Miracle-dz/UniFAR-FTUs huggingface dataset:
개인투자자의 상장리츠를 활용한 분산투자 전략에 대한 연구(Diversification Strategy Using Listed REITs for Retail Investors)

<b>Korean Abstract:</b><br>본 연구는 개인투자자가 상장리츠를 활용하여 투자위험을 감소시킬 수 있는 방안을 실증분석하였다. 주식시장의 변동성이 확대되었던 2020년도를 분석기간으로 선정하여 GARCH-M모형으로 상장리츠와 개인투자자의 포트폴리오 간의 베타값을 추정하였다. 추정된 베타값은 시장상황에 따라 변동하며 개별 상장리츠의 특성에 따라서도 차이가 있다는 것을 확인하였다. 또한 개인투자자가 분산 정도가 낮은 포트폴리오를 구축한 경 우에도 베타값이 가장 낮은 상장리츠를 선택적으로 편입하여 분산투자의 효과를 기대할 수 있음을 발견하였다. 다음으로 상장리츠의 최적편입비중에 대한 분석을 통하여 개인투 자자는 수익성이 우수하고 베타값이 낮은 상장리츠를 선택하여 자신의 포트폴리오에 최 소한의 비중으로 편입하더라도 시장지수를 보유한 것과 동등한 수준의 분산투자 효과와<br>시장지수를 상회하는 수익률을 동시에 달성할 수 있음을 실증하였다. 이와 같은 결과는 개인투자자가 잘 선택된 상장리츠를 자신의 포트폴리오에 편입하여 수익률의 희생 없이 도 분산투자의 효과를 기대할 수 있음을 시사한다. 본 연구는 상장리츠와 주가지수간의 상관관계를 분석한 선행연구들과 차별화하여 개인투자자 입장에서 상장리츠의 분산투자 효과를 분석하고 개인투자자가 상장리츠를 활용하여 투자위험을 감소시킬 수 있는 구체 적인 실현방안을 제시한 데 그 의의가 있다. <br><br><b>English Abstract:</b><br>This study examined the diversification effect of listed REITs for retail investors. During 2020, when the stock market has shown extreme volatility, the GARCH-M model was exploited, and the beta coefficients of the listed REITs on retail investors’ portfolios were estimated. The estimated beta coefficients were time-variant and conditional on the characteristics of the listed REITs. Retail investors with less diversified portfolios can achieve a diversification effect by carefully selecting the superior listed REIT with the lowest beta. In an analysis of the optimal portfolio weight for the selected listed REIT, retail investors can achieve the maximum diversification effect, which is equivalent to that of the market portfolio, by including only the minimal amount of the listed REIT to the existing portfolio. These findings suggest that the diversification effect of the listed REIT is subject to the correlation structure and the characteristics of the listed REITs. Unlike previous studies that examined the correlation structure between the listed REITs and the broad market index, this study examined the diversification effect of REITs for retail investors and provided practical insights to reduce their portfolio risk through the use of listed REITs.
Employee Participation in Decision Making and its impact on Organizational Performance: Evidence from Government Owned Enterprises, Port Harcourt, Nigeria

This study examined the impact of employee participation in decision making on organizational performance using Government Owned Enterprises in Port-Harcourt, River State as a case study. The population of study comprised managers and employees of the selected firm in Port-Harcourt River state. The sample for the study was given as 125. Out of the 125 questionnaires administered to the participant only 100 were returned while 25 were not returned. The study was analyzed using of tables and percentage while the three hypotheses were tested with the aid of ANOVA. The result from the research shows that employee participation in decision making has positive effect on organizational performance. This study recommends the following; Organizations are encourage to design their firm in such a way that it will boot free flow of decision making in their organization and gives room for full involvement of their employee to participate and create efficiency on organizational decision making process. Again, Firms are advised to put more mechanisms that will encourage their employees to come up with better innovative ways of achieving and promoting organizational performance, and also Firms are commended to improve the level of workers involvement in decision making between employees and employer, finally, Every firm is advised to create a straightforward understanding and notion of the concept of participative decision making to avoid conflicts of interest among the employees and the employer.
Strong and Weak Multivariate First-Order Stochastic Dominance

