Miracle-dz/UniFAR-FTUs huggingface dataset:
Who Trades Profusely? The Characteristics of Frequent Trading Individual Investors

Research has shown that investors trade too frequently and that this overtrading lowers investment return. This paper examines the characteristics of those investors that trade frequently. Using over three years of trading data of 7200 investors at a brokerage firm in the UK, descriptive statistics and multiple regression analyses were able to identify the predictive characteristics of investors that trade often. Most noteworthy is that trading frequency is positively skewed resulting in a small proportion of investors doing the majority of the trading with the highest cumulative value. These frequent trading investors tend to be male, younger and make use of multiple mediums of trading to trade. These mediums include the internet, the telephone, an advice team and use of stop losses.
Learning Culture Practices at Hewlett-Packard (HP), Malaysia

The purpose of this research is to explore the current learning organisation practices at HP Malaysia. This study was carried out among 5 senior employees of HP Malaysia using convenient sampling method. A qualitative interview was conducted to collect data and coded using grounded theory. The codes were used to discover a relevant theory (Watkins and Mersick (2003) 7 dimensions of learning organisation. The themes were analysed and found that team learning, system connectivity and strategic leadership plays an important role in creating and fostering learning organisation practices at HP Malaysia. The continuous learning, feedback and dialogue promote learning but at certain level such practices are not seen favourable by all the employees. Also embedded system practices in creating a learning culture is little bit rhetoric and not well established. Empowerment is practiced but it looks more rhetoric than what it seems. To foster learning organisation, HP Malaysia must truly empower its employees and must enable its staff to access vital information for learning purposes. Future research could be conducted using a larger sample including each member from each level and team.
A Top-Down Method for Long-Term Investing

This paper bases long-term investing on a tradeable stochastic discount factor (SDF), relates it to the growth optimal portfolio and argues for a top-down method, where modeling efforts are directed at capturing its long-run dynamics in a generalized setting. This differs from the common, cumbersome bottom-up method of modeling many risky securities in the marketplace. Various optimal portfolio strategies can be implemented efficiently using fractional expectations of the SDF. This paper illustrates empirically for the US stock market that the proposed method leads to higher wealth, higher returns on investment and higher long-term utility levels.
Effect of Non-IFRS Earnings Reporting Guidelines on Non-IFRS Earnings Reporting Quality: The Case of Australian Listed Firms

This study uses data on Australian Securities Exchange (ASX) 200 firms for 2011–2014 to examine the impacts of Australian Securities and Investments Commission (ASIC) non–International Financial Reporting Standards (non–IFRS) earnings reporting guidelines on non-IFRS earnings reporting quality. We find that firms that do not comply with the ASIC guidelines have lower non–IFRS earnings reporting quality than do firms that comply with these guidelines. The former firms opportunistically exclude recurring expenses from IFRS earnings to ensure non–IFRS earnings appear more profitable than IFRS earnings when they miss earnings targets or incur current losses. The latter firms act as responsible reporters by judiciously using their discretion to efficiently report non-IFRS earnings. The findings indicate that although ASIC has issued guidelines to limit firms’ opportunistic non–IFRS earnings reporting, but opportunistic non–IFRS earnings reporting is still present in non–compliance firms. We suggest mandatorily enforcing the guidelines on non–IFRS earnings reporting firms to mitigate such opportunistic reporting. Where possible, ASIC should increase its enforcement action against firms that do not comply with these guidelines.
Inventory Policies for Disaster Relief Operations: A Mix of Reactive and Proactive Alternatives

The aftermath of a rapid-onset disaster is the most crucial period, during which health and humanitarian organizations (HOs) must distribute critical relief items at quickest possible time. Yet, supply management is a significant challenge due to many unknowns such as time, place, type, and magnitude of disasters. Taking supply, demand, and budget uncertainty, we propose an inventory policy for a single-relief item, and extend it to multiple-relief items. We combine two common alternatives — <i>{proactive}</i> and <i>{reactive}</i> — and analyze policies that minimize expected costs under a budget constraint and budget uncertainty. Our analyses illustrate that: <br><br>(i) finding an optimal level of pre-positioning inventory is more complex when the landed cost of pre-positioned item is less than purchasing relief item aftermath of a disaster; <br><br>(ii) budget limitation is the underlying source of complexity to determine optimal inventory level; <br><br>(iii) pre-disaster investment saves more compared to emergency funding, and <br><br>(iv) the kitting of multiple relief items is not supported unless the criticality level, demand and supply characteristics of all items in the kit are homogeneous.
Fundamental Anomalies

