Miracle-dz/UniFAR-FTUs huggingface dataset:
Electrification and Welfare for the Marginalized: Evidence from India

Abstract Uneven electrification can be a source of welfare disparity. Given the recent progress of electrification in India, we analyze the differences in access and reliability of electricity, and its impact on household welfare for marginalized and dominant social groups by caste and religion. We carry out longitudinal analysis from a national survey, 2005–2012, using OLS, fixed effects and panel instrumental variable regressions. Our analysis shows that marginalized groups (Hindu SC/ST and Muslims) had higher likelihood of electricity access compared to the dominant groups (Hindu forward castes and OBC). In terms of electricity reliability, in a period when the all households lost electricity hours, marginalized groups lost less electricity hours in a day as compared to domi- nant groups. Results showed that electrification enabled marginalized households to increase their consumption, assets and move out of poverty, but the effect was smaller as compared to dominant groups. Overall, the effects were more pronounced in rural areas. The findings are robust to alternative ways of measuring consumption, and other robustness checks. We posit that electrification increased household welfare of marginalized groups, but did not reduce absolute disparities among social groups.
On the Design of Grant Assignment Rules

One of the main goals of grants is to reduce dropout rates. In this paper, we assess how different assignment rules target different students and how they affect dropout rates in the first year of enrollment. The analysis uses administrative data from all Italian universities for the period 2003-13. We find that awarding the grant to all eligible students would significantly increase public expenses, with only a slight reduction in the dropout rate. Since we find that the grants have a heterogeneous effect according to students’ characteristics, assignment rules keeping the number of grants constant have an impact on dropout rates. In particular, targeting high-performing students would minimize dropout rates amongst grant recipients, but it would slightly increase the overall dropout rate. On the other hand, targeting those who benefit the most achieves the maximum reduction in dropout rates at the cost of increasing the number of grant recipient dropouts.
Who Will Fill China’s Shoes? The Global Evolution of Labor-Intensive Manufacturing

In this paper, I review evidence on changing global specialization in labor-intensive exporting. Production of apparel, footwear, furniture, and related products are how many low-income countries first enter export manufacturing. Just as China’s rise as a powerhouse in these goods supplanted a role previously occupied by the East Asian Tigers, the world may again be on the cusp of significant change in where labor-intensive goods are produced. China’s prowess in these sectors peaked in the early 2010s; its share in their global exports, while still substantial, is now in decline. Mechanisms through which the global economy may adjust to China’s graduation into more technologically sophisticated activities include expanded labor-intensive export production in other emerging economies and labor-saving technological change in products currently heavily reliant on less-educated labor. Available evidence suggests that the first mechanism is operating slowly and the second hardly at all. As a third mechanism, China may in part replace itself by moving labor-heavy factories out of densely populated and expensive coastal cities and into the country’s interior. Such a transition, though still in its infancy, would mirror the decentralization of manufacturing production in the U.S. and Europe, which occurred after World War II.
CEO Private Firm Experience and Idiosyncratic Risk

I find that the idiosyncratic risk of firms increases with the extent of CEO work experience in non-publicly traded firms (CEO private experience). While there is no evidence of higher investment risk-taking by Private CEOs, the proportion of private-firm work experience is negatively associated with a well-known index of corporate social responsibility (CSR) and positively associated with an index of firm-level political risk. The extent of CEO private experience contributes to higher idiosyncratic risk potentially due to poor management of political risk and shrinking investment in the CSR performance of the firm consistent with a lack of reputational risk management. Past private-firm work experience may condition CEOs to sidestep discretionary but strategically important investments in reputational and political risk management, evidently exacerbating idiosyncratic risk.
Sustainability Reporting Factors on Web Pages and Mandatory Report for Peruvian Listed Companies

In a globalized environment, the organizations contribute to sustainable development and stakeholders demand more information from companies. The technology allows other means of communication: the corporate Web pages. This research studies the nature of voluntary sustainability reporting on the Web, the level of compliance with mandatory sustainability reporting and whether some variables are determinants in the level of such information. A content analysis of the corporate web pages and the mandatory Corporate Sustainability Reports of 151 Peruvian listed companies for the periods 2016, 2017 and 2018 have been carried out examining whether those variables are determinants in the level of information on Web pages and mandatory reports. We found that the level of information disclosed on sustainability in the Web pages and Corporate Sustainability Reports is not very developed and that the size, voluntary report, transnational nature, and certain business sectors are determining factors in the level of sustainability reporting.
Labor Cost Stickiness and Managerial Decisions on Human Capital Adjustment

