Miracle-dz/UniFAR-FTUs huggingface dataset:
Bank Lending to the Production Sector: Credit Crunch or Extra - Credit?

This paper provides empirical evidence to support the theory that, in Italy, over the course of the past two years, even though a considerable slowdown in bank lending has been recorded, there has not been a credit crunch. After a first section dedicated to a descriptive analysis of the data, the paper presents an econometric estimation of the production sector’s demand for bank loans. An Error Correction Model (ECM) is used – estimated for the pre-crisis period (1998.Q2 – 2007.Q2) and applied both with the one and two step procedure – which considers lending as a function of the added value of the private sector, of the gross operating margin to nominal added value ratio (a proxy for self-financing) and of the real interest rate applied to loans. To test the robustness of the results obtained in the first specification of the model, we remove the assumption of weak exogeneity of the independent variables of the single equation model and construct a multivariate multi-equation model (VECM). All of the different approaches and methods adopted provided similar results: as expected, the demand for credit increases as real added value increases and decreases as the cost of lending and self-financing increase. The dynamic out-of-sample forecast of the model, relating to the two-year period of economic and financial crisis (2007.Q3 – 2009.Q2), shows that the actual loan stock remained well above the “theoretical” level forecasted on the basis of the functional relationships estimated before the crisis. This delta (which can be defined as “extra-credit”) is interpreted as the outcome of a rightward shift of the credit supply curve, rather than a leftward shift as would have happened in a credit crunch scenario.
The Life Cycle of Products: Evidence and Implications

We exploit detailed product- and firm-level data for the consumer goods industry and we document that the sales of individual products decline at a steady pace throughout most of their life cycles. This pattern is common across heterogenous types of products and is mostly due to declines in quantities sold rather than prices. To identify the margins affecting the life cycle of products, we propose a decomposition of product sales based on a parsimonious model of oligopolistic competition between heterogeneous multi-product firms. Our estimates indicate that the systematic decline in sales over time is mostly explained by declines in the appeal of products. The results are consistent with products quickly becoming obsolete as they face competition from newer products of competing firms (business stealing) and from newer products of the same firm (cannibalization). We show that firms must introduce new products to grow, otherwise their portfolio be- comes obsolete as their rivals introduce new products of their own. By introducing new products, however, firms accelerate the decline in sales of their own existing products. <br>
Portfolio Weighting Methods: Naïve vs. Scientific Diversification

In our study we found that picking the right weighting method at times doubles portfolio returns. But, paradoxically, we found no significant differences between returns achieved through naïve and scientific weighting methods. Nevertheless, we dismissed the hypothesis that portfolio weightings are irrelevant, since we found a set of variables explaining their relative performance. Our conclusion is that passive investors will gain from sticking to weighting methods based on the marginal efficiency of equity or capitalization rather than the widely advocated mean-variance method. However, active investors can gain from portfolio re-balancing based on one or multiple weighting methods.
Kinetics and Hydrolysis Mechanism of Triasulfuron

The hydrolysis of the sulfonylurea herbicide triasulfuron [(2-(2-chloroethoxy)-N-[[4-methoxy-6-methyl-1,3,5-triazin-2-yl)amino]carbonyl]benzenesulfonamide] was studied in aqueous buffers of pH values 2, 3, 4, 5, 6, 7, and 9. The reaction was of first-order and pH-dependent. Triasulfuron was more persistent in neutral or weakly basic than in acidic solution. Five metabolites have been isolated and identified. At all pH values studied, the primary pathway of degradation was the cleavage of the sulfonylurea bridge. However, minor degradation pathways have also been observed like O-demethylation and opening of the triazine ring. The product distribution was pH-dependent. Keywords: Sulfonylureas; herbicides; triasulfuron; hydrolysis; degradation
Theoretical approach to estimating the induction of hearing impairment in bottlenose dolphins by radiated leisure boat noise

Coastal waters are being subjected to underwater noise generated by increasing numbers of leisure and tour boats. Such noise has the potential to impair the hearing of neighbouring bottlenose dolphins, particularly as the noise from several distributed boats could summate at the point of reception. This potential has been assessed by comparing small boat noise, recorded over a range of 8–532 m, with noise that is known to induce hearing impairment in the form of a temporary threshold shift (TTS) or permanent threshold shift (PTS). Extrapolation of broadband boat noise levels yielded a minimum source sound pressure level of 156 dB re 1μPa at 1 m. An equal-energy model for TTS-onset predicted that boat noise could induce a TTS after 1 hour's exposure at 1.3 m and after 8 hours' exposure at 2.3 m. These distances increased with additional adjacent boats. Leisure boats are unlikely to induce a PTS, even at close range.
Learning to be Creative: A Mutually Exciting Spatio-Temporal Point Process Model for Idea Generation in Open Innovation

