Miracle-dz/UniFAR-FTUs huggingface dataset:
On the Welfare Effects of Phasing Out Paper Currency

Abstract We quantify the welfare effects of cash suppression policies within a general equilibrium model where cash reduces transactions costs and aids tax evasion in underground markets. In the model, currency suppression increases transactions costs and raises effective tax rates, but shifts resources out of costly underground markets and relaxes the government budget. When coupled with a reduction in distortionary taxes on consumption or factor inputs to ensure budget neutrality, cash suppression policies increase welfare in our baseline representative agent model. In a model with individual heterogeneity in cash use, suppression increases welfare for all, but by less for cash-intensive users.
The Impact of Risk Retention on the Pricing of Securitizations

We examine whether investors of securitizations anticipate screening and monitoring incentives of originators. Theoretical literature suggests that equity retention leads to a maximization of screening efforts; thus, equity retention should result in a reduction of credit spreads if investors anticipate these incentives. Implementing an instrumental variable approach, we infer the causal effect of retention on spreads. Using a unique data set of securitizations, we find for information sensitive tranches, for which screening and monitoring incentives have the greatest impact, that investors require an additional risk premium of 120 basis points if originators do not retain a material share of securitizations. Furthermore, deals with vertical slice retention have a significantly higher risk premium compared to deals with equity retention.
Athletics and Admissions: The Impact of the Penn State Football Scandal on Student Quality

We ask whether a scandal in a university’s athletics department affects the quality of the incoming student body. To do so, we evaluate the child sex abuse scandal at Penn State University in 2011. The violations involved a former employee with the crimes occurring a decade prior. The plausibly-exogenous shock allows us to make a causal identification of the scandal's effect on the university. We use synthetic control methods establishing economically meaningful impacts. We find that the average high school GPA is 0.12 points less and the proportion of students with high SAT Math scores is down 4.8 percentage points.
Determination of the aluminium complexing capacity of fulvic acids and natural waters, with examples from five New Zealand rivers

An FIA technique with 7 s reaction time was used to analyse free plus labile Al in fulvic acid (FA) solutions and natural waters at pH 4.7, without the need for separation procedures. Titrations of these solutions using incremental pH or total Al were used to determine pH binding curves or estimates of the 'kinetic' Al complexation capacity (Al-CCk) respectively. The operational definition of Al-CCk relates to the capacity of a humic substance or natural water to bind Al through a 7-s FIA reaction time under defined experimental conditions of chromophore (CAS) concentration, ionic strength, and pH. Both Al binding strength and complexation capacity were greater than the corresponding Cu-CC (ISE) values. The Al-CCk measurements at pH 4.7 were 710 μmol Al g-1 v. 590 μmol Cu g-1. Al-CCk results (pH 4.7) were higher for soil FA (710 μmol g-1) than for aquatic FA (390 μmol g-1). Al-CCk results (pH 4.7) for five unfiltered river waters from different catchments gave results in the range 6.5-9.8 μmol Al L-1. The differences between total (natural) Al in the samples and Al-CCk were between 2.7 μM and 8.6 μM. Filtration experiments identified fractionation patterns between total (natural) Al and the fraction of Al-CCk not utilized. The Al titration of alginate, another component of natural organic matter, is reported.
Spillover Effects of Taxes on Government Debt: Spatial Panel Approach

It is claimed that tax policy is neither time- nor space-independent due to cross-border tax base mobility that induces spillovers. In other words, fiscal shocks in one country are supposed to have impact on fiscal policies in other countries. This paper verifies this question in two ways. Firstly, a theoretical model is introduced to analyze effects of tax rates adjustment on government debt. Secondly, an empirical spatial econometric study is performed to evaluate impact of capital, labour and consumption taxes on public debt in 34 European countries in 2002-2011. We found strong spatial spillovers. Our results show the consumption tax rate and, to a lesser degree, the capital tax rate significantly affect the sovereign debt, and that the global relations play a leading role (i.e. dominate the local ones) in shaping fiscal policy.
Closed-Form Solutions for Extreme-Case Distortion Risk Measures and Applications to Robust Portfolio Management

Extreme-case (worst-case and best-case) risk measures refer to the extreme (maximal and minimal) values for risk measures when only partial information of the underlying risk is available. We obtain closed-form solutions for extreme-case distortion risk measures with the first two moments of the underlying risks available, which completely generalizes the worst-case Value-at-Risk and Expected Shortfall in some classic literature. We characterize the extreme-case distributions that offers great intuition related to the choice of distortion functions.
Determination of mono-, di-, and oligosaccharides in legumes by high-performance liquid chromatography using an amino-bonded silica column

