Miracle-dz/UniFAR-FTUs huggingface dataset:
Ownership Structure, Size and Banking System Fragility in India

Considering the fact that Reserve Bank of India (RBI) has put eleven Public sector Banks under Prompt Corrective Action (PCA) and planning to put three more, where Public sector banks constitute 68.9% of total Asset of Indian Banking Industry based on 2017 figures, this raises a genuine concern for Fragility of Indian Banking sector as whole. This study proposes to apply Cox proportional hazards model function to estimate the survival rate of Indian Banks. Ownership and size plays an important role on functioning of banks, so this study estimates if the probability of survival of Public sector Banks is more than Private sector banks and second, if large banks have more chances of survival than smaller Banks. This study found that, on the basis of ownership there is no statistical significant difference in the failure risk of Public sector banks and Private sector Banks. However, Smaller Banks are at the higher risk of failure than Large Banks. This study is based on Public and Private sector banks operating in India for the period 2000-2017 and findings of this study can be used to create an early warning systems for smaller Banks in India.
Motivating Innovation in Newly Public Firms

Prior research suggests that executive option grants that do not quickly vest provide managers with better incentives to pursue long-term, rather than short-term, objectives. Previous research also suggests that the pursuit of long-term objectives may be undermined by the risk of early termination. We conjecture that these arguments jointly suggest that managers are better motivated to pursue innovation when they are given more incentive compensation with longer vesting periods for unexercised options and yet some protection from disruptive takeover threats. Our evidence for a sample of newly public firms is consistent with more innovative firms jointly choosing such a combination.
Inflation Level and Inflation Volatility: A Seigniorage Argument

In this paper we contribute to the literature on environments with active fiscal and accommodating monetary policy. We show that this framework is able to explain the positive relationship between the steady state level of inflation and business cycle inflation volatility observable in the data. In addition, we contribute to the theoretical literature by demonstrating that multiple equilibria arise when the elasticity of money demand exceeds the gross real interest rate. Finally, we prove that the monotonic relationship between steady state inflation level and business cycle inflation volatility holds both in the presence of unique as well as multiple equilibria.
First ultrastructural investigations of the consortium between a phototrophic eukaryotic endocytobiont and Podolampas bipes (Dinophyceae)

Abstract Several species of the genus Podolampas (Dinophyceae), P. antarctica, P. bipes, P. elegans, P. palmipes, P. reliculata, P. spinifera and a new undescribed species, were recurrently found in plankton samples of the Atlantic Ocean, Pacific Ocean and the Mediterranean Sea during several oceanographic expeditions. Only P. bipes and P. reticulata always contained autofluorescent endocytobionts, which were interpreted as dinoflagellate chloroplasts by former investigations based on light microscopy. Our investigations of P. bipes showed a consortium of the dinoflagellate and multiple, endocytic cells, each containing chloroplasts, mitochondria, ribosomes, a dictyosome and a eukaryotic nucleus. In culture, these endocytobionts were persistent in the host cells and were distributed into both daughter cells during mitotic cell division. Although endo-symbionts are known from various dinoflagellates, endocytobiosis of several photosynthetic eukaryotic cells per dinoflagellate is new. Ultrastructural details of the endocytobionts show that they belong to the class Dictyochophyceae (Heterokontophyta), most probably to the order Pedinellales. Additionally, further ultrastructural details of P. bipes, such as the presence of three types of extrusomes, intracellular bacteria, rod-like structures composed of tubules and a presumably motile thecal plate, are described.
Distribution of mGluR1α and mGluR5 immunolabeling in primate prefrontal cortex

