Miracle-dz/UniFAR-FTUs huggingface dataset:
Tail Risks and Systemic Risks for U.S. and Eurozone Financial Institutions in the Wake of the Global Financial Crisis

This paper proposes and evaluates several market-based measures for US and eurozone individual bank tail risk and banking system risk. We apply statistical extreme value analysis to the tails of bank equity prices to estimate the likelihood of individual institutions’… financial distress as well as individual banks’ exposure to each other (“contagion risk”) and to global shocks (“extreme systematic ”risk). Moreover, the estimators presuppose that bank equity prices are “heavy tailed” and “asymptotically dependent” as identifying assumption. We also assess to what extent measures of tail risk and systemic risk have been altered by the global fi…nancial crisis that erupted since 2007. Using both U.S. and euro area equity prices allows one to make a cross Atlantic comparison of the fi…nancial systems' ’riskiness and …financial stability. For Europe we assess the relative importance of cross-border bank spillovers as compared to domestic bank spillovers. The results suggest, inter alia, that both tail risk and systemic risk in the US are higher than in the euro area. One possible explanation of the latter outcome is that cross-border risks are still relatively mild in Europe. On both sides of the Atlantic tail risk and systemic risk have increased in the crisis period as compared to pre-crisis times.
Factors Affecting Intention to Travel of People with Disabilities in Bangkok Metropolitan Region: A Preliminary Study

The objectives of this study were to analyze travel motivation factors and to identify the factors that influence intention to travel of Thai people with disabilities to the Bangkok metropolitan region. A total number of 420 responses of people with disabilities including people with mobility and physical impairments and people with hearing and communication disability, were analyzed by factor analysis followed by a multiple regression analysis. Results indicated that among the six travel motivation factors, only three factors, Information and activities, Seeking self-actualization, and Relationship Development, have a significant influence on their intention to travel. Practical implications and suggestion are further discussed in the paper.
Policy Process Analysis of PPP Policy Improvement for Sustainable Development: The Case of Colombian Road PPP Policy

Public-Private Partnerships (hereinafter PPPs) have become a popular approach for sustainable infrastructure development around the world over the past twenty years. A vast number of studies that investigate the critical factors or the best practices for PPPs have emerged from variety of sources including developing country governments, multilateral agencies, consultants, as well as academic field. However, implementation of PPP projects in developing countries is progressing at slower pace and to a lesser extent than expected. One of the major challenges for implementing PPPs would be the obstacles in policy process; for instance, politics hindering an agenda setting for policy improvement. This study thus aims to clarify the process in which the Colombian road PPP policy has been successfully improved and to draw implications on how to promote PPP policy in countries that have not fully developed its PPP policy. This research identified various driving factors for the road PPP policy development of Colombia through analyzing the policy processes in several periods with information gained by literature reviews and interview surveys. Seven factors were identified that contribute to the development of the Colombian road PPP policy. These are; (i) specification of problems by Multilateral Development bank; (ii) political desire to overcome failure; (iii) integration to the global economic system; (iv) policy learning from other countries experiences; (v) policy learning from domestic past experiences; (vi) smooth takeoff after extensive institutional and legislative reform; and (vii) success of the model project. Implications of the study relates to; how MDBs could contribute to opening policy window and utilize the opportunity; importance of lesson learning for developing countries’ government agencies and how they could foster accumulation of PPP knowledge and expertise; and the morale-boosting effect of a showcase project and relevant timing of the implementation.
Has the CDS Market Influenced the Borrowing Cost of European Countries During the Sovereign Crisis?

This paper assesses the potential influence of the growing CDS market on the borrowing cost of sovereign states during the European sovereign crisis. We analyze the sovereign debt market to ascertain the pattern of information transmission between the CDS and corresponding bond markets. Our methodological innovation is the use of a non-linear specification rather than the linear VECM specification customarily employed. Using a panel smooth transition model during the 2008-2010 period, we find that: 1) linearity tests clearly reject the null hypothesis of a linear transmission mechanisms between the bond and the CDS markets; 2) market distress alters the mutual influence and 3) the higher the distress the more the CDS market dominates the information transmission between CDS and bond markets.
The Impact of Financial Constraints and Liquidity on the Stock Returns of Companies Listed in Tehran Stock Exchange