This study investigates the creative idea generation process in an open innovation platform. The idea generation process is simultaneously influenced by multiple activities: knowledge acquisition from participants’ interactions with each other’s ideas, deliberate practice through persistent participation, and learning through failures. Due to the dynamic interplay across these activities, it is challenging to identify each activity’s influence on creative ideation outcomes using reduced-form regression analysis. To overcome these challenges, we employ a comprehensive empirical framework, the mutually exciting spatiotemporal point process model with unobserved heterogeneity, which endogenizes the occurrences of these activities in continuous time and allows for user-dependent effects. By utilizing the activity stream data of 13,028 participants from 2010 to 2016 in an open innovation platform, we uncovered synergistic effects of these activities on creative outcomes. We find that knowledge acquired through interaction with others (i.e., stimulus ideas) plays a vital role in the creative ideation process, but their effect is more nuanced than what we have known so far. In contrast to the prior belief that distant analogies, stimulus ideas outside of a problem domain, spur creativity, we find that distant analogies lead to failures. Yet, we further find that such failures are indispensable to the creative ideation process because failures motivate idea generators (1) to acquire more knowledge by increasing their future interactions with other participants’ ideas (learning from others), and (2) to persist in generating ideas that lead to improvements in their ability to apply the acquired knowledge and to identify innovation tasks that are relevant to their stock of acquired knowledge (learning by doing). Our results indicate that failures are a stronger driver of the learning activities than successes. Based on our findings, we offer insights on how to cultivate creativity in an open innovation setting.
α7‐Nicotinic acetylcholine receptors mediate an Aβ1−42‐induced increase in the level of acetylcholinesterase in primary cortical neurones

The β‐amyloid protein (Aβ) is the major protein component of amyloid plaques found in the Alzheimer brain. Although there is a loss of acetylcholinesterase (AChE) from both cholinergic and non‐cholinergic neurones in the brain of Alzheimer patients, the level of AChE is increased around amyloid plaques. Previous studies using P19 cells in culture and transgenic mice which overexpress human Aβ have suggested that this increase may be due to a direct action of Aβ on AChE expression in cells adjacent to amyloid plaques. The aim of the present study was to examine the mechanism by which Aβ increases levels of AChE in primary cortical neurones. Aβ1−42 was more potent than Aβ1−40 in its ability to increase AChE in primary cortical neurones. The increase in AChE was unrelated to the toxic effects of the Aβ peptides. The effect of Aβ1−42 on AChE was blocked by inhibitors of α7 nicotinic acetylcholine receptors (α7 nAChRs) as well as by inhibitors of L‐ or N‐type voltage‐dependent calcium channels (VDCCs), whereas agonists of α7 nAChRs (choline, nicotine) increased the level of AChE. The results demonstrate that the effect of Aβ1−42 on AChE is due to an agonist effect of Aβ1−42 on the α7 nAChR.
A CULTURE STUDY OF SALINITY RESPONSES IN ECOTYPES OF TWO ESTUARINE RED ALGAE 1

Laboratory culture studies on the euryhalinity of Bostrychia radicans Montagne and Caloglossa leprieurii (Montagne) J. Agardh from the mouth and head of the Mullica River estuary, New Jersey, revealed both species probably have ecotypes whose growth patterns correlate with the salinity regime of their habitat in nature. Significant growth differences of tetrasporelings were determined in response to four salinities (5, 15, 25, 35%c) even after acclimation periods of the tetrasporophytes from 6 mo–2 yr in laboratory culture. However, one isolate of Bostrychia and both isolates of Caloglossa also demonstrated some capability for physiological adaptation to salinity changes although this was less significant statistically than their ecotypic response. It thus appears that certain euryhaline algae may consist of ecotypes, each of which has some capacity for physiological adaptation to salinity variations.
Issues of Nelder-Mead Simplex Optimisation with Constraints

The Nelder-Mead downhill simplex method is a very popular minimiser, often used in finance. However in practice, a lot of problems need to be solved according to some specific constraints, for example, boundaries on the possible values. We will look at various ways to add those constraints, and show how problematic it can be to minimize simple quadratics under constraints.
Effect of Income Inequality on Aggregate Saving: A Panel Analysis

Savings problem has become a crucial issue since it is one of the reasons of today’s frequently-observed-financial crisis. There are several theories explaining this problem in the framework of consumption theory. Inequality in income distribution affects saving behavior. In this sense, our topic is substantial. As a matter of fact, if income inequality contracts savings, overcoming inequality should be held as a prior economic and social policy. In this study, the relationship between aggregate domestic savings as a ratio of GDP and GINI coefficient as an indicator of income inequality are tested under “Second Generation” type of panel cointegration analysis in order to take into account of the prospective existence of dependency between cross sectional units. The countries included in the analysis are grouped as developed, developing and miracle countries. Results reflect that the relationship depends on the country groups.
Deep Convolutional Neural Network (CNN) for Large-Scale Images Classification

