Miracle-dz/UniFAR-FTUs huggingface dataset:
Forecasting VIX

Implied volatility index of the S&P500 is considered as a dependent variable in a fractionally integrated ARMA model, whereas volatility measures based on interday and intraday datasets are considered as explanatory variables. The next trading day’s implied volatility forecasts provide positive average daily profits. All the forecasting information is provided by the VIX index itself. There is no incremental predictability from both realized volatility computed from intraday data and conditional volatility extracted from an Arch model. Hence, neither the interday volatility nor the use of intraday data yield any added value in forecasting the S&P 500 implied volatility index. However, an agent cannot utilize VIX predictions in creating abnormal returns in implied volatility futures market.
Information Availability, Information Quality and the Financial Structure of Belgian SMEs

In this paper we test whether the amount and/or quality of financial statement information affect the financial structure of Small and Medium Enterprises (SMEs). We explore this issue for Belgian SMEs because there are important differences in disclosure and audit requirements among them. Consistent with the traditional view that asymmetric or incomplete information restricts access to external funds, our results indicate that both the amount and the quality of financial statement information are positively related to SME leverage. In addition, we find that leverage is positively related to asset structure, growth (prospects) and median industry leverage; and negatively related to firm age and profitability.
Processed Protein Foods Characterized by In Vitro Digestion Rates

In vitro tryptic digestion assays and determination of relative digestion rates of food proteins described previously were used to evaluate changes in the rate of digestion following processing technologies. If pH drop measurements are used, a simple mode for the determination of relative digestion rates is suggested based on the comparison with a single reference of the same protein source. The effect of processing technologies could be tested in vitro. Significant increase in the velocity of digestion was found on microwave treatment of lentil and raw soy bean as well as on acid treatment of commercial defatted soy meals. Increase in the in vitro digestion rates was reflected in decreased feed consumption per weight gain in pig feeding experiments.
Reproductive tactics of the ringed plover Charadrius hiaticula

Reproductive tactics of ringed plovers Charadrius hiaticula were studied at three localities in SW Sweden during five seasons. The usual clutch size is four, but removal experiments showed that females can produce five eggs in succession, with similar intervals between all eggs. High predation made mean breeding success per clutch low, 6.3% of eggs resulting in fledged young. Replacement clutches were common, and many pairs laid again after rearing their first brood to fledging. Egg laying spanned three months, much longer than for other waders in this region. Between years, reproductive success varied unpredictably with time of the season, but averaged over several years, the expected success was low and similar for the different parts of the breeding season. Chicks from late clutches had similar survival and recruitment as others. Because of the long breeding season and high rate of nest failure a female may produce up to five clutches of four eggs per season, containing in total about 3.7 times her own mass. Yearly local survival of adult females and males was estimated to 84.6 and 88.6%, respectively. Ability to produce many clutches with similar expected success throughout the season favours a long reproductive period, sometimes leading to double-brooding. Possible life-history trade-offs are discussed.
Heterogeneity and Asymmetric Macroeconomic Effects of Changes in Loan-to-Value Limits

We estimate the macroeconomic effects of changes in loan-to-value limits using an approach that involves the cross-sectional loan-to-value distribution and does not require that a limit is actually in place. We show that the effects are asymmetric and non-linear as tighter limits constrain a larger fraction of borrowers. Symmetry is a good approximation when the limit is tight but not at other points. We find that an increase in heterogeneity can substantially increase the effects of a change in loan-to-value caps. We document that if one abstracts from borrower heterogeneity, one understates the size of the effects of LTV limits when the limit lies above the average LTV. <br>
20α-Hydroxysteroid dehydrogenase activity in rat placenta

