Miracle-dz/UniFAR-FTUs huggingface dataset:
Exploring the Role of Behavioral Theories in Financial Inclusion

Several theories including the Theory of Planned Behaviour, Theory of Reasoned Action, the Transtheoretical Model, the Model of Goal-Directed Behaviour and Prospect Theory are evaluated for their applicability in FI. Further, the discussion of the strength and weaknesses associated with these theories suggests unanimity in studying financial behavior, which is essential to this study. Additionally, common thematic discourses across the theories, which may support future research, are also discussed. Finally, the paper identifies the constructs across different theories which contribute to the understanding of FI by promoting the better understanding of psychological and social determinants of financial behavior.
Deposit Insurance and Depositor Behavior: Evidence from Colombia

This paper studies the effect of deposit insurance on depositor behavior. Our theoretical framework integrates insights from public and financial economics and predicts that (1) deposit insurance induces bunching at the threshold in the deposit distribution and (2) an increase in the insurance threshold promotes deposit growth, particularly higher for individuals bunching at the initial limit. We exploit a large and unexpected increase in the Colombian insurance together with monthly depositor-level records from a major bank to test these predictions. We validate the existence of bunching in deposits and quantify the heterogeneous effect of deposit insurance on individual deposit growth.
Panjer class revisited: one formula for the distributions of the Panjer (a,b,n) class

Abstract The loss count distributions whose probabilities ultimately satisfy Panjer’s recursion were classified between 1981 and 2002; they split into six types, which look quite diverse. Yet, the distributions are closely related – we show that their probabilities emerge out of one formula: the binomial series. We propose a parameter change that leads to a unified, practical and intuitive, representation of the Panjer distributions and their parameter space. We determine the subsets of the parameter space where the probabilities are continuous functions of the parameters. Finally, we give an inventory of parameterisations used for Panjer distributions.
The Value Relevance of Financial Reporting in Romania

This study examines empirically whether investors in the Romanian stock market perceive accounting information based on domestic GAAP to be value relevant. The study is motivated by the value-relevance literature in the emerging stock markets in which Romania is also included. Using a sample of all productive listed companies in the Bucharest Stock Exchange from 2005 to 2008 with available data, we obtain evidence of value relevance of accounting information in Romania based on the return and price models. The results of this study are the following: accounting information is value relevant to investors in the emerging stock markets despite the young age of the market; the improvement of the accounting rules leads to increase the relevance of accounting information; the value relevance of accounting information is greater for the companies which: has positive earnings, are large, recorded a decrease of turnover; and/or are high indebted.
The Impact of Strategic Renewal in Banking Industry Performance

In a dynamic environment, companies are required to adapt. The way for companies to stay competitive in industrial competition is to make strategies. Previous research has shown that strategic renewal can provide long-term success for corporate organizations (Agarwal &amp; Helfat, 2009). Renewal enables companies to stay ahead of their competitors and gaining competitive advantage that leads to superior performance (Lieberman &amp; Montgomery, 1988). In making strategic renewal, organizations need to develop learning orientations, ambidexterity competencies, sustainable innovation capabilities, and the presence of transformational leaders. The improvement of these four factors is expected to improve company performance, especially in a perfect market such as the banking industry. We tried to find the conclusion of the paper using the literature review method.
The FIN and PEAD Factors: Motivation, Construction, and Availability

This document provides an overview of the FIN and PEAD factors of Daniel, Hirshleifer, and Sun (2020) and describes their motivations, constructions, and availability. Based on investor psychology, Daniel, Hirshleifer, and Sun (2020) propose a theoretically motivated factor model that augments the market factor with two factors that capture long- and short-horizon mis-pricing. The long-horizon financing factor (FIN) exploits the information in managers’ decisions to issue or repurchase equity in response to persistent mis-pricing. The short-horizon earnings surprise factor (PEAD) is motivated by investor inattention and evidence of short-horizon under-reaction, and captures short-horizon mis-pricing. The 3-factor risk-and-behavioral model outperforms other proposed models in explaining a broad range of return anomalies. <br><br>Daniel, Hirshleifer, and Sun (2020) is available at https://ssrn.com/abstract=3086063.
Artificial Intelligence and Fraud Detection

