Miracle-dz/UniFAR-FTUs huggingface dataset:
Essays on financialisation, income distribution, and the business cycle

The aim of this doctoral research project is to examine the impact of financialisation on income inequality and on business cycles. More precisely, the present study seeks to answer three core research questions: (i) Were the business cycles of the USA and the UK driven endogenously by the private debt aggregates since the late 19th century as suggested by Hyman Minsky’s behavioural theory of economic fluctuations? (ii) Did the private debt aggregates and real share prices contribute to declines in labour share growth in France, Sweden, and the USA since the late 19th century? (iii) Which financial variables are linked to the rise of the top one per cent income share in the neoliberal era in the USA, Germany, and Sweden? Chapter 1 provides strong econometric evidence for corporate debt-driven cycles a la Minsky in the US economy since it is found that the corporate debt ratio has been procyclical, and GDP and investment growth have been corporate debt-burdened in the full sample period. There is also weak evidence for Minskyan mortgage debt-driven cycles in the USA. Regarding the UK, there is evidence that its corporate leverage ratio has been procyclical. Chapter 2 shows that there is robust evidence that the mortgage debt accumulation has led to decreases in the labour shares of France, Sweden, and the USA since the late 19th century. For Sweden, real share prices and stock market capitalisation also exhibit negative effects on its labour share in historical context. However, the econometric findings suggest that the effects of power resources variables like union density and government spending are stronger than those of the financial variables. Chapter 3 estimates econometrically the determinants of the top one per cent income share in the neoliberal era. The results of the estimations suggest that real share prices increase the top percentiles of the USA and Sweden, dominating the other explanatory variables in terms of magnitude. In the neo-mercantilist, export-oriented economy of Germany it is the positive effect of trade globalisation that prevails over the rest explanatory variables, with finance playing a limited role. Unlike functional income inequality, the effects of financial variables prevail over those of power resources variables on the top one per cent. The findings of this research project show that the financialisation of different sectors of the economy have different effects on the macroeconomy. Therefore, the concept of financialisation should be perceived as a dynamic, transforming process which has been historically integral to capitalism and should be studied in a comparative perspective by considering cross-country and cross-period discrepancies.
Exploring OER Awareness and Engagement of Academics from a Global South Perspective – a Case Study from Ghana

This study explored how academics in a Ghanaian university conceptualized and engaged with OER through a qualitative approach (in-depth interviews). “Access” emerged as the most dominant theme in how OER was conceptualized. Academics regarded OER positively; emphasizing its role in reducing the knowledge imbalances between the Global North and Global South and enhancing academic practices. Whilst some quality concerns about OERs were expressed, the reputation of sharing-institutions turned out as a significant factor in determining quality of the materials. Overall, the study revealed a deep-seated culture and practice of (re)use, revise, remix and redistribution of e-resources – akin to open practices, only that, this occurred locally among faculty, and at highly informal levels without the application of relevant open licences due to low awareness. In effect, the existing practices among faculty signal open-readiness.
Automatic Expression Recognition Based on Mouth Shape Analysis

This paper presents a simple approach for facial expression recognition. In the preprocessing stage, rough lips region is obtained from original face image using HSI space. Then, based on the binary image, exact lips region is located within a rectangle. To achieve this goal, PSO algorithm is applied to search for the best rectangle region. Finally, expression is estimated based on the parts ratio of lips. The simulation results show that this geometric approach is accurate and effective, even for the slightly smile.
The Implications of Transformational Leadership Styles, Organizational Commitments and Teamwork Performance Among Law Enforcement in Malaysia

The purpose of this study is to examine and evaluate the implications of organizational commitment factors as a mediator of the relationship between transformational leadership styles and teamwork performance among law enforcement in Malaysia. Quantitative research design has been used which comprise a number of 254 support group of law enforcement officers in the Federal Territory of Putrajaya. Multiple regression analysis is used to evaluate the direct and indirect relationships of variables and study models. The two factors characteristic of the transformational leadership style are used as an independent variable in looking at the effectiveness of teamwork performance among law enforcement. The inspirational motivation and individual considerations have positive and significant relationships with teamwork performance. Organizational commitment is found to have a partial mediator that influenced the relationship between inspirational motivation and individual consideration in teamwork performance. The inspirational, motivational features and individualized considerations in the style of transformational leadership are necessary and emphasized in producing more productive and effective teamwork commitments and performance. This study presents the details of the implications of transformational leadership style characteristics on organizational commitment and teamwork performance in the context of law enforcement in Malaysia.
Unorthodoxy in Hungary: an illiberal success story?

