Miracle-dz/UniFAR-FTUs huggingface dataset:
CULTURE STUDIES OF BANGIA ATROPURPUREA (ROTH) AG.

Summary The freshwater Bangia atropurpurea (Roth) Ag. and the marine B. fuscopurpurea (Dillw.) Lyngb. have both been studied in unialgal culture. They are morphologically similar and have been united by some authors under the former name, but a comparison of salinity ranges in cultures has shown that they differ, only showing optimum growth in freshwater and marine media respectively. B. atropurpiirea has also been kept under observation in the field for three years and little seasonal periodicity has been noticed. In cultures of this species branched filaments and Conchocelis-stages have been obtained, both bearing monospores. These stages are described in detail.
Information Frictions in Securitization Markets: Unsophisticated Investors or Opaque Assets?

Security prices are informative about the probability of a subsequent downgrade, but this informativeness is affected by two frictions taking place between the issuer and the investor. I use a measure of documentation quality in private label mortgages to show that the predominant friction relates to incomplete documentation on the underlying loans. Prices of junior tranches appear no more informative than those of AAA tranches within "low-doc" deals, while the latter are no less informative within "full-doc" deals. The agency friction stemming from lack of investor sophistication is secondary. The results suggest that documentation transparency can be an effective complement to skin in the game requirements.
The Transmission Channels between Financial Sector and Real Economy in Light of the Current Financial Crisis: A Critical Survey of the Literature

The present study undertakes a critical review of the research around the major issue of the transmission channels between financial sector and real economy. The aim of the study is to shed light on the interaction between the financial system and the economy, in the shadow of the current crisis. The literature documents the importance of these channels in the determination of economic activity and therefore, real economy as a whole. The study highlights the emergence of the liquidity channel as a key factor of the transmission of bank credit shocks to real economy and underlines the existing “regulation gaps”. The paper concludes that the financial sector plays an even more crucial role these days and drastic measures along with intense supervision must be undertaken so as to work properly and serve the economic world.
A CYTOCHEMICAL STUDY OF BENIGN AND MALIGNANT CARTILAGINOUS TUMORS

Twelve cases of benign and malignant cartilaginous tumors were subjected to cytological and cytochemical studies using human fetal cartilage as control. They included 4 cases of chondrosarcoma, 2 cases of benign chondroblastoma, and 3 cases each of enchondroma and osteochondroma (exostosis). An electron microscope was used.The ultrastructural features and cytochemical localization of the reaction product of polysaccharide and alkaline phosphatase activity (ALPase) of the tumor cells of well-differentiated chondrosarcoma, enchondroma and osteochondroma were similar to those of the distal zones of the epiphyseal plate of the controls. These results suggested tumor cell functions may be similar to those of the controls as well as normal chondrocytes. Undifferentiated chondrosarcoma cells, however, had poorly developed organellae and a few vacuoles with deposits of periodic-acid methenamine-silver staining (PAM) in their cytoplasm. An abundance of ALPase reaction product was observed in their cytoplasmic membranes but scarcely any in their cytoplasm. These findings suggest decreased matrix synthesis (especially proteoglycans) in the cells of undifferentiated chondrosarcoma. Benign chondroblastoma cells demonstrated well-developed rough-endoplasmic reticula (r-ER) in contrast to the Golgi apparatuses, and PAM-reaction products were not seen in their cytoplasm. On the basis of the ultrastructural localization of ALPase activity, two different cell types were seen in benign chondroblastoma: fetal cartilagelike cells (type A), and peculiar cells which had abundant deposits of ALPase in the enlarged r-ER but not on the cytoplasmic membrane (type B). These findings suggested an interference in the matrix synthesis process of r-ER in type B benign chondroblastoma cells. It was concluded that the ultrastructural localization of both ALPase and polysaccharide reaction products could be useful in defining cell function and the level of cell differentiation in cartilaginous tumors.
NF‐κB binds to the immunoglobulin Sγ3 region in vivo during class switch recombination

Ig class switch recombination (CSR) is dependent upon the expression of activation‐induced deaminase and targeted to specific isotypes by germ‐line transcript expression and isotype‐specific factors. NF‐κB plays critical roles in multiple aspects of B cell biology and has been implicated in the mechanism of CSR by in vitro binding assays and altered S/S junctions derived from NF‐κB p50‐deficient mice. However, the pleiotropic contributions of NF‐κB to gene expression in B cells has made discerning a direct role for NF‐κB in CSR difficult. We now observe that binding of NF‐κB components p50 and p65 is detected on Sγ3 in vivo following lipopolysaccharide (LPS) activation and repressed by LPS + IL–4, suggesting a direct role for this factor in CSR. In vivo footprinting confirms occupancy of a previously defined NF‐κB recognition site in Sγ3 with the same temporal kinetics as found in the chromatin immunoprecipitation analysis. Binding of NF‐κB components p50 and p65 was also detected on Sγ1 following B cell activation. H3 histone hyper acetylation at Sγ1 is strongly correlated with NF‐κB binding, suggesting that NF‐κB mediates chromatin remodeling in the Sγ3 and Sγ1 region.
Assessing the Influence of Auditor Quality on the Magnitude of Sustainability Disclosure During a Disclosure Regime Change

