Miracle-dz/UniFAR-FTUs huggingface dataset:
The Misallocation in the Chinese Land Market

This paper proposes a spatial equilibrium model to quantify welfare losses from land market distortions in China. In the model, heterogeneous firms in a variety of sectors choose their locations across regions with costly trade, frictional labor migration, and land market distortions. We match land transaction and firm-level survey data to estimate land market distortions for firms. Misallocation arises when similar firms are faced with land prices that effectively prevent productive firms from establishing in large cities where they can benefit from agglomeration forces and access to higher productivity. Our framework incorporating land market distortions also helps clarify the mystery of China’s undersized cities, a phenomenon noted by Au and Henderson (2006) and Chauvin et al. (2017). Our estimates suggest large negative effects of land policies on the economic welfare in China. We end with a counterfactual exercise that suggests that a coordinated land and labor migration reform would generate welfare gains and reduce regional inequality
Qualitative Assessment of the Knowledge about Puberty and Reproductive Health among School Going Adolescents of 10-14 Years Age Group in District Varanasi

Adolescent age group constitutes 1/5th of the total population and it is a transition period of life. It has been observed that there are certain misbeliefs and misconceptions regarding issues related to adolescence. When pubescent children are not informed of the changes that take place at puberty, it is traumatic to undergo these changes and may develop unfavourable attitudes towards these changes. <br><br>Against this backdrop, the aim of the present study is to assess and compare the knowledge of the changes during adolescence among boys and girls of 10-14 years of age in both rural and urban areas. <br><br>Focus group discussions were conducted in urban area and rural area government schools, to assess the knowledge of boys and girls. 2 FGDs were conducted on boys and 2 FGDs on girls out of which 1 was conducted in a rural area and 1 in an urban area respectively. Each group consisted of 11-15 boys and girls. The data was analysed by Nvivo software. <br><br>Findings show that most of the boys from both areas were aware of the changes during adolescence but misbeliefs and misconceptions were more in boys from rural areas. Majority of the boys from both the groups informed that the health workers do not conduct meetings for improvement of adolescent health. On the contrary, only some girls were aware of the changes during adolescence.
Estimating Volatility of German Dax From Econometric and Econophysics Perspectives

Investors recently are really concerned about the risk aspects associated with the investment in securities. Volatility calculation, therefore, has become an important aspect in the financial markets. For these reasons time series models are greatly used to forecast volatility. One such model is the different variants of the Econometric model. Along with it the use of Econophysics methods is also helpful for the same. Understanding a better model of the forecast is what investors are looking forward to as it helps reduce the risk associated with investing. So a comparison of the models will be of important which will give us an insight on the same. For this purpose, the German DAX is considered.
Hydrothermal synthesis of blue-fluorescent monolayer BN and BCNO quantum dots for bio-imaging probes

Fluorescent monolayer boron nitride based quantum dots, including boron nitride quantum dots and boron carbon oxynitride quantum dots, were successfully fabricated via a hydrothermal method by cutting the bulk material assisted by a basic solution. The boron nitride/boron carbon oxynitride quantum dots are water-soluble with uniform lateral sizes around 3.3 and 4.0 nm respectively. The application of the as-prepared quantum dots as promising bio-imaging probes was demonstrated through labeling HeLa cells with boron nitride/boron carbon oxynitride quantum dots, indicating single layered boron nitride/boron carbon oxynitride quantum dots could be further used in biological applications.
The Impact of the COVID-19 Confinement on the Financial Behavior of Individual Investors

This article explores the impact of the COVID-19 lockdown in Belgium on the financial behavior of individual investors. Specifically, the article is the first to examine whether exceptional market circumstances have induced individual investors to increase their equity positions. Using a proprietary database of almost 6,5 million individual investor transactions, this article shows that most individuals used a contrarian strategy thereby buying shares when stock prices are falling. Especially investors between 18 and 35 years old and those being less experienced are found to increase their equity positions compared to other age and experience categories. Male investors seem to dominate equity markets in Belgium, even during the COVID-19 confinement period, and they increased their equity positions more in comparison to women. The patterns documented in this article are robust for the shares being constituents of the main Belgian equity index (i.e. Bel 20), for all listed shares on Euronext Brussels, and for small caps.
The Effect of Entrepreneurship Education, Self Effication, and Locus of Control on Entrepreneurship

This study was made to identify and analyze the factors that influence the entrepreneurship education, self-efficacy, and locus of control on entrepreneurial intentions. Techniques used in the sampling in this study are the SPSS version 22 and Amos version 22, with a sample of 201 respondents. data collection using questionnaires to find out the correlation or influence between the effect of entrepreneurship education, self-efficacy, and locus of control on entrepreneurial intentions.
Tariffs by Fiat: The Widening Chasm between U.S. Antidumping Policy and the Rule of Law

