Miracle-dz/UniFAR-FTUs huggingface dataset:
Long-Term Investing in Triple Leveraged Exchange Traded Funds

The phrase long-term investing in triple leveraged ETFs is somewhat of an anathema for investment academicians. As a result of daily rebalancing and so-called beta slippage or “the constant leverage trap” it is highly likely over the long term to significantly deviate from the targeted leverage and, in so doing, generate wipeout losses. In fact, the data show that many 3X leveraged ETFs have performed poorly over the long term in the period of their existence. However, there are some significant exceptions. The 3X leveraged Nasdaq ETF, TQQQ, for example has delivered a total return exceeding 10,000% (CAGR of 54.4%) over the 10+ years of its existence, more than 13 times the total return of its underlying ETF (QQQ). Similar, but less impressive numbers have been achieved with triple leveraged ETFs that target the S&amp;P 500 and the Dow Industrials. <br><br>These results, however, are accompanied by excessive volatility and very large maximum end-of-month (EOM) draw downs, in excess of 49% for TQQQ, and with maximum daily drawdown of almost 70%. Many retail investors would be unwilling to sustain such (paper) losses. Here we propose a strategy to mitigate these large draw downs while still retaining much of the upside performance of triple leveraging. We show that by simply establishing a portfolio consisting of an equal dollar amount of TQQQ and TMF (the triple leveraged ETF linked to the 20+ year treasury bond), and performing bimonthly rebalancing, a total return, after transaction costs, in excess of 5,800% (CAGR of 44.9%) would have been achieved over the 10+ years of TQQQ existence, with the maximum EOM draw down less than 25%.
EU Sustainable Finance Taxonomy – What Is Its Role on the Road towards Climate Neutrality?

The EU Taxonomy is the first standardised and comprehensive classification system for sustainable economic activities. It covers activities responsible for up to 80 percent of EU greenhouse gas emissions and may play an important role in channelling investments into low-carbon technologies by helping investors to make informed decisions. However, especially in transition sectors much depends on the stringency of the technical performance thresholds that the Taxonomy applies to economic activities that are not yet “green”. This paper shows that for several sectors, the thresholds are not yet on track to support the transition towards climate neutrality. To this end, we analyse a large-scale public consultation with detailed responses to the specific thresholds from a variety of stakeholders. Two distinct use cases of the Taxonomy complicate the use of a single threshold for emission-intensive sectors: For new investments, criteria need to be stricter than for current activities of companies. We also argue that for the sectors not covered by the Taxonomy, there is a need to differentiate between low-emissions activities and high-emission activities that are incompatible with a low-carbon future.
Nitric Oxide Therapy

Nitric Oxide (NO), not to be confused with the anesthetic nitrous oxide, is a gas molecule with selective vasodilation properties. NO is the active metabolite of a number of other vasodilators, including sodium nitroprusside and nitroglycerin. It is also produced in all human organ systems, including the nasopharynx and lungs. In high concentration, NO is profoundly toxic and causes disease identical to Acute Respiratory Distress Syndrome (ARDS). In the presence of oxygen, NO is broken down to form nitrogen dioxide (NO2). In the blood NO interacts with hemoglobin. The byproduct of this reaction produces increased levels of methemoglobin. Methemoglobin will not carry oxygen, and therefore, its level must be closely monitored during NO therapy.
Towards The Impact of Social Engineering (SoE) Attacking Risk Factors in Higher Learning Institute

In the Information security domain the theory of social engineering attacking risk factors is in Social Engineering (SoE)attacks that has an impact which would be disturbed the personal productivity of higher learning institute. The dependent variable which are threat, vulnerability, digital evidence awareness factors and one independent variable that is personal disturbance factors is used in this paper. Moreover, using as an indicator in determining disturbance of personal productivity in higher learning institute. Since multiple regression by Partial least square (PLS-SEM) is use to examined the collection of data by a questionnaire which is relevant with Social Engineering (SoE) attacking risks. And the resulting point out three dependent variables significantly influences on the independent variable of personal productivity in higher learning institute. As a matter of fact, this study concludes that the foremost influence factor on disturbance of personal productivity in higher learning institute towards the Social Engineering (SoE) attacking risk factors such as threat, vulnerability, digital evidence awareness factors. This study contributes to introductory study but vibrant understanding in stimulating the higher learning institute to become a worldwide institution.
Whose Money is Smarter? Evidence from Investors’ Money Flows to Mutual Funds and Fund Classes

