal year 2004, and then reported the presence or absence of internal control weaknesses at the end of fiscal year 2005. Our sample included 243 firms. Of these, 174 firms reported internal control weaknesses in the 2004 filing with the SEC, but had successfully remediated them one year later. The remaining 69 firms reported internal control weaknesses in 2004 and again in 2005. We found that resources available to the firms (e.g., return on assets, size) was positively associated with remediation. Use of a Big 4 auditor, having more audit committee meetings, having more business segments, having less time to remediate between the 2004 financial statement filings and the end of the 2005 fiscal year (i.e., filing lag) were negatively associated with successful remediation. Also negatively associated with remediation were the number and type (general control weakness versus specific account weakness) of internal control weaknesses the firms had.
The Optimal Call Policy for Convertible Bonds: Is There a Market Memory Effect

This paper examines the market memory effect in convertible bond markets. We look at the pricing of convertible bonds issued after the original issuer redeemed previous issues without giving an opportunity for investors to benefit from bond value appreciation. We find some evidence that the market underprices new convertible bond issues of firms that called their previous convertible bonds early compared to new convertibles bonds of firms that called their previous convertibles late. In addition we find that the equity-like bonds of early calling firms are more underpriced than debt-like bonds of the same firms.
Mutual Fund's R2 as Predictor of Performance

We propose that fund performance can be predicted by its R2, obtained from a regression of its returns on a multi-factor benchmark model. Lower R2 indicates greater selectivity and it significantly predicts better performance. Stock funds sorted into lowest-quintile lagged R2 and highest-quintile lagged alpha produce significant annual alpha of 3.8%. Across funds, R2 is positively associated with fund size and negatively associated with its expenses and manager’s tenure.
Long Run Underperformance of Seasoned Equity Offerings: Fact or an Illusion?

This paper uses Australian data to show that the long run underperformance of seasoned equity offerings is related to the definition of 'long-run'. We demonstrate that following the period delimited by other writers as the long run, issuing firms turn around in their performance and in fact outperform their corresponding benchmarks, sometimes more than making up for the initial losses. We show that the initial underperformance affects the issues of companies performing more than one SEO in a similar fashion. Our results demonstrate that a poor performance following an SEO has, to an extent, a specific role as the mitigator of costs associated with the issue.
Capital Gains Tax, Supply-Driven Trading and Ownership Structure: Direct Evidence of the Lock-In Effect

The lock-in effect suggests that capital gains tax (CGT) creates a disincentive to sell appreciated stocks, as CGT is imposed once stocks are sold. A CGT rate decrease reduces the reluctance to sell appreciated stocks, thereby increasing the supply available for sale. Our study tests the lock-in effect by examining supply-side trading for a sample of 410 Australian initial public offerings (IPOs) immediately following their 12-month anniversary of listing, the passing of which entitles their initial individual investors to a 50% discount on CGT payable. Doing so extends prior research in a number of ways. First, we combine buy-sell order imbalance and ownership structure data to provide direct evidence of the lock-in effect. Second, we analyze shifts in buy-sell order imbalance upon IPOs' qualification for discounted CGT treatment, as opposed to the effective date of CGT legislative reform, to minimize any compounding demand-side effects on order imbalance. Third, we examine whether selling pressure (upon qualification for discounted CGT treatment) is more pronounced at the beginning of the financial year, as individual investors delay the realization of capital gains until July to postpone their resultant CGT liability, whilst also controlling for the passing of escrow-expiration dates. Our results confirm an increase in selling pressure around the 12-month anniversary of listing, which is strongest when the 12-month anniversary occurs in July. These results are consistent with investors realizing their capital gains at the beginning of the financial year to delay payment of their CGT liability for 12 months. We also find that post-anniversary selling pressure declines as a function of institutional ownership, indicating the strength of the lock-in effect is correlated with the proportion of stock ownership by tax-sensitive investors. Moreover, our results indicate that the supply-side trading initiated by individual investors causes stock prices to fall. We also find that this result is present after accounting for the potentially confounding influence of the passing of escrow-expiration dates.
CEO Tenure, Board Composition and Regulation

