Miracle-dz/UniFAR-FTUs huggingface dataset:
The Social Construction of Accounting Reality: Translation of a Principles-Based Discourse

Purpose—Applying the concept of translation, this study aims to develop an understanding of how the principles-based discourse emerged and became rule-like social facts and thus constructed an accounting reality in a particular regulatory space. <br><br>Design/methodology/approach—This study focuses on various stakeholders’ discourses. The material and analysis presented in this paper derive from an extensive review of congressional documents, official reports, consultation documents, comment letters, and a range of additional information available on the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) web pages, as well as related academic papers. <br><br>Findings—The “principles-based” concept was originally introduced to describe the features of International Financial Reporting Standards (IFRS), in contrast with the “rules-based” concept. Through the principles-based versus rules-based debate in the early 2000s, the following accounting reality was temporarily constructed: IFRS is principles-based and US Generally Accepted Accounting Principles (GAAP) rules-based, and the principles-based accounting standards (PBAS) are more relevant and useful in decision-making. That is, the principles-based discourse and its recurring narrative provided a rational account and moral basis for a comparative advantage of IFRS. <br><br>Originality/value—In line with the existing discourse-related accounting literature, this study focuses on the principles-based discourse and analyzes its critical roles in the process of accounting change. It also shows how the US SEC and the FASB played essential roles in the translation process that constructed the US accounting reality. Furthermore, this historical case sheds light on how local actors react to changes and shows how scandals, a historical contingency, became an impetus for accounting changes. <br>
The Impact of Over Confidence, Loss Aversion and Regret Aversion on Investors Trading Frequency: Empirical Evidence of Pakistan Stock Exchange

Excessive trading frequency of individual investors is never completely explained from concepts covered under traditional finance. Therefore, objective of this paper is to investigate the impact of three behavioral biases i.e., overconfidence, loss aversion and regret aversion on the trading frequency of individual investors in Pakistan Stock Exchange (PSX). This objective has been achieved by selection of a sample of individual investors through convenience sampling technique. The sample is drawn from the total population of 220,000 individual investors registered at PSX. Research is conducted in positivist paradigm in which 384 questionnaires are used for collecting primary data from the respondents. Multiple linear regression technique is used to assess the degree and direction of the relationship among selected variables of study. The results revealed that overconfidence of individual investor has positive and significant impact on trading frequency of investors. Whereas, loss aversion and regret aversion both have negative and significant impact on trading frequency of individual investors. This study provides a guideline to policy makers such as Securities and Exchange Commission of Pakistan (SECP) who are trying to sort out plausible solutions pertaining to overconfidence, loss aversion and regret aversion behavioral biases impact on individual investors in PSX. Study is also taken as an effective guideline for individual investors who are encountered by behavioral biases specifically overconfidence, loss aversion and regret aversion.
The Effects of Mandatory ESG Disclosure Around the World

We examine the effects of mandatory ESG disclosure around the world using a novel dataset. Mandatory ESG disclosure increases the availability and quality of ESG reporting, especially among firms with low ESG performance. Mandatory ESG reporting has in turn beneficial effects on firm’s information environment: analysts’ earnings forecasts become more accurate and less dispersed after ESG disclosure becomes mandatory. On the real side, negative ESG incidents become less likely, and stock price crash risk declines, after mandatory ESG disclosure is enacted. These findings suggest that mandatory ESG disclosure has beneficial informational and real effects.
Open Innovation Deficiency: Evidence on Project Abandonment and Delay

The concept of Open Innovation (OI) has breathed new life into both empirical research and industry practice concerned with distributed and collaborative modes of innovating. Certainly, the volume of OI research and its impact on practice has been remarkable. However, equally remarkable is the lack of balance. With few exceptions, the stories of OI are positive stories. A unbalanced focus on successes leads to open innovation imperatives and the conclusion that, for most firms, openness is good, and more openness is better. In this paper, we nuance this perception by empirically investigating the relationships between innovation openness and its effects on project abandonment and delays. Using survey data from Belgium, we find that open innovation strongly associates with an increased risk of both project abandonment and project delays.
Extreme Overdispersion and Persistence in Time-Series of Counts

Time series of counts are often characterized by high overdispersion and persistence. These extreme features challenge the existing models. We approach this problem by combining the framework of INAR with a latent Markov structure. We call it HMM-INAR since it belongs to the class of hidden Markov models. We study the probabilistic properties of HMM-INAR model and illustrate conditions for the existence of an ergodic and stationary solution. We show that the HMM-INAR model is identifiable and can be estimated by maximum likelihood via an efficient expectation-maximization (EM) algorithm with steps available in closed form. The HMM-INAR well predicts the distributional and dynamic features of the time series of counts under investigation, i.e. the number of monthly bankruptcies in South Korea, and the number of trades and volume of several NYSE stocks observed at high frequency. Finally, the model proves empirically superior to other INAR specifications.
Intraday Imbalance Optimization: Incentives and Impact of Strategic Intraday Bidding in Germany

