Miracle-dz/UniFAR-FTUs huggingface dataset:
Help, I Need Somebody! Business and Technology Advice in Emerging Science-Based Ventures

Early-stage science-based ventures require a wide range of intellectual resources and practical know-how to successfully commercialize their technologies. Often entrepreneurs actively gain this knowledge through advisory relationships providing commercial and technical guidance. We explore the effects of those dual advice domains – business and technology – and their overlaps and complementarities with the knowledge bases of entrepreneurs. To directly capture early science-based venture progress, we introduce the concept of application readiness to represent a technology's evolution from scientific discovery to commercial solution. Using hand-collected longitudinal data from 112 emerging science-based ventures, we find that business advice has a positive impact on application readiness; counter-intuitively, technology advice does not confer the same benefit. Moreover, advice shows the strongest effects when its domain is complementary to the entrepreneur’s experience. These insights help unpack the mechanisms through which advice – an often-used policy tool supporting entrepreneurship – is absorbed and implemented in emerging ventures.
Bank Shocks and the Debt Structure

This paper identifies shocks to bank credit supply based on firms’ aggregate debt composition. I use a model where firms fund production with bonds and loans. Only bank shocks imply opposite movements in the two types of debt as firms adjust their debt composition to new credit conditions. I use this result to inform a sign-restriction VAR and identify the sources of US business cycles. Bank shocks account for a third of output fluctuations and are predictive of the bond spread.
Market Liquidity and Stock Size Premia in African Emerging Financial Markets: The Implications for Foreign Investment

Equity markets are increasingly seen as important sources of investment funds in many emerging economies, both in Africa and elsewhere. Furthermore, many countries perceive the development of such markets as a means to facilitate both foreign equity portfolio investment and foreign direct investment (FDI) through the acquisition of shareholdings in domestic companies, and thus supplement the low levels of funding from domestic savings. But many emerging stock markets exhibit substantial risk premia, which both push up the cost of equity for listed domestic firms and deter potential foreign investors. This paper estimates the cost of equity in four major African markets: South Africa, Kenya, Egypt and Morocco. These collectively represent the largest and most developed equity markets in Africa and also act as hub markets in their respective regions. London is also included as a link between the emerging and developed financial market. The Fama and French (1993) three-factor model Capital Asset Pricing Model is augmented to take account of company size and illiquidity factors that feature in African financial markets. Results show that the premia associated with size are more prevalent than with liquidity although both are highly significant in both valuation and cost of equity estimates. The evidence suggests that the lowest cost of equity is achieved between the large international market of London and the smaller but well regulated Moroccan market, while Egypt has a higher cost of equity. The small developing market of Kenya has the second highest cost of equity, although the costs associated with the main market are less than ten percent of that faced by companies in the fledgling Alternative Investment Market. South Africa has the highest cost of equity although this reflects a proliferation of smaller firms in this market.
A New Version of Phi -Divergence Measures

In this paper, we propose new versions of divergence measures that are based on a class of measures known as Csiszar's divergence measures. Furthermore, we show that proposed measures for two residual and past lifetime distributions can characterize the distribution in cases like proportional hazard rate and proportional reversed hazard rate models. Also, we derive properties and inequalities related to these measures.
Board Diversity and Cost of Equity (CoE)

We examine the effects of board diversity on corporate cost of equity (CoE). Using a composite index for diversity, we find that greater diversity leads to lower CoE. In further analysis, we report that this association is more prominent when the firm is experiencing lower internal (or external) monitoring or facing higher agency issues or suffering from greater financial constraints. Our results are robust to, e.g. propensity score matching; instrumental variable approach; use of alternate measures of CoE; use of additional (possibly influential omitted) variables, and various other sensitivity and endogeneity tests.
Electric Vehicle Production and the Price of Lithium

This paper analyses the share prices of the world’s largest car manufacturers with a focus on the sensitivity to the price of lithium. Most car manufacturers display no relationship with the price of lithium except seven manufacturers, of which six are Chinese and exhibit strong positive lithium betas. The results are consistent with the differing electric vehicle uptake around the world as a result of varying levels of government investment and policies.
The (little) Reallocation Potential of Workers Most Hit by the Covid-19 Crisis

Hospitality and entertainment are the sectors worst hit by the economic crisis that followed the COVID-19 pandemic. The possibility for the workers operating therein to find new jobs might be limited as they usually perform basic tasks and have low skill levels. We study the employment transitions of these workers before the COVID-19 crisis in Italy and find that, in the medium run, workers employed in hospitality were as likely to be employed as those in other non-financial private services were. Entertainment sector employees instead had a higher probability of being non-employed compared with other non-financial private services;if they found a job, these workers moved more frequently to other sectors. To get insights into the potential for reallocation during the pandemic and post-pandemic periods, we perform a simple counterfactual exercise based on the similarity in skill demand: the evidence indicates there is little reallocation potential for these hard-hit workers, especially if service demand remains depressed for a long time.
Research on Exploration and Exploitation of Expatriate: Antecedent and Follow-Up Effect

