Miracle-dz/UniFAR-FTUs huggingface dataset:
Market Efficiency of ESG and Traditional Indices -Pre and Post COVID Analysis of NSE Indices

ESG reporting and disclosure practices are the buzzing terms in the Indian corporate sector occupying the place after corporate governance (CG) and corporate social responsibility (CSR). ESG is a broader concept than CG and CSR, wherein ESG practices include corporate's practices relating to Environmental (E), Social (S) & Governance (G) and disclosure of the same by the corporate world. Though sustainability and ESG reporting are used interchangeably, ESG is more specific to three pillars in terms of corporate efficiency which provide augmented risk-adjusted returns. Major stock exchanges worldwide have begun constructing ESG based indices constituting those companies that comply with specific ESG criteria. Mutual Funds in India have introduced ESG based schemes for investors for better long-term returns. SBI Mutual Fund has renamed its widely popular and most successful equity scheme, SBI Magnum Equity into SBI Magnum Equity ESG fund. Other fund houses such as Quantum, Axis, and ICICI Mutual Funds have also introduced ESG based equity schemes. In India, BSE and NSE as well, have ESG based indices. BSE has S&P BSE 100 ESG Index, whereas NSE has Nifty 100 ESG Index, Nifty 100 Enhanced ESG, and & Nifty 100 ESG Sector Leaders. ESG indices are constructed based on the criterion of disclosure related to E, S & G practices and the question here arises is, whether these ESG indices are efficient in terms of information absorption by the market. The present study has considered all three ESG indices of NSE for a period of six months each before and after the imposition of lockdown in India. To analyze the efficiency of these indices Hurst exponent has been calculated for two periods and compared with Nifty 50 & Nifty 100 indices. The results have shown that ESG indices are more efficient in the post-COVID than the pre-COVID period, which gives an impression that investors are leaned towards ESG indices post math of COVID. In other words, the ESG portfolio can be taken as COVID free portfolio.
Which Asset Pricing Model Do Firms Use? A Revealed Preference Approach

Market timing is a primary factor in firm managers’ equity issuance decision. However, since the firm is a monopolist in the supply of its own shares, mispricing is not eliminated by corporate arbitrage. We take this insight and use a revealed preference approach to ask which asset pricing model firm managers use to estimate the equity market mispricing of its shares and make net issuance decisions. We find that the CAPM is the closest risk model to that of firm managers. We show that our results are not driven by the need of external funds or a change in the level of<br>risk after equity issuance.
Minimum Wage Impacts on the Wage Distribution and Inequality in China

This paper examines the distributional impacts of the minimum wage on the urban wages of Han-minority workers and the implications for urban inequality. County-level minimum wage data is combined with recent proprietary household survey data representative of China’s ethnically diverse areas. The identiﬁcation strategy relies on an unconditional quantile regression framework that takes into account policy endogeneity using an instrument variable approach. The ﬁndings show that minimum wages lead to wage compression along the bottom and middle parts of the urban wage distribution. The minimum wage effects are larger for lower-skilled workers located in ethnic minority counties or that belong to an ethnic minority group. Counterfactual analysis further shows that minimum wages help to signiﬁcantly reduce aggregate urban wage inequality: increasing minimum wages from a counterfactual benchmark to their observed levels, an average increase of 26%, reduces the Gini coefﬁcient of wages by 10-12%. <br>
A Study of Location Data on Hadoop Spark Framework, Implementation & Identification of Parameters to Optimize Profit Estimation of Mandis (Market Places): A Survey

Agriculture is the primary source of livelihood for about 58 percent of India’s population. Farmers face many problems after they have yielded the agricultural commodities: farmers sell at a very low rate, and consumers buy at non-reasonable rates due to middlemen. As most of the farmers sell their produce to mandis (market places), they find it difficult to estimate which of the nearby places will be more profitable to them. The aim of this research is to help the farmers find the most profitable marketplace on the basis of location, transportation cost and price of the commodity and many other parameters that affect the price. Pattern finding and analysis can be done to find out hidden insights from the data that can help to study the economic growth in agricultural sector. The data is downloaded from the agmarknet.gov. in website operated by the Indian govt, which has regular updates for about 30 commodities from each state and marketplace associated with it in India for several years.
Twitter Sentiment Analysis Using N-Gram With Naive Bayes Classifier