20α-Hydroxysteroid dehydrogenase (20α-HSD) (EC.1.1.1.149) is the enzyme which catabolizes progesterone to 20α-dihydroprogesterone (20α-OHP), a biologically inactive steroid, and is distributed in a variety of tissues including non-steroid-producing tissues. In the present study, changes in cytosolic 20α-HSD activity were investigated in rat placental tissues and its relationship to embryonic mortality was considered; the mesometrial endometrium (including the ectoplacental cone) on days 8-11 of pregnancy (day 0=estrus), and the chorioallantoic placenta and visceral yolk sac (vitelline membrane) on days 12-21 were separately subjected to measurement of the enzyme activity. 20α-HSD activity was not detected in the chorioallantoic placenta until day 20 and then increased dramatically on day 21. Interestingly, considerable activity of the enzyme was found in the visceral yolk sac from days 14 to 21 and in the mesometrial endometrium from days 8 to 10, whereas it was undetectable in these tissues on days 11 and 12. Analysis of DEAE column chromatography revealed that these tissues contain two different types of 20α-HSD (HSD-1 and HSD-2). By an immunohistochemical method, with polyclonal antiserum to rat 20α-HSD, decidual cells and trophoblastic giant cells adjacent to the ectoplacental cone (day 10), spongiotrophoblasts and visceral yolk sac cells (days 21) were positively stained. The number of fetuses on day 10 of pregnancy was 15.4 and decreased significantly to 12.9 on day 12. Since the progesterone concentration in the amniotic fluid was only 3-4% of the maternal serum concentration, expression of 20α-HSD in the placental tissues seems to lower the concentration of progesterone in the fetal environment. Thus, 20α-HSD activity was found in the tissues surrounding the fetus during pregnancy in the rat except for the specific period (days 11 and 12) during which spontaneous fetal loss occurs. 20α-HSD is therefore present in the decidual cells during placentation and in the visceral yolk sac throughout pregnancy. These results support the hypothesis that 20α-HSD acts as a survival factor for fetuses, protecting them from the cytotoxic activity of progesterone by metabolizing it to the inactive steroid.
Estimating condition areas and boundary lengths in sample plots with mapped designs

Le Service forestier des Etats-Unis est en train d'implanter differentes facons d'echantillonner sur le terrain des groupes cartographies de sous-parcelles pour estimer les parametres forestiers. Des estimateurs biaises de la longueur des frontieres separant les differents types forestiers et des estimateurs non biaises mais inefficaces de la superficie de ces unites sont disponibles. Pour chaque sous-parcelle et par consequent pour la population elle-meme, on peut obtenir de meilleurs estimateurs de ces parametres ecologiques en mesurant quelques distances additionnelles jusqu'a la frontiere et par la suite en utilisant soit des techniques simples d'approximation par triangulation, un quadrillage ou l'echantillonnage par viree lineaire ou par importance. Presentement, la preference va aux techniques d'approximation par triangulation pour des inventaires d'operation tels que ceux realises par le Service forestier des Etats-Unis. La longueur des frontieres et la superficie ainsi que la frequence de la contiguite des differentes caracteristiques forestieres, ecotones ou zones de transition n'ont traditionnellement pas suscite d'interet lors des inventaires forestiers mais peuvent maintenant etre estimees de facon fiable et objective grâce a la nouvelle cartographie.
Premaxillary shape as an indicator of the diet of seven extinct late Cenozoic new world camels

ABSTRACT Premaxillary shape is a good indicator of the diets of extant artiodactyls, and probably of extinct ones as well. Grazing mammals have squarer premaxillae than browsers, and animals which exhibit dietary strategies between those of grazers and browsers (“intermediate feeders”) have premaxillae that are squarer than browsers but more pointed than grazers. A simple geometric model (Premaxillary Shape Index or PSI) is derived here, which describes premaxillary shape in a standardized and repeatable fashion. Premaxillary shapes are shown to correlate with diet in extant herbivores. The average PSI for 12 species of extant browsers is 54.9%; that of extant intermediates (20 species) 66.6%; and of grazers (10 species) 79%. The PSIs for each group are significantly different (P < 0.01). Our study indicates that, like modern camelids, Tertiary/Quaternary camels were not grazers, but rather browsers (Hemiauchenia macrocephala; Megatylopus gigas; Palaeolama weddelli; Procamelus occidentalis;, Alforjas sp.
Law and Banking Development in a South Pacific Island Economy: The Case of Fiji, 1970-2006

This paper examines the applicability of the prominent law - finance theory to banking development in Fiji, a representative island economy in the South Pacific region. Secondary and primary data are used to assess legal institutions and the level of development in the banking sector in Fiji (and, where possible, in other South Pacific island economies) in comparison with up to 53 other countries, both developed and developing. The paper also re-examines the question of a possible law - banking development connection internationally, in light of newly available data and a newly proposed composite index of banking development. While the results are broadly consistent with previous findings of a direct relationship between law enforcement quality and banking development, they also suggest that the legal rules codifying creditor rights may not be as influential as had been thought previously. The latter result accords with the experience of Fiji, where very weak legal rules combined with average law enforcement quality (and high accounting standards) yield a reasonable performance in terms of banking development over the 1970–2006 period. The paper also points out some possible policy implications of these results.
Risks and Their Management in Ready-Made Garment Industry: Evidence from the World’s Second Largest Exporting Nation

