Miracle-dz/UniFAR-FTUs huggingface dataset:
Truncating Optimism

Consensus estimates, formed by taking an average of analyst forecasts, play an important role in capital markets (e.g., provide investors with a proxy for earnings expectations). We show I/B/E/S, a prominent information intermediary, removes 6% of one-quarter-ahead earnings forecasts before calculating the consensus and among the 23% of firm-quarters with at least one forecast removed, this figure rises to 16%. We provide evidence suggesting that I/B/E/S subjectively applies policies that govern its removal decisions and accepts feedback from firms that contributes to this subjectivity. Specifically, we find optimistic forecasts are removed more frequently than pessimistic forecasts, and such asymmetry increases further when removals allow firms to meet or beat the consensus. Furthermore, we find that these effects are more pronounced when managers’ incentives to just meet or beat the consensus are stronger (i.e., higher subsequent insider sales or higher compensation delta), or managers have greater ability to influence I/B/E/S. Lastly, we demonstrate that these subjective removals benefit I/B/E/S by improving consensus accuracy, explaining why I/B/E/S is willing to be influenced by firms.
Does PIN Affect Equity Prices Around the World?

This study examines the empirical controversy over the pricing effect of Easley, Hvidkjaer, and O'Hara's (2002) probability of information-based trading, PIN, on a sample of 30,095 firms from 47 countries worldwide. Contrary to the empirical evidence of Easley, Hvidkjaer, and O'Hara, but consistent with that of Duarte and Young (2009), we find no evidence that PIN exhibits a positive effect on a cross-section of expected stock returns in international markets. Alternative information-based trading measures also display no effect on expected stock returns, corroborating our finding that information risk proxied by PIN, in general, has no pricing effect in world markets.
Industry-Specific Knowledge Transfer in Audit Firms: Evidence from Audit Firm Mergers in China

Using a difference-in-differences approach, we examine the effect of industry-specific knowledge transfer on audit performance after a merger of two Chinese audit firms with different levels of expertise in an industry. For clients in an industry audited by both merging audit firms, those audited by the audit firm less specialized in that industry belong to the treatment group, while all other clients belong to the control group. We find an economically-significant improvement in audit quality (as reflected in a reduction in financial misstatements) for the treatment group relative to the control group in the same merged audit firm. We show that the treatment effect is not driven by changes in auditor incentives or personnel movement and is more pronounced when we expect stronger communication between the less and more specialized auditors after the merger. We caution that our findings are specific to China and may not generalize to other countries.
SEVERE DEFOLIATION OF SCOTS PINE REDUCES REPRODUCTIVE INVESTMENT BY ECTOMYCORRHIZAL SYMBIONTS

Reduction in the photosynthetic capacity of plants is presumed to negatively affect their fungal symbionts. To test this hypothesis under natural conditions, we artificially removed 100% of previous year needles in two successive years on Scots pine trees (Pinus sylvestris L.) to simulate pine sawfly attack. Despite a decline in the shoot growth of defoliated trees, root biomass did not differ from control trees. The ergosterol (fungal biomass) and starch concentration of fine roots, however, slightly declined in defoliated trees. Percent ectomycorrhizal colonization of fine root tips remained high in both defoliated and control trees. The dominant tubercle morphotypes were slightly more abundant in the control than in defoliated trees. In contrast to the relatively weak effects on vegetative ectomycorrhizae, reproduction declined near the defoliated pines. Average sporocarp numbers and, consequently, the relative fungal investment to reproduction of the estimated total fungal biomass were more than three times higher near controls than defoliated trees in the first treatment year. Defoliation also reduced the diversity of ectomycorrhizal species producing sporocarps. Mutualistic fungal symbionts may thus alter their reproductive investment in response to restrictions on host resources. Because fungal biomass in the roots as well as colonization percentage remained unchanged, Scots pine evidently continues to invest in the maintenance of the symbiosis despite the reduced photosynthetic capacity due to defoliation.
Genetic vairiability heritability and genetic advance for some traits in chillies (Capsicum annum L.)

