Miracle-dz/UniFAR-FTUs huggingface dataset:
The Effects of Financial Constraints on Corporate Policies in Australia

We jointly study the impact of financial constraints on Australian companies' investment decisions and demand for liquidity. By examining a large sample of Australian firms over the period 1990 to 2003, we find that financial constraints not only reduce the sensitivity of investment to the availability of internal funds, but also increase the responsiveness of cash holdings to internally generated cash flows. Further analysis shows that the impact of financial constraints varies across different cash flow states, i.e., financial constraints have a small effect on corporate investment and cash policies when cash flows are positive. In contrast, the severity of constraints is high in negative cash flow years in which the cost disadvantage of external finance coincides with deteriorating operating performance.
Nonparametric Inference of Jump Autocorrelation

Understanding the jump dynamics of market prices is important for asset pricing and risk management. Despite their analytical tractability, parametric models may impose unrealistic restrictions on the temporal dependence structure of jumps. Using nonparametric technique, we develop an omnibus test for the temporal dependence of jump occurrences in the DGP. It delivers consistent test result under a uni ed framework that combines and long-span and in- ll asymptotics, and is robust to the jump activity level and the choice of sampling scheme. We also study the use of sample autocorrelogram for visualizing and conducting pointwise inference of the autocorrelation of jump occurrences. We establish asymptotic normality and local power of the inference procedures for a rich set of local alternatives (e.g., self-exciting and/or selfinhibitory jumps). Simulation study con rms the robustness property of the omnibus test and reveals its competitive size and power performance relative to existing tests. In an empirical study on high-frequency stock returns, our procedure uncovers a wide array of autocorrelation pro les of jump occurrences for di¤erent stocks in di¤erent time periods. Keywords: jump autocorrelation, self-excited jumps, nonparametric inference, nancial contagion, high-frequency returns JEL classi cation: C12, C14, C58
Different Strokes: Return Predictability Across Stocks and Bonds with Machine Learning and Big Data

We investigate the return predictability across stocks and bonds using big data and machine learning. We find that machine learning models substantially improve the out-of-sample performance of stock and bond characteristics in predicting future stock and bond returns. Although both stock and bond characteristics provide strong forecasting power for both stock and bond returns, stock (bond) characteristics do not offer significant incremental predictive power above and beyond bond (stock) characteristics in predicting bond (stock) returns. The results also indicate that stock (bond) characteristics are cash flow (discount rate) predictors and stock (bond) return predictability is driven by mispricing (risk) phenomenon.
Stock Liquidity and the Complementarity between External Financing and Cash Holdings

Do firms with liquid stocks hold more cash? If so, why? We show that liquidity has a positive effect on the level and value of cash holdings. Using a regression discontinuity design based on the Russell 1000/2000 index reconstitution, we also show that there is a causal link between liquidity and cash holdings. Furthermore, we show that the positive effect is more pronounced for firms with more growth opportunities, suggesting that liquidity increases cash holdings by expanding investment opportunities. These findings are consistent with a view predicting that high liquidity generates the complementarity between external financing and cash holdings. JEL classification: G31, G32, G12
Money Market Segmentation and the Transmission of Post-crisis Monetary Policy

This paper studies the transmission mechanism of the post-crisis interest rate policy. In particular, we are interested in explaining an upward regime shift in the spreads between interest on reserves (IOR) and overnight funding rates in Jan 2018. While traditional theories would understand such a regime shift through the lens of balance sheet constraints or convenience yield, we propose a theory that builds around the segmentation of U.S. money markets. By assuming that investors face short-sale constraints and have heterogeneous access to the Fed's interest rate policy instruments, we show that the equilibrium interest rate is a non-linear function of the debt-to-reserve ratio due to limited participation. When the debt-to-reserve ratio is low, local debt supply shocks can be absorbed by investors at the corresponding policy rate. But when the debt-to-reserve ratio is high, a small debt supply shock can generate a large spike in the equilibrium rate. Using data on repo transactions collected from SEC filings, we find that the FICC's sponsored repo reform in Jan 2018 significantly increased the repo volume inter-mediated by large banks and drained out the residual cash supply in the RRP facility. Consistent with our predictions, the increased repo volume and the Fed's balance sheet normalization jointly created an environment where window-dressing shocks can generate large rate spikes. Our results suggest that keeping an abundance of reserves is essential for implementing the interest rate policy and building a resilient funding market.
Augmented Virtuality in a Digital Learning Factory for Collaborative Robotics

