Miracle-dz/UniFAR-FTUs huggingface dataset:
Zero-Coupon Yield Curves: Technical Documentation

Following a meeting on the estimation of zero-coupon yield curves held at the BIS in June 1996, participating central banks have since been reporting their estimates to the Bank for International Settlements. The BIS Data Bank Services provide access to these data, which consist of either spot rates for selected terms to maturity or represent estimated parameters from which spot and forward rates can be derived. In the case estimated parameters are reported, the Data Bank Services provides, in addition to the parameters also the generated spot rates. The purpose of this document is to facilitate the use of these data. It provides information on the reporting central banks' approaches to the estimation of the zero-coupon yield curves and the data transmitted to the BIS Data Bank. In most cases, the contributing central banks adopted the so-called Nelson and Siegel approach or the Svensson extension thereof. A brief overview of the relevant estimation techniques and the associated mathematics is provided below. General issues concerning the estimation of yield curves are discussed in Section 1. Sections 2 and 3 document the term structure of interest rate data available from the BIS. The final section provides examples of estimated parameter and selected spot and forward rates derived thereof. A list of contacts at central banks can be found after the references. The remainder of this document consists of brief notes provided by the reporting central banks on approaches they have taken to estimate the yield curves. Since the last release of this manual in March 1999 there have been four major changes: Switzerland started to report their estimates of the yield curve to the BIS in August 2002. Furthermore, Sweden began to use a new estimation method in 2001, the United Kingdom since September 2002 and Canada since January 2005. These changes are included in Tables 1 and 2.
Impacto De La Desconfianza En La Dinámica De La Empresa Familiar (Impact of Distrust in the Family Business Dynamic)

<b>Spanish Abstract:</b> La confianza es un activo tangible en cualquier grupo u organización. Impacta, consolida y define la calidad de toda relación interpersonal, comunicación y proyecto organizacional. Por tanto, el objetivo de esta investigación consiste en identificar y analizar el impacto que la desconfianza puede generar en la dinámica de la empresa familiar. Para tal efecto se llevó a cabo una investigación documental y de campo. Se diseñó y administró en enero del 2016, un cuestionario bajo el esquema de la escala de Likert a 68 empleados que forman parte de familias empresarias y que laboran en el negocio familiar de dichas familias. Los resultados obtenidos muestran que la desconfianza entre los miembros de la familia empresaria impacta negativamente en los flujos de información, la transparencia, en la comunicación, la expresión de nuevas ideas, la colaboración y en general en la calidad de la dinámica organizacional de la empresa familiar. <b>English Abstract:</b> Trust is a tangible asset in any group or organization. It affects, consolidates and defines the quality of interpersonal relationships, communication and organizational projects. The objective of this research consists of identifying and analyzing the impact that distrust can generate in the dynamics of family business. We designed and administered a questionnaire under the Likert scale to 68 employees that are part of family business and work in the business of such families. The results show that existence of distrust among the members of the business family impacts negatively on the information flows, transparency, communication, expression of new ideas, collaboration and in general the quality of the organizational dynamic of the family business.
Does Stock Market Liberalization Spur Economic and Financial Development in the Mena Region?

In order to investigate the impact of financial market liberalization on economic growth in the MENA region, we need to replace our contribution in the economic growth literature. Our study is related to the literature on policy impacting growth rather than the debate on "convergence" between low-income and high-income countries which dominates the current research on economic growth. Our study is one of the few studies that focus on MENA countries. Several issues are addressed about the impact of stock market liberalization on economic growth. Using annually data from 11 MENA countries over the 1979-2005 period, the empirical results indicate that stock market liberalization has no effect on economic and investment growth whereas the impact on stock market development is negative in the short-run but turns positive in the long-run. However, when we include certain pre-conditions for liberalizing the stock market, we find that a more developed stock market prior to liberalization, less government intervention and by not fully opening the economy to foreign trade reinforces the positive impact of liberalization on stock market development. These results could have some important policy implications; in which domestic financial reforms should precede policies that aim at liberalizing the stock market. This is not only easier and faster to accomplish, but from a policy sequencing perspective it pays to reform the trade regime before liberalizing fully the (portfolio component of the) capital account. In conclusion, reforms should first and foremost start in the domestic economy before open it full to foreign participation. Our results are robust to several specifications.
Buoyancy and its constraints on the underwater foraging behaviour of Reed Cormorants Phalacrocorax africanus and Darters Anhinga melanogaster