Constitutional scholars, lawyers, and policy analysts have long raised concerns about executive branch overreach on trade policy. The issue exploded into prominence in 2018 when President Trump authorized tariffs on imported steel and aluminum, which his Department of Commerce had identified as a national security threat under Section 232 of the Trade Act of 1962. The justification for the finding was widely perceived as frivolous, the tariffs as politically inspired, and the whole process as an abuse of executive power. <br><br>But long before the row over Section 232, Commerce was routinely abusing the vast discretion afforded to it while administering the anti-dumping law. Oddly, Commerce is given the role of judge, jury, and executioner, and it also acts as a consultant to the domestic industries filing petitions — the complainants seeking duties on imports. Dozens of remands per year from U.S. courts instructing Commerce to change its assumptions, methodologies, or calculations speak to a routine abuse of this discretion. <br><br>In 2015, in keeping with the tradition that legislation to liberalize trade be considered in conjunction with legislation to make the trade laws more accessible to domestic industry, Congress changed the antidumping law anticipating the passage of legislation to implement the Trans‐Pacific Partnership (TPP). Although the partnership never came to fruition, the changes to the anti-dumping law went forward, giving Commerce carte blanche to exercise discretion in a number of areas while remaining beyond the reach of the courts. <br><br>Among the changes was a new provision authorizing Commerce to adjust or recalculate a foreign company’s submitted cost data if it determines that “a particular market situation exists such that the cost of materials and fabrication or other processing of any kind does not accurately reflect the cost of production in the ordinary course of trade. ” Under such circumstances, “the administering authority may use another calculation methodology under this subtitle or any other calculation methodology. ”<br><br>The changes authorized by the Trade Preferences Extension Act of 2015 gave Commerce much broader discretion to decide whether, when, and to what extent it could reject, revise, and recalculate a respondent’s submitted cost data. As a rule of thumb, higher production costs mean higher anti-dumping duty rates. Alas, this is a huge problem Congress must fix.
Transfer Paradox in a General Equilibrium Economy: a First Experimental Investigation

The transfer paradox, whereby a transfer of resources that influences the equilibrium price benefits the donor while harming the recipient, is a classic paradox in general equilibrium theory. This paper pursues an experimental investigation of the transfer paradox using a theoretical framework of a three-agent pure exchange economy that is predicted to have such a paradox. Two treatments were conducted. In the first treatment, there was one subject for each agent role in the experimental economy. In the other treatment, there were five subjects for each agent role (a total of 15 subjects) in the experimental economy. The experiment results indicate that a transfer of endowments among agents influenced the market clearing price, and consequently the donors benefited from this transfer, consistent with the competitive equilibrium theory. The equilibrium effects were strongest in the treatment with larger group size, resonating with the idea that having a larger number of market participants encourages them to behave competitively. Further, when given an option to make a transfer, the majority of the donor agents endogenously decide to adjust the endowment distribution. A detailed analysis found that the subjects’ decisions to transfer were mainly driven by the equilibrium effects on prices, and their decisions were largely unaffected by their measured level of cognitive ability.
The Impact of Industry 4.0 on Innovation Performance: Insights from German Manufacturing and Service Firms

The new type of industrialization called Industry 4.0 is gaining increasing importance for manufacturing and service firms alike. Industry 4.0 is characterized by the interconnection between different information and communication technologies and between production facilities such as machines, products, devices, and online content for the purpose of automating complex business and production processes with the help of artificial intelligence. Industry 4.0-specific features such as real-time capability, interoperability as well as horizontal and vertical integration of production systems are supposed to be drivers for innovation performance. Using representative firm-level data of 4,121 German firms, this paper analyzes how the adoption of Industry 4.0 impacts innovation performance. The analysis is based on bivariate regression models, whereas a structural regression model based on Lewbel's instrumental variable methods with generated instruments supports robustness and causality of the findings. The results reveal that Industry 4.0 increases the propensity to create product innovations and has a positive impact on the intensity of product innovation in the service sector compared to manufacturing firms. Tax cuts, subsidies, or consulting services might help the manufacturing sector to invest and extend the existing products with services in order to stay innovative and competitive in the future as well.
Liquidity and Mispricing