Existing literature documents a “smart money” effect in that investors have selection ability of mutual funds. Nevertheless, there remains a debate on whether such effect is simply the result of stock return momentum. Using monthly fund flows during the period of 1993 to 2010, we show that the smart money effect for institutional funds is explained by stock return momentum, and investors of these funds exploit momentum effect in stock returns. On the other hand, the smart money effect for retail funds goes beyond the momentum effect in stock returns. However, there is no evidence that retails investors have the ability identifying funds with momentum style. Moreover, for retail funds, the smart money effect varies across different fund classes and is mainly driven by investors of no-load funds.
Catastrophe Insurance and Solvency Regulation

This paper provides a welfare analysis of solvency regulation for catastrophe insurance. We consider an economy with risk-averse agents exposed to a common source of risk and an insurer owned by risk-averse shareholders. We show that the optimal insurance contract features full coverage and is Pareto optimal if and only if it includes participation in the insurer’s profit. When such participation is not available (as is often the case in the real world), we demonstrate that solvency regulation allowing insurer default or limited liability in the most catastrophic states is Pareto improving. We use a numerical application to analyze the welfare benefits of different default rates for a wide range of risk lines, risk correlations, and ratios of insureds to insurer’s shareholders. While allowing a small probability of default yields some welfare gains, we show that an excessive default probability may be highly detrimental to welfare. We find that a good rule of thumb is to maintain a default probability lower than the individual probability of loss.
Dual Role Platforms and Search Order Distortion

We investigate the impact of search order distortion, the act of steering consumers to search for a particular product first, by a vertically integrated platform that intermediates the products of a third-party seller as well as its own product. We show that the effects of search order distortion on prices and welfare depend on the search costs and commission rates. Even though a vertical separation policy could improve welfare through lower prices, a policy that only prohibits search order distortion could harm welfare and consumer surplus when commission rates are high. This result sheds lights on a potential risk of the policy that requires dominant platforms to be neutral while allowing them to sell on the marketplaces.
Venture Capital Valuation of Less Mature Clean Technology Firms – An Overview

Valuation of cleantech remains a new area within peer reviewed literature. Most economic/finance journals contain information on venture capital, or valuation methodologies. However, there isn’t a significant body of information available on venture capital valuation, with respect to cleantech. This research paper focuses on alternative energy cleantech, which centres on wind, solar, hydro, advanced batteries, and general energy solutions that look into low carbon technologies. This study takes a novel approach in examining valuation within the literature, in order to compare perceptions on valuation. This is done in conjunction with a literature examination on external factors, such as oil prices on clean-tech equity, and policy tariffs/subsidies. Subsequently, the survey component was conducted with cleantech venture capitalists, where they were asked questions, which aimed to determine the applicability of unique valuation methodologies within a specific firm. Such comparisons were studied, in order to determine discrepancies, and similarities between the literature, and Toronto based venture capital firms. The results demonstrated that there exists a discrepancy between what the literature describes as material, and what Toronto based venture capitalists stated was material in their respective firms. Venture capitalists use one dimensional, and multidimensional approaches in valuation, in order to determine individual firm risk, and market pricing for less mature cleantech firms. The literature focused greatly on one dimensional, valuation methodologies that prioritize individual firm risk. Therefore, the findings demonstrate that in order to successfully value a less mature cleantech firm, a multitude of valuation methodologies, which focus on one dimensional firm risk, and multi-dimensional market structures, must be in place, rather than a specific universally adaptable methodology.
Microdissection and Measurement of Polytene Chromosomes Using the Atomic Force Microscope

A method to isolate specific regions of the Drosophila polytene chromosome using an atomic force microscope (AFM) was explored. The AFM was used for the microdissection of the locus of interest with much greater precision than standard microdissection techniques. The amplification of DNA isolated in this fashion by the polymerase chain reaction (PCR) is discussed. A study of the effect of hydration level on gross chromosome structure was carried out. It was shown that chromosome swelling is dependent upon humidity or the buffered medium. The significance of this swelling with respect to studies of chromosome structure under physiological conditions is considered.
Molybdate based Alternatives to Chromating as a Passivation Treatment for Zinc

Zinc-plated parts are typically passivated with chromate-based solutions to reduce corrosion. Chromates, however, are a cause of environmental concern, for their toxic effects on plants and wildlife, and allergic effects on workers who come in contact with them. A molybdate-based alternative has been developed that can be used to replace chromates in a wide range of applications. The process has been tested in a project set up by the Danish Government in 1989, at the Centre of Advanced Electroplating (CAG) in Denmark. Procedures used for the alternative process are similar to those used in chromating. The corrosion protection provided by the process on zinc-plated parts is comparable to chromates
The Possibility to Reach Meat Self-Sufficiency in Romania in the Long Term