The effects of changing buoyancy on the diving and feeding behaviour of Reed Cormorants Phalacrocorax africanus and Darters Anhinga melanogaster was investigated at Lake Kariba, Zimbabwe. A qualitative model of the energetic constraints caused by buoyancy changes on the diving behaviour of these two birds is presented and the predictions from the model are tested. The buoyancy of both species declined exponentially at different rates with water depth. Reed Cormorants were neutrally buoyant at 5–6 m while Darters were neutrally buoyant at 2–4 m depth. Buoyancy changes affect underwater swimming speed, which for Reed Cormorants is twice as fast on the bottom than when commuting, and for the Darter is significantly slower when diving than at any other time. Cormorants feeding in water deeper then 6 m spent less time on the bottom and fed less successfully than those birds feeding in shallower water. This is because their bottom times were significantly reduced as a result of the energetic constraints caused by changes in their buoyancy.
Intertemporal and Spacial Location of Disposal Facilities

Optimal capacity and location of a sequence of landfills are studied, and the interactions between both decisions are pointed out. The decision capacity has some spatial implications, because it affects the feasible region for the rest of landfills, and some temporal implications, because the capacity determines the lifetime of the landfill and, hence, the instant of time where next landfills will need to be constructed. Some general mathematical properties of the solution are provided and interpreted from an economic point of view. The resulting problem turns out to be no convex and, therefore, it can not be solved by conventional optimization techniques. Some global optimization methods are used to solve the problem in a particular case, in order to illustrate the behavior of the solution depending on parameter values.
Bankruptcy Problems: On Rights Arbitration and Game Theory

We examine ibn Ezra's procedure (Rabinovitch 1973; O'Neill 1982) historically used to solve the Rights Arbitration problem in the general framework of bankruptcy problems. When the greatest claim is larger than or equal to the estate, the procedure is a maximal game (Aumann 2010). However, when the greatest claim is smaller than the estate, the axioms of efficiency (the whole estate is distributed) and satiation are difficult to satisfy simultaneously. We discuss both axioms to show that their importance and necessity are radically different. From then, for the part of the estate not covered by the greatest claim, we examine four possible procedures: the minimal overlap rule, Alcalde et al.'s (2005) iterative generalization, dictator game, and unanimity game. They pose many problems mainly because: (i) only the greatest claimant remains in the game; (ii) playing two different subgames is unrealistic; (iii) some claimants may receive more than they claim, which violates the satiation axiom; (iv) under the minimal overlap rule players simultaneously play a unanimity game and a dictator game; (v) Alcalde et al.'s generalization is is efficient but converges very slowly. This is why we propose an original and different rule, the series of nested unanimity games (SNUG). We show that it is guarantees efficiency and satiation for all claimants and compared to the other rules, SNUG is attractively homogenous --- only unanimity games are played.
Reserva de Cabotaje Marítimo y Libre Competencia: El Caso Chileno (Maritime Cabotage Restriction and Competition: The Chilean Case)

