Miracle-dz/UniFAR-FTUs huggingface dataset:
Mortgage Payments and Equity Premium Puzzle

The equity premium puzzle argues that equity risk alone is insufficient to justify observed equity premiums with a reasonable value of risk aversion. Mortgages account for a substantial part of household debt, it is thus necessary to take the mortgage payment obligations into consideration when addressing the puzzle. This paper examines how the mortgage payment obligations affect the stochastic discount factor in the pricing kernel and influence the equity premium. The proposed asset pricing model incorporating the mortgage payment factor explains the observed equity premium with an acceptable risk aversion value of $1.2$. Mortgage payments affect the utility function in two dimensions. First, the payments hurt individuals by decreasing their overall utility level. Second, the countercyclical effect of the payments benefits individuals by decreasing the volatility of the utility stream. This paper contributes to the literature by highlighting the importance of mortgages in predicting the equity premium.
Towards Assets-based Approaches for Adolescent Online Safety

Our limited knowledge about what teens do online and inability to protect them from harm evokes a sense of fear that makes us prone to “risk discourse. ” However, this mindset overshadows the potential benefits of youth engaging online and constrains our ability to design online safety mechanisms that are developmentally appropriate for empowering adolescents to become resilient to risks. Our goal in attending this workshop is to find actionable ways to incorporate new asset-based practices that prioritize teens’ strengths and capacities to improve adolescent online safety.
Prudential Regulation under CECL: Cycle Turns and Reward/Risk Combinations

This study investigates the implications of the current expected credit losses<br>(CECL) model for capital requirements in prudential regulation, and demonstrates<br>the interaction between the dual role (valuation role and regulatory role)<br>of CECL. In contrast with the conventional wisdom that stresses only credit supply<br>to the real sector, the risk attribute of loan portfolios, and countercyclical<br>capital requirements, we highlight the balance between two functions of banks<br>(both credit supply to the real sector and liquidity provision to households) and<br>derive the optimal capital requirements under CECL that are contingent on (1)<br>the combination of reward and risk attributes of loan portfolios, and (2) cycle<br>turns.
Estimating Trend Inflation with Moving Average and Stochastic Volatility for Nigeria

This study was carried out to estimate underlying inflation in Nigeria using Unobserved Component (UC) model. Also, different channels were used to identify the source of inflation persistence and volatility. This was estimated using Bayesian analysis in order to examine the role of priors in improving the precision of the estimates. Following the analysis, a number of observations were made. Firstly, in terms of methodological contribution, we found that the observed inflation in Nigeria can be modelled by assuming constant volatility as the evidence shows that stochastic volatility (SV) is not a source of observed inflation persistence. However, the variance of the trend inflation can be modelled using regime switching models, where both the mean and variance can be subjected to regime changes. This is because we were only able to establish an evidence of instability not volatility in the variance of the trend inflation. Secondly, we found that the inclusion of autoregressive component in the UC specification leads to volatility in the variance of the observed inflation. Therefore, unobserved component model with MA is more appropriate in modeling inflation persistence in Nigeria which is consistent with empirical regularities. Furthermore, the study found that the observed core inflation (which is the headline less food inflation as released by Bureau of National Statistics, NBS) is being understated. This finding has significant implication for the current measure of core inflation and its application in policy decisions. Therefore, we recommend that the NBS should remove energy components from the observed core inflation in order to have a consistent permanent inflation component in Nigeria.
Faculty Research Incentives and Business School Health: A New Perspective for Marketing

Prior research has heavily debated the value of academic research of faculty to the business schools that employ them. We study, conceptually and empirically (by surveying faculty and interviewing (associate) deans), the role of the faculty research incentive system in business school health. We find that higher research health is congruent with higher teaching quality, stronger resource support, and stronger external stakeholder support. R-quality of research (i.e., rigor) contributes more strongly to research health than research quantity, while q-quality of research (i.e., relevance) contributes positively to teaching quality and external stakeholder support. We also find that research task incentives are misaligned: (1) in faculty evaluations, the number of publications receives too much weight, while creativity, literacy, practical relevance, and awards receive too little weight; and (2) the faculty feels that they are insufficiently compensated, while (associate) deans feel faculty is compensated too much for its research. These incentive misalignments are largest in schools that perform the worst on research and business school health overall. We explore improvements that business schools and faculty can introduce.
CEO Education and its Contribution to Capital Structure