In this article we deal with three types of multivariate first-order stochastic dominance which serve for comparing random vectors. The first one is the strongest and it is generated by all non-decreasing multivariate utility functions. The second one, called weak multivariate stochastic dominance is defined by comparison of cumulative distribution functions of considered random vectors. The last one applies the univariate stochastic dominance notion to linear combinations of marginals. We compare these multivariate stochastic dominance relations among each other. Then we present important properties of strong and weak multivariate first-order stochastic dominance, in particular we describe their generators in the sense of von Neumann-Morgenstern utility functions and we explain their relation to joint and marginal distribution functions. Moreover, we discuss formulations of strong multivariate first-order stochastic dominance between random vectors with discrete distributions. Finally, we apply this stochastic dominance relation as a constraint to multivariate and multiperiod portfolio optimization problems.
Switching from Cash to Cashless Payments during the COVID-19 Pandemic and Beyond

Using a survey of 5,504 respondents from 22 European countries, we examine preferences regarding cash and cashless payments at the point of sale (POS) during the COVID-19 crisis. Consumers favor cashless transactions when they believe that handling cash presents a higher risk of infection. Moreover, the habits they develop during periods of restrictions and lockdowns appear to further diminish their appetite for transacting in cash. Not only do these factors affect current choice of payment method, but also influence declared future intentions to move away from cash after the pandemic is over.
'Magic Formula' of the Joint Audits in Raising Revenue through Weeding out Corrupt Practices (Based on Romania and Moldova Cases)

Around one trillion euros is lost to tax evasion and avoidance every year in the EU. In this context, governments have increasingly been tempted to turn to cross-border audits to secure needed resources and expertise to assist in ensuring international compliance with various taxes and other sources of revenue. However to manage international tax compliance revenue authorities are faced with the significant problem of corruption. The aim of this paper is to examine whether joint audits have to be applied in order to increase the efficiency of revenue collection. In order to narrow the field of investigation, the article focuses primarily on the situation faced by the Romania and Moldova.
Internal Control Quality and Litigation Risk -Evidence from China

This paper introduces internal control quality to study litigation risk which enrich the literature of how to reduce firms’ litigation risk. This paper use listed company data from 2000-2015 in China A-share market to research how firms’ internal control affect litigation risk, and which kind of influence on litigation risk caused by internal control. By using regression model and conducting endogenous test, this paper finds that the higher internal control quality, the lower litigation risk of firms by reducing the number of involving litigation and funds used in lawsuit. If companies with good internal control quality, they can avoid many risks caught by litigation risk. Especially for firms in growth and undeveloped market, internal control quality can play a more vital role in corporate governance.
Predicting Operating Cash Flows and Earnings Using the Direct Method Compared to the Indirect Method Statement of Cash Flows

This study assesses whether the direct method incrementally predicts future operating cash flow and earnings beyond the indirect method. Using a sample of Australian listed companies reporting under International Accounting Standards, results indicate that the direct method predicts future operating cash flows with greater accuracy than the indirect method. Direct method disclosure is incrementally useful for predicting earnings when companies experience low earnings permanence. Findings show that users cannot re-create or estimate direct method line items accurately with mean absolute percentage errors above 3 percent outside the upper 25th percentile for cash receipts from customer and cash payments to suppliers. In fact, estimated direct method line items provide less predictive accuracy for earnings and operating cash flow than an aggregate operating cash flow measure, after controlling for accruals. This result also holds after I truncate estimation errors for direct method disclosures to the upper 90th and 75th percentiles.
Counter-Hegemonic Finance: The Gamestop Short Squeeze

The events that surrounded the short squeeze of various downtrodden stocks such as Gamestop (GME) allude to a counter-hegemonic financial effort, with small-scale investors pooling in to sabotage the short-positions of large Wall Street players such as hedge funds. This paper frames these events in terms of public reprisal for the 2008 Global Financial Crisis (GFC) and public contempt for insular financial private interest. The discussion suggests that such people-power initiatives, abetted by powerful elite sympathizers, have a powerful signalling effect on the public in terms of highlighting fundamental vulnerabilities in an extractive financial system.
La brecha de expectativas en auditoría. Un enfoque alternativo (The Audit Expectations Gap. An Alternative Approach)