Intraday markets are crucial to balance supply and demand in the very short term, up to delivery. It offers also opportunities for speculative trading. This paper analyzes a strategy of taking positions in the German intraday market based on expected imbalance prices. Using a logistic regression model, it is possible to accurately predict the direction of the overall system balance and to apply a profitable trading strategy. However, this behavior would not have been system supportive due to biased imbalance price incentives. These are asymmetric price spreads and insufficiently low imbalance prices compared to intraday prices. An efficient intraday price constraint would partly solve the problem and intentional imbalance positions would predominantly reduce the system balance, especially in situations when the system wide imbalance is high. These findings are important for other European countries with a single imbalance pricing and provide an indication for crucial points of the imbalance pricing rules.
State-Owned Enterprises as Actors: An Institutional Work Framework

Although state-owned enterprises (SOEs) are recognized as important economic actors, the literature to date has assumed close state control over SOEs and therefore their passive stance towards institutions. Drawing on the institutional work and historical institutionalism literatures, we challenge this view. We develop a multilevel framework of SOEs top management teams’ (TMTs’) embedded agency, spanning the national macro-institutional level, the meso-level of regimes of state-SOE relations, and sector-specific institutions. We then derive propositions regarding the factors across these multiple levels that shape SOE TMTs’ motivation, resources, and scope for institutional work. This framework allows us to explain the leeway for and likelihood of SOE TMTs’ engagement in institutional work across institutional contexts.
How Does Information Asymmetry Affect Corporate Risk Management? Evidence from a Natural Experiment

We revisit the unsettled question of the effects of information asymmetry on corporate hedging by testing three prominent information-asymmetry based theories of hedging. Exploiting mergers or closures of brokerage firms as plausibly exogenous information asymmetry events, we find that treatment firms significantly reduce derivative-based hedging, compared with matched control firms. Lower hedging is concentrated in firms that are ex ante subject to (1) lower collateral, more financial constraints and simultaneously better growth opportunities or (2) lower collateral and a lower-quality CEO. Treatment firms that have a high-quality CEO and are not subject to collateral constraints increase hedging after the shock, consistent with the hypothesis that hedging signals superior managerial quality. Overall, our findings support the view that collateral constraints significantly dampen hedging.
Rational Distribution Channel Mix for Lifestyle Brands in India – An Empirical Study

Indian lifestyle brands need to understand the importance of their retailing distributionchannels in relation to their overall brand image, products / categories they offer, targetconsumer group and their implications on the overall brand profitability and consumerperceptions over the brand image rather applying standard thumb rules, assumptions andmisconceptions followed by other generalist brands or even short-term lucrative deals offeredby distribution channel partners. It is evident that only few Indian brands are able to createtrue lifestyle brand image in their employees, investors, competitors and consumers mind andtrueness level of majority of Indian lifestyle brands is still a question. Majority of developingand developed Indian lifestyle brands assume that the success of a lifestyle brand is measuredbasis the revenue or profit they generate through having presence across wider distributionchannels and are impatient / unaware of implicit long-term strategical benefits of creating atrue lifestyle brand image in consumers mind using a rational distribution channel mixstrategy. It is true that India is one of the countries with consumers belonging to the widestrange of Religions, Regions, Languages, Sub-Cultures and Economic backgrounds whichmakes it very difficult for any lifestyle brand to have their presence across the country throughvarious distribution channels as each one of them have their own pros and cons for the brand.This makes it furthermore important for lifestyle brands in India to be more careful andefficient in ensuring the adaptation of rational distribution channel mix. It is observed that themajority of Indian lifestyle brands believe they have adopted the right distribution channel mixand it is yielding the best possible revenue and profit. This belief / assumption always distractsthem from analysing the pros and cons of each distribution channel with respect to the overallbrand image and they rather spend most of their time in finding sales channels which are newor latent in nature to be added to the existing distribution channel mix. In this research, wehave analysed twelve months actual sales data across various distribution channels availablein India of few select lifestyle brands and drawn insights to recommend a rational distributionchannel mix for lifestyle brands in India.
Participative Decision Making and Organizational Commitment: The Mediatory Role of Influence and Communication