Metabotropic glutamate receptors (mGluRs) mediate important modulatory glutamatergic influences throughout the brain. However, the specific localization and functions of group I mGluR subtypes (mGluR1α and mGluR5) in cortical neurotransmission are not well known, particularly in primates. To address this issue, we used immunoelectron microscopy to compare the subcellular localizations of mGluR1α and mGluR5 in the prefrontal cortex of macaque monkeys. Both receptor subtypes were found in a variety of subcellular compartments, including spines, dendrites, preterminal axons, axon terminals, and glia; however, quantitative differences were found in the relative abundance of labeled elements for each receptor. The mGluR1α‐immunoreactive (‐IR) elements were overwhelmingly the spines and dendrites, with labeled terminals, axons, and glia seen more rarely. The mGluR5‐IR elements were also mostly spines and dendrites, but the proportion of labeled unmyelinated axons, terminals, and glia was higher than for mGluR1α‐IR elements. Double labeling with SMI‐32 and parvalbumin confirmed that both receptors were found in pyramidal cell and interneuron dendrites. The localization of mGluR1α to pyramidal cells in primate cortex contrasts with reports that mGluR1α is found almost exclusively in interneurons in rodent cortex. By using double labeling, we found no evidence for mGluR1α or mGluR5 in dopaminergic afferents to prefrontal cortex. The data presented here provide an anatomical substrate for a differential role of mGluR1α and mGluR5 in post‐and presynaptic actions of glutamate in primate prefrontal cortex. They further suggest differences in the cortical distribution of group I mGluRs between primates and rodents. J. Comp. Neurol. 467:521–535, 2003. © 2003 Wiley‐Liss, Inc.
Make vs. Buy in Trucking: Asset Ownership, Job Design, and Information

Explaining patterns of asset ownership in the economy is a central goal of both organizational economics and industrial organization. We develop a model of asset ownership in trucking which combines features of both property rights theory and multi-task principal-agent theory. We test the model by examining how the adoption of different classes of on-board computers (OBCs) between 1987 and 1997 influenced whether shippers use their own trucks for hauls or contract with for-hire carriers. We find that OBCs' incentive-improving features pushed hauls toward private carriage, but their resource-allocation-improving features pushed them toward for-hire carriage. We conclude that ownership patterns in trucking reflect the importance of both incomplete contracts (Grossman and Hart (1986)) and of job design and measurement issues (Holmstrom and Milgrom (1994)).
Implications of WTO Agreements and Domestic Trade Policy Reforms for Poverty in Bangladesh: Short vs. Long Run Impacts

We examine the impacts of WTO agreements and domestic trade policy reforms on production, welfare and poverty in Bangladesh. A sequential dynamic computable general equilibrium (CGE) model, which takes into account accumulation effects, is used allowing for long run analysis. The study is based on 2000 SAM of Bangladesh including fifteen production sectors, four factors of production (skilled and unskilled labour, agricultural and non-agricultural capital) and nine household groups (five in rural areas and four in urban areas) based on the year 2000 household survey. To examine the link between the macro effects and micro effects in terms of poverty we use the representative household approach with actual intra-group income distributions. The study presents five simulations for which the major findings are: (1) the Doha scenario has negative implications for the overall macro economy, household welfare and poverty in Bangladesh. Terms of trade deteriorate and consumer prices, particularly food prices, increase more than nominal incomes, especially among poor households; (2) Free world trade has similar, but larger, impacts; (3) Domestic trade liberalisation induces an expansion of agricultural and light manufacturing sectors, favourable changes in the domestic terms of trade. Although the short run welfare and poverty impacts are negative, these turn positive in the long run when capital has adjusted through new investments. Rising unskilled wage rates make the poorest household the biggest winners in terms of welfare and poverty reduction; (4) Domestic liberalisation effects far outweigh those of free world trade when these scenarios are combined; (5) Remittances constitute a powerful poverty-reducing tool given their greater importance in the income of the poor.
Forecasting Risk Measures Using Intraday Data in a Generalized Autoregressive Score (GAS) Framework

