Miracle-dz/UniFAR-FTUs huggingface dataset:
Information costs and Financial Re-intermediation : Evidence from Corporate Frauds

I examine deposit changes and lending by banks following accounting fraud. The identification comes from comparing the deposit growth of bank branches located in a county where a fraud firm is headquartered relative to that in counties which are not affected by fraud. I find that the occurrence of fraud in a county is associated with increases in deposit flows to the banks in that county. This effect persists for five years, is stronger in settings where multiple frauds have occurred and weaker in counties where households are invested more on dividendpaying stocks. The effect is stronger for smaller banks. Analysis of county-level loan origination data indicate an increase in lending to small businesses in the county in the year following fraud that subsequently reverses after five years. Collectively, the findings provide evidence on capital reallocation through a deposits channel after accounting fraud and shed light on how information costs can result in savings to move between market-based and bankbased financial systems. * I am grateful for helpful comments from Brian Akins, Aytekin Ertan, Srini Rangan, Ashok Thampy, Rahul Vashishtha and seminar participants at Rice University and IIM Bangalore for comments and suggestions. A portion of this work was completed when I visited IIM Bangalore. I gratefully acknowledge support from IIM Bangalore and funding from the London Business School’s RAMD funds. I would also like to thank Jerry Martin for making the fraud data available and for guidance on use of the data. † Address for correspondence: London Business School, Regent’s Park, London NW1 4SA. Phone +44 20 7000 8119. e-mail: kbalakrishnan@london.edu.
A search for mode‐selective chemistry: The unimolecular dissociation of t‐butyl hydroperoxide induced by vibrational overtone excitation

The use of optoacoustic spectroscopy permits both the monitoring of the overtone excitation of t‐butylhydroperoxide (t‐BuOOH) and the in situ detection of the resulting reaction product t‐butanol (t‐BuOH). The sample is contained in a reaction cell, equipped with a microphone, in which all surfaces have been specially passivated. The cell is placed inside the cavity of a dye laser tuned to excite the 5–0 O–H stretch of the t‐BuOOH at 619.0 nm. The dissociation process yields directly ⋅OH and t‐BuO⋅, and the latter readily abstracts a hydrogen atom from a parent molecule to form t‐butanol (t‐BuOH). The appearance rate of t‐BuOH is obtained by ratioing the area under the 5–0 O–H stretch of t‐BuOH to that of a combination band of t‐BuOOH. At low pressures, below 40 Torr, a plot of the reciprocal of the t‐BuOH appearance rate versus total pressure shows near linear behavior. This linearlity can be well described by a statistical model (RRKM) when careful averaging of the dissociation rate over the thermal ene.
Driving Technology Innovation Down a Competitive Supply Chain

Major suppliers in innovative industries, such as internet services, telecommunications, and electronics, rely on their downstream industrial customers’ innovation and investment efforts for their own success and growth. Motivated by a major industrial partner in the online content delivery industry, we investigate the following questions: How and when can an upstream technology leader encourage its customers to invest in their products, while still being able to recoup the benefits of doing so? Under what conditions is there a competitive advantage from an early technology leadership? We investigate these questions in a two-tier supply chain with a duopoly in the upper tier, and a set of downstream firms whose products are limited by the upstream technology. We establish the optimal pricing policy for a leader, and the equilibrium investments of its downstream customers. We define a new measure, “vertical potential” for downstream industries, which summarizes downstream demand and technological opportunity conditions. We show that high-potential downstream industries form the technological frontier, which plays a crucial role in the diffusion of upstream technology into final goods, and solving the problem of under-investment in innovation. We also demonstrate that the same measure determines if early upstream technology leadership translates into competitive advantage.
Physical Properties and Detection of Saturn's Lightning Radio Bursts