Genetic variability, heritability and genetic advance for different yield contributing characters where studied in 30 germplasm of chillies. The study indicated existence of considerable amount of genetic variability for all the characters studied except fruit girth. The number of fruits per plant exhibited highest values of genotypic and phenotypic coefficient of variation (GCV and PCV). High estimates of heritability (broad sense), genotypic coefficient of variation (GCV) and genetic advance was observed for fruit length, number of fruits per plant and yield per plant. These characters can be effectively improved through selection.
Aid Distribution and Cooperation in Unequal Communities

We experimentally study aid distribution and cooperation in a field lab in rural Nicaragua. In the first stage of the experimental game, participants contribute to a collective effort that determines the amount of aid given to the group, which is distributed among the players in a second stage. We find that in a treatment where a group representative, selected as the highest contributor, distributes aid, contributions are higher compared to a treatment where aid is equally distributed. The higher amounts of aid attracted, however, benefit representatives only. At the same time, representatives do care about fairness. They give higher aid shares to players with low endowments and lower shares to low contributors. Moreover, representatives with lower relative wealth or who contribute relatively more, keep higher aid shares. With our experimental game simulating community‐based development (CBD) schemes, we discuss the implications of our results for elite capture in such schemes.
Protein Recovery of Tilapia Frame By-Products by pH-Shift Method

The conditions of isolating protein from tilapia frame by-products (TFB) by a pH-shift process were investigated along with their physicochemical and gelling properties. The minimum solubility of TFB protein was observed at pH 5.5 and gradually increased at both acid and alkaline sides. The highest solubility was observed at pH 2 and 12. Protein solubility of TFB increased as the ratio of alkaline extraction medium and extraction time increased. The highest protein extraction was found at the ratio of ground sample to extraction medium of 1 to 9 and extraction time of 15 min. The maximum protein recovery was found at pH 12 with 19.19%. The color of all protein isolate samples obtained from either acid or alkaline extraction was dark brown. Whiteness of a TFB protein isolate extracted at pH 2 was the highest with a value of 14.69. An alkaline pH-shift process effectively removed fat as much as 95%. Breaking force and deformation of recovered protein gel from an alkaline pH-shift were higher than those from the acid counterpart.
Regime-Dependent Smile-Adjusted Delta Hedging

Most research on option hedging has compared the performance of delta hedges derived from different stochastic volatility models with Black-Scholes-Merton (BSM) deltas, and in particular with the 'implied BSM' model in which an option's delta is based on its own market implied volatility. Various empirical studies of vanilla options on different equity indices have provided substantial evidence that minimum variance deltas outperform the partial derivative delta, but no clear evidence that they can consistently outperform the implied BSM delta, or other simple smile-adjusted deltas that are popular with option traders. This paper focuses exclusively on smile adjustments to BSM deltas with an emphasis on those which depend on the market regime. Using 16.5 years of daily closing prices for FTSE 100 vanilla options, out-of-sample tests of their hedging performance clearly demonstrate that even the simplest of the regime-dependent smile adjustments will consistently and significantly improve on implied BSM delta hedging, for options of all moneyness and maturities and whether rebalancing is daily, weekly or fortnightly. For most options and over all hedging horizons the regime-dependent smile-adjusted delta-hedging errors are only 50%-60% as large as the implied BSM hedging errors, on average. During volatile market periods the risk reduction is much greater than it is during tranquil periods.
On Violations of the Dominance Postulate

Under uncertainty, subjects in laboratory experiments often violate Savages Sure Thing Principle (Postulate 2). These violations are implied by inconsistencies between a pair of choices. We perform an indirect test with a single choice. The test is based on our result that in a simple environment, the failure of Postulate 2 implies a failure of the Dominance Postulate. The Dominance Postulate states that if lottery A offers a higher prize than lottery B in every state of the world, then A should be preferred over B. Thus, the validity of the Dominance principle, can be established by observing a single choice. We report on experiments where we observe significant violations of the Dominant Postulate under uncertainty but not under risk. We, therefore, conclude that the failure of Postulate 2 under uncertainty is robust to a reduction in the complexity of choice.
The Life of the Counterparty: Shock Propagation in Hedge Fund-Prime Broker Credit Networks

