Miracle-dz/UniFAR-FTUs huggingface dataset:
Is Conservatism Demanded by Performance Measurement in Compensation Contracts? Evidence from Earnings Measures Used in Bonus Formulas

What informational properties of earnings are demanded by compensation contracting for performance measurement? The answer to this question has important implications for accounting standard setting. While some expect conditional conservatism to be a desirable feature that helps to alleviate agency conflicts between shareholders and managers, others suggest that firms trade off conservatism for other important properties such as persistence. We provide a direct answer to this question using a novel dataset of the realizations of earnings that are used in bonus formulas to calculate payout to executives (hereinafter, Compensation Earnings), the disclosure of which is mandated by the SEC after 2006. Compensation Earnings can either be GAAP Earnings or deviate from GAAP Earnings at the board’s discretion; considering both cases, we examine the average properties of Compensation Earnings to infer the board’s preferences in performance measurement. On average, Compensation Earnings deviate from GAAP Earnings in a distinctly anti-conservative fashion, such that Compensation Earnings are completely removed of conditional conservatism. We find similar results in subsamples with strong corporate governance, suggesting that the removal of conservatism is unlikely driven by poor governance. There is also similar evidence in subsamples with high ex ante agency costs, where one could argue that the demand for conservatism is especially high. In none of the subsamples do we find Compensation Earnings to be conservative. Last, analyses indicate that Compensation Earnings are more persistent than GAAP Earnings. Overall, our results suggest that the board trades off conservatism for persistence in measuring accounting performance for executive compensation.
eCash in a Social Theory of Money: Bitcoin and Other Cryptocurrencies

The success of the Bitcoin project challenges the academic eCash discourse of the last 30 years. In this paper, it is explained why some of Bitcoin’s fundamentals indeed contain the elements to design sustainable money promoting self-equilibrium and thus also challenge the conventional notion of “moneyness. ” This is coherent with a social theory of money as outlined in (The 2014). In fact, Bitcoin’s success is, amongst others, due to the fact of implicitly assuming an equivalence between collective information and aggregate money stock by linking money supply directly to fundamental value via a data-based productivity measure called proof-of-work. The data-based productivity notion is further explored in subsequent cryptocurrency concepts like Permacoin. However, not all proof-of-difficulty concepts make economic sense, and it is likely that concepts which dispense with scaling energy consumption are void of economic meaning in the “real world. ” Finally, a new quantity theory of money is presented explaining how a data- based productivity notion of an eCash scheme is linked with network topology, relevant information creation, and fundamental value of goods and services produced within the network/social group, that is, real GDP. The causality implies purely endogenous “money supply” and is not dependent on a central point of trust like central banks in today’s monetary system. From a theoretical perspective, it is also argued that Bitcoin’s “block chain,” the public ledger based on hashing computational puzzles is, in principle, an early technical implementation of a Walrasian auctioneer in a confined market as described by the general equilibrium framework in economics. Nevertheless, the challenge remains to move from a data-based productivity measure to an information-based productivity measure, which might proof to be difficult as the “veil of money” appears to be astonishingly firm.
Free amino acids and glycine betaine in leaf osmoregulation of spinach responding to increasing salt stress.

• The aim of the paper was to determine nitrogen compounds contributing to leaf cell osmoregulation of spinach (Spinacia oleracea) submitted to increasing salt stress. • Sodium, free amino acids and glycine betaine contents were determined in the last fully expanded leaf of plants stressed by daily irrigation with saline water (0.17 M NaCl). • After 20 d of treatment, when Na+ content was c. 55 umol g-1 f. wt above the control, and the reduction of stomatal conductance lowered photosynthesis to c. 60% of the control, the free amino acids of the leaves, especially glycine and serine, strongly increased. Proline and glycine betaine also increased significantly. After 27 d of treatment, when the Na+ content was c. 100 umol g-1 f. wt above the control and photosynthesis was 33% of the control, the free amino acid content, especially glycine and serine, declined. Gycine betaine, but not proline, increased further. • Glycine betaine comprised c. 15% of the overall nitrogen osmolytes at mild salt-stress, but represented 55% of the total, when the stress became more severe. The increase of glycine betaine balanced the decline in free amino acids, mainly replacing glycine and serine (the precursors of glycine betaine) in the osmotic adjustment of the cells. Photorespiration, which increased during salt stress, was also suggested to have a role in supplying metabolites to produce compatible osmolytes.
IT‐Intensive Machinery and Equipment, Organizational Change and Productivity Growth