Employees are important assets of an organization in the current knowledge economy. Thus, the issue on their behavior should be more emphasized and discussed. This study researches how self-exploration/self-exploitation comes into being and their follow-up effect based on the exploration/exploitation in organization. The former discusses the effect of self-exploration/self-exploitation due to personality traits and organizational structure, the results of which were then used to discuss whether organizational structure would affect expatriates' adjustment to foreign assignment. We used multiple regression analysis to test the relationship between self-exploration/selfexploitation, personality traits, organizational structure and expatriates' adjustment to foreign assignment. Additionally, the mediation effect of self-exploration on the relationship between personality traits and expatriates’ adjustment to foreign assignment was studied. Through this empirical research, we provide insights into human resource management and future research.
Prospects of Infrastructure Development in the Perspective of Economic Growth

Infrastructure is one of the primary parts to drive economic growth. An area with adequate infrastructure will have good and stable economic growth. West Nusa Tenggara Province, as one of the disaster-prone areas, is facing significant problems in development, especially related to infrastructure and economic growth. After the disaster in 2018, the economy of West Nusa Tenggara Province has a sharp contraction to the negative value. Therefore, this study aims to analyze the prospects for infrastructure development to boost economic growth in the province of West Nusa Tenggara with panel data analysis. The results show that the infrastructures of electricity, water infrastructures, schools, health facilities, and capital expenditure have positive and significant effects on economic growth, while the length of the road has no significant effect. The effort to boost economic growth, the infrastructure development must be focused on the non-mining and non-quarrying sector. Also, areas with high earthquake potential must be considered to build earthquake-resistant infrastructure. For the road, it needs to improve the quality, just not the quantity.
A Multilevel Model of Situational and Individual Determinants of Ethical Preferences: Multilevel and Bayesian Estimation of Attitudes to Unethical Behaviour

This paper presents a multilevel model that examines the determinants of individual differences in ethical attitudes (as indicated in opinions of bribery) which underpin tax compliance (Alm &amp; Torgler, 2011). The drivers of individual ethical attitudes are fundamental when examining individual taxation, but also the actions of corporate decision makers. In this way it bridges the gap between tax morale and business ethics, using elements from the ethics and criminology literature to develop a fuller model of the individual decision maker in their situation. Its use of a multilevel model provides more accurate estimates of the individual-level causal factors that lead to ethical attitudes. It uses a binomial generalized linear model and logistic regression, controlling for the multilevel nature of the data, to estimate the impact of individual characteristics on ethical attitudes. The analysis uses a range of categorical factors from the World Values Survey and augmented with national level characteristics from the IMF World Economic Outlook database. The model is re-estimated using MCMC estimation in order to control for potential biases in maximum likelihood estimation of binomial models and dependent variables with small mean values (Spiegelhalter, 2002). Factors are reviewed in terms of the estimated certainty intervals, Bayesian p-values and Estimated Sample Sizes of the MCMC model, and model evaluation uses the Deviance Information Criterion. These confirm that individual factors do have significant explanatory power, even controlling for group-effects in the multi-level model framework. <br><br>The analysis produces a detailed breakdown of the impacts of explanatory factors, having controlled for variation between clusters, detailing the relevance of sub-groups in terms of age, gender, and education as well as additional factors such as religious observance, employment and income. This produces a more reliable set of estimates that produce results at odds with a number of the standard results accepted to date. It also highlights the relative weight of individual level variation in the ethical attitudes, regardless of cultural or geographic clustering. <br><br>Key Points:<br>• Examines the relationships between causal factors and ethical attitudes in the WVS/EVS Integrated dataset (N=178 country/year clusters, n=187,869)<br>• Model incorporating causal role of several ‘demographic’ variables<br>• Examines the role of situation in multilevel causal structure determining attitudes <br>• Produces appropriate estimates of ethical preferences, removing misspecification bias by separating common ‘national’ influences from those varying at the individual level. <br><br>
How Much Insider Trading Happens in Stock Markets?