This paper addresses three rarely examined empirical issues relating to corporate boards using a sample of 157 firms over the period 1974 to 1983. First, various effects of increasing the proportion of "outsiders" on the board of directors are examined. We utilize survival (or "hazard") analysis to test for the effects of changing this proportion on CEO tenure. Firm size, board size, and CEO age are included in the analysis. Second, we examine the effect of regulation on tenure, where we consider financial and utility regulation. Finally, we discuss the effects of a number of variables, particularly regulation, on the proportion of outsiders itself. We find that both a higher proportion of outsiders and utility regulation significantly lowers the survival of the CEO at the firm, but that financial regulation significantly increases survival. We also find that regulation increases the proportion of outsiders on the board, and correct for endogeneity where necessary. We conclude that this is consistent with a "political pressure hypothesis" suggested by several commentators.
Do Stock Analysts Influence Merger Completion? An Examination of Post-Merger Announcement Recommendations

This paper investigates the effects of analyst recommendations issued after a merger announcement on deal completion. We find the probability of completion increases (decreases) with the favorability of acquirer (target) recommendations. Results from instrumental variables tests support causality running from recommendations to merger outcomes. Additional tests suggest that these relations are driven by target shareholders reassessing the merger offer in response to movements in acquirer and target valuations. We also find that favorably-recommended firms in a proposed merger underperform following deal resolution, suggesting that investors overreact to post-merger announcement recommendations.
What Determines Creditor Recoveries?

We examine determinants of creditor recoveries from defaulted debt instruments. First, we find that common measures of seniority and security, such as debt instrument types and collateral types, explain much less variations in recovery rates across defaulted debt instruments than seniority index, a new measure of seniority that we propose in this study. Second, firm-level variables, especially the trailing 12-month stock return, are more critical than industry- or macro-level variables, although the latter can also help, particularly for private firms for which stock price information is not available. The relative contribution of the industry and macroeconomic variables, however, varies with the modeling technique used. Finally, the joint distribution of default and recovery seems driven more by idiosyncratic risk than by systematic risk.
The Private Provision of Urban Infrastructure: Financial Intermediation Through Long Term Contracts

This paper deals with pension fund investment in urban infrastructure projects. It is suggested that the potential returns (and risks) with such projects are significantly greater than fixed income products though they have long gestation periods like gilt-edge securities. Our argument begins with recent evidence collected from a Nippon Credit industry-sponsored research study of Australian infrastructure investment performance. Also analyzed are the internal and external characteristics of various kinds of urban infrastructure projects, ranging from roads and bridges through to hospitals and urban development recognizing that these characteristics are important in determining investors likelihood of realizing their expectations. It is shown that, notwithstanding the uncertainty endemic to these kinds of projects, a commonly desired form of financial intermediation is a formal contract binding the parties to one-another over the long- term (as much as twenty years or more). While no doubt valuable for many reasons, matching in effect the formal structure of bonds, it is suggested that these institutional structures can be more problematic than often understood once the world of short-term discrete contracts is left behind. At issue here is the management of these contracts given that investment performance is a function of both the level of management resources (relative to capital investment) and the expertise of those who operate such facilities over the long term.
Executive Pay, Innovation, and Risk-Taking

This paper analyzes the optimal executive pay arrangement in a setting in which the CEO must be motivated to search for innovative investment ideas and, if he uncovers one, to implement the idea if and only if it is not excessively risky. I show that, depending on the value of the firm's potential growth opportunities and the CEO's concern about being fired, the CEO is either tempted to overinvest in risky ideas (excessive risk-taking) or underinvest in risky ideas (excessive conservatism). The optimal pay package consists of stock options, to encourage the discovery of innovative ideas, and either restricted stock, to combat excessive risk-taking, or severance pay, to combat excessive conservatism. The model provides new empirical predictions regarding the determinants of executive compensation arrangements and analyzes how the change in the economic environment caused by the current financial crisis might change the optimal mix of stock options, restricted stock, and severance pay.
Molybdenum Disulfide/Nitrogen‐Doped Reduced Graphene Oxide Nanocomposite with Enlarged Interlayer Spacing for Electrocatalytic Hydrogen Evolution