ABSTRACT This paper offers a political economy perspective of Hungary under the Orbán regime (2010–18). What specific variety of capitalism emerged from the series of centralising measures pertaining to property, banking, fiscal management and the division among various policy fields? We provide a functional overview of the Hungarian model of the market applying the varieties of capitalism framework. How far did it all succeed? The two hypotheses to be tested are (a) that incremental change translated into a new quality in 2010–18; and (b) that it were the uniquely favourable external conditions rather than institutional and policy innovations that explain less than exceptional outcomes.
How Can Government Support Affect Behaviors of Investors and Rating Agencies in a Corporate Bond Market? Evidence from China’s Corporate Bond Market

ABSTRACT This study explores the relationship between government support and the behaviors of participants in a corporate bond market. The “implicit guarantee” of bonds is measured by two proxies: state-owned ownership and prestigious underwriter reputation. Bonds with these features have lower credit spreads and higher credit ratings. Since March 4, 2014—the first bond default event—evidence suggests that the effect of state-owned ownership on credit spreads and ratings is still pronounced, but the effect of underwriters’ reputation has weakened. Our findings provide supporting evidence for the effectiveness of marketization in China’s corporate bond market.
Developing General Equations for Urban Tree Biomass Estimation with High-Resolution Satellite Imagery

Urban trees provide various important ecological services, the quantification of which is vital to sustainable urban development and requires accurate estimation of tree biomass. A limited number of allometric biomass equations, however, have been developed for urban species due to the prohibitive cost. Remote sensing has provided cost-effective means for estimating urban forest biomass, although the propagation of error in the estimation process is not well understood. This study aimed to offer a baseline assessment of the feasibility of estimating urban tree biomass with remote sensing-based general equations applicable to broad taxonomic groups by conducting a large urban tree inventory on a university campus. The biomasses of 191 trees of seven species from the inventory, separated into two categories (i.e., evergreen and deciduous), were calculated exclusively with urban-based species-specific allometric equations. WorldView-2 satellite imagery data were acquired to retrieve normalized difference vegetation index (NDVI) values at the location, crown, and stand levels. The results indicated that biomass correlated with NDVI in varying forms and degrees. The general equations at the crown level yielded the most accurate biomass estimates, while the location-level estimates were the least accurate. Crown-level spectral responses provided adequate information for delivering spatially explicit biomass estimation.
Market timing using derivatives on the Johannesburg Stock Exchange during bear periods

The objective of the study was to investigate the gains from market timing strategies using derivatives during a period when the return on the market was below that of the risk-free asset (a so-called bear period). It was found that perfect timers appear to do better under bullish rather than bearish markets. However, in a bear period, substantially lower predictive accuracies were needed to beat a buy and hold strategy when timing strategies using call options and holding cash (bull timing) were used compared to the strategy of holding the market and buying puts (bear timing) ahead of anticipated poor periods. Finally both the strategies of holding cash and buying a call in every period (market speculation) as well as of holding the market and buying a put in every period (portfolio insurance) out-performed a buy and hold strategy.
Financial Market Development and Firm Investment in Tax Avoidance: Evidence from Credit Default Swap Market

Abstract Lenders reduce their monitoring efforts after hedging their credit risk exposure through credit default swap (CDS) contracts, which are akin to insurance against borrowers’ adverse credit events. In this study, we examine whether, upon observing the reduced lender monitoring following CDS trading, shareholders demand that borrowing firms invest in more aggressive tax planning strategies, which were previously constrained by risk-averse lenders. Using a difference-in-differences design that exploits the variation in timing of the inception of CDS trading, we document that borrowers exhibit greater tax avoidance after the inception of CDS trading. Consistent with shareholders stepping up their demands post-CDS, we find that the increase in tax avoidance is stronger for (i) firms with more powerful and influential shareholders, as measured by dedicated institutional investors, (ii) firms with stronger shareholder defenders, as measured by board independence and board size, and (iii) firms with more strategic default options. We also find that borrowers with higher levels of tax avoidance are less likely to file for bankruptcy in the future. Our findings are robust to a battery of sensitivity checks, including controlling for cost of debt and endogeneity, as well as using alternative measures of tax avoidance.
Physical activity and obesity in Lebanese adolescents : prevalences, measurements and associations