A high-performance liquid chromatography (HPLC) method for soluble sugars analysis, using an [[(aminopropyl)methyl]silyl]-bonded amorphous silica column, was applied to several dry legumes: chickpeas, lentils, white beans, pinto beans, and peas. Monosaccharide (ribose, fructose, glucose, and galactose), disaccharide (sucrose, maltose, and melibiose), and oligosaccharide (raffinose, ciceritol, and stachyose) composition of these samples was analyzed, with special interest on α-galactosides, because of their physiological role in inducing flatulent phenomena in humans after ingestion of legumes. Ciceritol (an inositol digalactoside) was the main sugar in chickpea samples and it was present also in lentils. In all the samples stachyose was found at higher levels than raffinose, and the content of these two flatulence-inducing sugars is higher in beans and lentils and lower in peas and chickpeas. However, great variability has been found in the sugar content of the different samples analyzed, probably due to.
Depression in Phase II, III, and IV Patients with Coronary Heart Disease

ABSTRACT Depression has been implicated as an independent risk factor for the progression of coronary heart disease in patients surviving acute coronary syndromes such as heart attack. One line of such research has studied cardiac patients enrolled in Phase II Cardiac Rehabilitation, in which the Beck Depression Inventory (BDI) is used to quantify depression. While depression clearly has a negative impact on cardiac health in these patients, currently Phase III and Phase IV Cardiac Rehabilitation patients have been largely ignored in psychosocial research. To remedy this gap, the current study sought to examine whether depression was solely a problem in problem in Phase II CR patients, or whether it was also present in Phase III and Phase IV CR patients (N=32). Patients were categorized as Low or High in depression based on BDI scores using a standard cutoff score of 10. Patients in Phase II (n=12) were compared to patients in Phase III/IV (n=20). Comparisons of depression by CR Phase revealed there were no significant differences in the prevalence of depression in Phase II (33%) versus Phase III/IV (25%), (p = .70, Fisher's exact test). CR patients. Results of this study suggest the inclusion of Phase III and Phase IV patients is warranted in future studies of depression in CR samples.
Financial Risk Taking in the Presence of Correlated Non-Financial Background Risk

This paper characterizes the stochastic deterioration resulting from taking a zero-mean financial risk in the presence of correlated non-financial background risk. We show in particular that it has an equivalent stochastic order as well as a necessary and sufficient "integral condition'' that implies and is implied by a particular sense in which the stochastic deterioration can be decomposed into a "correlation increase'' and a "marginal risk increase''. We further characterize a measure of aversion to the stochastic deterioration. These characterizations provide for a more general framework for formulating concepts of increases in risk and correlation and for better understanding risk management decisions governed by individuals' attitudes to them.
Do Welfare Asset Limits Affect Household Saving? Evidence from Welfare Reform

In this paper, we use household-level data from the Panel Study of Income Dynamics to examine the impact of new saving incentives that were implemented as part of the overhaul of U.S. welfare policy during the mid-1990s on the saving of households at risk of entering welfare. The Temporary Assistance to Needy Families program devolved responsibility of program rules to the states, and many states have responded by relaxing liquid asset and vehicle-equity limits that determine program eligibility, and by introducing time limits on benefit receipt. According to the recent theoretical work and statements made by public officials, such policies are predicted to increase total savings for those households who have a large ex-ante probability of welfare receipt such as female-headed households with children. We follow a sample of female heads with children from 1994 to 2001 and find that in both absolute terms, and relative to comparison groups of male heads and female heads without children, there has been no impact of welfare policy changes on the saving of at-risk households.
Gender-Diversity, Financial Performance and Cash Holding in Family Firms

Objective - This research aims to determine the presence of partial effects on gender-diversity and financial performance variables on the cash holding of family firms on the Indonesian Stock Exchange included in the Kompas100 index. <br><br>Methodology/Technique - The approach used in this research was causal associative testing using a panel data regression with a General Least Square (GLS) method using six independent variables: size, growth opportunity, dividend, return on assets, leverage, and gender diversity. Meanwhile, cash holding acts as a dependent variable. <br><br>Findings - The results of the research show that the independent variables of leverage have significantly negative relationships on cash holding on the Kompas100 index of Indonesia in the period of 2013-2016. Contrary to this, return on asset has a significantly positive relationship with cash holding. <br><br>Novelty - Gender diversity is an important variable of boardroom; this paper reveals the impact of gender diversity and performance on family holding firms. These results can be used to assess the performance and fundamentals of a firm.
QTL Analysis and Epistasis Effects Dissection of Fiber Qualities in an Elite Cotton Hybrid Grown in Second Generation

