Miracle-dz/UniFAR-FTUs huggingface dataset:
Board Transparency, CEO Monitoring and Firms' Financial Performance

This international empirical study analyses the relation between board transparency, CEO monitoring policy and financial performance. A unique dataset of, on average, 1211 companies from 25 different countries, as provided by international SiRi analysts over the years 2003-2007, enables us to quantify relations between reported corporate governance attributes and financial performance. This paper applies the Fama and French (1993) and Carhart (1997) methodology to estimate the influence of ‘good governance’ on financial performance. Quintile top and bottom portfolios are selected and compared financially. Controlling for size, risk, book-to-market value and a momentum factor, it is concluded that the top transparent companies show significant better financial performance statistically (7.8% per year) than compared with less transparent companies. A second conclusion shows there is evidence that a more intense CEO monitoring policy by a company’s board does lead to a statistically higher financial performance in countries with the German legal origin but a negative return in those with the French legal origin. Despite the increasing influence of stewardship theory, these results indicate that the opposing agency theory still dominates the international capital markets.
Investigating the Association between Infant Mortality and Multiple Births: Evidence from Bangladesh Demographic and Health Survey

Infants play vital roles for a nation’s present and future progress. Hence ensuring their healthy growth and development should be the main concern of any country. Infant mortality remains unacceptable and disproportionally larger in the multiple birth groups in many developing countries like Bangladesh. This study made an attempt to investigate the association between children of multiple births and infant survival employing multivariate survival regression model with Weibull hazard function. Bangladesh Demographic and Health Survey, 2014 data are used for this purpose where information of 4426 childbirth are used. The estimation results suggest that child born as a multiple births are about five times more likely to die within infancy period than the child born as a singleton (HR=5.25; 95% CI: 2.91, 9.06). The association does not have any significant change on the direction and strength when child’s gender, order of the birth, taking antenatal care, skilled delivery assistant, maternal age at birth, BMI, educational status, wealth status index, type of place of residence and geographic division are controlled (HR=5.08; 95%; CI: 2.55, 9.26). This study suggests that children of multiple births have a strong negative association with infant survival which is independent of different other factors. Thus health related logistic supports are necessary for the multiple births to improve the infant survival in Bangladesh.
Data Analytics in Agriculture

Big data analytics is the process of collecting, organizing and analysing large sets of data to discover patterns and other useful information. Big Data is usually defined by 3V's. They are Volume, Variety and Velocity. The main aim of this paper is to analyze the given soil and its corresponding properties. This information can be used to determine the soil fertility which is essential for agricultural purposes. The dataset contains details about various soil types of the world and its composition. This dataset is the World Harmonized Soil Database and it is taken from FAO. In this project there are two analyses. First analysis is to determine the draining capacity of the soil based on the various levels of sand, silt, clay and gravel given in the dataset. The second analysis is to take the organic carbon content and pH level values from the dataset and determine which crop can be cultivated from the given soil sample.
Declining Discount Rates in Singapore's Market for Privately Developed Apartments

We examine Singapore's market for new privately developed apartments, which for historical reasons exhibits wide quasi-experimental variation in ownership tenure, ranging from perpetual to multi-century to multi-decade leases. We develop an empirical model in which transaction prices are decomposed into the utility of housing services and a second factor that shifts with asset tenure and the discount rate schedule. We implement the model using nonlinear least squares to directly estimate the discount rate schedule, disciplining it to vary smoothly over time through alternative parametric forms or a trend acceleration penalty. Across different specifications, we estimate discount rates that decline over time and, to accommodate the observed price differences, fall to 0.5-1.5% p.a. by year 400. The finding that households making sizable transactions do not entirely discount benefits that will accrue centuries from today contributes to the empirical literature on discounting and is relevant, with the appropriate risk adjustment, for evaluating climate-change investments.
Systemic Risk of Financial Institutions in Scandinavian Countries after the Financial Crisis of 2008 and 2009

This paper studies the evolution of systemic risk for Scandinavian financial institutions after the financial crisis of 2008 and 2009. In a first step, SRISK measure of Brownlees and Engle (2011) is applied to examine the level of systemic risk in the economy given a market shortfall. In a second step, the ∆CoVaR measure of Adrian and Brunnermeier (2009) is applied to estimate the overall costs on the Scandinavian economy of a financial system meltdown. This paper presents evidence of greater interconnectedness among financial institutions and higher systemic risk in the Scandinavian financial sector after the global financial crisis. Findings suggest that promoting stricter capital ratios for financial institutions may not necessarily lead to a safer financial system.
How Does Internal Control Regulation Affect Financial Reporting?