This paper examines the relationship between individual characteristics of management, specifically the formal education of the CEO, and the CEO’s capital structure choices. It is hypothesized that a formal post-secondary education contributes to a CEO’s choice of debt-to-equity financing. Furthermore, this paper investigates how educational components, those being, level of education, university ranking, and discipline of explain differences in capital structures. It is hypothesized that all the educational characteristics contribute to a CEO’s choice of capital structure. Empirical evidence is however inconsistent with the hypotheses put forward in this paper.
Aktivitas Diuretik Kombinasi Ekstrak Biji Pepaya (Carica Papaya L) dan Biji Salak (Salacca Zalacca Varietas Zalacca (Gaert.)voss) pada Tikus Jantan Galur Wistar (Rattus Norvegicus L)

Research on diuretic activity of seed extract combination of papaya ( Carica papaya L) and snake fruit ( Salacca zalacca (Gaert.) Voss) to male wistar strain rats ( Rattus norvegicus L.) has been conducted. This study aimed to determine the diuretic effect of the seed extract combination and its effective dose combination as diuretics. The extract was prepared by maceration method using ethanol 96%. Diuretic activity test was divided into 5 treatment groups. Each group consisted of 5 rats. Group 1 (negative control) was given suspension of Na-CMC 0.5%; Group 2 (positive control) was given furosemide 3.6 mg/kgBW; Group 3, 4, and 5 were given dose combination of snake fruit seed extract and papaya seed extract successively at “37.5 mg/kgBW + 7.5 mg/kgBW”; “70 mg/kgBW + 15mg/kgBW”; and “140 mg/kgBW + 30 mg/kgBW”. Each rat was then orally given warm distilled water (70°C) 10ml/100gBW as loading dose. The excreted urine volume was measured and recorded every 30 minutes for 6 hours which was continued to cumulative urine volume calculation. Furthermore, sample was taken from the cumulative urine to measure levels of sodium (Na), potassium (K), and the pH of the urine. Data were statistically analyzed using ANOVA (Analysis of Variance). The results showed that the effective extract dose combination was found in Group 5’s dose (140 mg/kgBW of snake fruit seed extract and 30 mg/kgBW papaya seed extract) with diuretic activity index of 1.48; urine pH of 7.52; sodium saluretic index of 1.62; and potassium saluretik index of 1.56
Price and Assortment Competition under Consideration Set Formation: the Role of Anticipated Regret

There are numerous evidence showing that consumers usually experience emotional dissonance (e.g. purchase regret) and anticipate it in consideration set formation process. Our paper investigates how anticipated regret affects consumers' consideration set formation and the relevant implications on sellers' price and assortment competition. We adopt a parallel search paradigm to explore how consumers form their consideration sets and use search depth and search breadth to alleviate anticipated regret, and to check how sellers optimally choose their prices and assortment sizes accordingly. Intuitively, regret not only lowers consumer surplus but also intensifies sellers' competition as consumers have incentive to include more competitive alternatives in consideration set to alleviate regret. However, our findings show that these intuitions may not always hold when search depth (i.e., the number of attributes to evaluate) is a choice. Specifically, we show that sellers may benefit from anticipated regret as it encourages consumers 1) to evaluate more product attributes (i.e., a deeper search depth) to alleviate regret (which increases consumers' willingness to pay); 2) to include less sellers to save search costs (which soften sellers' competition). Surprisingly, our results also show that anticipated regret can achieve a ``win-win-win" situation for consumers, sellers and social planner. We further explore sellers' assortment and price competition in reaction to anticipated regret, and demonstrate that sellers engage in assortment competition when regret intensity is low but price competition when it is high. Lastly, we show that both search cost and assortment may amplify the benefits of anticipated regret. Our analytic results provide potential interpretation to customers' search behavior under ecommerce environment and could guide sellers' assortment strategy and platform's search environment design.
Stock Market Valuation and Output Growth in India

The paper examines the relationship between stock market valuation and output growth at the firm level. Specifically, it aims at understanding the impact of firms’ stock market valuation and stock liquidity on the growth of real output. The sample for the study includes panel data of Indian public limited manufacturing firms. The study covers the period from March 2004 to March 2017. Firms with at least two consecutive years of data have been included in the sample. The full sample includes firm-year observations of 877 firms. The finding shows that both stock market valuation and turnover ratio have a significant positive impact on the growth of output, even after controlling for other important determinants of output. Further, both stock market variables and bank credit significantly influence the growth of output. This suggests that banks and stock market provide complementary financial services required for the growth and the development of the stock market will not undermine the role of the institution based financial system.
Private Sector Presence in India’s Healthcare: Econometric Analysis of Patterns and Consequences