Our study examines the proposition that auditor quality was a significant determinant of the magnitude of sustainability disclosure during the transition from a ‘voluntary’ to ‘comply or explain’ mandated disclosure regime in the Singapore context. In addition, we also examine the influence of auditor quality features on (a) the annual change in sustainability disclosure and (b) the option after enforcement of the ‘comply or explain’ mandate for a firm to issue a standalone or integrated sustainability report. The observation period for our study is from April 1, 2014 to March 31, 2019, with data collected from 436 SGX public firms listed continuous during the observation period enabling empirical analysis to be based on 1,744 firm-year observations. Evidence presented in our paper indicates that the extent and range of sustainability disclosure in the annual reports of SGX publicly listed companies increased significantly across the entire observation window. Regression and fixed-effects panel data analysis indicates firms engaging a Big4 audit firm and/or industry specialist disclosed significantly more sustainability information. Meanwhile, we find a significant negative association between the delay in issuing the independent audit report and the magnitude of sustainability disclosure. Auditor independence is found to be insignificant. Auditor quality features, meanwhile, did not appear to be significant determinants of the annual change in sustainability disclosure during the observation window, or the decision of a firm to issue a standalone sustainability report versus an integrated sustainability/annual report.
Default Superannuation Funds in Modern Awards

This Productivity Commission inquiry report was released on 12 October 2012. Default superannuation arrangements for those employees who derive their default superannuation product in accordance with modern awards have provided market stability, and net returns of default funds have generally exceeded those of non-default funds. However, the arrangements could be improved. The primary principle governing default superannuation arrangements for modern awards should be the promotion of the best interests of employees. The selection of default products for awards should be merit rather than precedent based, and should encourage improved performance through competition. The criteria that the Australian Prudential Regulation Authority will use for MySuper product authorisation provide a first filter for the selection of products. The Commission recommends a set of non-prescriptive factors to be considered as a second stage 'quality filter' when selecting default products for modern awards. The factors relate to: investment objectives and performance (as primary factors); fees and costs; governance practices (particularly mechanisms in place to deal with conflicts of interest); insurance; intra-fund advice; and administrative efficiency. The process for the selection and ongoing assessment of default products in modern awards should be reformed. Decisions on the listing of default products should be made by a new Default Superannuation Panel within Fair Work Australia (FWA).
Nickel accumulation by European species of the genus Alyssum

Herbarium specimens (over 400) of all the 64 species of Alyssum listed in the Flora Europaea were analysed for their nickel and cobalt content in order to identify hyperaccumulators ( > 1000 μg/g dry mass) of either element. In addition to the three previously recorded hyperaccumulators of nickel (A. bertolonii, A. murale and A. serpyllifolium s. sp. lusitanicum), a further 11 were identified. With the exception of A. fischerianum, all hyperaccumulating species are from Section Odontarrhena of the genus and include A. alpestre, A. argenteum, A. corsicum, A. euboeum, A. fallacinum, A. heldreichii, A. markgrafii, A. robertianum, A. smolikanum and A. tenium. Nickel contents exceeding 10000 μg/g (1%) were recorded in A. bertolonii, A. corsicum, A. heldreichii, A. markgrafii and A. robertianum. The occurrence of 14 hyperaccumulators in a single genus is the highest density so far recorded and poses interesting questions concerning the plant chemistry of these species.
Caring for Older Australians

The Productivity Commission inquiry report, released 8 August 2011, recommends a major overhaul of Australia’s aged care system to improve the wellbeing of older Australians and meet the challenges of an ageing population. Over one million older Australians receive aged care services. The range and quality of these services have improved over past decades, but more needs to be done. Future challenges include the increasing numbers and expectations of older people, a relative fall in the number of informal carers, and the need for more workers. By 2050, over 3.5 million Australians are expected to use aged care services each year. The aged care system suffers key weaknesses. It is difficult to navigate. Services are limited, as is consumer choice. Quality is variable. Coverage of needs, pricing, subsidies and user co-contributions are inconsistent or inequitable. Workforce shortages are exacerbated by low wages and some workers have insufficient skills. The Commission’s proposals address these weaknesses and challenges and aim to deliver higher quality care. The focus is on the wellbeing of older Australians — promoting their independence, giving them choice and retaining their community engagement. The overview booklet contains the key points, and an extensive summary of the Commission's analysis and recommendations. For the detailed supporting material, please view the full report from the Commission’s website.
Nest Site Selection in the Urban Population of Blackbirds Turdus merula of Szczecin (NW Poland)