Physical properties of Saturn’s lightning radio bursts (occurrence, duration, flux, spectrum) are derived from Cassini-RPWS observations and compared to Voyager results. During the active storm of September 2004, peak occurrence rates, durations and spectral power were similar to those measured by Voyager. However, long-term occurrence appears very variable. Evidence is found for ionospheric propagation effects (cutoff and refraction), confirming the atmospheric origin of the observed bursts. The most intense ones should be detectable from the ground with presently available low-frequency radiotelescopes. Observation techniques are discussed together with preliminary results. 1 Lightning detection and occurrence Nearly 24 years after the first Voyager-Saturn flyby which led to the discovery of Saturn’s lightning [Warwick et al., 1981; Kaiser et al., 1983], Cassini is performing long-term monitoring of these atmospheric emissions. We address here their physical properties as derived by the high frequency receiver (HFR) of the RPWS investigation [Gurnett et al., 2004]. Lightning radio emission consists of brief broadband bursts. When observed with a swept-frequency receiver this emission is detected as burst segments of apparent bandwidth ∆f (the band swept during the occurrence of the burst) randomly distributed over the total true spectrum of the bursts. For the present study, automated detection over long intervals was performed by comparing each measurement with its immediate neighbours recorded with the same instrument status (frequency, antenna selection), and retaining measurements with intensity > x dB above these neighbours. In a second pass, fixed frequency interference and spurious broadband interference were automatically ∗ Observatoire de Paris, LESIA, UMR CNRS 8109, 92195 Meudon, France † Station de Radioastronomie, CNRS-Observatoire de Paris, Nançay, France ‡ NASA Goddard Space Flight Center, Greenbelt, MD, USA § Space Research Institute, Austrian Academy of Sciences, Schmiedlstrasse 6, A-8042 Graz, Austria Dept. of Physics and Astronomy, University of Iowa, Iowa City, IA 52242, USA
Harmonic analysis and ultracontractivity

Let (Tt)l>0 be a symmetric contraction semigroup on the spaces U(M) (1 0 is -ultracontractive, i.e., that (Ti)t>o satisfies the condi- tion ||r,/||oo (t)-l\\f\\x for all f in Ll(M) andall t in R+ , if and only if the infinitesimal generator S has Sobolev embedding properties, namely, \W(&)~af\\q 0 \taTtf(')\ is bounded. Let "§ be a positive, possibly unbounded, but with dense domain, operator on L2(M), where A7 is a ex-finite measure space. Let {7^} be the spectral resolution of the identity for which /»OO whenever 1 0 with the above properties will be called a symmetric contraction semigroup. A symmetric contraction semigroup (Tt)t>o for which Tt maps LX(M) into L°°(M) for every positive t is said to be ultracontractive. The notion of ul- tracontractivity appeared compatively recently in work of E. B. Davies (4) and Davies and B. Simon (6), in connection with logarithmic Sobolev inequalities
Marginal Jobs and Job Surplus: A Test of the Efficiency of Separations

We present a test of Coasean theories of efficient separations. We study a cohort of jobs from the introduction through the repeal of a large age- and region-specific unemployment benefit extension in Austria. In the treatment group, 18.5% fewer jobs survive the program period. According to the Coasean view, the destroyed marginal jobs had low joint surplus. Hence, after the repeal, the treatment survivors should be more resilient than the ineligible control group survivors. Strikingly, the two groups instead exhibit identical post-repeal separation behavior. We provide, and find suggestive evidence consistent with, an alternative model in which wage rigidity drives the inefficient separation dynamics.
ZERO LOWER BOUND DEPRESSIONS

I study a flexible price economy where heterogenous agents use money for trading in decentralized capital markets and intermediaries match investors and producers. I apply it to a classic topic: the relation between output, inflation and interest rates; and show some novel theoretical results at the zero nominal interest rate in stationary equilibria where a form of money non-satiation arises. When some agents money hoarding behavior interacts with intermediation frictions, known forces behind the costs of high inflation turn out to be relevant for shaping zero lower bound depressions: situations characterized by low inflation and output, low money velocity and high interest rate spreads. I show how to implement constrained efficient allocations and that the optimal inflation rate increases as intermediation frictions worsen. The dynamic adjustment to shocks features a non-linear amplification mechanism around the zero lower bound. A worsening of intermediation frictions generates deflation and a steep and persistent output drop when the zero lower bound binds, whereas the response is much smoother if the nominal interest rate remains positive. Traditional monetary policy focused on monetary aggregates is helpful in taking the economy out of a zero lower bound depression.
DEVELOPMENT OF BILATERAL TRANSFER OF SKILLS IN THE MIRROR-TRACING