Fraud exists in all walks of life and detecting and preventing fraud represents an important research question relevant to many stakeholders in society. With the rise of big data and artificial intelligence, new opportunities have arisen in using advanced machine learning models to detect fraud. This chapter provides a comprehensive overview of the challenges in detecting fraud using machine learning. We use a framework (data, method, and evaluation criterion) to review some of the practical considerations that may affect the implementation of ma-chine-learning models to predict fraud. Then, we review select papers in the academic literature across different disciplines that can help address some of the fraud detection challenges. Finally, we suggest promising future directions for this line of research. As accounting fraud constitutes an important class of fraud, we will discuss all of these issues within the context of accounting fraud detection.
Services Research in Tourism: Advocating the Integration of the Supplier Side

Service quality and design researchers in tourism have long been directed by demand-driven paradigms and consumer-centred rationales. Ontologies and epistemologies are largely output orientated and customer centred, that is, performance of services, number of satisfied customers, loyal repeat visitors, overnight stays, financial performance and others. We argue that a need exists to reduce this imbalance. This conceptual article reviews the relevant literature before developing five fundamental premises regarding the enabler-oriented view of the tourism industry. Future research should conduct empirical studies to validate and/or modify the premises presented in this conceptual article.
Small Organic Farming: The Case of Pepper (Piper Nigrum L.) Value Chain in São Tomé and Príncipe

Organic agriculture, in addition to supporting environmental sustainability, has been a meaningful way to protect and develop small farming in developing regions. The changes that have occurred within the value chain, such as increases in global standards and the effect of globalization, have created an increase in both opportunities and risks for smallholders. In the developing countries, mainly on African continent organic agriculture beyond being less researched than in the developed ones, there are constraints related to scale, certification policies, strategies, and the fact that most farmers remain in informal circuits. This paper presents a study of the pepper value chain in São Tomé e Príncipe, which is divided into two categories: certified organic producers, affiliated (Aff) to the Cooperative of Pepper and Vanilla Export (CEPIBA) and non-certified organic pepper, non-affiliated farmers (Naf). The study presents the strategy to promote organic farming through the value chain and a brief comparison among certified and non-certified organic producers. The results showed that Aff perform better than Naf because they have financial stability and apply sustainable practices that are more productive and provide better income, while Naf generally practice subsistence farming with the exception of some medium enterprises.
What Factors Affect the Intention to Borrow Through Peer to Peer Lending in Indonesia?

This research aims to investigate various intentions that influence borrowers in using a technology that focuses on the peer-to-peer lending platform as a growing financial services business in Indonesia. We use a survey by distributing online questionnaires and collect data from 183 borrowers through peer-to-peer lending. The linear regression results that have been done show that trust, perceived risk, utilitarian value, and perceived cost have a significant effect on the intention to borrow through peer-to-peer lending whereas ease of use shows insignificant results. The limitations of this study emphasize the first ten peer-to-peer lending companies registered with the OJK. Also, this study consisted of five factors measured against the intention to borrow through peer-to-peer lending.
Determinants of Carbon Emission among Households in Eastern Visayas, Philippines

Information and studies about carbon emissions are available on national level but it is very limited on regional level. Hence, we focus on Eastern Visayas and aim to investigate the influence of rising income and other socio-demographic characteristics on household’s carbon emission level. The analyses reveal that income has a significant nonlinear relationship with carbon emission depicting a turning point. However, the turning point is very high implying that household carbon emissions in Eastern Visayas will increase given the current income range. In addition, other household characteristics such as age, educational attainment, civil status, floor area, access to electricity and urbanity significantly influence household carbon emissions. Basing from the results, income and other socio-demographic characteristics are significant determinants of household emissions. The strong and significant association of income and emissions indicates that we will be further expecting increase in emissions as households become richer. Implementation of policies regarding mitigating climate change should start at the household level since results show that households has a strong influence on the increasing carbon emission.
Payment Banks: Digital Revolution in Indian Banking System

Digital revolution in India has brought paradigm shift in the banking system and financial transactions due to online payment. Payment gateways, e-commerce applications and other benefits boost smartphone users towards digital transactions. This study focuses on identifying factors important for customers to use payment banks for transaction. The identified dimensions for the usage of payment banks are; user friendly, convenience, cost effectiveness, security and easy cash management. People look for the aforesaid factors while they transact through payment banks. To validate the factors and check the model fit, a confirmatory factor analysis was run using AMOS. The analysis confirms constructs convergent validity and reliability, and model fit.
Liquidity Provision and Market-Making in Different Uncertainty Regimes: Evidence from the COVID-19 Market Crash