Abstract. Nest site selection in the Blackbird was investigated in two urban parks in Szczecin from 1997 to 2003. The age structure of the tree stands, the area of shrub coverage and the number of predators (apart from squirrels) were similar in both parks. 95% of the nests discovered at the beginning of the breeding season were found again in June and July. Any increase in the heights of the nest sites in successive periods of the breeding season and any changes in the type of vegetation selected for nest construction were recorded. In April, Blackbirds most often used coniferous trees. At the start of the season, when deciduous plants began sprouting leaves, Blackbirds preferred those whose leaves appeared earlier. But later in the season, no difference was found between the numbers of nests in trees developing their crowns earlier or later. The shorter period of nest use in conifers is probably due to their selective penetration by corvids. The selective penetration of such trees by predators probably reduces the frequency of nest building in them between the first (pentads 1–3) and second (pentads 4–6) period of the breeding season, despite the fact that they provide better concealment for nests. The selection of nest sites by the Blackbirds in this study confirms both the predator-pressure and the nest-concealment hypotheses.
A new plant virus from the high jungle of the Eastern Andes; Solanum apical leaf curling virus (SALCV)

SUMMARY A previously undescribed plant virus, Solanum apical leaf curling virus (SALCV), was found in cultivated potato and indigenous wild solanaceous plants in an area of high jungle near San Ramon, Peru. Symptoms in potato consisting of red, purple or pink discoloration, curling, crinkling and dwarfing of apical leaves develop soon after infection. Symptoms from tuber-borne infection may also include dwarfing and stunting, dormancy may be prolonged and sprouts may be filiform producing small plants with very thin stems. The virus is transmissible by grafting, but was not transmitted through seed, by aphids or leafhoppers tested, nor by mechanical inoculation of sap. Infected Datura tatula and D. stramonium, the most useful indicator hosts, developed yellowing of the small veins of newly formed leaves followed by distortion, dwarfing, and cupping of subsequently formed leaves. Tomato, Solanum nigrum, Nicandra physalodes and Nicotiana benthamiana were also infected experimentally. N. physalodes, Solanum basendopogon, D. tatula and Physalis peruviana were naturally infected in the field. Antiserum produced in rabbits was suitable for ELISA which detected SALCV in a range of graft-inoculated and naturally infected plants. Most virus particles in purified preparations and those trapped on antiserum sensitised grids treated with infective sap were c. 52 times 17 nm and consisted of three quasi-isometric units in a straight chain. This particle morphology although novel, suggests possible affinities with geminiviruses.
Seasonal responses of xylem sap velocity to VPD and solar radiation during drought in a stand of native trees in temperate Australia.

Xylem sap velocity of two dominant tree species, Eucalyptus crebra F. Muell. and Callitris glaucophylla J. Thompson & L.A. S. Johnson, in a native remnant forest of eastern Australia was measured in winter and summer during a prolonged (> 12 months) and extensive drought. The influence of vapour pressure deficit (VPD) and solar radiation levels on the velocity of sap was determined. Pronounced hysteresis in sap velocity was observed in both species as a function of VPD and solar radiation. However, the rotation of the hysteresis curve was clockwise for the response of sap velocity to VPD but anti-clockwise in the response of sap velocity to radiation levels. A possible reason for this difference is discussed.The degree of hysteresis (area bounded by the curve) was larger for the VPD response than the response to solar radiation and also varied with season. A simple linear model was able to predict sap velocity from knowledge of VPD and solar radiation in winter and summer. The consistent presence of hysteresis in the response to sap velocity to VPD and solar radiation suggests that large temporal and spatial models of vegetation water use may require some provision for the different responses of sap velocity, and hence water use, to VPD and solar radiation, between morning and afternoon and between seasons.
Determinants of the possibilities by investors’ risk-taking: Empirical evidence from Vietnam

Abstract This paper focuses on determining the factors influencing investors’ risk-taking through empirical evidence from Vietnam. This study investigates risk perception, expected return and herding behavior, and other determinants such as historical volatility and subjective financial risk attitude; according to previous studies, these are the main components affecting risk-taking behavior among investors. Overconfidence (better than average, miscalibration, and excessive optimism) is also taken into consideration. We employ pooled-OLS and quantile regression to overcome the shortage of research models in this field. In addition, we demonstrate how risk-taking behavior can be affected by those factors with the application of measures across four different investment channels. This study suggests implications for investors who wish to control risk.
Predicting the Equity Premium around the Globe: Comprehensive Evidence from a Large Sample