<b>Spanish Abstract:</b> La brecha de expectativas es el resultado de la coexistencia de diferentes interpretaciones acerca de los límites y los resultados del trabajo de auditoría. Un componente esencial de esta asimetría es la convicción, profundamente asentada en los usuarios externos del informe, de que el auditor canalizará revelaciones acerca de fraudes, y también de disfunciones que puedan conducir a la empresa a una insolvencia temporal o a un proceso extintivo. Este trabajo contribuye al debate sobre esta asimetría demostrando que, incluso si el auditor no formula excepciones concretas en este sentido, el proceso de auditoría aporta indicios que permiten inferirlas con un muy alto grado de fiabilidad. Además, se propone un sistema de etiquetado lexicográfico para sintetizar el contenido de las salvedades, que demuestra contribuir muy eficazmente al diagnóstico financiero, y por tanto podría ser empleado tanto en los informes como en las bases de datos comerciales empleadas por los usuarios y en sistemas de comunicación de información contable a través de Internet. Nuestra principal conclusión es que, al margen de su incidencia en la restricción de la manipulación y los ajustes discrecionales, la auditoría externa canaliza información esencial para la detección de anomalías financieras y la evaluación del riesgo de la empresa. <br><br><b>English Abstract:</b> The expectations gap is the result of the coexistence of different interpretations about the limits and the results of the audit work. An essential component of this asymmetry is the conviction, deeply rooted in the external users of the report, that the auditor will channel disclosures about fraud, and also of dysfunctions that may lead the company to temporary insolvency or an extinction process. This work contributes to the debate on this asymmetry demonstrating that, even if the auditor does not formulate specific exceptions in this regard, the audit process provides evidence that allows them to be inferred with a very high degree of reliability. In addition, a lexicographic labeling system is proposed to synthesize the content of the qualifications, which proves to contribute very effectively to the financial diagnosis, and therefore could be used both in the reports and in the commercial databases used by users and in systems of communication of accounting information through the Internet. Our main conclusion is that, regardless of its impact on the restriction of manipulation and discretionary adjustments, the external audit channels essential information for the detection of financial anomalies and the risk assessment of the company.
Product Positioning Concept: Case Study of CMM Market in Pune

The purpose of the paper is to study the product positioning concept and to understand its relevance in the marketing strategy of Industrial Products. To know more on the subject existing literature is reviewed. The study on the past work gives information on the various attributes and how product positioning has also been carried out to know how its relevance in the marketing of Industrial Products. An attempt has been made to explore how product positioning can play the role in Industry For study CMM machine market has been chosen from Pune industrial region in India.
Brand Image, Satisfaction and Trust As a Lead to Brand Loyalty: The Mediator Effect of Brand Relationship

Purpose: The purpose of this research is to examine the impact of brand image, satisfaction, trust and relationship towards brand loyalty mediated by brand relationship. <br><br>Design/methodology/approach: This paper uses the PLS (SEM) technique for analysis and hypotheses testing. The data was collected from the convenience sample of 165 consumers questioning about the Coca Cola Brand from University students. <br><br>Finding: Direct influence of brand image, brand trust, and satisfaction on loyalty of brand has lesser than the mediation impact of brand relationship. <br><br>Research Limitations: Only one product category was taken under the study in this research - recommended that in future comparison between categories would open new dimensions. The data was collected from the university students who may have different behavior towards a specific brand.
Volatility Information Transfer along the Supply Chain

