Miracle-dz/UniFAR-FTUs huggingface dataset:
Effects of Exchange Rate on Value-Added International Trade

In this study, value-added perspective focuses on the role of exports within a bilateral trading partner in the process of global value chains with vertical specialization, which is one of the various innovations in the world economy. Theoretically, we determine a proper model to connect both the value-added exports (Hummels et al. 1999; Johnson &amp; Noguera 2012; Koopman et al. 2010; Koopman and Wei 2014; UNCTAD 2013) and the changes in value-added exchange rates (Bems &amp; Johnson 2012, 2015; Patel et al. 2014; Yang et al. 2014). Then, based on their relationships, we investigate the value-added effects of exchange rate changes on international trade. Empirically, we adopt the calculating methods of using the value-added trade statistics (TiVA) developed by OECD-WTO. In particular, proper time series econometric models are tested for the United States of America and South Korea. We find that increase in foreign income increases the value-added exports, and increase in domestic income increases the value-added imports, but that currency appreciation decreases the value-added exports in Korea while currency appreciation increases the value-added exports in the US. We would judge that the export competitiveness relies on the currency devaluation in Korea but the domestic industry/economic growth in the US. Also, the value-added exports to gross exports are higher in Korea than the ones in the US as using more the global value chains. This will contribute to mitigate the global imbalances and exchange rate conflicts.
How Rain Affects Profitability in the Wine Sector

Climate change largely influences the operations of companies that, due to their nature, are exposed to weather risks. One of the sectors that is widely exposed to weather conditions is the wine sector. Rain, together with temperature, is one of the weather variables that most influences the growth of grapevines. The present work wonders whether the volatility induced by the increasing unpredictability of rain, not only causes problems to the growth of grapevines, but also affects the profitability of the wine sector. We try to answer the previous question through an application to two wine regions located in Northern Italy: Franciacorta and the province of Trento. In particular, we propose a methodology, based on cluster analysis, regression trees, and broken-stick regression, to detect a relationship between profitability of wineries and rain.
The first family‐based breeding program in aquaculture

Individual selection for growth rate has been practised for aquatic species for many years. However, the use of a small number of breeders without records of parentage frequently results in inbreeding depression. AKVAFORSK began the first ever family-based breeding program in aquaculture in 1975 for Atlantic salmon in Norway. The first steps of the program involved estimating the phenotypic and genetic parameters of economically important traits and generating a base population by crossing wild salmon strains. As information on quantitative genetics for salmon was not available, the breeding program started by selecting for body weight. As information was gathered, other traits such as age at sexual maturation, disease resistance and product quality were added to the selection index. The salmon industry was invited to participate in the breeding program, which has been managed by Aqua Gen AS since 1993. The genetic gain achieved has been estimated at approximately 14% per generation with a global benefit/cost ratio estimated at 15/1.
Perceptions of Inflation and the Formation of Price Expectations

This study analyzes data from survey questions which obtain both (1) inflationary expectations in continuous numerical terms for the coming 12 months from a survey sample and (2) the subjects’ perceptions of what inflation had been over the previous 12 months, again in continuous numerical terms. The data used here are for the period 1974 -77 when inflation reached unusually high levels due to energy shocks after two decades of relatively modest price change. This provides a unique opportunity to examine subjects in a period when they were adjusting to a dramatically changed price environment. The findings show a systematic basis towards over-estimation, or exaggeration, in perceived inflation rates which increases as actual inflation rates accelerate. As estimated from these data, perceptions of inflation are found to approach their most accurate level when actual inflation is at its lowest level, which was 4.2% in that period. Even in this case, the exaggeration factor was 2.16. Perceived rates of inflation for specific expenditure categories were also studied for a subsample and again showed substantial over-estimation, but with the same rank ordering as actual rates of inflation for the categories. Finally, we use the data on perceived as well as expected rates of inflation from the same sample to fit both the adaptive and the extrapolative models of price expectations. The adaptive expectations model is also fitted with the actual rather than perceived rate of inflation utilizing a panel component of our initial survey sample. The use of perceived rates is found to be superior in fitting this model. Socioeconomic variables are also examined, and mostly notably, women are found to have significantly greater over-perceptions of inflation than men. <br><br>
Determinants of Decision Rights in International Joint Ventures The Role of Intangible Knowledge Assets and Uncertainty