The expected return of a strategy that consists of buying underpriced stocks and shorting overpriced ones is substantially larger for illiquid stocks than for liquid ones. This premium can be attributed to the short leg among illiquid stocks, driven by arbitrage asymmetry. The latter effect is also reflected in a univariate sort based on liquidity: a negative premium occurs, contrary to popular beliefs, driven by overpricing among illiquid stocks and underpricing among liquid ones. Furthermore, negative liquidity shocks increase overpricing, whereas positive shocks increase underpricing. These results emphasize the important role of liquidity in explaining the cross-section of expected stock returns.
Stability and Immunity to Capacity Manipulation in Large Matching Markets

Abstract Stable mechanisms are not strategy-proof in matching markets; however, they work well in practice. We study the college admission problem where colleges have completely heterogeneous preferences, and there is a continuum of students. We find an upper bound for the colleges’ capacities vector such that colleges have the incentive to report their capacities truthfully in any stable mechanism.
Extreme Climate Phenomena and Bond Returns

This paper answers the research question of the impact of extreme climate phenomena on bond returns. The question in answered by means of a factor model. Particularly, we add a climate factor to the classical bond market factors. The climate factor is constructed leveraging a novel methodology that permits the transposition of country-level climate related GDP losses into firm-level climate related fixed assets losses. The climatic factor proxies for the risk factor in bond returns related to extreme climate phenomena. The sensitivities of bond portfolios to the climatic factor are found to be statistically highly significant in most cases. We supplement the analysis with a climate stress test able to show the impact of plausible but more severe extreme climate phenomena on bond returns.
Multiple Monetary Policy Instruments, Foreign Exchange Intervention, and Exchange Rate in China

This paper investigates the effects of monetary and foreign exchange policies on the exchange rate in China. In the empirical model, a multiple number of monetary and foreign exchange policy instruments, such as the short-term interest rate, reserve requirement ratio, lending and borrowing rates, and foreign exchange intervention, are considered to describe Chinese monetary and foreign exchange policy properly. In addition, the interactions among these instruments and their interactions with the exchange rate are modelled carefully to analyze the effects of monetary and foreign exchange policies on the exchange rate properly. <br><br>The main findings are as follows. First, (contractionary) monetary policy shocks lead to the exchange rate appreciation, which is statistically significant. It is particularly interesting that shocks to all popular monetary policy instruments, such as the short-term interest rate, reserve requirement ratio, lending and borrowing rates, have significant effects on exchange rate. Second, shocks to foreign exchange interventions have limited effects on the exchange rate. Shocks to foreign exchange interventions have significant effect on the exchange rate in the short-run at best, but not in the long run. Even a persistent (or permanent) foreign exchange intervention has a temporary effect on exchange rate. In addition, a temporary foreign exchange intervention does not have any significant effect on exchange rate. Sterilization is likely to explain the limited effect of foreign exchange intervention on the exchange rate. The trend of exchange rate movements may mostly be determined by economic fundamentals, not by foreign exchange intervention, especially sterilized one. The presence of capital controls might be related to the weak effect.
Quality and stability of oral extemporaneous formulations developed from commercial tablets containing spironolactone

The purpose of this study was to develop extemporaneous liquid pharmaceutical formulations from commercial tablets containing spironolactone and to assess their stability for use in children or adults with difficulty in swallowing. The content and stability of spironolactone in the tablets, as well as in water, 1.5% carboxymethylcellulose (CMC) or simple syrup dispersions were determined by high performance liquid chromatography (HPLC) analysis on a C18 silica column (250 mm x 4.6 mm x 5 μm), with a mobile phase of methanol:water (75:25 v/v), flowing at 1 mL/ min, and UV detection at 240 nm. The extemporaneous formulations were tested over a 35-day period at 8, 27, and 40 oC. Drug content in the aqueous dispersion was far lower than expected, with significant fluctuations at all temperatures, owing to rapid sedimentation. The content proved adequate in aqueous 1.5% CMC dispersion at 27 oC, with undesirable variations at the other temperatures. The syrup-based dispersion remained stable at all three temperatures, with suitable drug content and no significant variability. No degradation products were observed in any of the formulations. The syrup-based dispersion is easy to prepare, self-preserving, stable, palatable, offering satisfactory drug content per dose, and can therefore be recommended as an extemporaneous formulation for enhancing treatment adherence and effectiveness.
From Free to Paid: Monetizing a Non-Advertising-Based App

