Miracle-dz/UniFAR-FTUs huggingface dataset:
Application of Models and Methods of Integrated Risk Management of Stakeholders of Scientific Projects in Conditions of Uncertainty and Behavioral Economics

The object of research is the processes of integrated risk management of stakeholders of scientific projects, including the project team, the main executors of the project (scientists) and other stakeholders, in conditions of uncertainty and behavioral economics. Today, scientists work in difficult conditions of uncertainty about the prospects for the development of science, technology and engineering. Therefore, it can lead to personnel risks, conflicts and behavioral economics and have a negative impact on the planning and implementation of scientific projects. The main hypothesis of the study is the assumption that the success of scientific projects depends on the effective management of their stakeholders in order to achieve their goals. It is necessary to systematically ap-proach the analysis of stakeholders of scientific projects, the use of integrated risk management of stakeholders of scientific projects in conditions of uncertainty and behavioral economics. Based on the analysis of risk man-agement methods in different areas of activity and taking into account the conceptual model of integrated risk management of scientific projects, a method of integrated risk management of stakeholders of scientific projects in uncertainty and behavioral economics was proposed. For the practical application of the developed models and methods of integrated risk management of stakeholders of scientific projects in conditions of uncertainty and behavioral economics, the scientific project was considered. Their use, even at the stage of initiating scientific projects, allowed the project manager and his/her team to calculate the indicator of «toxicity» for each alternative stakeholders and compare them with each other. It is based on data obtained in the process of assessing personnel risks, conflicts and factors of behavioral economics, which was conducted using the method of expert assessments. The indicator of «toxicity» is limited and should be close to zero. An example of choosing a stakeholder for the supply of stationery is considered. This result allowed to increase the efficiency of inclusion of stakeholders in the participants of the scientific project.
Energy Market Liberalisation in Greece: Structures, Policy and Prospects

The ongoing regulatory transformation towards a single European electricity market started several years ago. The rationale of this transformation is that the liberalisation of monopolistic energy structures should lead to the building of sustainable and flexible energy ecosystems, through an energy policy that sets goals in line with the requirements of our epoch, such as sustainable development, energy security, and the promotion of renewable energy sources. In this context, the liberalisation of the electricity market in Greece is explored, which is a complicated case in terms of development as it has only recently begun to exit from a long-term socio-economic crisis and strict adjustment programs. The concepts of energy market liberalisation, energy ecosystems, and energy policy are presented and compared to the main directions of the EU institutional environment and the evolution of the political and institutional framework of Greece. In Greece, an attempt has been made in recent years to liberalise the electricity market, which is hindered for a long time by socio-economic forces favoured by the monopolistic system of the market. This liberalisation process is also an opportunity for the country to move towards enhancing the structures that can lead to faster and more sustainable development and to maintain the pace of “coupling” with the most developed energy economies of Europe.
Time Budget Pressure, Auditor Locus Of Control And Audit Quality Reduction Behavior

The purpose of this study is to examine the effect of audit time budget pressure, locus of control on audit quality reduction behavior conducted by auditors in Indonesia. This study also examines the role of the auditor’s locus of control in moderating the relationship between time budget pressure and audit quality reduction behavior. Research finding statistically highlighted that there is a significant relationship between time budget pressure and audit quality reduction behavior. Locus of control is not directly related to the audit quality reduction behavior but the interaction between the locus of control and the audit time budget pressure has a significant effect on the audit quality reduction behavior.
Trust to the Scientists: Intention to Complete the 2021 Census in England and Wales

The Census is carried in England and Wales every 10 years and gathers information on every household in the population. We conducted a survey two weeks prior to the official census date and measured intention to complete the census. We find that men, the young, and those in rented accommodation are significantly less likely to state an intention to complete the census. We also found a large effect of generalized trust and trust in scientists.
Facial Attractiveness and CEO Compensation: Evidence from the Banking Industry

This paper examines the effect of facial attractiveness on the compensation of bank Chief Executive Officers (CEOs). Consistent with the so-called beauty premium hypothesis, we document that good looks pay off for bank CEOs. Specifically, by utilizing machine learning to assess the facial appearance of the CEOs of large U.S. banks, we find that CEO facial attractiveness is positively associated with the annual total compensation and pay-performance sensitivity while being largely unrelated to the annual base salary. The total compensation of above-average looking bank CEOs is almost 17 percent higher than the compensation of CEOs with below-average looks after controlling for various CEO-specific and bank-specific attributes that are known to affect executive compensation. Overall, our empirical findings provide strong evidence for the existence of a beauty premium in the executive labor market.
SEC Workload, IPO Filing Reviews, and IPO Pricing

