Miracle-dz/UniFAR-FTUs huggingface dataset:
The Adoption of Agricultural Insurance to Manage Farm Risk: Preliminary Evidences from a Field Survey among Italian and Polish Farmers

Among EU Member States, Italian and Polish agriculture recorded the highest number of farms with income losses, due to adverse climatic events and market related risks. In line with its primary challenge of managing risk in agriculture, the Common Agricultural Policy encourages farmers’ adoption of risk management tools as insurance, which covers against production losses due to many different risks. However, the success of this instrument seems to be very heterogeneous and the efforts to examine this are still limited in the literature. This paper provides some preliminary insights from a field survey among farmers in Poland and Italy. In particular, differences in behavioural aspects (e.g. perceptions, preferences) related to risk at farm level and insurance tool were investigated, showing some differences between producers in these two EU Member States. <br><br>
SOIL CHEMICAL CHANGE DURING THREE DECADES IN AN OLD-FIELD LOBLOLLY PINE (PINUS TAEDA L.) ECOSYSTEM'

The ability of soil to sustain its supply of nutrients to a growing forest is controlled by a complex of biogeochemical processes. Forest soil data are notably absent, however, that describe sustained nutrient supply or nutrient depletion. The objective of this study was to evaluate how exchangeable nutrient cations of a previously cultivated Ultisol responded to the first three decades of pine forest development. On six occasions during the three decades, the upper 0.6 m of soil was sampled from eight permanent plots and chemically analyzed with the same procedures. During this period, KCl-exchangeable acidity (as positive charges of adsorbed H and Al ions) increased by 37.3 kmol,/ha in the upper 0.6 m of soil and positive charges of exchangeable Ca and Mg were depleted by 34.8 and 8.9 kmolc/ha (by 696 and 108 kg/ha), whereas, exchangeable K was reduced by only 0.5 kmolc/ha (19 kg/ha). Depletion of soil exchangeable Ca was on the same order of magnitude as Ca removals (i.e., Ca accumulation in biomass and forest floor plus that lost in soil leaching). Removals of soil Mg also appeared to outpace resupply from recycling, atmospheric deposition, and mineral weathering, but not to the same degree as Ca. Over the three decades, soil leaching loss of these divalent cations (from 0.6 m depth) appeared equal to cation accumulation in biomass plus forest floor, with sulfate balancing about half these cations in leachates. In contrast to Ca and Mg, total K removals from the soil exceeded reductions in soil exchangeable K by nearly 20-fold. Exchangeable K was well buffered in surface mineral soils apparently due to a combination of biological recycling via leaching of canopies and forest floor plus mineral weathering release. These nutrient dynamics may be common to many nutrient-demanding forest ecosystems supported by soils with low activity kandic or oxic horizons. Such soils (Ultisols and Oxisols) occur on many hundreds of millions of hectares in temperate and tropical zones.
Can Media Exposure Improve Stock Price Efficiency in China and Why?

The media in China has undergone extensive commercialization to become more market-driven over the last 35 years. Based on a sample of over two million newspaper articles, this study investigates whether the media in China has an incremental impact on stock price efficiency. We find that as media coverage of a firm increases: (1) its stock price synchronicity decreases, (2) the probability of informed trading of its stock increases and (3) the extent to which its stock price deviates from random walk decreases. Our inter-regional analysis over thirty-one provinces/regions within China reveals that the effects of the media on decreasing stock price synchronicity, increasing the probability of informed trading, and reducing stock price deviation from random walk are stronger in regions of weaker institutional development. Our findings suggest that a market-driven media can play the role of compensating for the underdeveloped governance institutions in transitional economies such as China.
Social Security Transfers and the Marginal Cost of Public Funds

Recent estimates of the marginal cost of public funds differ substantially. Some studies argue that the efficiency cost of taxation counter the welfare gain connected to redistribution of income. Hence, the efficiency cost of taxation should not be included as a cost of public goods provision. Kleven and Kreiner (2006), however, argue that the cost of public goods provision may double in countries with a large welfare state due to exit from the labor market. This study shows that the cost of public goods provision should be increased with less than 15 percent when categorical transfers redistributed income even though taxation may lead to exit from the labor market.
Model Confidence Sets for Nowcast Procedures

Nowcasting methods have become a crucial tool for central banks and investors due to their timeliness and ability to make 'on the spot' predictions. However, despite their popularity, there has been little research into statistical methods for the comparison of different nowcasts across multiple horizons. This paper aims at filling this gap. We introduce the concept of nowcast procedures which describe the potentially changing set of 'optimal' models across different nowcast horizons. Formally, our methodology modifies the Model Confidence Set (MCS) to a multi-horizon setting. We thereby address the two dimensions of the multiple testing problem which arise when comparing nowcast accuracy both across models and horizons. We provide guidance to practitioners in using the outputs of the multi-horizon MCS for (i) computing nowcast combination weights based on horizon-specific optimal models, and (ii) testing nowcast monotonicity with multiple models. An empirical application investigates the performance of various model-based predictions alongside a survey of professional nowcasts of the U.S. real GDP and consumption growth rates. Unlike previous studies, we are able to robustly determine the point at which survey nowcasts should be replaced by nowcast model predictions which use more up-to-date information.
Feeding biology of the black crappie, Pomoxis nigromaculatus.