This paper examines to what extent stock market anomalies are driven by firm fundamentals in an investment-based asset pricing framework. Using Bayesian Markov Chain Monte Carlo (MCMC), we estimate a two-capital q-model to match firm-level stock returns, instead of matching portfolio-level return moments. Our methodology addresses Campbell (2017)'s critique on prior studies that model parameters are chosen to fit a specific set of anomalies and different values are needed to fit each anomaly. The estimated model generates large and significant size, momentum, profitability, investment, and intangibles premiums. However, it falls short in explaining the value and accruals anomalies.
Heat flux error of steady-state method for building components under dynamic conditions

Heat transfer processes in building components are generally non-linear due to interactions between air infiltration, conduction and solar radiation. Therefore, the steady-state method may cause biased estimation of heat flux or energy consumption under dynamic conditions. Numerical simulations performed on idealized diffuse walls show that the estimation error depends on several parameters: the ratio of the maximum to the minimum air flow rate; the combinations of profiles of weather parameters; the air flow rate itself, and the wall thermal capacity. When the ratio of the maximum to the minimum air flow rate is less than 1.5, the steady-state method may yield a reasonable heat flux estimation. The steady-state method generally underestimates the heat flux; however, it may overestimate the heat flux when the ambient temperature has an initial phase difference of 12 hours compared with daily air flow profiles.
Analysing Sanitization Technique of Reverse Proxy Framework for Enhancing Database-Security

With the increasing importance of the inter-net in our day-to-day life, data security in web application has become very crucial. Ever increasing online and real time transaction services have led to manifold rise in the problems associated with the database security. Attacker uses illegal and unauthorized approaches to hijack the confidential information like username, password and other vital details. Hence the real-time transaction requires security against web based attacks. SQL injection and cross site scripting attack are the most common application layer attack. The SQL injection attacker pass SQL statement through a web application‟s input fields, URL or hidden parameters and get access to the database or update it. The attacker take a benefit from user provided data in such a way that the user‟s input is handled as a SQL code. Using this vulnerability an attacker can execute SQL commands directly on the database. SQL injection attacks are most serious threats which take user‟s input and integrate it into SQL query. Reverse Proxy is a technique which is used to sanitize the users‟ inputs that may transform into a data-base attack. In this technique a data redirector program redirects the user‟s input to the proxy server before it is sent to the application server. At the proxy server, data cleaning algorithm is triggered using a sanitizing application. In this framework we include detection and sanitization of the tainted information being sent to the database and innovate a new prototype.
The Effects of Ambiguity on Loss Contingency Evaluation by Auditors and Investors

The objective of this study is to provide additional evidence regarding the effect of ambiguity on auditors’ and investors’ judgments when they evaluate managers’ disclosures about loss contingencies. Inspired by Nelson and Kinney (1997), we conducted an experiment where auditors and investors evaluate managements’ loss disclosures. We manipulate the probability of loss at three levels and the uncertainty about the ambiguity at two levels. Our results show that both auditors and investors appear to be aggressive towards financial reporting choices, and are less willing to recommend a loss contingency disclosure when there is ambiguity. Our results extend prior accounting literature and highlight the importance of understanding imprecise estimates in financial reporting. We found that auditors and investors reacted very similarly towards ambiguity in loss disclosures. This result may reflect a narrowing of the expectations gap around reporting accounting estimates and highlight the potential improvements in users’ confidence in accountants.
Tariff Wars, Unemployment, and Income Distribution

We propose a multi-country model with occupational choice, heterogeneous firms, unemployment, and revenue-generating tariffs to study the aggregate and distributional consequences of tariff wars in a unified framework. Motivated by the 2018 global tariff war, we calibrate the model to fit a global economy with four countries, the United States, the European Union, China and the Rest of the World. If governments maximize aggregate welfare, the average optimal tariff and the average Nash-equilibrium tariff are about 16 percent. Multilateral trade negotiations lead to zero cooperative tariffs and free trade. No country can win a trade war. If governments adopt a political-economy perspective and maximize a weighted sum of entrepreneurial and worker interests with weights incorporating factual "autonomous rate" tariffs, then trade talks lead to positive cooperative tariffs in the range of 14 percent for the U.S. to 43 percent for China, and tend to increase unemployment and income inequality.
Effects of Monetary Policy on Selected Macroeconomic Variables in Nigerian Economy