We analyze the interaction between high workload of the Securities and Exchange Commission (SEC) staff and the information production stimulated by their review process of initial public offerings (IPOs). We find that high workload is associated with more general comments in the first letter, with fewer overall comments for later letters, and that the SEC answers quicker while being busy. Using a measure of initial SEC concerns based on comment counts, we reinforce the empirical evidence on the relationship between the IPO filing review and (downward) offer price revisions. However, this correlation disappears for IPOs, where the filing review is conducted under a high workload. Consistent with theories on investor compensation and information asymmetry, we find underpricing to be significantly larger for these IPOs.
Performance Target Difficulty and Fourth-quarter Performance

Prior studies often examine the association between performance and various measures of incentive strength. We argue that target difficulty is another important but often overlooked driver of managerial performance. Using data on earnings targets in annual bonus plans, we construct and validate an empirical measure of beginning-of-year target difficulty and find that it is negatively associated with environmental uncertainty, retention concerns, and CEO entrenchment. We also test and reject the null hypothesis that target difficulty has no effect on fourth-quarter performance. We find that beginning-of-year target difficulty is positively associated with target difficulty at the end of the third quarter which is in turn associated with abnormally strong fourth-quarter performance. We also provide evidence that abnormal performance in the third quarter reverses in the fourth quarter and that this reversal is stronger when targets are moderately challenging (neither too easy nor too difficult to achieve). Finally, we show that much of the reversal in abnormal performance associated with moderately challenging targets can be explained by reductions in fourth-quarter performance following abnormally favorable third-quarter performance.
A Case Study of Knowledge Management Practices at the Intercontinental Hotels’ Group

Purpose of the study: This study aims to gain an understanding of how (and if) the InterContinental Hotels Group (IHG) manages knowledge to create value. Methodology: Publicly available data about the IHG were assessed using Pawlowski and Bick’s (2015) Global Knowledge Management Framework (GKMFW) to determine the extent to which the IHG is implementing knowledge management (KM). Four experts reviewed the findings for validation. Main findings: Knowledge management (KM) practices are used by the IHG at a basic level. Data collected in this study indicate that the IHG is not connecting KM processes in its strategy. This research highlights that the IHG and potentially other hotel companies could integrate KM to enhance their performance. Applications of this study: The study’s findings are important for hotel industry stakeholders (academics, hotel executives, owners, etc.), assisting them to better understand “hotel KM”. Stakeholders are encouraged to implement holistic and purposeful KM programs (i.e., a framework), potentially delivering more value to their organizations. Novelty/Originality of this study: This study is the first attempt to investigate KM activities in one major standard-setting hotel company (SSHC), as defined by Boardman and Barbato (2008). It highlights the limitations in hotel-specific KM research and the limited way in which KM is being applied in the InterContinental Hotels Group (IHG). It not only identifies a gap in the literature about KM in the hospitality industry but starts to fill this gap.
Interest Rate Persistence and Monetary Policy Rule in Light of Model Uncertainty

Abstract We study how model uncertainty affects the understanding of the interest rate persistence using a generalized Taylor-rule function covering numerous submodels via model average approach. The data-driven weights can be regarded as a measure of power-sharing across monetary policy committee members. We show that the model uncertainty is important in Canada, France, and Sweden, and the implied weights indicate that the U.K. and the U.S. have a lower model uncertainty caused either by an over-influential chairman or the consistent agreement of committee members. The importance of model uncertainty can be emphasized by sequential estimation during the 2008 financial crisis.
Are More Children Better Than One? Evidence from a Lab Experiment of Decision Making

Abstract This paper examines the impacts of siblings on people's social preference, risk attitude and time preference with a data set from a large-scale lab experiment. Employing the variation of fine rates under One-Child Policy for excess birth in different regions as instrument to address the endogeneity of whether having siblings, we find that sibling's role mainly focuses on shaping people's social preference that subjects with siblings demand less as responders in ultimatum game and behave more cooperatively in sequential prisoner's dilemma. This conclusion survives through several robustness checks. Our further result suggests that more sibling interactions and less parental expectations are two potential mechanisms through which siblings play a role in making people more prosocial. Our findings point to a positive externality along with Two-Child Policy which is widely neglected in both policy evaluation and relevant theory such as quantity-quality theory, and provide implications for the fertility policy such as the recent Three-Child Policy in China and beyond.
Feature Selection in Jump Models

