Miracle-dz/UniFAR-FTUs huggingface dataset:
A Reexamination of the Impact of Decision Conflict on Choice Deferral

Decision conflict is featured prominently in psychology literature, going back to the seminal work of Lewin (1935), Miller (1944), and Janis and Mann (1977). Building on this earlier work and the assumption of conflict as an inhibitor of choice, Tversky and Shafir (1992; see also Dhar, 1997) argued that the tendency to defer a decision can increase when the offered set is enlarged because of decision conflict. They showed that decision-makers defer choice more when faced with two options presenting a trade-off compared to when they are offered a single option. Despite its intuitive appeal, we argue that the association between decision conflict and deferral has been overstated, and adding options rarely increases deferral. We reexamine published data and report the results of 35 well-powered replications of the effect (total n = 21,686), raising doubts about the generality of the impact of conflict on choice and deferral. Our data show that, when provided with two alternatives that present trade-offs, decision-makers are predominantly less—rather than more—likely to defer choice compared to when they see one of the two options in isolation. We discuss and test potential moderators that can reconcile our findings with earlier research.
Detecting zombie banks

Capital adequacy has become the main regulatory tool to achieve financial stability in the last twenty years. While most papers analysed the effect of capital adequacy on risk taking, there is a lack of evidence on the relationship between deleveraging and the return on equity capital. In this paper, we examine the evolution of the banking system in Japan over the period 2000–16, where the re-capitalization issue has already played a major role in policy making. Specifically, we estimate the shadow return on equity capital for both listed and unlisted banks by measuring the loans-funding-equity technology through the dual cost function, controlling for risk exposure and bad loans, and accounting for both the standard asset-based model of bank outputs, and income-based model. Such an approach is likely to be important if the central bank permits banks with unsustainable balance sheets to continue in existence, and we refer to this as zombie banking. Overall, our results show that deleveraging did reduce the shadow return on equity for the City banks. We also find that that the presence of ‘zombie’ banks was concentrated and large among the smaller less diversified Regional Banks.
The Effect of Export Insurance and Guarantees on Export Performance: An Empirical Analysis for Korea

There is a series of empirical papers (Kim and Lee 2004; Egger and Url, 2006; Moser, Nestmann, and Wedow, 2008; Baltensperger and Herger, 2009; Auboin and Engemann, 2014; Van der Veer. 2015) which show that trade finance is positively associated with export. Despite its positive impact on export, trade finance has been a contentious issue in international organizations such as the WTO and OECD in terms of implementing related policy measures. This is based on the argument that trade finance hurts fair international trade because it ultimately plays a role just like a subsidy. <br><br>Regarding this contentious issue, in this paper we examine whether there is evidence supporting that trade finance is associated with an increase in export. We also investigate the channel through which the effect of the trade finance on export is working. To this end, we focus on a specific part of trade finance: short-term export insurance and export credit guarantee. This is because noble and ample data on these types of trade insurance are available. This confidential data is provided by the Korea Insurance Trade Corporation (henceforth KSURE) exclusively. <br><br>We conduct a panel regression using Korean sector-level export data covering from 2010Q1 to 2017Q4. This dataset enables us to control for destination country-, sector-, and time-fixed effects. Our empirical results show that the short-term export insurance and export credit guarantee have a positive impact on exports, and the main channel behind this is related to mitigating financial constraints of exporting firms. The trade finance effectively eliminates the risk of importers' payment, which helps export firms reduce the financial frictions. This ultimately leads to an increase in export. <br><br>Since the main mechanism in which the trade insurance affects export is related to alleviating financial frictions, it becomes more definite that the way how trade insurance contributes to an increase in export is somewhat different from that of a subsidy. When we consider the fact that financial friction is an important factor for restraining international trade, which can partly explain the great collapse in international trade during the global financial crisis, the trade insurance policies would rather be a useful policy measure which can dampen negative impact on export during recession.
Relationship Between Corporate Social Performance and Financial Performance of Private Sector Banks in India

The effects of Corporate Social Performance on the performance of firms, have been brought out by many studies. But this study proposes to examine the relationship between Corporate Social Performance and Corporate Financial Performance of private sector banks in India. The sample for this study consisted of only top 10 private sector banks. Four variables of Corporate Social Performance and four variables of Corporate Financial Performance were used in this study. The study found that there was positive relationship between Corporate Social Performance and Corporate Financial Performance in private banks of India. In other words, the social performance activities could be improved with the help of financial performance of private sector banks in India.
Apple, Microsoft, Amazon and Google - A Correlation Analysis: Evidence from a DCC-GARCH Model

