Miracle-dz/UniFAR-FTUs huggingface dataset:
Fiscal Buffers, Private Debt and Recession: The Good, the Bad and the Ugly

Focusing on Euro-Area countries, we show empirically that higher private debt leads to deeper recessions while higher public debt does not, unless its level is especially high. We then build a general equilibrium model that replicates these dynamics and use it to design a policy that can mitigate the recessionary consequences of private deleveraging. In the model, in the aftermath of financial shocks, recessions are milder and public debt is more contained when the government lends directly to those households and firms that face binding borrowing constraints. As a consequence, large fiscal buffers are critical to enhance macroeconomic resilience to financial shocks.
Sparsest Cut Approximation Using Single Commodity Flows

In this paper, we present an algorithm approximating the sparsest cut within a factor of O(log<sup> 2</sup> n) in Õ(m + n<sup>3/2</sup>) time introduced by Khandekar, Rao and Vazirani in. While we explain the theoretical background and prove the claimed approximation factor and runtime, we add new visualization to improve the understandibility.
The Spatial Selection of Heterogeneous Quality

To explain the spatial selection of vertically di fferentiated firms, this paper incorporates heterogeneous preferences and heterogeneous quality productions into a framework of the footloose capital model, in which labor is immobile. In two regions with identical population size, when trade becomes freer, high-quality firms agglomerates in the region which accommodates more high-skilled labor, whereas low-quality firms move to the region which hosts more low-skilled labor. High-quality firms are more sensitive and more aggressive to take advantage of scale economies in respond to trade liberalization. If trade freeness is high enough, spatial separation of high-quality and low-quality firms between regions emerges. Welfare analysis shows that the individual welfare of either type of labor in either region is better off when trade becomes freer.
Virulence and Pathogenicity of Recombinant Nucleopolyhedroviruses Expressing a Scorpion Toxin and an Insect Enzyme on Agrotis ipsilon (Lepidoptera: Noctuidae) Larvae

Bioassay experiments for investigating the potential of recombinant nucleopolyhedroviruses expressing a scorpion toxin (AaIT), and a juvenile hormone esterase from Manduca sexta (Linnaeus) (AcMsJHE) in killing first instar larvae of Agrotis ipsilon (Hufnagel) were tested in comparison with the wild type virus (AcMNPV). Protein expression and viral replication in insect were determined using SDS-PAGE and agarose gel electrophoresis. Results of lethal concentrations indicate that AaIT was the most efficient virus compared with AcMsJHE or AcMNPV. Median lethal concentration of AaIT was 4.0 × 105 PIBs/ml compared with 7.0 × 105 and 7.6 × 105 PIBs/ml for AcMsJHE and AcMNPV, respectively. AaIT killed the treated first instar larvae of A. ipsilon markedly faster than AcMsJHE or AcMNPV, and significantly affected third instar larval weight after 96 hours post-infection (h.p.i.), which the LT50s of AaIT were 94 and 89 h.p.i. when 1 × 106 and 1 × 108 PIBs/ml were used, respectively. SDS-PAGE for protein separation and agarose gel electrophoresis for DNA fragment visualization after restriction enzymes cut indicate that recombinant viruses might be replicated and expressed the inserted genes in A. ipsilon larvae. Protein profile showed differences among larval homogenate samples infected with recombinant viruses and wild type virus compared with control. DNA fragments of recombinant viruses run on 1% agarose gel indicate that there are different size and absence fragments when the total genome cut with EcoRI or PstI. Data of this work illustrated the efficiency of recombinant virus with a scorpion toxin gene on A. ipsilon, which indicate that the use of this virus within integrated pest management programme for A. ipsilon control may be useful.
Product Diversity, Demand Structures and Optimal Taxation