In this current period, online life assumes a significant job in information trade, sharing their contemplation. Enthusiastic Effect of an individual keeps up a significant job on their everyday life. Assessment Analysis is a strategy of breaking down the feelings and extremity of considerations of the individual. Twitter is a primary stage on sharing the thought's, supposition and estimations on various events. Twitter Sentimental Analysis is strategy for investigating the feelings from tweets (message posted by client in twitter). Tweets are useful in extricating the Sentimental qualities from the client. The information give the Polarity sign like positive, negative or fair-minded qualities. It is centered around the individual's tweets and the hash labels for understanding the circumstances in every part of the rules. The paper is to investigate the celebrated individual's id's or hash labels for understanding the outlook of individuals in every circumstance when the individual has tweeted or has followed up on certain occurrences. The proposed framework is to break down the conclusion of the individuals utilizing python, twitter API, Unigrams + Bigrams + Trigrams, prepared on Naive Bayes Classifier. As the outcomes it serves to investigation the post with a superior precision.
Achieve High Capacity Strategies Trading Economically-Linked Companies

In this study, we test whether supply-chain and competitive landscape information can help create more scalable portfolios from infrequent or sparse signals. We use an earnings sentiment indicator as a signal, constructed using RavenPack News Analytics. We find value in propagating the signal from the source companies to their suppliers and competitors. Spreading the signal into customers, however, proves challenging. More specifically, we find that: (1) By propagating our earnings sentiment signal to suppliers and competitors, we are able to create significantly larger and more scalable portfolios across the Russell 2000 – increasing the portfolio size by up to 6x. (2) The observed performance improvements scale with both higher AUM and longer investment horizons with higher Information Ratios (IRs) from 1 to 21 days, higher annualised returns from 1 to 10 days, and lower volatilities from 2 to 21 days. (3) Assuming AUM of $100 million, this translates into improvements in IR of between 10 to 55%, depending on investment horizon, with 2-week holding periods providing the strongest results. With AUM of $200 million, the improvement reaches up to 85%.
Bayesian Models

Bayesian models have become a mainstay in the tool set for marketing research in academia and industry practice. In this chapter, I discuss the advantages the Bayesian approach offers to researchers in marketing, the essential building blocks of a Bayesian model, Bayesian model comparison, and useful algorithmic approaches to fully Bayesian estimation. I show how to achieve feasible Bayesian inference to support marketing decisions under uncertainty using the Gibbs sampler, the Metropolis Hastings algorithm, and point to more recent developments—specifically the no-U-turn implementation of Hamiltonian Monte Carlo sampling available in Stan. The emphasis is on the development of an appreciation of Bayesian inference techniques supported by references to implementations in the open source software R, and not on the discussion of individual models. The goal is to encourage researchers to formulate new, more complete and useful prior structures that can be updated with data for better marketing decision support.
Comparing Those Who Do, Might and Will Not Invest in Sustainable Funds - A Survey Among German Retail Fund Investors

In this paper we present the results of an online questionnaire among private German mutual fund investors. Thereby we are the first to analyze the differences between three groups: sustainable investors, conventional investors that are either generally interested or those that are not interested at all to invest in socially responsible (SR) funds. We provide evidence on motives and attitudes of these three investor groups. Showing that SR investors are quite similar to those interested in investing sustainably and very different from those who only consider investing conventionally. All three groups agree that sustainable actions of a company affect its stock price positively. Yet, they all belief that SR funds perform worse than conventional funds. Nevertheless, some still invest in SR funds. Consequently, different motives and attitudes are the determining factors when it comes to making an investment decision. These differences will be extensively discussed on the following pages.
Family Businesses in Hungary –Evidence from A Country-level Survey

Although Hungarian family businesses were also studied in the past with some important results, our knowledge is far from being complete. The aim of our quantitative survey research, was to contribute to filling these gaps. We focused on the heterogeneity of the population and on the possible micro foundations of their diversity both in the relationship between the family and the firm and in the business processes of the firms. According to the results, almost three decades after the political and economic transformation, the population of Hungarian family firms are thriving, although they show the sign of a double-sided professionalization. Family businesses are capable of developing from a micro business into a strong small business. The key to this is that the founder and his/her spouse are able to involve more and more family members of the next generation into the operative work. This is the most favorable outcome from the perspective of both the family and the business. Family businesses are less capable of reaching the next development stage – to involve external experts in management besides/instead of family members. This would be especially important for the transition from a small to a medium sized business. Above average business performance is in connection with more open system boundaries regarding both the family and the business. The fact that there are no formal or informal mechanisms for the long-term planning of family control over the companies poses a risk to their further development.
Practical Solutions to the Problem of Mirrlees - Optimal Labor Income Taxation in Poland