In this paper, we examine time-varying correlations among stock returns of Apple, Microsoft, Amazon and Google. Employing a multivariate DCC-GARCH model, we find that there are strong linkages among these four assets. Starting from lower levels, correlation values for most asset pairs exhibit a stable ascending movement in recent upward trended markets to, in an exceptional case, almost hit the perfect positive correlation mark. We show that correlations among these assets jump during downturn market periods, suggesting limits in the diversification of risk within the segment of large cap U.S. technology stocks. Our results are helpful for portfolio management and asset allocation.
Risk Dynamics of Sectoral Stocks in BRICS Countries

This study attempts to contribute to the literature on risk exposures by investigating the dynamic volatility spillover transmissions and volatility co-movements between oil-risk factors and sectoral stocks in BRICS countries. A spillover index and DCC-GARCH estimation techniques are applied to identify the volatility transmission mechanism and co-movement among the series using daily data from 5th May 2007 to December 31st, 2016. To provide practical implications of the volatility transmissions, the estimated results are in turn used to compute and analyze the optimal weights and hedge ratios for oil-stock portfolio holdings. Our findings indicate the existence of significant volatility spillover interdependences and a time-varying volatility co-movement between oil-risk factors and sectoral stocks. However, the direction of spillover is shown to be somewhat unidirectional mainly from some selected sectors to oil-risk factors. Thus, we show that although volatility spillovers from oil-risk factors to sectors exist, the effect is at best, marginal. Finally, the optimal weights and hedge ratios show that oil-risk factors would be better suited as instruments for portfolio diversification rather than hedging to minimize oil price and portfolio risks which is important for risk management and diversification benefits.
Information Control for Creator Brand Management in Subscription-Based Crowdfunding

Digital content creators, such as podcasters, musicians, writers, and YouTubers, are increasingly using subscription-based crowdfunding (SBC) platforms to attract backers and obtain recurring funding from them. Unlike conventional crowdfunding, a hallmark of SBC is the recurring funding scheme structured as a creator-centered freemium model. Empowering creators to build their person brands, SBC platforms are providing creators with novel features to control the information that they share with their backers or fans or conceal from them. Based on a large-scale study on Patreon, an SBC platform, we show how creators can effectively leverage two types of information controls—earnings concealment and private postings—to build their person brands and thereby develop their backer base and fan engagement. Interestingly, we also find a reinforcing relationship in which the increases in backer base and fan engagement further stimulate creators to leverage information controls in their SBC campaigns to grow their person brands. In sum, although information controls are effective in aggregate to build person brands on SBCs, creators need to dynamically adjust the extent of use of information controls based on changes in their backer base and fan engagement.
Rise of the 'Quants' in Financial Services: Regulation and Crowding Out of Routine Jobs

We document three stylized facts regarding employment in financial services: (a) the share of science, technology, engineering, and math (STEM) workers grew by 30% between 2011 and 2017; (b) while the earnings premium of working in finance has grown, the STEM premium in finance has declined since 2011; and (c) regulatory restrictions in the financial services have grown faster than other sectors. We investigate three economic mechanisms underlying these patterns: (a) capital-skill complementarity, (b) relabeling of non-STEM into STEM degree programs, and (c) regulation. We show that only the rise in regulation can explain these dynamics.
Bankruptcy Prediction Using Only the Face Value of Debt and Stock Market Capitalization in a Single Ratio

I show that a single ratio requiring only a public company's face value of debt and stock market capitalization is a robust bankruptcy predictor. I develop this ratio from a simple theory of the bankruptcy decision and denote it Ps, since it is the minimum price at which a firm's debt must trade if the firm is solvent. Used alone or in combination with other variables, Ps provides a useful tool for credit analysts, bankers, public accountants and others, and will be of considerable value in academic research on financial distress. I present bankruptcy frequencies for a range of Ps values to facilitate bankruptcy prediction by the reader.
The Thermochromatography of Metallic Elements in Titanium Columns