This study examined the effects of monetary policy on selected macroeconomic variables in Nigerian economy 1981-2019.Monetary policy aims at achieving certain national goals which have historically included full employment, high output, stable price level (low inflation rate), and a stable exchange rate (desirable balance of payments). The impact of monetary policy on economic growth of Nigeria has always been a subject of controversy owing to different views expressed many authors. The specific objectives of this study are to assess the extent to which monetary policy affects Real Gross Domestic Product and determine the relationship between monetary policy and inflation rate. The study, employed ex-post factor research design. Data for the study were secondary data quantitatively retrieved from the annual reports and accounts of the Central Bank of Nigeria and World Bank database. Unit root test, Johansen Co-integration Technique, Vector Autoregressive as well as least regression analysis techniques were used for data analysis. E-view statistical package Version 9.0, was employed for the analysis. From the analysis conducted, monetary policy have insignificant positive relationship with real gross domestic product but significant positive effect on inflation rate. Based on the findings of the study, the researcher recommends that there is the need for policy adjustment by modifying the core mandate of the Central Bank, which is price stability through inflation targeting to incorporate economic development through employment creation. <br>
What Happens When a Retailer Displays Both the Number of Reviews and the Number of Sales?

The importance of online reviews continues to grow for both retailers and consumers. Typically, online reviews are summarised in terms of an average review score and the number of reviews. However, some retailers choose to additionally reveal information about the number of product or service sales. The current research investigated how consumer were influenced by this additional information – in particular, the ratio between the number of reviews and number of sales. As part of the investigation, we distinguish between two forms of product popularity: “purchase popularity”, which relates to how often people are buying the product, and “word-of-mouth” (WoM) popularity, which relates to how often people are talking about the product. Across three online experiments, we found s a positive association between both types of popularity and purchase intentions. Factors influencing perceptions of purchase popularity were the number of sales, number of reviews, average product rating, and time the product had been on the market. Factors influencing perceptions of WoM popularity were the number of reviews, average product rating, and the ratio between the number of reviews and number of sales (the “reviewer percentage”). In light of these findings, retailers could strategically present review profile information such as the “reviewer percentage” contingent on the product’s review profile.
Microfinance and Empowerment: A Case Study on Beneficiaries of a Community Development Program

In the current era, for developing countries, empowerment as a mechanism for poverty alleviation, is becoming a challenge. Poverty alleviation requires a shift from a traditional “top-down” approach to a “bottom-up” approach. This can be done by building capacity within the communities. Considering the importance of the bottom-up approach a microfinance institution started its activities in a small village under the scheme of a community development program for getting sustainable empowerment. In order to explore the change that has occurred because of microfinance, provided under the scheme of a community development program, a qualitative study has been conducted. For data collection, two focus groups were conducted over the community development program. The findings revealed that beneficiaries experienced four different phases of empowerment; sensitization, intervention, initiating empowerment, and sustainable empowerment.
Partial Identification of Discrete Instrumental Variable Models using Shape Restrictions

This study examines the nonparametric instrumental variable model with discrete instruments and explores the partial identification and estimation of the target parameter, which is a linear functional of the structural function. We include numerous target parameters, such as the difference between the values of the structural function at two different points and the average effect of a hypothetical policy change. Informative bounds on the target parameter are derived using the control function approach and shape restrictions. Illustrative examples demonstrate that shape restrictions have identification power. The lower and upper bounds are estimated using the sieve method and we show that our estimator is computationally convenient and consistent. An empirical application illustrates the usefulness of our method.
Determinants and Consequences of Auditor Provided Tax Services: A Systematic Review of the International Literature

We review the empirical literature on the determinants and consequences of auditor-provided tax services (APTS) and provide some directions for future research. We first review the evolution of APTS fees disclosures and related regulations in select jurisdictions, followed by a summary of determinants of APTS. We review studies examining firms’ decisions (1) to disclose the APTS information voluntarily; (2) to choose incumbent auditors as the tax service providers; and (3) to retain or dismiss incumbent auditors as the tax service providers. Our review suggests that all these decisions are related to the cost-benefit trade-off. We then review the literature on the consequences of APTS. This strand of the literature in the U.S. supports the knowledge spillover effect, but the findings in the non-U.S. settings are mixed. The market perceptions of APTS in both the U.S. and non-U.S. settings suggest that market participants react to APTS negatively during uncertain periods.
Is a Picture Worth a Thousand Words? Image Usage in CSR Reports