groups. Each group contained 20 Ss of mean age 8, 10, 12, 14, 17, 21, 32, respectively. A group of Ss was tested twice with the nonpreferred hand and was divided into matched groups, according to the averaged time score. Ss were tested again with the nonpreferred hand for 6 trials, after 16 trials with the preferred hand in the experimental group and after a 15-minute rest in the control group, respectively. Performance of the preferred hand initially differed among age groups, but the difference disappeared as the trials proceeded. By a comparison of learning curves of the nonpreferred hand between experimental and control groups, it was clearly shown that the gain of performance was remarkable between the second and the third trials in the experimental group. Thus, the bilateral transfer effect was demonstrated for all of the 7 age groups. The amount of positive transfer was 50% in the 8-year group and was reduced to 20% in the 12and 14-year groups, keeping a constant level of 25% thereafter.
The Influence of DMDBS on Crystallization Behavior and Crystalline Morphology of Weakly-Phase-Separated Olefin Block Copolymer

Olefin block copolymer (OBC), with its low hard segments, can form unique space-filling spherulites other than confined-crystallization morphologies, mainly due to its weak phase-separation. In this work, 1,3;2,4-Bis(3,4-dimethylbenzylidene) sorbitol (DMDBS), a well-known nucleating agent, was used to tailor the crystallization behavior and crystalline morphology of OBC. It was found that DMDBS can precipitate within an OBC matrix and self-assemble into crystalline fibrils when cooling from the melt. A non-isothermal crystallization process exhibited an increased crystallization rate and strong composition dependence. During the isothermal crystallization process, DMDBS showed a more obvious nucleating efficiency at a higher crystallization temperature. OBC showed typical spherulites when DMDBS was added. Moreover, a low addition of DMDBS significantly decreased the crystal size, while a large addition of DMDBS induced aggregates, due to the limited miscibility of DMDBS with OBC. The efficient nucleating effect of DMDBS on OBC led to an increased optical transparency for OBC/DMDBS composites.
Multiple Object Auctions with Budget Constrained Bidders

A seller with two objects faces a group of bidders who are subject to budget constraints. The objects have common values to all bidders, but need not be identical and may be either complements or substitutes. In a simple complete information setting we show: (1) if the objects are sold by means of a sequence of open ascending auctions, then it is always optimal to sell the more valuable object first; (2) the sequential auction yields more revenue than the simultaneous ascending auction used recently by the FCC if the discrepancy in the values is large, or if there are significant complementarities; (3) a hybrid simultaneous-sequential form is revenue superior to the sequential auction; and (4) budget constraints arise endogenously.
Mental health during the COVID-19 pandemic in two longitudinal UK population cohorts