PurposeOn the basis of labor economics theories, this study examines how adjustment in human capital accounts for labor cost stickiness.Design/methodology/approachThis study makes use of employee education level as a measure of the quality of human capital and relies on data from Chinese public firms to conduct the empirical test. This study focuses on two important components of labor cost changes: one corresponding to the adjustment in the number of employees (capacity adjustment) and another corresponding to the adjustment in the mix of employee education levels (quality adjustment). FindingsThis study reveals that labor cost changes driven by the adjustment of employee education level are sticky. This stickiness cannot be explained by the standard adjustment cost theory. This further shows that firms that actively adjust their employee quality during downturns experience improved future performance. The findings are robust to alternative measures and specifications.Originality/valueThis study provides new evidence for and insights into the cost behavior literature. Previous studies treat input resources in a homogenous way and focus on the effect of capacity adjustment. This study considers the heterogeneity of resources and examines three dimensions of salary cost adjustment: capacity, structure, and unit cost. In line with the economic theory of sticky costs proposed by Banker et al. (2013a), the study’s evidence sheds light on the additional underlying economic mechanisms driving cost stickiness behavior. Specifically, managers asymmetrically adjust both employee structure and average salaries, in addition to employee number. This study also adds to the existing knowledge of the consequences of managers' actions regarding cost behavior.
Effect of synthesis parameters on isoniazid (INH) release from silica nanospheres

Silica nanospheres containing isoniazid (INH) was synthesized based on a modified Stober process. Synthesis parameters such as type of alcohol used as oil phase, tetra ethyl ortho silicate (TEOS) and ammonia (NH 3 ) amounts, surfactant use and mixing time were altered and their effect on the release of INH was investigated. Results indicated lower amount of INH release when higher amount of TEOS was utilized in synthesis. Time of highest INH release was higher in the case of higher TEOS amount. NH 3 had also a decreasing effect on INH release which had been due to the changes in pore structure. Scanning electron microscope (SEM) results clearly showed the necessity of surfactant use with smooth surfaces obtained with the samples where surfactant was utilized. Finally, mixing time was found to have a decreasing effect on the time of highest INH release and the amount of INH released from the spheres was also higher in the case of higher mixing time.
Impact of Crude Oil Price on the Political Environment of Crude Oil Consuming Countries

The paper examines the crude oil price effects on the political environment of the top four crude oil-consuming countries. The study uses data from 2002 to 2017 to showcase the effect of crude oil price on political environment of crude oil-consuming countries. The study takes Voice and Accountability (VA), Political Stability and Absence of Violence/Terrorism (PS), Government Effectiveness (GE), Regulatory Quality (RQ), Rule of Law (RL) and Control of Corruption (CC) as potential determinants of the political environment. The results indicate that crude oil price has significantly affects USA (VA), China (VA), USA (PS), China (PS), Japan (PS), USA (GE), Japan (GE), USA (RQ), China (RQ), USA (RL), Japan (RL), USA (CC), and Japan (CC). An interesting observation from the result is that out of the top four crude oil-consuming countries, crude oil price mostly affects USA while least affecting India. The empirical finding in this study provides a new understanding of the relationship between crude oil prices and their effect on the political environment.
Vertical Price Restraints and Free Entry Under Asymmetric Information

We investigate the impact of vertical price restraints on the free-entry equilibrium and its welfare properties in a vertically related market where manufacturer-retailer hierarchies compete under asymmetric information. We compare the legal regimes of laissez-faire and ban on resale price maintenance (RPM) under different entry decision modes. When the entry decision is taken upstream, laissez-faire generates higher entry and increases consumer surplus, but a ban on RPM enhances total welfare. Socially excessive entry occurs under both legal regimes, and the entry bias declines with the spread of demand uncertainty. Conversely, when the entry decision is taken downstream, a ban on RPM stimulates entry and consumer surplus, but laissez-faire can be total welfare superior. Our results provide antitrust policy implications about vertical price control.
Modelagem da qualidade das águas a partir de sensoriamento remoto hiperespectral

Este estudo objetiva estimar as variaveis limnologicas a partir de dados de sensoriamento remoto. Os dados foram coletados em 20 pontos no reservatorio Oros, Ceara, em marco de 2011 e agosto de 2012. Foram analisados os atributos: transparencia de Secchi, turbidez, sedimentos inorgânicos em suspensao (SIS), condutividade eletrica da agua (CE) e dados radiometricos. Posteriormente, foram realizadas analises de correlacao entre o fator de reflectância bidirecional - FR e os dados de SIS, CE, turbidez e transparencia e gerados os modelos de regressao simples. Para o atributo SIS o modelo ajustado foi o potencial (SIS = 860,1679*FRλ7201/0,6427), com um coeficiente de determinacao (R2) de 0,90. Para a variavel turbidez, o modelo de regressao ajustado foi Turb = ((FRλ720 – 0,0217)/0,0017) e com R2 de 0,90. O modelo de regressao ajustado para a transparencia foi Transp = ((-FRλ653 + 0,171)/0,1375) e com R2 de 0,92. O modelo de regressao ajustado para a condutividade eletrica foi CE = ((-FRλ632 + 0,5352)/1,6278) e com R2 igual a 0,93. Para todos os modelos os valores de p (p-value) foram menores que 0,001. Os modelos desenvolvidos indicam que as variaveis limnologicas podem ser quantificadas remotamente.
Discrimination of clinically relevant Candida species by Fourier-transform infrared spectroscopy with attenuated total reflectance (FTIR-ATR)

