Miracle-dz/UniFAR-FTUs huggingface dataset:
Mining Spillovers in Chile

Chile's small open economy with significant mismatch between the production and consumption baskets may be represented by three stylized sectors, a commodity sector, a non-commodity tradable sector, and a non-tradable sector. This paper estimates the effect of copper price shocks on mining, manufacturing, and construction-each embodying a sector type. The empirical findings are for positive spillovers from mining to the other two sectors. However, the estimated size of the spillovers seems modest, which raises the question of the potential for mining to be better integrated with the rest of the economy.
Momentum Survival and Its Economic Significance: Evidence From an Emerging Market

In this study, we examine the survival time of positive and negative momentum of the sector indices of an emerging market: Bangladesh. We exploit the economic significance of survival time by deriving trading strategies with mean survival time of the sector indices. Over the sample period we find that empirical positive (negative) survival time is overestimated (underestimated) compare to their corresponding simulated theoretical curve, indicating arbitrage opportunity. We derived momentum-based naïve sector rotation strategies to explore this arbitrage opportunity. All of our trading strategies provide substantially higher annualised return and higher Sharpe ratio compare to the DSE broad index as well as buy-and-hold strategies of sector indices. We further investigate whether the length of survival is increased or decreased by credit market variables. We found that interest rates, TERM spread, and DEFAULT spread influence the length of survival.
Learning from Noise? Price and Liquidity Spillovers Around Mutual Fund Fire Sales

We study the extent of cross-asset learning in financial markets by examining spillover effects around mutual fund fire sales. We find that the well-documented impact-reversal pattern for the returns of fire sale stocks (e.g., Coval and Stafford, 2007) spills over onto the stock returns of economic peers with a magnitude that is around one fifth of the original effect. These spillovers extend to liquidity and are not explained by common funding shocks or the hedging activity of liquidity providers. We conclude that they represent information spillovers due to learning from prices, thus identifying cross-asset learning as an important driver for the commonality in returns and liquidity.
Credit and Income Inequality

Analyzing unique data on credit granted to individuals who are majority owners of small firms, we detail how a bank’s credit decisions affect the future income of accepted versus denied loan applicants. The bank’s cutoff rule, which is based on the applicants’ credit scores, creates a sharp discontinuity in the decision to grant loans. We show that application acceptance increases recipients’ income five years later by more than 10% compared to denied applicants. The effect is more pronounced in low-income areas, during a crisis period, and when positive soft information contributes to loan approval. We thus quantify acutely unequal income developments following the bank’s credit decisions across regions, time and information strata.
Effect of Perceived Trust, Perceived Security, Perceived Usefulness and Perceived Ease of Use on Customers’ Intention to Use Mobile Payment

This research will examine the correlation between perceived trust, perceived security, perceived usefulness and perceived ease of use to the intention of customers to use mobile payment. The model is empirically validated with 288 respondents with basic mobile payment information. Modeling of the structural equation of partial least squares is used to evaluate the relationships of the research model. We found that perceived trust, perceived security, perceived usefulness, and has a significant impact on the customers' intention to use mobile payment with the path coefficient value of 0,127. Perceived security significantly affects customers' intention to use mobile payment with the path coefficient value of 0,125. Perceived usefulness significantly affects customers' intention to use mobile payment with the path coefficient value of 0,423. Perceived ease of use significantly affects customers' intention to use mobile payment with the path coefficient value of 0,057.
Modellierung des umsatzes der organischen bodensubstanz