The collapse of Lehman Brothers illustrated the importance of managing prime broker counterparty risks for hedge funds. Liquidity shocks to prime brokers can lead to cycles of deleveraging that produce losses at funds and potentially have harmful effects on financial market function and credit provision. While the hedge fund-prime broker credit network is highly concentrated, the average hedge fund in our sample borrows from three prime brokers and has a total credit exposure of $2.15 billion. We show that hedge fund borrowing tends to be overcollateralized and most of the collateral is allowed to be rehypothecated. Using a within fund-quarter empirical strategy, we identify the effects of an idiosyncratic liquidity shock to a major creditor. Such a shock results in significantly reduced borrowing due to the prime broker reducing credit supply instead of a precautionary reduction in credit demand from connected hedge funds. Borrowing by funds with more rehypothecable collateral is less affected because such collateral improves the constrained creditor's liquidity situation. Even large hedge funds simultaneously borrowing from multiple creditors see a significant reduction in their aggregate borrowing following the shock. Larger, more connected and better-performing hedge funds and those that do less OTC trading are better able to compensate for this loss.
Localization and Contextualization in Teaching Biology for Grade 7 Students of Paliparan National High School for School Year 2018–2019

Localization and contextualization are the new strategies to teaching-learning process and highlighted in the Philippines’ K to 12 Curriculum. This study determined the effect of localization and contextualization in teaching biology in enhancing the academic performance of selected Grade 7 students of Paliparan National High School during the second quarter of the school year 2018 - 2019. The study was carried out using experimental study, particularly the pretest and post-test control group design. Two sections were used and this was done by random sampling. There are forty students taught with the use of localized and contextualized teaching (experimental) and forty students taught without the use of localized and contextualized teaching (control). The data gathered were treated using mean, standard deviation, and T-test. SPSS 14.0 software was used. Mean and standard deviations were also used in finding out the students’ pretest, and post-test performances taught with the use of localized and contextualized teaching and without the use of localized and contextualized teaching. Paired T-test for correlated means was used in finding out the difference between the pretest and post-test performances of the two sections and Independent T-test for correlated means were used to find the difference between both post-test performances of the two sections. Findings revealed that post-test performances of both sections were significantly different. Teachers in any subject area should try to integrate localization and contextualization in teaching because it shows a positive effect as regards to the performance and motivation of students towards the lessons.
The Shale Revolution, Geopolitical Risk, and Oil Price Volatility

The U.S. shale revolution, using new technologies to extract crude oil, has led to new dynamics in the supply side of the global oil market. We ask whether the shale revolution has dampened the role of geopolitical risk in oil price volatility. We extend a reduced form Structural Break Threshold Vector Autoregressive (SBT-VAR) model to a structural SBT-VAR model and identify the structural innovations by allowing for conditional heteroskedasticity. Compared with the conventional reduced form VAR and TVAR models, a SBT-VAR with a constant threshold and a break in April 2014 are supported by the data. We then analyse the conditional (co)variance impulse response with respect to two distinct shock scenarios, one with only a geopolitical risk shock, the other with a simultaneous shale production shock and a geopolitical risk shock. The volatility responses are due to the identified contemporaneous relationships amongst geopolitical risk, shale production and oil prices, and are conditional on volatilities at the points in time. With the extra unit shale production shock, we find that the volatility response of oil prices to a geopolitical risk shock is higher, but the response is less correlated with the geopolitical risk factor.
Molecular biological characterization of bursaphelenchus xylophilus and bursaphelenchus mucronatus in Korea