<b>Spanish Abstract:</b> Se analiza la reserva de cabotaje marítimo bajo el régimen de defensa de la libre competencia. Junto con describir sus aspectos jurídicos, se busca estimar cuantitativamente los eventuales impactos económicos para el país, o pérdidas en bienestar asociados. Complementariamente, se analiza la regulación accesoria, que consiste en un impuesto adicional del 20% al uso o goce temporal de naves extranjeras que se destinen a servicios de cabotaje. En base al análisis realizado, y de conformidad con el Decreto Ley Nº 211 de 1973, se propone la derogación de la reserva de cabotaje marítimo y del impuesto adicional a servicios de cabotaje con naves extranjeras, de modo de introducir una mayor competencia en este mercado en beneficio de los consumidores chilenos y de la eficiencia económica <b>English Abstract:</b> This paper analyzes the maritime cabotage restriction pursuant to the competition law. In addition to explaining its legal aspects, it aims to make a quantitative estimate of the potential economic impacts for the country, or welfare losses associated. Furthermore, it analyzes a current ancillary regulation, which consists of a 20% surtax on the use or temporary possession of foreign vessels that are allocated or used for cabotage services. Based on the analysis conducted, and pursuant to the Decree Law No. 211 of 1973, this paper proposes repealing the maritime cabotage restriction and the surtax for cabotage services by foreign vessels in order to introduce greater competition in this market to benefit Chilean consumers and economic efficiency.
Housing Booms and Busts and Family Formation of Young Generations

I investigate a hypothesis that housing cycles change the youth's labor market conditions and influence their marriage and fertility decision. Different from the most literature that examine the effect of housing costs, rents or housing prices, on outcome variables, I construct MSA-level housing demand shock during the 2000-2006 boom, and exploit the cross-MSA variation in local housing booms to study its effects of housing booms on the local labor market opportunities for young men/women and on local marriage rate and fertility rate. To resolve the possibility of endogeneity, I utilize the size of structure break in local housing prices as an instrument variable. I find housing booms augment marriage rate among young men, especially those age 18-25. There is also a marginal positive impact on fertility rate for women age 18-25 and 26-33 and a negative effect on nonmarital birth rate. I also examine if the housing boom continuously affect these main demographic outcomes for new cohorts during the 2006-2012 housing busts. I find that the housing boom persistently and positively affects marriage rate of 18-25-year-olds during 2006-2012. In contrast, the effect for women age 26-33 reversed during the bust period: namely a decrease in marriage rate during the economic downturn.
Integration of Problems Concerning Protozoan Populations with those of General Biology

A LIFE-LONG student of problems associated with the Protozoa remarked recently that the results obtained from research with Protozoa are mainly applicable to protozoan problems only. Questions of sex aside, he continued, such studies contribute little to our knowledge of the biology of the Metazoa. Perhaps on -reflection this biologist might decide to add odds and ends of other reservations. He might, for example, remember that studies on the mechanics of movement of Amoeba illuminate all studies on amoeboid movement wherever found. The statement with which I began, even with further reservations, represents the modern reaction against a former belief (implicit rather than explicit) that, broadly speaking, Protozoa are' relatively simple, generalized organisms. Fifty years ago, students of behavior in particular seem to have thought that in the protozoans behavior might be found in its simplest terms. We now appreciate that the Protozoa are not necessarily primitive animals. In their long evolutionary history they have become efficient Protozoa which are not necessarily persistent bearers of generalized protoplasm. This growing acceptance of the organismal as opposed to the cellular concept regarding protozoans has, however, increased their usefulness in comparative population studies. To be sure, Protozoa present certain specialized population problems, some of which have been
Bank Representatives on the Board of Directors and their Influence on Risk and Managerial Compensation

This paper examines the role of bank representatives on the firm’s board of directors and their influence on risk and managerial compensation. After the firm has taken on debt for a big-scale lump-sum investment project, the bank representatives are inclined to lower the project risk, which is contrary to the shareholder’s interests of taking on more risk. However, higher risk increases the expected managerial compensation. We use a one period discrete model to show that the bank representatives on the board can become beneficial from the shareholders’ perspective. This benefit occurs because the bank representatives on the board act as a commitment device for the board to implement less risk, which results in lower expected managerial compensation. The model predicts that shareholders benefit from bank representatives on the board of directors when they expect low project profitability.
Environmental physiology of the bananas (Musa spp.)