This paper explores the determinants of decision rights allocation in international joint ventures (IJVs) by developing a theoretical framework based on the property rights and transaction cost explanations. We posit that the allocation of residual decision rights is influenced by the distribution of intangible knowledge assets important for the generation of residual income and by the environmental uncertainty. Based on the property rights theory, we show that the less contractible strategic knowledge assets have a stronger impact on the assignment of residual control rights to the JV partners than the more contractible operational knowledge assets. Under transaction cost economics perspective we focus on three environmental determinants: institutional uncertainty, cultural distance, and market uncertainty. We argue that the higher the environmental uncertainty in the host country, the more residual decision rights should be allocated to the local partner. Empirical data from IJVs in the CEE provide support of the hypotheses.
DROUGHT TOLERANCE IN MULBERRY (MORUS SPP.): A PHYSIOLOGICAL APPROACH WITH INSIGHTS INTO GROWTH DYNAMICS AND LEAF YIELD PRODUCTION

SUMMARY The present study documents critical analysis of drought-induced physiological responses in mulberry (Morus spp.) with insights into growth dynamics and leaf productivity. The study was performed for two years in a two-phase experimental design combining both field (experiment no. 1) and glasshouse (experiment no. 2) observations. In field assays, we surveyed 15 mulberry genotypes under two irrigation regimes: well-watered (20 to 24 irrigations in each growing season) and water-limited (irrigated once in a fortnight in each growing season). The genotypes were assessed for variation in key leaf gas exchange characteristics: net photosynthetic rates (Pn), stomatal conductance of CO2 (gs), transpiration rates (E) and instantaneous water use efficiency (WUEi). Leaf yield/plant was considered to determine the tolerance index (TI). Drought stress severely down-regulated leaf-level physiological variables in the susceptible genotypes resulting in poor leaf yield. However, genotypes S-13 and V-1 performed better in terms of leaf gas exchange and proved their superiority over other genotypes in drought tolerance. Conversely, genotypes DD and Bogurai were highly susceptible to drought. Under glasshouse conditions, the combined leaf gas exchange/chlorophyll a fluorescence measurements further dissected out stomatal and non-stomatal restrictions to Pn. As internal/ambient CO2 ratio (Ci/Ca) decreased concurrently with gs in non-irrigated stands, it appeared that greater stomatal limitation to Pn was associated with decreased photo-assimilation and leaf yield production. Further, higher leaf temperature (TL) (>35 °C) and down-regulation of maximum quantum yield of photosystem II (Fv/Fm) were apparent in the susceptible compared to the tolerant genotypes, which indicated chronic photoinhibition due to photo-inactivation of photosystem II centres in the susceptible genotypes. Drought-induced trade-offs in biomass allocation were also highlighted. Overall, our results suggest that greater rooting vigour and leaf hydration status, minimal stomatal inhibition and stabilized photochemistry might play major roles in maintaining higher Pn and associated gas exchange functions in drought-tolerant mulberry genotypes under water stress conditions. The higher leaf yield production in tolerant than susceptible genotypes can be attributed to minimal plasticity in foliar gas exchange traits and better quantitative growth characteristics under low water regimes.
The Effects of Short Selling Mechanism on Corporate Cash Holding – Evidence in China