Modelle zum Umsatz der organischen Bodensubstanz (OBS) werden seit langer Zeit entwickelt. Die Ergebnisse aus Dauerversuchen zeigen, das mindestens zwei OBS Fraktionen (inert und umsetzbar) existieren. Weitergehende Untersuchungen fuhrten zur Definition einer aktiven und einer stabilisierten Fraktion innerhalb der umsetzbaren OBS. Einfache Modelle arbeiten in Jahresschritten, was zu einer geometrischen Reihe fuhrt. Die Losung von Differentialgleichungen bietet bessere Moglichkeiten zur Beschreibung der Umsatzdynamik mit beliebiger Zeitauflosung. Die Besonderheit des hier beschriebenen Modells besteht im Ausdruck der Umweltwirkungen als Zeittransformation und in der Berechnung des reproduktionswirksamen Kohlenstoffinputs. Ein Rechenschema, erganzt durch die erforderlichen Parameter verdeutlicht, wie das standortspezifische Niveau der umsetzbaren OBS zu ermitteln ist. Die Stickstoffdynamik ist eng mit dem Kohlenstoffumsatz verbunden. Mineralisierung und Immobilisierung ergeben sich aus den C/N‐Verhaltnissen.
Evaluation of clovers in dry hill country 8. Subterranean clover at “Ballantrae”, New Zealand

Abstract Herbage production and population regeneration characteristics of nine subterranean clover (Trifolium subterraneum L.) cultivars were measured on a steep, dry, north-facing hillside at Ballantrae Hill Country Research Station, New Zealand. A close, linear relationship (r = 0.914) between subterranean clover herbage production and flowering date was observed. The latest flowering cultivar, ‘Tallarook’, gave the highest herbage yields (average = 770 kg dry matter (DM)/ha per year) and, in the latter stages of the evaluation, was superior in seedling regeneration. Exceptions to the general relationship between time of flowering and herbage accumulation were: ‘Howard’ in 1983/84—higher production than predicted because of exceptionally good seedling regeneration; ‘Clare’ in both years—lower production because of poor persistence (<3 years); and ‘Mt Barker’ in both years—lower production because of poor initial establishment. The mid-late or late-flowering cultivars ‘Larisa’, ‘Mt Barker’, and ‘Tallaro.
The Determinants of IPO Withdrawal - Evidence from Europe

Why do companies, having filed for an IPO and incurred the costs thereof, not follow through? We investigate this by examining all common stock IPO's for the largest countries in Europe over the 2001-2015 period, covering more than 80% of the Western European IPO market by number and value. We identify key characteristics that influence the probability of withdrawal. Negative signals include venture capital or private equity involvement, the presence of negative news or the intent to retire debt. A number of these are in contrast to previous US based research, which highlights the importance of institutional and legal characteristics in research replication for Europe.
Optimal Forest Rotation Age for Carbon Sequestration and Biodiversity Conservation by Farm Income Levels

This study aimed to estimate the optimal forest rotation age for tropical plantations of a native tree species, Canarium album (Lour.) under the management of high, medium, and low income groups of farm households of Vietnam. The results suggest that: (i) the optimal rotation age for the low income group is longer than that for the high income group; (ii) low income farmers are more sensitive in terms of the land expectation value to changes in discount rate; (iii) low income farmers gain less if the carbon price increases; and (iv) the carbon payment scheme at the start of a rotation is more financially attractive to forest farmers, but the carbon payment scheme at the end of a rotation is more advantageous in terms of forest biodiversity. These findings lead to potential policy implications for forest management for the provision of multiple ecosystem services in the context of a developing country, demonstrating a trade off between forest income and biodiversity conservation. While an increase in carbon prices would benefit forest farmers, we also suggest that these farmers could be compensated for their income losses or rewarded to maintain or increase forest biodiversity. However, relatively greater attention could be paid to compensating low income farmers as they potentially lose more with an increase in discount rate and gain less with an increase in carbon price.
A Limnological Basis For A Lake Simcoe Phosphorus Loading Objective

