Miracle-dz/UniFAR-FTUs huggingface dataset:
A comparison of the energetics of foraging of three species of Leptogenys (Hymenoptera, Formicidae)

Abstract. The three Leptogenys species L.nitida, L.schwabi and L.attenuata coexist in the coastal forests of South Africa and exhibit an array of foraging strategies ranging from individual foraging to group raiding. To determine whether there is a physiological basis for these strategies, the energetic cost of locomotion of individuals in these three species was determined. Carbon dioxide emission of voluntary running ants was measured using a flow‐through technique, in order to determine their metabolic rate when running. The minimum cost of transport was constant over a range of temperatures (20–35°C), and similar for all three species (common value 212.96 ± 17.35 Jkg_1m_1). A comparison of the energy required to sustain representative foragers at 25°C indicated that it was energetically less expensive for L. nitida workers to forage than for the other two species. This may explain why L.nitida uses group raiding, while the other two species use individual foraging with limited recruitment for retrieval of large food items.
Do Trading Volume and Volatility Relationship Differs in Conventional and Islamic Stocks Evidence from Boursa Kuwait

In this paper, we present the results of a study on the effect of daily trading volume on the persistence of time-varying conditional volatility for Boursa Kuwait (BK). The test results were mixed. As the mixture-of-distribution hypothesis (MDH) implies, the inclusion of a contemporaneous volume in the equation of conditional variance reduces the persistent volatility of most stock series. However, the trading volume did not contribute to the removal of the ARCH or GARCH effects. The negative contemporaneous trading volume coefficient in a third of the cases provided evidence running counter to MDH predictions. Furthermore, lagged trading volumes appeared to display the predictable power of asset variability, which further buttresses and bolsters the sequential information arrival hypothesis. Moreover, we found that in more than a third of the series, the sign of the coefficients of contemporaneous and lagged trading volumes was negative, which contradicts the extensive evidence. However, the results do not lend support to the hypothesis of the effect of national cultural dimensions, market development and the level of transparency on the strength of the volume–volatility relation. The findings also show no significant difference between conventional and Islamic stocks on the relation between volume and volatility.
Dividend Policy Determinants in Public Sector Banks: A Panel Data Approach

Public sector banks in India have always been regarded as the mainstay of the Indian economy. The dividend policy of these banks reflects the association of risk and return with regard to securities. This paper portrays the effort to develop an understanding with regard to the impact of various factors on the dividend policy of the Public Sector banks. For the purpose dividends disbursed by nineteen public sector banks have been analyzed with regard to eight factors for their influence on them. The factors considered in the study include Firm Size, Profitability, Market Capitalization, Return on Equity, P/B value ratio, Return on Assets (ROA), Firm Risk and Growth. The data for the study was collected for a period of fifteen years beginning from March 2003 to March 2017. The data used in the study was collected from Capitaline Plus Database and was analyzed using bi-variate, multi-variate and Panel Data Regression techniques. The results indicated that all factors considered in the study had an impact on the Dividend Policy further it was found that while Profitability and P/B value ratio had a significant positive impact, Risk had a significant negative impact on it.
Why Do Public Firms Issue Private and Public Securities?

Keywords: Security issuance Private markets Asymmetric information Equity and debt issuance a b s t r a c t The market for public firms issuing private equity, debt, and convertible securities is large. Of the over 13,000 issues we examine, more than half are in the private market. Our results show asym-metric information plays a major role in the choice of security type within public and private markets and in the choice of market in which to issue securities. In the public market, firms' predicted probability of issuing equity declines and issuing debt increases with measures of asymmetric information. There is a weak reversal of this sensitivity in the private market. We also find a large sensitivity of the choice of public versus private markets to asymmetric information, risk and market timing for debt, convertibles, and in particular, equity issues. In this study we examine why public firms issue different security types within public and private security markets. We study both private and public issues of debt, convertibles, and common equity, a total of six different security-market choices. Our comprehensive database makes it possible to assess the factors that impact both security type and market choice. Private security markets are increasingly important for public firms. Of the over 13,000 issues by public firms we examine, more than half are in the private market, comprising issuances of equity, debt, and convertible bonds and convertible preferred stock (henceforth, convertibles). Among the firms that choose to issue equity or convertibles, 51% of the issues are in the private market, and among small public firms (firms in the lowest size quartile) 73% of their equity and convertible issues are in the private markets. Our study uses a methodology that allows us to determine whether firms use security issuance decisions of multiple types and in different markets as a mechanism to address asymmetric 1042-9573/$-see front matter Ó 2012 Elsevier Inc. All rights reserved.
Order Flow Toxicity under the Microscope