Abstract: The short-selling mechanism is an important decision to improve the efficiency of the capital market. China began implementing the short-selling policy in 2010. This paper selects the sample of all A-board listed companies from 2007 to 2016. By comparing the cash holdings of the enterprises that have not joined the short selling policy, it is found that the cash holdings of the enterprises participating in the short selling policy are significantly lower than those without the short selling policy. It is also found that this effect has different effects on enterprises with different characteristics. For enterprises with worse internal governance before participating in the short selling mechanism, the effect of cash holdings reduction is more obvious. Secondly, the effect of the reduction on cash holdings is only significant in the sample group with smaller financing constraints. Finally, in areas with low market level, the short selling policy does not significantly reduce the amount of cash holdings, but in higher market areas, this effect is more significant.
Media Tone and CEO Power

This study investigates the monitoring role of media tone on Chief Executive Officer (CEO) power. Using CEO pay slice (CPS) as a measure of CEO power, we find that negative tone is associated with a reduction in CEO power. The finding extends the theoretical framework explaining the importance and influence of media on corporate governance. Consistent with theoretical predictions, we find that the impact of negative tone on the extent of CEO power is stronger in well-governed firms. The evidence suggests that media tone plays an important role as an external monitor, moderating corporate governance through the dissemination of news.
Amphipathic α‐helices in proteins: Results from analysis of protein structures

Amphipathic α‐helices play a crucial role in mediating the interaction of peptides and proteins with membranes. We have analyzed protein structures for the occurrence of 18‐residue amphipathic helices. We find several of these α‐helices having average hydrophobic moments and average hydrophobicities that would favor their interaction with membranes. We have analyzed the distribution of net charge, helix length, normalized frequency of occurrence, and propensities of the 20 amino acids in the delineated 18‐residue helices. We have observed distinct differences in the frequencies of occurrence of polar and hydrophobic amino acids at positions 1–18 in amphipathic and nonamphipathic helices. There are also differences in propensities of the 20 amino acids to occur at positions 1–18 of amphipathic and nonamphipathic helices. Synthetic peptides corresponding to some of these surface‐seeking helices do possess antibacterial and/or hemolytic activities. Knowledge of the distribution of charges in 18‐residue surface‐seeking amphipathic α‐helices, as well as propensity of occurrence of amino acids at various positions, would be useful inputs in the de novo design of amphipathic peptides. Proteins 2005. © 2005 Wiley‐Liss, Inc.
Optimization of methods to assess mitochondrial DNA in archival paraffin-embedded tissues from mammary canine tumors

In this study we describe the alterations used to extract and amplify mitochondrial desoxyribonucleic acid (DNA) from formalin-fixed paraffin-embedded samples of canine mammary tumors. The epithelial and mesenchymal components (chondromyxoid and chondroid) of each tumor, as well as the normal mammary gland tissues, were manually microdissected from 19 mixed canine mammary tumors (10 benign mixed tumors and nine carcinomas arising in mixed tumors). DNA was extracted by Invisorb® Spin Tissue Mini Kit, with protocol changes proposed by the manufacturer. A 273-bp fragment was amplified by polymerase chain reaction (PCR) and submitted to automatic sequence analysis. The fragment was successfully analyzed in 100% of the samples. However, an additional lysis step, the reduction of volume in buffer solutions and PCR, a higher annealing temperature and an increase in the number of PCR cycles were required. The initial PCR products were diluted and re-amplified in six samples so that they could be successfully analyzed.
Rate This Transaction: Coordinating Mappings in Market Feedback Systems

Reputation feedback systems assign feedback scores to traders with the aim of separating them according to reliability. There is now a substantial amount of literature on what these mechanisms do well and not so well. Conspicuously absent is a theoretical framework to guide thinking on improving these systems. Here we construct a prototype market, stylized and conceptual in nature, but also suitable for laboratory testing. We use the prototype to examine competing approaches to eliciting feedback from traders. Using entropy to benchmark informativeness, we show that the informativeness of feedback elicitation approaches depends on the ability to solve a coordination problem such that traders use a common mapping to turn experiences into ratings. In theory, different approaches can be about equally informative although the map to coordinate on is more ambiguous in some cases. We then test the approaches in the laboratory. The resulting data find that the most informative feedback is associated with the elicitation methods where the solution to the coordination problem is least ambiguous. This paper was accepted by Yan Chen, behavioral economics and decision analysis. Funding: Financial support from the Deutsche Forschungsgemeinschaft (German Research Foundation) through the Research Unit “Design & Behavior” [FOR 1371] is gratefully acknowledged. The authors thank the Dutch national e-infrastructure for support of the SURF Cooperative. Supplemental Material: The data files and online appendices are available at https://doi.org/10.1287/mnsc.2023. 4694 .
EU Fiscal Rules: Further Reform or Better Implementation?