As part of rising automation and individualization of products, human-robot collaboration plays an increasingly important role. To be able to use the advantages of this technology effectively, all concerned employees have to be trained accordingly. Existing training courses in the field of robotics, however, do not meet these requirements completely. Especially, competencies for innovative and creative process planning are not considered. Addressing these aspects is particularly important in the training of new employees. In the German vocational training system, however, the topic of collaborative robotics has not yet been included. Therefore, the project KoRA develops a mixed-reality learning environment with requirement-compliant scenarios in which the mandatory competencies will be taught. Within the mixed-reality learning environment, this paper focuses on the effect on haptic feedback. Investigations in the medical area show, that haptic feedback have an important impact in virtual training situations. Besides the classical haptic feedback through the vibration of a controller, there exist many approaches to realize a feedback. For practical applications in schools and companies, however, these approaches are often too complex. A more basic way to realize a haptic feedback, is to integrate static physical objects and create an augmented virtuality. This paper presents the results of an investigation, where a physical workstation is integrated into the virtual learning environment. It shows that even if the physical workstation not necessarily has to be touched, the perception of the virtual world has changed. In this context, some test subjects mentioned a dread of bumping into something. The results are described in detail and conclusions for the design of a virtual learning environment are discussed.
Forecasting Macroeconomic Risk in Real Time: Great and Covid-19 Recessions

We show that financial variables contribute to the forecast of GDP growth during the Great Recession, providing additional insights on both first and higher moments of the GDP growth distribution. If a recession is due to an unforeseen shock (such as the Covid-19 recession), financial variables serve policymakers in providing timely warnings about the severity of the crisis and the macroeconomic risk involved, because downside risks increase as financial stress and corporate spreads become tighter. We use quantile regression and the skewed t-distribution and evaluate the forecasting properties of models using out-of-sample metrics with real-time vintages.
Bioactive MIL-88A Framework Hollow Spheres via Interfacial Reaction In-Droplet Microfluidics for Enzyme and Nanoparticle Encapsulation

Functional bio-MOF hollow spheres with controlled size in the 35–2000 μm range were successfully synthesized by interfacial reaction using a continuous-flow droplet microfluidic system in a single step and one-flow strategy. The architecture of MIL-88A frameworks was extended from single-shell to double-shell hollow spheres. Moreover, various functional nanoparticles (silica, cobalt, and UiO-66(Zr) MOF) were directly encapsulated in the single-shell hollow spheres, while maintaining the functionality of the cargo. In particular, three kinds of enzymes (glycerol dehydrogenase, horseradish peroxidase, and acetylcholinesterase) were also encapsulated inside the single-shell hollow spheres under mild conditions. The catalytic activity and the superior recyclability of the encapsulated enzymes were demonstrated against free enzymes.
Reduction of nitro blue tetrazolium by CO2- and O2- radicals

The reduction of nitro blue tetrazolium (NBT/sup 2 +/) by CO/sub 2//sup -/ and O/sub 2//sup -/ has been studied by the stopped-flow method and the pulse-radiolysis technique. Both reductants form the tetrazolinyl radical, and the rate constants are k/sub NBT/sup 2 +/ + CO/sub 2//sup -// = (6.4 +- 0.2) x 10/sup 9/ M/sup -1/ s/sup -1/ and k/sub NBT/sup 2 +/ + O/sub 2//sup -// = (5.88 +- 0.12) x 10/sup 4/ M/sup -1/ s/sup -1/. In the absence of other reactants, the tetrazolinyl radicals (NBT/sup +/.) disappear by a pH-dependent second-order disproportionation reaction to produce monoformazan (MF/sup +/) and nitro blue tetrazolium (NBT/sup 2 +/) ions. The tetrazolinyl radical (NBT/sup +/.) has an absorption maximum at 405 nm with a pH-independent molar extinction coefficient epsilon/sub 405nm/ = 15,000 +- 350 M/sup -1/ cm/sup -1/. Monoformazan (MF/sup +/) has an absorption maximum at 530 nm; its molar extinction coefficient varies from epsilon/sub 530 nm/ = 25,400 +- 1200 M/sup -1/ cm/sup -1/ at pH 9.5-11.0 to epsilon/sub 530nm/ = 12,800 +- 640 M/sup -1/ cm/sup -1/ at pH 5.7-6.7. Mechanisms for the overall reaction are discussed.
Synthesis and Characterization of Fe III/Co III/Cu II Complexes with Schiff Base Liangd and Their Hybrid Proteins, Superoxide Dismutase (SOD) Activity and Asymmetric Catalytic Oxidation of Sulfides