We empirically examine which components of modern markets’ message traffic are effective advanced indicators of impending illiquidity shortfalls. Using detailed message-level data from the National Stock Exchange (NSE) of India that flags the messages of HFTs, agency ATs, and non-ATs, we show that, after controlling for volume, volatility, and other traders’ activity, only the HFTs’ net buying pressure, computed from the inflow of both aggressive and non-aggressive orders, signals toxicity, and precedes increases in both immediacy costs and price impact in the short run. Consistent with theories of active risk management, cancellations and revision of outstanding limit orders add to the overall signaling capacity of the HFTs’ net buying pressure. Market-wide indicators of the HFTs’ net buying pressure add extra power in anticipating single-stock liquidity falls.
Powerful Trend Function Tests that are Robust to Strong Serial Correlation with an Application to the Prebisch-Singer Hypothesis

In this paper we propose tests for hypothesis regarding the parameters of a the deterministic trend function of a univariate time series. The tests do not require knowledge of the form of serial correlation in the data and they are robust to strong serial correlation. The data can contain a unit root and the tests still have the correct size asymptotically. The tests we analyze are standard heteroskedasticity autocorrelation (HAC) robust tests based on nonparametric kernel variance estimators. We analyze these tests using the small-b asymptotic framework recently proposed by Kiefer and Vogelsang (2002). This analysis allows us to analyze the power properties of the tests with regards to bandwidth and kernel choices. Our analysis shows that among popular kernels, there are specific kernel and bandwidth choices that deliver tests with maximal power within a specific class of tests. We apply the recommended tests to the logarithm of a net barter terms of trade series and we find that this series has a statistically significant negative slope. This finding is consistent with the well known Prebisch-Singer hypothesis. Because our tests are robust to strong serial correlation or a unit root in the data, our results in support of the Prebisch-Singer hypothesis are relatively strong.
The Relationships between Foreign Exchange Volatility Skew and Jump Risk

In this novel study, I investigate whether option implied volatility and implied volatility skew contain information capable of elucidating, in an ex-ante manner, the probability of exceptional foreign exchange price fluctuations. I study four of the most widely traded currency pairs and their corresponding options over varying option maturities and distinct definitions of volatility skew and price jumps, each over the period 1 Jan 2007 to 18 November 2013. I find significant evidence of such informational content in at-the-money implied volatility, implied volatility skew and currency forward premium, each with differing degrees of influence. Further, as opposed to results in existing literature on price jumps within the equity asset class, the ability of volatility skew to predict price jumps does not attenuate with an increasing option maturity up to three months. I also observe through probit marginal analysis how at-the-money implied volatility dominates in its influence of price jump probability, while currency carry and implied volatility skew hold smaller but nonetheless significant influence.
Use of the ectomycorrhizal fungus Laccarialaccata in forestry. I. Consistency between isolates in effective colonization of containerized conifer seedlings