We estimate that the actual prevalence of illegal insider trading is at least four times greater than the number of prosecutions. Using novel structural estimation methods that explicitly account for the incomplete and non-random detection and hand-collected data of all US prosecuted insider trading cases, we estimate that insider trading occurs in one in five mergers and acquisition events and in one in 20 earnings announcements. Key drivers of the decision to engage in illegal insider trading include stock liquidity, the value of the inside information, and the number of people in possession of the information. Detection and prosecution are more likely when there are abnormal trading patterns and more regulatory resourcing.
An Application of the Arrhenius Equation in Portfolio Modeling

The aim of this paper is to provide a modeling of capital transfer between a portfolio consisted by two assets. For this purpose we use the Arrhenius Equation, which is a modeling tool for the specific modeling. We provide a stochastic differential equation of the Arrhenuis equation. We consider a unique uncertainty factor for this purpose, which arises from a generalization of It$\hat{o}$ stochastic integral. The stochastic integral established in this paper, may become a tool of substitution in any application of the It$\hat{o}$ stochastic integral in Finance.
Risk and Compliance

Many organizations are facing complex risk management issues and are ill equipped to sufficiently mitigate risk in a focused manner. Studies have shown that an astonishing 57% of senior level executives label “risk and compliance” as the two top categories they feel least prepared to address (Quantivate, 2019, para. 1). Consequently, only 6% of directors maintain confidence that their organization is effectively managing risk (Guis, Mieszala, Panayiotou &amp; Poppensieker, 2018, para. 4). With so many organizations facing an existential risk management crisis, this beckons the question how many organizations have implemented a mature information security risk management program through the use of a focused risk assessment to drive the creation and maintenance of the information security program and are enforced through IT auditing (Streff, 2019). The existence of assessing risk and using the results to create and maintain the information security program and enforcing through auditing are listed in order or relative importance. This paper will aim to discuss the importance of each pillar and explain the reasoning behind the priority between the three concepts.
The Medium Is the Message: Learning Channels, Financial Literacy, and Stock Market Participation

This paper investigates the effects of learning channels on stock market participation. More specifically, we investigate the direct effects of learning about financial matters from one’s private network, financial advisors, and the media, as well as the moderating effects of financial literacy on the relationship between learning from these channels and stock market participation. Analyzing a unique cross-section data that combine survey data and bank register data on individual retail investors, we find that media is the only learning channel that increases the likelihood of owning stocks and the portfolio share invested in stocks. We also find that financial literacy has a significant moderating effect: Interactions point to the joint importance of learning from media and financial literacy for individuals’ stock market participation. Our findings suggest implications to policymakers when designing financial education programs.
Convertible Bond Arbitrage and the Term Structure of Volatility

A mark-to-market approach for convertible bonds is proposed where the volatility from the bond optionality is implied from the traded credit spread and bond price. By linking the convertible bond implied volatility to the listed equity option implied volatility surface, the set of available tenors is significantly extended. The resulting volatility term structure classifies rich versus cheap bonds. Convertible bond arbitrage trades, where the trader buys the bond and hedges a combination of the underlying assets, are subsequently identified. Each bond’s relative cheapness translates to its arbitrage potential as a long volatility position, as shown through case studies.
Understanding the Effect of Entrepreneurial Orientation and Innovation Capability on Firm Performance: A Study on Small and Medium Enterprises

Numerous studies in the strategy literature have investigated the effect of entrepreneurial orientation on firm performance (Rauch, Wiklund, Lumpkin &amp; Freese, 2009; Saeed, Yousafzai &amp; Engelen, 2014). The present study is an attempt to examine the relationship amongst entrepreneurial orientation, innovation capability and SMEs performance. The researchers distributed 500 questionnaires to SMEs from various industries. The study was carried out among entrepreneurs of SMEs across Uttarakhand. Sample was drawn from the list of firms‟ published by Directorate of Industries, Uttarakhand using random sampling technique. Of the 500 questionnaires distributed, 234 respondents filled the questionnaire, constituting the response rate of 46.8 percent. The findings demonstrate a positive and significant impact of entrepreneurial orientation and innovation capability on SMEs performance. The present study empirically demonstrates the importance of entrepreneurial orientation and innovation capability in enhancing SMEs performance. The study advocates that entrepreneurial orientation and innovation capability paves the way to analyze market needs and facilitates firm's processes and operations to effectively cater to the market, and eventually contributes to better performance. The study further advocates that in order to improve SMEs performance, the firms must pay serious attention to having an entrepreneurial orientation and directing this orientation towards matching the market needs with firm's internal capability in order to enhance its performance. The study also offers a holistic view on the importance of innovation capability in enhancing SMEs performance in developing countries like India.
How Does the Various Sectors of the Financial Market Influence Growth Around the Globe?