In the field of machine vision and image classification, many models and methods have been introduced, but explicitly, different algorithms and models of neural network based researches have acquired a great importance among image classification models. beside the applications of this science in identifying patterns, image processing, artificial intelligence, and robot control, on the other hand the different influence aspects in daily and real life is indispensable to every point of view is such as agricultural domains, weather forecasts, medical sciences, engineering and so on. The accuracy and the executive algorithm path are very important in recognition and classification result. The main objective of these architectures is to provide a model similar to the internal system of the human brain to analyze various systems based on experiences, here-at the final goal of these algorithms is the possibility to create the training flow in artificial networks, in order to provide deep learning so that the network can diagnosis like human brain. This is another aspect of the architectures and the subject of the algorithm implementation accuracy as the model ability for recognize images and act like human brain?
Quote Stuffing

In this study we examine intense episodic spikes in quoting activity (frequently referred to as quote stuffing) on market conditions. We find that quote stuffing is pervasive and that over 74% of U.S. exchange-listed securities experienced at least one episode during 2010. We also find that stocks experience decreased liquidity, higher trading costs, and increased short-term volatility during periods of intense quoting activity. We find that most quote-stuffing events occur on the NYSE, ARCA, NASDAQ, and BATS and that during these quote-stuffing events, the number of new orders and canceled orders increases substantially while the order size and order duration decrease.
Testing Model Adequacy – A Metric Approach

The paper proposes a new integrated conditional moment test for model adequacy related to the tests studied in Bierens (1982) and Bierens and Ploberger (1997). The new test allows for a numerical calculation of its asymptotic distribution when the parameter estimator is asymptotically linear. We find that the power of the test in misspecified linear models is better or similar to some of the most commonly used alternatives in the literature. The metric properties of the proposed test are used to study the impact of three types of aggregation on the specification error - aggregation of observations across time, cross-sectional aggregation of variables, or aggregation of different models for the same variable. We show that neglected non-linearity in linear models is asymptotically negligible with a power-type rate of decay in the case of independent observations when data are aggregated across time. We provide an illustration from the field of finance with the capital asset pricing model (CAPM). The frequency of rejection of the linear specification of the CAPM can decline more than three times when the model is estimated with monthly rather than daily returns.
Global Corporate Social Responsibility Reporting Regulation

Corporate Social Responsibility (CSR) has steadily grown in importance. We show government regulation on corporate reporting of CSR, aimed to spur its growth and increase transparency of its extent at the firm level, has grown in tandem. Such reporting regulation more readily observable than CSR activity itself and can be used as a proxy for the latter at the country level, and also as an indication of a country’s interest in promoting CSR. We show that larger economies find it easier to institute such regulations, and that international influences and local concerns from increases in pollution levels are important contributing factors. We provide evidence that such regulation also tends to increase CSR reports, even after accounting for the possibility that common unobserved factors affect both reporting requirements and CSR activity.
Textile dyeing industry an environmental hazard

Color is the main attraction of any fabric. No matter how excellent its constitution, if unsuitably colored it is bound to be a failure as a commercial fabric. Manufacture and use of synthetic dyes for fabric dyeing has therefore become a massive industry today. In fact the art of applying color to fabric has been known to mankind since 3500 BC. WH Perkins in 1856 discovered the use of synthetic dyes. Synthetic dyes have provided a wide range of colorfast, bright hues. However their toxic nature has become a cause of grave concern to environmentalists. Use of synthetic dyes has an adverse effect on all forms of life. Presence of sulphur, naphthol, vat dyes, nitrates, acetic acid, soaps, enzymes chromium compounds and heavy metals like copper, arsenic, lead, cad- mium, mercury, nickel, and cobalt and certain auxiliary chemicals all collectively make the textile effluent highly toxic. Other harmful chemicals present in the water may be formaldehyde based dye fixing agents, chlorinated stain removers, hydro carbon based softeners, non bio degradable dyeing chemicals. These organic materials react with many disinfectants especially chlorine and form by products (DBP’S) that are often carcinogenic and therefore undesirable. Many of these show allergic reactions. The colloidal matter present along with colors and oily scum increases the turbidity, gives the water a bad appearance and foul smell and prevents the penetration of sunlight necessary for the process of photosynthesis. This in turn interferes with the Oxygen transfer mechanism at air water interface which in turn interferes with marine life and self purification process of water. This effluent if allowed to flow in the fields’ clogs the pores of the soil resulting in loss of soil productivity. If allowed to flow in drains and rivers it effects the quality of drinking water in hand pumps making it unfit for human consumption. It is important to remove these pollutants from the waste waters before their final disposal.
Discussion of Cogley and Sargent's 'Drifts and Volatilities: Monetary Policy and Outcomes in the Post WWII U.S.'