In a high turnover environment, inculcating organizational commitment among employees is a big challenge. We proposed a theoretical framework explaining how participative decision making affects commitment. For this, we modified the Jackson (1983) model explaining the effect of Participation in Decision Making on communication, and further extend it to Organizational commitment in the perspective of Elele &amp; Fields (2010). The participative decision was measured by employee engagement in decision making (EE), meeting load (ML), and management support (MS). These factors increase, Perceived Influence among employees (PI), Job-related communication (JR), and Personal communication (PC). Moreover, thorough these communication factors, organizational commitment got increase. This is classified as Affective commitment (AC), normative commitment (NC), and continuance commitment (CC). To establish its empirical validity, we conducted a survey based on a close-ended questionnaire, from 200 employees, working in different organizations of Karachi. Data were analyzed using structured equation modeling and confirmatory factor analysis. The result suggested that Job-related communication effectively mediate employee engagement in decision making and both Affective and normative commitment. Similarly, Personal communication and Perceived Influence also mediate the effect of meeting load on continuance and normative commitment respectively. Moreover, management support increases both Perceived Influence and Job-related communication. And lastly, employee engagement has a significant positive effect on Perceived Influence. Overall findings backed our theory and explain the strong effect of Participative decision making on commitment mediated by communication.
Impact of Final Delivery Effectiveness of Online Purchases on Customer Loyalty, Focusing on Retail Industry: A Systematic Review

Final delivery is the most vital part of a supply chain and the current study focused on finding whether there is a relationship between final delivery effectiveness on customer loyalty, which is another vital factor for the sustainability of any business. Therefore, current study adopted a systematic review of peer reviewed journal articles to find a relationship through thematic synthesis, identifying various themes to measure final delivery effectiveness and customer loyalty. Author identified five themes to measure final delivery effectiveness and three to measure customer loyalty. Customer loyalty can be significantly enhanced through customer satisfaction, repeat purchases and order fulfillment through shortened delivery time and trusted relationship. In addition, retailer capacity, delivery conditions and delivery distance also are other factors to improve customer loyalty. However, due to limitations identified, author recommends a primary research using customer data from actual online purchases for wide generalizability and validity as a future opportunity stemming from this study. The study can be used to improve customer loyalty by retail practitioners who are also in the online retail business, and further research opportunities can be used by researchers contributing to the academia.
The Equity Risk Premium in June 2005: Evidence from the Global Cfo Outlook Survey

Based on a multi-year survey of U.S. Chief Financial Officers (CFOs), we present expectations of the risk premium measured over a 10-year horizon relative to a 10-year U.S. Treasury bond. Our survey also provides measures of the disagreement over the risk premium. We also provide a measure of individual uncertainty in that we ask for each respondent's 80% confidence interval for their risk premium assessment. We combine the June 2005 survey data with 20 historical quarterly surveys that date back to June 2000. We also collect demographic information about our survey participants. Finally, we present the results of other questions on the survey in June 2005 which include assessments of both economy-wide and firm optimism.
Optimized D-Q Vector Control of Single-Phase Grid-Connected Inverter for Photovoltaic System

1 Department of Electrical Engineering, Dhonburi Rajabhat University, Samut Prakan 10540, Thailand 2 Department of Electrical Engineering, Faculty of Agro-Industrial Technology, Rajamangala University of Technology Tawan-ok Chanthaburi Campus, Chanthaburi 22210, Thailand 3 Department of Electrical Technology Industrial, Faculty Technology Industrial, Thepsatri Rajabhat University, Naraymarharaj Road, Talachupchorn, Lopburi 15000, Thailand
The Fast and the Furious: Exchange Latency and Ever-fast Trading

This paper examines how technological innovations drive fast trading investment for both speculators and exchanges and their impact on market. The negative externality of the speed acquisition from fast speculators can result in excessive investment, which is intensified as speculators’ speed technology advances. As exchange’s speed technology advances, faster exchange makes faster speculators more concentrated; that is, higher exchange speed shrinks market fraction of fast speculators but stimulates their optimal trading speed. As the result, market liquidity is improved but price discovery is reduced. Policy makers aiming to balance price discovery and deadweight loss from costly speed investment may lead to a mismatch between the desired exchange speed for policy makers and the optimal speed supplied by exchange, echoing the concerns of market regulations about market failure on speed arms race.
Impact of Exchange Rate Risk on the Volatility of Emerging Market Bond Fund Flows: Does Currency Denomination Matter?