A new framework for the joint estimation and forecasting of dynamic Value-at-Risk (VaR) and Expected Shortfall (ES) is proposed by incorporating intraday information into a generalized autoregressive score (GAS) model, introduced by Patton, Ziegel, and Chen (2019) to estimate risk measures in a quantile regression setup. We consider four intraday measures: the realized variance at 5-min and 10-min sampling frequencies, and the overnight return incorporated into these two realized variances. In a forecasting study, the set of newly proposed semiparametric models is applied to 4 international stock market indices: the S&amp;P 500, the Dow Jones Industrial Average, the NIKKEI 225 and the FTSE 100, and is compared with a range of parametric, nonparametric and semiparametric models including historical simulations, GARCH and the original GAS models. VaR and ES forecasts are backtested individually, and the joint loss function is used for comparisons. Our results show that GAS models, enhanced with the realized variance measures (especially at 5 minutes frequency), outperform the benchmark models consistently across all indices and various probability levels.
Frost Resistance of Subalpine Eucalyptus Species. I. Experiments Using a Radiation Frost Room

Frost resistance of seedlings of four subalpine Eucalyptus species was studied using a frost room that simulated natural radiation frosts. Seedlings from populations at and above valley-bottom treelines were examined. With cooling rates similar to those of natural frosts, initial freezing was detected within the temperature range – 2.1 to – 6.9 °C, with a mean initial freezing temperature of -4.5°C. Seedlings in an unhardened state, produced by a temperature regime of 23°C day / l8°C night, had very little freezing resistance, with complete leaf death being produced by exposure to - 6° for 4 h. A hardening regime of 16/4°C, with 12-h-photo- and thermoperiod, enabled E. pauciflora seedlings to harden in 3-4 weeks to the extent that the mean leaf damage produced by a frost of - 8.5 °C was about 50%. Hardening for longer periods under this regime enabled seedlings to withstand frosts below - 10°C with very little damage. A 9/4°C regime was much more effective than a 919 °C regime in promoting hardening. E. pauciflora leaves sprayed with water before a frost were slightly more damaged than dry leaves. The greater damage appeared to be the result of the slightly lower temperatures of the wetted leaves during the frost. Two damaging frosts, occurring within 2-3 days, produced slightly more damage than that which would be predicted by adding the damage that would have been produced by each frost acting separately. E. stellulata and the 'pendula' form of E.pauciflora, the populations extending furthest down gradients of increasing frost severity to the valley bottoms, had the greatest seedling frost resistance. Treeline populations of E. rubida and the 'forest' form of E. pauciflora were intermediate in resistance, and E. dalryrnpleana, a species that did not extend to the treeline, was least resistant. Examinations of variation in frost resistance of E. pauciflora seedlings from parent trees sampled along two environmental gradients produced two different results. Frost resistance increased markedly down a transect from forest form of E. pauclflora on a hillside to pendula form of E. pauciflora near a valley bottom, but a corresponding increase did not occur down another transect where the pendula form was absent.
Who Fears the Reaper? Medical Marijuana Laws and Labor Market Outcomes

Starting with California in 1996, many states now allow doctors to treat patients with marijuana. Despite this, marijuana remains illegal at the federal level, stoking ambiguity over the future of this rapidly growing industry. The different valuation by state and federal actors of marijuana’s societal benefit implies the need for research which clearly shows the costs and benefits of medical marijuana laws (MMLs). While a small literature exists on MMLs and labor market outcomes, the results of these studies are somewhat inconsistent. We estimate the effect of MMLs on a larger set of labor market indicators and dynamics across middle-age (aged 20-49) adults. We find that there are large changes to individuals’ labor force attachment due to MMLs. As these changes effect both employment and unemployment, this result explains the conflicting results of prior studies which were inconsistent in conditioning employment on labor force participation. We find heterogeneous responses to MMLs by age with younger adults (under 30) experiencing labor market losses, while older adults show labor market gains. Our results are strongest for females aged 30-49, and suggest these women enter the labor force due to medical marijuana. As heterogeneous responses occur mostly by age, a wide range of policy options would be available to mitigate any perceived negative effects.
Economic Evaluation of Three Alternative Methods for Control of the Mediterranean Fruit Fly (Diptera: Tephritidae) in Israel, Palestinian Territories, and Jorda