Kyle (1985) builds a pioneering and influential model, in which an insider observing private information submits an optimal order given the market-maker’s pricing rule, which is assumed a linear function of the aggregated order flow. We propose an extension to Kyle's model where different types of uncertainty regimes exist and where the market maker estimates market uncertainty and uses it to set her price. The model implies that the elasticity of prices to liquidity demand will increase in high uncertainty regimes. We test the outcome of the model empirically by studying the price formation process during the COVID-19 pandemic crash. A period of agitation with important announcements having a major impact on financial markets, such as the state lockdown and the Fed's fiscal response. We find that indeed the elasticity of prices to liquidity demand during the COVID-19 period has increased four times.
Do Required Minimum Distribution 401(K) Rules Matter, and for Whom? Insights from a Lifecycle Model

Tax-qualified vehicles helped U.S. private-sector workers accumulate $25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the “Required Minimum Distribution” (RMD) regulation, requiring retirees to withdraw a minimum fraction from their retirement accounts or pay excise taxes on withdrawal shortfalls. Our calibrated lifecycle model measures the impact of RMD rules on financial behavior of heterogeneous households during their worklives and retirement. We show that proposed reforms to delay or eliminate the RMD rules should have little effects on consumption profiles but more impact on withdrawals and tax payments for households with bequest motives. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber. org.
The Achilles Heel of Reputable VCs

This paper examines the impact of competition on the investment behavior and outcomes of venture capital (VC) firms with differing reputations. Following the introduction of investor tax credit programs that increase competition, reputable VCs decrease the number and size of their investments. The results are more pronounced in states with lower investment requirements and lower VC supply. Reputable VCs also reduce their syndicate size and shrink the time between financing rounds. They become less likely to partner with serial founders and their performance deteriorates. Our results suggest that increasing competition depresses returns for reputable VCs, hurting their incentive to invest.
The Global Financial Crisis and Employee Mental Health

We find that the Global Financial Crisis (2007-2009) had an adverse effect on employee mental health. To identify the causal effects of the credit shock, we exploit the plausibly exogenous variation in firms’ need to refinance their long-term debt in 2008, a period when refinancing became more difficult due to tightening bank lending standards. Using administrative data from the Netherlands, we demonstrate that antidepressant use grew significantly more in the 2008-2012 period among employees of firms in need of high debt refinancing. A higher probability of job separation in these firms suggests lower job security as a transmission channel.
Effect of pretreatments on cellulose hydrolysis of industrial wastes by Pleurotus sajorcaju

An effective method was developed to convert the cellulose of delignified and non-delignified wastecellulose fibers of paper and woodwork industry by the cellulolytic fungi Pleurotus sajorcaju . These cellulosic materials are strongly resistant to direct enzymatic hydrolysis. For this reason, the cellulose fibers were effectively pretreated with physical and chemical pretreatments. It was observed that evolution of cellulases activity depends on the type of pretreatment, the substrate utilized and the
A Macro-Financial Model of the Eurozone Architecture Embedded in the Global Offshore US-Dollar System

It is a convention to say that the Eurozone architecture is ill-constructed and deficient. However, monetary architecture is not a well-defined term in monetary theory, and there is no consensus what the Eurozone architecture is beyond being a metaphor. <br><br>By combining insights from the research strand of (critical) macro-finance, this study from the Global Economic Governance Initiative at the Global Development Policy Center develops a comprehensive definition of monetary architecture in general and presents an inductive, institutionalist model of the Eurozone architecture in particular. <br><br>The model portrays two monetary jurisdictions—the US and the Eurozone—which have a hierarchical relationship. Each monetary jurisdiction is subdivided into four segments of central banks, commercial banks, non-bank financial institutions and a ‘fiscal ecosystem. ’ Different institutions are located within these segments, represented as balance sheets. These have a hierarchical relationship with each other as well, and interlock through the instruments they hold as assets and liabilities. This adds up to a fully self-referential credit system. Each institution has its own respective elasticity space for balance sheet expansion that depends on available counter-parties, stipulations for allowed on-balance-sheet activities and available contingent assets and liabilities which are provided by higher-ranking institutions and only become real once a crisis hits. A monetary architecture is thus defined as a historically specific setup of segments, institutions, instruments and elasticity space within a monetary jurisdiction. <br><br>The model emphasizes the centrality of the TARGET2 system, shows how offshore US-Dollars are enmeshed in the Eurozone, and rejects the notion that a monetary architecture could ever ‘finished’. It will serve as a starting point for future descriptive and policy-oriented research.
The Evolving Relationship between Gold and Silver 1978-2002: Evidence from a Dynamic Cointegration Analysis: A Note