ABSTRACT Statistical relationships between 1) flushing-corrected total phosphorus (TP) loading rate and lake water TP concentration, 2) lake water TP and chlorophyll concentrations and 3) chlorophyll and temperature-corrected dissolved oxygen (DO) depletion rate have permitted the estimation of annual phosphorus loading rates of 89, 73, or 58 metric tons · yr−1 required to achieve end-of-summer volume weighted average DO concentrations of 4, 5, or 6 mg · L−1 in the 18-m to bottom zone of Lake Simcoe. These results are in good agreement with an independently developed deterministic model which showed that end-of-summer DO concentrations of 4, 5, or 6 mg · L−1 could be achieved by reductions in phosphorus loading to 89, 72, or 55 metric tons · yr−1. These models also hindcast a pre-settlement (circa 1800 AD) end-of-summer DO concentration of about 8 mg · L−1 in the zone of primary lake trout habitat. Present-day concentrations are in the 3 to 3.5 mg · L−1 range and apparently declined in response to an incr.
Corporate Culture and Compliance: A Study of the Pharmaceutical Industry

In this paper, we investigate compliance deficiencies across multiple business functions. Specifically, in the medical device and pharmaceutical industries, we examine the association between: (1) error-related restatements of financial reports [financial reporting non-compliance], and (2) adverse outcomes from the U.S. Food and Drug Administration’s (FDA) plant inspections [operational non-compliance]. Consistent with the argument that an organizational common cause influences the culture of compliance across multiple business functions, we observe a contemporaneous relationship between the two types of non-compliance issues, but no such relationship when operational non-compliance is lagged. We also demonstrate multiple, economically meaningful implications of this cross-functional non-compliance. First, we document a more negative stock market reaction to error-related accounting restatements in the presence of operational non-compliance. Second, we find that likelihood of CEO turnover following an error-related restatement is higher if there is also operational non-compliance. Taken together, we infer from our findings that a culture of organizational non-compliance influences compliance behavior across the entire firm, and that both financial markets and corporate boards recognize this, resulting in significant consequences for firms and their CEOs.
Control of phytoplankton biomass in estuaries: A comparative analysis of microtidal and macrotidal estuaries

Macrotidal estuaries (mean tidal range >2m) generally exhibit a tolerance to pollution with nitrogen-containing nutrients despite high loadings originating from freshwater outflows. These systems, which are characterized by high tidal energy, generally exhibit lower levels of chlorophylla than systems with lower tidal energy. A comparative analysis of data from 40 microtidal and macrotidal estuaries shows that mean annual chlorophylla levels are significantly lower in systems with high tidal energy even when nitrogen concentrations are equal to nitrogen levels in the microtidal systems. Tidal range and associated processes (e.g., tidal mixing, current velocity, light penetration, and sediment resuspension) influence phytoplankton biomass in some estuaries.
Credit Supply and (In)organic Growth

We document a major mechanism – inorganic growth – which drives a wedge between micro-study effects of credit supply shocks and aggregate effects. Exploiting a quasi-exogenous positive shock to credit supply, we document that affected firms borrow larger amounts and exhibit stronger asset, employment, and sales growth.All growth effects, however, are inorganic, and the quality of the credit-supply-induced acquisition activity is low. The market for inorganic growth is large, accounting for 4% of GDP, and we therefore argue it is important to look at inorganic growth in any study that is interested in understanding aggregate effects of financial frictions. We provide a method for adjusting for inorganic growth components empirically that is generally applicable beyond our specific setting.
Experimental Evidence on Unique Integer Games

We examine motives in unique positive integer games in a laboratory setting. In lowest (highest) unique positive integer games, the participant with the lowest (highest) integer choice that is unique wins. In addition to the payoff maximization motive, we identify and characterize psychological motives, including winning probability maximization and social welfare maximization. We study games where different action profiles correspond to different motives and games where they do not. This permits us to empirically estimate individual heterogeneity corresponding to these behavioral types and arrive at characterizations of behavior in unique integer games.
Risk Premia: Exact Solutions vs. Log-Linear Approximations

We derive exact expressions for the risk premia for general distributions in a Lucas economy and show that the errors when using log-linear approximations can be economically significant when the shocks are nonnormal. Assuming growth rates are Normal Inverse Gaussian (NIG) and fitting the distribution to the data used in Mehra and Prescott (1985), the coefficient of relative risk aversion required to match the equity premium is more than halved compared to the finding in their article. We also consider a standard long-run risk model and, by comparing our exact solutions to the log-linear approximations, we show that the approximation errors are substantial, especially for high levels of risk aversion.
Physical size, condition, and demography of chamois (Rupicapra rupicapra L.) in the Avoca River region, Canterbury, New Zealand