In Lake Opinicon, Ontario, the diet of the black crappie, Pomoxis nigromaculatus, undergoes a progressive change from one in which planktonic Crustacea and small-bodied Diptera larvae predominate (in fish of body length from about 60 to 115 mm), to a diet of insect larvae and fish (in fish 160–240 mm). Most food items prove to be midwater forms and the Diptera larvae are almost entirely Chaoborus and Procladius, which are free-swimming in the water column at night.An unusual feature is the prolonged nature of the Cladocera-Copepoda eating phase, which continues into year III and to a body length of about 160 mm. Gill-raker counts show P. nigromaculatus to have a specialized screen with 25–29 rakers on the first arch. In this it differs from cohabiting centrarchids in Lake Opinicon, Ambloplites rupestris, Micropterus salmoides, and Lepomis macrochirus, in which the rakers on the first arch number only 8–12. In these species plankton feeding is restricted to the earlier stages.
The Predictive Power of Interest Rate Volatility on Economic Sentiment: Evidence for Germany and the U.K.

In this paper we examine the explanatory and predictive power of interest rate volatility on the economic agent expectations measured by the Economic Sentiment Indicator (ESI), which is elaborated by the European Commission as a leading indicator of business cycle. In particular, we use implicit volatilities from the UK and German cap markets as explanatory variables, together with the yield spread and the short rate, obtaining that it is possible to explain nearly an overwhelming 70% of the variability of the ESI in contrast with historical or conditional volatility estimates which can hardly add any additional explanatory power.
Wars, inflation and stock market returns in France, 1870–1945 - ERRATUM

This paper undertakes a comparative study of the effects of three wars upon the French stock market. Periods of war are highly turbulent financial times and trigger multiple factors to act upon stock prices. The paper presents evidence suggesting that stock price behaviour is influenced by the specific way each war is financed. Financed solely by regular long-term debt, the Franco-Prussian war exhibited stock prices that only reflected real activity. On the other hand, both World Wars were partially financed by monetary creation but differed to the extent of financial repression. In the case of World War II, monetary creation within a closed repressed economy led to a paradoxical, short-lived increase in stock prices. The paper also examines how war affected the characteristics of the market. The Franco-Prussian war caused a durable high interest rate; World War I smoothed out most of the public services firms and increased volatility; whilst World War II affected the components of the stock market. Overall, due to market values being destroyed due to the World Wars, the importance of the stock market in the economy decreased.
Diverse Non-Fundamental Information, Complementarities in Trading and Equilibrium Multiplicity

We explore the interaction between two groups of sophisticated traders that possess different information about the noise incorporated in the market price within a rational expectations framework à la Grossman-Stiglitz. We find that trading against noise constitutes a complementary action. If one group trades stronger against their signal about noise, the uncertainty the other group is confronted with decreases. This makes them trade more aggressively against their respective signal about noise, too. Moreover, this complementarity leads to the existence of multiple equilibria. Lastly, we extend the basic model by endogenizing the information acquisition process and by showing under which conditions information acquisition is a strategic substitute or complement, respectively.
The Effect of Religion on Development Efforts – Evidence from the Microfinance Industry and a Research Agenda

This study responds to the need for more empirical knowledge pertaining to the effect of religion on development efforts. We find that Christian Microfinance Institutions (MFIs) have significantly lower funding costs and consistently underperform in terms of financial profit indicators. Contrary to our hypotheses Christian MFIs are as efficient in assuring loan repayment and their average loan sizes are on par with those of their secular peers. When splitting the Christian MFIs into Catholic and Protestant subgroups, we find that the lower financial performance for Catholic MFIs seems to be driven by the lower interest rates that are charged on outstanding loan portfolios whereas the lower financial performance of Protestant MFIs is a result of higher operating costs. In addition, the study provides a new agenda for research pertaining to the effects of religion on development efforts.
When Choosing is Painful: A Psychological Opportunity Cost Model

This paper is a contribution to regret theory, which we generalize in two ways. Since the intensity of regret depends on the information the decision-maker has about the results of the foregone strategies, we build a model of choice which accommodates any feedback structure. We also show that the reference point, which characterizes the regret utility function introduced by Quiggin (1994), does not always represent a feeling of regret. It corresponds to a broader concept, which we call psychological opportunity cost (POC), of which regret is no more than a specific expression. We find behavioral deviations from the predictions of the classical Expected Utility Theory. We obtain correlation loving, greater reluctance to take on risk and information avoidance at decision time. Our model equally offers a theoretical framework for experimental studies about inaction inertia. <br>
Adaptive Capacity Planning for Ambulatory Surgery Centers