This paper studies optimal taxation in a general equilibrium model with endogenous entry. We compare the constant elasticity of substitution (CES) model to three alternative demand structures: oligopolistic competition in prices, oligopolistic competition in quantities, and translog preferences. Our economy is characterized by two distortions: a labor distortion due to the misalignment of markups on goods and leisure, and an entry distortion due to the misalignment of the consumer surplus effect and the profit destruction effect of entry. The two distortions interact in determining the wedge between the market-driven and optimal level of product diversity. We show how optimal labor and entry taxes depend upon the prevailing demand structure, the nature and size of entry costs, and the degree of substitutability between goods.
In Vitro Culture of the Eastern Oyster Parasite Perkinsus marinus: Optimization of the Methodology

Abstract We have succeeded in establishing an in vitro continuous culture of the eastern oyster ( Crassostrea virginica ) parasite Perkinsus marinus (Gauthier and Vasta, 1993) and have now characterized a number of variables, such as temperature, salinity, pH, seeding density, and selected nutritional requirements that affect parasite proliferation. Optimum temperature, salinity, and pH ranges were 28-32°C, 25-30 ppt, and 6.6-6.8, respectively. Proliferation rates during the first 48 hr of culture were directly related to the size of the inoculum. The addition of Ham's F12 nutrient mixture (a serum replacement) to Dulbecco modified Eagle's (DME) base medium substantially enhanced proliferation, particularly at a DME:Ham's F12 ratio of 1:2. Five percent fetal bovine serum was required for optimal growth, but higher concentrations (10-20%) were inhibitory. The presence of oyster plasma enhanced growth only at low concentrations of fetal bovine serum (0-0.1%) and doubled addition of Ham's F12 (DME:Ham's 1:2). After approximately 30 passes over a 6-month period, the cultured parasite exhibited morphological and virulence features that are similar to those from the freshly collected specimens. The optimized medium apparently provides an environment comparable to the intracellular conditions of the host since the small (approximately 4 μm) trophozoite stage frequently observed to proliferate within the oyster hemocyte is maintained.
Sense organs of monogenean skin parasites ending in a typical cilium

Single receptors seen with the electron microscope to consist of a terminal cilium embedded in a nerve bulb have been found in the skin parasitic monogenean Gyrodactylus sp. , adult and larval Entobdella soleae, Leptocotyle minor (adult) and in the endoparasitic juvenile of Amphibdella flaviolineata. Their distribution in Gyrodactylus sp. has been mapped using phase-contrast microscopy, and staining with the indoxyl acetate method for non-specific esterases revealed a nervous connexion between the lateral ventral nerve cord and the ‘tangoreceptor’. The general relationships of the nervous system in Gyrodactylus were investigated by staining with the thiocholine method for cholinesterase. The ‘sensory’ neurone contains vesicles, microtubules and mitochondria and the whole nerve bulb is sealed into the epidermis by means of septate desmosomes. The basal body of the cilium is not greatly modified and there is no obvious rootlet system. The terminal cilium of single receptors in Entobdella soleae has a 9 + 2 structure. A compound sense organ from the head of Entobdella soleae has also been described. The significance of the fibre arrangement in the terminal cilia and the possible roles of these sense organs have been discussed. I should like to thank Dr D. L. Lee for training in electron microscope techniques and for his encouragement, Dr P. Tate for his continued interest and the staff of the Marine Biological Laboratory, Plymouth, especially Mr G. Best and Mr J. E. Green, for their assistance. This work was conducted during tenure of a Science Research Council Fellowship and the Tucker-Price Research Fellowship of Girton College.
A Test of a Generalized Stochastic Calculus

It has been in the literature since 1963 when Mandelbrot published The Variation of Certain Speculative Prices that returns on equity securities have heavy tails. In a 2014 article, Harris derives a mathematical reason these tails must be heavy. This proof in turn excludes mean-variance finance as either a model or as an approximation of reality. This paper tests the two competing sets of models treating the model itself as a parameter. Following the work of Alan Turing and IJ Good, this paper does a population study of all annual returns in the CRSP universe of securities from 1925-2013 and excludes mean-variance based models with a probability sufficiently close to unity that further discussion of mean-variance models is no longer necessary.
Lightning the Future of Education in Brazil: The Impact of Rural Electrification on Educational Outcomes