We explore the links between financial markets, institutional quality and economic growth. We document that the unconditional effect of finance on growth is ambiguous. This variation is caused by regional bloc, income level and legal origin differences. Our results suggest that, for financial development (banking sector, insurance sector, stock market) to elicit positive effect on growth, there needs to be an effective institutional framework in place. However, in cases where finance in itself elicits positive effect on growth, further tightening of the institutional framework could be harmful to growth; hence, must be done with caution. Policy implications are discussed.
High efficiency solution-processed thin-film Cu(In,Ga)(Se,S)2 solar cells

The polycrystalline chalcopyrite Cu(In,Ga)(Se,S)2 (CIGS) solar cell has been considered one of the most promising alternatives to conventional silicon solar cells, due to its achieving the highest power conversion efficiency (PCE) among all the thin-film photovoltaic technologies, potentially lowered production cost and compatibility with large area flexible substrates. Unfortunately, almost all the high efficiency CIGS devices are presently fabricated via vacuum-based techniques, which still require expensive facilities and high power consumption, thus leaving the fabrication cost issue unresolved. Herein, a hydrazine-based, solution processed CIGS device with high performance has been demonstrated through the construction of a composition grading profile of the CIGS absorber layer, which enhances the charge collection efficiency and maximizes the solar spectrum absorption. ZnO nanoparticles (ZnO NP), as the window layer, are proven to be an ideal alternative to sputtered ZnO, benefiting from high optical transparency, smooth and defectless interface, adjacent to the CIGS absorber layer. The CIGS solar cell with a certified PCE of 17.3% is achieved, which is the world record efficiency for solution-based CIGS solar cells, and also shortens the efficiency gap towards vacuum-based devices.
What Determines Financing of Free Elementary Education? Evidence from a Policy Change in India

We integrate supply and demand aspects in analyzing the determinants of financing free elementary education (FEE) across states in India over the period 2005–2016, before and after the reform (implementation of the Right to Education Act, 2009). We find that the income (per capita) elasticity of per student expenditure is higher in pre-reform period, signifying higher accountability of State governments over financing free elementary education during that period. The share of income per capita devoted to elementary education by the State government remains roughly constant. Thus, over time a key determinant of growth of per student expenditure is the growth of income per student. Additionally, household preference for education which is found to be inversely correlated with States’ level of development makes a clear distinction of resources devoted by the governments across States and over time. These results are important for governments involved in delivering free education.
Volatility Modelling with Heterogeneous Impulse Response Function: Introducing Non-Parametric Jumps into the Fiegarch Model

We investigate the ways in which non-parametric jumps in asset prices can be incorporated into a FIEGARCH model. At intraday level, jumps detected by the statistics of Andersen, Bollerslev and Dobrev (2007) are shown to contain incremental information in in-sample forecasting of conditional volatility. Past jump history adds important information heterogeneity to the existing fractional integrated structure. Empirical evidence is given by the analysis of Spyder and Intel returns, which demonstrates distinct jump relations with volatility.
Empirical Impact Evaluation of Sales Promotional Mix On Sachet- Water Product Distribution on Enterprise Performance

Extant studies bear no significant empirical research effort as to the potency of sales promotional mix on enterprise performance and its profitability. The marketing communication mix element has become essential players in the life of any business be it small size, medium, or large scale; Sales promotional-mix has been perceived to have a link with the contraction and expansion of start-up and new venture creations, though not yet empirically supported. It is the anchor of this study to investigate the direct impact of sales promotional mix on enterprise performance and its profitability, using a well-developed measurement and structural models to explore this inherent literature gap. Using a scientific approach, adopt primary and secondary data, formulate hypotheses, literature review, and adopted questionnaire, 208 sample size, stratified random sampling, PLS-SEM analytical methods. The study revealed that Advertising sales promotion, Personal selling sales promotion, Pricing sales promotion . and Publicity sales are positively and significantly related to enterprise performance and profitability. And the researcher recommends that the five sales promotional mix be adopted in the national strategic policy of the nation to secure and sustain individual and national economic advantage in a competitive production enterprise environment.
Self-supported tungsten/tungsten dioxide nanowires array as an efficient electrocatalyst in the hydrogen evolution reaction

In this study, a tungsten/tungsten dioxide (W/WO2) nanowires array (NA) was constructed on a carbon paper (CP) (W/WO2 NA@CP) through the thermal annealing of tungsten trioxide (WO3) NA. W/WO2 NA@CP was proven to be an efficient hydrogen evolution cathode with a strong durability in acidic solutions. W/WO2 NA@CP needs an overpotential of 297 mV to drive a current density of 10 mA cm−2 and 340 mV to drive a current density of 20 mA cm−2. The catalytic activity of W/WO2 NA@CP maintains for at least 50 h in potentiostatic electrolysis. In addition, W/WO2 NA@CP shows nearly a 100% faradaic efficiency during hydrogen generation. The prominent catalytic activity of W/WO2 NA@CP correlates with a large number of active sites for the hydrogen evolution reaction and fast electron transport from the CP to W/WO2 nanowire.