Four isolates of the ectomycorrhizal fungus Laccarialaccata (Scop. ex Fr.) Berk and Br. were inoculated singly onto containerized Douglas-fir (Pseudotsugamenziesii (Mirb.) Franco), ponderosa pine (Pinusponderosa Dougl. ex Laws.), Sitka spruce (Piceasitchensis (Bong.) Carr. ), and western hemlock (Tsugaheterophylla (Raf.) Sarg. ) seedlings to detect ecotypic variation in colonization success and effects on seedling growth. All isolates formed well-developed ectomycorrhizae on all inoculated seedlings. Abundance ratings of short roots colonized did not differ between the four isolates for any conifer species; most inoculated seedlings developed ectomycorrhizae on over 80% of their short roots. There were also no differences between isolates in affecting seedling height, stem diameter, and dry weight of tops and roots for all conifer species. Inoculations did not improve seedling growth over uninoculated controls. Uninoculated controls of Douglas-fir and ponderosa pine had significantly greater dry weight than.
Temporal transition of nesting activities in the digger wasp Bembecinus tridens (Hymenoptera, Crabronidae)

A nest aggregation of Bembecinus tridens (Hymenoptera: Crabronidae) was investigated through observations of marked individual females in Northern Italy, in order to quantify frequencies, duration, and sequence of the nesting activities. Wasp females dug unicellular (in one case multicellular) nests preferably on oblique surfaces. Nest digging occurred mainly in the morning, while definitive nest closing was performed only in the afternoon, and nests were frequented by the owners for 3.52 days on average. One to eight nests were dug by single females in rapid succession in the area observed, revealing a rapid dispersion towards other sites. Provisioning and non‐provisioning (control) flights were positively correlated and occurred mainly in the late morning. A number of orientation flights followed most exits from the nests but was higher at the end of nest digging. Nest closing lasted more at the end of provisioning and at the end of digging. Provisioning began more frequently one day after nest digging (and oviposition), less frequently two days after, and the number of prey per day was negatively correlated with the number of provisioning days. Data are consistent with a situation of primitive progressive provisioning, and match that of other species of the same genus.
Unstable Banking

We propose a theory of financial intermediaries operating in markets influenced by investor sentiment. In our model, banks make loans, securitize these loans, trade in them, or hold cash. They can also borrow money, using their security holdings as collateral. We embed such banks in a stylized financial market, in which securitized loans may be mispriced, and investigate how banks allocate limited capital among the various activities, as well as how they choose their capital structure. Banks maximize profits, and there are no conflicts of interest between bank shareholders and creditors. The theory explains the cyclical behavior of credit and investment, but also accounts for the fundamental instability of banks operating in financial markets, especially when banks use leverage.
Hydraulic Limits to Tree Height and Tree Growth

Examines what determines the height to which a tree will grow in a particular region and climate. The relationship between maximum tree height and the speed at which the tree grew when young; Mechanisms for growth including the respiration hypothesis, the nutrient limitation hypothesis, the maturation hypothesis and the hydraulic limitation hypothesis; Details about each hypothesis; Evidence for hydraulic limitation; Conclusions.
Effect of black cumin seed oil (Nigella sativa) on enhancement of immunity in the climbing perch, Anabas testudineus.

Aims: The study was conducted to examine the efficacy of dietery black cumin seed oil (Nigella sativa) on the immune response of climbing perch, Anabas testudineus against A. hydrophila. Place and Duration: This experiment was performed in the Laboratory of Fisheries and Marine Bioscience (FMB), Jessore University of Science and Technology (JUST), on July to December 2013. Methodology: Fish husbandry and experimental design, Culture and Aeromonas hydrophila Isolation, Diet Preparations, Serum preparation (immune response assay), Growth performance, bactericidal activity, phagocytic activity and challenge test have been performed in this study. Original Research Article Khatun et al.; BMRJ, 6(6): 331-339, 2015; Article no.BMRJ. 2015.084 332 Results: Climbing perch (Anabas testudineus) of average weight 25±5 g were fed for 1, 2 and 4 weeks with diet supplemented 20 ml (20%), 30 ml (30%) and 40 ml (40%) 100 g -1 of N. sativa oil and with normal diet as control (0%). Immunological parameters including bactericidal activity and phagocytic activity were investigated. Treatment groups recorded enhancement in those parameters compared to the control. Treatment groups fed the dose 30% N. sativa oil showed a significant enhancement in bactericidal activity and phagocytic activity. The highest weight gain (WG) 41.7±1.5 was significantly increased with the 30% dose of N. sativa oil but specific growth rate (SGR) and feed conversion ratio (FCR) did not change significantly when compared to the control. Feeding with 30% dose diet to A. testudineus showed lowest cumulative mortality 20% compared to other dose diets and played most effective performance during challenge test. Conclusion: This result suggests that 30% dose of N. sativa oil enriched diet significantly enhanced the immune response and disease resistance of A. testudineus against A. hydrophila.
A method for ageing adult Corncrakes Crex crex