Meat production is crucial for reaching the self-sufficiency targets for the important agricultural products from the perspective of Romania’s food security, as defined by a recent national strategy. Taking into consideration the difficult situation of the European pork market in 2015 and 2016, which has aggravated the old problems of the pig farming sector in Romania, it is expected that the investment support measures and instruments will not be effective in the short term. The poultry farming sector is the main vector to reach self-sufficiency in meat by the year 2035, having technical performances comparable to those of the most efficient producers in the EU, yet slightly disadvantaged by the weaknesses of the domestic poultry market, i.e. consumers’ preferences for cheap, low quality products. With a smaller share in total meat consumption nationwide, beef can contribute to reaching the self-sufficiency target in the future, both through production increase and through production quality improvement, which will also put into value the export potential of this product.
Liquidity and Price Discovery in the European C02 Futures Market: An Intraday Analysis

European Union CO2 allowances (EUAs) are traded on several markets with increasing intensity. We provide an intraday data analysis of the EUA futures market for the complete first trading period 2005-2007. To investigate the trading process in this young market, we compare the two main trading platforms ECX and Nord Pool with respect to liquidity and price discovery. Both are of high relevance to traders. We analyze liquidity by estimating traded bid-ask spreads following the approach of Madhavan et al. (1997) and study price discovery using the VECM framework of Engle and Granger (1987). We find that while estimated transaction costs are always lower on the larger exchange ECX, the less liquid platform Nord Pool also contributes to price discovery, especially during the first months of trading. Overall, results indicate that from 2005 to 2007 liquidity in the European CO2 futures market has markedly increased and organized trading has rapidly expanded.
Third phase inversion, red oil formation, and multinuclear speciation of tetravalent cerium in the tri-n-butyl phosphate–n-dodecane solvent extraction system

ABSTRACT The extraction of tetravalent cerium, Ce(IV), from aqueous nitric acid with tri-n-butyl phosphate (TBP) in n-dodecane was studied by varying the aqueous, initial cerium(IV) concentration, [Ce4+]aq,init, up to and beyond the point of third phase formation, defined by the critical aqueous concentration (or CAC) and the limiting organic concentration (or LOC). The new chemistry, elaborated here for the nearly-century-old Ce(IV)–20% TBP system, focuses on the phenomena of third phase inversion and the distribution of four solutes—Ce(IV), HNO3, H2O, and TBP—between the aqueous and organic phases, which are of direct relevance to the PUREX process. We demonstrate that multinuclear Ce(IV) entities are present in the organic phases.
I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts

We invoke the famous Louis XIV quote “L'État, c'est moi,” applying it to the corporate world, and introduce the novel idea that a self-serving bias, which we define as “I Am The Firm,” is infused within the culture of certain companies. We hypothesize that the owners of eponymous firms – firms that bear the names of their owners – experience enhanced self-identification with their firms, and thus tend to inject their own subjective beliefs and desires into the realistic objective prospects of the firms. The “I am the firm” effect is a form of a self-serving bias, which arises from the blurring of boundaries between the owner and the corporate eponymy entity that carries the same name. Employing a unique corporate setting in Israel, we demonstrate that eponymous firms disclose unduly optimistic biased forecasts relative to their non-eponymous counterparts, which cannot be validated or justified solely by rational explanations. The obfuscation of the boundaries in eponymous firms between subjective illusory desires and objective realistic truths is revelatory and has far-reaching implications in various aspects of corporate decisions, which we suggest will require future research.
Maximization of Portfolio Returns with Volatilities. Application of Monte Carlo Method

After the crisis of 2008 that affected the United States, financial analysts began to see stock markets with low confidence due to the lack of fidelity of deterministic models in general. Statistical methods, which use past information to predict the future have always been used. It is a fact that Harry Marvowitz raised in its beginnings that the past is going to repeat itself, but the question is when. Therefore, this research addressed deterministic models commonly used, as well as variations of models where volatilities are taking the major focus of this research and they culminate with the Monte Carlo simulations and optimizations in which two stochastic models are presented to provide an analysis in details based on an Engineering model flowchart to explain processes with applications to portfolio management.
Graphene protected Ag nanowires: blocking of surface migration for thermally stable and wide-range-wavelength transparent flexible electrodes

Graphene-protected Ag nanowires have been studied for use in transparent flexible electrodes due to their superior thermal stability and uniform transparency. The protective graphene layers were synthesized via chemical vapor deposition and were transferred to both sides of spin-coated Ag nanowires. The graphene-protected Ag nanowires exhibit a stable sheet resistivity, even at 170 °C for several hundred hours, while pure Ag nanowires suffered from degradation at only 150 °C for 1 hour. The degradation model of pure Ag nanowires is suggested according to the surface diffusion kinetics, and the graphene layers were observed to block the surface plasmonic absorption of Ag nano-structures near the 350 to 400 nm range, resulting in uniform transparency at a wide range of wavelengths (300 to 1000 nm).
Do Goodwill and Its Impairment Write-Offs Predict Future Cash Flows Under the IFRS Regime?