EU fiscal rules are a highly divisive topic. Although there is a broad consensus that rules are needed to ensure a smooth functioning of the euro area, views very much diverge over the effectiveness of current arrangements and over how and when to move ahead. This paper reviews the debate around the European fiscal framework. It starts with a concise history of the Stability and Growth Pact (SGP) highlighting main trends since inception. Based on a brief assessment of the current state of affairs, the paper outlines options for improvement. It argues in favour of a bargain involving new elements of risk reduction and risk sharing combined with a stronger role for independent institutions.
Model Based Data Augmentation for Left-Truncated Lifetime Data: Theory and Simulation

Left-truncation or censoring of lifetime observation occurs in many applications. For instance, a crack on the body of a plane may become visible after it starts, a study may permit a process that has progressed to certain level, or a clinical trial may admit a subject who contracted the disease at an unspecified point of time, etc. Typically, the left-truncated observations are either discarded or misused when this type of data is analyzed. If a large portion of the data is left truncated, it may result in a significant loss of information. Moreover, any statistical analysis conducted on the data may be severely biased toward the non-truncated (complete) observations. When auxiliary information is available for the lifetimes of interest, a simple likelihood based model incorporating this auxiliary information can be constructed to estimate the truncated segment of the lifetimes. Using the estimated as well as the complete set of data, maximization of the conditional expectation of the log-likelihood function given the known part of the truncated data will provide a valid upgrade for the parameter estimates. When left-truncated observations are present in the data, this likelihood-based approach is theoretically appealing and sound therefore, has great potentiality over models based on the complete observations alone. We examine this approach through extensive simulation.
Plant regeneration from cell suspensions in Gerbera jamesonii Bolus

Plants of Gerbera jamesonii were regenerated from cell suspension cultures of calli derived from leaf tissue explants. Callus induction was best when the medium contained either 1.5 or 2.0 mg l -1 2,4-D. The percentage of calli that produced shoots and the number of shoots per callus were highest on MS medium supplemented with 1.0 mg l -1 BA. Calli cultured on medium containing 1.5 mg l -1 2,4-D were highly friable and had a low regeneration potential. These calli were selected for cell suspension studies. Cell suspensions were started in liquid MS medium containing 1.5 mg l -1 2,4-D. The suspensions were sub-cultured once a week to ensure maximum cell density. The cultures were allowed to form micro-colonies in liquid medium. These micro-colonies developed into calli when transferred to solid or semi-solid medium. The calli differentiated into adventitious shoots on MS medium supplemented with 1 mg l -1 BA. 70 to 80% of the plantlets derived from the shoots were still alive thirty days after they were transferred to pots.
Culture-Independent Analysis of Bacterial Communities in the Gut of Rice Water Weevil (Coleoptera: Curculionidae)