Prior research identifies images as a tool for corporate impression management. We collect a novel dataset on widescale image usage in Corporate Social Responsibility (CSR) reports using automated methods. We examine (1) associations between CSR report image usage and motivations for impression management, (2) changes in CSR report image usage after controversial events, and (3) market valuation of firms using excessive images. We hypothesize and find that socially problematic industries exhibit higher image usage than others. Firms who voluntarily commit to higher disclosure standards tend to use fewer images, while firms with less extensive textual disclosures in their CSR reports tend to use more images. Tellingly, firms with poorer ratings of CSR performance use more images in CSR reports, and firms increase image usage (albeit weakly) after controversial events. We find no evidence that investors overvalue firms with excessive image usage. Overall, the evidence is consistent with companies using images in CSR reports strategically to enhance stakeholder perception of CSR engagement and performance; such strategic usage does not impact equity valuation.
Liquidity Measures of Bond Market

The purpose of this document is to review a variety of liquidity measures actively used by academics and practitioners, and to stress their advantages and limits. We focus on bond market that is an Over-The-Counter (OTC) dealer market. In a typical OTC transaction, a buyer or seller contacts an inter-mediating agent (market maker), who proposes bid and ask prices and quantities.
The Effects of SMEs, Population and Education level on Unemployment in Kingdom of Bahrain

Since the begging of the modern age unemployment was always considered a problem of any economy on the globe. Countries and governments around the world were always looking for ways to reduce the unemployment rate but the issue is a complex one with many affecting variables. Job creation was and is not precisely the problem as its happening all the time, rather the rate of creations versus the population and the education level that is appropriate for fresh graduates to enter the labor market. Therefore, the aim of this study is to analyse the effects of SMEs growth, population growth and education level on the unemployment rate in Bahrain. This study used secondary data that was collected over a span of 21 years from many sources like the Ministries of Bahrain and the World Bank data bank. The dependent variable in this study was the unemployment rate and independent variables were SMEs growth, Population growth and education level. The study applied the ADF unit root test for stationary analysis on the variables to determine the right statistical model to use for this study. Result of ADF unit root indicates that some variable was stationary at the level and some were stationary at first difference, thus ARDL model used for further hypotheses analysis. The findings of ARDL show that the two of the variables had a positive effect and one variable has a negative effect on unemployment rate in Bahrain. Finally, the study recommends the nurture of SMEs by issuing helpful policies and creating financial aid programs for new and old SMEs because of how big any effect SMEs can have on lowering the unemployment rate, on the other hand, the creation of training programs to help fresh graduates adapt to the new mentality of the workplace and give them enough experience to be acceptable candidates.
In Memory of Karl-Otto Apel: The Challenge of a Universalistic Ethics of Co-Responsibility

On the basis of Karl-Otto Apels’ diagnosis of the shortcomings of philosophical ethics in general, and any ethics of individual accountability in particular, I give an outline how these shortcoming are currently to be articulated in the context of ecological crisis and socio-technical change. This will be followed with three interpretations of Karl-Otto Apels’ proposal for an ethics of collective coresponsibility. In conclusion, I will advocate that only a further social evolution of the systems of science, economy and law will enable a possible institutionalization of collective co-responsibility by means of a new innovation paradigm: responsible innovation.
The Impact of Board Composition on the Dividend Policy of US Firms

Purpose: This paper examines whether the characteristics of boards are more important in determining dividend policy than management characteristics. We show that as the final declarers of dividend policy is a firm’s board, the composition of a firm’s board significantly subsumes the effect of management characteristics that may also influence dividend policy. Design/methodology/approach: Using the dividend declaration dummy variable, we run a fixed effect logistic regression of the dividend indicator on board characteristics, and managerial characteristics with firm level controls, year effects and industry effects while clustering standard errors at the firm level. For dividend yield variable which is censored at zero, we employ a fixed effect Tobit regression. Findings: The results of the study show that board characteristics such as average age, female presence, and size have a strong positive significant effect while board independent chair, and voting right of directors have a negative significant effect on the likelihood of dividend declaration. For dividend yields, the results suggest that the presence of directors with financial expertise and the board size are the main influencers of dividend policy. Managerial characteristics are subsumed by director characteristics for determining dividend policy. The results overall support the evidence on the monitoring role of boards on management. Originality/value: The originality and value of this study lies in the approach of including a comprehensive number of board characteristics unlike previous studies which makes the study of the influence of board composition on dividends more encompassing.
Information Design in Bilateral Trade and (Unintended) Welfare Loss

This paper studies the impact of third-party information designers on bilateral trade. The seller sets the price of a product and makes a take-it-or-leave-it o er to the buyer. An information designer, who maximizes a weighted social welfare, observes the seller's pricing strategy and designs the information structure of a signal about the value of the product. The buyer observes the price, the information structure and the signal realization and decides whether to purchase the product. I characterize the set of equilibria and show that third-party information design can cause a Pareto inferior outcome for the buyer and the seller, despite the designer's aim to maximize a weighted social welfare.