The purpose of this study was to investigate the The Impact of Financial Limitation and Liquidity on the Stock Returns of Companies Listed in Tehran Stock Exchange. Financial constraints and stock liquidity as independent variable and stock returns are considered as independent variable and company size and return on assets as an intervention variable. The companies listed on the Tehran Stock Exchange during the period 2012-2017 are the statistical population of this research. On a sampling basis, systematic elimination of 650 companies has been determined as a statistical sample. In general, the test results of the research hypothesis show that: lower financial constraints have led to an increase in the stock returns of the companies admitted to the Tehran Stock Exchange due to the company's return on assets and also the liquidity of the stock returns of the companies accepted In Tehran Stock Exchange, according to the variables of intervention, company size and asset returns, is increased.
Labor Heterogeneity and the Risk of Expropriation in Less Developed Countries

Following the notion of skill-biased FDI flows from developed to less developed regions, high-skilled workers are likely to benefit from FDI to a larger extent. They earn a productivity advantage that potentially transfers into a skilled wage premium. This gives rise to distributional conflict that might turn into heterogeneous attitudes toward FDI inflows in line with skill. In this paper I study the effect of less developed countries’ skill compositions on the risk of expropriation. Not surprisingly, it turns out that the risk of expropriation decreases with a larger employment share of high-skilled workers. However, in a theoretical model, the effect is diminishing and even turns negative in the empirical investigation: if the relative supply of high-skilled labor is too large, the skilled wage premium turns negative despite the skill-bias of FDI. Then, high-skilled workers’ positive attitudes toward FDI vanish.
TV in Times of Political Uncertainty: Evidence from the 2017 Presidential Election in Kenya

This paper studies the impact of the staggered introduction of digital television in Kenya between 2013 and 2017 on electoral behavior in times of political uncertainty. I construct a geocoded dataset of Kenyan polling stations and TV reception. After studying the determinants of signal availability at a fine-grained level, I estimate a first difference model to measure the impact of exposure to TV on remobilization after the nullification of the 2017 presidential election. The effect of TV is heterogeneous: turnout is lowered by 2% in pro-opposition regions while it amplifies mobilization in pro-incumbent bastions (+4%). The effect is exacerbated when voters have previously been exposed to political violence. Applying text analysis methods, I show that TV channels widely covered the crisis: these editorial choices could have amplified voters’ risk perception. I also find evidence of collective exposure to TV as another channel of TV influence on social groups.
Newly Adopted Corporate Governance Mechanism Impact on the Performance of Public Japanese Overseas Acquirers

This paper investigates relationships between two main corporate governance components namely the AntiTakeover Provisions (ATPs) as external component and Ownership Concentration as internal component and the short/long term performance of the Nikkei-listed Japanese cross-border acquirers during the last decade specifically from 2004 to the end of 2013. Market based cumulative abnormal returns (CARs) are used to represent the short term performance. The accounting based metric Return on Assets (ROA) is used to represent long term performance. Based on 222 events, a quantitative methods of events study and regression analysis were employed to reveal the relationships. The study found a negative, weak and statistically not significant relationship between the ATPs and short/long term performance. The other finding is that the relationship between ownership concentration and short/long term performance is almost negligible. These findings imply that the newly adopted corporate governance mechanism in Japan is still not as effective as in other developed markets such as USA and might need more time to reap tangible results.
Mechanics of posture and gait of some large dinosaurs

Dimensions of dinosaur bones and of models of dinosaurs have been used as the basis for calculations designed to throw light on the posture and gaits of dinosaurs. Estimates of the masses of some dinosaurs, obtained from the volumes of models, are compared with previous estimates. The positions of dinosaurs' centres of mass, derived from models, show that some large quadrupedal dinosaurs supported most of their weight on their hind legs and were probably capable of rearing up on their hind legs. Distributions of bending moments along the backs of large dinosaurs are derived from measurements on models. The tensions required in epaxial muscles to enable Diplodocus to stand are calculated. It is likely that the long neck of this dinosaur was supported by some structure running through the notches in the neural spines of its cervical and dorsal vertebrae. The nature of this hypothetical structure is discussed. An attempt is made to reconstruct the walking gait of sauropod dinosaurs, from the pattern of footprints in fossil tracks. The dimensions of dinosaur leg bones are compared to predictions for mammals of equal body mass, obtained by extrapolation of allometric equations. Their dimensions are also used to calculate a quantity which is used as an indicator of strength in bending. Comparisons with values for modern animals lead to speculations about the athletic performance of dinosaurs. Estimates of pressures exerted on the ground by the feet of dinosaurs are used in a discussion of the ability of dinosaurs to walk over soft ground.
Effects of Macro Economic Forces on Corporate Governance Performance of Indian Companies: An Exploratory Study