The Mediterranean fruit fly, Ceratitis capitata (Wiedemann), is a major pest of fruit crops in the Mediterranean Basin countries. If no control measures are applied in Israel, Palestinian Territories, and Jordan against this pest, the annual fruit losses are estimated to be about U.S. $365 million, which is more than half the total revenue produced by fruits considered to be Mediterranean fruit fly hosts in these countries. Under the current control programs, the direct damage (yield loss and control costs) and indirect damage (environmental impact and market loss) amount to U.S. $192 million per year. This amount could increase each year if the current control programs are kept. The aim of this study was to evaluate, on a regional basis, the economic returns of 3 improved alternative Mediterranean fruit fly control methods using a 9-yr time frame. The control alternatives include population suppression using bait sprays, population suppression using massive release of sterile male flies, and population eradication also using massive releases of sterile male flies. For each option, an action plan was prepared which includes intensity, frequency and timing of sampling (trapping and fruit gathering), control (bait sprays and sterile male releases), and postcontrol (quarantine and emergency capacity) techniques. For the economic evaluation costs and benefits at net present value are computed for each control option to estimate the economic indices. Results indicate that the 3 area-wide control options are technically and economically feasible and all are better than the current control programs. For each option, the economic returns on a medium and long term are discussed, along with the environmental impact. Over the 9-yr time frame, the greatest economic return is from the sterile male suppression option. Over a much longer time frame, the greatest return is for the sterile male eradication option.
Equity Risk Premium in Pakistan: Comparative Estimates from Historical Returns, Dividend and Earnings Models

This paper compares the efficiencies of dividend and earnings growth models with a historical model in predicting the unconditional expected equity risk premium (ERP). Monthly data has been used from the period 2010 to 2018 from 2 sectors namely market (KSE100 Index), cement and banking. The research applies a two-step process. First, we estimate and compare the absolute expected ERP under three models: (a) dividend growth model (Gordon, 1959), (b) earnings growth model and (c) historical returns, to find out the most efficient model for forecast ERP. Next, the effectiveness of the model is tested using a panel regression analysis. ERPs have been calculated with two different mathematical approaches, a simple return and continuously compounding returns (log returns). The results show that the dividend growth model emerges as the most efficient model for 1. KSE100 Index’s, 2.commercial bank and 3. Cement sector for predicting ERP and hence, investors should follow dividend policy to value Pakistani companies.
Experiments with the Traveler's Dilemma: Welfare, Strategic Choice and Implicit Collusion

This paper investigates behavior in the Traveler's Dilemma game and isolates deviations from textbook predictions caused by differences in welfare perceptions and strategic miscalculations. It presents the results of an experimental analysis based on a 2x2 design where the own and the other subject's bonus-penalty parameters are changed independently. We find that the change in own bonus-penalty alone entirely explains the effect on claims of a simultaneous change in one's own and the other's bonus-penalty. An increase in the other subject's bonus-penalty has a significant negative effect on claims when the own bonus-penalty is low, whereas it does not have a significant effect when the own bonus-penalty is high. We also find that expected claims are inconsistent with actual claims in the asymmetric treatments. Focusing on reported strategies, we document substantial heterogeneity and show that changes in choices across treatments are largely explained by risk aversion.
Supplementary Materials for 'Score Test for Marks in Hawkes Processes'