Accurate Candida species identification remains a challenge due to their phenotypic and genotypic similarity. Species belonging to the *psilosis group, are even described as phenotypically indistinguishable. Also, most of the genotypic methods commonly used to discriminate these species are laborious and very expensive. In this work we developed a Fourier-transform infrared spectroscopy with attenuated total reflectance (FTIR-ATR) based method as a reliable alternative for the discrimination of 12 Candida species. The collection comprises 82 clinical isolates obtained from distinct biological products, recovered between 2007 and 2014 in Portugal and Brazil and previously characterised by CHROMagar Candida and PCR-based sequencing techniques. Infrared spectra were analysed with principal component analysis (PCA) and partial least squares discriminant analysis (PLSDA). The results demonstrated that the 12 species could be successfully discriminated using the proposed infrared spectroscopy based method. Noteworthy, the PLSDA model led to the correct identification of 99.6% of the analysed clinical isolates. This rapid, low cost, and environmental friendly technique proved to be a reliable alternative for the identification of Candida species that share many phenotypic and genotypic characteristics and are often difficult to distinguish.
Factors Influencing ICT Adoption in SME

Upliftment of economy, new job creation, industrialization of small regions, removing economic disparity and improving social development of undeveloped areas are the result of contribution from the small and medium-sized enterprises (SMEs) Sector. Information and Communications Technology (ICT) has given leverage to SME sector through which they can compete with global industries and cope up with market conditions. Present stage of small industries demand the usage of ICT in their work activities to improve productivity and bring quality into the products. In India different studies about ICT usage in SMEs show that, the factors affecting the ICT implementation in a holistic approach was missing and also the list of factors does not elaborate all the parameters. The focus of this research work is to find the factors that affect ICT implementation in SMEs, establish relationship between SMEs performance and to suggest a conceptual framework for SMEs to adopt ICT. Data (During December 2019) was collected from 100 SMEs through questionnaire design covering the all the identified factors and analysis was done through Statistical Package for Social Sciences (SPSS) software. The research work revealed that ICT is important for SMEs to enhance their performance. Organizational management (Internal Factor) concentrates on employee skills and Extraneous and Stability conditions (External Factor) focusing on the demographic existence. Internal factors can be controlled by the organizations themselves, whereas the external factors need to be taken care by the Government Agencies and Industrial Associations. The purpose of this research work was to identify both external and internal factors that affect ICT adoption and to analyze the factors and their impact on organizational performance.
Sentiment about Stock Prices

The paper develops and estimates a stock pricing model with sentiment shocks to stock price forecasts and learning about stock prices by investors which replicates several survey evidence on stock price forecasts along with a standard set of asset pricing facts for the United States. A unique feature is that stock price forecasts in the model are not anchored by (or not co-integrated with) forecasts of fundamentals as in survey data. The model suggests about two-thirds of the fluctuations of stock price-dividend ratios are driven by shifting investors’ expectations as a result of the dynamic interaction between the sentiment shocks and investors’ learning.
ESG: a new dimension in portfolio allocation

ABSTRACT In this paper, we examine the impact of including environmental, social and governance (ESG) criteria in the allocation of equity portfolios. We focus on the risk and return characteristics of the resulting ESG portfolios and investment strategies. Two specific measures are considered to quantify the ESG performance of a company; the ESG rating and the greenhouse gas (GHG) emission intensity. For both measures, we carry out empirical portfolio analyses with assets in either the STOXX Europe 600 or the Russell 1000 index. The ESG rating data analysis does not provide clear-cut evidence for enhanced performance of portfolios with either high or low ESG scores. We moreover illustrate that the choice of rating agency has an impact on the performance of ESG-constrained portfolios. The analysis on GHG intensities shows that portfolios with reduced emissions do not necessarily have increased risk or diminished returns.
Green M&A, Business Model Innovation and Sustainability of Heavy Polluters: Evidence from the China’s Environmental Protection Storm'