This paper investigates the influence of macroeconomic forces on Corporate Governance (CG) performance in India. The main goal is to identify the macroeconomic factors and their nature of effects on CG through econometric analysis. As part of this investigation, statistical significance of corporate characteristics such as age, size and industry membership on CG performance index (CGPI) is examined. Joint effects and independent effects of corporate characteristics on CGPI are investigated. A list of macroeconomic variables identified from international studies are used to understand the factors influencing CGPI in different categories. Generalized Linear Model (GLM) and Ordinary Least Squares (OLS) regression are utilized in this study for econometric modeling. This study help rate the progress of economic reforms from the point of CG performance, plan further reforms and enable investors to choose the right firms. Major findings of the paper are; there exists statistically significant influence from age and size on the CG performance in every category of CGPI. OLS examination for identifying macroeconomic factors that influences CGPI reveals different sub-sets of the factors influencing different categories of CGPI. GLM analysis enables characterizing ideal high CGPI corporate as from services industry, with corporate age beyond 58 and market capitalization around INR 1430 crores with average CGPI of 66.
Government‐Spending Multipliers and the Zero Lower Bound in an Open Economy

This paper assesses the size of the government&#8208;spending multiplier in an open economy when the zero lower bound (ZLB) on the nominal interest rate is binding. In a theoretical framework, in a closed economy, other authors have shown that when the nominal interest rate is binding the government&#8208;spending multiplier can be very large (close to four). Their theory helps illuminate the government&#8208;spending multiplier in the ZLB, but it is difficult to match that theory with the data. We argue that, in an open economy, another channel exists for the crowding&#8208;out effect via the real exchange rate. For an open economy, the government&#8208;spending multiplier is not large owing to the appreciation of the real exchange rate, induced by the appreciation of aggregate demand that follows the increases in government spending. To test the robustness of our open economic model, we conduct the same analysis in a corresponding closed economy model. The result from our closed economy model confirms the result obtained in the other work. Our theoretical results are consistent with the results obtained in the empirical literature, which uses the vector autoregressive method and the structural vector autoregressive approach to measure the impact of government&#8208;spending shock on the real gross domestic product and revealed that the government&#8208;spending multiplier tends to be lower in open economy.
DEMONSTRATION OF α1-ADRENOCEPTORS IN HUMAN HYPERTROPHIED PROSTATE WITH TRITIATED BUNAZOSIN

The α1-adrenoceptor is considered to regulate micturition in patients with benign prostatic hypertrophy. This study demonstrated the specific binding sites of [3H]-bunazosin hydrochloride (4-amino-2-2-[4-butanoyl-hexahydro-1H-1, 4-diazepin-1-yl]-6, 7-dimethoxy quinazoline hydrochloride) in the large sections of the prostate. Eleven surgical specimens of en bloc retropubic prostatectomy were evaluated by in vitro receptor autoradiography. Autoradiograms were assessed using a computerized image analysis system to locate the specific binding sites. Suitable specimens were coated with emulsion for microautoradiography. Specific binding sites were recognized mainly in the perinodular regions of the prostate as well as in some nodules and in the urethral region. Silver grains were recognized in the fibromuscular stroma of the perinodular and subepithelial regions of the prostatic ducts and acini. Some epithelial cells and the basement membrane of the ducts, the acini, and the prostatic urethra also revealed the accumulation of silver grains. Whether this latter finding indicated specific binding to α1-adrenoceptors or not is a matter for further investigation. This study indicated that [3H]-bunazosin was useful for the qualitative demonstration of specific α1-adrenoceptor binding sites in the prostate by in vitro receptor autoradiography.
Performance Persistence. Evidence from the UK Investment Trusts.

This article examines UK investment trusts predictability using a sample of 210 investment trusts from the period 1990 to 2006. The sample is free of survivorship bias. Performance persistence in the investment literature was a major area of investigation for both academics and practitioners for more than 2 decades. This article provides a detailed analysis of performance persistence using data from Datastream for the UK investment trusts. We derived to the conclusion that for the UK the results are mixed due to alphas, contingency tables and Spearman rank correlation tests. The highest persistence that investment trusts exhibit superior stock selecting ability was shown for funds whose alphas is positive and are repeating themselves in the consecutive year.
Tissue plasminogen activator synthesis by trabecular cells and its implications for fibrinolytic therapy of the eye