The complementarity between investment in machinery and equipment (M&E) with IT and organizational changes for firm productivity growth is studied in this paper. In order to investigate whether this complementarity is a general phenomenon or rather relates to specific sectors, it is necessary to address how this complementarity varies across sectors. The main result is that firms that simultaneously invested in M&E with IT and made organizational changes prior to the financial crisis of 2008 outperformed their less innovative counterparts in the years following the onset of the financial crisis. This suggests that firms should implement changes simultaneously, not one at a time, to obtain higher productivity growth rates. At the sectoral level, this result holds for Manufacturing and Wholesale and Retail trade. Outside these sectors, we are not able to find any additional growth effect for firms that simultaneously invested in M&E with IT and made organizational changes.
Beyond the Question 'Is There Decoupling?' A Decoupling Ranking

This study shows that neither decoupling CO2 emissions from production, consumption and GDP, nor reducing emission intensity is good per se. Instead of analyzing decoupling ases, it proposes two orderings: one that balances economy and carbon emissions and, if there is conflict, prioritizes GDP increase, and another that gives priority to the environment. Each country has its own “rank�? The result is that even if the two orderings differ, there are no substantial differences between the decoupling ranking of countries based on production and consumption emissions, and between the ordering that gives priority to the economy over the environment.
Asymmetric Adjustment of Control

In this study, I examine whether prior experience with control decisions produces asymmetry in how principals adjust their control over agents. Building on psychological theory, I predict that experience with exercising high control over agents reinforces a principal’s belief that agents are self-interested and that they should be controlled. In contrast, prior experience with exercising low control over agents does not reinforce a principal’s belief that agents are socially interested and that they should not be controlled. Accordingly, principals should be less willing to decrease their control over agents than they are to increase their control over agents. Results of my experiment support my prediction and showcase conditions under which the asymmetry disappears. Overall, my study suggests that extensive experience with exercising high levels of control over agents may cause principals to hold on to their control.
Variations Inwoodanatomy Within Species of Eucalyptus

Eucalyptus species are characterised by substantial genetically predetermined withinand between-tree variations in wood anatomical features including fibre and vessel dimensions. This effect of genotype outweighs that of growing conditions; indeed the influence on wood anatomy of rate of growth per se is minor. It must therefore be assumed that the reputed difference in wood quality between regrowth/plantation stands and old growth forests is founded on non-anatomical features, or reflects simply the greater proportion of juvenile wood in small, rapidly grown stems.
High-yield formation of arbutin from hydroquinone by cell-suspension cultures of Rauwolfia serpentina

High-density cell-suspension cultures of Rauwolfia serpentina cultivated in a nutrition medium optimized for the production of the glucoalkaloid raucaffricine synthesize hydroquinone glycosides from continuously added hydroquinone with a total yield of 23.87 g/1 (18 g/1 of arbutin and 5.87 g/1 of a hydroquinone diglycoside) in 7 days. This arbutin production is by far the highest formation of a natural product by plant-cell-culture systems reported to date.
Can Social Media Interaction and Message Features Influence Nonprofessional Investors’ Perceptions of the Firm?

We investigate the impact of social media messages on nonprofessional investors’ assessments of management credibility and firm value. In a 2 x 2 x 2 between participants experiment with 276 participants recruited from Amazon Mechanical Turk, we examine the joint effect of social media message vividness, valence, and micro-blogger influence on nonprofessional investors’ assessments of management credibility and firm value. We find that when social media messages are pallid and negative (positive), high micro-blogger influence decreases (increases) nonprofessional investors’ assessments of management credibility. In contrast, the effect is absent when messages are vivid. Further, we find that the effect of micro-blogger influence on nonprofessional investors’ assessments of blogger credibility and management credibility is mediated by social media interactions. The assessment of management credibility, in turn, significantly impacts nonprofessional investors’ firm valuation assessment. The results have implications for regulators (SEC 2013) who may wish to update their guidance to managers on how to monitor or even control nonprofessional investors’ interaction on social media platforms.
The taxonomy, reproductive biology and economic potential of Parkia (Leguminosae: Mimosoideae) in Africa and Madagascar

The taxonomy, reproductive biology and economic potential of Parkia (Leguminosae: Mimosoideae) in Africa and Madagascar. Three species of the pantropical woody genus Parkia are recognized from continental Africa (including Sao Tome), P. biglobosa, P. bicolor and P.filicoidea. A fourth species, P. madagascariensis, is confined to Madagascar. All have capitula of similar structure although details of shape vary. Relatives sharing this capitulum structure occur in the Far East and the Neotropics. Patterns of infraspecific variation are described for the mainland species. Parkia biglobosa shows clinal variation in several leaf characters and P. clappertoniana must be regarded as synonymous. Parkia bicolor shows geographical variation especially in capitulum shape and pod width, and P. filicoidea varies geographically in its pod morphology. The red, balllike capitula are pollinated by bats; other visitors include birds, insects and non-flying mammals. In P. biglobosa a proportion of the capitula is functionally male. The pods of the African species contain mealy pulp. Dispersal involves mammals, especially primates, and birds. Information on uses, chemical composition of the seeds and insect pests is summarized.
Disinflation, Inequality and Welfare in a TANK Model