A smooth supply chain is critical for clothing exporters to profit and remain competitive in the global clothing industry. Several risks including the lower profit share, alongside cost reduction pressure from the buyers threaten the survival of the clothing (Readymade Garment) exporters. This paper explores the variety of risks faced by the Ready-Made Garment (RMG) exporters and their management practices in the World’s second largest exporting nations, Bangladesh. Conducting detailed case studies and in-depth interviews on 10 RMG exporters, the paper identifies that the exporters face eight different types of risks, however, have a less-than-par awareness and understanding on formal risk management. Overall findings identify a significant multi-dimensional vulnerability of the RMG exporters in Bangladesh, which serves implications for the other competing nations in the global clothing market.
Measuring Price Discovery: The Variance Ratio, the R2 and the Weighted Price Contribution

In this paper we analyze the statistical properties of three popular measures of price discovery used in empirical market micro structure research. We find that the variance ratio is a consistent estimator for the informativeness of trades or time periods if the price process follows a martingale. The R2 of unbiasedness regressions is consistent for all price processes, also if they exhibit autocorrelation or have a drift. However, the R2 is, like the variance ratio, biased for small samples. We find that weighted price contribution (WPC) is an unbiased estimator for driftless martingales. We characterize the bias of the WPC if the underlying process is autocorrelated and/or has a drift, and propose three WPC variants to adjust for these biases.
The identification and taxonomic significance of lophate pollen in the Compositae

Lophate pollen occurs in many members of tribes Arctoteae, Lactuceae, Mutisieae, and Vernonieae of the Compositae. Fifteen distinct patterns of echinolophate pollen and eight of psilolophate pollen are described and illustrated by scanning electron microscopy. A key is provided that enables the 23 patterns to be recognised. The full potential of lophate pollen as a source of taxonomic characters can only be achieved when the pattern of lophae present has been determined. The simple distinction between lophate and nonlophate pollen is rarely informative. The widespread occurrence of lophate pollen is attributed to convergent evolution and related to functional aspects of the pollen.
Montane zone vegetation of the Alsek River region, southwestern Yukon

A rapid reconnaissance technique was used to sample montane vegetation in the Alsek River region, southwest Yukon. Twenty-one major community types are described from 223 sample stands. The forest vegetation of the region is interspersed with numerous shrub and herb vegetation types. This vegetation diversity is extraordinarily rich for a forest region and is due primarily to the variable climate (both local and regional) and the frequency of disturbance by fire and geomorphological processes.Ten communities, within four forest types, are distinguished in the region. The most widespread forest type is dominated by Picea glauea. The remaining three are dominated by Populus tremuloides, P. balsamifera, and Salix scouleriana. Shrub communities recognized include the Betula glandulosa – Festuca altaica, Salix glauca, Juniperus communis – Arctostaphylos uva-ursi, Artemisia frigida – Poa glauca, Artemisia alaskana, and Salix setchelliana – Oxytropis campestris types. Herb communities distinguished include the C.
Accuracy and Bias of Equity Analysts in an Environment Characterised by Higher Disclosure: Empirical Evidence from the Italian Market

Thousands of reports are published yearly by brokerage houses and investment banks, providing trading advice to investors and forecasts about the future market price of stocks (so-called target prices). Using a database of reports about blue chips listed on the Italian stock market, we measured the forecasting ability of equity analysts in determining target prices. After outlining considerable levels of inaccuracy, we explored the weight of the various factors that might influence the accuracy of different analyst firms. More precisely, we looked at two alternative assumptions: the no-conflict hypothesis (analyst errors are due to the intrinsic difficulty of the task) and the conflict-of-interest hypothesis (analyst errors are partly or mainly due to an optimistic bias aimed at securing/retaining investment banking clients or at boosting trading). In a context of generalised excessive optimism of equity analysts, our evidence supported the first hypothesis, showing even a certain over-pessimism of the most active traders and investment bankers.
Structural analysis of regeneration in tropical dense forest: combined effect of plot and spatial distribution patterns

Abstract This study assessed the combined effect of the size and shape of inventory plots on the analysis of the density and diameter structure of saplings and juvenile trees. Thirty square plots of 400 m² were randomly laid out and each one was divided into 400 quadrats of 1 m². Stem number of recruits was recorded for all tree species and their diameter at breast height was measured in the quadrats. Seven types of subplots with different shapes and sizes were considered by grouping adjacent quadrats of 1 m². The Green index was used to assess the spatial distribution of regeneration and Weibull distribution was applied to model stem diameter distributions. Box–Cox transformations and weighted regression were used to model the relationship between the Green index, the plot patterns and the standard error of the estimation of the regeneration density. The same analyses were applied to model the relationship between the Green index, the plot patterns and the mean absolute error of the shape parameter of the Weibull distribution. The Green index and the plot size had a significant impact on the error of the regeneration density estimation. For clumped distribution of individuals, the plot shape had a significant impact on the error of their density estimation. As for stem diameter distribution, only the plot size had a significant effect on the mean absolute error of the stem diameter structure. The rectangular plots and square plots of 100 m² (14 m × 7 m and 10 m × 10 m) appeared more suitable for an effective structural analysis of woody species regeneration in the tropical dense forest for an aggregated distribution and a random distribution, respectively.
Are Capital Expenditures, R&D, Advertisements and Acquisitions Positive NPV?