The purpose of the research presented here was to explore the genetic basis of cotton (Gossypium hirsutum L.) fiber quality traits through quantitative trait locus (QTL) analysis and epistasis effects dissection, and further discuss the mechanism of heterosis. An immortalized F 2 population was developed by intercrossing Xiangzamian 2-derived recombinant inbred lines (RILs) (XZM2). Fiber quality traits were investigated in F 1 and F 2 generations of hybrid XZM2, its two parents, and the immortalized F 2 population in multiple environments in China. The low level of heterosis in XZM2 and in the immortalized F 2 population suggested a lack of dominant and dominant x dominant interaction. In general, the low correlations of genotypic heterozygosity with trait performance and mid-parent heterosis showed that heterozygosity was not always advantageous for performance, and they excluded overdominance as a major genetic basis of heterosis. A total of 50 QTLs for fiber quality were identified by single-locus QTL analysis. Although partial dominance and overdominance were detected, additive genetic variance was predominant. Common QTLs were detected both in the homozygous RILs and in the heterozygous immortalized F 2 populations. Additionally, single-locus heterotic effects and epistasis effects at the two-locus level were detected. Our results indicated that additive gene action was the primary mechanism responsible for genetic variability in fiber quality traits. Additionally, we found that single-locus heterotic effects and epistasis effects contributed to heterosis of fiber quality traits in XZM2.
The Days to Pay Accounts Payable Determinants - Financing, Pricing Motives and Financial Substitution Effect - A Panel Data GMM Estimation from European Western Countries

This paper proposes to elect the days to pay accounts payable determinants and our findings strongly support that the accounts payable problematic is closely related to short term financial decisions with a positive and significant influence of firm’s profitability and size factors. The existence of a firm’s negative working capital is confirmed to influence strongly the reduction of the trade credit obtained from suppliers in Western Europe countries in parallel with a joint contribution of short and long term bank financing as a substitute from trade debt. Firm characteristics related to negative working capital and fixed assets level, jointly or alone, give more importance to the innovative role of short term bank financing on substituting or reducing the volume of trade credit obtained from suppliers which contradicts prior findings. Negative working capital reinforces the role of long term bank financing. It seems to induce the presence of a corporate cost reduction strategy to preserve or increment the firm’s market reputation and competition. The firm’s return on assets implies an enlargement of the days to pay accounts payable in line with a rising creditworthiness. All innovative and interacted variables are responsible for the reduction of the days to pay accounts payable and the confirmation of the financial substitution effect introduces more financing discipline compatible with firm’s cost reduction strategy and pricing motives included in a price discrimination strategy. Signs of future unbalanced capital structure and financial distress may appear due also to the more banking financing justified by firm’s investment and negative working capital under finance motives point of view. The more firm’s growth the less trade credit obtained and, on the contrary, profitability and size contribute to facilitate the trade credit obtained from suppliers under finance and pricing motives point of view, more over the stability on terms trade credit. As important as the days to pay accounts and/or days sales outstanding determinants are future investigations related to trade credit duration gap as a synthesis of the prior trade credit issues and a starting point to evaluate internal corporate trade credit risk taking. Relevant research are also related to country and economic sector or country union analysis, as well.
THE mtDNA CONTROL REGION OF THE BARBA-RUÇA SHRIMP ARTEMESIA LONGINARIS (DECAPODA:PENAEIDAE) AND ITS POTENTIAL USE AS A MARKER FOR POPULATION ANALYSIS

The shrimp Artemesia longinaris is endemic from Southwestern Atlantic and is commercially exploited from Argentina (Puerto Rawson - 21 o 37'S) to Southeastern Brazil (Rio de Janeiro - 43 o 00'S). Molecular markers, such as the mtDNA control region, (CR) have been used to elucidate the population structure of penaeid shrimps worldwide. The suitability of mtDNA CR of the barba-ruca shrimp as a molecular marker at a population level was tested and a novel set of primers to amplify this region has been designed. Primers were rooted in the flanking genes of the CR that showed the same order (12S at 5' and tRNA Ile3 at 3' extreme) as reported for other penaeid shrimps. The CR of A. longinaris was 990 bp long, presenting two hypervariable regions at the 5' and 3' extremes (more variable), and a central one with less polymorphism. In addition, an internal primer set to amplify approximately 800 bp of 5' extreme of CR, including the hypervariable region I, is provided to help resolving population structure. Comparison of the CR with cytochrome oxydase I (COI) sequences showed that the former gene presents higher polymorphism. Nucleotide diversity estimated for CR was low ( �=0.017), and haplotype diversity high ( Hd =0.92), but both fall within the values suggested for the family. Preliminary Fst values suggest that populations inhabiting extremes of distribution show less genetic interchange. Briefly, we were able to confirm the suitability of CR hypervariable regions of A. longinaris as a molecular marker to resolve the population structure of A. longinaris . identification.
Resistance to Myzus persicae (Sulz.) in Wild Potatoes of the Series Etuberosa

Abstract Growth and feeding behaviour studies of Myzus persicae on Solanum spp. , series Etuberosa, showed that the growth of aphids was least on S. brevidens. The mature leaves and top of S. brevidens and the young plants and top of S. etuberosum were resistant to M. persicae. However, the senescent leaves and basal axillary buds of S. brevidens, mature leaves of S. etuberosum and all the leaves of and top of S. fernandezianum were susceptible. Electric penetration graphs (EPG) were similar on the Solanum spp. , and resembled those of Datura stramonium used as a susceptible control. However, the aphids least actively penetrated on S. brevidens and most actively on D. stramonium, the response on S. etuberosum and S. fernandezianum being intermediate and rather similar, although the numbers of probes and the total time used for probing were less on S. fernandezianum.
Shareholder Value Maximization: Is There a Role for Corporate Social Responsibility?