This paper aims to examine the abilities of goodwill and its impairment write-offs in predicting future expected cash flows. Using a sample of Korean listed firms which reported a positive goodwill balance during the period of 2011 to 2014, we observe positive associations between goodwill balance, impairment write-offs, and up to two-year-ahead cash flows from operations. However, we find that the association between goodwill and future expected cash flows turns negative when we focus on firm-years reporting impairment write-offs, for which the positive association between goodwill impairment write-offs and future cash flows is more pronounced. In additional analyses, we separate impairers into normal versus discretionary impairer sub-samples, and compare firms-years reporting impairment write-offs on a discretionary basis against normal counterparts. The analysis reveals that discretionary impairment recognition tends to amplify the ability of goodwill balance and goodwill impairment write-offs to predict future expected cash flows with negative and positive relations respectively. These findings are consistent with the notion that while goodwill balance has the attributes of an asset in general, there are rooms for managers to exercise discretion in recognizing impairments, and they tend to report impairment write-offs to convey private information on positive future performance in the Korean context.
Incentive Compatibility and Envy in Large Matching Markets with Incomplete Information

We study a one-to-one two-sided matching market in which each man has a common value for all women and a private value specific to each woman. We introduce a new mechanism, called a proposing mechanism, which is a novel interpretation of the deferred acceptance mechanism. We show that these mechanisms can be replicated by another mechanism, which is memoryless, in which a woman proposes to a random man in each step. We prove that envy in a matching market is bounded by envy in this class of mechanisms, in which there is just one woman and two types of men. We conclude that envy is bounded by the inverse of the square root of the number of men in each type. Therefore, in large matching markets, envy becomes zero; on top of that, the women-optimal stable matching mechanism is approximately strategy-proof.
POINT AND INTERVAL FORECASTS OF DEATH RATES USING NEURAL NETWORKS

Abstract The Lee–Carter model has become a benchmark in stochastic mortality modeling. However, its forecasting performance can be significantly improved upon by modern machine learning techniques. We propose a convolutional neural network (NN) architecture for mortality rate forecasting, empirically compare this model as well as other NN models to the Lee–Carter model and find that lower forecast errors are achievable for many countries in the Human Mortality Database. We provide details on the errors and forecasts of our model to make it more understandable and, thus, more trustworthy. As NN by default only yield point estimates, previous works applying them to mortality modeling have not investigated prediction uncertainty. We address this gap in the literature by implementing a bootstrapping-based technique and demonstrate that it yields highly reliable prediction intervals for our NN model.
A Study to Analyse Effect of Corporate Actions on Stock Market Returns of Selected Indian IT Companies

A primary reason an investor holds any company share is for capital gains. If there is an event which is going to bring a real change in equity or debt of listed company, that event is termed as corporate action. These corporate actions are to be agreed by the shareholders. The objective of this study is to find out if dividend announcements, bonus issue and stock split lead to any abnormal returns for selected Indian IT companies. <br><br>This study tries to find out if such corporate actions have an impact on the market price of the company share, using event study methodology. This study uses Market Model developed by William Sharpe, to measure the stock market's reaction to corporate actions. <br><br>The study uses the data collected of last 10 years i.e. FY 2008-09 to 2017-18. This study includes 120 dividend announcements, 7 bonus issues and 1 share split of top 5 IT companies publicly traded in India. <br><br>The result of this study shows that, abnormal returns at individual event level vary between approx. -30% to +20%. In many cases however, it is less than 1%. The mean abnormal returns, over period of 10 years of the stock, is between -4% to +3%. This means that chances of any investor making significant abnormal gains or losses during dividend announcements windows is very minimal.
A Study on Corporate Social Reporting of Market Leaders

Corporate social responsibility in today’s times has gained much attention abroad as well as in India. The governments of the economies across the globe are taking measures to ensure that the economic activities are not flourishing at the cost of the society, environment and the stakeholders of an organization. In this back drop the current study attempts to examine the corporate social reporting practices of the Indian market leaders over a period of 5 years from 2008-09 to 2012-13. The analysis revealed that there has been rise in the corporate social reporting disclosures over the study period with major rise being in the environmental management group. Further, an attempt was also made to examine the determinants of the corporate social reporting for the sample firms by taking firm size, leverage, board size, independence of board and profitability as explanatory variables and the corporate social responsibility disclosure score as response variable. The analysis revealed that, CSR activities of the market leaders is independent of all these variables and it is concluded that the market leaders consider CSR as their duty and the same is ingrained in their DNA.