This study examines the impact of exchange rate risk on EME bond fund flow volatility against the backdrop of considerable growth in local currency (LC) bond funds among emerging market economies (EMEs) over the past decade. We find that exchange rate volatility triggers a significantly larger increase in fund flow volatility of LC bond funds over hard currency (HC) bond funds in EMEs. This finding has two important policy implications. First, it may reflect a lack of tools for foreign investors to hedge against foreign exchange risk, thus forcing them to move their funds in and out of EMEs in times of volatile exchange rate movements. Second, more rapid growth of LC bond funds among EMEs in recent years means these economies are likely to experience more volatile capital flows than in the past. The implications point to the pressing need for EMEs to develop effective tools for foreign investors to manage their exchange rate risk and to deepen the domestic investor base to contain the impact of the exchange rate on fund flow volatility. <br>
Loss Given Default Distributions in Different Countries: The Modality Defines the Estimation Method

Estimating the credit risk parameter loss given default (LGD) is important for banks from an internal risk management and a regulatory perspective. Several estimation approaches are common in the literature and in practice. However, it remains unclear which approach leads to the highest estimation accuracy. In this regard, existing comparative studies in the literature come to different conclusions. The differences can be attributed to the specific choice of loan portfolio and, thus, to the specific choice of the LGD distribution. Against this background, we examine the estimation accuracy of various LGD estimation methods, including traditional regression and advanced machine learning. Our analysis is based on international loan portfolios of 16 European countries, with a total of 26, 227 defaulted loans of small and medium enterprises. Using a cluster analysis, we assign country-specific loan portfolios to three relevant modality types of LGD distributions. For each of these three types, we empirically determine the estimation method with the highest estimation accuracy.
Default or Profit Scoring Credit Systems? Evidence from an Emerging High-Risk P2P Loan Market.

For the emerging peer-to-peer (P2P) lending markets to survive, they need to employ credit risk management practices that ensure an investor base that is profitable in the long-term. In this paper, we propose a profit scoring decision support system that is dynamically updated and based on modeling the annualized adjusted internal rate of return of a loan. Our statistical approach is based on logistic and linear regularization methods complemented with Bayesian model averaging and selection techniques. Using data on loans from an emerging European P2P market, we document that in an out-of-sample framework, our approach overwhelmingly dominates standard credit scoring models that are based on labeling loans as either defaulted or not. In fact, even if we take data snooping bias into account, we find that realized returns tend to be significantly--almost 2.5 times--higher when using our profit scoring approach compared to the standard credit-scoring model based on regularized logistic regressions. Finally, as our results are robust across different modeling choices, we conclude that the management of credit risk can be significantly increased by designing systems that model profitability instead of loan (non)failure. Our results thus suggest a paradigm shift in modeling credit risk in the P2P market as modeling loan returns leads to much more accurate decisions than that achieved by more elaborate models that model loan's probability of a default.
Does It Pay to Invest? The Personal Equity Risk Premium and Stock Market Participation

Individuals’ stock market participation depends on the risk–return trade-off they expect to achieve from investing. We argue that the expected economic benefits from investing are highly heterogeneous. To capture these benefits, we define the personal equity risk premium (PERP) as the difference between an individual’s expected stock return and personal opportunity cost of capital. We find that the PERP is a significant determinant of stock market participation. Our results hold after we control for known factors, such as financial literacy, trust, and loss aversion. The results are stronger when we analyze the level of stock investment. Disentangling the PERP into its two components shows that both contribute to explain both stock market participation and the level of participation.
TUW-IFS at TREC NEWS 2020 : Wikification Task

This paper presents our work and submission to the TREC 2020 News Track on Wikiﬁcation. This task aims to link word and phrases to entities in external knowledge bases, such as external news articles or Wikipedia. The idea behind this task is to increase user reading comprehension by linking entities in the text they are reading to external knowledge bases that contain information on those entities. In order to perform the Wikiﬁcation task, we have built a processing pipeline consisting of three main parts: identiﬁcation, candidate generation and disambiguation, and candidate pruning or nil detection. Our model is fully unsupervised, and it does not require data training. We use commonness, topic modeling distance, and embedding similarity as a disambiguation method. The evaluation of the task submissions was done using newly introduced metrics: correctness of the link, the usefulness of the target link, the usefulness of the anchor span and the sensibility of the anchor text. Our method was designed to focus on coverage to also support the readers with limited knowledge in English, and thereby requiring more explanations and the possibility to have the explanation in another language. Based on the result, we conducted a failure analysis. We infer that our low scores on both evaluation are due to the use of Wikipedia as the only knowledge base to linked to, and lack of entity ordering during our ﬁnal processing.
What You Need to Know About Pooling of Interests Accounting

In business combinations, particularly those involving larger companies, pooling of interest accounting is the preferred method of valuing the combined company, resulting in a larger EPS. Pooling of interests accounting will not be allowed under certain circumstances relating to stock options and change-in-control agreements, among other areas of HR responsibility. In order to prepare for business combinations, benefits professionals need to review their plans and create a list of revisions that will ensure that the use of pooling of interests accounting will not be precluded.