Background: The impact of COVID-19 on mental health is unclear. Evidence from longitudinal studies with pre pandemic data are needed to address (1) how mental health has changed from pre-pandemic levels to during the COVID-19 pandemic and (2), whether there are groups at greater risk of poorer mental health during the pandemic? Methods: We used data from COVID-19 surveys (completed through April/May 2020), nested within two large longitudinal population cohorts with harmonised measures of mental health: two generations of the Avon Longitudinal Study of Parents and Children (ALPSAC): the index generation ALSPAC-G1 (n= 2850, mean age 28) and the parents generation ALSPAC-G0 (n= 3720, mean age = 59) and Generation Scotland: Scottish Family Health Study (GS, (n= 4233, mean age = 59), both with validated pre-pandemic measures of mental health and baseline factors. To answer question 1, we used ALSPAC-G1, which has identical mental health measures before and during the pandemic. Question 2 was addressed using both studies, using pre-pandemic and COVID-19 specific factors to explore associations with depression and anxiety in COVID-19. Findings: In ALSPAC-G1 there was evidence that anxiety and lower wellbeing, but not depression, had increased in COVID-19 from pre-pandemic assessments. The percentage of individuals with probable anxiety disorder was almost double during COVID-19: 24% (95% CI 23%, 26%) compared to pre-pandemic levels (13%, 95% CI 12%, 14%), with clinically relevant effect sizes. In both ALSPAC and GS, depression and anxiety were greater in younger populations, women, those with pre-existing mental and physical health conditions, those living alone and in socio-economic adversity. We did not detect evidence for elevated risk in key workers or health care workers. Interpretation: These results suggest increases in anxiety and lower wellbeing that may be related to the COVID-19 pandemic and/or its management, particularly in young people. This research highlights that specific groups may be disproportionally at risk of elevated levels of depression and anxiety during COVID-19 and supports recent calls for increasing funds for mental health services. Funding: The UK Medical Research Council (MRC), the Wellcome Trust and University of Bristol.
Oxidation Activity Restoration of Diesel Particulate Matter by Aging in Air

Diesel particulate matter (PM) was collected at different tailpipe positions where the sampling temperature was different. The PM samples were pretreated in air at high temperature until 40% mass loss. Then, the partially oxidized PM samples were aged in air for 40 days, and the physicochemical properties of partially oxidized PM before and after aging in air were tested. The results showed that the oxidation activity of partially oxidized PM was appreciably restored by aging in air. The morphology, diameter distribution of primary particles, and nanostructures of partially oxidized PM changed slightly after aging in air. The amorphous carbon adsorbing on PM surface were faintly observed through high-resolution transmission electron microscope images. The adsorption of oxygen-containing functional groups (carbonyl and hydroxy) and organic compounds were evidenced through Fourier transform infrared spectroscopy and Raman parameters AD3/AG. The crystallite size calculated using Raman parameter decreased sli.
The first proof of the capability of wastewater surveillance for COVID-19 in India through the detection of the genetic material of SARS-CoV-2

we made the first-ever successful effort from India to detect the genetic material of SARS-CoV-2 viruses to understand the capability and application of WBE surveillance in India. Sampling was carried out on 8 and 27 May 2020 from Old Pirana Waste Water Treatment Plant (WWTP) at Ahmedabad, Gujarat with 106 million liters per day (MLD) capacity receiving effluent of Civil Hospital treating COVID-19 patient. All three i.e. ORF1ab, N and S genes of SARS-CoV-2 were discerned in the influents with no gene spotted in the effluent collected on 8 and 27 May 2020. Temporal difference between 8 and 27 May 2020 samples was of 10x in gene copy loading with a corresponding change of 2x in the number active COVID-19 patient in the city. Number of gene copies was found comparable to that reported in the untreated wastewaters of Australia, China, and Turkey and lower than that of the USA, France, and Spain. This study, being the first from India and probably among the first ten reports in the world of gene detection of SARS-CoV-2 in the environmental samples, aims to assist concerned authorities and policymakers to formulate and/or upgrade the COVID-19 surveillance to have an explicit picture of the phase of the pandemic. While infectious SARS-CoV-2 has yet to be identified in the aquatic environment, the virus potentially enters the wastewater stream from patient excretions and thus can be a great tool for pandemic monitoring.
The Dozen Things Experimental Economists Should Do (More of)

What was once broadly viewed as an impossibility—learning from experimental data in economics—has now become commonplace. Governmental bodies, think tanks, and corporations around the world employ teams of experimental researchers to answer their most pressing questions. For their part, in the past two decades academics have begun to more actively partner with organizations to generate data via field experimentation. Although this revolution in evidence‐based approaches has served to deepen the economic science, recently a credibility crisis has caused even the most ardent experimental proponents to pause. This study takes a step back from the burgeoning experimental literature and introduces 12 actions that might help to alleviate this credibility crisis and raise experimental economics to an even higher level. In this way, we view our “12 action wish list” as discussion points to enrich the field.
Associations of Global Country Profiles and Modifiable Risk Factors with COVID-19 Cases and Deaths