We analyze the impact of rural electricity access on different educational outcomes for children by taking advantage of the priorization criteria of the brazilian program Luz Para Todos (LPT) which determines an assignment variable that extracts the exogenous variation in rural electricity access. Using test scores and census data at the school and child level we establish that having electricity access through LPT has a positive and significant effect on Language and Math test scores for 5th and 9th graders, on literacy likelihood and on approval rates. We argument that the effect is driven by an increase in electricity access and use within schools which empirically remarks the importance of electrical device access and technology use on modern education.
Back to the Basics in Banking? A Micro-Analysis of Banking System Stability

This paper analyzes the relationship between banks' divergent strategies toward specialization and diversification of financial activities and their ability to withstand a banking sector crash. We first generate market-based measures of banks' systemic risk exposures using extreme value analysis. Systemic banking risk is measured as the tail beta, which equals the probability of a sharp decline in a bank's stock price conditional on a crash in a banking index. Subsequently, the impact of (the correlation between) interest income and the components of non-interest income on this risk measure is assessed. The heterogeneity in extreme bank risk is attributed to differences in the scope of non-traditional banking activities: non-interest generating activities increase banks' tail beta. In addition, smaller banks and better-capitalized banks are better able to withstand extremely adverse conditions. These relationships are stronger during turbulent times compared to normal economic conditions. Overall, diversifying financial activities under one umbrella institution does not improve banking system stability, which may explain why financial conglomerates trade at a discount.
Portfolio Rebalancing and Score-based Portfolio Choice

Factor strategies in equity portfolio management come with high portfolio turnover. In this paper we propose a rebalancing strategy that balances transactions costs with the expected return contribution of the desired portfolio transaction. We follow score-based factor strategies, that sort stocks according to characteristics and seek to hold those stocks which score highest. Thus, high variability of characteristics translates into high propensity to change portfolio constituents. Our heuristic strategy forms expectations of how long a stock will be part of the portfolio and decides to transact only if the expected return contribution over the holding period exceeds transaction costs. We conduct our analysis for scores built on the characteristics underlying the five factor setting in Fama and French (2015). We find that in a large-cap transaction cost setting, neither our heuristic strategy nor automatic rebalancing significantly outperforms the other strategy. In an elevated transaction cost environment however, we find that our heuristic strategy significantly outperforms for three of the five characteristics with higher average returns also for the other two characteristics.
If the Worst Comes to the Worst. Dictator Giving When Recipient's Endowments are Risky

Donors may often not be sure whether a recipient really deserves their help. Does this uncertainty deter generosity? In an experiment we find that, to the contrary, under most specifications of uncertainty, dictators give more, compared with the donation the same dictator makes to a recipient they know to have the expected value of the endowment with certainty. They are particularly concerned about the possibility that a recipient leaves the lab with no payoff from the game.
What Counts as a Weak Tie? A Comparison of Filtering Techniques to Analyze Co-Exposure Networks

Co-exposure networks are a useful tool to analyze patterns of news consumption. In these networks, nodes are news sources and ties measure the strength of their audience overlap. In observational data, some overlap might result from random exposure or random browsing behavior. Filtering techniques can help eliminate the weakest connections and, with them, random noise. There are different approaches to filtering weighted networks; however, it is not always clear which approach is the most appropriate. Here, we describe three different techniques and we compare their performance using two observed networks. First, we assess the impact that each technique has on the global topology. We then study the trade-off that exists between removing ties and preserving the connectedness of the network, and we offer a mathematical approach to systematically analyze that trade-off. We propose a method to identify an optimal threshold to maximize the number of edges removed while minimizing the number of nodes that become isolates.
Portfolio Optimization Under Local-Stochastic Volatility: Coefficient Taylor Series Approximations & Implied Sharpe Ratio