Traditionally, analysts and traders have expected to see a stable, reasonably predictable, relationship between the price (and thus the rate of return) of gold and silver. Both these metals retain important industrial, commercial and investment uses. Recent research has cast some doubt on this assumption. We find that while over the 1990's the relationship may well have been more unstable, when a longer timeframe is examined the relationship is stable but weakening. This we hypothesize is due to the changing nature of the demand patterns for gold versus silver.
A Framework to Establish Passengers' Satisfactory Key Indicators and Index in Speed Boat Ferry Service Operations

This study provides a framework to holistically assess the level of passengers' satisfaction for a given ferry service based on the dominant Design/Operational, Passengers Care/Safety/Security and Environmental categorical factors that define the ferry service operations and influence passengers' satisfaction. A test case carried out for a ferry service offered by a boat operator in the Warri wharf yields a Passengers' Satisfaction Index of 3.84, indicating that the ferry service is in the range of dis-satisfactory and moderately satisfactory, which is in good agreement with popular opinions that the service offered by that operator does not satisfy most of the passengers' expectations. The results of the test case proved that the framework reliably and realistically predicts the level of satisfaction the passengers derived from the various segments that define the service offered by a boat operator. This study will assist passengers make informed decision about the choice of operators to patronize. It will also guide operators and regulators to identify and improve those areas of the ferry service that are pertinent to the successful operation of the ferry business.
Estimations of the Conditional Tail Average Treatment Effect

We study estimation of the conditional tail average treatment effect (CTATE), defined as a difference between conditional tail expectations of potential outcomes. The CTATE can capture heterogeneity and deliver aggregated local information of treatment effects over different quantile levels, and is closely related to the notion of second order stochastic dominance and the Lorenz curve. These properties render it a valuable tool for policy evaluations. We consider a semiparametric treatment effect framework under endogeneity for the CTATE estimation using a newly introduced class of consistent loss functions jointly for the conditioanl tail expectation and quantile. We establish asymptotic theory of our proposed CTATE estimator and provide an efficient algorithm for its implementation. We then apply the method to the evaluation of effects from participating in programs of the Job Training Partnership Act in the US.
Deposit Insurance, Bank Ownership and Depositor Behavior

We employ proprietary data from a large bank to analyze how (in times of crisis) depositors react to a bank nationalization, re-privatization and an accompanying increase in deposit insurance. Nationalization slows depositors fleeing the bank, provided they have sufficient trust in the national government, while the increase in deposit insurance spurs depositors below the new 100K limit to deposit more. Prior to nationalization, depositors bunch just below the then-prevailing 20K limit. But they abandon bunching entirely during state-ownership, to return to bunching below the new 100K limit after re-privatization. Especially depositors with low switching costs are moving money around.
Putting Credit Factor Investing into Practice

Implementing established corporate bond factors in real-world portfolios poses many challenges for investors. First, the investment universe is reduced by non-tradable assets. In this article, the authors avoid investing into these bonds by constructing a tradability measure based on past transaction data. A realistic strategy to implement should target bonds that are being traded in the market. Second, factor performance is typically measured against a benchmark. To allow for a fair comparison, the authors limit the deviation between the portfolio and the benchmark in key dimensions. Consequently, not only bonds with the best signals can be included in the portfolio. Overall, this reduced universe, along with other restrictions and higher transaction costs than on the equity side, leads to a substantial performance decrease. Nevertheless, the authors show that factor investing in credit is still a successful strategy if it is approached with realistic expectations and common pitfalls are avoided. Their enhanced approach translates signals into usable trading strategies, outperforming the benchmark with an information ratio of 1.1 (1.4) for investment grade (high yield).