The presence of private providers in the Indian healthcare remains one of the most debated issues. This paper attempts to contribute to this debate from the angle of the ultimate goal of healthcare provision – a healthy population. We explore whether private sector presence has improved the general health status of the people. We develop a theoretical argument to hypothesise that private sector presence in India would lead to better health status through the route of competition driven quality, but which in turn could lead to adverse economic consequences. We use district level secondary data from government sources to confirm our hypotheses using robust tools of applied econometrics, correcting for problems of endogeneity. Constructing a district level index of private sector presence, we identify distinct spatial/geographical clusters, explained by socio-economic prosperity as well as demonstration effect. We also find a robust positive association between private sector presence and general health outcomes, accompanied with an adverse economic consequence of rising catastrophic out-of-pocket expenditure. In terms of policy, the paper concludes that rather than restricting the growth of the private sector, the government must strengthen the quality of the existing public healthcare delivery system and ensure effective monitoring and regulation.
Showrooms and B&M Stores: Omnichannel Strategies for Managing Customer Returns

E-commerce retail has witnessed a steady growth in sales with advances in digital technologies. However, one of the primary challenges that has plagued online retail is its inability to provide customers with the opportunity to “touch-and-feel” a product before purchasing, thereby resulting in a higher rate of product returns. To address this, online retailers, nowadays, are adopting various omnichannel configurations, such as operating an additional offline channel (i.e., either a showroom or a brick-and-mortar (B&amp;M) store). This paper studies the impact of adopting such an omnichannel configuration on the retailer’s profit vis-a-vis customers’ strategic behavior. Using a stylized model, we first characterize the retailer’s optimal pricing and return penalty decisions under three different scenarios: 1) selling the product online; 2) establishing a showroom (“Experience-in-Store-and-Buy-Online (ESBO)” channel) while selling the product online, and 3) selling the product through both a B&amp;M store and the online channel while allowing in-store product returns (“Buy-Online-and-Return-In-Store (BORS)” channel). Additionally, we compare the retailer’s profit across various scenarios and propose several key managerial insights. Based on product attributes such as product standardization and product valuation, we recommend optimal omnichannel strategies for the retailer. For example, if the product is premium and highly personalized (e.g., designer apparel), the retailer should open an additional showroom.
Rehabilitation of the Internal Rate of Return

The Internal Rate of Return (IRR) is a widely used investment performance measure. However, due to well-known pitfalls and wrong assumptions rather attributed than inherent in the IRR technique some experts on capital budgeting recommend either using the IRR rule very carefully or avoiding it entirely. The paper discusses the most significant pitfalls concerning the IRR in some cases appear to be common misconceptions, while the actual pitfalls are related to the NPV rather than the IRR. The paper affirms that: (i) if a project is conventional, the IRR being the NPV function root, is a rate of return or an interest rate and much better than any other modified IRR; (ii) irrelevant IRRs are due to an imperfection of the NPV method that should not be used for evaluating nonconventional projects; (iii) if a project is nonconventional the GNPV method should be used that is an extension of the NPV method from one to two different discount rates for investment and loan; (iv) the GIRR and GERR are rate of return and rate of cost for nonconventional project.
Customer Satisfaction Towards Online Shopping With Reference to Jalandhar City

Online Retailing (also Known as E-Retail) is q Web-Enabled interface allowing the retailer to sell products and services directly to their Customer. With the advancement in information technology and the growth of internet usage, the online retailing environment has undergone a metamorphosis and today it is the most preferred mode of shopping. Online/ internet shopping has become very popular in the areas of apparel, arts, and handicrafts, books, car rentals, computers and electronics, cosmetics and novelties, etc. Online retailing helps marketers to serve their customers quickly and more efficiently by offering a portfolio of products and services. Online retailing is becoming a popular tool to attract potential customers and retain the existing customer by delivering customer value. Furthermore, the availability of transaction data helps the retailers to analyse and interpret their target customers purchase behavior. It has become the most efficient way to offer valuable information. It is in this regard, a fundamental understanding of factors causing customer satisfaction in online shopping has attained greater importance. The present study examines the satisfaction level of customers using online shopping services in Jalandhar city.
How Effective Are Expatriate Management and Guanxi Networks - Evidence from Chinese Industries