Pine wood nematode (PWN), Bursaphelenchus xylophilus, is a causal organism to induce pine wilt disease (PWD) in many varieties of pine trees. PWD was first introduced to Korea in 1988 but, the damage has been dramatically increased since 2000. Recently PWD is newly reported in Korean pine tree (Pinus koraien‐sis) and is considered one of the most important forest diseases in Korea. Fifteen isolates of B. xylophilus, 2 isolates of B. mucronatus, and 6 unidentified Bursaphelenchus spp. were collected from different geographical locations and hosts in Korea. All the isolates were cultured in fungal medium and nematodes were harvested for further experiment. First, all the isolates were characterized by both ITS and D2D3 rDNA sequence analysis. Template DNA was prepared by DNA extraction from single female nematode. ITS and D2D3 region were amplified by PCR and followed by cloning and sequence. As a result, all the sequences of ITS and D2D3 from B. xyophilus isolates were identical and there is no intraspecific variation. However, 2 genotypes of B. mucronatus were found, which one from P. thunbergii was East Asian type and the other one from P. koraiensis was European type. ITS‐RFLP phenotype was also proposed to discriminate different species and genotypes and 5 enzymes, Hinf I, Alu I, Msp I, Hae III, and Rsa I. were selectively treated.
Diversity of Cryphonectria parasitica in western Spain and identification of hypovirus-infected isolates

Summary Isolates of the chestnut blight fungus Cryphonectria parasitica were obtained from 44 localities in four provinces in Western Spain and characterized for vegetative compatibility (vc) types, mating types and the presence of Cryphonectria hypovirus 1 (CHV1). Among the 1232 isolates recovered from chestnut blight cankers, 11 vc types were identified: five known vc types included in EU1 to EU74 (EU1, EU11, EU12, EU28 and EU66) and six unknown vc types (CL4, CL5 CL6, CL8, CL9 and CL10). The number of vc types found per province varied between two and seven. The vc type EU11 was present in all provinces and accounted for 48.9% of all isolates. EU1 was detected in three provinces and accounted for 39.1% of the isolates. The vc types EU12, EU66, CL5 and CL6 were present in one or two provinces and comprised between 2.4% and 3% of the isolates. The other vc types were represented by only one or very few isolates. The mating type MAT-1 was largely dominant in the provinces Leon and Avila, while both mating types MAT-1 and MAT-2 were found in Salamanca and Zamora. Fourteen hypovirus-infected C. parasitica isolates were found, nine were in vc type EU1 and five in EU11, and they were detected only in the province Leon. All isolates analysed contained the French hypovirus subtype CHV1-F1.
Credit Spreads, Economic Activity and Fragmentation

Credit spreads may be jointly driven by developments that are orthogonal to the current state of the economy. We show that this unobserved systematic component is demanded to hedge against adverse economic fluctuations. Using either yield-to-maturity spreads or asset swap spreads for 2345 Eurobonds across euro area non-financial industries, we estimate a market wide relative excess bond premium - a function of the unobserved systematic component, which can predict real economic activity, the stock market and survey-based economic sentiment. This premium was highly negative between March 2003 and June 2007 in all bond segments and turned positive since then up to the launch of the 3-years long term refinancing operations in December 2011, predicting the financial crisis and the two recessions. Finally, using the countries' excess bond premia, we find that fragmentation risk increased sharply after Lehmans bankruptcy and during the sovereign debt crisis.
Adoption of Security and Privacy Measures in Bitcoin – Stated and Actual Behavior

Bitcoin is a digital monetary system that functions without any central authority and pre-assumed identities among participants. Contrary to a popular belief, Bitcoin is not inherently anonymous or secure. In this article, we survey security and privacy risks in Bitcoin and related countermeasures. We also examine self-reported and actual adoption of important security and privacy measures, based on an online survey with 125 active Bitcoin users and an extensive analysis of all Bitcoin transactions through the years from the beginning until June 2017, collected from the public transaction ledger (blockchain). According to our user survey, the knowledge about some of these measures among Bitcoin users is relatively high. However, others are not well known. Both studies show an extremely high adoption of single-use or fresh addresses, but a lower adoption of the remaining measures, as well as instability in case of stealth addresses, and stagnation for pay to script hash (P2SH) and multisigs. Furthermore, P2SH is used almost exclusively for multisigs. Our findings suggest that existing protection mechanisms require further usability improvements and user awareness should be strengthened to increase adoption. Against this background, our work can also serve as a methodological guideline for long-term adoption studies.
First Density Estimation of Two Sympatric Small Cats, Leopardus colocolo and Leopardus geoffroyi, in a Shrubland Area of Central Argentina