By studying 81 countries over a period of up to 144 years, with different classes of predictor variables and various forecast specifications, we conduct the most comprehensive equity premium predictability analysis to date. We find that excess returns are more predictable in Emerging and Frontier than in Developed Markets. For all groups, forecast combinations perform very well out-of-sample. Analyzing the cross-section of countries, we find that both market inefficiency and the variation in expected returns over time are important drivers of return predictability. Finally, domestic inflation-adjusted returns are substantially more predictable than USD returns.
Big Banking Principles and Financial Performance - Outreach Relationship: An Application to the Microfinance Sector

This paper investigates the MFI performance and outreach relationship and examine whether big banking principles also apply to microfinance institutions (MFIs) and may help explaining the above-mentioned link. Unlike previous work analyzing the relationship between financial performance and outreach, we apply conditional quantile regressions to grasp the differences observed across MFIs. Our study unveils that big banking principles can be extended to the microfinance sector. Indeed, we find that increasing assets improves performance among MFIs that already have large profits. We also find that an increase in assets induces less small loans.
Carbon isotope fractionation in tree ring early and late wood in relation to intra‐growing season water balance

We determined the stable carbon isotope composition (δ1.3C) of cellulose extracted from early and late wood in Douglas fir [Pseudotsuga menziexii (Mirb.) Franco] tree rings. Data were obtained for the period 1962 to 1981, at the start of which the trees were 20 years old. A water balance model was used to calculate daily stand transpiration and water deficit. The model incorporates site factors (soil water availability, slope and aspect) and environmental variables (solar radiation, air temperature and rainfall). There was far greater variability in late wood than in early wood δ1. 3C. In wet years, late wood δ1. 3C was significantly lighter (by as much as 2δ) than early wood δ1. 3C but in dry years this difference was reversed. Differences between spring and summer cumulative transpiration accounted for almost 60δ of the variability in differences between early and late wood δ1. 3C. We found excellent correspondence between summer cumulative transpiration and late wood δ1. 3C, with estimates of transpiration accounting for up to 93% of the variability in δ1. 3C. Correlations between early wood δ1. 3C and spring transpiration were generally poor (r2<0.4), but we were able to identify those exceptional years in which there had been a very dry spring. Our results indicate that, while tree ring δ1. 3C correlates reasonably well with basal area increment, it is a far better indicator of inter- and intra-annual variability in water availability than radial growth.
Portfolios from BSE 500 using CAPM

The study tries to practically use the widely taught Capital Asset Pricing Model (CAPM) model for making investment decisions on Bombay Stock Exchange (BSE) –500 Index. Using CAPM, the study tries to investigate whether securities on BSE 500 are over-valued, properly valued or under-valued. The study also tries to understand that whether undervalued equities belong to a particular industrial sector or diversified sectors enabling creation of a diversified portfolio. A novel way of creating portfolios using systematic risk as weight has been discussed towards the end of the paper. The study is expected to be useful to institutional investors, portfolio managers and retail investors.
Real Earnings Smoothing and Managerial Compensation Incentives

We provide empirical evidence that managers smooth earnings using discretionary R&amp;D spending (i.e., real smoothing) when managerial compensation packages contain high risk-taking incentives. Specifically, we find that real smoothing is related to both the sensitivity of executive wealth to a unit change in stock price volatility (vega, capturing executives’ incentive of increasing R&amp;D investment of high risk in nature) and the sensitivity of executive wealth to a unit change in stock price (delta, capturing executives’ incentive of preserving stock price possibly through reducing R&amp;D investment). Given the empirical regularity of the extremely high correlation between vega and delta, we use Vega-to-Delta ratio to capture the net risk-taking incentive of executives, and find evidence supporting our hypothesis that the real smoothing is less for firms whose executives have high risk-taking incentives driven by their option compensations.
Do Stock Splits Really Signal?

Although stock splits seem to be purely cosmetic, there is ample empirical evidence that they are associated with abnormal returns. This study analyzes the effect of stock splits using intraday data and insider trading data in Hong Kong from 1980 to 2000. Consistent with the findings of other countries, we observe positive price reactions in Hong Kong. These positive reactions may be attributable to favorable signals and improved liquidity. We use the abnormal insider trading activity to assess the informativeness of the split signal. We find immaterial trading activities in the two months immediately before the split announcement, and abnormal trading activities in the post-announcement period. Our microstructural analysis shows that stock splits improve corporate liquidity. Regression analysis shows the presence of a possible signaling role for split announcements confounded by increased liquidity.
Tax Riots

This paper considers an optimal taxation environment where household income is private information, and the government randomly audits and punishes households found to be underreporting. We prove that the optimal mechanism derived using standard mechanism design techniques has a bad equilibrium (a tax riot) where households underreport their incomes, precisely because other households are expected to do so as well. We then consider three alternative approaches to designing a tax scheme when one is worried about bad equilibria.