Thermochromatography is a convenient method for the separation and chemical identification of nuclear reaction products in the gaseous phase. By varying the temperature range, the stationary and mobile phase, thermochromatography is applicable to almost all of the elements of the periodic table [1,2]. Numerous papers are devoted to volatile compounds, but only a few to the thermochromatography of elements [2—7], We believe that it may be advantageous to separate trace amounts in the elemental state in metallic columns, because different types and energetics of bonding between metallic surfaces and adatoms could provide separation factors exceeding those attainable by distillation and sublimation of macroamounts [8,9]. Theoretical calculations of the enthalpy of adsorption ( A / / a d ) on metallic surfaces from first principles are mostly incorrect (refs. [8—10]). The properties of the corresponding macroscopic metal-metal systems may not provide good estimates for A / / a d , since the bonding at the surface is not necessarily the same as in the macroscopic system [8]. For instance, the alkali and alkaline earth metals do not react with titanium owing to their large metallic radii [11], whereas on the surface of titanium, cesium atoms are adsorbed with A / / a d exceeding the enthalpy of sublimation of cesium because in surface reactions the size of the adatoms is of minor importance. On the other hand, if compound formation is observed in macroscopic systems, it is also expected to occur on surfaces [8]. This should be the case for the adsorption on titanium of the volatile elements Tl, Pb, Bi, and Po which in macroamounts react with titanium [11]. In the present work the adsorption of trace amounts of Na, Κ Cs, Ba Eu, Yb, Tm, Tl, Pb, Bi, Po, Am, and Cf in the elemental state on the surface of polycrystalline titanium was investigated by thermochromatography in open tubular columns. The declared elemental state of the trace amounts is of speculative character as it cannot be determined directly. We volatilized the elements under investigation from molten lanthanum and used highpurity helium containing sodium or calcium vapours as a mobile phase. On the basis of the thermochemical data for macrosystems we believe that these conditions favour the elemental state.
Models for ultrasonic characterization of environmental degradation of interfaces in adhesive joints

In this paper we discuss two models of environmental degradation of adhesive joints developed from experimental observation of the joint failure mode. It is found that after severe degradation, failure is dominated by the interfacial mode, i.e., by failure at the interface between adhesive and adherend. The fraction of failure in the interfacial mode was found to be related to the joint strength and to be proportional to the frequency shift of a minimum in the spectrum of the reflected ultrasonic signal. One model considers an interface as an interphase in the form of a nonhomogeneous layer composed of two phases: ‘‘soft’’ which is viscoelastic (degraded part of the interphase) and ‘‘stiff’’ corresponding to the nondamaged interphase. Increase of the ‘‘soft’’ phase fraction corresponds to the process of degradation in the interphase. The second model describes degradation in a form of disbonds filled by absorbed water at the interface. The disbonded interface is modeled by transverse spring boundary condi.
Big Data: The Birth and Distribution of a Novel Responsibility

Big data is perhaps one of the most influential phenomena of the 21st century that affects every inch of the economic system, yet management scholars are only beginning to investigate its relevance for theory and practice. This paper contributes to this discussion by presenting data as an emergent issue in need of responsibilization. After a brief overview of the big data topic and a variety of related challenges, we present three alternative frameworks through which issue evolution has been studied. Using insights from strategic responses to institutional pressures, strategic issues management, and wicked problem framing, we formulate a framework through which to look at big data, which we refer to simply as a responsibilization process. We then use this process that consists of triggers, frames, actions, elevation, and distribution, to shed light on the driving forces behind data responsibility and integrate insights from various interviews with IBM representatives as a litmus test of our responsibilization process.
Shock and Spillover Effects of Global Commodity Markets on Some African Equity Markets

A decade after the 2008–2009 global recession, the world’s financial architecture has developed into an integrated network of financial and commodity markets, mainly due to cross-border investments and trade. In light of this, shock spillovers have also intensified as the interdependence between equity and commodity markets increased after the global financial crisis (GFC). This paper investigates the dynamic shock and spillover effects of international commodity markets on some African equity markets using VAR-GARCH and DCC-GARCH approaches. The first moment equation show no equity return predictability in the African equity markets, which support the main ideas of the efficient-market hypothesis (EMH). But the second moment equations reveal a statistically significant risk and shock spillovers from the international commodity markets on African equity markets as well as spillover effects from the global implied volatility indicators. In addition, we find a is strong indication that the risk effects are time-varying and that they become stronger when the market risks increase, particularly during and after the global financial crisis (GFC). Overall, the findings reveal that the intensive financialization of commodity markets has had a clear role in the spreading of commodity market risks to African equity markets.
On a Synchronization Problem With Multiple Instances

We study a synchronization problem with multiple instances. First, we show that the problem we consider can be formulated as the problem of finding an intra-column rearrangement for multiple matrices (which reflect problem instances) such that the row sums across the various matrices show minimum variability. To obtain the optimal rearrangement, we introduce the Block Swapping Algorithm (BSA) and a further customization of it that we label as the Customized Block Swapping Algorithm (Cust BSA). A numerical study shows that the two algorithms we propose yield high-quality solutions and also deal efficiently with high-dimensional set-ups.
The Effect of Unemployment Insurance Benefits on (Self-) Employment: Two Sides of the Same Coin?