Abstract Jump models switch infrequently between states to fit a sequence of data while taking the ordering of the data into account We propose a new framework for joint feature selection, parameter and state-sequence estimation in jump models. Feature selection is necessary in high-dimensional settings where the number of features is large compared to the number of observations and the underlying states differ only with respect to a subset of the features. We develop and implement a coordinate descent algorithm that alternates between selecting the features and estimating the model parameters and state sequence, which scales to large data sets with large numbers of (noisy) features. We demonstrate the usefulness of the proposed framework by comparing it with a number of other methods on both simulated and real data in the form of financial returns, protein sequences, and text. By leveraging information embedded in the ordering of the data, the resulting sparse jump model outperforms all other methods considered and is remarkably robust to noise.
Direct Democracy, Corporate Political Strategy, and Firm Value

We analyze a novel data set of corporate contributions to ballot initiatives and referendums at the U.S. state level. Firms make significant contributions to ballot measures in favor of or against specific initiatives. Firms that contribute to successful (failed) direct initiated state initiatives exhibit significantly positive (negative) CARs around the election. They also experience significant sales, investment, and net income growth in the two years following the passage of important ballot measures. The results suggest that ballot measure spending represents a distinct and economically important dimension of firms’ political strategy with important consequences for firm value and real activity.
The Impact of the IRB Approach on the Relationship Between the Cost of Credit for Public Companies and Financial Market Conditions

This paper examines whether the regulatory approach adopted by banks to calculate capital requirements has a different impact on the loan rates for public and private companies when financial market conditions change. Using Italian data for the period 2008-18, the analysis documents that the adoption of the internal ratings-based (IRB) approach has led to a significantly greater sensitivity of the loan rates applied to public companies to financial market conditions, proxied by the VSTOXX index. For credit granted by IRB banks, being public is associated with a significant loan cost advantage when the level of financial instability is low. However, when VSTOXX rises, public companies experience a greater increase in loan rates than private firms; the effect is determined mostly by less capitalized IRB banks. In contrast, for credit granted by banks that adopt the standardized approach (SA), public borrowers do not benefit from a significant loan cost advantage compared with private ones, and a change in financial market conditions has a similar impact on loan rates for both types of companies.
R&D Employee Training, the Stock of Technological Knowledge, and R&D productivity

This paper investigates the conditioning role of R&amp;D employee training on the effect of the stock of technological knowledge on firm R&amp;D productivity. We suggest that R&amp;D employee training enhances firm-specific technological competence, thereby enabling the firm to better utilize the stock of technological knowledge as a source of technological opportunities. Specifically, while a trap of path dependency may hamper the proper utilization of the firm-specific stock of technological knowledge, R&amp;D employee training reinforces the standing-on-the-shoulders effect of the stock of technological knowledge, thereby offsetting, at least partially, its fishing-out effect due to depleting technological opportunities. Using panel data of Korean manufacturing firms, we show R&amp;D employee training positively moderates the effect of the stock of technological knowledge on firm R&amp;D productivity. Furthermore, we suggest several factors that influence the positive moderating effect of R&amp;D employee training such as the degree of knowledge sharing among R&amp;D employees within each firm, the strength of industry R&amp;D appropriability, and the intensity of industry R&amp;D.
The Role of Emotional Intelligence in Effective and Efficient Financial Service Delivery in the Banking Sector

This project is undertaken on the role of emotional intelligence in effective and efficient financial service delivery in the Banking Sector. It was a survey study that implored questionnaire administration for primary data collection. Collected data were analyzed descriptively and inferentially. Test of hypothesis was done using the Chi Square statistical model. The result shows that emotional intelligence significantly influences the level of effective and efficient financial service delivery in the Banking Sector. It also revealed that emotional intelligence can be acquired through a deliberate periodic training of employees. The study equally found out that there are other factors that impedes effective and efficient financial service delivery in the Banking Sector. Based on the findings, it was concluded that emotional intelligence is necessary requirement for Bank operators to acquire in order to effectively and efficiently improve their financial services. Hence, the study recommends that Banks should deliberately include in their overall policies training programmes that considers developing emotional intelligence skills in their employees.
Corporate Innovation and Crash Risk: Output and Input Channel

Crash risk has been a hot dispute since financial crisis (2008) and the Chinese stock market crash (2015). Many literature including features of managers have been discussed to connect them with crash risk. However, fewer literatures focus on the channel between innovation and crash risk. In this paper, two different channels of innovation input and output have been constructed to explain the crash risk. Innovation input, R&amp;D activities under earnings management, increase the information asymmetry and crash risk, while innovation output, patent quality for its public availability for datum, decrease the information asymmetry, and crash risk. Sample selection for innovative firms and non-innovative firms have been examined to be robust. The financial crisis has also been tested to verify the crash risk. We hope to build two mechanisms for conduction between innovation and crash risk in China.
The Implementation and Impacts of Balanced Scorecard on Shared Service Units: A Car Dealership Case