Cogley and Sargent provide us with a very useful tool for empirical macroeconomics: a Gibbs sampler for the estimation of VARs with drifting coefficients and volatilities. The authors apply the tool to a VAR with three variables — inflation, unemployment, and the nominal interest rate — and two lags. This tool is a serious competitor to the identified-VAR-cum-Markov-switching technology recently developed by Sims (1999) and Sims and Zha (2002) for the study of economies that are subject to regime changes. However, the Gibbs sampler suffers from a curse of dimensionality: as more variables or more lags are added to the system, the computational burden of the estimation quickly grows out of proportion. My suggestions here are mainly aimed at making the tool more flexible, and hence more widely applicable.
State Ownership and Earnings Management: Evidence from the Split Share Structure Reform in China

Studies on state ownership often involve endogeneity issues, such as a lack of variation in state ownership status and vastly different firm characteristics between state-owned enterprises and private firms. By using an exogenous regulatory reform, the split share structure reform in China, this paper examines the effect of state ownership through privatization, which mitigates the impact of endogeneity issues. The paper finds that privatized firms engaged more in earnings management, both accruals and real earnings management, after privatization. The results of the robustness test explain that this is partially due to external financing needs, after the loss of the benefits provided to state-owned enterprises. The result is consistent when a matched sample based on the propensity score matching is used. The paper contributes to the literature by reducing the endogeneity issues commonly present in state ownership studies and provides evidence on the impact of the loss of state ownership in China, where the capital market is considered less developed.
Evolution of Cooperative Networks

Situations that require individuals to mutually cooperate are often analysed as coordination games. This paper proposes a model of cooperative network formation where the network is formed through the process of the coordination game being played between multiple agents. Additionally, network effects are modeled in by the fact that the benefit to any agent from a mutually cooperative link is enhanced, over a base value, by a factor of her trustworthiness or reputation as observed by her partner in that link. Within this framework, evolution of cooperative networks is analysed in the presence of altruistic agents, through repeated interaction between myopically best responding agents in a fi nite population. Properties of networks that manifest as Nash equilibrium are also analysed.
Determination of phthalate esters in human semen * : Bestimmung von Phthalat‐Estern im menschlichen Sperma

Summary: Phthalate esters are a large group of chemical compounds used in the production of plastics, household articles, packages, cosmetics and plant pesticides. World production of phthalates is estimated to be several million tons a year. Recent observations indicate some mutagenic, cancerogenic and orchidotoxic effect of these compounds. Therefore, to assess the extent of risk it is imperative to have an adequate analytical method. The following is simple and relatively inexpensive. The study group consisted of 58 men.
Microbial growth at reduced water activities: studies of aw prediction in solutions of compatible solutes

Studies were made of the prediction of intracellular water activity (aw) of microorganisms grown at reduced aw. These included the determination and prediction of aw of potassium L-glutamate solutions and the prediction of aw in mixed solutions of various compatible solutes and macromolecules. Compatible solutes studied were L-proline, glycerol, potassium chloride and D-arabitol. The results indicate that aw predictions of such mixtures may be done with acceptable accuracy by neglecting solute-solute interactions.
Institutional Ownership and Firms’ Thrust to Compete

This paper provides evidence on the impact of different types of institutional investors on a firm’s thrust to compete. A firm’s thrust to compete, as an attribute of corporate culture, captures the relative importance of corporate values that push a firm to achieve shareholder value in the short and immediate term by emphasizing goal achievement, fast response to external information, and enhanced competitiveness. We find that greater ownership by transient investors results in firms intensifying their thrust to compete, suggesting that firms respond to their preferences and competitive pressures for achieving short-term value creation. By contrast, we find that firms with greater ownership by non-transient institutional investors reduce their thrust to compete. Non-transient investors are incentivized to place their emphasis on long-term firm value, over short-term gains. Our findings reveal that the composition of institutional ownership influences the organizational culture of firms in a non-homogeneous way. The findings provide significant empirical insights to the ongoing debate on the implications arising from the behind‐the‐scenes engagement of institutional investors with management.
Rules rather than Discretion or Automaticity: Monetary System Performance in Times of Economic Distress

This paper compares monetary system performance in terms of price level stability for the ideal types constrained discretion, rules and automaticity. A proprietary model for annual US gold output dependent on macro-economic factors is developed, to model automaticity under a gold standard with 100% reserve requirement. Within a United States model economy, back-tests for eight episodes of economic distress show that constrained discretion performs worst both in terms of time inconsistency and inflationary bias, while the rule-based Friedman proposals outperform. This challenges current consensus favoring discretionary central bank intervention.