Three transition metal complexes (M = Fe III , Co III , Cu II ) were synthesized by hydrothermal method from bis(2-hydroxy-1-naphthalene-formaldehyde) 3,4-diaminobenzoic acid (H 3 L). They were characterized by infrared spectroscopy, elemental analysis, mass spectrometry. Artificial enzymes were constructed by hybridizing bovine serum albumin (BSA) with the metal complexes and characterized by UV-Vis and MALDI-TOF-MS. The binding of metal complexes with BSA was studied by UV-Vis spectroscopy, Raman spectroscopy, fluorescence spectroscopy, and circular dichroism spectroscopy. The secondary structure changes of BSA caused by the binding of metal complexes were investigated. All the three metal complexes can cause the intrinsic fluorescence quenching of BSA, which is mainly static quenching. The addition of metal complexes changed the conformation of BSA and decreased the content of α–helix structure. The activity of SOD was measured by xanthine oxidase-NBT method. Antioxidant activity tests showed that all metal complexes exhibited certain SOD activity, which increased after the formation of hybrid proteins. Asymmetric oxidation of thioether catalyzed by artificial enzymes was studied. The optimum reaction conditions were obtained by optimizing the reaction conditions. Substrate universality experiments were carried out under the optimum reaction conditions, showing good activity and enantioselectivity, with enantioselectivity up to 81%.
How Does Employee Infusion Use of CRM Systems Drive Customer Satisfaction? Mechanism Differences between Face-To-Face and Virtual Channels

To attain customer satisfaction, service firms invest significant resources to implement customer relationship management (CRM) systems to support internal customer service (CS) employees who provide service to external customers in both face-to-face and virtual channels. How CS employees apply sophisticated CRM systems to interact with customers and how the mechanisms through which their CRM usage affects customer satisfaction vary across service channels and bear important implications. We approach these issues by investigating the concept of infusion use, defined as CS employees’ assessment of the extent to which they use a CRM system to its fullest potential to best support their work in the CRM-enabled service interaction context. Drawing on the IS success framework and expectation confirmation theory, we first formulate a baseline model that explains the direct and indirect mechanisms through which CS employees’ infusion use of CRM systems leads to customers’ expectation confirmation, which in turn affects customers’ satisfaction. We then draw on the lenses of media richness and communication adaptation to theorize why these two mechanisms exert differential influence in face-to-face and virtual channels. We test the hypotheses by collecting multiwave data from CS employees, customers, and firm archives of a Fortune 500 telecom service firm. We find that (1) CS employee infusion use can directly contribute to customer expectation confirmation and indirectly do so through CS employees’ satisfaction with the system (i.e., user satisfaction), and (2) the direct mechanism plays a more critical role in the face-to-face channel, whereas the indirect mechanism is more important in the virtual channel. Our findings inform managers of the avenues through which employees’ infusion use promotes CRM-enabled service success across face-to-face and virtual service channels.
A Hidden Consequence of Share Pledge Business

This paper investigates a hidden consequence of the share pledge business. We find that, relative to the recommendations issued by independent analysts, affiliated analysts under brokerage pressure to protect share pledge business exhibit an optimistic bias in their recommendations. Our results are robust when using firm-year-quarter fixed effects in our regressions, when we control for other business connections that might exist between the broker and the firm, and when we conduct an exogenous shock test relating to stocks that become shortable. We further find that our main result is more pronounced when pledged shares experience lower growth in earnings, when pledged share prices drop closer to margin call levels, when pledged shares have higher crash risk, and when the amount of lending backed by pledged shares is larger. Pledge business connected analysts are also more likely to issue favorable recommendations when reputation costs are low, when firms are hard to value, and when firms are dominated by retail investors.
The Role of Opinion Leadership in Social Media Marketing Technology Adoption Process

Social media marketing is one of the modern marketing communications technology used by marketers to promote their offerings. During the Coronavirus pandemic, this tool would be beneficial in helping Small and Medium Enterprises to promote and survive their businesses. This research analyze further the Opinion Leaders group behavior in Indonesian society as well as the rest Roger’s innovation adoption group categories, given there was a credibility problem in the use of social media with the intensed hoax or false news during the political leaders campaigns. A new research framework by using Structural Equation Modelling techniques is applied to explain further the adoption innovation process of typical public groups in general. The finding also shows there are direct significant influences and correlations among the credibility and socio-psychological factors, although there is no direct influence between the information credibility and the adoption of social media marketing. As the result it indicates the important role of the millennial as Opinion Leaders in the adoption process of social media marketing in this post-truth and uncertain pandemic millennium.
Targeting Targets

Investing in M&amp;A targets before they receive offers yields high returns on the announcement day. Ours is the first paper to document targeting ability, which is the ability of fund managers to persistently generate such returns in excess of the returns their benchmarks earn from holding targets. Targeting ability translates one-for-one into mutual fund alpha. Targeting ability is not due to investment bank or management connections, not due to overweighting small stocks, and not due to long-term holdings that happen to become targets. Targeting ability arises from managers holding more targets, investing more capital in targets, and selecting higher-premium targets.
Herfindahl Revisited