Abstract The physical and demographic characteristics of chamois in the Avoca region are evaluated from 306 animals shot and autopsied between 1975 and 1978. These data are compared with published and unpublished information for chamois populations in Westland and Canterbury. Avoca chamois were large-framed, but weighed less than Westland chamois. The weight difference suggests better habitat condition and food resources for Westland animals, but the large skeletal size of Avoca chamois is unexplained. High rates of juvenile mortality were caused by acute bacterial-pneumonia infections (Pasteurella). These deaths and other losses by natural causes were offset by the good breeding success of adult females so that stable population numbers were maintained.
Alleviating Drug Shortages: The Role of Mandated Reporting-Induced Operational Transparency

The ongoing shortage of pharmaceutical drugs critically threatens public health. With increasing industry consolidation, operational disruptions at a firm can lead to a nationwide shortage of life-saving drugs. In 2012, the U.S. Food and Drug Administration mandated all manufacturers to report any manufacturing interruption that can potentially cause shortages. The goal of the mandate was to mitigate drug shortages by enhancing operational transparency in the pharmaceutical industry. Subsequently, other countries such as Canada have also begun mandating reporting of interruptions to alleviate drug shortages. We leverage the policy changes in the U.S. and Canada to understand the impact of mandated reporting-induced operational transparency on alleviating the extent of drug shortages. Using the data on time-to-recovery for individual drug shortage incident and annual-days-of-shortage for each drug, we find that the new policy alleviates drug shortages, but its effectiveness is contingent upon the prevailing level of competition in the product category. While the intervention is not as impactful under a monopoly, the mandate is most effective under a duopoly and its impact wanes as competition intensifies. In the absence of the mandate-induced transparency, competition does not necessarily alleviate shortages, but with the regulation, competition can relieve drug shortages. Our results potentially offer healthcare providers and policymakers the impetus to alleviate drug shortages by mandating interruption reporting and improving operational transparency.
Competition, Premature Trading and Excess Volatility

A substantial body of research suggests that it is difficult to account for all of the asset price volatility in terms of news. This paper attempts to explain the excess volatility puzzle as a consequence of competitive interaction between market participants. We develop a model of competitive interaction in the presence of noisy, but verifiable information. Our model shows that in the presence of competitive pressures, market participants find it optimal to act prematurely on unverified, noisy information. This premature reaction leads to lower total profits and excess market volatility in equilibrium. Our model also suggests that the spike in volatility at the closing time of the market can be modelled as a direct consequence of premature trading.
Out-of-Sample Exchange Rate Predictability with Real-Time Data

This paper evaluates short-run out-of-sample exchange rate predictability with real-time data for 15 OECD countries from 1973 to 2013. We consider the Taylor rule fundamentals model, where the variables that enter the Taylor rule are used to forecast exchange rate changes, and the Taylor rule differentials model, where a Taylor rule with postulated coefficients is used in the forecasting regression. We find evidence of predictability with the Taylor rule fundamentals model for 9 out of 15 countries. The Taylor rule differentials model performs worse, and the evidence of predictability is the weakest with the conventional monetary and PPP models.
Do housing allowances increase rents? Evidence from a discrete policy change.