Problem definition: We develop a framework to plan capacity in each of three sequential stages for ambulatory surgery centers (ASCs). The interdependence of activities, their stochastic durations, and the uncertainties in patient-mix pose significant challenges to managing the capacity of each activity and to achieving a smooth patient ow by coordinating the stages for each patient's visit. These strategic and operational decisions must efficiently cover all variations of daily patient demand. The overall objective is to minimize the total cost incurred in satisfying this demand, where the total cost is defined as the sum of the overtime cost and the amortized construction cost for the three stages. Methodology/results: In contrast to the traditional top-down approach to capacity planning, our approach proposes a bottom-up strategy based on optimization methods and data analytics. Specifically, we model ASCs as hybrid ow shops (HFS) from the scheduling literature, then relax the fixed capacity assumption of traditional HFS problems by using the trade-o_ between the overtime cost and the amortized capacity construction cost. Because the HFS is strongly NP-hard, we develop a straightforward and easy to implement heuristic to find cost-efficient capacities for the three stages. Our computational study, informed by operational-level archival patient data, examines how stochastic business parameters, e.g., patient-mix, service durations, and overnight-stay probabilities, affect the capacity planning decision. Managerial implications: Timely capacity adjustment is important for ASC practitioners, but related research is limited. This study highlights the benefit of considering the three stages together for capacity planning, rather than focusing solely on the operating rooms. We expect our approach to guide the more than 5,700 ASCs in the U.S., which perform 23 million surgeries annually, to make appropriate investments that will improve ASC operations via capacity adjustment and patient scheduling.
Subtidal Understorey Algal Community Structure in Kelp Beds around the Cape Peninsula (Western Cape, South Africa)

Abstract The subtidal understorey seaweed communities were studied along a coastal distance of 104 km around the Cape Peninsula, which is situated in an overlap region between two marine provinces and characterized by a considerable temperature gradient. Sampling was carried out at six sites (4 to 10 quadrats per site) around the Cape Peninsula. For each of the quadrats, biomass of each species, grazing, and environmental variables such as temperature, wave exposure and sand cover were determined. The data were analysed using canonical correspondence analysis (CCA) and two way indicator species analysis (TWINSPAN). A total of 142 seaweed taxa were found at the six sites (21 Chlorophyta, 14 Phaeophyta and 107 Rhodophyta). The two sides of the Peninsula have a very different biomass-composition of Chlorophyta, Phaeophyta and Rhodophyta. The biomass of Rhodophyta in the Atlantic sites is much higher than in the Bay, and the biomass of Chlorophyta is higher in False Bay than on the west coast. A change in floristic composition of subtidal algal communities around the Cape Peninsula can be observed and is principally related to seawater temperature and wave exposure. Next to these physical factors, grazing is demonstrated to be important in determining species composition. A lower degree of wave exposure might result in a higher number of grazers in False Bay. The occurrence of a higher cover of encrusting corallines in the Bay is probably a consequence of the higher grazing pressure. Distinct community types can be recognized from TWINSPAN and CCA.
Inhibition effects of green tea and grape seed extracts on lipid oxidation in bonito fillets during frozen storage

Summary The aim of this study was to investigate inhibition effects of green tea and grape seed extracts on lipid oxidation in bonito (Sarda sarda) fillets during frozen storage. Dried and powdered green tea and grape seed were extracted using ethanol. Extract solutions of 1 g 100 g−1 were prepared using concentrated extracts and distilled water. Bonito fillets were divided into two groups. The first group was dipped into extract solutions and then frozen. The second group of fillets was glazed by extract solutions. Oxidation increased progressively through the storage period. 2-Thiobarbituric acid and para-anisidine values of samples treated with green tea and grape seed extracts remained at low levels. Both plant extracts displayed successful effects in delaying lipid oxidation compared to the control groups. The best results were obtained by extract treatment of fillets before freezing.
Comparação de métodos para mapeamento digital de solos com utilização de sistema de informação geográfica

Soil maps are sources of important information for land planning and management, but are expensive to produce. This paper proposes testing and comparing single stage classification methods (Multiple Multinomial Logistic Regression and Bayes) and multiple stage classification methods (Classification and Regression Trees (CART), J48 and Logistic Model Trees (LMT)) using geographic information system and terrain parameters for producing soil maps with both original and simplified legend. The database was managed in ArcGis computer application in which the variables and the original map were related through training of the algorithms. The results from statistical software Weka were implemented in ArcGis environment to generate digital soil maps. The terrain parameters that best explained soil distribution were slope, profile and planar curvature, elevation, and topographic wetness index. The multiple stage classification methods showed small improvements in overall accuracies and large improvements in the Kappa index. Simplification of the original legend significantly increased the producer and user accuracies, however produced small improvements in overall accuracies and Kappa index.
Expanding the Boundaries of Monetary Policy in Asia and the Pacific