We study the finite horizon Merton portfolio optimization problem in a general local-stochastic volatility setting. Using model coefficient expansion techniques, we derive approximations for the both the value function and the optimal investment strategy. We also analyze the `implied Sharpe ratio' and derive a series approximation for this quantity. The zeroth-order approximation of the value function and optimal investment strategy correspond to those obtained by Merton (1969) when the risky asset follows a geometric Brownian motion. The first-order correction of the value function can, for general utility functions, be expressed as a differential operator acting on the zeroth-order term. For power utility functions, higher order terms can also be computed as a differential operator acting on the zeroth-order term. We give a rigorous accuracy bound for the higher order approximations in this case in pure stochastic volatility models. A number of examples are provided in order to demonstrate numerically the accuracy of our approximations.
Contrasting Worldviews at Bank and Securities Market Regulators

Bank and securities regulators operate with different attitudes about the appropriate regulation of financial institutions and markets. Bank regulators’ prudential oversight protects depositors from worrying about the repayment of their bank claims. In contrast, securities market regulators tend to presume that security markets (almost) always clear quickly at prices close to the asset’s fundamental value. These regulators seek to assure full disclosure of information, which facilitates active securities trading. In the United States, the SEC’s investor protection duties are tailored to the financial sophistication of individual investors.
Regulation of C/EBPδ‐dependent transactivation by histone deacetylases in intestinal epithelial cells

The C/EBPδ transcription factor is involved in the positive regulation of the intestinal epithelial cell acute phase response. C/EBPδ regulation by histone deacetylases (HDACs) during the course of inflammation remains to be determined. Our aim was to examine the effect of HDACs on C/EBPδ‐dependent regulation of haptoglobin, an acute phase protein induced in intestinal epithelial cells in response to pro‐inflammatory cytokines. HDAC1, HDAC3, and HDAC4 were expressed in intestinal epithelial cells, as determined by Western blot. GST pull‐down assays showed specific HDAC1 interactions with the transcriptional activation and the b‐ZIP C/EBPδ domains, while the co‐repressor mSin3A interacts with the C‐terminal domain. Immunoprecipitation assays confirmed the interaction between HDAC1 and the N‐terminal C/EBPδ amino acid 36–164 domain. HDAC1 overexpression decreased C/EBPδ transcriptional activity of the haptoglobin promoter, as assessed by transient transfection and luciferase assays. Chromatin immunoprecipitation analysis showed a displacement of HDAC1 from the haptoglobin promoter in response to inflammatory stimuli and an increased acetylation of histone H3 and H4. HDAC1 silencing by shRNA expression increased both basal and IL‐1β‐induced haptoglobin mRNA levels in epithelial intestinal cells. Our results suggest that interactions between C/EBPs and HDAC1 negatively regulate C/EBPδ‐dependent haptoglobin expression in intestinal epithelial cells. J. Cell. Biochem. 103: 1573–1583, 2008. © 2007 Wiley‐Liss, Inc.
The Upside Down: Banks, Deposits and Negative Rates

Using confidential bank-firm level data on France, we show that the introduction of negative rates is associated with an increase in lending by banks with greater reliance on deposits, especially by those with lower capital and larger shares of liquid and households deposits. Consistent with portfolio rebalancing, negative rates elicit reallocation toward riskier and long-term assets, as banks shrink their share of interbank liquidity and grow that of corporate loans and debt securities. These results suggest that negative rates encourage banks most reliant on deposits to engage in riskier activities to restore profitability and confirm that deposits play a key role in the transmission of monetary policy rates below the zero lower bound.
Sorting Out the Real Effects of Credit Supply

We document that banks which cut lending more during the Great Recession were lending to riskier firms. To explain this evidence, we build a competitive matching model of bank-firm relationships in which risky firms borrow from banks with low holding costs. Based on default probabilities and equilibrium loan rates, we use our sorting model to recover the latent bank holding cost distribution. The measure of banks with low holding costs dropped during the Great Recession. This credit supply shift conservatively accounted for around 50% of the decline in corporate loans over this period. Our attribution cannot be captured by panel regression estimates from the bank lending channel literature.
Bank Performance and Risk-Taking – Does Directors’ Busyness Matter?