The optimal labor income taxation problem is cast in the context of the Polish economy. We use the actual Polish data on labor income and the corresponding tax revenue provided by the Polish Tax Authority to calibrate the optimal taxation Problem of Mirrlees to the Polish data. We solve the optimal taxation problem in a variety of contexts using numerical techniques. We provide solutions to the optimal labor income taxation problem, examine the sensitivity to the underlying parameters. In general, our numerical results confirm that the solutions are affected, in particular, by the elasticity of labor supply with respect to the wage, and by the preferences of policy makers. Still, in the qualitative sense the optimal marginal tax rates normally take the form of an inverted U-shaped curve when depicted in terms of income earned. We establish that the quantitative results are sensitive to the underlying parameters. In one extreme, the optimum calls for high optimal marginal tax rates reaching nearly 75% for moderate income levels when the elasticity of labor supply is low and the degree of aversion towards inequality is high. On the other hand the optimal marginal tax rates can be low for moderate income levels when the elasticity of labor supply with respect to the wage is high and when the aversion towards inequality is low. In addition, we show that marginal tax rates at low income levels can be high, which is supposed to encourage higher labor supply by low earners. Finally, our solutions reveal that universal basic income is a part of the optimum regardless of the values of the underlying parameters.
Is Ethicality Itself a Boundary Condition for Ethicality: The Complementary Role of Employees' Exchange Ideology and Moral Awareness in Restricting the Effect of Ethical Leadership in Reducing Workplace Deviance.

Ethical leadership (EL) seems to be effective in reducing workplace deviance, questions remain as to whether its benefits are consistent across all situations. Specifically, whether its effectiveness remained in an already ethical environment. In this investigation, we explore two important boundary conditions of ethical leadership that are themselves related to ethicality. We first explore how employees’ moral awareness (MA) may lessen the need for ethical leadership. Drawing on substitutes for leadership theory, we suggest that when individuals already possess a heightened level of moral awareness, ethical leadership’s role in reducing deviant actions may be reduced. We also contended that Employees' Exchange Ideology - the strength of an employee’s belief that the work effort should depend on treatment by the organization- also reduces EL effectiveness. This norm of reciprocity may not be ethical, as the leader's positive or negative efforts towards employees may divert them from doing what is morally right to reciprocate. However, not all individuals value reciprocity to the same degree, hence higher Employees' Exchange Ideology (EEI) may be another boundary condition of EL effectiveness. We conceptualize this framework by modifying Gok et. al. (2017) model to add Employees' Exchange Ideology as a moderating factor along with Moral Awareness. Workplace Deviance was measured by organizational directed deviance (OD) and supervisor directed deviance (SD). Empirical validity was established by conducting a survey using a close-ended questionnaire. Data was collected from 310 employees working in different organizations in Pakistan and was analyzed using confirmatory factor analysis and structured equation modeling. Results indicated a significant negative complementarity of EEI, in the effect of EL on both dimensions of workplace deviance. This suggested, higher EEI seems to limit the effect of EL on organizational and supervisor directed deviance. However, the moderating effect of MA was not substantiated for Pakistan. EEI also seems to have a positive effect on both OD and SD, while, SD seems to have a positive effect on OD. Interestingly, EL seems to be causing rather than reducing both OD and SD in the Pakistani environment.
An Investigation of Customer’s Intention to Adopt Mobile Payment Service at Street Food Vending in Bangkok

The research expects to investigate factors impact customer’s intention to use mobile payment service. The data were collected from 411 participants who live in Bangkok and have experiences in using mobile payment service and street food. The reliability test was conducted to validate the internal consistency of the questionnaire. To test hypotheses, MLR and SLR analyses were performed to test for their significant of those variables. The result demonstrated that a behavioral to adopt mobile payment service at street food vending of consumers in Bangkok was discovered by four variables named compatibility, subjective norm, perceived trust, and perceived usefulness. Whereas, other two factors known as perceived ease of use and perceived risk were found non-significant on intention to adopt mobile payment service. There have been no studies performed which reported an intention to adopt mobile payment services by specific to the street food sector, thus the results would be beneficial for mobile payment parties such as financial institutions, service providers to understand their consumer’s behavior.
A Simulation Set-Up to Observe the Effects of the Emotional Factor on Capital Markets

The study surveyed 74 student subjects from a major public university in the southern United States in a capital market experiment. This study investigates the link between profitability and the individual emotions present at the time of the experiment among managers and investors. This study is motivated by the shareholder and manager mechanism simulating a real market environment, where the individual self-reported emotions on a survey are analyzed by a least square regression analysis from the perspective of investors and managers.
Growth, Chlorophyll Content, Photosynthesis and Water Relations in Guava (Psidium guajava L.) Under Salinity and Different Nitrogen Supply Wachstum, Chlorophyllgehalt, Photosynthese und Wasserstatus von Guaven (Psidium guajava L.) bei Salinität und unterschiedlicher Stickstoffversorgung