We investigate the redistributive and welfare effects of disinflation in a two-agent New Keynesian (TANK) model characterized by Limited Asset Market Participation (LAMP) and wealth inequality. We highlight two key mechanisms driving our long-run results: i) the cash in advance constraint on firms working capital (CIA); ii) dividends endogeneity. These two channels point in opposite directions. Lower inflation softens the CIA and, by raising labor demand, lowers inequality. But the disinflation also raises dividends and this increases inequality. The disinflation is al- ways welfare-improving for asset holders. We obtain ambiguous results for non-asset holders, who suffer substantial consumption losses during the transition. <br>
Elaphoglossum (Dryopteridaceae-Fern) of Amazon Rainforest in Brazil: Anatomic Characterization and Adaptative Strategies

This study describes the anatomy of sterile leaves of Elaphoglossum discolor (Kuhn) C. Chr. , E. flaccidum (Fee) T. Moore and E. laminarioides (Bory ex Fee) T. Moore, the most representative species of the genus in the Ecological Park of Gunma in Para State. It reports the main diagnostic characters and provides new systematic data for the group. In addition, it locates the production and accumulation sites of bioactive compounds to determine possible adaptive strategies of these species in the Amazon rainforest environment. Diagnostic structural features include stoma typology, central veins and margin forms, type of mesophyll, and the presence of schlerenchymatous sheaths in the cortex, among others. Among the bioactive compounds related to defense adaptation are phenolic compounds, which occur in all three species, and alkaloids and mucilage, which are exclusive to E. laminarioides. Of the three species studied, E. laminarioides has features that make it the best suited to the rainforest environment.
Impact of Heating on Carrot Firmness: Changes in Cell Wall Components

The impact of heating in boiling water on tissue firmness retention of the carrot genotypes Danvers and B9304 was measured. Both genotypes showed a rapid early loss in firmness that was followed by a slower, more prolonged, softening. Softening was greater in Danvers carrots. Cell wall carbohydrate compositions of the two varieties were similar, but wall component dissolution (solubilization and depolymerization) was more extensive in Danvers. The breakdown of soluble and wall-bound pectins involved β-elimination reactions. A survey of several carrot genotypes indicated that those carrots with chelator-soluble pectins of relatively lower molecular weight tended to soften more extensively during heating
Conic CPPIs

Constant Proportion Portfolio Insurance (CPPI) is a structured product created on the basis of a trading strategy. The idea of the strategy is to have an exposure to the upside potential of a risky asset while providing a capital guarantee against downside risk with the additional feature that in case the product has since initiation performed well more risk is taken while if the product has suffered mark-to-market losses, the risk is reduced. In a standard CPPI contract, a fraction of the initial capital is guaranteed at maturity. This payment is assured by investing part of the fund in a riskless manner. The other part of the fund's value is invested in a risky asset to offer the upside potential. We refer to the floor as the discounted guaranteed amount at maturity. The percentage allocated to the risky asset is typically defined as a constant multiplier of the fund value above the floor. The remaining part of the fund is invested in riskless manner. In this paper we combine conic trading in the above described CPPIs. Conic trading strategies explore particular sophisticated trading strategies founded by the conic finance theory i.e. they are valued using non-linear conditional expectations with respect to non-additive probabilities. The main idea of this paper is that the multiplier is taken now to be state dependent. In case the algorithm sees value in the underlying asset the multiplier is increases, whereas if the assets is situated in a state with low value or opportunities, the multiplier is reduced. In addition, the direction of the trade, i.e. going long or short the underlying asset, is also decided on the basis of the policy function derived by employing the conic finance algorithm. Since, non-additive probabilities attain conservatism by exaggerating upwards tail loss events and exaggerating downwards tail gain events, the new Conic CPPI strategies can be seen on one hand to be more conservative and on the other hand better in exploiting trading opportunities.
Predicting home range size from the body mass or population densities of feral pigs, Sus scrofa (Artiodactyla: Suidae)

Telemetry studies of feral pigs (Sus scrofa, L.) in different habitats were used to predict home range size, from (i) body mass and (ii) population density. Geometric mean regressions of the log e transformed data indicated that body mass of male and female feral pigs and mean population density were good predictors of the home range size of feral pigs (r 2 = 0.81, 0.77 and 0.85 respectively). There were no sexual differences in home range size of feral pigs once the effect of body mass was taken into account. Use of these variables in models that incorporate spatial aspects along with the practical application of the results to the management of feral pig populations are briefly discussed.
Institutional Trading, Investor Sentiment and Lottery-Like Stock Preferences