Geoffroy's and Pampas cats are small felids with large distribution ranges in South America. A camera trap survey was conducted in the Espinal of central Argentina to estimate abundance based on capture—recapture data. For density estimations we used both non-spatial methods and spatially explicit capture—recapture models (SECR). For Geoffroy's cat we also obtained density estimates from 8 radio-tracked individuals. Based on the data on 10 Geoffroy's cats and 7 Pampas cats, non-spatial methods produced density ranges of 16.21–21.94 indiv. /100 km2 and 11.34–17.58 indiv. /100 km2, respectively. The density estimated using SECR models was 45 animals/100 km2 for Geoffroy's cat, whereas we were unable to produce a reliable estimate for the Pampas cat. The SECR estimate for Geoffroy's cat is more similar to that obtained from telemetry data (58.82 cats/100 km2). In agreement with the hypothesis of its greater adaptability, Geoffroy's cat was more abundant than the Pampas cat.
Correlates to Colonizations of New Patches by Translocated Populations of Bighorn Sheep

By 1950, bighorn sheep were extirpated from large areas of their range. Most extant populations of bighorn sheep (Ovis canadensis) in the Intermountain West consist of <100 individuals occurring in a fragmented distribution across the landscape. Dispersal and successful colonizations of unoccupied habitat patches has been rarely reported, and, in particular, translocated populations have been characterized by limited population growth and limited dispersal rates. Restoration of the species is greatly assisted by dispersal and successful colonization of new patches within a metapopulation structure versus the existing scenario of negligible dispersal and fragmented, small populations. We investigated the correlates for the rate of colonizations of 79 suitable, but unoccupied, patches by 31 translocated populations of bighorn sheep released into nearby patches of habitat. Population growth rates of bighorn sheep in the release patches were correlated to Ne of the founder group, and early contact with a second released population in a nearby release patch (logistic regression, p = 0.08). Largest population size of all extant released populations in 1994 was correlated to potential Ne of the founder group, the number of different source populations represented in the founder, and early contact with a second released population (p = 0.016). Dispersal rates were 100% higher in rams than ewes (p = 0.001). Successful colonizations of unoccupied patches (n = 24 of 79 were colonized) were associated with rapid growth rates in the released population, years since release, larger area of suitable habitat in the release patch, larger population sizes, and a seasonal migratory tendency in the released population (p = 0.05). Fewer water barriers, more open vegetation and more rugged, broken terrain in the intervening habitat were also associated with colonizations (p = <0.05). We concluded that high dispersal rates and rapid reoccupation of large areas could occur if bighorn sheep are placed in large patches of habitat with few barriers to movements to other patches and with no domestic sheep present. Many restorations in the past that did not meet these criteria may have contributed to an insular population structure of bighorn sheep with limited observations of dispersal.
Abnormal Retained Earnings Around the World

Using a firm-level survey database covering 41 countries, we evaluate firms’ abnormal retained earnings. The results of our work show that the trends of cash holdings and retained earnings are independent. While cash holdings around the world are increasing, the opposite has occurred for retained earnings. We show that cash holdings are influenced by precautionary motive and retained earnings by firms’ growth opportunities. Abnormal retained earnings have risen with GDP growth and decreased following the 2008 financial crisis. This result also confirms the hypothesis of firms’ growth opportunities. US firms present positive abnormal retained earnings after the 2008 financial crisis, contrary to the remaining firms around the world. This can explain recent trends in the US stock market.