Many organizations applied the Balanced Scorecard (BSC) to their shared service units (SSUs) in order to increase the value of SSUs; however, few studies show the implementation and effects of BSC on the SSUs in real cases. This study examines two issues: First, we illustrate the case related to the implementation of BSC for the SSUs in a large automobile dealership in Taiwan. This case includes six stages in implementing BSC for SSUs which are “service agreement”, “internal transfer pricing”, “internal customer feedback”, and “SSU income statement”…etc. Second, we examine the influences of BSC on employees’ cognition and behavior, and on the roles and positions of SSUs by conducting two survey and interview employees from the SSUs. The results show that most employees in SSUs strongly sense and understand organizational strategy; however, SSUs’ employees do not really change their behavior on their daily job after one-year implementation of BSC. In addition, we find that SSUs change their focus on revenue, cost, and customer orientation; however, SSUs do not significantly increase revenue or decrease cost after two-year implementation of BSC.
Unstructured Coordination: The Effect of Making Short-Term Adjustments in a Warehouse Network

This research studies unstructured coordination in a network of warehouses that serve online retailers. Unstructured coordination occurs when warehouse agents make autonomous coordination decisions using their local market knowledge to coordinate with other warehouses. Coordination in this context involves transshipments between warehouses to re-position inventory in the network. Warehouses can engage in scale coordination where they do a lot of coordination with a few particular warehouses or scope coordination where they coordinate with a lot of different warehouses. The relative benefits of these strategies depend on the level of uncertainty that a warehouse faces, specifically demand uncertainty and product variety. Econometric analysis shows that scale coordination improves warehouse inventory performance, but scope coordination reduces performance. Demand uncertainty and product variety amplify both effects of scale and scope coordination on warehouse inventory performance. A post-hoc analysis examines the effect of unstructured coordination on the inventory performance of the overall warehouse network. The results show that network density does not improve overall network inventory performance, but network centralization does. That is, merely engaging in unstructured coordination does not improve overall network performance, but the underlying structure of how warehouses coordinate with one another improves network inventory performance.
Cross-sectional Variation of Option Implied Volatility Skew

The stock option-implied volatility skew reflects both the structural risk characteristics of the underlying company and the short-term information flow about the stock price movement. This paper builds a semistructural, cross-sectional option pricing model to separate the structural risk contributions from the information flow. The model identifies two structural risk sources that contribute to the cross-sectional variation of the skew: the company’s business cyclicality and its default risk. The model can explain as much as 44% of the cross-sectional variation in implied volatility skew and is particularly informative during and after recessions. The remaining skew variation reflects mainly short-term information flow and can be used to construct stock portfolios with much better investment performance and without hidden structural risk exposures. This paper was accepted by Agostino Capponi, finance. Funding: L. Wu gratefully acknowledges support by a grant from the City University of New York PSC-CUNY Research Award Program. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2023. 4872 .
Crafting Theory for a Complex, Dynamic Social Phenomenon: A Critical Realist, Grammar-Based Process Model

This paper proposes a post-positivist methodological approach to describe the dynamics of a flow of social events that evolve under the existing specific conditions in a set of social structures, relying on the epistemological assumptions of Critical Realism. This philosophy of science stance suggests case study as the preferred research strategy to explain such complex, dynamic and context-sensitive social phenomena. The contribution of this work is to propose the general idea of a process tracing methodology for multiple cases study relying on a qualitative sequence analysis procedure and a discrete, rule-based mathematical model deduced from the Generative Grammar Theory. It can describe the sequential patterns of events analytically based on the prior theoretical propositions and the observed empirical facts. The occasional divergences of some facts with such model lead to necessary modifications on the descriptive propositions of a process-like social phenomenon to achieve greater level of explanatory power.
Analysis and Interventions in Large Network Games

We review classic results and recent progress on equilibrium analysis, dynamics, and optimal interventions in network games with both continuous and discrete strategy sets. We study strategic interactions in deterministic networks as well as networks generated from a stochastic network formation model. For the former case, we review a unifying framework for analysis based on the theory of variational inequalities. For the latter case, we highlight how knowledge of the stochastic network formation model can be used by a central planner to design interventions for large networks in a computationally efficient manner when exact network data are not available.