ABSTRACT Gut bacteria play important roles in the biology of insects. In this study, gut bacterial communities were investigated in the rice water weevil, Lissorhoptrus oryzophilus Kuschel (Coleoptera: Curculionidae), which is a serious pest in rice growing-areas of the United States and some Asian countries. Overwintered female adults were collected from rice plants in five geographic locations: Beaumont, TX; Colt, AR; and Biggs, CA; in the United States, and Tanghai of Hebei and Yueqing of Zhejiang in China. Using polymerase chain reaction, bacterial 16S rRNA clone libraries were constructed. From the libraries, we identified 19 bacterial phylotypes (operational taxonomic units, OTUs). Of them, only 3–5 OTUs were identified in each population, except in the Beaumont weevils, which had 10 OTUs. The OTUs were affiliated with the bacteria in six classes of four phyla: &agr;-, &bgr;-, &ggr;-proteobacteria, Bacilli, Sphingobacteria, and Actinobacteria, with the &ggr;-proteobacteria being the richest. Bacteria of the genera Pantoea and Wolbachia were detected in all weevil populations examined. There were also some bacteria that were specifically detected in certain locations but had a high relative abundance, such as the ones matched to Enterobacter oryzae, Lactococcus lactis, and Rickettsia felis. Geographic variations were found among bacterial communities in their richness, diversity, and evenness. This was the first study depicting a detailed profile of bacterial communities in L. oryzophilus, and the results provide important information for future studies on the bacterial functions, mutual interactions, and use for developing a biocontrol technique against this weevil.
Rank Matters - The Impact of Social Competition on Portfoilio Choice

Incentive schemes resulting in tournament competition have been criticized for inducing excessive risk-taking among financial market participants. In this paper we investigate the influence of relative performance-based incentive schemes on risk-taking and portfolio choice. In particular, we focus on whether both variables are influenced by an instrumental or an intrinsic concern for high rank. We find that both underperformers and over-performers adapt their portfolios to their current relative performance, preferring either positively or negatively skewed assets, respectively. Remarkably, these results hold both when relative performance is instrumental for higher payoffs (Treatment TOURNAMENT) and when it is only intrinsically and not payout-relevant (Treatment SOCIAL). We find no effects when no relative performance information is given (Treatment INDIVIDUAL). We further report no difference in the preference for idiosyncratic or correlated assets between over- and underperformers in all treatments.
Deep Hedging of Derivatives Using Reinforcement Learning

This article shows how reinforcement learning can be used to derive optimal hedging strategies for derivatives when there are transaction costs. The article illustrates the approach by showing the difference between using delta hedging and optimal hedging for a short position in a call option when the objective is to minimize a function equal to the mean hedging cost plus a constant times the standard deviation of the hedging cost. Two situations are considered. In the first, the asset price follows a geometric Brownian motion. In the second, the asset price follows a stochastic volatility process. The article extends the basic reinforcement learning approach in several ways. First, it uses two different Q-functions to track both the expected value of the cost and the expected value of the square of the cost. This approach increases the range of objective functions that can be used. Second, it uses a learning algorithm that allows for continuous state and action space. Third, it compares the accounting profit and loss (P&L) approach and the cash flow approach. The authors find that a hybrid approach involving the use of an accounting P&L approach that incorporates a relatively simple valuation model works well. TOPICS: Big data/machine learning, derivatives, simulations Key Findings ▪ The authors show how reinforcement learning can be used to derive optimal hedging strategies for derivatives in the presence of transaction costs. ▪ They extend the standard reinforcement learning approach by using multiple Q-functions to increase the range of objective functions that can be used and by using algorithms that allow the state space and action space to be continuous. ▪ For valuing the hedging position at each step, the authors compare three approaches: the accounting P&L, cash flow, and a hybrid involving the use of an accounting P&L approach that incorporates a relatively simple valuation model.
Capital Requirement, Risk Choice, and Liquidity Provision in a Business Cycle Model

This paper presents a quantitative dynamic general equilibrium model for the purpose of determining the optimal capital requirement for banks. Banks contribute to the production of a final good and they provide liquidity in the form of bank debt, which households value. Banks also benefit from an implicit bailout guarantee from the government, which motivates them to take on excessive risk. I quantify this model using data from the national income and product accounts as well as the Federal Deposit Insurance Corporation and find that the dynamics of the model are consistent with business cycle facts. Higher capital requirements lower risk-taking and increase lending, but they also reduce the supply of bank debt. The increase in lending is due to a general equilibrium effect that changes the usual intuition of the effects of higher capital requirements on lending. Welfare is maximized at 14% equity as a share of risk-weighted assets.