A major concern with demand side housing subsidies to low-income tenants is the extent to which they may be captured by landlords in the form of higher rents. The Accommodation Supplement (AS) benefit is the largest housing subsidy policy in New Zealand. A 2005 policy change created a new AS-area around central Auckland that resulted in an increase in AS entitlement for residents within the area compared to those outside. In this paper we exploit the natural experiment created by this policy change to evaluate whether the increase in accommodation support for recipients in the new area led to relatively higher rents than paid by recipients outside the boundary. We use administrative data for a sample of AS recipients on either side of the new area boundary over the four-year period spanning the policy change. Our analysis shows that as a result of the policy change, recipients on the inside of the boundary received around $6.81 per week more in total accommodation support in the second year after the policy was implemented. We estimate that weekly rents increased on average about $2.44 more inside the boundary (36 percent of the increase in AS) and, as expected, the impacts were stronger at higher quantiles of the rent distribution. We also find that the rent increases were concentrated among families with children, and present some evidence that this reflected increased spending on housing (which may have reduced over-crowding), rather than a wider increase in rental prices.
Taxation, Innovation, and Entrepreneurship

We explore optimal and politically feasible growth policies in the form of basic research investments and taxation. Basic research is a public good that benefits innovating entrepreneurs, but its provision and financing also affect the entire economy -- in particular, occupational choices of potential entrepreneurs, wages, dividends, and aggregate output. We show that the impact of basic research on the general economy rationalizes a taxation pecking order to finance basic research. More specifically, in a society with desirably dense entrepreneurial activity, a large share of funds for basic research should be financed by labor taxation, while a minor share should be left to profit taxation. Such tax schemes will induce a significant proportion of agents to become entrepreneurs, thereby rationalizing substantial investments in basic research that fosters their innovation prospects. These entrepreneurial economies, however, may make a majority of workers worse off, giving rise to a conflict between efficiency and equality. We discuss ways of mitigating this conflict and thus strengthening the political support for growth policies.
Introduced vespids Paravespula pensylvanica prey on Maui's endemic arthropod fauna

The yellowjacket Paravespula pensylvanica (Saussure) (Hymenoptera: Vespidae) is native to western North America, where it typically undergoes an annual colony cycle (Akre & MacDonald 1986). The population on the island of Maui, Hawaii, USA, was established in 1978, probably from an accidental importation. During the years following this introduction, colonies were discovered at elevations ranging from sea level to 2450 metres, with most colonies above 1000 metres (Nakahara 1980, Nakahara & Lai 1981). Compared to typical North American populations, the Maui population displays a high incidence of colonies that overwinter and persist into at least a second year. Numbers of workers at such colonies are much greater than at annual colonies, at times resulting in forager densities equivalent to those of yellowjacket 'outbreak' years in western North America (Akre & Reed 1981). Maximum P. pensylvanica worker activity occurs from August to October on the western slope of Haleakala volcano at 2360-2760 metres elevation. In September 1986 we investigated the feeding habits of P. pensylvanica at Haleakala National Park. Styphelia tameiameiae, a common shrub, was visited by many foraging workers and males. The source of attraction was probably honeydew produced by the mealybug, Pseudococcus nudus Ferris, which was abundant on some Styphelia shoots. Honeydew is an important carbohydrate source for many insects (Hagen 1986).
The Breakdown and Recovery of Cooperation in Large Groups: Exploring the Role of Formal Structure Using a Field Experiment

While crucial for the success of organizations, cooperation can unravel with size. We study a workplace safety methodology that leverages voluntary cooperation: workers are enrolled and trained to provide advice to co-workers on safe behavior. Using administrative data, we show that cooperation breaks down as the number of enrolled workers increase. Then, we experimentally manipulate the methodology by structuring workers around groups. This produces a recovery of cooperative effort and a reduction in risky behavior and accidents. We show that the likely mechanism are repeated interactions among advisor and workers, and not group dynamics such as identity or peer pressure.
Hedging Recessions

Traditional life-cycle models conclude that individuals should be fully invested in stocks when young -- in stark contrast to observed stock holdings -- and then gradually replace stocks with bonds as retirement is approaching. We show that a carefully specified and calibrated model of unemployment risk reduces the early-life stock holdings dramatically. The reduction is driven by the decline in current and expected future income caused by unemployment, the relatively high unemployment risk of young adults, and the business cycle variations in un- and reemployment probabilities that tend to deteriorate exactly when stocks perform poorly.