The bananas are thought to be particularly sensitive to changes in the environment. This review considers some historical and recent investigations into the response of the leaf, root and reproductive system to the environment. Monteith's analysis of the response of plants to intercepted radiation is appropriate for analyzing the productivity of bananas and plantains. The banana is sensitive to soil water deficits, and expanding tissues such as emerging leaves and growing fruit are among the first to be affected. As soil begins to dry, stomata close and leaves remain highly hydrated, probably through root pressure. Productivity is affected because of the early closure of stomata. We find the common belief that bananas use large amounts of water does not have a strong physiological basis. Improvements in water-use efficiency in irrigated plantations could come from a closer match between plant water use and the amount of water applied. We examine recent data on water-use efficiency of different banana cultivars and propose that agronomists, physiologists and breeders could quantify the amount of water available in each rain-fed environment and work towards directing more of that water through the plant. The banana is day neutral for floral induction, but photoperiods of less than 12 h are associated with a slowing in the rate of bunch initiation that is independent of temperature expressed as growing degree days. This may contribute to seasonal variations in banana flowering, even in more tropical environments with moderate temperatures.
Transport of β‐carotene by the serum lipoproteins in cattle

Zusammenfassung Transport von β-Carotin durch die Serumlipoproteine des Rindes Die Untersuchung uber den Transport von β-Carotin durch die Serumlipoproteinfraktionen bei Kuhen, Bullen, Jungrindern und Saugkalbern zeigt, das alle drei Lipoproteinfraktionen β-Carotin transportieren. Mit 82% der β-Carotin-Konzentration des Serum transportiert bei laktierenden Kuhen und Bullen die, high-density “Lipoproteinfraktion (HDL) den grosten Anteil, gefolgt von den, low-density” Lipoproteinen (LDL) mit 12% und den, very low-density Lipoproteinen (VLDL) mit 0.3%. Weder die Hohe der β-Carotin-Konzentration im Serum noch die Menge des uber die Milch ausgeschiedenen β-Carotins beeinfluste die Verteilung. Der Anstieg des Anteils von β-Carotin in der VLDL- und LDL-Fraktion, wie er bei trokkenstehenden Kuhen, Jungrindern und Saugkalbern festzustellen ist, beruht auf einer Zunahme dieser Fraktionen gegenuber der HDL-Fraktion.
DEGRADATION CHARACTERISTICS OF GOLDEN LION TAMARIN LEONTOPITHECUS ROSALIA TWO-PHRASE LONG CALLS: IMPLICATIONS FOR CALL DETECTION AND RANGING IN THE EVERGREEN FOREST

ABSTRACT Neotropical primates have evolved long calls, which have a role in spacing and cohesion of groups. Detection and “reading” of long calls as well as ranging of calling individuals seem essential for this role. This study used sound propagation experiments to investigate habitat caused degradation of long calls of the Golden Lion Tamarin Leontopithecus rosalia and its implications for “reading” and ranging long calls of calling tamarins. The experiments were made in lowland, evergreen forest in Brazil. Synthesized copies of natural sounds were broadcast and re-recorded using different combinations of microphone and speaker heights of 2.0 and 7.5 m and distances of 2.5, 10, 20, 40 and 80 m. Excess attenuation, blurring, signal-to-noise ratio and energy of tail of echoes were quantified. The highest frequency sounds attenuated most at all distances, showing the lowest signal-to-noise ratio. The more effective sound propagation at 2.0 m (below the canopy and in the upper part of the dense undergrowth where they forage) facilitates reading of the information content of the long calls and hence their use for communication during foraging. Although the high degradation of the long calls with distance at microphone and speaker heights of 7.5 m (inside the canopy) constrains reading of the long calls' information content it does provide very good conditions for ranging and may be one of several reasons for why long-calling tamarins approach long-calling neighbours through dense vegetation for group encountering.
Increased Correlation in Bear Markets: A Downside Risk Perspective