In this note I lay out an argument supporting the integration of some elements of the corporate social responsibility movement under the goal of maximizing shareholder value. Specifically, this involves honoring the non-contractual promises made by the firm to its customers, suppliers, employees, and the community where it operates. By honoring these promises the firm builds positive reputational capital with its stakeholders. The latter is essential to operating a firm in a world so complex as to not be subject to explicit contracting.
Large Investors' Portfolio Composition and Firm Value

We analyze new Swedish data on the portfolio holdings of large blockholders and find that firm value increases with the weight of a stock in a large blockholder’s portfolio. In our sample, this weight may be greater than 50%. We are the first to show that this value premium is correlated with portfolio weights for any large blockholders, not just institutions. We find some evidence that indicates that “stock importance” (high portfolio weight) can mitigate the negative effects of a dual-class structure on firm value. Further, it does not seem that a large blockholder’s tenure as a CEO or as a board chairman affects this value premium. We conduct a variety of tests to rule out endogeneity and reverse causality.
Estimating a Net Exporter’s ‘Bruising-Soothing’ Effect of Swings in World Oil Price: Evidence From Nigeria

Nigeria is an exporter of crude oil, and hence its revenue typically benefits from a positive oil price shock. However, it simultaneously imports gasoline, which also increases in response to positive oil price shocks. As a result, the net import bill combines these two effects. I use a model to separate the two and show that the bill is dominated by changes in oil price. These effects are asymmetric, with a larger effect with oil price decreases than increase. I find that between Feb 2010 and Nov 2014, a one per cent rise (fall) in the price of oil was equivalent to US$1 (US$1.04) in levels. Consequently, this lifts (lowers) the aggregate oil revenue by US$10.3 million (US$13.9 million); and the per litre price on gasoline by 3 cents (4 cents). Both variables respond more to falling (than to rising) oil price. However, the total average monthly import bill of gasoline during rising oil prices is lower (US$1.16 billion) than during falling oil prices (US$1.25 billion).
The Potential Impact of Investor Fossil Fuel Divestment Behaviour on Oil Prices

This paper asses the ESG and green finance trends and initiatives that are shaping investor appetite for oil production assets and considers the implications for oil markets. It reviews studies that have looked at the evidence of historical data to test whether divestment from fossil fuels could have an opportunity cost that might ultimately constrain the divestment trend. It also looks at how it may make sense for divestment to continue, even if its potential limiting effect on production, forces oil prices higher. It also considers arguments that suggest divestment should lead to production increasing, forcing prices lower. The paper goes on to present a framework for assessing the impact of embedding the social cost of carbon (a cost which is derived from modeling the full implications of emitting an additional unit of $CO_{2}$) at all stages in the oil supply chain. The results have implications not only for the level of benchmarks like Brent crude, but also for the spreads between prices of different grades of crude and between crude oil and refined oil products.
Resource Competition in a Variable Environment: Phytoplankton Growing According to the Variable-Internal-Stores Model

Many studies in population ecology and competition theory are based on models in which the consumption rate of a resource is some function of resource availability and in which the yield of new consumers is constantly proportional to the amount of resource consumed. For such models, the best competitors at equilibrium have low resource requirements, and the best competitors in nonequilibrium habitats have high maximal growth rates. In this study, I abandon the assumption of constant yield and allow consumption rates to be a function of the consumer's internal state with respect to a resource, as well as a function of external resource availability. Specifically, I study functions and parameters describing the competition of planktonic algae for a dissolved nutrient, phosphorus, that is supplied in periodic pulses. In this model, trade-offs between competitive abilities in equilibrium and nonequilibrium habitats can arise in several ways. The most important trade-offs are likely to involve the capacity to store nutrient and the relation between consumption rate and internal nutrient state. It is possible that a species may have unimpressive rates of growth and consumption as functions of resource availability but nevertheless be a superior competitor. It is also possible that no trade-offs between competitive abilities in equilibrium and nonequilibrium habitats arise: that the same species is the best competitor in all habitats. Which of these possibilities is prevalent in natural phytoplankton can only be determined empirically, by adequate knowledge of the constraints on and correlations among the physiological properties of algae.