Non-advertising-based mobile apps face several critical challenges when trying to monetize their free services—among them, the choice of pricing strategies (hard landing vs. soft landing; i.e., a “pay or churn” paywall vs. continuing to offer limited free services to existing users after monetization) and aspects of product design (whether to provide exclusive secondary offerings to paying users). The authors implemented a large-scale randomized field experiment with an app firm to test the causal effects of such pricing and product design strategies. Results show that both soft landing and exclusive secondary offerings decrease existing app users’ willingness to subscribe, but there is a positive interaction between these two strategies on subscriptions. The authors propose a theoretical framework, discuss potential mechanisms that might be at play, and conduct robustness checks to rule out several alternative explanations. A customer survey by the firm and an experiment on Prolific provide further support for the theoretical mechanism. To assess generalizability, the authors conducted a second field experiment and obtained consistent results. They also report the results from the actual implementation of the best-performing strategy by the firm. This research provides guidance on possible theoretical underpinnings of users’ responses and important managerial implications for app monetization.
Weavers' Innovative Behavior: The Impact of Knowledge Sharing and Self-Efficacy

Objective - Even though it has high historical, cultural, and economic values, Sambas weaving has in fact begun to decline. This can be seen from the reduced number of weavers and the less absorption of products in the market. Increasing the variety of weaving motifs and product diversification are some strategies to overcome the problems. Increasing the variety of patterns and diversifying products require the ability to innovate from weaving craftsmen. Sharing knowledge is a driver of increased innovation ability. Weavers' self-efficacy is needed to encourage their innovative behavior. This research aims to analyze the effect of knowledge sharing and self-efficacy on weavers’ innovative behavior. Methodology/Technique –The research questions that must be answered in this research were 1). Does knowledge sharing affect the weavers' innovative behavior? ; 2). Does self-efficacy affect the weavers' innovative behavior? The data were collected by distributing self-report questionnaires to 50 weaving crafters. Finding – The data were also supported by a secondary source taken from the literature study. Measurement variables were developed from the theory and results of previous studies. The data, then, were analyzed by using multiple linear regression with SPSS software. This research suggested that there is no significant influence of knowledge-sharing behavior on innovative behavior of weavers. There is a positive and significant influence of self-efficacy on innovative behavior of weavers. Type of Paper: Empirical. JEL Classification: M12, M19 Keywords: Innovative Behavior; Knowledge Sharing; Self-Efficacy; Sambas Weaving. Reference to this paper should be made as follows: Sulistiowati, Komari, N. (2020). Weavers' Innovative Behavior: The Impact of Knowledge Sharing and Self-Efficacy, GATR Global J. Bus. Soc. Sci. Review, 8(4): 201 – 207. https://doi.org/10.35609/gjbssr.2020. 8.4(1)
A Study on the Relationship between a Firm's Cash Dividend Policy and Its Value in Korean Stock Market

In this paper, we confirm that a firm's cash dividend policy affects its value and is influenced by different industries, market and time(the alterations of macroeconomic conditions). Our results suggest that firm value is positively associated with both cash dividend payout ratios and cash dividend smoothing. This implies that firms with high cash dividend payout ratios have high stock prices. However, using the idea of cash dividend smoothing, firms with high dividend smoothing(less increasing cash dividends compared with the previous year’s dividends, per share) also have high stock prices. These results imply that market prefers cash dividend payers, not high level of volatility of dividend payouts. Furthermore, our results, likewise present different directions and magnitudes of relationships between firm value and cash dividend policy, in accordance with industry, market and year in which firms operate. Furthermore, we could say that our results can be explained by agency, catering, financial flexibility and life-cycle theories, together.
Being numerous does not yield efficiency - Productivity and entry-exit determinants in European business services

The paper investigates whether the poor productivity performance of the European business services industry is related to scale effects, market structure, and regulatory impacts. We apply parametric and nonparametric methods to estimate the productivity frontier and so obtain the distance of firms to the productivity frontier, using detailed industry-level panel data for 13 EU countries. Subsequently, we investigate how scale effects, market structure, and national regulation explain the distance with the productivity frontier. We find that that most scale advantages are exhausted after reaching a size of 20 employees. However, scale inefficiency is persistent over time, which suggests weak competitive selection. Market and regulation characteristics explain the persistence of X-inefficiency (sub-optimal productivity relative to the industry frontier). Entry and exit dynamics increase the productivity performance, while higher market concentration works out negatively. National regulatory differences also explain part of the productivity performance, especially if this affects exit behaviour and labour reallocation costs. The most efficient scale in European business services is achieved with close to 20 employees. Scale inefficiencies show a hump-shape pattern with strong potential scale-related productivity gains for the smallest firms, while the largest firms experience persistent scale- related diseconomies, suggesting that they operate in shielded monopolist markets. The smallest firms operate under competitive conditions, but they are too small to be efficient. And since this conclusion holds for about 95 out of every 100 European business services firms, this factor weighs heavily for the overall productivity performance of this industry.