Internal control regulation effectiveness remains controversial given the recent financial crisis. To address this issue we examine the financial reporting effects of the Federal Depository Insurance Corporation Improvement Act (FDICIA) internal control provisions. Exemptions from these provisions for banks with assets under $500 million and for non-U.S. banks provides two unaffected control samples. Our difference-in- differences method suggests that FDICIA-mandated internal control requirements increased loan-loss provision validity, earnings persistence and cash-flow predictability, and reduced benchmark-beating and accounting conservatism for affected versus unaffected banks. More pronounced effects in interim versus fourth quarters suggests that greater auditor presence substitutes for internal control regulation.
Corporate Payout Policy in Australia and a Test of the Life Cycle Theory

We provide evidence on the frequency and size of corporate payouts by Australian firms, and test whether the life cycle theory explains Australian payout policies. Regular dividends remain the most popular mechanism for distributing cash to shareholders, despite a slight decline in the proportion of dividend payers since the relaxation of buy-back regulations in 1998. Off-market share buy-backs return the largest amount of cash to shareholders. Dividend paying firms are larger, more profitable, and have less growth options that non-dividend paying firms. Consistent with the life cycle theory, we observe a highly significant relation between the decision to pay regular dividends and the proportion of shareholders’ equity that is earned rather than contributed.
The Use of Alternative Preference Elicitation Methods in Complex Discrete Choice Experiments

We analyse stated preference data over nursing jobs collected from two leading types of best-worst discrete choice experiments (DCEs): a traditional DCE involving choice over alternative jobs (BWL) and a newly-developed DCE where respondents choose best and worst job attributes (BWT). The latter allows identification of additional utility parameters and is believed to be cognitively easier. Results suggest that respondents place greater value on pecuniary over non-pecuniary gains in traditional DCE. Rather than caused by the use of heuristics in BWL, we find that respondents find it difficult and/or are reluctant to directly compare money with other attributes in BWT.
With Maths, There’s a Right or a Wrong Answer: Does Numeracy Skill Predict Consistency in Kidney Transplantation Choices?

This paper investigates whether there is a link between numeracy skill and choice consistency using a population of roughly 250 patients enrolled on the waiting list for kidney transplantation in Italy. Patients participate in a discrete choice experiment (DCE) measuring time and risk preferences in kidney transplantation and answer a three-item numeracy questions. Mixed logit (MXL) model in willingness to wait (WTW) space was employed to investigate the effect of numeracy skill on choice consistency. Patients with a higher numeracy skill can state decisions that are based more firmly on the content of choice tasks, namely the attributes and their respective levels. Besides, consistency resulted in a lower WTW estimates for a kidney transplant with better-expected outcomes. These relationships are significant, and even when one takes account of other differences between these patients in terms of their gender and duration of dialysis. The study highlighted the importance of incorporating short numeracy questions in DCEs to determine choice consistency.
The effect of mycorrhization and mulching of apple trees ‘Gold Milenium’ and blackcurrant bushes ‘Tiben’ on the occurrence of arbuscular mycorrhizal fungi

The study was conducted in the Pomological Orchard and a greenhouse complex of the Research Institute of Horticulture in Skierniewice (RIH) in 2006-2008. Its aim was to identify arbuscular mycorrhizal fungi (AMF) present in the trap cultures containing rhizosphere soil and to determine mycorrhizal frequency (colonization) of AMF in the roots of apple trees ‘Gold Milenium’ and blackcurrant bushes ‘Tiben’. The apple trees and blackcurrant bushes were mulched (with a peat substrate, bark, sawdust, manure, compost, or straw) and inoculated (the AMF inoculum was produced by MYKOFLOR). Samples of the soil and roots were collected from under the apple trees and blackcurrant bushes in experimental combinations and in the control. In order to identify the spores of arbuscular mycorrhizal fungi, trap cultures (with rhizosphere soil and sand) were set up with plantain (Plantago lanceolata L.). The spores were isolated from the trap cultures and microscopic specimens were prepared to identify the species of AMF, which were distinguished on the basis of their morphological features. Mycorrhizal frequency was determined in the specimens of apple and blackcurrant roots dyed with aniline blue. In total, eight species of AMF were identified in the trap cultures established with the soil samples taken from the root zone (containing rhizosphere soil) of apple trees ‘Gold Milenium’ and blackcurrant bushes ‘Tiben’: Glomus aggregatum , G. caledonium, G. claroideum G. constrictum, G. intraradices, G. macrocarpum, G. mosseae and Gigaspora margarita. In the trap cultures with the rhizosphere soil of
Improved Approximation Methods for Tied Data in Continuous-Time Cox Regressions