The shapes of the tips of Corncrake Crex crex secondary remiges grown by chicks and adults were compared. Measurements of secondaries of birds of known age were obtained from wild Corncrakes in Britain and captive‐bred birds originating from Germany and Poland. The tips of secondaries grown in the hatching year were more pointed than those grown in subsequent years in both samples. Secondaries grown in the hatching year are retained until the autumn of the next calendar year. Consequently the average shape of the tips of secondaries of one year old adults was different from that of older birds. The sum of the angles measured at the tips of secondaries 3 to 6 inclusive (numbered ascendantly) was used to quantify this difference. The angle sum scores of known first‐years and older birds overlapped, but it is possible to estimate the proportions of the two age classes in a sample of adults of unknown age by assuming that the distribution of scores is the combination of two normal distributions with means and standard deviations taken from the reference samples of known‐age birds. The method can also be used to assign individual adults to these two age classes, but if the proportion of errors is kept to less than 1% then it is necessary to leave the 35% of birds which have intermediate scores imaged.
The impact of acquisitions on Chinese acquirers’ innovation performance: an empirical investigation of 1545 Chinese acquisitions

Acquisitions by Chinese firms have increased markedly in recent years. So far, we know little about the effects of these acquisitions on the acquirer’s innovation performance. Our paper focuses on two interrelated research questions. First, to what extent can Chinese firms increase their patent output following an acquisition? Second, which factors influence the post-acquisition patent output? Using a comprehensive dataset of 697 publicly listed Chinese firms in the manufacturing sector that conducted 1545 acquisitions from 2000 to 2012, we find no significant overall effect of acquisitions on patent output. However, we find that several acquisition-specific factors have a positive effect on the post-acquisition patent output (e.g., size of the acquired knowledge base, relatedness of the acquired knowledge base, cross-border acquisitions). Our study extends prior research on post-acquisition innovation performance to the context of Chinese acquirers.
Season of year effect on response of orchardgrass to N fertilizer in a maritime climate

This study compared the response of harvests taken in May, June, August and September-October in terms of crop responses (yield, N uptake, and concentrations of crude protein and nitrate) to N fertilizer and residual soil nitrate and ammonium. Three trials were conducted in south coastal British Columbia in 1990–1992 to evaluate the response of an established sward of orchardgrass (Dactylis glomerata L.) to a range of N fertilizer rates. Both yields and daily crop growth rates were highest in cut 1, lowest in cut 4 and intermediate in cuts 2 and 3. For all four cuts, 95 and 90% of maximum yield was attained at about 136 and 82 kg ha-1 of applied N, respectively. Crop N supply from non-fertilizer sources ranged from 36 to 90 kg N ha-1, of which about 52% was attributed to nitrate present in the soil prior to growth and about 48% was N released from the soil, translocated from roots or deposited from the atmosphere. At 95% of maximum yield, crude protein concentrations ranged from 147 g kg-1 in the higher y.
Entrepreneurial Intentions and Economic Crisis