Although a relevant share of firms is created out of unemployment and current active labor market policies in Europe often subsidize unemployed individuals to start their own businesses, little is known about the role of unemployment insurance (UI) generosity for self-employment. By using Spanish administrative data including so far inaccessible information on self-employment, we exploit a reform-driven exogenous cut in UI benefits to identify its causal effect on general employment and decompose it into the effects on self-employment and re-employment. Exploiting a discontinuity in the UI benefit schedule which changed as a result of the 2012 Spanish labor market reform, we estimate the causal reform effects on the extensive margin of (self-)employment and on unemployment duration. We find heterogeneous effects on the extensive margin: while the job-finding rate increases, the startup rate decreases. Over different time horizons, the negative effect on self- employment (35-50%) outweighs the positive effect on employment (5-33%). Therefore, omitting self-employment as a counterfactual outcome might lead to overestimate general employment effects. Our UI benefit duration elasticity estimates indicate that reduced UI benefits extend unemployment duration for individuals transitioning into self-employment but shorten unemployment for individuals finding re-employment. These results might be relevant for the (optimal) design of UI systems.
Using Economic Links between Firms to Detect Accounting Fraud

We explore whether accounting fraud can be detected using the information of firms economically linked to a focal firm. Specifically, we examine whether customer information disclosed by a supplier firm, combined with customers’ accounting information, helps to detect the supplier’s revenue fraud. We first confirm the economic link between the supplier and customers by showing a strong positive correlation between the supplier’s sales growth and the growth rate of total customer purchases. We then introduce two variables based on customer accounting information—the discrepancy between supplier sales growth and customer purchase growth and customer excess purchases—and show that they are predictive of supplier revenue fraud. We conduct a battery of cross-sectional tests to further examine the two fraud predictors and generally find results to vary cross-sectionally in a predictable way. Finally, the out-of-sample tests indicate adding the two variables to Dechow et al.’s (2011) model increases fraud prediction accuracy.
Quid Pro Quo? Government-Firm Relationships in China

Abstract This paper studies favor exchange between governments and firms in China by exploiting a quasi-experiment tax reform. A tax revenue-sharing rule between central and local governments was announced in October 2001: the higher the local tax revenue in 2001, the higher the share of the tax revenue that stays at local afterward. I find that local governments that granted more favors to firms before the reform received more assistance from firms to raise the tax revenue in 2001; in turn, an abnormally high government subsidy was returned to firms that offered assistance. This paper demonstrates that a reciprocal relationship between governments and firms beyond the simple trading of personal favors could arise in non-democratic societies where politicians face no electoral incentives. The fact that firms and governments could mutually benefit from this reciprocal relationship helps explain the exceptional economic growth in China despite its unfavorable business environment.
Cheap Talk and Cherry-Picking: What ClimateBert has to say on Corporate Climate Risk Disclosures

Disclosure of climate-related financial risks greatly helps investors assess companies' preparedness for climate change. Voluntary disclosures such as those based on the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) are being hailed as an effective measure for better climate risk management. We ask whether this expectation is justified. We do so with the help of a deep neural language model, which we christen ClimateBert. We train ClimateBert on thousands of sentences related to climate-risk disclosures aligned with the TCFD recommendations. In analyzing the disclosures of TCFD-supporting firms, ClimateBert comes to the sobering conclusion that the firms' TCFD support is mostly cheap talk and that firms cherry-pick to report primarily non-material climate risk information. From our analysis, we conclude that the only way out of this dilemma is to turn voluntary reporting into regulatory disclosures.
Finding Workable Levers Over Work Motivation

This article draws on a sample of state government health and human service managers to develop and test a model of work motivation. The authors examine the effect of individual attributes, job characteristics, and organizational variables on three aspects of work motivation: job satisfaction, organizational commitment, and job involvement. They find that managers have varying degrees of influence over these different aspects of work motivation, with greatest influence over job satisfaction and least influence over job involvement. A number of variables are important for work motivation, including public service motivation, advancement opportunities, role clarity, job routineness, and group culture.