Supplementary Materials for "Score Test for Marks in Hawkes Processes": A score statistic for detecting the impact of marks in a linear Hawkes self-exciting point process is proposed, with its asymptotic properties, finite sample performance, power properties using simulation and application to real data presented. A major advantage of the proposed inference procedure is the Hawkes process can be fit under the null hypothesis that marks do not impact the intensity process. Hence, for a given record of a point process, the intensity process is estimated once only and then assessed against any number of potential marks without refitting the joint likelihood each time. Marks can be multivariate as well as serially dependent. The score function for any given set of marks is easily constructed as the covariance of functions of future intensities fit to the unmarked process with functions of the marks under assessment. The asymptotic distribution of the score statistic is chi-squared distribution, with degrees of freedom equal to the number of parameters required to specify the boost function. Model based, or non-parametric estimation of required features of the marks marginal moments and serial dependence can be used. The use of sample moments of the marks in the test statistic construction do not impact size and power properties.
Aerugoamnis paulus, New Genus and New Species (Anura: Anomocoela): First Reported Anuran from the Early Eocene (Wasatchian) Fossil Butte Member of the Green River Formation, Wyoming

ABSTRACT Five anurans have been previously reported from the Eocene Green River Formation, of which only two, a nearly complete skeleton and a tadpole, have been described. The skeleton has been identified as either Eopelobates Parker, 1929, or a pelobatid close to Eopelobates and Pelobates Wagler, 1830, but the tadpole is indeterminate. Another specimen has been figured but not described, another is a skin impression that is probably indeterminate, and the other is presumably lost. A sixth specimen is reported here. It represents a new genus and species, Aerugoamnis paulus, which is the first anuran to be reported from the Wasatchian (early Eocene) Fossil Butte Member of the Green River Formation. It consists of a single specimen that is dorsoventrally flattened and exposed primarily in dorsal view on one slab of rock, with a poor impression of the skull and a few bone fragments representing the counterpart. The specimen is nearly complete and the bones are preserved in articulation or in close association. The presence of a spiral groove of the iliac shaft suggests affinity with Anomocoela, a hypothesis that was tested through a phylogenetic analysis including representatives of the major clades of Costata, Xenoanura, Neobatrachia, and Anomocoela. The analyzed data set consists of 66 osteological characters scored for six fossil and 20 extant taxa. Results of the analysis place Aerugoamnis as a member of the stem of Pelodytidae. This placement is based on possession of two synapomorphies: presence of a distinct otic ramus of the squamosal and the crista parotica is poorly developed. Unlike extant pelodytids, Aerugoamnis has nasals that are separated by a narrow gap, a ventral flange on the pterygoid, and unfused tibiale and fibulare. Prior to the discovery of Aerugoamnis, fragmentary remains from the middle Eocene of Europe, the earliest of which are Lutetian (MP 13), have been questionably referred to the family. Aerugoamnis now is the earliest known occurrence of the anomocoelan lineage represented today by Pelodytidae.
Channels of Monetary Policy Transmission in Indonesia: A VAR Model Analysis

This study examines the various channels of monetary policy transmission mechanism in Indonesia. The interest rate, exchange rate, asset price and credit channels will be analysed using a VAR short-run restriction model for quarterly data, ranging from 2000Q1 to 2018Q1. The results show that the interest rate (cost of capital) channel is the most effective channel of monetary transmission in stabilising output and price level. Meanwhile, the exchange rate and asset price are the least effective channels of monetary policy, which operate via trade pass-through and Tobin’s q asset valuation channel. The credit channel is also found to be weak in controlling the price level.
The Dynamic Impact of Product-Harm Crises on Brand Equity and Advertising Effectiveness: An Empirical Analysis of the Automobile Industry

Product-harm crises can adversely affect brand equity and advertising effectiveness. We develop state space models to capture brand and sub-brand equity the dynamics related to product recalls and spending on different levels and types of advertising, integrate them with a random coefficient demand structural model, and estimate it using a unique dataset containing 35 automobile brands, 193 sub-brands and 642 recalls during 1997-2002. Our results reveal that product recall has a direct effect on brand equity only if it increases the chances of crash or fire. This product recall type has a significant negative influence on the effectiveness of each advertising level and type. We develop an optimal advertising model and show how firms can use our model to improve advertising allocation across levels and types during and after the crisis. In response to highest severity recalls, firms should reallocate from sub-brand and brand advertising to promotional and sponsorship advertising.