The Breslow (1974) and Efron (1977) approximations are two of the most widely-used methods for calculating the computationally-intensive partial likelihood function of continuous-time Cox (1972)-type proportional hazards regressions in the presence of tied data. This article develops analytical improvements to these approximations based on the Taylor expansion of the exact continuous-time partial likelihood function. This article also proposes a partial scaling of the Breslow approximation, the Breslow-Midpoint approximation, with the same computational complexity but that exhibits higher approximation accuracy in numerical simulations.
Meta-Regression in Auditing Research: Evaluating the Evidence on the Big Firm Premium

This paper applies meta-regression analysis to take stock of the results of auditing research examining the premium charged by the Big audit firms. The Big firm premium is overstated in research taken as a whole, as a result of publication bias, but publication bias is not so strong as to completely eliminate evidence of a remaining premium. While the mean of the reported results is more than 23%, after eliminating publication bias the result is closer to 13%. The premium is significant in the United States listed companies, but not in other settings around the world. The study examines variables related to the publication process and the researchers, finding that, while there is no evidence that researchers with Big firm affiliations are subject to greater publication bias, the status of the journal and the researcher does make a difference. Meta-regression analysis has potential to lead to revised views of many areas of accounting and auditing research.
Tax Payment and Social Responsibility in Emerging Markets: The Curious Case of Firm Size in India

Corporate tax payments are a fundamental and easily measurable example of firm's behaviour towards society, however, the payment of tax can often be avoided legally. Such legal provisions are elucidated in the corporate tax structure of an emerging market economy, India. We analyse Tax payment and CSR spending by firms, and their relationship with that of firm size and group affiliation. We find that firms which spend more on CSR pay lower taxes. We also find that large firms' (group firms') effective tax rates are lower as compared to small firms (standalone firms). Moreover, the effective tax rate decreases with firms' size, indicating larger firms adopt more tax aggressive policies to minimise their tax liability. It is also evident that various tax incentives offered by the Government intended to promote balanced growth, are mostly used by large firms leaving a tiny portion to small firms.
Electronic Finance: A New Perspective and Challenges

A workshop on electronic finance was convened by the BIS on 2-3 July 2001. The internet and related technology has begun to have a profound effect on how financial services are delivered. Discussion about e-finance is widespread within the financial community, covering both its potential to improve efficiency but also possible challenges it poses to financial and monetary stability. Rapid innovation and the paucity of reliable data are creating considerable uncertainty about the nature and size of these challenges. The workshop brought together a diverse group of experts (listed on pages iii-vi) from a range of economies, backgrounds and sectors; including practitioners, academics and central bankers. It focused on current and potential changes in trading systems and exchanges, payment systems and financial institutions. This volume starts with an overview based on the presentations given during the workshop, some of which are also included in the volume, and the ensuing discussions. The individual papers cover, inter alia, trading in wholesale financial markets, emerging competition in the payment system and the progress of virtual banks. Implications for financial supervision and monetary policy are also specifically addressed in separate papers. As there are a plethora of technical terms associated with the subject, a glossary is included at the end of this volume.
Set Them Free: Scientists' Evaluations of the Benefits and Costs of University-Industry Research Collaboration

Collaborating with industry constitutes discretionary behaviour for academics: this decision is shaped by the institutional environment and individual perceptions of potential costs and benefits. Drawing from a large-scale survey of Italian researchers, we find that the decision to collaborate with industry is influenced by the perception of the potential threat to the researcher’s freedom of research. In contract, secrecy-related concerns do not appear significant, while the desire of acquiring additional resources is relevant when the researchers choose the intensity of collaboration. We explore the implications of these findings for university-industry collaboration.
Gender Pay Gap and Discrimination in Taiwanese Auditing Industry

This study investigates the salary differentials between male and female employees of audit firms in Taiwan. We employ the transcendental logarithmic (translog) revenue function to estimate the productivities of employees and then compare them with compensations of employees. Total samples are divided into national, regional and local audit firms in terms of market segmentation. This study confirms that gender salary gap exists in the auditing industry and compensations of male employees are higher than that of female ones. Specifically, male employees are over-compensated in the national firms but female employees are over-compensated in both regional and local audit firms. Consequently, this study argues that sex discrimination against female employees exists in the national firms but sex discrimination against male employees exists in the regional and local. With the brand new findings, this study contributes knowledge to the literature of gender and salary.
Cross-Border Financial Linkages: Challenges for Monetary Policy and Financial Stability