Obesity is a pathological excess of body fat. An environment with boundless food availability, and an increasingly sedentary lifestyle coupled with less chances for PA creates the perfect setting for obesity. Previous studies in Lebanon show that prevalence of obesity in adults is significant. Suggested causes include low physical activity, inactive lifestyle, and nutritional intake. However, in adolescents, research shows that prevalence is low among girls as compared to boys, and as compared to girls in other countries. The first aim was to assess the prevalence of overweight and obesity among Lebanese adolescents and to examine correlates of physical activity, inactivity, and quality of life with BMI status. The second aim was to determine the relation between Body Mass Index and percent body fat among girls and to investigate the effect of physical activity on this relation. The work in this thesis was conducted across two phases. In phase one, 1000 participated. They completed a self-report questionnaire made up of several sections. Data from this phase was used in study 1. In phase two, 65 adolescent girls were recruited. Body weight and height were measured by standard anthropometric procedures. DXA whole body scans were performed and subjects completed a physical activity questionnaire. Data from this phase was used in study 2 and 3. In Study one, based on international BMI cut off points, the prevalence of overweight and obesity is 22.5% and 7.8% in boys respectively, and 12.47% and 1.78% in girls respectively. Boys are more active than girls. Obesity in adolescence impairs quality of life and is more pronounced in girls. Study two shows that girls demonstrate a higher body fat for a given BMI, based on this, the current prevalence of overweight and obesity is underestimated. Finally, study three suggests that by adding a simple validated self report questionnaire for physical activity, it may be possible to improve the relation between BMI and %BF
Island Divertor Transport Modelling and Comparison with Experiment

A realistic modelling of island divertor transport, taking into account the complex 3D island structures and the discontinuous divertor plates and baffles, has become possible by the development of the 3D Monte Carlo code EMC3-EIRENE [1,2], which has been already used to predict basic features of the W7-AS island divertor [3,4]. Recently the code has been extended to include a self-consistent treatment of impurity transport [5]. This paper presents first applications of the extended code to W7-AS for different edge densities up to detachment conditions and a discussion of the related physics. In addition, a new mapping technique is presented, which extends the application range of the EMC3-EIRENE code to open magnetic field structures like open islands and arbitrary stochastic fields.
Journal Votes, Preferences, and Partisanship in the U.S. House of Representatives

In this paper, I examine the performance of the estimated preferences of members of the U.S. House of Representatives generated by Poole’s Optimal Classification (OC) algorithm. Specifically, I focus on the difference in within sample performance of the estimates as a function of whether the roll call vote was recorded on a day with a recorded vote on the House Journal. Considering the 102nd-107th Congresses, I find strong evidence that the OC estimates perform better on days on which a recorded vote on the Journal occurred.
Dynamics of the Inner Elite in Dictatorships: Evidence from North Korea

How does the circle of inner elites evolve over time in dictatorships? We draw on theories of authoritarian power-sharing to shed light on the evolution of politics in North Korea. Given challenges in collecting individual-level data in this context, we employ web-scraping techniques that capture inspection visits by the dictator as reported by state-run media to assemble network data on elite public co-occurrences. We test the durability of this network since Kim Jong-un's rise to power in December 2011 to find suggestive evidence of elite purging. Our findings contribute to the broader literature on authoritarian elite dynamics and to subnational studies on power-sharing in communist states. Importantly, our approach helps bring the study of North Korean politics more firmly in the mainstream of political science inquiry.
Institutional Investors, Real Earnings Management and Cost of Equity: Evidence from Listed High-tech Firms in China

ABSTRACT This paper investigates the association between real earnings management and the cost of equity from the perspective of the heterogeneity of institutional investors. Based on a sample of publicly listed high-tech firms in China from 2008 to 2017, our empirical results suggest that there is a significant negative correlation between earnings management and the cost of equity capital. This finding is contrary to previous conclusion, indicating that, in China, real earnings management cannot be effectively identified by external investors, and the company could easily obtain financing from the capital market and reduce its cost of equity due to its masked excellent performance by manipulating the real earnings management. Furthermore, we find that compared with transient institutional investors, stable institutional investors with the intention of holding the stock for the long-term can effectively reduce the cost of equity. Our results also show that real earnings management under the supervision of stable institutional investors could be more easily identified by shareholders and stable institutional investors could diminish the impact of earnings management on the cost of equity.
The effect of wage dispersion on performance in the NBA

I investigate the impact of wage dispersion on performance in the NBA. I find that there is an inverse U-shaped relationship between wage dispersion and performance. When using wage dispersion to forecast game results, it does not add a significant improvement in performance. Applying these forecasts to several betting strategies I am able to generate small negative returns. However, these returns are an improvement over a naive strategy.
The application of isokinetics in testing and rehabilitation of the shoulder complex.