The Herfindahl-Hirschman Index (HHI) is one of the more commonly used measures in the Strategy and Economics literatures. While its principal uses are measuring market concentration or firm diversification, it has been extended beyond that. One concern with the measure is that an infinite set of distributions can have the same HHI. We assess whether that affects inferences. To do so, we replicate a prior study which employs HHI to test the impact of geographic diversification on firm value. We find that results with HHI are not robust across samples. We further find that decomposing HHI into its count and shape components reveals greater insights. In particular, we find that firm value increases in the number of units, and the similarity across them.
The Power of Title: Intellectual Property Support and Firm Innovation

In this study, we examine how the national intellectual property (IP) model cities awarded by the National Intellectual Property Administration affect firm innovation activities in China. The difference-in-difference regression with a matched sample indicates that the recognition of IP model cities increases firm innovation output and productivity, and the primary results are robust to alternative model specifications and variable definitions. Further analyses show that the increased firm innovation output is driven by local government support in fiscal and taxation policies. In detail, high-tech firms benefit from government subsidies, whereas non-high-tech ones are entitled to tax returns. However, subsidies for the former slightly crowd out those for the latter, and only high-tech firms have invested in subsidies for research and development activities. Our findings highlight the significant role of government IP protection in promoting firm innovations in China.
Disentangling the Impact of Platform Sponsor Scope on Platform Growth

The scope of the activities performed by the platform sponsor vis-à-vis the complementors is one of the key decisions that platform sponsors must continually make. Yet, the implications of alternative scope decisions are not well understood. This article delves deeper into platform sponsors’ scope decisions to understand their implications on the subsequent growth of the ecosystem around the platform. Formally modeling the platform growth trajectory for platform ecosystems with different states of directional symmetricity of indirect network effects suggests that not all platforms grow at an increasing rate. Instead, the growth trajectory differs based on the directional symmetricity of indirect network effects. Importantly, across the different platform growth trajectories, we establish that the platform sponsor can augment the growth of the ecosystem by aligning its scope with the sources of indirect network effects.
Social Networks and Corporate Social Responsibility

I show that corporate social responsibility (CSR) spreads through the social networks of firms' directors. This result is obtained using a novel identification strategy exploiting the imperfect overlap between industry, geographic and social peers, a diff-in-diff relying on directors' deaths, and a regression discontinuity design based on CSR proposals. Social network effects are concentrated in firms pursuing product differentiation strategies for which CSR is more likely to add value, firms strategically positioned in the social network to acquire valuable information, and firms in which the incentives of managers and shareholders are aligned. This suggests that some firms aim to create value by using social networks as a market for information exchange on CSR. I find little evidence for alternative explanations such as social norms and agency problems.
A Tale of Two Enforcement Venues: Determinants and Consequences of the SEC’s Choice of Enforcement Venue After the Dodd-Frank Act

The Dodd-Frank Act allows the SEC to choose either an internal administrative proceeding or a federal district court as an enforcement venue for resolving violations of federal securities laws. I first document that the SEC increased the use of administrative proceedings after Dodd-Frank. I next examine the determinants and consequences of the SEC’s choice of enforcement venue after the Dodd-Frank Act. Results show that more material cases are 28% to 35% more likely to be assigned to federal courts, and politically connected defendants are about 14% more likely to be routed to administrative proceedings. While monetary penalties by venue are statistically indifferent, politically connected defendants in administrative proceedings are associated with lower penalties. Additionally, I find that administrative proceedings process cases 27 times faster than federal courts. This study suggests that the SEC’s private incentives affect its enforcement venue selection and possibly enforcement outcomes. When the political and economic costs (benefits) are greater, the SEC is more likely to use administrative proceedings (federal courts).
History Based Adaptive Approach for Blocking the Malicious Host in SDN

Software-defined networking decouples the traditional networking platforms into three layers: application layer, control layer, infrastructure layer. The control layer has a software component which is called the controller. The controller finds the optimal path between request and responses send and received by networking devices via switches. The security of the controller is one of the important issues in SDN. In the absence of security system communications between the controller and network devices suffer from a single point of failure. In the case of failure of controller whole network system guided by this controller is failed. Several research efforts have been made to protect the controller from the failure in this thesis. <br><br>In this paper, we have proposed a model for stopping the malicious activity before the switch. This architecture has one observer which finds the malicious activity and stores information in a network flow table at the switch label. <br>