This rapidly increasing international commercial operations place demands on all facets of a business enterprise. One area especially challenged by these rising pressures is human resources, particularly in the area of staffing host country operations. This article reports not only on the management of international assignments but also on expatriates’ guanxi (personal connections) utilization of Taiwanese enterprises investing in China. No significant relationship was found between the best practices of expatriate management and the effectiveness and performance of Taiwanese firms. Only guanxi networks utilization of expatriates show the significant relationship on expatriate effectiveness and firm performance. The questionnaire results generally suggest that the responding Taiwanese enterprises differ relatively little on the types of corporate expatriate management policies and practices they use.
Investigate Accrual Earning Management Practicing in Non-Financial Listed Firms in Jordan

id the non-financial listed firms in Jordan practicing earning management? What is the factor that can explain the EM practicing? To answer this questions, unbalance data collected about all listed non-financial firms which equal 140 firms in three sectors (industries, services, real estates) from ASE. All items of financial statement were chosen as potential factors that may effect on the level of EM, and by using SPSS17 the data was examined and the result mentioned that: there are using accruals earning management practicing by non-financial Jordanian listed firms during the period 2006 -2007 with average of 11.8%. Also, the results show that the service firms have the highest-level EM practicing, while the highest firm to using EM practicing is Light Concrete company in industry sector. The result of the regression found that the following factors have the most effect on EM: (industry, and cash & cash equivalent, account payable, leverage, cash flow from operation and current liabilities), also this factors have significant effect on EM in level of significant 95%. This model explains 32,7 % from the variation of EM, and the other percentage 67.3% is explain by other factors other than the factors we mention for them, finally. There is high Multicollinearity effect between EM and both current liability and account payable, and there is a high chance to Multicollinearity effect between EM and both cash flow from operation and leverage.
FIRST DATA RELEASE OF THE COSMOS LYMAN-ALPHA MAPPING AND TOMOGRAPHY OBSERVATIONS: 3D LYMAN- α FOREST TOMOGRAPHY AT 2 . 05 < z < 2 . 55

Faint star-forming galaxies at z ∼ 2 − 3 can be used as alternative background sources to probe the Lyman- α forest in addition to quasars, yielding high sightline densities that enable 3D tomographic reconstruction of the foreground absorption ﬁeld. Here, we present the ﬁrst data release from the COSMOS Lyman-Alpha Mapping And Mapping Observations (CLAMATO) Survey, which was conducted with the LRIS spectrograph on the Keck-I telescope. Over an observational footprint of 0.157 deg 2 within the COSMOS ﬁeld, we used 240 galaxies and quasars at 2 . 17 < z < 3 . 00 , with a mean comoving transverse separation of 2 . 37 h − 1 Mpc , as background sources probing the foreground Lyman- α forest absorption at 2 . 05 < z < 2 . 55 . The Lyman- α forest data was then used to create a Wiener-ﬁltered tomographic reconstruction over a comoving volume of 3 . 15 × 10 5 h − 3 Mpc 3 with an effective smoothing scale of 2 . 5 h − 1 Mpc . In addition to traditional ﬁgures, this map is also presented as a virtual-reality YouTube360 video visualization and manipulable interactive ﬁgure. We see large overdensities and underdensities that visually agree with the distribution of coeval galaxies from spectroscopic redshift surveys in the same ﬁeld, including overdensities associated with several recently-discovered galaxy protoclusters in the volume. This data release includes the redshift catalog, reduced spectra, extracted Lyman- α forest pixel data, and tomographic map of the absorption.
The Critical Role of Internal Auditing in Addressing Bank Fraud: A Conceptual Framework

The recent global financial recession highlighted the critical role that the banking system plays in the modern economy. Banks are complex financial institutions that operate in a constantly changing business environment and deal with high levels of risk, while facing fraudulent actions in regular basis. In order to address these problems, banks engage in various internal audit techniques such as the implementation of controls and prevention tools, the usage of anti-fraud methods and data mining. The aim of this paper is to highlight the crucial role of internal auditing in addressing bank fraud. This is achieved by initially providing a review of both theoretical and empirical literature which helps in determining the value of internal auditing and then by proposing a conceptual framework in order to justify its interconnection with bank fraud, and also to serve as a guide for all future reference. The results confirm the fact that internal audit can play a major role in risk assurance and bank fraud management thus, ensuring banks’ normal and uninterrupted operation. The paper also provides some useful insights for future application of internal audit methods thus, laying the ground for a fruitful dialogue among the various stakeholders.
A Legal Framework for Robo-Advisors

The aim of this paper is to offer a broad framework to allow a better understanding of the current legal situation of Robo-Advisory. The disruption of robo-advisors as new market players in the financial sector are bringing new challenges that the regulators must face in the short term. For this reason, at this time, it is necessary to delve into some key aspects that regulators should consider in order to create and implement efficient regulation of this new phenomenon. The goal of this work is to clarify some aspects in order to understand Robo-Advisory from the legal point of view, taking into account the determinant uses of Robotics, Artificial Intelligence (AI) and Digital Technologies to the financial services, with a brief and particular focus on the European Financial Market Regulation.