Facile design of low‐cost and highly active catalysts from earth‐abundant elements is favorable for the industrial application of water splitting. Here, a simple strategy to synthesize an ultrathin molybdenum disulfide/nitrogen‐doped reduced graphene oxide (MoS2/N‐RGO‐180) nanocomposite with the enlarged interlayer spacing of 9.5 Å by a one‐step hydrothermal method is reported. The synergistic effects between the layered MoS2 nanosheets and N‐doped RGO films contribute to the high activity for hydrogen evolution reaction (HER). MoS2/N‐RGO‐180 exhibits the excellent catalytic activity with a low onset potential of −5 mV versus reversible hydrogen elelctrode (RHE), a small Tafel slope of 41.3 mV dec−1, a high exchange current density of 7.4 × 10−4 A cm−2, and good stability over 5 000 cycles under acidic conditions. The HER performance of MoS2/N‐RGO‐180 nanocomposite is superior to the most reported MoS2‐based catalysts, especially its onset potential and exchange current density. In this work, a novel and simple method to the preparation of low‐cost MoS2‐based electrocatalysts with the extraordinary HER performance is presented.
Isotope fractionation and isotope decoupling during anammox and denitrification in marine sediments

To evaluate the relation of isotope fractionation during sedimentary nitrate reduction with sediment reactivity, we measured nitrate and nitrite reduction rates and corresponding isotope changes in marine sediments in the Skagerrak. Our sampling sites encompassed a gradient of reactivity, oxygen consumption, and manganese concentration. Anammox was the main N2‐production pathway at the deepest site. For this site, we calculated the intrinsic isotope effect of nitrite consumption by anammox in marine sediments, and found that it is ∼ −20‰, in accordance with culture studies. Denitrification was dominant at shallower sites, which confirms previous studies from whole core incubations. The N‐isotope effect of denitrification, 15ε, ranged from −12‰ to −16‰. Oxygen isotopes of nitrate were more variable, and the ratio of 18ε/15ε, was highly variable in all sediments we investigated. At all stations, the oxygen isotope effect was (partly or entirely) decoupled from the nitrogen isotope effect. In denitrification‐dominated sediments, this decoupling of oxygen and nitrogen isotopes appeared to be driven by nitrite reoxidation in anoxic sediment incubations, either due to enzymatic reversibility of the respiratory nitrate reductase Nar, or to reversibility on the community level. In anammox‐dominated sediments, this effect was also evident in N‐isotope changes, likely due to net nitrate production and isotope exchange that is promoted by anammox. These findings suggest that the ratio of 18ε/15ε in marine environments is more flexible than previously assumed, because enzymatic or community‐driven isotope exchange can alter both N and O isotopes, deviating from standard Rayleigh‐type fractionation.
Updating History

The Thomson VentureXpert database has been used for over two decades by practitioners and academics to benchmark and judge the performance of private equity and venture capital. A closer look at aggregated and individual figures, however, reveals severe anomalies in the underlying data which are the result of ceasing data updates. Since existing errors have a systematic and persistent character, they do not just increase noise but result in a significant downward bias of presented performances. Consequently, many empirical results established using this database may not be replicable with correct data. In particular, the claim that private equity has not outperformed public equity is unlikely to hold with true numbers.
163_TOUMI VIVIANI BELKACEM

The aim of this research is to analyze consequences of the consideration of ethical principles in the financial decisions process of banks. More s p cifically we study how the consideration of Shariah principles could affect the capital stru cture of Islamic Banks. We first apply concepts and reasoning of classical theories of cap ital structure (trade-off theory, pecking order theory, agency theory) in the specific contex t of Islamic Banks. We then study empirically differences between Islamic and convent ional banks capital structure and its traditional determinants. Our sample is made of Isl amic and conventional banks, resulting in a panel of 113 banks (with 44 of the Islamic) over th e period 2005-2010. We run panel data regressions showing that the sign of the impact of traditional determinants on capital structure is the same for Islamic and conventional banks but the impact is greater in absolute value for the first group. Moreover the fact to be Islamic ha s a strong significant positive effect on the equity to total asset ratio. This result means that variables specific to Islamic banks not taken into account by traditional theory explain why thes e banks have a higher equity to capital ratio.
Does Long Audit Partner Tenure Decrease Earnings Quality ? Evidence from Japan

Acknowledgement: I would like to thank Roger Simnett, Gary Monroe, Peter Roebuck, Elizabeth Carson, and other participants in the 18th annual International Symposium on Audit Research for their valuable feedback on earlier versions of this paper. I also would like to Tsuyoshi Numagami, Hironori Fukukawa, Mikiharu Noma, Soo-Joon Chae, Yuan Zhang and other participants in the Hitotsubashi G-COE Research Workshop on Innovation and Management.