Environmental regulation greatly increases the external transformation demands on heavily polluting enterprises. To respond to these demands, the remolding of and innovation in business models can be realized through green mergers and acquisitions (M&amp;As), which have become a strategic choice for enterprises to guarantee sustainable development. This study uses the most heavily polluting enterprises in China from 2008 to 2016 as a sample to empirically test the influence path and practical effect of green M&amp;As on sustainable development. The findings indicate that green M&amp;As can provide legitimacy for heavily polluting enterprises to survive and further develop, significantly improving their sustainable development ability. At the same time, the business model innovation brought by green M&amp;As further strengthens the protection effect. Namely, heavily polluting enterprises can realize business model innovation and improve their sustainable development ability through green M&amp;As. Further examination shows that the larger the scale of a heavily polluting enterprise, the more difficult it is to reshape their business model through green M&amp;As. However, heavily polluting enterprises with high research and development (R&amp;D) investments and state-owned property rights are more likely to realize business model innovation through green M&amp;As. This study verifies the Porter hypothesis of green management in the context of M&amp;As, and also provides theoretical support for the green finance practices of heavily polluting enterprises.
Attention, Distraction, and the Speed of Information Transmission

Attention to the most common firm disclosures, measured as the number of IP addresses accessing them on the SEC's servers, accelerates price discovery. Conversely, attention toward other concurrent filings has the opposite effect. By examining the submenu of reports that each IP address decides to read, we find that the explanatory power of attention to other filings---even while controlling for direct attention---is due to investors still needing to allocate their limited cognitive capacity within their chosen submenus. Our results provide novel evidence for this two-step information acquisition process and suggest that attention does not necessarily imply information production.
Fragile Liquidity: Analysis of Mutual Fund Liquidity Risk Management Rule

I study unintended consequences of the Liquidity Risk Management Rule adopted by the SEC in 2016. The rule imposes an upper bound for illiquid assets and a lower bound for liquid assets in mutual fund portfolios. In response to the regulation, corporate bond mutual funds shift their portfolios toward liquid corporate bonds. The ownership shift to liquid corporate bonds decreases the performance of funds and increases the comovement among the underlying liquid assets. Higher comovement among liquid corporate bonds increases the volatility in liquid corporate bond funds. However, I find little evidence of stabilized fund flows. Overall, reducing fragility in mutual funds using portfolio constraints may have unintended consequences.
A Sequential Sustainability Transformation Model for Financial Institutions

This study configures a sustainability transformation model for financial institutions considering the EU and German sustainability perspectives. The study zooms in on sustainability transformation issues deploying Stouten, Rousseau, & Cremer’s Model of ten key evidence-based steps in managing planned organizational change as an anchor in developing a sequential sustainability transformation model (STM) and classifying transformation steps in terms of E, S, and G factors. In building step-by-step an avenue for financial institutions towards sustainability, it becomes clearer that the governance factor plays the most significant and dominant role among ESG factors. The model (STM) itself, organizational change steps, transformation steps, and the findings address key takeaways not only for financial institutions but also non-financial organizations planning a full-fledged sustainability transformation and striving for a quantum leap in their markets. This study also connects the relevant literature and industry practices on sustainability transformation and addresses future research topics in the same avenue.
Inferring the Labor Wedge with Home Production: The Role of Skills

The paper documents skill heterogeneity in hours and expenditures on market work, home production, and leisure between 2003 to 2018 by using the American Time Use Survey (ATUS) and the Consumer Expenditures Survey (CEX). The purpose is to infer the labor wedge by adding three margins cumulatively that are the Beckerian preference, home production, and heterogeneous skills. Given the identified structural parameters, the first finding is that as home production is introduced, the year-average size of the labor wedge rises by 2.84 log points, and the incorporation of heterogeneous skills further lifts by 1.48 log points. Secondly, the skill heterogeneity in market and time inputs tends to escalate the size of the labor wedge whereas the skill composition and skill premium tend to absorb the inferred labor wedge with the latter being much more significant. Lastly, home production reduces the countercyclicality of the labor wedge by 13%, and the further consideration of heterogeneity in skills cuts it down by 14% more.
Blockchain, Decentralisation and the Public Interest: The need for a Decentralisation Conceptual Framework for dApps

Blockchain and Distributed Ledger Technology (DLT) enable for disintermediation of services and decentralisation of the software processes enabling them. By doing so, processes can become transparent, verifiable, tamper-proof, and immutable. They have the capacity to provide an unchangeable history, or log, of all actions that have taken place which could be traced back to specific stakeholders. It can be said that such features allow for the implementation of use-cases that strive towards the common good such as financial inclusion, ethical supply chains, and community empowerment – however, decentralisation may not always work towards the common good (Ellul & Pace, 2018). The question of whether and how exactly blockchain can help towards the common good is, indeed, too wide-ranging. What exactly the term common good is has changed, and has been debated since Aristotelian times (Dupré, 1993). In this paper a narrower concept, public interest, and its relation to decentralisation will be explored, after which we aim to provide a conceptual framework that can aid in visualising the decentralisation complexities of DLT. The proposed conceptual framework can thereafter aid in determining a system’s relevance to de/centralisation goals in aid of the public interest.