OBJECTIVE: We review the application of isokinetic testing and training for the shoulder complex, the interpretation of isokinetic testing data, and the application of normative data in the rehabilitation and performance enhancement of the athlete. DATA SOURCES: We searched MEDLINE for the years 1989- 1999 using the key words "isokinetics," "shoulder," and "upper extremity. DATA SYNTHESIS: Isokinetic testing and training is an integral part of the comprehensive evaluation and treatment of the shoulder complex. This mode of exercise allows for objective, isolated joint testing and training. CONCLUSIONS/RECOMMENDATIONS: Isokinetic training and testing is an important part of the comprehensive evaluation and rehabilitation of the patient with a shoulder injury. Research has demonstrated its efficacy in training and in providing clinically relevant information regarding muscular performance. When integrated with a complete history, subjective examination, and physical and functional evaluation, isokinetic exercise can be a valuable tool for the clinician in the assessment, rehabilitation, and performance enhancement of the athlete.
On the control allocation of fully-actuated and over-actuated multirotor UAVs

This thesis presents an investigation into the current state of control allocation in current research and control software. From a literature survey of the application of control allocation, it was concluded that there was room for a new control allocation algorithm that would work with UAVs with coupled tilting propellers. This algorithm was created and tested using a simulation. Furthermore, this thesis presents an investigation into the current implementation of control allocation in publically available software packages. From this investigation, improvement points were found and partially implemented into the software.
Utility of Vivosonic Integrity™ ABR system as a hearing screening device for children who are difficult to test

Hearing screenings are an important tool to determine when an individual is at a higher risk of having hearing loss. It is especially important to identify at-risk individuals in the pediatric population, due to the significant impact that undetected hearing loss may have on language and educational development. Currently, methods exist to effectively screen most typically developing children. However, there is a lack of screening methods for children who are difficult to test, such as those with developmental disabilities. The current study compared the rate of ability to test from hearing screenings of preschool and school-aged children in a program that used traditional behavioral methods alone with one using the Vivosonic IntegrityTM ABR device in conjunction with behavioral methods. The study demonstrated that use of the Vivosonic IntegrityTM ABR device as a hearing screener for difficult-to-test children results in significantly fewer referrals for comprehensive audiologic evaluation due to an inability to test. The availability of a valid screening device for this population has the potential to save resources and provide valuable information on a child’s hearing status that may otherwise be unavailable.
An Awareness Model for an Islamic Pre-Need Funeral Plan

Objective –Failure to prearrange one’s funeral may lead to financial hardship on one’s family members. Despite the importance of a funeral plan, little is known regarding the awareness level among Muslims regarding the Islamic Pre-need Funeral Plan (IPFP). Because of the dearth of academic research on the awareness among Muslims regarding IPFP, this paper aims to assess the awareness level of Muslims regarding IPFP and to develop an awareness model that frames factors affecting IPFP awareness level. Methodology/Technique – To achieve this, a questionnaire was used to collect the data and PLS-SEM was used to analyse the data. Results show that the level of awareness regarding IPFP is low and is similar to the result found in the USA Findings – The results further show that marketing communication efforts and social influence are significant factors affecting awareness of IPFP. These results have practical implications for IPFP providers and should help them better market their products and mitigate the potential for financial hardship funeral costs may have on families. Novelty – The scarcity of land for burial plots, soaring funeral costs and an increasingly aging population rate necessitates funeral prearrangements by subscribing to a pre-need funeral plan. This prearrangement is an advanced financial provision that covers funeral and burial expenses by enabling subscribers to make funeral arrangements while they are still alive. Type of Paper: Empirical. Reference to this paper should be made as follows: Katan, M. ; Nasrijal, N. M. H. ; Noor, A. H. M. ; Man, N. C. 2019. An Awareness Model for an Islamic Pre-Need Funeral Plan, J. Fin. Bank. Review 4 (2): 47 – 57 https://doi.org/10.35609/jfbr.2019. 4.2(1) Keywords: Awareness; Islamic Pre-need Funeral Plan; Marketing Communication Efforts; PLS-SEM, Social Influence. JEL Classification: I22, I30, I39.
Can inaction account for the incomplete exchange rate pass-through? Evidence from threshold ARDL model

ABSTRACT Numerous empirical studies suggest that the responses of prices to exchange rate movements are muted, i.e. the exchange rate pass-through is incomplete. In this study we investigate whether this result can be explained by inaction to small changes in the exchange rate, in which case the incompleteness would constitute merely an artefact introduced by the linear specification of the pass-through equation. The results obtained for Polish industry show significant sign- and size-dependence in the sensitivity of export prices to exchange rate movements, but only in a few cases they fully account for the incompleteness of the pass-through. The tendency for inaction is to a large extent determined by industry’s characteristics, with sectors more technologically advanced and more involved in international activities, more willing or able to absorb exchange rate movements in their markups, thereby stabilizing their prices in the destination markets.