We investigate whether and how information about one stock’s future volatility is transferred to other related stocks along the supply chain. The supply chain setting offers an ideal setting to study the effect of cross-firm volatility information transfer because customers and suppliers are closely related. Earnings announcements can have an impact on the announcing firm's short-term, long-term, and forward expected volatility. We find that, on average, the announcing firms’ short-term expected volatility decreases substantially after earnings announcements, while the change of their forward expected volatility is close to zero. Regression analysis shows that the change of the announcing firm’s short-term (forward) volatility has a significant effect on the change of its supply chain partner’s short-term (forward) volatility. The effect is economically meaningful and becomes stronger if customers and suppliers are more closely related. Our results yield new insights on the transfer of volatility related information among firms.
Effects of PNDIT2 end groups on aggregation, thin film structure, alignment and electron transport in field-effect transistors

To develop greener protocols toward the sustainable production of conjugated polymers, we combine the advantages of atom-economic direct arylation polycondensation (DAP) with those of the green solvent 2-methyltetrahydrofuran (MeTHF). The n-type copolymer PNDIT2 is synthesized from unsubstituted bithiophene (T2) and 2,6-dibromonapthalene diimide (NDIBr2) under simple DAP conditions in MeTHF. Extensive optimization is required to suppress nucleophilic substitution of NDIBr end groups, which severely limits molar mass. Different carboxylic acids, bases, palladium precursors and ligands are successfully screened to enable quantitative yield and satisfyingly high molar masses up to Mn,SEC ∼ 20 kDa. In contrast to PNDIT2 made via DAP in toluene with tolyl-chain termini, nucleophilic substitution of NDIBr chain ends in MeTHF finally leads to NDI-OH termination. The influence of different chain termini on the optical, thermal, structural and electronic properties of PNDIT2 is investigated. For samples with identical molecular weight, OH-termination leads to slightly reduced aggregation in solution and bulk crystallinity, a decreased degree of alignment in directionally deposited films, and a consequently reduced, but not compromised, electron mobility with promising values still close to 0.9 cm2 V−1 s−1.
Large Audit Firm Premium and Audit Specialization in the Public Sector

The outsourcing of public sector audits to private sector auditors is an important public sector issue. This paper addresses the existence of an audit brand name premium in the public sector by comparing audit fees between the government auditor and Big 5 auditors. I also examine whether audit premiums exist for Big 5 industry, national and city specialists. The study contributes to prior research by (1) statistically adjusting for self-selection bias, and (2) allowing slope coefficients in the audit fee model to vary between the Big 5 and the government audit sector and estimating the counterfactual fee (i.e., the expected fee using the alternative auditor fee model). The Big 5 premium is around 23 percent. However, this depends on whether the Big 5 auditor is an industry specialist. An industry specialist passes on a discount of 17.4 percent to the client. There is no premium related to being a national leader. The evidence is mixed as to whether city specialists command an audit fee premium.
The Role of 'Other Information' in the Valuation of Foreign Income for U.S. Multinationals

In this paper, we examine investors' valuation of the domestic and foreign components of total earnings after controlling for information beyond current earnings. Our sample consists of U.S. multinationals during the 1985-2002 period. In a prior study, Bodnar and Weintrop (1997) find that investors place a higher weight on foreign earnings than on domestic earnings in valuing securities, and that this finding can be explained in part by the higher growth opportunities in foreign markets. While this explanation is intuitively appealing, other possible explanations include the varying importance of information other than current accounting earnings in pricing securities and the possible mis-specification of their model. One potentially important source of other information is information contained in revisions of analysts' forecasts of future (abnormal) earnings and terminal values. Excluding this information from the regression specification potentially leads to a correlated omitted variables problem. In this paper, we use the Liu and Thomas (2000) proxy for "other information," which is derived from analysts' revisions of near-term and long-term earnings forecasts and discount rate changes. Including the "other information" variable greatly improves the explanatory power of the returns-earnings regression. Consistent with our predictions, we find that the bias resulting from excluding other value-relevant information has a greater effect on foreign earnings than on domestic earnings. Foreign earnings are no longer incrementally value relevant when we control for "other information. "
Size and Dopant Dependent Single Particle Fluorescence Properties of Graphene Quantum Dots