Despite evidence on differences in how classes of investments correlate with present and future firm returns (Titman and Xie 2004; Eberhart et al, 2004), the literature does not yet show whether net present values across investment classes, imputed from contemporaneous firm returns, are distinct from the effects of measurement conservatism of assets in place. In this paper, I extend Easton and Pae (2004) to examine how, distinctly from measurement conservatism, investors’ NPV expectations vary across (i) GAAP-expensed and GAAP-capitalized investment classes and (ii) within these classes, across firm-level conditions associated with value/growth, profit/loss and net financial leverage levels. I find that, while NPV’s vary in the order of risk associated with respective investment classes, significant variation in NPV is driven by firm level conditions. These variations relate to other, non-financial information associated with high growth firms (Donelson and Resutek, 2012), greater value in capacity-expanding investments in loss making firms and higher NPV from investments in firms with negative financial leverage. The results in this study will thus assist analysts evaluating NPV from firm-specific investments to control for the influence of measurement conditions of existing assets and better evaluate reliability of investments’ NPV due to variation in firm-level conditions.
A circadian rhythm in oxygen consumption rate in juvenile tuatara (Sphenodon punctatus)

Abstract Tuatara have been given a high conservation priority because of their unique taxonomic status and limited distribution. Significant additional information on their biology is needed to maximise the chances of successful long‐term management. The metabolic rate of 12 juvenile tuatara was measured as oxygen consumption (mlh–1) over the daily cycle under constant light conditions. It showed a circadian rhythm, with peak rates from midday until midnight and a nadir in late morning (1100–1200 h). These results are consistent with juveniles having a late‐afternoon to nocturnal activity pattern similar to that of adults. These results support accounts of temporal variation in behaviour and physiological rates in reptilian species, which have significant implications for understanding the physiology and energetics of reptiles generally.
Small‐ and broad‐scale patterns of distribution of the upper‐shore littorinid Nodilittorina pyramidalis in New South Wales

Abstract mall-scale (within-shore) and broad-scale (among-shore) patterns of distribution, abundance and size structure of Nodilittorina pyramidalis were measured on a number of shores in New South Wales. This species showed significant patchiness in distribution and size structure. The mean density and mean shell length of snails differed among patches of shore only a few metres apart, among different heights on the shore and from shore to shore. Differences in densities appeared to be strongly correlated to the distribution of particular microhabitats, especially cracks, crevices and pits within the rock surface. This relationship and the presence or absence of these microhabitats appeared to determine the patterns of distribution of this species within and among different shores. The sizes of snails were not correlated with densities of Nodilittorina nor with the coexisting species, Littorina unifasciata, in the populations examined. Processes influencing the distribution and abundance of Nodilittorina were not investigated, but the patterns of distribution found on these shores suggest that recruitment was limited to areas of topographic complexity, ft also seems likely that limited dispersal by the adult snails retain them within restricted patches on the shore.
Microcredit, labour and poverty impacts in Mexico.

Improved household accessibility to credit is identified as a significant determinant of intra-household re-allocation of labour resources with important implications for productivity, income, and poverty status. However, credit accessibility could also have wider impacts on poverty if it leads to new hires outside the household. This paper contributes to the existing literature on microcredit in two important ways: first, it investigates the routes through which microcredit reaches those in poverty outside the household. We test whether, by lending to the vulnerable non-poor, microcredit programmes can indirectly benefit poor labourers through increased employment. Second, we conduct the study in the spatial dimension of urban poverty Mexico. This is relevant when considering that, unlike in rural areas, labour often represents the only source of livelihoods to the extreme poor. Our findings point to significant trickle-down effects of microcredit that benefit poor labourers; however, these effects are only observed after loan-supported enterprising households achieve earnings well above the poverty line. The paper concludes with reflections on the policy implications.
The Private Equity Premium Puzzle Revisited: New Evidence on the Role of Heterogeneous Risk Attitudes

The empirical finding that entrepreneurs tend to invest a large share of their wealth in their own firms despite comparably low returns and high risk has become known as the private equity premium puzzle. This paper provides evidence supporting the hypothesis that lower risk aversion of entrepreneurs, and not necessarily credit constraints, may explain this puzzle. The analysis is based on a large, representative panel data set for Germany, which provides information on asset portfolios and experimentally validated risk attitudes. The results show that both the ownership probability and the conditional portfolio share of private business equity significantly increase with higher risk tolerance.