Ever more extensive global financial linkages are changing in ways that have significant implications for policy. Asia-Pacific countries have experienced a particularly rapid growth in financial flows since the crisis. Against this background, the BIS's Representative Office for Asia and the Pacific and the Reserve Bank of New Zealand (RBNZ) co-hosted a conference on cross-border financial linkages with a view to fostering research on implications of these important developments. The conference marked the completion of the BIS Asian Office's research programme in this area. The event brought together senior officials and researchers from central banks, international organisations and academia. Governor Graeme Wheeler of the Reserve Bank of New Zealand made the opening remarks. Papers presented at the conference covered patterns of cross-border linkages, foreign exchange markets and exchange rate risks, financial market spillovers in Asia-Pacific, and policies to deal with capital flows and their effectiveness. The volume comprises the opening speech and papers presented at the conference. While the full publication can be downloaded using the above link, individual contributions are available separately: <a href='http://ssrn.com/abstract=2668678'>Cross-border Portfolios: Assets, Liabilities, and Non-flow Adjustments</a> <a href='http://ssrn.com/abstract=2668667'>Channels and Determinants of Foreign Bank Lending</a> <a href='http://ssrn.com/abstract=2668686'>Development and Functioning of FX Markets in Asia and the Pacific</a> <a href='http://ssrn.com/abstract=2668709'>Exchange Rates, Expected Returns and Risk: What Can We Learn from Asia-Pacific Currencies? </a> <a href='http://ssrn.com/abstract=2668692'>The Influence of Chinese and US Financial Markets on Asia-Pacific</a> <a href='http://ssrn.com/abstract=2668717'>Effectiveness of Macroprudential and Capital Flow Measures in Asia and the Pacific</a>
Visual Based Fashion Clothes Recommendation with Convolutional Neural Networks

We proposed a two-step deep learning framework that recommends fashion clothes based on visual similarity style of other images in the dataset. Mainly it uses input as images, and tries to understand feature information from the given input image. For that purpose, a neural network classifier is used as an image-based feature extractor and a datadriven method. To rank items’ for recommendation this feature extractor assists as an input for similarity algorithm. Our proposed method is tested on the online DeepFashion dataset. When compare with traditional textbased recommendation systems, our proposed framework helpful to increase robustness and performance, for instance, by better visual-based recommender matching a specific item.
Political Corruption and Mergers and Acquisitions

Abstract This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.
Taxonomical Study of Glutamic Acid Accumulating Bacteria, Micrococcus glutamicus nov. sp

Taxonomical studies of a new group of strains of glutamics acid accumulating bacteria isolated in our laboratory were carried out. It was found that these strains belong to Genus Micrococcus because they are gram-positive, none-sporulating, and catalase possessing cocci. They are also pale yellowish, aerobic, and capable to reduce nitrate. Moreover, they neither utilize ammonium salt as a sole source of nitrogen in Hucker’s medium nor liquefy gelatin. From these observations, it seems that they are related to M. aurantiacus and M. epidermidis. However, our strains are different from them in the manner of acid production in milk and lactose media, and also in pigmentation, serological reactions and glutamic acid accumation.The name of Micrococcus glutamicus nov. sp. was, therefore proposed to these strains.The phenomenon of cell elongation and characteristics of the pigments of these strains was also investigated.
The Evolution of Vertical Firm Boundaries in New High Technology Ventures

Research summary We argue that interrelated processes of knowledge codification and uncertainty reduction lead to the contraction of vertical firm boundaries of new high technology ventures over time. Consistent with our arguments we show that, over time, the outsourcing of R&D is slower than outsourcing of manufacturing, while outsourcing of marketing and sales is the fastest. We further show heterogeneity in the pace of vertical boundary contraction, where new high technology ventures that engage in knowledge exploration and those whose founders have a strong technological background exhibit slower vertical boundary contraction. Typically, the slowdown in the pace of outsourcing, once again, is the strongest for R&D and the weakest for marketing and sales. Managerial summary Cash-constrained managers in new high technology ventures often wish to outsource their R&D, manufacturing, and marketing and sales activities, but may initially be limited in doing so. This likely happens because these new ventures rely heavily on founders' tacit knowledge about new products and how to commercialize them, and because uncertainty makes it difficult to reach contractual agreements with external partners. We show that with time such outsourcing becomes increasingly possible, especially for marketing and sales activities, and less so for R&D. Yet, when new high technology ventures experiment with new products and in new high technology ventures whose founders have a technological background, the pace of outsourcing is slower.