The emissive properties of both doped and nondoped graphene quantum dots (GQDs) with sizes ranging from 3 to 11 nm were analyzed at the single particle level. Both doped and nondoped GQDs are a composite of particles exhibiting green, red, or NIR fluorescence on excitation at 488, 561, and 640 nm, respectively. Nitrogen-doped GQDs (N-GQDs) with diameters ranging from 3.4 to 5.2 nm show a larger proportion of particles with NIR emission as compared to nondoped particles. Doping of GQDs also resulted in changes in the photostability and the fluorescence intermittency seen in single GQD particles. While milliseconds to seconds time scale blinking was regularly observed for red-emitting nondoped GQDs, nitrogen doping significantly reduced blinking. Both doped and nondoped particles also exhibit moderate size dependent photophysical properties.
A Qualitative Inquiry on Determinants of Employee Satisfaction: Evidence From It Firms

The advancement in job profiles has brought several key elements that impact the satisfaction of employees. The dynamic nature of job further complicates the satisfaction which hinders the long-term human resource (HR) strategy to attract and retain talented workforce. Employee satisfaction is a continuous process which demands deeper exploration due to the changing nature of firms and job profile. This study aims to advance knowledge of employee satisfaction by investigating the factors influencing the employee satisfaction in Indian IT firms. In depth interviews were conducted in three IT firms (TCS, Infosys and Wipro) from 34 respondents across India. An interpretive approach through open and axial coding was performed to form the categories. Thematic analysis offered four categories of employee's job satisfaction: organizational culture, career trajectory, work life balance and compensation. The study contributes to the theory and practice of human resource management
Room-temperature ionic liquids (RTILs): media lubricants for Heat-assisted magnetic recording (HAMR)?

RTIL nanofilms have been evaluated for potential application as HAMR lubricants. The experimental results showed that RTILs are thermally more stable than Zdol and Ztetraol. Based on a 0-order kinetic model, the best RTIL is estimated to be able to survive ~108-109 HAMR writes when the heating temperature is 400 °C. The RTILs containing fluorinated anions are readily solvable in Vertrel XF solvent and can be applied on the media by dip-coating. The lube uniformity of RTILs on COC is excellent and no dewetting is observed even when the RTIL nanofilm is as thick as 10 nm. The bonded ratio of RTILs is lower than Zdol/Ztetraol while the friction coefficient of RTILs is comparable to Zdol/Ztetraol.
Do Analysts Cater to Investor Beliefs? Evidence from Market Liberalization in China

We examine whether financial analysts cater to investors’ beliefs, using the market liberalization (Stock Connect) programs in China as a shock to investor beliefs. We find that analysts become less optimistic in their recommendations following the introduction of less optimistic investors through the Stock Connect programs. In addition, catering theory predicts that when investors hold heterogeneous beliefs, analysts tend to segment the market and slant toward extreme positions in order to attract target investors. Consistent with this prediction, we find that analyst dispersion increases in the post period. Moreover, analysts with buy or strong buy (sell or underperform) recommendations of a given firm become more optimistic (pessimistic) in their research report tone. Finally, we show that in updating their earnings forecasts, analysts are more (less) responsive to earnings surprises that are consistent (inconsistent) with their stock recommendations. Overall, this paper presents evidence supporting a catering theory for analyst bias.
Political Failures in Innovation Policy: A Cautionary Note

Within the field of innovation studies, researchers have identified several market failures that hamper investment in R&amp;D, innovation and growth in a market economy. Several policies such as government subsidies, tax deductions, soft loans, and public venture capital provided to firms that pursue R&amp;D have therefore been recommended by researchers, in addition to regulations to increase the quality and standards of goods and services. Less attention has been paid to government failures in cases where a policy fails to achieve its stated goal, often due to conflicts between the interests of special interest groups and the public. This paper discusses the concept of government failure within an innovation policy context and why this perspective is important for policy design since it is likely that policies that aim to reduce market failures could suffer from political failures. A text analysis of all papers published in 5 leading innovation journals between 2010 and 2019, a total of 5,526 papers, indicates a lack of research about government failures, which could lead to recommendations from researches to policymakers not being successful due to political failures.