Bank Indonesia and the Bank for International Settlements (BIS) co-hosted a research conference on "Expanding the boundaries of monetary policy in Asia and the Pacific" on 20-21 August 2015 in Jakarta. The event was the wrap-up conference of a research programme of the BIS Representative Office for Asia and the Pacific that had been approved by the Asian Consultative Council of central bank Governors in February 2014. The topic was motivated by the increased importance of financial stability in the conduct of monetary policy and the expanding set of monetary policy tools being employed. Within this overall theme, the following issues for the Asia-Pacific region were identified: (i) monetary policy objectives and strategies; (ii) instruments to manage monetary conditions; (iii) the assessment of monetary conditions; and (iv) transmission mechanisms. The conference brought together senior officials and researchers from central banks, international organisations and academia. This volume is a collection of the speeches, papers and prepared discussant remarks from the conference. This foreword summarises the contents of the conference and provides a synopsis of the discussions for time-constrained readers. While the full publication can be downloaded using the above link, individual contributions are available separately: <a href='http://ssrn.com/abstract=2860988'>Foreword to: Expanding the Boundaries of Monetary Policy in Asia and the Pacific</a> <a href='http://ssrn.com/abstract=2861281'>The Challenges of Expanding the Boundaries of Monetary Policy</a> <a href='http://ssrn.com/abstract=2861309'>Measuring the Effects of Monetary Policy on House Prices and the Economy</a> <a href='http://ssrn.com/abstract=2861329'>Maintaining Price and Financial Stability by Monetary and Macroprudential Policy - Evidence from Asia and the Pacific</a> <a href='http://ssrn.com/abstract=2861330'>A Comparison of Liquidity Management Tools in Seven Asian Economies</a> <a href='http://ssrn.com/abstract=2861331'>A Spectral Perspective on Natural Interest Rates in Asia-Pacific: Changes and Possible Drivers</a> <a href='http://ssrn.com/abstract=2861312'>Managing Monetary and Financial Stability in a Dynamic Global Environment: Bank Indonesia's Policy Perspectives</a> <a href='http://ssrn.com/abstract=2861491'>Monetary Independence in a Financially Integrated World: What Do Measures of Interest Rate Co-Movement Tell Us? </a> <a href='http://ssrn.com/abstract=2861493'>Financial Globalisation and Monetary Independence</a>
Why are Convertible Bond Announcements Associated with Increasingly Negative Abnormal Stock Returns? An Arbitrage-Based Explanation

While convertible offerings announced between 1984 and 1999 induce average abnormal stock returns of −1.69%, convertible announcement effects over the period 2000 to 2008 are more than twice as negative (−4.59%). We hypothesize that this evolution is attributable to a shift in the convertible bond investor base from long-only investors towards convertible arbitrage funds. These funds buy convertibles and short the underlying stocks, causing downward price pressure. Consistent with this hypothesis, we find that the differences in announcement returns between the Traditional Investor period (1984-1999) and the Arbitrage period (2000-September 2008) disappear when controlling for arbitrage-induced short selling associated with a range of hedging strategies. Post-issuance stock returns are also in line with the arbitrage explanation. Average announcement effects of convertibles issued during the Global Financial Crisis are even more negative (−9.12%), due to a combination of short-selling price pressure and issuer, issue, and macroeconomic characteristics associated with these offerings.
Population biology of the myctophid fish Gymnoscopelus nicholsi (Gillbert, 1911) from the western South Atlantic

Thirty-three collections of Gymnoscopelus nicholsi were made between 1976 and 1981 in the South Atlantic using both krill and bottom trawls. In the Antarctic waters the main part of the stock consisted of adult fish 3–7 years old, characterized by a benthopelagic mode of life. Fish of year-class I were observed only in the vicinity of South Georgia, South Sandwich Islands and the Scotia Sea; year-class II individuals were absent from Antarctic samples. In the notal zone of the western South Atlantic, fish aged 1–5 years were found. The existence of only one population in the region is a possible explanation of these findings: this population is divided into a pelagic stock of juveniles and sub-adults which occur in the offshore waters of the western South Atlantic and benthopelagic stocks of adults distributed over the slope regions off Argentina, South Georgia and Antarctic archipelagos. The computed values of K (von Bertalanffy growth) were 0.48, 0.41 and estimated total annual instantaneous mortality rates (Z) were 0.45, 0.67, and 0.70 for South Georgia, South Shetlands and notal zone of western South Atlantic stocks, respectively.