This paper explores the time-varying institutional investor preference for lottery-like stocks. On average, institutional investor holdings reflect an aversion to lottery-like stocks. However, I find that an institutions’ aversion to lottery-like stocks is reduced when investor sentiment is low. Moreover, I find that during low-sentiment periods institutional investors have abnormally high trading profits in more positively skewed stocks. These results suggest that institutions reduce their aversion towards lottery-like stocks during low-sentiment periods to profitably trade in lottery-like stocks.
A Note on Detecting Dividing Lines in Turnout: Spatial Dependence and Heterogeneity in the 2012 US Presidential Election

US voters have been moving apart in the last twenty years. This paper analyzes how their voting participation has partitioned by looking at US counties in the 2012 Presidential elections. To tackle this question, we propose a methodology that jointly addresses spatial autocorrelation of the dependent variable and splits the sample according to the non-linearity in the covariates. We find that in different groups of US counties, obtained through a spatial lag regression tree procedure, some variables have different statistical significance (or lack of it), and sometimes different signs. This heterogeneity – which is a manifestation of the complexity of the political behavior – is obfuscated by traditional methods that extrapolate a single average relationship between the variables.
Dual-price Integration Risks and Closed-end Fund Premiums

In a frictionless world, a closed-end fund’s (CEF’s) premium equals its price minus both its NAVPS (net asset value per share) and present value of the net benefits (PVNB) from liquidity enhancement, managerial abilities after costs, and leverage. The premium can differ further due to frictions resulting from uncertainties about a CEF’s PVNB and its holdings. Complete hedge positions between CEF prices and NAVPS are not possible since their concurrent daily directional changes are not perfectly integrated. We are able to explain over two-thirds of the variation in premiums or their changes for U.S. equity CEFs. As expected, the CEF premium is positively related to liquidity enhancement, CEF performance and net leverage, and negatively related to management fees, gross leverage, cash and bond holdings, and proxies for price equilibrating risks.
Price Elasticity Variations across Locations, Time and Customer Segments: An Application to the Self-Storage Industry

The demand for services such as self-storage varies across locations, over time, as well as across customer segments. Service providers try to leverage these variations and maximize profits by adopting dynamic pricing policies. Implementing dynamic pricing, however, requires accurate estimates of price elasticities at a granular level. Using data from a leading self-storage retailer in Europe, we estimate a Bayesian Dynamic Hierarchical Linear Model (DHLM) to obtain price elasticities across 67 stores, for 21 bi-weeks, and high-valuation vs. low-valuation customer segments. Our estimation procedure accounts for price endogeneity, which is essential when using the estimated price elasticities to set the dynamic pricing policy. We find evidence of different price elasticities between stores and over time, which supports the practice of local dynamic price setting, as well as strong differences between customer segments. Overall, high-valuation customers are more price-sensitive than low-valuation customers. In addition, while the price elasticity of high-valuation customers remains stable, low-valuation customers become less price sensitive over time. This implies that a markup policy should be followed for low-valuation customers, but a more stable pricing regime may suffice for high-valuation customers. Last, we show the benefits of our model compared to a benchmark model with time-invariant price elasticities in determining the pricing policy, and discuss how our model can be applied to other industries that practice revenue management.
The Effects of Exchange Rate Volatility on South Africa’s Trade with the European Union

In this paper we analyze the effects of the real exchange rate volatility on South Africaâ€™s trade flows with the European Union over the period 1980 to 2009. Our study uses quarterly trade flows on South Africaâ€™s exports and imports and utilizes the bounds testing approach to cointegration, and error-correction model. Our results reveal that imports depend positively on the levels of domestic economic activity and foreign exchange reserves but negatively on relative prices and exchange rate volatility. In addition, exports depend positively on the levels of foreign economic activity but negatively on relative prices and exchange rate volatility. Furthermore, the exchange volatility exerts mixed effects in the short-run and in the long-run.
Risk, Ambiguity and Prudence During Adolescence

Given adolescents’ propensity to engage in risky activities, experimentally elicited risk has received much attention in adolescence. Very few studies have looked at other dimensions of decision-making under uncertainty in this special population. In this study, we attempted to close this gap by conducting a “lab in the field” experiment with adolescents. Our goals were twofold. Firstly, this study provides an initial investigation of the higher order concept of prudence during adolescence and its relationship with risk and ambiguity. Secondly, we examined the influence of demographic characteristics of the decision-maker on preferences for risk, ambiguity and prudence. Specifically, we focused on gender, age, cognitive and non-cognitive abilities as potential demographic moderators. Our results showed that adolescents are ambiguity averse and display prudent behavior, despite being risk neutral on average. Secondly, we found that various demographic factors influenced adolescents’ attitudes towards risk, ambiguity and prudence. These demographic characterizations aid in targeting policy to specific groups of adolescents and we suggested several possibilities for application throughout the discussion.