Economic crisis may inhibit the individual's intention to start a business. Yet, its study in entrepreneurship literature is overlooked. This observation does not come as a surprise, if one looks at how the role of environment has been slowly left out from the study of entrepreneurial intention. This article informs the current models of entrepreneurial intention by bringing back the role of environment and is a first step towards theorizing about the applicability of these predictive models under extremely adverse economic conditions. Using a fact-based approach and drawing upon a dataset of 618 graduates in Greece, the paper explores the role of perceived crisis both as an antecedent and a moderator in an extended model of entrepreneurial intention. Social support is introduced in the model as an additional determinant of entrepreneurial intention. Findings regarding the antecedent effects show that crisis affects all antecedents of intention, apart from attitude, while findings regarding the moderating effects show that crisis moderates only the desirability constructs - intention relationship and it does so in a rather unexpected way. Research and practical implications are discussed.
High Inflation: Low Default Risk and Low Equity Valuations

We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real asset prices and corporate default risk. Our model includes two empirically founded nominal rigidities: fixed nominal debt coupons (sticky leverage) and sticky cash flows. These two frictions result in lower real equity prices and credit spreads when expected inflation rises. A decrease in expected inflation has opposite effects, with even larger magnitudes. In the cross-section, the model predicts that the negative impact of higher expected inflation on real equity values is stronger for low leverage firms. We find empirical support for the model’s predictions.
EAGLE-FLI. A Macroeconomic Model of Banking and Financial Interdependence in the Euro Area

We incorporate financial linkages in EAGLE, a New Keynesian multi-country dynamic general equilibrium model of the euro area (EA) by including financial frictions and country-specific banking sectors. In this new version, termed EAGLE-FLI (Euro Area and Global Economy with Financial Linkages), banks collect deposits from domestic households and cross-country interbank market and raise capital to finance loans issued to domestic households and firms. In order to borrow from local (regional) banks, households use domestic real estate whereas firms use both domestic real estate and physical capital as a collateral. These features – together with the full characterization of trade balance and real exchange rate dynamics and with a rich array of financial shocks – allow to properly assess domestic and cross-country macroeconomic effects of financial shocks. Our results support the views that: (1) the business cycles in the EA can be driven not only by real shocks, but also by financial shocks, (2) the financial sector could amplify the transmission of (real) shocks, and (3) the financial/banking shocks and the banking sectors can be sources of business cycle asymmetries and spillovers across countries in a monetary union.
The Entitlement Effect in the Ultimatum Game– Does it Even Exist?

Since the seminal paper of Hoffman et al. (1994), an entitlement effect is believed to exist in the Ultimatum Game, in the sense that proposers who have earned their role (as opposed to having it randomly allocated) offer a smaller share of the pie to their matched responder. The entitlement effect is at the core of experimental Public Choice – not just because it concerns the topics of bargaining and negotiations, but also because it relates to the question about under which circumstances actors behave more rational. We conduct three experiments, two in the laboratory and one online, with more than 1,250 participants. Our original motivation was to study gender differences, but ultimately we could not replicate the entitlement effect in the Ultimatum Game in any of our three experiments. Potential reasons for why the replication attempts fail are discussed.
The Effect of Understorey Management on Soil Fertility, Tree Nutrition, Fruit Production and Apple Fruit Quality

ABSTRACT Changes in understorey management which accompany a shift to organic production potentially affect water and nutrient relationships for apple trees. Here we report field trials from a biological production orchard established at Winchmore, Canterbury, New Zealand in 1989 which involved a study of the changes in nutrient status of soil and of apple trees within red clover, ryegrass and mixed herb ley understories. These changes were assessed by soil, leaf and fruit analysis and related to differences in fruit production, tree growth and fruit quality. Soil and leaf nutrient levels increased with additions of nitrogen and potassium in composts and mulches. Nitrogen levels changed with both herbage (main treatment) and mow management (sub treatment) and were higher in trees grown with legumes in the understorey than in trees grown with a ryegrass understorey. With apple varieties such as ‘Braeburn’ which are sensitive to calcium disorders, fruit calcium levels changed with understorey management, bu.