Summary The influence of NaCl and different levels of nitrogen supply (5, 10 and 15 mM Ca(NO 3 ) 2 ) on growth and physiological parameters of two Sudanese guava cultivars (white and red fruit flesh) were investigated. Under saline conditions shoot growth and leaf chlorophyll content in guava trees were reduced. However, moderate N supply improved these parameters. NaCl salinity reduced net photosynthesis rate (P N ) and transpiration (T) of both guava cultivars, but moderate nitrogen supply enhanced P N and T. Stomatal resistance (Rs) was high under NaCl salinity conditions, whereas it was comperatively low for trees moderately supplied with nitrogen. The salinity-induced decrease of PN in red guava is attributed to stomatal closure. In white guava this was rather an effect of non-stomatal factors. The xylem flow rate followed similar patterns for both cultivars and for all treatments except those supplied with NaCl only. The highest flow rates were noticed for both cultivars under moderate nitrogen supply. The red guava is supposed to possess a better salt tolerance compared to white guava.
Disjoint Tree Mergers for Large-Scale Maximum Likelihood Tree Estimation

The estimation of phylogenetic trees for individual genes or multi-locus datasets is a basic part of considerable biological research. In order to enable large trees to be computed, Disjoint Tree Mergers (DTMs) have been developed; these methods operate by dividing the input sequence dataset into disjoint sets, constructing trees on each subset, and then combining the subset trees (using auxiliary information) into a tree on the full dataset. DTMs have been used to advantage for multi-locus species tree estimation, enabling highly accurate species trees at reduced computational effort, compared to leading species tree estimation methods. Here, we evaluate the feasibility of using DTMs to improve the scalability of maximum likelihood (ML) gene tree estimation to large numbers of input sequences. Our study shows distinct differences between the three selected ML codes—RAxML-NG, IQ-TREE 2, and FastTree 2—and shows that good DTM pipeline design can provide advantages over these ML codes on large datasets.
Is Market Fragmentation Harming Market Quality?

Equity markets world-wide have seen a proliferation of trading venues and the consequent fragmentation of order flow. In this paper, we examine how fragmentation of trading is affecting the quality of trading in U.S. markets. We propose using newly-available TRF (trade reporting facilities) volumes to proxy for fragmentation levels in individual stocks, and we use a matched sample to compare execution quality and efficiency of stocks with more and less fragmented trading. We find that market fragmentation generally reduces transactions costs and increases execution speeds. Fragmentation does increase short-term volatility, but prices are more efficient in that they are closer to being a random walk. Our results that fragmentation does not appear to harm market quality have important implications for regulatory policy.
Literature review of hedge funds performance persistence.

This paper examines in detail the literature review of hedge funds performance persistence. Hedge funds are also known as alternative investments that are suited to institutional investors or wealthy investors with significant experience and knowledge in investment. They are used to hedge different types of risk by using derivatives products. Hedge fund managers use call and put options, commodity futures, forward contracts, index, currency and fixed income options and futures to hedge credit risk, market risk, country risk, sector risk, company risk, interest rate risk and currency risk. They try to reduce risk, offset loses and positively increase the performance of the fund. They are not liquid as they use a lockup period for a certain period of time. They are used from wealthy investors that have a capital higher than 250,000 USD. In some cases the invested capital could be 1,000,000 USD or more than 10,000,000 USD.
Wages, Minimum Wages, and Price Pass-Through: The Case of McDonald’s Restaurants

We use price and wage data from McDonald's restaurants to provide evidence on wage increases, labor-saving technology introduction, and price pass-through by a large low-wage employer facing a flurry of minimum wage hikes from 2016-2020. We estimate an elasticity of hourly wage rates with respect to minimum wages of 0.7. In 40% of instances where minimum wages increase, McDonald's restaurants' wages are near the effective minimum wage level both before and after its increase; however, we also uncover a tendency among a large subset of restaurants to preserve their pay 'premium' above the minimum wage level. We find no association between the adoption of labor-saving touch screen ordering technology and minimum wage hikes. Our data imply that McDonald's restaurants pass through the higher costs of minimum wage increases in the form of higher prices of the Big Mac sandwich. We find a 0.2 price elasticity with respect to wage increases, which implies an elasticity of prices with respect to minimum wages of about 0.14. Based on a listing of all US McDonald's restaurants from 2010 to 2020, we also find no effects of minimum wages on McDonald's restaurant entry and exit.
Does social participation improve cognitive abilities of the elderly?

This paper examines the effect of social participation on cognitive performance using data from a longitudinal survey of the elderly in China. It addresses the problem of endogenous participation by exploiting the variation in changes in social participation that are driven by changes in community service for social activities. The results show that participating in social activities has significantly positive impacts on cognitive function among the elderly. The point estimates indicate that engaging in social activity raises cognitive scores by 29% of a standard deviation.