Tissue plasminogen activator (t‐PA) has proved to be an effective drug for intravascular fibrinolysis. We have found that the trabecular meshwork system, which regulates the outflow of the aqueous humor in the eye, normally contains a significant amount of t‐PA (0.2 IU/mg protein). When we experimentally introduced 0.2 ml autologous plasma into the anterior chamber of dog eyes, the amount of t‐PA in the trabecular meshwork increased 2.5‐fold within 90 minutes. In cultured porcine trabecular meshwork cells, exposure to 10 U/ml thrombin for 24 hours caused a maximum rise in the concentration (0.82 ng/ml) and in the activity (0.63 IU/ml) of t‐PA. Despite this synthesis of t‐PA by the trabecular meshwork system and other structures of the eye, as well as its normal level in the aqueous humor, a delay in the dissolution of fibrin in the anterior chamber occurs in various clinical conditions, and this compromises the structural and functional integrity of the ocular tissues. Because the locally produced proteases are apparently insufficent to resolve rapidly the fibrin, and based on our present and previous investigations in the eye, we advocate the exogenous administration of t‐PA when rapid fibrinolysis must be behieved. We propose, with caution, a guideline for the therapeutic use of t‐PA in the eye.
Pricing Currency Exposure of Multinational Firms from Sales Disclosures Across Geographies

We investigate the role of currency exposure through multinational firms’ operations as a source of mispricing in equity markets. Using information on firms' distribution of sales across geographic segments to construct firm-specific currency baskets, we find a strong correlation between firms' past currency returns, future firm fundamentals, and stock performance. Our measure of firm-currency returns predicts variations in operating performance. We do not find evidence that this information is priced around earnings announcement days. Regardless, we find that our measure predicts stock returns after controlling for industry, a firm's own stock reversal and momentum, exposure to specific regions, country returns, and the disclosure of gains or losses from derivatives. A simple trading strategy exploring these findings yields an abnormal monthly return of 63 basis points (7.56% annualized), significant at the 1% level. The performance of our trading strategy is robust to controlling for equity and currency risk factors, different sample periods and filters, measures of investor inattention or firm complexity, and disclosure of gains or losses from foreign currency adjustments or cash-flow hedges. Furthermore, we show that our results are not driven by a multinational premium, but by a time-varying exposure to multinational or domestic firms.
Transformational Leadership, Creativity, and Organizational Innovation (Excellence of Citation Award)

This study proposes a model of the impact of transformational leadership both on followers' creativity at the individual level and on innovation at the organizational level. The model is tested on 163 R&D personnel and managers at 43 micro- and small-sized Turkish software development companies. The results suggest that transformational leadership has important effects on creativity at both the individual and organizational levels. At the individual level, the results of hierarchical linear modeling show that there is a positive relationship between transformational leadership and employees' creativity. In addition, transformational leadership influences employees' creativity through psychological empowerment. At the organizational level, the results of regression analysis reveal that transformational leadership positively associates with organizational innovation, which is measured with a market-oriented criterion developed specifically for developing countries and newly developing industries. The implications of the findings along with some potential practical applications are discussed.
Does Internal Capital Market Membership Matter for Financing Behavior? Evidence from the Euro Area

This paper examines several dimensions of the financing behavior of subsidiary of diversified firms and of their comparable single-segment firms. To investigate this, we use two balanced panels of 636-euro area firms each, over the 2004-2017 period. Our empirical analysis document that subsidiary firms are, on average, 6.07 percent more leveraged and exhibit a 2.80 percent lower cost of capital than their comparable stand-alone peers. Both types of firms have preferred target capital structures proxied by the medians of their industry leverage ratios. Results also document that stand-alone firms adjust their capital structures to their preferred leverage ratios at an 8.71 percent higher speed than ICM members. The paper contributes to the literature providing evidence on the role of incentives and informational asymmetries on firms financing behavior.
Evaluating the Demographic, Reproductive, and Genetic Value of Eucalypt Paddock Trees for Woodland Restoration in Agricultural Landscapes

Eucalypt woodlands have been extensively cleared in southern Australia for agricultural production and the scattered trees that remain (“paddock trees”) are at risk of extinction without conservation action to lift recruitment rates. Here we assessed the reproductive, demographic, and genetic structure of trees from two vegetation types (paddock vs. intact vegetation fragments) for each of two species of eucalypts to characterize post‐clearance population structure and to evaluate paddock trees as seed sources for revegetation. Paddock trees of both species were structurally larger than trees in vegetation fragments, but seedlings and saplings were completely absent in paddocks due to ongoing agricultural land use. Eucalyptus leucoxylon paddock trees had high mortality, but overall paddock trees were not in poorer condition than fragment trees. E. leucoxylon paddock trees had lower reproductive output than trees in fragments, and Eucalyptus camaldulensis paddock trees had higher. Levels of genetic diversity of adult trees were very similar in the two vegetation types, and there was no genetic differentiation between paddock trees and remnant vegetation across our survey sites. These results suggest that paddock trees represent a potential source of seed to contribute to genetically diverse woodland restoration plantings, though further trials will be required to evaluate seedling survival on agriculturally modified land and under predicted future climate conditions.