Modifiable risk factors affect SARS-CoV-2 infection and mortality raising the possibility that lifestyle modification could play a role. This has not been studied at a global level. We analysed publicly available data from countries reporting COVID-19 cases and deaths. Associations of modifiable risk factors with total cases and excess deaths were determined with and without adjustment for confounders. 4,670,832 cases and 311,384 deaths were reported by 181 countries by 18th May 2020. Wealthier countries had the greatest caseload. Obesity was the primary modifiable risk factor for infection and greater age, male sex, physical inactivity and low salt consumption were associated with excess deaths. Obesity was less influential on mortality than physical inactivity. Globally, obesity confers vulnerability to SARS-CoV-2 infection and physical inactivity likely explains the greater mortality in the obese. High salt consumption may induce reductions in tissue ACE2 expression and subsequently reduce mortality rates.
Ultrasonic nebulization for the elemental analysis of microgram-level samples with offline aerosol mass spectrometry

Abstract. The elemental composition of organic material in environmental samples – including atmospheric organic aerosol, dissolved organic matter, and other complex mixtures – provides insights into their sources and environmental processing. However, standard analytical techniques for measuring elemental ratios typically require large sample sizes (milligrams of material or more). Here we characterize a method for measuring elemental ratios in environmental samples, requiring only micrograms of material, using a small-volume nebulizer (SVN). The technique uses ultrasonic nebulization of samples to generate aerosol particles (100–300 nm diameter), which are then analyzed using an aerosol mass spectrometer (AMS). We demonstrate that the technique generates aerosol from complex organic mixtures with minimal changes to the elemental composition of the organic material and that quantification is possible using internal standards (e.g., NH415NO3). Sample volumes of 2–4 µL with total solution concentrations of at least 0.2 g L−1 form sufficient particle mass for elemental ratio measurement by the AMS, despite only a small fraction (∼ 0.1 %) of the sample forming fine particles after nebulization (with the remainder ending up as larger droplets). The method was applied to aerosol filter extracts from the field and laboratory, as well as to the polysaccharide fraction of dissolved organic matter (DOM) from the North Pacific Ocean. In the case of aerosol particles, the mass spectra and elemental ratios from the SVN–AMS agree with those from online AMS sampling. Similarly, for DOM, the elemental ratios determined from the SVN–AMS agree with those determined using combustion analysis. The SVN–AMS provides a platform for the rapid quantitative analysis of the elemental composition of complex organic mixtures and non-refractory inorganic salts from microgram samples with applications that include analysis of aerosol extracts and terrestrial, aquatic, and atmospheric dissolved organic matter.
Interbank Trading and Financial Regulation

Financial regulation has become a key policy issue after the recent financial crisis. Limits on interbank exposures have been proposed to reduce the likelihood of contagion, even if they come at the cost of limiting banks’ ability to allocate liquidity in the economy. We study an environment where limits on interbank trading can increase welfare, instead of reduce it, when the interbank market facilitates collusion between competing banks. By lending its funds to a competitor, a bank commits not to compete. The borrowing bank makes monopolistic profits in the lending market and splits these profits with the lending bank through the interest rate on the interbank loan. We show that limitations on the interbank market in the decentralized economy implement the planner’s solution. The paper provides both normative and positive implications of this novel interaction between interbank trading and competition. [Preliminary and Incomplete] Email: dean.corbae@wisc.edu and michael.gofman@simon.rochester. edu. We would like to thank Gadi Barlevy, Briana Chang, Camelia Minoiu, Erwan Quintin, Roberto Robbato, Randy Wright, and participants in Chicago Fed Summer Workshop on Money, Banking, Payments and Finance, brownbag participants in IDC and in UW-Madison for helpful comments and discussions. The research has been supported by NSF-OFR grant 1560831. All errors are our own.