A number of studies have provided evidence of increased correlation in global financial market returns during bear markets. Others, however, have shown that some of this evidence may have been biased. We derive an alternative estimator for implied correlation based on portfolio downside risk measures that does not suffer from this bias. These unbiased quantile correlation estimates are directly applicable to portfolio optimization and to risk management techniques in general. This simple and practical approach captures the increasing correlation in extreme market conditions while providing a pragmatic approach to understanding correlation structure in multivariate return distributions. Based on data for international equity markets we find evidence of significant increased correlation in extreme returns in international equity markets. This proves the importance of providing a tail adjusted mean-variance covariance matrix.
POPULATION CYCLES AND COLOR PHASE GENETICS OF THE COLORED FOX IN QUEBEC

The pelt collection figures for colored fox in the province of Quebec were examined. The figures for the central and southern part of the province show a typical nine-year cycle. In the northern sections the data show that until 1930 there was a nine-year cycle in colored fox coexisting with a four-year cycle in white fox. After 1930 the four-year and nine-year cycles exist simultaneously with the four-year gradually dominating the scene. In the Upper James Bay region the typical nine-year cycle shows a supplementary peak corresponding with the four-year peak observed in the regions to the north. The coat color phase ratios cannot be explained by monohybrid equilibrium but they are consistent with the view that the population consists of isolates. A partial breakdown of isolate barriers would account for the ratios observed without the necessity of the large unexplained gene frequency changes which occur if panmixia is postulated. Migration causes the breakdown of isolate barriers and this accounts for th.
Optimal Business Model for Information Technology-Enabled Ride-Hailing Platform: Pooling, Premier or Hybrid?

Purpose - Pooling, premier, and hybrid are three business models employed by information technology-enabled (IT-enabled) ride-hailing platforms, which based on two corresponding technical function modules (pooling module and premier module) of the platform. The goal of this study is to explore which technical function an IT-enabled ride-hailing platform should adopt in a monopoly market. Design/methodology/approach - This paper considers an IT-enabled ride-hailing platform offering differentiated services with different intrinsic values in a monopoly market. The authors establish an analytical framework to examine three models for addressing the platform’s optimal business decision. Findings - The results reveal that both the time-sensitive cost of heterogeneous passengers and the operating cost of the platform’s self-operating vehicles play critical roles in the platform’s choice of optimal technical function module. In addition, this paper characterizes the conditions under which the pooling service model (using pooling module) and the premier service model (using premier module) can achieve Pareto improvement for the platform and passengers. Furthermore, the authors find that network externalities have a non-monotonic effect on the driver surplus when the platform only develop premier module. Originality/value - This study significantly contributes to the related literature by considering the impacts of the passengers’ heterogeneity and the platform’s openness on the optimal strategy choice of an IT-enabled ride-hailing platform. It also provides function module suggestions to the platform, and guides the platform to improve and develop technical development.
Elevated Carbon Dioxide Atmospheres for Packaging Poultry.I. Effects on Ground Chicken

Abstract Samples of microbiologically homogeneous ground chicken tissue were stored in glass jars containing 0, 20, 40, 60, 80, or 100% carbon dioxide (CO2) (balance air). Microbial analyses demonstrated that elevated CO2 levels reduced the numbers of aerobic colony forming units by a factor of as much as 102 to 103. This reduction in microbial load was accompanied by a change in the type of bacteria present; with CO2, Gram-positive organisms predominated, but in samples without elevated CO2, Gram-negative organisms predominated. Surface pH shifts were less than . 10 pH unit for CO2 packaged samples, which is unlikely to be significant enough to have caused this inhibition. Samples lost redness when measured objectively at 28 days. The optimum concentration of CO2 for extending the shelf-life of ground poultry depends on how long an extension is desired. After one week of storage, 20% CO2 was as effective as higher levels (including 100%) in reducing spoilage organisms. However, after 28 days of storage, higher CO2 concentrations produced lower microbial counts.