This paper extends the literature on busyness of directors (board) and bank performance on emerging markets. We argue that a quadratic model parsimoniously captures the tension between the ‘reputation hypothesis’ and ‘over-boarding hypothesis. We find a robust inverted u-shaped relationship between inside directors’ busyness. Independent directors’ busyness on the other hand does not have any impact on performance. We calculate the optimal level of busyness. The inverted u-shaped relationship shows that the reputation hypothesis dominates the over-boarding hypothesis at less than the optimal level of busyness and vice versa. This allows us to reconcile the mixed evidence in the literature on busyness and performance. We also find some evidence that inside directors’ busyness reduces risk whereas independent directors’ busyness increases risk.
Adoption of Internet Banking in Bosnia and Herzegovina

In this study we investigate the level of adoption of internet banking in Bosnia and Herzegovina across gender, age group and education levels. Data is collected true the google forms questioner. We use descriptive statistics and inferential statistics to test out hypothesis in SPSS 22. We find out that some of the main reasons of not adopting internet in providing some of the banking services are security issue and that clients do not find reason for use of internet banking. Study suggests that significantly lower transaction cost and faster transaction process are important reason for increase in internet banking adoption by clients in Bosnia and Herzegovina. Also, we find out that null hypothesis regarding distribution of internet banking adoption across gender, age group and education level cannot be rejected.
UNTERSUCHUNGEN ÜBER DIE FLUGAKTIVITÄT UND DAS PAARUNGSVERHALTEN DER DROHNEN. V. - DROHNENSAMMELPLÄTZE UND PAARUNGSDISTANZ

HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers. L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés. UNTERSUCHUNGEN ÜBER DIE FLUGAKTIVITÄT UND DAS PAARUNGSVERHALTEN DER DROHNEN. V. DROHNENSAMMELPLÄTZE UND PAARUNGSDISTANZ Hans Ruttner, Friedrich Ruttner
Intraregional Trade Flows and Trade Efficiency in Palm Oil and Palm-Based Products: Southeast Asia and Latin America Regions Compared

Arguably, leveraging on the intraregional market is important for a commodity like palm oil that has been constantly facing challenges to sustain global demand in extra-regional markets. The paper therefore compares intraregional export potentials for palm oil in two regions that are at the frontier for palm oil expansion, Southeast Asia and Latin America. The paper employs a stochastic frontier gravity model to estimate intraregional export performance against the maximum possible level of potential export over the 1990 to 2016 period. Though intraregional exports of palm oil and palm-based products are more intensive in Latin America relative to Southeast Asia, the results indicate large untapped export potentials in both regions due to non-tariff measures and ‘behind the border’ factors. The evidence further suggests that this export potential limiting factors have increased over time. An intraregional focus for this commodity is therefore justified on grounds that there is tremendous scope for export expansion. However, to facilitate intraregional exports, the regulations should be streamlined within the regions.
Gender Differences in Labour Supply in Australian Physicians

We study gender differences in labour supply among general practitioners, internists, surgeons and other specialists in Australia using the MABEL data from 2008 to 2017. Across all doctor types, we find no reduction in female labour supply due to marital status. For general practitioners, female physicians typically work fewer hours than male physicians and this difference extends to an average of one standard workday when parental duties are present. For internal specialists, in contrast, there is no compositional difference between female and male physicians. However, a similar average gender difference of one standard workday exists when internists have at least one dependent child. For surgical specialists, the magnitude of the gender gap due to parental status is markedly smaller at an average of a few hours per week. Furthermore, there is no reductions in hours by female surgeons and the difference is instead due to male surgeons’ increased labour supply. Finally, for specialists otherwise not classified into internal or surgical, we find patterns highly similar to general practitioners.